Thursday, May 28 2020 | Time 20:57 Hrs(IST)
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Business Economy

No stressed MSME will be declared NPA uptil March 31, 2020: FM

New Delhi, Sep 19 (UNI) Announcing a slew of measures to tackle the economic crisis post bank mergers, Union Finance Minister Nirmala Sitharaman said on Thursday that stressed MSMEs will not be declared as non-performing assets (NPAs) till March 31 next year.
''We have told the banks that till March 31, 2020 no stressed asset MSME will be declared Non-performing asset (NPA). We have also requested that the bank should make an effort to sit with such stressed asset MSMEs and work it out with them to get them out of that situation,'' she said at a press conference here where her deputy Anurag Thakur was also present,.
Banks have been asked to follow that circular and not declare any stressed MSME loan as NPA till March 2020 and look at recasting their debt, she clarified.
The step would help the MSME sector, the minister said, adding that banks have identified some Non-Banking Financial Companies (NBFCs) that they can lend to so that liquidity and credit is made available to those seeking money.
She said banks will interact with NBFCs in 200 districts across the country between now and September 29.
''Next 200 districts will see similar gathering from October 10,'' she stated.
''We reviewed as to what has happened in terms of liquidity moving from banks to NBFCs and from NBFCs to customers,'' she pointed out.
''I am happy to say banks have gone ahead with identifying such NBFCs for whom they can straight away lend, many of them have been given facility,'' she maintained.
At a press conference after meeting PSU bank heads, Ms Sitharaman said there already exists a circular from the Reserve Bank that provides for stressed loan accounts of MSMEs not being declared NPAs.
She said banks have been very receptive to all the moves the government has announced.
''We want liquidity to reach consumers before the festival season,'' she pointed out.
Ms Sitharaman said the government has asked banks for details on one-time settlement of loans during July-September.
She said the government has asked banks to give preference to fresh loan applicants after mergers come into effect.
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Court Order Against Senior Preventing Importation of Battery Separators Into the United Kingdom is Extended

28 May 2020 | 8:38 PM

CHARLOTTE, North Carolina, May 28, 2020 /PRNewswire/ - Following the United Kingdom (UK) court's grant on May 7, 2020 of an interim injunction against Shenzhen Senior Technology Material Co., Ltd. (Senior) as requested by Celgard, LLC (Celgard), a subsidiary of Polypore International, LP (Polypore), the matter returned before the UK court on May 21, 2020. The court's new order continued the effect of the interim injunction pending a further substantive hearing that will take place on an agreed date between June 29 and July 10, 2020. Senior provided an official letter to the Judge acknowledging its formal undertakings to the UK court. Celgard intends to pursue an injunction through trial of its trade secret case against Senior at the next hearing.

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Wipro positioned as teknowlogy leader: PAC Group’s IoT C&SI survey

28 May 2020 | 8:31 PM

Bengaluru, May 28 (UNI) Wipro Limited a leading global information technology, consulting and business process services company, today announced that it has been positioned as a leader across several categories in teknowlogy | PAC Group’s Internet of Things Consulting and System Integration (IoT C&SI) survey.

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FM launches facility of Instant PAN through Aadhaar based e-KYC

FM launches facility of Instant PAN through Aadhaar based e-KYC

28 May 2020 | 7:53 PM

New Delhi, May 28 (UNI) In line with the announcement made in the Union Budget, Finance Minister Nirmala Sitharaman formally launched the facility for instant allotment of PAN - on near to real time basis - here on Thursday.

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KIA Motors to invest 54 million US dollars in AP

28 May 2020 | 7:47 PM

Vijayawada, May 28 (UNI) The Brainstorming (Our Governance-Your Suggestion) on Industries here has turned out to be a great success with the KIA Motors announcing a further investment of 54 million US dollars in Andhra Pradesh.
This was announced during the interactive session by KIA (IN) CEO and MD, Kookhyun Shim, who stated that they would further invest an amount of 54 million dollars (Rs 409 crores) in the SUV manufacture unit.

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LANXESS Robust in First Quarter of 2020 Despite Coronavirus Crisis

28 May 2020 | 7:32 PM

MUMBAI, May 28, 2020 /PRNewswire/ - Specialty chemicals company LANXESS proved robust in the first quarter of the year - despite the weak economic environment due to the coronavirus pandemic. Earnings in the new Consumer Protection segment and in the Specialty Additives segment developed positively, significantly mitigating the impact of the coronavirus crisis. Exchange rate effects, particularly from the U.S. dollar, also had a positive impact. By contrast, a further decline in demand from the automotive industry as a result of the coronavirus crisis had a negative effect on earnings, particularly in the Engineering Materials segment. EBITDA pre exceptionals declined by 9.9 percent from EUR 272 million to EUR 245 million in the first quarter of 2020. The EBITDA margin pre exceptionals amounted to 14.4 percent after 15.7 percent in the prior-year quarter.

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