What is it? The external equity capital that 11 state-run/public sector unit (PSU) banks would need by March 2019 to meet Basel III norms, according to Moody’s Investor Services.
Why is it important? It’s about four times more than the amount India’s government has pledged (Rs20,000 crore) to support the PSU banks. The rest has to come from the market. However, with high non-performing assets (NPAs) and low valuations, it might be a stretch for most PSU banks to raise the amount, and they might need further infusion from the government.
Tell me more: The State Bank of India will be trying to raise Rs15,000 crore equity capital by itself in FY18.
What is it? The estimated amount of loan the Uttar Pradesh government is considering to take to fund developmental projects.
Why is it important? Saddled with a farm loan waiver of Rs36,359 crore, the UP government will need financing for roads such as the Purvanchal Expressway and bridges, and also development schemes, including affordable houses.
Tell me more: The news coincides with farmer protests in other states such as Madhya Pradesh, Maharashtra and Tamil Nadu for financial aid from governments, primarily in the form of loan waivers. By the time of the 2019 general elections, a Bank of America Merrill Lynch report estimates loan waivers would cost states Rs2.57 trillion.
What is it? The increase in net worth of Alibaba Group Holding’s chief, Jack Ma, overnight.
Why is it important? The richest person in Asia, Ma’s wealth stands at $34 billion in real-time. The surge was triggered by better-than-expected forecast of 45-49% revenue growth of the e-commerce company, China’s largest.
Tell me more: But the growth of the group is not just from online shopping, but also cloud computing and media streaming.
What is it? The number of underground mines that Coal India reportedly plans to shut by the end of this year.
Why is it important? The move is facing resistance from labour unions, but shutting down the unprofitable mines could help the mining company cut costs. Its profits came down by more than a third to Rs2,716 crore in the quarter ending March 2017.
Tell me more: Coal India is the world’s largest coal miner and operates 413 mines, including 207 underground mines. It accounts of 80% of coal produced in India.
What is it? The time taken by an AI machine to finish a two-hour Chinese university entrance exam.
Why is it important? While the robot, MATHS AI, finished the exam fast, its score was below average. It got 105 marks out of 150, against the average score of 109. About 9.4 million students took the test this year. The robot, which is about the size of a refrigerator, is aiming for a score of 130+ next year.
Tell me more: The machine was developed by Zhunxingyunxue Technology in 2014 in partnership with Tsinghua University.
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