News in Numbers: NPAs to rise by Rs8,000 crore in Q4 owing to Gitanjali Gems
In other news, the counsel of the family of the Kathua victim plans to move the Supreme Court on today, asking the case to be transferred outside the state
What is it? The number of BJP ministers whose resignations were accepted by Jammu and Kashmir chief minister Mehbooba Mufti on Sunday.
Why is it important? Chander Parkash Ganga and Choudhary Lal Singh have come under fire for their participation in a rally supporting those arrested in connection with the rape and murder of an eight-year-old girl in Kathua. Besides this case, the ruling BJP has come under criticism for the Unnao case, where a minor girl tried to commit suicide in front of Uttar Pradesh chief minister Yogi Adityanath’s residence after inaction over a complaint where she has alleged that she was raped by BJP MLA Kuldeep Singh Senghar.
Tell me more: The counsel of the family of the Kathua victim plans to move the Supreme Court on Monday, asking the case to be transferred outside the state.
What is it? The drop in share price of WPP Plc, the world’s largest advertising and communication services company, in the past 14 months. Since 1995, though, the WPP share has increased 16-fold.
Why is it important? On Saturday, WPP chief executive Martin Sorrell resigned 33 years after founding it. His resignation comes in the wake of an investigation into personal misconduct involving company funds. Sorrell’s departure and the loss in market value could lead to WPP being split to unlock value.
Tell me more: Sorrell, 73, is one of the UK’s highest-earning business leaders, drawing above £200 million in the past five years. As part of his separation package, he is in line to receive £20 million a year for the next five years.
What is it? The amount by which the non-performing assets of Indian banks is set to increase in the fourth quarter of 2017-18 due to just one account, Gitanjali Gems, as there was no servicing of debt in the last quarter.
Why is it important? In the wake of the Gitanjali Gems case, other banking frauds have come to light, exacerbating the problem of bad loans in the Indian banking system. In the last four financial years alone, public sector banks have written off Rs2,41,000 crore worth of loans, of which they have recovered just one-tenth.
Tell me more: In 2010-11, a consortium of 21 banks, led by Allahabad Bank, had extended a working capital loan to Gitanjali Gems; in 2014, ICICI Bank became the lead banker, with an exposure of Rs900 crore.
What is it? The number of medals (26 gold, 20 silver and 20 bronze) won by India in the 2018 Commonwealth Games, which culminated yesterday.
Why is it important? India finished third this year, after Australia and England, whose gold medal count stood at 80 and 45, respectively. In overall medals, India finished fourth, after Australia (198), England (136) and Canada (82). This is India’s third-best performance at the Commonwealth Games, after 101 medals in 2010 and 69 medals in 2002. It bettered its count of 64 medals it won in Glasgow four years ago.
Tell me more: There were 218 participants from India this year, of which 103 were women and 115 men.
What is it? The number of bids received by the Airports Authority of India (AAI) to manage the Ahmedabad and Jaipur airports. Ahmedabad received three bids and Jaipur four.
Why is it important? AAI had invited bids for these two airports last year, but did not receive much interest due to terms and conditions that private players reportedly found onerous. Some terms have since been relaxed. These two airports are being seen as immediate test cases for state-owned AAI to improve traffic and increase private participation at more airports.
Tell me more: The AAI manages 139 airports, and 90% of them are loss-making, though AAI is a profitable entity.
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