Indian banks on top of situation over NPA problem: SBI Chairman
New York, Oct 29 : Indian banks are now "on top of the situation" on the problem of the non-performing assets (NPA), State Bank of India Chairman Rajnish Kumar said.
Kumar said that going by the initial results that have started coming in September, it seems that many banks are returning to profit.
Elaborating further on the issue of NPAs, Kumar said last year the system was struggling with higher and elevated NPAs and largely it was the steel and power sectors that got impacted the most.
"The major challenge which the banks - public sector more and some of the private sector banks (in India) - they have been facing is the asset quality challenge. For the last three years, it has been going on but as of now we are now on top of the situation on the NPA problem," Kumar told PTI in an interview here.
"In the power sector, the banks have still not been able to resolve the issues. But the Insolvency and Bankruptcy Code has helped the banks and at least now there is a solution available," he said.
Kumar added that the Insolvency and Bankruptcy Code has come as a "very good tool" in the hands of the banks and the financial creditors.
On the value of the rupee, which had this month fell below the 74 level compared to the dollar, Kumar said, "If the oil prices are stabilized, the exchange will also stabilize Domestic inflation is not as much a cause of worry because it is very much well within the target that the Reserve Bank of India has set."
He said domestically, the economy continues to do well but the oil prices are the "major culprit" because that impacts the country's current account deficit in a big way and it puts pressure on the exchange rate.
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Belagavi youth’s murder case projected as road accident, cracked in Uttara Kannada; Three arrested
Karwar: Uttara Kannada police have cracked a murder case in which a Belagavi youth was killed and his body burnt inside a car to make it appear like a road accident.
Addressing a press meet in the city, Superintendent of Police Deepan M.N. said three accused from Old Hubballi have been arrested in connection with the case. The crime was a pre-planned act driven by personal enmity, he said.
The case came to light on April 8 morning when a car (KA-04/MJ-8996) was found completely burnt in a roadside ditch near Talekumbri bus stand in Yellapur. Only charred human remains were found inside the vehicle. Initially, it was suspected to be an accident caused by overspeeding, and a case was registered at Yellapur police station based on a complaint filed by the deceased’s father, Jagannath Dhapale.
However, the father later expressed suspicion that his son’s death was not accidental, prompting a detailed investigation.
Taking the matter seriously, two special teams were formed under the leadership of Yellapur Inspector Ramesh Hanapur. On analysing technical evidence and CCTV footage, police found that it was a planned murder.
The accused have been identified as Abdul Raheem Basheer Ahmed Mujawar (32), Maulasab Bavahan Wada (36) and Dadapeer alias Aftab Mehboob Saab Balasangi (22), all chicken traders from Old Hubballi.
Police have seized the car used in the crime along with two scooters. The accused have been remanded to judicial custody.
Investigations revealed that the accused killed Nitesh Dhapale due to personal enmity and later set the car on fire along with the body to project it as an accident.
SP Deepan M.N. appreciated the efforts of Inspector Ramesh Hanapur, PSIs Rajashekhar Vandali and Siddappa Gudi, and the entire team for solving the complex case.
