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Imagine this. You have a younger sibling you’re mighty envious of. And why not? Unlike you, they seem to enjoy all the freedom and money in the world. They party like there’s no tomorrow, and here you are, stuck in a boring, ultra-disciplined but responsible routine that feels completely devoid of any independence, and mostly, funds. But of late, things are changing. This sibling is in massive trouble and just cannot escape the parent’s wrath anymore. Long story short, the party is over, and it is time to go back home. The rising defaults on this sibling’s part have now begun pulling the entire house down, thereby attracting the regulator’s ire. <h2>The Wild West of microfinance and unsecured loans</h2>It's hard to ignore the issues with microfinance and unsecured loans in India. Many saw them as a small gamble and ignored the rising defaults much like the younger siblings’ tantrums, and now they find themselves in hot waters. The skyrocketing instances of non-payments aren't a micro-issue anymore and are threatening the stability of the entire banking system. In the quarter ended September 30, 2024, 5 of India’s 8 largest private sector <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword> reported a steep rise in their bad loan book, mostly thanks to microfinance loans. Some banks, in a bid to strengthen their fortress against these <keyword id="142154" type="General" weightage="100" keywordseo="bad-loans" source="Orion">bad loans</keyword>, have significantly upped their provisions. For instance, <keyword id="46717" type="General" weightage="20" keywordseo="IndusInd-bank" source="Orion">IndusInd Bank</keyword> set aside Rs 525 crore during July and September 2024 to battle the menace of defaults on microfinance loans, which make up about 9% of its total loan book. See, banks rely heavily on their interest income, which they earn from advancing loans. Any loan where the borrower has not paid interest to the bank or defaulted for 90 days or more becomes bad, i.e., an <keyword id="79363" type="General" weightage="20" keywordseo="npa" source="Orion">NPA</keyword>, or non-performing asset for the bank. And who likes things going bad? Simply put, there has been a steep rise in three areas, much to the dislike of banks and MFIs (micro-finance institutions). But hey, it's mostly their doing! <ol><li>GNPA ratio (gross net performing assets): The quantum of non-performing assets a bank has in proportion to its total assets.</li><li>Provision: The amount banks set aside to take care of such NPAs.</li><li>Slippage ratio: The rate at which good girls go bad, or the speed at which good loans turn into NPAs</li></ol>But how are these plaguing the Indian banking sector? And what does the road ahead look like? We decode it for you. <h2> Microfinance: A not-so-micro-menace</h2>Microfinance loans were initially brought forth for low-income households and individuals, i.e. for those who might not generally have access to traditional ways of credit, like bank loans and more. They don’t require collateral or an asset to be pledged in lieu of the loan, making it a tad bit easier for borrowers. As of June 2024, the amount of outstanding loans in the microfinance industry stood at a staggering Rs 4,20,256 crore. Of this, NBFC-MFIs accounted for 40% and banks made for 33% of these. In 2022, <keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword>, in a bid to inspire some competition in this space, did something radical-they did away with the ceiling on how much interest MFIs could charge their customers. Previously, MFIs could add up to 12% to their cost of acquiring funds to determine the final interest rate chargeable to the consumer. So, assuming that Bank A incurs a 5% cost to acquire funds for further loaning, A could charge up to 17% interest from the end consumer. So, interest rates were in the hands of MFIs, and boy, did they have a gala time with it. Instead of spurring some healthy competition, as RBI expected, MFIs and banks went rogue and all guns blazing, competing for the title of “Who will charge the highest interest?” Recently, RBI banned 4 microfinance institutions (MFIs), namely Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited, and Navi Finserv, from disbursing loans effective October 21, 2024. Why? Because they were charging 14% extra interest over their original cost of funds. To maintain their loan books (and pockets), banks and NBFCs resorted to shady practices like netting off loans, which RBI has now advised MFIs against. Here, lenders allow borrowers to settle a previous outstanding loan by issuing them a new loan! As crazy as it sounds, it helped banks to report less of their total assets as NPAs, since the new credit would cover pending installments of the borrower’s previous loan. Then there was the issue of borrowers overleveraging, i.e. taking multiple loans using different IDs from various lenders and then failing to honor any of them. The consequence? Banks and NBFCs end up with massive NPAs. Data from credit bureaus suggests that over the last quarter, there was a 17.2% rise in the number of borrowers who had 5 or more active loans at the same time. <h2>Growth &gt; Caution</h2>It's an age-old tale unfolding yet again in India’s banking sector- Icarus flew too close to the sun and eventually, fell to its death. Between April and June 2024, NBFCs microfinance portfolio jumped by 2.7%. If you see this in terms of loan sources, microfinance loans issued by banks grew by 11.2% in Q1FY25. But the same portfolio in NBFCs swelled by almost double-23.9%. While most of these loans had an average ticket size between Rs 30,000-50,000, there was a sharp spike in the number of loans that had a ticket size of Rs 80,000 or more. Data suggests that as of March 2024, more than 12% of all microfinance borrowers had over 4 or more active loans. In dating parlance, this is a classic case of borrowers going polyamorous, minus the honesty and transparency. Not the best of situations, you'd agree! <h2>Will banks and NBFCs stand up to this stress?</h2>If their results for Q2FY25 are to be believed, NBFCs are not handling the pressure all that well. Or even slightly well. Only a few banks like Bank of Baroda (BoB), ICICI, and Indian Bank were up for the battle, even witnessing a decline in their loan delinquencies. Some others, like IndusInd Bank, saw their stock dip by a massive 16.2% over the last 5 days. Its slippages in the previous quarter burgeoned from Rs 15.3 billion in Q1FY25 to Rs 17.9 billion in Q2. As a result, the bank pushed a staggeringly high amount of money to create an NPA cushion for itself. While its management has highlighted its preference for secured lending, that was hardly reflected in its actions during the quarter, where growth in unsecured personal loans remained exceptionally high at over 7% on a QoQ basis. Turns out, only 44% of customers in IndusInd Banks’ microfinance loan portfolio were exclusive to it. The rest 47% were, you guessed it right-polyamorous! 27% had borrowed from another lender as well, apart from IndusInd Bank, while 20% were those who had outstanding loans with two other lenders, apart from IndusInd Bank. IndusInd Bank’s credit card segment did not miss the NPA bus and accounted for 7-8% of its GNPAs. Canara Bank’s total slippages during the previous quarter jumped to Rs 11.1 billion, up by 24.7% QoQ, and making up for 3.6% of its total loans. As for Bandhan Bank, its <keyword id="763994" type="General" weightage="20" keywordseo="Gross-NPA" source="Orion">gross NPA</keyword> for Q2FY25 inched up on a QoQ basis, up from 4.23% in Q1, to 4.68% in the second quarter. <keyword id="62152" type="General" weightage="20" keywordseo="IDFC-bank" source="Orion">IDFC Bank</keyword>’s heavy provisioning for its NPAs marred its profits significantly, causing its PAT (profit after tax) to dip by 73% on a YoY basis. Data from ICRA Analytics suggest that the AUM (asset under management) growth in microfinance loans and unsecured (personal and business) loans by the NBFCs will moderate to 10-12% and 19-21%, respectively, in FY2025 compared to 30% and 38%, in FY2024. Says A M Karthik, Senior Vice President &amp; Co-Group Head, Financial Sector Ratings, ICRA, “As bank funds constitute a larger share in the overall funding of NBFCs, a slower credit flow from banks to the NBFCs will compress their AUM growth. The NBFCs in unsecured and digital lending businesses shall face a higher squeeze in funding compared to others, and the unsecured lending space will continue to be a source of stress in the near term.” There has been uninhibited growth in unsecured loans, apart from just the microfinance segment. For instance, Axis Bank’s gross slippages jumped by Rs 4,443 crore, largely thanks to its unsecured business. The same is the case with Yes Bank, which saw 35–40% of its retail slippages emerging from the unsecured loan portfolio. Kotak Mahindra Bank was also quick to follow Yes Bank’s suit, with around 35%-40% of its slippages coming from credit cards. <h2>How is the road ahead?</h2>While RBI has just cracked its whip and served a warning at the moment, experts at Morgan Stanley believe that more changes (read regulatory lashes) are underway. Moreover, with both festive and wedding seasons underway in our country, unsecured lending might pick up momentum, much to the disdain of the calibrated approach banks have been taking towards it so far. But if the situation doesn't improve, RBI will not waste any time in becoming the typical tyrannical Bollywood headmaster who runs his dominion with an iron fist and takes things (and ceiling rates) into their own hands. However, that's a story for another day.

Is the lending party over? The dangerous tango of Indian banks with microfinance and unsecured loans

<div type="image" title="The RBI has cracked the regulatory whip on NBFCs and banks, who&amp;#39;ve been pushing microfinance and unsecured loans aggressively to grow their loan books." agency="ANI" msid="114778648" hostid="261" caption="&amp;lt;p&amp;gt;The RBI has cracked the regulatory whip on NBFCs and banks, who&amp;#39;ve been pushing microfinance and unsecured loans aggressively to grow their loan books.&amp;lt;/p&amp;gt;"></div> Imagine this. You have a younger sibling you’re mighty envious of. And why not? Unlike you, they seem to enjoy all the freedom and money in the world. They party like there’s no tomorrow, and here you are, stuck in a boring, ultra-disciplined but responsible routine that feels completely devoid of any independence, and mostly, funds. But of late, things are changing. This sibling is in massive trouble and just cannot escape the parent’s wrath anymore. Long story short, the party is over, and it is time to go back home. The rising defaults on this sibling’s part have now begun pulling the entire house down, thereby attracting the regulator’s ire. <h2>The Wild West of <keyword id="113684" type="General" weightage="20" keywordseo="microfinance" source="Orion">microfinance</keyword> and unsecured loans</h2>It's hard to ignore the issues with microfinance and unsecured loans in India. Many saw them as a small gamble and ignored the rising defaults much like the younger siblings’ tantrums, and now they find themselves in hot waters. The skyrocketing instances of non-payments aren't a micro-issue anymore and are threatening the stability of the entire banking system. In the quarter ended September 30, 2024, 5 of India’s 8 largest private sector <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword> reported a steep rise in their bad loan book, mostly thanks to microfinance loans. Some banks, in a bid to strengthen their fortress against these <keyword id="142154" type="General" weightage="100" keywordseo="bad-loans" source="Orion">bad loans</keyword>, have significantly upped their provisions. For instance, IndusInd Bank set aside Rs 525 crore during July and September 2024 to battle the menace of defaults on microfinance loans, which make up about 9% of its total loan book. See, banks rely heavily on their interest income, which they earn from advancing loans. Any loan where the borrower has not paid interest to the bank or defaulted for 90 days or more becomes bad, i.e. an NPA, or non-performing asset for the bank. And who likes things going bad? Simply put, there has been a steep rise in three areas, much to the dislike of banks and MFIs (micro-finance institutions). But hey, it's mostly their doing! <ol><li>GNPA ratio (gross net performing assets): The quantum of non-performing assets a bank has in proportion to its total assets.</li><li>Provision: The amount banks set aside to take care of such NPAs.</li><li>Slippage ratio: The rate at which good girls go bad, or the speed at which good loans turn into NPAs</li></ol>But how are these plaguing the Indian banking sector? And what does the road ahead look like? We decode it for you. <h2> Microfinance: A not-so-micro-menace</h2>Microfinance loans were initially brought forth for low-income households and individuals i.e. for those who might not generally have access to traditional ways of credit, like bank loans and more. They don’t require collateral or an asset to be pledged in lieu of the loan, making it a tad bit easier for borrowers. As of June 2024, the amount of outstanding loans in the microfinance industry stood at a staggering Rs 4,20,256 crore. Of this, NBFC-MFIs accounted for 40% and banks made for 33% of these. In 2022, RBI, in a bid to inspire some competition in this space, did something radical-they did away with the ceiling on how much interest MFIs could charge their customers. Previously, MFIs could add up to 12% to their cost of acquiring funds to determine the final interest rate chargeable to the consumer. So, assuming that Bank A incurs a 5% cost to acquire funds for further loaning, A could charge up to 17% interest from the end consumer. So, interest rates were in the hands of MFIs, and boy, did they have a gala time with it. Instead of spurring some healthy competition, as RBI expected, MFIs and banks went rogue and all guns blazing, competing for the title of “Who will charge the highest interest?” Recently, RBI banned 4 microfinance institutions (MFIs), namely Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited, and <keyword id="20117932" type="General" weightage="20" keywordseo="navi-finserv" source="keywords">Navi Finserv</keyword> from disbursing loans effective October 21, 2024. Why? Because they were charging 14% extra interest over their original cost of funds. To maintain their loan books (and pockets), banks and NBFCs resorted to shady practices like netting off loans, which RBI has now advised MFIs against. Here, lenders allow borrowers to settle a previous outstanding loan by issuing them a new loan! As crazy as it sounds, it helped banks to report less of their total assets as NPAs, since the new credit would cover pending instalments of the borrower’s previous loan. Then there was the issue of borrowers overleveraging, i.e. taking multiple loans using different IDs from various lenders and then failing to honour any of them. The consequence? Banks and NBFCs end up with massive NPAs. Data from credit bureaus suggests that over the last quarter, there was a 17.2% rise in the number of borrowers who had 5 or more active loans at the same time. <h2>Growth &gt; Caution</h2>It's an age-old tale unfolding yet again in India’s banking sector- Icarus flew too close to the sun and eventually, fell to its death. Between April and June 2024, NBFCs microfinance portfolio jumped by 2.7%. If you see this in terms of loan sources, microfinance loans issued by banks grew by 11.2% in Q1FY25. But the same portfolio in NBFCs swelled by almost double-23.9%. While most of these loans had an average ticket size between Rs 30,000-50,000, there was a sharp spike in the number of loans that had a ticket size of Rs 80,000 or more. Data suggests that as of March 2024, more than 12% of all microfinance borrowers had over 4 or more active loans. In dating parlance, this is a classic case of borrowers going polyamorous, minus the honesty and transparency. Not the best of situations, you'd agree! <h2>Will banks and NBFCs stand up to this stress?</h2>If their results for Q2FY25 are to be believed, NBFCs are not handling the pressure all that well. Or even slightly well. Only a few banks like Bank of Baroda (BoB), ICICI, and Indian Bank were up for the battle, even witnessing a decline in their loan delinquencies. Some others, like IndusInd Bank, saw their stock dip by a massive 16.2% over the last 5 days. Its slippages in the previous quarter burgeoned from Rs 15.3 billion in Q1FY25 to Rs 17.9 billion in Q2. As a result, the bank pushed a staggeringly high amount of money to create an NPA cushion for itself. While its management has highlighted its preference for secured lending, that was hardly reflected in its actions during the quarter, where growth in unsecured personal loans remained exceptionally high at over 7% on a QoQ basis. Turns out, only 44% of customers in IndusInd Banks’ microfinance loan portfolio were exclusive to it. The rest 47% were, you guessed it right-polyamorous! 27% had borrowed from another lender as well, apart from IndusInd Bank, while 20% were those who had outstanding loans with two other lenders, apart from IndusInd Bank. IndusInd Bank’s credit card segment did not miss the NPA bus and accounted for 7-8% of its GNPAs. Canara Bank’s total slippages during the previous quarter jumped to Rs 11.1 billion, up by 24.7% QoQ, and making up for 3.6% of its total loans. As for Bandhan Bank, its gross NPA for Q2FY25 inched up on a QoQ basis, up from 4.23% in Q1, to 4.68% in the second quarter. IDFC Bank’s heavy provisioning for its NPAs marred its profits significantly, causing its PAT (profit after tax) to dip by 73% on a YoY basis. Data from ICRA Analytics suggest that the AUM (asset under management) growth in microfinance loans and unsecured (personal and business) loans by the NBFCs will moderate to 10-12% and 19-21%, respectively, in FY2025 compared to 30% and 38%, in FY2024. Says A M Karthik, Senior Vice President &amp; Co-Group Head, Financial Sector Ratings, ICRA, “As bank funds constitute a larger share in the overall funding of NBFCs, a slower credit flow from banks to the NBFCs will compress their AUM growth. The NBFCs in unsecured and digital lending businesses shall face a higher squeeze in funding compared to others, and the unsecured lending space will continue to be a source of stress in the near term.” There has been uninhibited growth in <keyword id="6051027" type="General" weightage="20" keywordseo="Unsecured-loan" source="Orion">unsecured loan</keyword>s, apart from just the microfinance segment. For instance, Axis Bank’s gross slippages jumped by Rs 4,443 crore, largely thanks to its unsecured business. The same is the case with Yes Bank, which saw 35–40% of its retail slippages emerging from the unsecured loan portfolio. <keyword id="6376194" type="General" weightage="20" keywordseo="kotak-mahindra" source="Orion">Kotak Mahindra</keyword> Bank was also quick to follow Yes Bank’s suit, with around 35%-40% of its slippages coming from credit cards. <h2>How is the road ahead?</h2>While RBI has just cracked its whip and served a warning at the moment, experts at Morgan Stanley believe that more changes (read regulatory lashes) are underway. Moreover, with both festive and wedding seasons underway in our country, unsecured lending might pick up momentum, much to the disdain of the calibrated approach banks have been taking towards it so far. But if the situation doesn't improve, RBI will not waste any time in becoming the typical tyrannical <keyword id="19897820" type="General" weightage="20" keywordseo="bollywood" source="keywords">Bollywood</keyword> headmaster who runs his dominion with an iron fist. However, that's a story for another day. Do you have a topic in mind you'd want a simpler explanation for, or insights or personal experience to share on personal finance and more? Contact us at businessinsider@timesinternet.in.

Simply Put: Is the lending party over? The dangerous tango of Indian banks with microfinance and unsecured loans

<ul class="summary-list"><li>Over a month's worth of Russian crude-oil production is stranded near South Korea.</li><li>Currency disagreements with importers have left 14 cargo tankers idling.</li></ul>Tankers carrying over a month's worth of Russian oil production have been stuck in a weeks-long limbo, as US sanctions and payment disagreements keep buyers at bay. Vessels loaded with 10 million barrels of the Russian Sokol crude have been idling around the South Korean port of Yosu, <a href="https://www.reuters.com/markets/commodities/russia-struggles-sell-pacific-oil-14-tankers-stuck-sources-data-2024-01-26/" target="_blank" rel="noopener">Reuters</a> reported. To save on freight costs, three supertankers have become a floating storage, accepting product from smaller vessels ship-to-ship.In total, 14 ships have sat stranded as importers of Russian crude are unable to settle on a currency with which to pay for the oil. Payment disagreements between India and Russia have spanned for months now: After Russia had issues repatriating its <a href="https://www.businessinsider.com/dedollarization-russia-dollar-yuan-billions-india-struggle-use-ruble-2023-6">massive stockpile of Indian rupees</a>, it has insisted on using the Chinese yuan, something New Delhi seeks to avoid. The lack of common ground has started impacting the trade between the two major oil partners, as India has recently <a href="https://markets.businessinsider.com/news/commodities/india-mideast-russian-crude-exports-discounts-sanctions-price-cap-puri-2024-1">turned to the Middle East</a> to source its crude imports. And despite millions of Russian barrels ready to offload, there's no indication that could happen soon. An Indian Oil Corp source told Reuters that the firm doesn't anticipate receiving any Sokol grade oil in the near term. That's also as the US has started to clamp down harder on restrictions that aim to curb Moscow's energy trade. Since October, the US Treasury has sanctioned <a href="https://markets.businessinsider.com/news/commodities/russian-economy-oil-markets-india-tankers-sanctions-crude-prices-sokol-2023-12?utm_medium=ingest&amp;utm_source=markets">eight cargo ships</a> that carried crude above the $60 price cap, a measure imposed on Russia following its invasion of Ukraine. In mid-January, India's Petroleum and Natural Gas Minister Hardeep Singh Puri acknowledged that Western sanctions were a factor in pursuing alternative trade: "In the Russian case, it is a question of price cap and it is also a question of some of their shipping entities coming under adverse notice of others."Russia is highly dependent on its energy trade. While <a href="https://markets.businessinsider.com/news/commodities/oil-market-supply-russia-opec-saudi-arabia-us-production-commodities-2023-12">flows have remained high</a>, Moscow's tax revenue from oil and gas still <a href="https://markets.businessinsider.com/news/commodities/russian-energy-revenue-crude-oil-prices-gas-exports-sanctions-ukraine-2024-1">dropped 24% in 2023</a>.

10 million barrels of Russian oil are stuck with nowhere to go

India's <keyword id="6355013" type="General" weightage="20" keywordseo="tennis" source="Orion">tennis</keyword> campaign at the <keyword id="20006192" type="General" weightage="20" keywordseo="Paris-Olympics" source="keywords">Paris Olympics</keyword> lasted just one day as <keyword id="19926485" type="General" weightage="20" keywordseo="Sumit-Nagal" source="keywords">Sumit Nagal</keyword> and the men's doubles pair of <keyword id="19895238" type="General" weightage="20" keywordseo="Rohan-Bopanna" source="keywords">Rohan Bopanna</keyword> and <keyword id="20253721" type="General" weightage="20" keywordseo="N-Sriram-Balaji" source="keywords">N Sriram Balaji</keyword> bowed out after losing their respective opening matches to French challengers on Sunday. Nagal was first to take court, but his strong baseline game didn't seem to be enough against mercurial Corentin Moutet, who earned a stylish three-set win. In his second appearance at the Olympic Games, Nagal bounced back after losing the first set but fell 2-6 6-4 5-7 in two hours and 28 minutes at a packed court seven at the Roland Garros. In the Tokyo Games, Nagal had lost in the second round to Russian Daniil Medvedev but could not make the most of a manageable opener today. He was up 2-0 in the decider with an early break but allowed Moutet to claw his way back and win. Later in the day, Bopanna and Balaji went down fighting 5-7 2-6 against Edouard Roger-Vasselin and Gael Monfils, who replaced injured Fabien Reboul in the home team at the last minute. India have won only one Olympic medal in tennis, when <keyword id="20346818" type="General" weightage="20" keywordseo="Leander-Paes" source="keywords">Leander Paes</keyword> bagged a bronze in the 1996 Atlanata Games. Monfils' big-hitting helped the home team that was egged on by the partisan crowd. It was probably the last time Bopanna represented India in a multi-sport event. The 44-year-old has already announced his retirement from Davis Cup. The doubles match featured several fiery baseline exchanges between Bopanna and both the French players. The French ploy of engaging Bopanna in long rallies from the back took Balaji out of the picture on many points, and it largely denied the debutant opportunity of a quick finish at the net. The Indians dropped serve first when Bopanna went down 0-40 in game six following a long rally that ended with Indian team's unforced error. Bopanna and Balaji though got the break back in the next game on Roger-Vasselin's serve. Down by a breakpoint, Monfils could not put away a volley. The match was back on serve. Eventually, Balaji came out to serve at 5-6 to stay in the set. Feeling the nerves, he struggled to put first serves in and committed a double fault to get to 15-30. A long rally ensued, which ended in home team's favour. At second set point, Bopanna netted a backhand volley. Balaji could not hold serve in the second set, as Bopanna too stuggled to cope with the powerful strokes of the French players. The match ended with Indian team's unforced error. It has always been a battle of attrition between Nagal and Moutet with three of their last four outings being three-set affairs and it was no different today. Nagal had got the better of Moutet in their last meeting in Grand Prix of Hassan in the Moroccan city of Marakkech in April this year. Nagal didn't seem to have a plan B but Moutet had a few tricks in his bag to unsettle his rival. He served underarm a number of times and used the drop shots, the forehand slice and the backhand slice very effectively. The chants of Coco-Coco, Aaale-Aaale and Moutet-Moutet certainly gave the home player the energy required in such a slugfest. Nagal had a nervy start with a boisterous crowd behind Moutet. A drop volley error at 30-all put him down by a break point. Another unforced error cost him the opening game. The French player began with an underarm serve, much to the amusement of the home fans. He, however, ended up serving a double fault. It was an easy hold for the southpaw even as Nagal also bounced back with a hold at love. Nagal said he was expecting underarm serves from him but obviously didn't appreciate that. Moutet struggled a bit with his first serve but fed Nagal a lot of high balls and attacked his backhand more to build on the break. Nagal had his chances to get the break back in game four but squandered four breakpoints. He was down by another break point in game five but saved and held when Moutet just missed the line with his return. The crowd favourite again amused the gathered supporters at court seven as he crossed over the court to check the spot if the ball landed inside the line. It was crucial for Nagal to hold serve after falling behind 2-4 but he erred on overhead volley at breakpoint. Moutet pocketed the opening set when Nagal'a forehand return soared over the baseline. The second set was not a one-way traffic with Nagal finding his rhythm. The free points were not given. The set remained in serve till game five. After playing two deuce points, Moutet again served underarm, and this time he got the point as Nagal netted the return. Nagal was furious but the crowd loved the moment. Nagal finally had his first break of the match when Moutet's dropped shot crashed into the net. Before that on the second break point, when he netted the return, Nagal had banged his racquet on the court, letting go of the frustration. However, he gathered himself with the crucial break. The crowd stood and began singing the national anthem to egg on their favourite. Nagal though, consolidated the lead with a hold and levelled the match by breaking his rival in game eight when Moutet netted a volley return. The French player yet again resorted to giving high balls and drop shots to Nagal to break the momentum, and almost succeeded, but Nagal too stuck to his guns, avoiding an early break. He then broke Moutet when he double faulted while facing his fourth break point. Leading 2-0 in the decider, Nagal had a perfect opportunity to run away with the match but found himself down 0-40. He saved the first breakpoint but a drive volley error from him meant that the set was back on serve. Serving at 5-5, Nagal began by netting a forehand, and Moutet found a stunning forehand slice passing-winner on the run. Another forehand error put Nagal down by three break points. He lost fourth point in a row when he could not pick up a half volley. It was not difficult from there for Moutet to close the match. He will play either Australian world number six Alex di Minaur or Germany's Jan-Lenard Struff next.

India's tennis campaign at the Paris Olympics ends in a single day as Nagal, Bopanna and Balaji bow out

The counting of votes cast by 64.2 crore hopeful Indian voters during the six-week-long 18th <keyword id="19923279" type="General" weightage="20" keywordseo="Lok-Sabha-elections" source="keywords">Lok Sabha elections</keyword> officially began at 8 AM today and it is suffice to say that the air is crackling with equal parts excitement and trepidation. Over 700 aspiring parties participated in the world’s largest democratic exercise. But the main duelling parties remain consistent with previous trends: the ruling Bharatiya Janata Party (<keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords">BJP</keyword>) led by Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword> and the opposition bloc led by the <keyword id="19964138" type="General" weightage="20" keywordseo="Indian-National-Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian National Congress" meta.hostid="261" meta.entityid="Indian National Congress">Indian National Congress</keyword> (INC). Modi is shooting for a third, historic win after spending the last ten years in office, but the road ahead does not seem as smooth as anticipated. A political party in India requires at least 272 seats to cross the majority mark in the 543-member lower house of the Indian parliament, the Lok Sabha. The PM has audaciously declared that he is expecting a huge win exceeding 400 seats, the slogan ab ki baar 400 paar is stuck in every Indian’s head — irrespective of their political inclination. The Congress-led India bloc, on the other hand, is aiming for a relatively modest 295. On Saturday, most exit poll surveys predicted 350-370 seats for the BJP and between 107-140 seats for the opposition. However, the early trends are showing a very different picture with the INDIA bloc exceeding expectations in many states. Polls have been off the mark a few times before, but as NDA looks poised to win a third term, albeit with a few last-minute struggles, here’s a look back at the previous elections responsible for Mr Narendra Modi’s unmatchable dominance over <keyword id="20184421" type="General" weightage="20" keywordseo="Indian-politics" source="keywords">Indian politics</keyword>. <cmsannotation type="cmsannotation" annotationid="Inside BJP’s decade-long winning streak" comment="subhead" text="Inside BJP’s decade-long winning streak">Inside BJP’s decade-long winning streak </cmsannotation>The BJP has come a long way since 1984 when the party won just two seats. Its pro-Hindutva stance pushed it to prominence over the decades, especially in the 1990s. The BJP was in power for a considerable amount of time under Atal Bihari Vajpayee’s leadership at the turn of the century. But the kind of support that Narendra Modi has received since 2014 has been unmatched in the history of modern Indian politics. In 2014, the BJP saw a surprising landslide victory with 282 of the 543 seats. But what factors contributed to its sweeping win with a 31.3% majority? Throughout its campaigning ahead of the general elections that year, the BJP kept stressing its interest in fixing the economy and combating corruption allegedly caused by the Congress party’s rather inept governing. Modi, who called himself a chowkidar or watchman, vowed to set the government and bureaucracy to rights. He promised more jobs for young Indians and even launched a social media campaign to appeal to the younger generation. Many experts suggested that Modi created the brand “NaMo'' for himself through relentless media campaigning, something that <keyword id="19895780" type="General" weightage="20" keywordseo="rahul-gandhi" source="keywords">Rahul Gandhi</keyword> and other major political leaders could not do at the time. Additionally, he is also said to have had the support of the 45,000 country-wide RSS branches — the Hindu cultural nationalist parent of the BJP. However, after the leader had managed to comfortably settle into his new role as the Prime Minister of India, he announced the demonetisation of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series on 8 November 2016. As per a 2018 report from the Reserve Bank of India said that “the effort had failed to remove black money from the economy”. Modi was widely criticised for the way this move impacted the middle-class people of India. Despite this setback as well as criticism against his economic reforms like GST, he continued to implement bold policy changes to strengthen the core economy. His tilt towards a digital economy and seemingly tough actions against corrupt practices received widespread acclaim. He also successfully invoked a strong sense of nationalism and security in the people through the Balakot airstrike, a bombing raid conducted by Indian warplanes in February 2019. And it worked! BJP came to power again in the 2019 Lok Sabha elections, this victory being bigger than the last. The BJP won a whopping 37.36% of the vote — the highest by a political party since the 1989 general elections with 303 seats. However, similar to 2019, towards the end of his second term in 2024, joblessness appears to be on the rise and incomes of farmers continue to plummet. Amid major issues like food inflation and the threat of AI to the job market, the ruling party relied on not-so-subtle religious polarisation and a ton of welfare programmes. From being chowkidar in 2014, Prime Minister Narendra Modi has been depicted to be a saint today by many of his followers. While past leaders in India have tried to hold on to their secular image, Mr Modi has been seen flouting this convention on multiple occasions, expressing that he takes pride in his religion. With crores of followers still supporting him, the PM seems to be already on a path to victory. Only time will tell if the struggles during the last phases of this year’s election will come back to haunt him. In the meantime, stay tuned to Business Insider India for <a href="https://www.businessinsider.in/politics/elections/lok-sabha-election-results-2024-live-counting-begins-at-8-am-as-bjp-led-nda-hopes-for-a-historic-third-term/articleshow/110685785.cms">more updates on the Lok Sabha elections 2024</a>.

As PM Modi awaits his third big win, here’s how BJP created history during the 2014 & 2019 Lok Sabha elections

Budget carrier <keyword id="6358032" type="General" weightage="20" keywordseo="spicejet" source="Orion">SpiceJet</keyword> will operate a special flight to Budapest, Hungary to evacuate stranded Indians. The airline will operate a special evacuation flight to bring back stranded Indians, who managed to find their way out of the hostilities between Russia and Ukraine. Hungary shares a land border with Ukraine, many Indian nationals, including students have made their way to the border. The airline will use its Boeing 737 MAX aircraft for this special flight. "The aircraft will fly to Budapest from Delhi and the return fight will operate via Kutaisi, Georgia," the airline said in a statement. "SpiceJet is planning to operate more evacuation flights and is in discussion with concerned authorities." Till now, Tata Group-led Air India has been operating flights to Bucharest, Romania and Budapest, Hungary. These flights being are operated as special government charters to bring back stranded Indians. Earlier, Air India operated direct special flights to Kiev but it had to stop these operations due to a NOTAM (Notice to Airmen) issued over the closure of Ukrainian air space. One of Air India's flight bound for Kiev from New Delhi returned to the national capital's IGI Airport after NOTAM was announced at Kiev airport on last Thursday. Last Tuesday, the airline had carried out the first of its special flight operations ferrying Indian citizens from Ukraine. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/as-long-as-mukesh-ambani-is-there-to-rescue-the-market-doesnt-care-about-future-retails-financial-stress/articleshow/89886569.cms">As long as Mukesh Ambani is there to rescue, the market doesn't care about Future Retail's financial stress</a> <a href="https://www.businessinsider.in/business/startups/news/indian-startups-like-dunzo-swiggy-dealshare-raised-8-billion-in-january-and-february-2022/articleshow/89890583.cms" data-type="tilCustomLink">Indian startups raised around $1 billion a week in January and February</a> <a href="https://www.businessinsider.in/stock-market/news/sensex-falls-sharply-on-worsening-russia-ukraine-war-hdfc-bank-axis-bank-eicher-motors-among-biggest-losers/articleshow/89886018.cms">Markets remain worried as energy rich Russia faces harsh sanctions from western countries</a>

SpiceJet to operate special flight to Budapest to rescue Indians amidst Russia-Ukraine conflict

<keyword id="21330123" type="General" weightage="20" keywordseo="Indian-Grandmaster" source="keywords">Indian Grandmaster</keyword> R <keyword id="19987305" type="General" weightage="20" keywordseo="Praggnanandhaa" source="keywords">Praggnanandhaa</keyword> crushed world number one <keyword id="19903492" type="General" weightage="20" keywordseo="Magnus-Carlsen" source="keywords">Magnus Carlsen</keyword> for the first time in Classical format to emerge as the sole leader in the <keyword id="20514241" type="General" weightage="20" keywordseo="Norway-chess" source="keywords">Norway chess</keyword> tournament here. Having beating him a few times in online and faster versions of the game and after losing to him in the finale of the last World Cup, Praggnanandhaa finally got past the home favourite in what would be known as a clear classical triumph. Following the third-round win, the 18-year-old Indian now leads the men's section with 5.5 points in all, half a point clear of USA's Fabiano Caruana who scored his first victory in classical against reigning world champion Ding Liren of China. <keyword id="19977603" type="General" weightage="20" keywordseo="Carlsen" source="keywords">Carlsen</keyword>, on three points, looks like a distant third for now in the updated standings but with each <keyword id="21864928" type="General" weightage="20" keywordseo="classical-win" source="keywords">classical win</keyword> worth three points, this might not hold for too long. <keyword id="19962031" type="General" weightage="20" keywordseo="Hikaru-Nakamura" source="keywords">Hikaru Nakamura</keyword> of United States, Firouzja Alireza of France and Liren are all joint fourth currently on 2.5 points in the six-player double round-robin contest. "I wish Magnus would take similar risks against us old folks," said Nakamura on Carlsen's choice of playing a risky battle against Praggnanandhaa. Classical chess, also known as slow chess, allows players significant amount of time to make their moves, usually at least one hour. Carlsen and Praggnanandhaa had drawn their previous three encounters in this format In the women's event, Praggnanandhaa's elder sister R Vaishali maintained her sole lead after getting past Anna Muzychuk of Norway in the Armageddon game after drawing the Classical. Vaishali inched up to 5.5 points too and enjoys a full-point lead over women's world champion Wenjun Ju of China who is sole second by a half point margin over compatriot Tingjie Lei. Muzychuk, Pia Cramling of Sweden and Koneru Humpy share the fourth spot here on three points each. It was a Sicilian Kann, an opening that does not find many favours in the elite chess circles, wherein Praggnanandhaa got an advantage through better space control right from the beginning. The middle game saw Magnus' king stuck in the centre and the Indian super-talent capitalised with some deft manoeuvres after the minor pieces were off the board. Eventually, the King's vulnerability came to question as Praggnanandhaa posed some dangerous checkmate threats. The game lasted just 37 moves. Caruana outclassed Liren out of an Italian opening game. Launching the offensive on the king side the American, who had lost the first two rounds under Armageddon, he sacrificed two minor pieces for a rook to rip apart black's King side and another exchange sacrifice soon sealed the game in his favour. In the other game of the day, Nakamura proved superior as white against Alireza in the USD 1,60,000 prize money event. In the women's section, Vaishali ensured that her lead remained intact after a draw in Armageddon as black against Muzychuk. Seven rounds still remain in both sections of the event. Results ===== Men: R Praggnanandhaa (Ind, 5.5) beat Magnus Carlsen (Nor, 3) 3-0; Fabiano Caruana (Usa, 5) beat Ding Liren (Chn, 2.5) 3-0; Hikaru Nakamura (Usa, 2.5) beat Firouzja Alireza (Fra, 2.5) 1.5-1. Women: Anna Muzychuk (Ukr, 3) lost to R Vaishali (Ind, 5.5) 1-1.5; Koneru Humpy (Ind, 3) beat Tinglie Lei (Chn, 4) 1-1.5; Pia Cramling (Swe, 3) lost to Wenjun Ju (Chn, 1-1.5. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/apple-wwdc-2024-to-begin-with-keynote-on-june-10-event-schedule-what-to-expect-and-more/articleshow/110537952.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-wwdc-2024-to-begin-with-keynote-on-june-10-event-schedule-what-to-expect-and-more/articleshow/110537952.cms" target="_blank">Apple WWDC 2024 to begin with keynote on June 10 – event schedule, what to expect and more</a><a href="https://www.businessinsider.in/business/news/adani-paytm-deal-both-one97-communications-and-adani-group-deny-reports-as-baseless-and-speculative/articleshow/110530843.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/adani-paytm-deal-both-one97-communications-and-adani-group-deny-reports-as-baseless-and-speculative/articleshow/110530843.cms" target="_blank">Adani-Paytm Deal: Both One97 Communications and Adani Group deny reports as ‘baseless’ and ‘speculative’</a><a href="https://www.businessinsider.in/tech/news/jiocinema-launches-new-annual-ad-free-subscription-plan-at-a-discount/articleshow/110486706.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/jiocinema-launches-new-annual-ad-free-subscription-plan-at-a-discount/articleshow/110486706.cms" target="_blank">JioCinema launches new annual ad-free subscription plan at a discount</a>

Norway chess: Praggnanandhaa claims maiden classical win over Carlsen, takes sole lead

<ul class="summary-list"><li>Indians are being duped into joining the Russian military through false employment promises.</li><li>One person said his brother had been promised a job in Dubai but ended up on the front lines in Ukraine.</li></ul>Some Indian nationals are being tricked into fighting for the Russian army after having been promised <a target="_blank" href="https://www.lemonde.fr/international/article/2024/02/29/des-indiens-recrutes-a-leur-insu-dans-l-armee-russe_6219341_3210.html">jobs in Dubai</a>, Le Monde reported.<a target="_blank" href="https://www.telegraph.co.uk/world-news/2024/03/02/india-ukraine-war-uae-job-dubai-fight/#:~:text=At%20least%2020%20Indian%20citizens,forced%20to%20join%20the%20army.">About 20 Indians</a> are thought to have fallen victim to similar schemes and are now caught on the front lines in Russia.One victim, Aazad Yousuf Kumar, 31, a science graduate, traveled from his home in northern India to Dubai in the hopes of working for an employment consultancy named Baba Vlogs, which is run by a man named Faisal Khan.Kumar's mother told The Telegraph that after he arrived in the United Arab Emirates, he was told there were no jobs available and that he would have to go to Russia to do kitchen work.But she said he was then brought to a military base where he was given weapons training."We lost touch with him for a while. When he finally phoned after about twenty days, he told us that he had been tricked and taken to an unknown place in Russia, where he had received weapons training for a fortnight, along with a dozen other Indians," his brother, Sajad Ahmad Kumar, told Le Monde."He was deployed near the front line with the Russian army. I spoke to him on December 26th. He cried constantly. He told me he wanted to come home," he added.Another victim told Indian news outlet <a target="_blank" href="https://www.thehindu.com/news/national/indians-hired-as-russian-army-security-helpers-forced-to-fight-on-ukraine-border/article67868196.ece">The Hindu</a> that at least three Indians had been forced to fight for Russian forces after having been sent there as "army security helpers."He said he had also found the job through Faisal Khan and that they had been "categorically told" that they would not be sent to the battlefield.But after receiving basic weapons training, he said they were sent to <a target="_blank" href="https://www.businessinsider.com/images-wagner-troops-descend-rostov-don-apparent-armed-rebellion-2023-6">Rostov-on-Don</a> and then on to Donetsk, where they then were forced to join the fighting.The man, who said that he had not received any of the money he had been promised for the job, told the outlet that he had been able to escape the conflict area and had been admitted to a hospital for frostbite.He added that he was now struggling to get help from the Indian Embassy in Moscow, saying he had been "turned away several times."A spokesperson for India's Ministry of External Affairs told The Telegraph that the government was working to secure the release of those stuck in Russia."We are trying our best and we are in touch, regular touch with Russian authorities both here in New Delhi and also in Moscow and we are trying to do our best," he said.

An Indian science graduate was promised a job in Dubai but was tricked into fighting for Russia, reports say

<ul><li><keyword id="1402930" type="General" weightage="50" keywordseo="state-discom" source="Orion">State discom</keyword> legacy dues to <keyword id="3278843" type="General" weightage="80" keywordseo="gencos" source="Orion">gencos</keyword> have more than halved from ₹1.38 lakh crore last June last year to ₹61,000 crore as of 24 July 2023.</li><li>This was due to the introduction of a late payment scheme which penalizes discoms for delaying payments.</li><li><keyword id="14181100" type="General" weightage="50" keywordseo="green-energy-open-access-rules" source="Orion">Green Energy Open Access Rules</keyword> also reduced the minimum offtake threshold for consumers.</li><li>Commercial &amp; industrial consumers can also demand green power from state discoms voluntarily. </li></ul>India’s green power generators have been gaining from increased payment discipline amongst state distribution companies or discoms after the government introduced late payment surcharge scheme (LPS) last year. That’s good news for renewable power generators like Greenko, ReNew, <keyword id="45417" type="General" weightage="50" keywordseo="adani-power" source="Orion">Adani Power</keyword> and more who will now be assured of faster payments. The scheme has made good progress with payment discipline amongst state distribution companies as state discom legacy dues to gencos have more than halved from ₹1.38 lakh crore in June last year to ₹61,000 crore as of 24 July 2023, says a report by CreditSights. Also, Power Finance Corporation (PFC) and <keyword id="64468" type="General" weightage="50" keywordseo="rural-electrification-corporation" source="Orion">Rural Electrification Corporation</keyword> (REC) have been funding various state governments to help clear these dues. In the last one year, both these public sector companies (PSUs) have given multibagger returns to their investors — at 162% and 154% respectively. Most power generators with a renewable energy portfolio have also been gaining ground. What’s the scheme? As per the scheme, state discoms who delay their payments beyond the default trigger date, will lose short-term power access. Apart from that, progressively these restrictions would increase each month for medium and long-term power access as well for each month of non-payment. The scheme is a game changer for the renewable power generators who are stuck with large capex costs along with delayed payments. “It (the scheme) reduced the counterparty credit risks posed by the state discoms. Not only would the state discoms have to clear their sizable backlog of owed dues to the gencos, they would also be more disincentivized to delay payments to the gencos given the punitive penalties,” said the CreditSights report. Gencos who are able to receive timely payments can improve their account receivables, working capital positions and cash flows. “Investor sentiment in the sector has also improved materially post the LPS scheme, based on our discussions with market participants,” CreditSights observed. More green consumers In the Union Budget 21-22, eligible Indian states were granted additional borrowing limits of 0.25% - 0.5% of annual Gross State Domestic Product (GSDP). This was applicable over a four-year period from FY22-FY25. Some of these benefits have flowed to the state discoms. Till date, ₹66,400 crore of additional borrowing permissions have been granted to the states — for financial support to the state discoms, the report said. The government also came up with Green Energy Open Access Rules in June last year, which helped improve offtake of renewable power. It reduced the renewable energy minimum offtake threshold of consumers from 1 MW to 100 kW. It also allows commercial &amp; industrial consumers to demand green power on a voluntary basis from state discoms. It also provided clarity on final tariffs charged to consumers of renewable energy, bringing in more transparency into the system. These new rules will drive better transparency, access and stronger demand for renewable energy across the smaller C&amp;I customers, CreditSights opines. The Indian government has set an ambitious target to convert 40% of total installed power capacity green by 2030. That means India would have to add 250 GW of renewable energy capacity between 2023-2027 – and it has been working actively to clear bottlenecks along the way, most of which is ensuring these green power producers are paid on time.

Indian green power generators are gaining from more takers & timely payments

<ul class="summary-list"><li>Trafigura discovered that it received bag of stones from a warehouse in Rotterdam instead of nickel.</li><li>It is joined by others who made a similar discovery at the warehouse.</li></ul>The global metals trader Trafigura is among the companies that received bags of stone instead of <a href="https://markets.businessinsider.com/commodities/nickel-price?utm_medium=ingest&amp;utm_source=markets">nickel</a> under London Metal Exchange contracts, Bloomberg <a href="https://www.bnnbloomberg.ca/trafigura-bought-some-lme-nickel-that-was-just-bags-of-stones-1.1898494" target="_blank" rel="noopener">reported</a>.The bags came from a warehouse in Rotterdam run by Access World and were shipped to New Orleans, where they were found to have the wrong weight, sources told Bloomberg. Earlier, the <a href="https://www.wsj.com/livecoverage/stock-market-news-today-03-17-2023/card/found-inside-a-rotterdam-nickel-warehouse-bags-of-stones-GuqRUlhymf8xPDAJk6hm" target="_blank" rel="noopener">Wall Street Journal</a> reported that <a href="https://www.businessinsider.com/jpmorgans-nickel-bags-turned-out-to-filled-with-stones-2023-3">JPMorgan Chase was the owner of bags of stones</a> at the warehouse. Had they contained nickel, the bags would have been worth $1.3 million at current prices. Stratton Metals, a metal trader in Europe, also reportedly got bags of stones instead of nickel.The LME first announced the mix-up last Friday but didn't disclose the owner of the bags or the warehouse where they were kept.LME inspected all of its metal holdings at the warehouse and found that nine contracts contained material other than nickel.Meanwhile, Trafigura has said there's no connection between the bags of stones and a separate snafu related to nickel cargoes.Last month, the commodity giant acknowledged that some of its nickel cargoes had been substituted for carbon steel, a cheaper metal, leaving Trafigura potentially facing a <a href="https://markets.businessinsider.com/news/commodities/trafigura-trading-nickel-fraud-tycoon-prateek-gupta-heart-attack-inspection-2023-2?utm_medium=ingest&amp;utm_source=markets">$577 million loss</a>. The final cost could be lower if it is able to recover some of the funds. "Since late December 2022, a small proportion of the containers purchased from these companies have been inspected as they reached their destination, and were found not to contain nickel," Trafigura said in a statement last month, according to <a href="https://www.bloomberg.com/news/articles/2023-02-09/nickel-fraud-trader-trafigura-faces-577-million-loss?srnd=markets-vp" target="_blank" rel="noopener nofollow">Bloomberg</a>.The incident led Trafigura to sue the Indian businessman Prateek Gupta in February, as well as TMT Metals and UIL Malaysia — companies associated with him. A London court has since ordered a $625 million freeze on Gupta following Trafigura's legal action.

The world's top metals trader is stuck in another nickel-shipment snafu after getting bags of stones from a Dutch warehouse

By Lalit K Jha Washington, May 5 () The special evacuation flights for thousands of Indians stranded in the US due to the coronavirus-linked global travel restrictions are most likely to begin this week from San Francisco and other cities, according to officials.While no exact dates have been announced yet, the flights could take off from San Francisco, New York, Chicago and Washington DC, the officials said.Given that a large number of Indian students and visitors are stranded in the US because of the strict travel restrictions due to the coronavirus pandemic, more flights are likely to be scheduled in the coming weeks.Community leaders have welcomed the move of the Indian government which on Monday announced that special flights facilitating the return of Indian nationals stranded abroad on compelling grounds would begin in a phased manner from May 7.The Indian embassy and its consulates in the US last week started preparing a list of Indians planning to travel back home. The list is being prepared through an online registration form."This is for the first time in my memory that such an evacuation effort is being carried out by the Indian government for its citizens in the US," Jaipur Foot USA Chairman Prem Bhandari said as he thanked Prime Minister Narendra Modi for the efforts.Bhandari, who had been receiving calls from various stranded Indians, sometimes from students seeking accommodation, or visitors who had run out of medicine, last week wrote a letter to Foreign Secretary Harsh Vardhan Shringla and Civil Aviation Secretary Pradeep Singh Kharola, bringing to their attention the grave situation.In the letter, he said: "There are a large number of students who have run out of money. They don't have a place to stay. What is more worrisome is the fact that this uncertainty is having a toll on their mental and physical health".A large number of Indian visitors, in particular senior citizens and parents of those working in the US, have run out of their essential medicines.To get them medicine, even with a traveler's health insurance, is often not affordable. "The evacuation flight is the need of the hour. This shows how much this government cares for its citizens," Bhandari said.Over the past few weeks, several Indians have been reaching out to Indian Ambassador in the US Taranjit Singh Sandhu and the helpline established by it seeking an early repatriation back home."Please start some flights for Indian citizens on humanitarian grounds. We have critically ill senior citizen parents who are alone and have to be looked after. Please understand our plight and bring this to the notice of the Indian government," one of them tweeted last week."Please look after students those who are under 22 years, they are alone in Penn State college want to come back Home please arrange airlift and give priorities to students and old people," one student Asha Tiwari wrote on Twitter.Some Indian origin people having Overseas Citizens of India (OCI) cards have also sought help in travelling back to India."Please also take care of OCIs as well. I am a resident of India and working in India. My family is in India too. I visited US for a month and got stuck here," wrote Kranthi Borra.In a separate letter last week, Bhandari requested Secretary of State Mike Pompeo to waive off the visa extension fee of USD 455 given the exceptional circumstances due to the coronavirus pandemic."The visa extension fee of USD 455 (including biometric service fee of USD 85) imposed by the US Department of State is further hitting these visitors real hard. As the Government of India is working tirelessly on expeditious repatriation of its citizens, I sincerely urge you to reconsider the visa extension fee and waive these charges on humanitarian grounds and as a gesture of compassion," he said.The Indian government in a statement said that medical screening of passengers would be done before the flight."Only asymptomatic passengers would be allowed to travel," it said. During the journey, all these passengers would have to follow the protocols, such as the Health Protocols, issued by the Ministry of Health and the Ministry of Civil Aviation.On reaching the destination, everyone would have to register on the Arogya Setu app, the official statement said.Everyone would be medically screened. After scrutiny, they would be quarantined for 14 days, either in a hospital or in an institutional quarantine on payment-basis, by the concerned state governments. COVID-19 test would be done after 14 days and further action would be taken according to health protocols, it said.The Ministries of External Affairs and Civil Aviation would soon share detailed information.The coronavirus pandemic has infected over 1.2 million people and killed nearly 70,000 in the US, the worst affected country in the world. LKJ CPS AKJ CPS

You Searched For "indians stuck" and got 11 results

Is the lending party over? The dangerous tango of Indian banks with microfinance and unsecured loans

Ira Alok Puranik

Simply Put: Is the lending party over? The dangerous tango of Indian banks with microfinance and unsecured loans

Ira Alok Puranik

10 million barrels of Russian oil are stuck with nowhere to go

Filip De Mott

India's tennis campaign at the Paris Olympics ends in a single day as Nagal, Bopanna and Balaji bow out

PTI

As PM Modi awaits his third big win, here’s how BJP created history during the 2014 & 2019 Lok Sabha elections

Ashmita Gupta

SpiceJet to operate special flight to Budapest to rescue Indians amidst Russia-Ukraine conflict

IANS

Norway chess: Praggnanandhaa claims maiden classical win over Carlsen, takes sole lead

PTI

An Indian science graduate was promised a job in Dubai but was tricked into fighting for Russia, reports say

Rebecca Rommen

Indian green power generators are gaining from more takers & timely payments

Katya Naidu

The world's top metals trader is stuck in another nickel-shipment snafu after getting bags of stones from a Dutch warehouse

Filip De Mott

COVID-19: Special evacuation flights for Indians stuck in US to begin this week

PTI

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