At last “Bad Bank” emerges! Temporary sops for banks !
Banks | Finance Minister Nirmala Sitharaman on Thursday announced that the Cabinet has cleared the formation of a ‘bad bank’. The government will guarantee up to Rs 30,600 crore for security receipts issued by the National Asset Reconstruction Company (NARCL). The NARCL will buy bad loans from banks under a 15:85 structure where it will offer 15 percent of the net asset value in cash and issue security receipts for the rest.
As a result the Bank stocks have emerged stronger than ever before as their Balance sheets will get rid of the bad bugs and will be clean to beging their operations again. And of course, it is a perennial bug as the Banks will again start reporting NPAs year after year and these will be passed on to the newly created “Bad Banks”.
Sunil Mittal vows to bring telecom industry together; talks to Voda’s Nick Read, will reach out to Ambani: Telecom stocks worth a relook now!
He said that rather than being fierce competitors, time has come for all the telcos — Jio and VIL included — to close ranks and work together as “team India” but vehemently ruled out the possibility of any tariff cartelisation among the players.
After years of an intense price war, telecom czar Sunil Bharti Mittal on Thursday vowed to reach out to rivals, including billionaire Mukesh Ambani, to collaborate on issues such as infrastructure sharing, as he sought to build on the reforms package announced by the government to nurse the bleeding sector back to health.
Mittal said the telecom package offers Vodafone Idea a “lifetime opportunity” to reclaim lost ground and exhorted promoters of the telco to make the most of the “bold” and “gamechanging” reforms by stepping up their contributions, and investments to revive the beleaguered company.
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