Jan 13, 2016 - Why it may be time for Indian banks to take a hair cut to shelve bad loans

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Sree Vijaykumar From the Editor's Desk Are our rituals and superstitions damaging us more than we realize? When scientist and Nobel laureate Venkatraman Ramakrishnan recently called the Indian Science Congress a circus, I was reminded of the recent beef controversy, the Ganpati drinking milk episode a few years back, how strongly many of my relatives believe in their horoscopes. Venkatraman says it is adoption of scientific thought that has propelled Western societies forward in the past couple of centuries and India needs to do the same if it wants to get ahead. Apparently, we waited for auspicious Tuesday to launch Mangalyaan. Well, we are a confused lot, aren't we? - Comment Why it may be time for Indian banks to take a hair cut to shelve bad loans Bankers are not accustomed to the way banking in the West is done where they are willing to take a hair-cut to the value of their asset and sell it at a loss. Advt:Affordable Housing Schemes in Dubai with Post hand over payment plans Affordable Housing Schemes in Dubai with Post hand over payment plans Price premium likely for gas discoveries from difficult fields The cabinet may also consider finalising the method to calculate the premium following divergence of views within the government. Larsen & Toubro bags new orders worth Rs 1,247 crore Larsen & Toubro (L&T) today said its construction arm has won orders worth Rs 1,247 crore across business verticals. "The construction arm of L&T has won orders worth Rs 1,247 crore in the buildings and factories and power transmission and Licensing foreign banks: RBI's caution and a hard lesson Indian economy: When good banking regulation is simply not enough The poor state of banking, particularly in the public sector, is casting its shadow on India’s financial institutions. Oil slump nears $30 a barrel mark on unabated output Analysts from some major banks have cut their 2016 oil forecasts to as low as $10 per barrel India's economic ambitions checked by 12-year low oil prices The Chinese tumble is set to hurt the Indian spinning industry the most in the textile value chain. China forms 40 per cent of the total cotton yarn exports from India which is likely to come down thereby creating an oversupply situation in the SBI to monetise non-core assets, list few units over 3 years PSU banks need Rs1.80 lakh crore to meet Basel III norms, while the govt will provide only Rs70,000 crore, says SBI chief Arundhati Bhattacharya IndusInd Bank ties up with online payment solution firm PayU India The partnership is aimed at bridging the gap between conventional banking and new online payment systems. SBI chief identifies four change drivers in Indian banking system State Bank of India Chairperson Arundhati Bhattacharya on Tuesday said four drivers ar Don’t mimic mutual fund stock holdings Investing in stocks just because some funds have invested in them is not a sound way of participating in equity India Ventures Group set to float $1-billion debt fund for infrastructure projects The fund will initially be used for core-sector ventures across segments that are being implemented through the PPP route. Rajan asks staff to tighten grip on well-connected wrongdoers In an e-mail to the central bank’s staff, Rajan said that there is need to tighten detection and reduce non-compliance so that the bank is not reduced to a “paper tiger” ShopClues joins billion dollar club Fresh funding from GIC and investors Tiger Global, Nexus values e-commerce firm at over $1.1 billion iBus Networks raises Rs15 crore Firm to use the funds for drive deployment in over 60 million sq ft of space and expansion plans Amazon and Future Group partnership on rocks over funding of discounts Harminder Sahni, founder of retail consultancy Wazir Advisors, said the Amazon-Future Group deal was nothing more than a headline-grabbing proposition to begin with. Pantaloons changes its name to Aditya Birla Fashion and Retail Pantaloons Fashion & Retail, which was acquired by Aditya Birla Nuvo, announced change in its name to 'Aditya Birla Fashion and Retail Ltd'. Shopclues Claims $1.1B Valuation After New Funding, Plans IPO Indian e-commerce company Shopclues has raised a Series E that the company claims boosts its valuation to $1.1 billion. The round was led by GIC, the.. Walmart India to open 15 more stores in Andhra Pradesh - Four leading retail chains Walmart India, Future Group, Spencers and Arvind -- have signed MoUs with the state government to invest Rs 1,500 crore in Andhra Pradesh with a commitment to generate 25,000 jobs. Indian Oil ties up with logistics start-up firm Fortigo The tie up with Fortigo would also help Indian Oil to tap fuel business from fleet operators covered under the Fortigo platform, it said. Happy Mobile Subscribers Key to Digital India Everyone wants a mobile phone but no one wants a mobile tower, cellular operators told Delhi high court on Monday, calling Telecom Regular Authority of India's call drop compensation rule is a "knee-jerk reaction". Make in India: Over 80 Chinese handset ecosystem players to look at manufacturing options in India More than 80 mobile phone ecosystem players from China will look at manufacturing possibilities in India, giving a massive push to the government's 'Make in India' initiative. RIP Moto E, Lenovo says no small Moto phones in 2016 Lenovo recently announced that upcoming Motorola handsets will be branded as Moto by Lenovo. A Lenovo executive has now mentioned that Motorola handsets in 90% of phone users suffer from `phantom vibration syndrome Are you an avid smartphone user? Do you often feel that something is vibrating in your pocket? If the answer is a yes, then you are suffering from "phantom Reliance Jio to launch 4G handsets under brand name LYF Reliance Jio, the telecom arm of Reliance Industries, unveiled its low-cost mobile handset offering under the 'LYF' brand. Facebook Sides With Telecom Operators, Supports Differential Pricing Of Data plans NEW DELHI -- Amid a debate over net neutrality principles, Facebook has become the only Internet firm to side with telecom operators over the issue of differential pricing of data services. The soc A wake up call for board members in India Mobile payments ecosystem comes of age in India The country's mobile wallet industry is poised for impressive growth, estimated to reach $183 million by 2019. Feature phones to be compatible with local languages Department of Electronics & Information Technology mandates all feature phones sold in India to be compatible with a local language Shopclues at par with Snapdeal, Paytm with undisclosed funding led by Singapore's sovereign wealth fund GIC valuing company at Rs 7,300 crore ShopClues became the latest Indian ecommerce firm to enter the coveted billion dollar valuation club, snapping at the heels of Snapdeal and Paytm. IndusInd Bank, PayU India tie-up for digital banking services Commenting on the development Sumant Kathpalia, Head - Consumer Banking IndusInd Bank said, With digital banking and payments gradually becoming the heart of customer relationships. More than 80 Chinese handset ecosystem players looking at manufacturing options in India More than 80 mobile phone ecosystem players from China will look at manufacturing possibilities in India, giving a massive push to the government's 'Make in India' initiative. Hike Messenger raises funding from top Silicon Valley tech veterans Hike said that these tech veterans have invested in the company in their personal capacities and are playing advisors to it. Trai, Facebook disagree over the number of responses to consultation paper Facebook and TRAI are sparring over responses to a consultation paper on differential pricing for data services submitted via the social networking giant's campaign with the regulator saying only a tenth of responses claimed were actually received. Why visa fee hike is not a big concern for TCS? : More of a cost issue rather than revenue issue Tata Consultancy Services CEO and Managing Director N Chandrasekaran said the visa fee hike is more of a cost issue than a revenue issue. TCS Q3 net profit rises 12% and beats estimates Tata Consultancy Services Ltd's sales and profits rise in the third quarter Twitter may allow brands to use your tweets in promotional campaigns, says report Social media platform Twitter is said to be developing a way to give brands an access to mentions about their products in everyday users' tweets that they could use into promotional campaigns. 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