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Firstpost Press Trust of India Subramanian, who was Modi government's first chief economic adviser but quit in August last year, in new paper co-authored with the former head of the International Monetary Fund's India office Josh Felman said India is facing a 'Four Balance Sheet' challenge. India is facing a "Great Slowdown" with its economy headed for intensive care unit primarily due to a "second wave" of the twin balance sheet crisis at banks, former Chief Economic Adviser Arvind Subramanian has said. Subramanian, who was Modi government's first chief economic adviser but quit in August last year, in new paper co-authored with the former head of the International Monetary Fund's India office Josh Felman said India is facing a "Four Balance Sheet" challenge -- comprising banks, infrastructure, plus NBFCs and real estate companies -- and is trapped in an adverse interest growth dynamic. "Clearly, this is not ...

The Quint July 13, 2019 By PTI Four senior executives of IndiGo airline were issued show cause notices on Friday, 12 July, by the DGCA after a special audit team of the aviation regulator found safety lapses, according to sources privy to the development. The Directorate General of Civil Aviation (DGCA) carried out the audit at the IndiGo office in Gurgaon on 8 and 9 July, the sources said. "Captain Sanjiv Bhalla, the head of training; Captain Hemant Kumar, the chief of flight safety; Captain Ashim Mitra, the senior vice-president - operations; Captain Rakesh Srivastava, the QA (Quality Assurance) and Ops Safety, have been issued show cause notices today," a source told PTI. The DGCA is conducting special audit of all airlines and airports which are in monsoon-affected areas in the wake of multiple landing incidents across the country. DGCA Gives 15 Days to 4 Officials to Respond The regulator has given 15 days to the four executives to respond t...

The Economioc Times July 15, 2019 By Saloni Sukhla A State Bank of India NSE -0.98 % commissioned forensic audit of Jet AirwaysNSE -4.97 % books has revealed misappropriation of funds relating to provision of loans and fraudulent billing for JP Miles, according to two people with direct knowledge of the matter.  The report also highlights that invoices raised were not verified leading to excess billing and fuel expenses were raised substantially for Jet even when they remained static for other airlines.  “Provision has been made for Rs 3,353-crore loan given to Jet Lite over four years. Board resolution, shareholder approval for making the provision was not made available to the auditors,” the forensic audit conducted by EY says. ET has seen a copy of the report. “Loans were given to Jet Lite despite Jet Airways recording losses in fiscal year 2015 and declining profit over the years,” the report added.  The government had recently ordered a p...

The Asian Age July 03, 2018  To deal with non-performing assets (NPAs) of banks, the government on Tuesday unveiled its “SASHAKT” programme which proposes to set up independent asset management companies (AMC) and steering committees for faster resolution of bad loans. The AMC will bid for stressed assets with loans over Rs 500 crore, including assets taken by National Company Law Tribunal (NCLT) for resolution. Finance minister Piyush Goyal said that the plan focuses on turning around assets in a manner that will not lead to job losses.   “The government will not intervene in the resolution process which would be entirely led by banks,” Mr Goyal said. There are about 200 accounts, each of which owes more than Rs 500 crores to banks. Their total exposure is about Rs 3.1 lakh crores. The gross NPAs of public sector banks stood at Rs 7.77 lakh crores at end-December 2017. Total NPAs of all banks, including private ones, were Rs 8.99 lakh crores. In a report su...