Headlines at a Glance – 27th December 2019
Strategically important Rabung Bridge inaugurated in Arunachal Pradesh’s Upper Siang district
The strategically important Rabung bridge on the Migging-Tuting road in Arunachal Pradesh’s Upper Siang district was inaugurated by state Health and Family Welfare minister Alo Libang. The bridge constructed by Border Road Task Force of Project Brahmank under Border Roads Organisation (BRO) was inaugurated by Libang on Thursday, an official release said here on Friday. The bridge is strategically important for the Indian Army and ITBP as the Migging-Tuting road is the only line of communication to border areas and posts at Gelling and Bishing, ahead of Tuting.
SOURCE: Business Standard
India’s foreign exchange reserves rise to fresh lifetime high of USD 454.948 billion in the week to December 20
The country’s foreign exchange reserves increased by USD 456 million to a fresh lifetime high of USD 454.948 billion in the week to December 20, according to RBI data. In the previous week, the reserves had swelled by USD 1.070 billion to USD 454.492 billion. In the reporting week, the rise in reserves was mainly on account of an increase in foreign currency assets, a major component of the overall reserves, which surged by USD 311 million to USD 422.732 billion, weekly data released by the Reserve Bank on Friday showed.
SOURCE: Business Standard
Number of houses approved by the Centre under the Pradhan Mantri Awas Yojana (Urban) crosses 1 crore
The Centre on Friday approved construction of 6.5 lakh houses under the Pradhan Mantri Awas Yojana (Urban), taking the total number of houses being funded under the scheme to over one crore. Addressing a press conference, Union Housing and Urban Affairs Minister Hardeep Singh Puri said in the next three to four months, the ministry will sanction all the 1.12 crore houses, a target set by the Government. According to the ministry, a total of 57 lakh houses are in various stages of construction of which, nearly 30 lakh houses have been completed.
SOURCE: The Hindu
Report all exposures above Rs 5 crore: RBI directs large co-op banks
The Reserve Bank on Friday directed large cooperative banks to report all exposures of Rs 5 crore and more to the Central Repository of Information on Large Credits (CRILC), a move aimed at early recognition of financial distress. The Reserve Bank has created a CRILC of commercial banks, all India financial institutions and certain non-banking financial companies with multiple objectives, which, among others, include strengthening offsite supervision and early recognition of financial distress.
SOURCE: Economic Times
GNPA (gross non-performing asset) ratio of banks may increase to 9.9% by September 2020: RBI’s Financial Stability Report (FSR)
A Reserve Bank of India (RBI) report released on Friday showed that the worst may not be over for banks on the bad loan front as gross non-performing asset (GNPA) ratio of banks may increase to 9.9 per cent by September 2020 from 9.3 per cent in September 2019. The GNPA ratio of banks stood at 9.3 per cent in March 2019, the RBI said in its Financial Stability Report (FSR). It noted that banks’ credit growth remained subdued at 8.7 per cent year-on-year in September 2019, down from 13.2 per cent in March 2019. Private sector banks registered double-digit credit growth of 16.5 per cent in September 2019. “Given the weakening economic growth, the underlying credit buoyancy and its nuances are of relevance,” the report said.
SOURCE: The New Indian Express
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