Sunny Verma

Profile

Sunny Verma is an Assistant Editor with The Indian Express and writes on economy and finance.

Four years of Modi government — Finance: Tax net widened; private funds still elusive
Tue, May 22, 2018

For FY18, the Gross Domestic Product (GDP) is estimated to grow at 6.6 per cent, as per the second advance estimate of the Central Statistics Office.

Government banks to get tighter rules, new tech for approval of loans
Thu, May 17, 2018

Currently, state-owned banks have internal thresholds that empower a general manager to advance loans up to a certain level.

PNB-Modi chargesheet: Named in Nirav Modi case, Allahabad Bank CEO, two PNB directors face axe
Tue, May 15, 2018

This is first of the two chargesheets which the agency plans to file in the case. The next chargesheet against Choksi, his firms and the arrested accused is likely to be filed on Wednesday, sources said.

Two-year long process: PESB’s fresh pick for HIL CMD post raises eyebrows
Tue, May 15, 2018

Meanwhile, on April 10, 2018, for the post of the CMD of profit-making HIL, the PESB recommended the name of M P Eshwar, currently the CMD of a defunct PSU called Instrumentation Ltd.

Free services: Banking dept asks Revenue to quash service tax demands from banks
Fri, May 11, 2018

Industry sources said the bank may have to cough up a total of around Rs 45,000 crore if they were to meet the tax demand.

Govt nominee absent at ICICI board meeting: ‘Conscious move to not oppose or endorse the management’
Wed, May 09, 2018

ICICI Bank's MD and CEO Chanda Kochhar, who is facing allegations of conflict of interest while sanctioning loans to the Videocon group, on Monday said that the bank’s board had made its stand clear on the issue of conflict and the CEO’s role.

Continuing trend: Centre’s nominees giving key banks’ board meets a miss
Wed, May 09, 2018

Govt nominees have also been absent from several board meetings of SBI and PNB.

Rajiv Kumar: Need prudential regulatory norms for banking but with a lighter touch
Mon, May 07, 2018

The resolution of bad loans via bankruptcy courts would help banks improve recovery, he said while suggesting that the RBI should move towards having “lighter touch regulatory requirement”.

Centre to release detailed data set on job scenario from October
Sat, May 05, 2018

Data will be based on the national survey for household on employment creation, Niti Aayog VC Rajiv Kumar said

Identifying NPAs: PSBs start audit of loans over Rs 50 crore
Mon, Apr 30, 2018

After completion of the audits, the banks will prepare details of accounts that could potentially turn into non performing assets (NPAs), which will then be shared with the Government and investigative agencies for further action.

Levies comprise nearly half of petrol price, 40 per cent of diesel price in Delhi
Tue, Apr 24, 2018

While prices of petrol have been made market-determined since June 2010, diesel prices have been market-linked since October 2014.

Currency shortage in ATMs: Some triggers came early last year
Fri, Apr 20, 2018

Since April 1, 2017, nearly 48 per cent of the total currency notes supplied are lower denomination notes of Rs 200 and below, according to RBI data until December 31, 2017.

AMid Fears of credit choke: Finance Ministry may ask RBI to review its one-day default norm
Fri, Apr 20, 2018

The government feels the RBI’s February 12 circular could pose “serious problem” for industry and banks, and it wants the default timeline at 30 days of payment for principle/interest not being made by the borrowers.

Govt not planning any overseas issuance of sovereign bonds, says Subhash Chandra Garg
Thu, Apr 19, 2018

Earlier this month, RBI raised the debt investment limits for FPIs across all segments, including G-secs, allowing cumulative increase of over Rs 1 lakh crore through FY19.

Cash crunch: Govt blames ‘shortage mentality’ for increased demand, printing of Rs 500 notes raised by five times
Tue, Apr 17, 2018

Garg said the private banks in India are world class and the public sector banks are fully backed by the government. Therefore, the banking system is fully safe, he said.

Recovery rate of NPA write-offs falling, UCO Bank draws a blank
Tue, Apr 17, 2018

Banks typically write off NPAs after four years for fully provisioned accounts. However, banks continue to pursue various recovery steps to get back whatever portion of their loan outstanding they can from the borrowers.

Finland Ambassador Nina Vaskunlahti interview: ‘Don’t complicate Make in India for us; protectionism doesn’t help in the long run’
Tue, Apr 17, 2018

Finland Ambassador in India Nina Vaskunlahti said that India-Nordic Summit should help create conditions to boost business relations among India and the Nordic countries.

15th Finance Commission: Southern states’ fears unfounded, concerns already factored in, says Subhash Chandra Garg
Mon, Apr 16, 2018

Garg said that for the 15th FC to identify the rightful needs for the states for allocating resources, the population base of 2011 is a fair one.

Insolvency and Bankruptcy Code: BJP claims Rs 4 lakh crore recovery; RBI data tell a different story
Mon, Apr 16, 2018

As against this claim, the Reserve Bank of India's latest data shows that the public sector banks could recover a total of only Rs 15,786 crore in the fiscal year 2016-17 and 2017-18 till December 31 through all recovery channels, including IBC.

Banks seek review of RBI norms on restructuring of stressed assets
Wed, Apr 11, 2018

The central bank has issued new rules to ensure faster recovery of bad loans, as banks could recover only Rs 7,106 crore of written-off loans till December 31, 2017 while a total of Rs 84,272 crore worth of bad loans were written-off during the same period.

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