loan emi: Auto-debit bounce rates for loan EMIs inch up in March

In a sign of rising tensions in retail loans, auto-debits tracked by the National Automated Clearing House (NACH) platform of the National Payments Corporation of India (NPCI) rose 40 basis points month-on-month in March. One basis point is 0.01 percentage point.

In March, the bounce rate in value terms stood at 22.8%, which was better than the pre-Covid range of 24.5%-25.0%, which was reflected in all during FY22. Similarly, the bounce rate in terms of volume also increased sequentially to 29.6%, which is better than the pre-Covid average of 30.5-31.5%.

Some banks reporting March-quarter earnings have shown mounting pressure on the retail book.

Kunal Shah, Senior Vice President, ICICI Securities said, “As per the market feedback, the asset quality crisis has eased and the focus is now on growth.” “Moreover, given that geopolitical uncertainties are not disruptive, slippage and credit costs are likely to escalate further. However, given the marginal growth in March 2022 and a gradual increase in retail NPAs at one of the major banks, which have As of now having reported earnings, we will keep an eye on deterioration in asset quality.”

For ICICI Bank, fresh slippages or new bad loans were slightly higher than expected with retail and commercial banking loans contributing 89% of the total ₹4,200 crore gross slippage. Most of the banks have reported improvement in collection efficiency ratio, higher upgradation and recovery and eased any stress that could possibly arise from the COVID Emergency Guarantee Scheme. Banks’ restructured assets have also seen a decline.

As per rating agency ICRA, in terms of asset quality, Gross Non-Performing Assets is expected to decline to 5.6-5.7% by March 2023, as against an estimated 6.2-6.3% by March 2022 while Net NPAs will decline to 1.7-7% by March 2022. 1.8% as against an estimate of 2.0% by March 2022. Despite the asset quality outlook looking better, pressure from some sectors remains. “For the sector, challenges arise from the performance of the restructured loan book, which creates uncertainty for asset quality as these loans exit the moratorium,” said Anil Gupta, vice-president, ICRA.

Originally published at Pen 18

Beautiful Promise Sets In-person Fundraiser for May 3 – WWD – Pen 18

The Beautiful Promise, the spring fundraiser benefiting the Promise project, will be held in person this year after being held virtually in 2021. The event, which takes place on May 3 from 6:30 p.m. to 8:30 p.m., will take place at the Metropolitan Pavilion at 123 West 18th Street in New York.

The evening will honor the Promise clinical team at Columbia University, which is committed to helping marginalized families get the support they need for children with learning disabilities.

Long-time ABC-TV’s Bill Ritter will oversee the evening’s festivities, which include opportunities to bid on auction items that benefit the Promise project. The signature silent auction will feature contemporary handbags and accessories from collections such as Dior, Bulgari, Chanel, Monica Rich Kosan and Jennifer Fisher. Charitybuzz will offer Rao’s table for eight, tickets to “Jimmy Kimmel Live” and a private tour of the Metropolitan Museum of Art, among other things.

“The pandemic has further increased the challenges of marginalized children with learning disabilities, leaving them further behind to receive the education they need. Thankfully, the Columbia team at Promise has stepped up its game to provide vital support to many children and their parents. Their work is truly priceless,” said Promise Project founder Dana Butch.

For more information, ticket options and to register for the event, visit promise-project.org.

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The Promise Project to Host the Beautiful Promise Spring Fundraiser

The Promise Project will hold a spring fund-raiser on May 1

Originally published at Pen 18

After Kolhapur loss, Centre won’t impose President’s Rule: Sharad Pawar

Violence against BJP leaders in Maharashtra has prompted some BJP to talk of imposing President’s rule in the state, however, Nationalist Congress Party chief Sharad Pawar was confident that the Center would not take such a step.

“Those who are restless are expected to look for other options, but there is no need to take them seriously. I don’t think they (BJP leaders) will take such a serious step. The Kolhapur bypoll results showed them That (with them) will happen if they have elections,” Pawar said while talking to reporters in Pune.

Without naming BJP leader Devendra Fadnavis, the NCP chief hit out at the former CM, saying people without power have become ‘restless’. “Power comes and goes, but there is no need to be restless. These days some people have become very restless. I can’t blame them because before the assembly elections (in 2019), they had announced that they would be in power. Coming back in. That didn’t happen,” Pawar said.

The NCP chief also blamed Amaravati MP-MLA couple Navneet and Ravi Rana for planning to recite Hanuman Chalisa outside Chief Minister Uddhav Thackeray’s house. Pawar said, “If you want to perform any religious ritual you can do it at your home, but if you announce to do it outside my house, you cannot blame me for the anger of my followers.” ” Working to create peace between different communities. Pawar also spoke out against the “derogatory” remarks made against the chief minister. Pawar said, “One can criticize the Chief Minister on the issue of government’s policy but you cannot insult him, the institution should be respected.”

Shiv Sena’s Rajya Sabha MP and party spokesperson Sanjay Raut said: “Ever since the Yogi government came to power, a lot of crimes and rapes have happened. If you want to impose President’s rule, put it together in UP and Maharashtra, “Dare. Raut.

Originally published at Pen 18

IPL: Punjab Kings beat Chennai Super Kings by 11 runs

Punjab Kings defeated Chennai Super Kings by 11 runs in an IPL match here on Monday.

Invited to bat, Shikhar Dhawan scored an unbeaten 88 with the help of nine fours and two sixes to bundle out Punjab Kings for 187 for four.

Bhanuka Rajapakse (42), Liam Livingstone (19) and Mayank Agarwal (18) also made useful contributions.

Defending the total, PBKS restricted CSK to 176 for six.

Ambati Rayudu was the top scorer for Chennai as he hit seven fours and six sixes in 78 off 39 balls, while Ruturaj Gaikwad top-scored with 27 runs for 30.

Kagiso Rabada (2/23) and Rishi Dhawan (2/39) were Punjab’s most successful bowlers, while Arshdeep Singh (1/23) and Sandeep Sharma (1/40) took a wicket each.

For CSK, Dwayne Bravo (2/42) and Mahesh Thekshana (1/32) were among the wicket-takers.

Brief Scores:

Punjab Kings: 187 for 4 in 20 overs (Shikhar Dhawan 88; Dwayne Bravo 2/42).

Chennai Super Kings: 176 for 6 in 20 overs (Ambati Rayudu 78; Kagiso Rabada 2/23).

Originally published at Pen 18

Indian companies filed 9,500 patents in the US in last six years: NASSCOM report

Bangalore: According to Nasscom’s India Patent Report, Indian companies have filed over 9,500 patents in the US during the period 2015-21 and 138,000 patents related to technology in India during the same period.

The report is an analysis of patents filed in the US by companies based in India as the country remains a major export market for the Indian technology industry. The report states that the US accounts for 62% of technology exports in FY 2022, and will continue to retain its share of technology patents as it reflects a start-up promotional and IP-right friendly environment.

More than 9,500 patents were filed by India’s parent companies in the US between 2015-2021–an increase of about 47% over 2015-2019. Also, the share of tech patents in the total patents filed in the US increased to 54% in 2015- 21 as compared to 52% in 2015-2019.

Of the 9,500 patents, the top domain areas in the tech sector were computer technology, communications technology and artificial intelligence in the non-technical space, which were pharmaceuticals, chemistry and chemical structures, and mechanical and structural inventions. In terms of patent assignment type, technical patents filed by individual inventors/academic research saw the highest growth of 60%, with Indian companies registering an increase of over 50% in 2015-21 over 2015-19. The report said that around 400 technology patents were filed by Indian start-ups during 2015-2021, an increase of 45% from 280 patents in the 2015-2019 period.

Sangeeta Gupta, Senior Vice President, NASSCOM, said, “It is extremely encouraging to note that intellectual property creation remains a key imperative – a growth of over 45% from 6,500 patents granted by Indian domicile organizations in 2015-2021 from 6,500 patents during 2015-2019 is registered.” , The report was released to mark World Intellectual Property Day on Tuesday.

Software apps, healthcare and medical devices have maintained their lead as the top application areas in patent filings and have a combined share of over 21% in the current study compared to a similar share in the 2015-19 period.

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Originally published at Pen 18

Watch: R Madhavan’s son Vedaant opened up about his parents’ sacrifices, listen in! – The Economic Times Video

R Madhavan’s son Vedant has recently made the country proud by winning gold and silver medals at the Danish Open in Copenhagen. The whole nation is appreciating the achievement of this young champion. In a recent interview, Vedant opened up about the sacrifice of his parents and said that he wanted to make a name for himself by not being in his father’s shadow. In a conversation with a news portal, our own Maddy’s son Vedant said, ‘I did not want to be in the shadow of my father. I wanted to make a name for myself. I just didn’t want to be R Madhavan’s son. My parents always take care of me. How hard did both of them work? One of the main sacrifices made by my parents was to relocate to Dubai.

Originally published at Pen 18

rana couple: Maharashtra: Deputy CM Ajit Pawar disproves alleged attack on Rana couple, Somaiya

In another sign of differences within the Maha Vikas Aghadi government, Maharashtra Deputy Chief Minister Ajit Pawar on Sunday dismissed the alleged attack on BJP leaders by the Shiv Sena cadre. BJP has claimed that Shiv Sena cadre had attacked BJP leader Kirit Somaiya. Criticizing the conduct of MP-MLA couple Navneet and Ravi Rana and Somaiya for allegedly instigating Shiv Sena workers, Pawar also condemned the attack on BJP leaders.

No one should take law into their own hands and should not even try to provoke people. Why attack anyone, everyone is free to go anywhere in the state, why attack you for this? This should not have happened. There is no two opinion on this in the government,” he told reporters.

Pawar was referring to the alleged attack on Somaiya at Khar police station by Shiv Sena workers on Saturday. Somaiya Rana had gone to Khar police station to meet the couple, who were arrested for allegedly inciting the public with his plan to chant ‘Hanuman Chalisa’ outside Chief Minister Uddhav Thackeray’s residence. The couple was produced in the court on Tuesday, which sent them to 14-day judicial custody. Pawar also criticized the Rana couple and said that Somaiya should not have gone to Khar police station to meet them due to resentment. However, he reiterated that there should not have been violence against BJP leaders. “Whether one has the central security or the state’s security, no one should be attacked, no one has the right to take the law into his own hands and everyone should keep his peace… Everyone attacks his leadership. However, if there is some criticism then they should tolerate it. Issues keep arising while running the state and we need to maintain law and order.”

Originally published at Pen 18