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The clean-up drive saw the bank forgoing almost Rs 1,201 crore in dues owed by Vijay Mallya's defunct Kingfisher Airlines The  State Bank of India  has cleaned up non-performing assets worth Rs 7,016 crore from its books by writing off loans given to 63 wilful defaulters, Daily News & Analysis reported on Wednesday. Of the 63 accounts, 31 have been partially written off and six shown as NPAs. The clean-up drive saw the bank forgoing almost Rs 1,201 crore in dues to Vijay Mallya’s defunct Kingfisher Airlines, which is at the top of the list of wilful defaulters. In other words, loans given to Kinfsiher Airlines will no longer be shown in the bank’s balance sheet, though the airline has outstanding dues of almost Rs 1,201 crore. Some of the other prominent defaulters who feature in the write-off list are KS Oil (Rs 596 crore), Surya Pharmaceuticals (Rs 526 crore), GET Power (Rs 400 crore) and SAI Info System (Rs 376 crore). The Congress party immediately reacted to...

Why PM Modi should ignore Subramanian Swamy's letter to sack Raghuram Rajan Subramanian Swamy, BJP’s newly nominated member to the Rajya Sabha, recently said that Reserve Bank of India governor   Raghuram Rajan   should be removed from his post. In a fresh salvo at Rajan, Swamy has written to Prime Minister Narendra Modi seeking immediate sacking of the former IMF Chief Economist while alleging he was "mentally not fully Indian" and has "willfully" wrecked the economy. Following up his barb against Rajan at the end of Parliament session last week, Swamy yesterday wrote to Prime Minister seeking termination of Rajan's services with immediate effect. According to Swamy, Rajan has hiked interest rates "in the garb of controlling interest inflation", which has "damaged the country", and that he was responsible for “unemployment and collapse of industrial activity". Read more.

Iraq protesters quit Green Zone after unprecedented breach Protesters were withdrawing from Baghdad's  Green Zone  today after breaking into the fortified area and storming Iraq's parliament in an unprecedented security breach the day before. The move, which lessens the pressure on politicians in Baghdad, came as rare bombings in the south killed 33 people and wounded dozens. "The protest organising committee announces the withdrawal of the demonstrators from the Green Zone," it said in a statement, citing respect for a major Shiite pilgrimage as the reason for their departure. The statement was distributed by the office of Shiite cleric Moqtada al-Sadr, whose supporters make up the vast majority of the demonstrators. Demonstrator Hussein al-Ali said that the announcement was made at the square where protesters had gathered, and that they accepted it and complied. Protesters  pulled down or scaled slabs of heavy concrete blast wall yesterda...

Parliament   reflects the supreme will of the people, President  Pranab Mukherjee   said today in a strong criticism of disruption and obstruction and called upon all MPs to discharge their responsibilities in a spirit of cooperation and mutual accommodation. In his customary address to the joint sitting of both the Houses of Parliament outlining the government's agenda in the coming financial year, he also declared that the government will constantly strive for smooth and construction conduct of Parliamentary business Read Full Article Over Here :  Business Standard News Read our full coverage on   Union Budget 2016

Prime Minister  Narendra Modi   on Tuesday said he hoped the  budget   session of parliament will be fruitful as several opposition parties showed a positive attitude at all party meetings. "I wish that the parliament session will be fruitful and there is constructive criticism as well," Modi told the media outside parliament. Read Full Article Over Here :  Business Standard News Read our full coverage on Union Budget 2016