Domestic <keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">banks</keyword>' exposure to the <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> is "not very significant", and the system is strong and large enough to not get impacted by a single case, the Reserve Bank said on Wednesday. Replying to a specific question on whether the <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> will give any guidance to lenders on their exposures to the Adani group, given certain flags raised by rating agencies, Deputy Governor <keyword id="1489309" type="General" weightage="50" keywordseo="mk-jain" source="Orion">MK Jain</keyword> said the domestic banks' exposures are "not very significant" and termed the exposures against shares as "insignificant". "Our domestic banks' exposure is against the underlying assets, the operating cash flows and the projects under implementation. And not based on the market capitalisation," Jain said while speaking to reporters at the customary post-policy review press conference. Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said the RBI has made its own assessments and found that its large exposure guidelines, which cap exposures to a single company or a group, are fully complied with by all the lenders. "...the strength, the size and the resilience of the Indian banking system now are much stronger and larger to be affected by an individual incident or a case like this," he added. It can be noted that in the last fortnight, a short seller research firm in the US came out with a report on the Adani Group, accusing the conglomerate of severe shortcomings in governance. The Ahmedabad-based group has denied all the allegations, but the market price of the group companies' shares has taken a severe beating, losing as much as half their value. Fearing a risk to banks because of their exposures. Banks' shares also witnessed sell-offs. Das made it clear that a bank's lending calls are not done on the market capitalisation of a company, but take into account the fundamentals of a company, the cash flows expected and other factors that come up in an appraisal process. He said that the loan appraisal process at banks has also undergone improvements over the last few years, and listed out the steps taken to improve the governance and resilience of banks. These include guidelines on governance, audit committees, risk management committees and making it mandatory to appoint chief risk officers and chief compliance officers, Das said. He said the banking system is "stable and continues to be strong" in a reiteration of the proactive statement on the developments at the Adani Group, which the central bank had put out last Friday. When asked if the RBI will prod banks to up the standard asset provisioning at the group, Das said Indian banks are very prudent, and the individual bank management will take their own decisions on whether to set aside additional money. Replying to the same question on provisioning, Das also asked everybody to look at the situation "objectively". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/uk-govt-offered-us-a-counter-package-for-port-talbot-plant-says-tata-steel-ceo/articleshow/97730262.cms">UK govt offered us a counter-package for Port Talbot plant, says Tata Steel CEO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/video-games-dont-harm-cognitive-abilities-but-dont-benefit-either-says-us-based-study/articleshow/97730048.cms">Video games don't harm cognitive abilities but don't benefit either says US based study</a>

Domestic banks' exposure to Adani grp not significant; single case can't impact system: RBI

<ul><li>Social activist and the Convener of Delhi’s ruling <keyword id="6354944" type="DEFINITION" weightage="20" keywordseo="aam-aadmi-party">Aam Aadmi Party</keyword> (AAP) — Gopal Rai — won from Babarpur constituency, again.</li><li> It is the same constituency where he won over rival Bharatiya Janata Party (BJP) candidate with a margin of over 36,000 votes in 2015 polls. </li><li>He is contesting against BJP’s Naresh Gaur and <keyword id="8760124" type="PERSON" weightage="20" keywordseo="anveeksha-jain">Anveeksha Jain</keyword> from Congress.</li></ul>Social activist and the Convener of Delhi’s ruling Aam Aadmi Party (AAP) — Gopal Rai — won the <keyword id="1414375" type="PERSON" weightage="20" keywordseo="Delhi-assembly-election">Delhi assembly election</keyword> 2020 from Babarpur constituency with a wide margin of 33,062 votes. He was contesting against BJP’s Naresh Gaur and Anveeksha Jain from Congress. It is the same constituency where he won over rival Bharatiya Janata Party (BJP) candidate with a margin of over 36,000 votes in 2015 polls. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"><colgroup></colgroup><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Party </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Candidate Name </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Status </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AAP </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Gopal Rai</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">84,776</td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BJP </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Naresh Gaur</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">51,714</td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Congress </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Anveeksha Jain</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,131</td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr></tbody></table> As a part of the Delhi government, Rai took steps towards the safety of women and children. He initiated the installation of<a href="https://www.tribuneindia.com/news/archive/cctvs-to-help-check-crime-says-gopal-rai-793774"> CCTV cameras in his constituency</a> in Delhi. He said that the move will help the government crack down on suspicious activities in the area. Babarpur was known for daylong congestion and broken roads with potholes — which is now on the path to improvement. “This was a key promise of the government to the people and is being fulfilled today,” he had said while inaugurating the project in his Babarpur constituency. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Party </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020 Elections </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2015 Elections </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AAP </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">53.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">53.39% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BJP </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">38.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35.94% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">INC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.26% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.80% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Others </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.64% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.87% </td></tr></tbody></table> Rai, who is a postgraduate in sociology and the Minister of Employment, Development, Labour, General Administration and Irrigation, has been associated with <a href="https://www.businessinsider.in/thelife/personalities/news/delhi-chief-minister-arvind-kejriwal-achievements-ahead-of-delhi-elections-2020/articleshow/73145839.cms">AAP</a> from the time of Anna Hazare’s anti-corruption protests. He is now a key member of AAP’s Political Affairs Committee (PAC). <a href="https://www.businessinsider.in/politics/elections/news/arvind-kejriwals-in-has-lessons-for-mamata-banerjee-mk-stalin-and-lalu-prasad-yadav/articleshow/74082357.cms">https://www.businessinsider.in/politics/elections/news/arvind-kejriwals-in-has-lessons-for-mamata-banerjee-mk-stalin-and-lalu-prasad-yadav/articleshow/74082357.cms</a> Pollution crisis, cracking down on unauthorised residential colonies and a full statehood of Delhi are the key issues to be brought up during the assembly polls and campaigns. Kejriwal also <a href="https://www.ndtv.com/india-news/delhi-poll-dates-to-be-announced-by-election-commission-at-3-30-pm-2159423">told</a> NDTV that clean water supply, ensuring the safety of women and improving public transport are the top priorities of the party. This is the first time that the national capital is going to polls after the Lok Sabha elections. In the 2019 Lok Sabha elections, BJP bagged all the seats in Delhi. See also: <a href="https://www.businessinsider.in/politics/elections/news/delhi-election-2020-atishi-an-oxford-graduate-and-rhodes-scholar-is-drawing-up-aaps-agenda-in-the-national-capital/articleshow/73186471.cms">Delhi Election 2020: Atishi, an Oxford graduate and Rhodes scholar is drawing up AAP’s agenda in the national capital</a> <a href="https://www.businessinsider.in/thelife/personalities/news/delhi-chief-minister-arvind-kejriwal-achievements-ahead-of-delhi-elections-2020/articleshow/73145839.cms">Delhi Chief Minister Arvind Kejriwal⁠— the man with a knack for Carpe Diem</a> <a href="https://www.businessinsider.in/politics/elections/news/gautam-gambhir-mp-cricketer-and-commentator-will-have-a-lot-of-say-during-delhis-upcoming-assembly-election/articleshow/73180033.cms">Delhi Election 2020: Gautam Gambhir, MP, cricketer and commentator, will have a lot of say during Delhi’s upcoming assembly elections</a>

Delhi election 2020: AAP’s Gopal Rai wins a second term in Babarpur with 84,776 votes

<ul><li>Many of the working capital loans made to India's small entrepreneurs may be turning bad.</li><li>RBI Deputy Governor MK Jain raised an alarm in a speech yesterday but former governor Raghuram Rajan had already warned of 'credit risk' in September 2018.</li><li>Indian banks have given over ₹7 lakh crore worth loans under the Pradhan Mantri Mudra Yojana. </li><li>This will be added burden for Indian banks that are already saddled with bad loans worth over ₹9 lakh crore.</li></ul>Many of the working capital loans made to India's small entrepreneurs may be turning bad. MK Jain, the deputy governor of the Reserve Bank of India (RBI) raised an alarm in a speech yesterday but former governor Raghuram Rajan had already warned of the potential 'credit risk' in September 2018. In his report to the Lok Sabha (the lower house of Indian Parliament) Committee on Estimates in September 2018, Rajan highlighted that the "government should focus on sources of the next crisis, not just the last one. In particular, government should refrain from setting ambitious credit targets or waiving loans." At the end of March 2019, the total defaults since inception of the scheme was ₹17,650 crore (over $2.5 billion), roughly 2% of all the money lent under the programme. Rajan told you so... Rajan, who famously predicted the global financial crisis of 2008, specifically highlighted the rising quantum of contingent liability on account of Pradhan Mantri Mudra Yojana, which gives collateral-free loans to small entrepreneurs to meet their day-to-day business needs. A contingent liability is a possible future burden that cannot be quantified right now. In this case, banks giving these easy loans should have kept aside some money in case the borrowers become unable to repay the money. As it seems, the chickens have come home to roost. “The Mudra is a case in point-…while such a massive push would have lifted many beneficiaries out of poverty, there has been some concern at the growing level of non-performing assets among these borrowers,” the current RBI deputy governor Jain said on Tuesday (November 26). Over ₹7 lakh crore worth loans have been given under the Mudra scheme since its inception in 2015. Just as Rajan had warned, the amount of loans defaulted more than doubled in just one year, according to a <a href="https://www.business-standard.com/article/economy-policy/npas-under-modi-s-mudra-scheme-doubled-to-rs-9-204-cr-in-just-1-year-rti-119062400108_1.html" data-type="tilCustomLink" target="_blank">report</a> earlier this year. What's worse, another report showed that <a href="https://www.businesstoday.in/current/economy-politics/only-20-percent-mudra-loans-utilised-start-new-businesses/story/377353.html" data-type="tilCustomLink" target="_blank">only 20% of the money borrowed</a> went into starting a new business. Earlier this year, RBI had announced one-time restructuring of loan for small business owners who have borrowed less than ₹25 crore or if the loan default happened after January 1 of 2019. This has helped the MSMEs whose cash flows were adversely impacted due to transition under Goods and Services Tax (GST) and demonetisation. "Inefficiencies in lending practices, poor credit appraisal, willful default by borrowers and impaired cash flows due to slowdown also contribute to higher default rate," a Citi report this week said. Though the number of defaulters, and the amount of unpaid loans, is <a href="https://www.livemint.com/politics/policy/why-bad-loans-are-low-under-mudra-scheme-1563730565534.html" data-type="tilCustomLink" target="_blank">significantly lesser among smaller borrowers</a>, this is an added burden for Indian banks, particularly the state-owned ones, who are already saddled with unpaid loans to the tune of over ₹9 lakh crore at the end of March 2019. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/raghuram-rajan-gave-ideas-on-how-to-revive-economic-growth-in-india/articleshow/71573594.cms" data-type="tilCustomLink" target="_blank">Raghuram Rajan’s recipe to revive India's economic growth</a>

Raghuram Rajan's warning about Mudra loans last year may be coming true— and now a Citi report confirms it

<ul><li>Kejriwal to take oath on Feb 16 at Ramleela Maidan. </li><li><keyword id="6354681" type="PERSON" weightage="20" keywordseo="manish-sisodia">Manish Sisodia</keyword>, Atishi, Raghav Chadha and Saurabh Bharadwaj are the potential candidates for the cabinet.</li></ul><keyword id="260213" type="PERSON" weightage="20" keywordseo="Arvind-Kejriwal">Arvind Kejriwal</keyword> is all set to take oath as the chief minister on February 16 at Ramleela Maidan in Delhi. Yesterday, the <keyword id="6354944" type="DEFINITION" weightage="20" keywordseo="aam-aadmi-party">Aam Aadmi Party</keyword> party won 62 of the total 70 assembly seats, bringing the 7 year old party to power for the third time. The party is planning to make it a grand event and has extended an <a href="https://www.facebook.com/events/183686136279276/?notif_t=event_calendar_create&amp;notif_id=1581486789050990">invitation</a> via social media to the people of Delhi. The post was made from an official Facebook handle of Aam Aadmi Party Gurgaon with an invitation that said “Oath Ceremony Of CM Arvind Kejriwal”. The event will be held at Ramleela Maidan at 11 am. This time Kejriwal will miss the Valentines Day buzz like his last swearing-in ceremony. However, he already said the <a href="https://www.businessinsider.in/politics/elections/news/arvind-kejriwals-first-speech-after-winning-a-second-term-as-delhi-chief-minister/articleshow/74081047.cms">three</a> magic words to Delhi-ites after his spectacular win. The internet went crazy in 2015 when Arvind Kejriwal took oath as a CM on Valentine’s day. He later after a year celebrating his anniversary tweeted: “Last year, on this day, Delhi fell in love with AAP. This bonding is deep and everlasting.” <div type="twitter" handle="ArvindKejriwal" handlename="Arvind Kejriwal" image="http://pbs.twimg.com/profile_images/945853608389574656/REH_LpUJ_normal.jpg" favoritecount="1360" retweetcount="1238" status="Last year, on this day, Delhi fell in love with AAP. This bonding is deep n everlasting." createdat="1455413769000" id="698682104440184833"></div>

 According to the UT establishment procedure, the Lieutenant governor (LG) will write to the President via Home Ministry explaining that AAP has won the majority in Delhi Election 2020 and is set to form a government. Later, the President will issue an appointing letter to the AAP leader as a CM of Delhi. However, in states the governor performs all the responsibilities of swearing and appointing the CM. After the appointment of the CM, a cabinet is formed with seven ministers, including the CM. After the CM finalises the list, the LG administers the oath of office and CM’s cabinet. The sixth legislative assembly of Delhi was dissolved on Tuesday by LG. The previous cabinet included Patparganj MLA Manish Sisodia who was also the deputy CM; Satyendar Jain of Shakur Basti; Imran Hussain of Ballimaran; Kailash Gahlot of Seemapuri; Rajendra Pal Gautam of Babarpur; and Gopal Rai. It would be interesting to watch if Kejriwal would retain the old faces in the office or will bring in a new colour in Delhi cabinet. Manish Sisodia, Atishi, Raghav Chadha and Saurabh Bharadwaj are some of the potential candidates to make it to the cabinet. SEE ALSO: <a href="https://www.businessinsider.in/business/news/economic-revival-in-the-times-of-coronavirus-can-be-slow-warns-governments-chief-economic-advisor/articleshow/74093707.cms?src=hp_latest">Economic revival in the times of Coronavirus can be slow, warns government’s chief economic advisor</a> <a href="https://www.businessinsider.in/politics/elections/news/arvind-kejriwals-in-has-lessons-for-mamata-banerjee-mk-stalin-and-lalu-prasad-yadav/articleshow/74082357.cms?src=hp_latest">Kejriwal's spectacular win has five lessons for Rajinikanth, Mamata Banerjee, MK Stalin, and Lalu Yadav</a>

Arvind Kejriwal sends a Facebook invite to all of Delhi to attend his swearing-in ceremony

New Delhi, Dec 5 () Following are the top business stories at 1830 hours:
 
DEL75 BIZ-2NDLD RBI
RBI unexpectedly hits pause on interest rate cut; lowers FY20 GDP growth forecast to 5%
Mumbai: The Reserve Bank of India on Thursday unexpectedly hit a pause button on cutting interest rate as it gave more importance to prevailing inflation pressure and rising food prices over a worrying slowdown in the economy. 
 
DEL107 RS-FM-TAX
Software development, mining, printing books not to qualify for lower 15 pc corp tax rate: FM
New Delhi: Finance Minister Nirmala Sitharman on Thursday said the lower 15 per cent tax rate for new manufacturing companies will not apply to computer software development, mining and printing of books.
 
DCM13 BIZ-RBI-PPI
RBI proposes new prepaid card for transactions up to Rs 10,000
Mumbai: The Reserve Bank on Thursday proposed to introduce a prepaid payment instrument (PPI) that could be used only for transactions of goods and services worth up to Rs 10,000.
 
BCM18 DAS-PMC
Forensic audit on PMC scam expected by month-end: Das
Mumbai: Reserve Bank governor Shaktikanta Das on Thursday said the forensic audit report on the scam-hit PMC Bank is expected by the month-end, and efforts are also on
to assess the realisable value of assets held by the cooperative that can be monetised.
 
BCM15 DAS-FISCAL-GOVT
Good coordination with govt on policy measures: Das
Mumbai: Reserve Bank Governor Shaktikanta Das on Thursday said there is good coordination between the fiscal and monetary policies so far, in addressing growth
concerns and that the central bank is not worried about government missing fiscal deficit target.
 
BCM5 BIZ-DAS-FOREX
Forex kitty hits a new high, sniffs at $452 b
Mumbai: Foreign exchange reserves continue the upward journey surging to a new high of USD 451.7 billion as of December 3, Reserve Bank governor Shaktikanta
Das said on Thursday.
 
DEL98 BIZ-LD STOCKS
Sensex slips as RBI surprises with status quo; bank stocks bear the brunt
Mumbai: Equity benchmarks closed lower in topsy-turvy trade on Thursday after the Reserve Bank unexpectedly left interest rates unchanged amid slowing growth.
 
BCM25 RBI-HDFC-BANK-NET-BANKING
RBI looking at HDFC Bank net banking glitches: Deputy Guv Jain
Mumbai: A Reserve Bank team is analysing the reasons behind the crash of online banking facility of HDFC Bank for two consecutive days this week, deputy governor
MK Jain said on Thursday. 
 
DEL105 BIZ-LD RUPEE 
Rupee rebounds 24 paise as RBI maintains accommodative stance
Mumbai: The Indian rupee rose sharply in the last hour of trade to settle 24 paise higher at 71.29 to the US dollar on Thursday after the RBI promised to continue with accommodative stance in its monetary policy. 
 
DCM23 RSQ-BASE YEAR-GDP
Base year for GDP revised due to socio-economic changes: Rao Inderjit Singh
New Delhi: The government on Thursday said base year for calculating gross domestic product was changed to 2011-12 due to a change in the socio-economic environment of the country.
 
DEL114 RS-TAX-NOD
Rajya Sabha nod to lower corporate tax rates
New Delhi: The Rajya Sabha on Thursday gave its consent to the Taxation Laws (Amendment) Bill, 2019, replacing an ordinance that was used to slash corporate tax rates to stimulate growth. 
 
 
 
 
 
 
 
 
 
 
 
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<ul><li>The ‘super star’ from Tamil Nadu is slowly transitioning into a politician ahead of the assembly election next year. </li><li>As one of Asia’s highest-paid actors, Rajinikanth’s popularity is beyond question but there is lack of clarity in what he stands for. </li><li>As a politician focussed on Tamil Nadu, he is trying to keep himself away from the BJP but is barely managing to. </li></ul>Rajinikanth, the ‘Super Star’ from Tamil Nadu, is slowly transitioning into a politician with an eye on the upcoming state assembly polls in 2021. So far, the only thing clearly known about Rajinikanth’s political stance is that it will be rooted in ‘spirituality’. For everything, the actor, known for his style and stunts, has done a volte face. Yet, he seems to have too much in common with the Bharatiya Janata Party (BJP) and Prime Minister Narendra Modi who have very little traction among the people in Tamil Nadu. Modi featured on the Discovery show Man vs Wild hosted by Bear Grylls just days before the national elections in 2019 and Rajinikanth is set to do the same this year. But that is not the only thing they have in common. In the last few years, there have been multiple occasions ⁠— from his support for demonetisation to his stand on the Sterlite shootings to his recent attack on a iconic social reformer, Periyar ⁠— Rajinikanth has found himself on the same side of the debate as the BJP. Something that his rivals never fail to highlight. <div type="image" title="Chennai: Union Home Minister Amit Shah with actor Rajinikanth during the release..." msid="73721594" hostid="261" caption="&amp;lt;p&amp;gt;Union Home Minister Amit Shah with actor Rajinikanth during the release of the book &amp;quot;Listening, Learning and Leading&amp;quot;, a chronicle of the Vice President of India&amp;#39;s two years in office, at a function in Chennai.Photo) (&amp;lt;/p&amp;gt;"></div>

 “Hats off to Modiji” When the ill-advised demonetisation was announced on November 8, 2016, Rajinikanth was elated. <div type="twitter" handle="rajinikanth" handlename="Rajinikanth" image="http://pbs.twimg.com/profile_images/980000107415314432/pJ3ANCkn_normal.jpg" favoritecount="72691" retweetcount="37187" status="Hats off @narendramodi ji. New india is born #JaiHind" createdat="1478625887000" id="796040786965991424"></div>

 A couple of years later, he had to eat his earlier words. In November 2018, <a href="https://www.financialexpress.com/india-news/govt-should-have-announced-demonetisation-after-detailed-research-says-rajinikanth/1379833/">he reportedly said</a> the government should have done a ‘detailed research’ and the implementation of the note ban was ‘wrong’. The Sterlite faux pas <div type="image" title="rajinikant at sterlite protest" msid="73721635" hostid="261" caption="&amp;lt;p&amp;gt;Rajinikanth blamed &amp;#39;anti-social elements&amp;#39; for the protests against Sterlite copper smelter in Tuticorin after 14 people died in police firing. The super star had to eat his words later.&amp;lt;/p&amp;gt;"></div>

 In May 2018, Rajinikanth landed in Tuticorin where protests against the Sterlite copper smelter were peaking, and 14 people had been killed by police bullets. But <a href="https://www.youtube.com/watch?v=ip3CMKK1_r8">the actor’s comments blaming</a> ‘anti-social elements’ were seen as justifying the action of the state, which is ruled by the BJP-friendly All India Anna Dravida Munnetra Kazhagam (AIADMK). Few months later, he had to call it <a href="https://www.youtube.com/watch?v=vtB19xd6V48">the ‘government’s failure’</a>. Saffron or not? As a politician focussed on Tamil Nadu, Rajinikanth is trying to keep himself away from the BJP but is barely managing to. Thiruvalluvar is an ancient Tamil poet and philosopher whose faith is not clear. The Dravidian parties have portrayed him as a Jain saint. The recent attempt by the BJP to appropriate the historic icon as a Hindu resulted in another controversy. Rajini, as his fans often refer to him, claimed that <a href="https://timesofindia.indiatimes.com/city/chennai/thiruvalluvar-and-i-wont-get-caught-in-bjps-saffronisation-bid-rajinikanth-says/articleshow/71968243.cms">‘neither Thiruvalluvar nor him can be trapped in saffron’</a>. 
	<div type="image" title="thiruvalluvar saffron" msid="73721951" hostid="261" caption="&amp;lt;p&amp;gt;Thiruvalluvar is an ancient Tamil poet and philosopher, commonly believed to be a Jain saint from Tamil Nadu, popular for his couplets called &amp;lt;em&amp;gt;Thirukkural &amp;lt;/em&amp;gt;which are seen as guiding principles for life by the Tamil people. &amp;lt;/p&amp;gt;"></div>

 However, just this month, in his speech at the 50th anniversary of an iconic Tamil magazine, Tughlak ⁠— known for its satire and hard-hitting take on controversial issues, and its bellwether editor the Late Cho Ramaswamy⁠— the ‘super star’ ended up making <a href="https://timesofindia.indiatimes.com/india/rajini-stirs-a-storm-with-periyar-remark/articleshow/73503264.cms">a controversial comment</a> that has landed him court. <div type="image" title="rajinikanth at tughlak event" msid="73721384" hostid="261" caption="&amp;lt;p&amp;gt;In his speech at the 50th anniversary of an iconic Tamil magazine, Tughlak, Rajinikanth ended up making &amp;lt;a href=&amp;quot;https://timesofindia.indiatimes.com/india/rajini-stirs-a-storm-with-periyar-remark/articleshow/73503264.cms&amp;quot;&amp;gt;a controversial comment&amp;lt;/a&amp;gt; against Periyar that has landed him court. He was sharing the stage with Vice President and BJP leader, Venkaiah Naidu, as well as RSS ideologue S Gurumurthy .&amp;lt;/p&amp;gt;"></div>

 His statements are being portrayed as an attack on Periyar, much like the barbs from H Raja, one of BJP’s top faces in Tamil Nadu. So far, the demigod has <a href="https://theprint.in/opinion/newsmaker-of-the-week/rajinikanth-not-apologising-for-periyar-remark-will-show-where-tamil-nadu-politics-is-headed/354350/">refused to apologise</a>. Rival Dravida Munnetra Kahagam (DMK), led by MK Stalin, which was at the receiving end of Rajinikanth’s barb, has still not mounted a strong protest ⁠— possibly to avoid giving the actor the mileage that he is gunning for. The state election in Tamil Nadu in 2021 For six decades, the politics in Tamil Nadu has been dominated by the Dravidian ideology, which barfs at majoritarianism unlike the Hindutva espoused by the BJP. However, there is some fatigue, growing discontent with the corruption, is a vacuum in leadership with the passing away of iconic leaders like J Jayalalithaa and M Karunanidhi. There is a growing clamour for change. Aside from the need for change, what works for Rajinikanth is the unprecedented popularity, and the fact that there aren’t any rival leaders of his stature. But it is still not conclusive if the people will accept BJP or its allies. <div type="image" title="rajinikant politics" msid="73721646" hostid="261" caption="&amp;lt;p&amp;gt;Actor Rajinikanth, who has announced his intent to contest the assembly polls, greets his fans after unveiling a statue of former chief minister MG Ramachandran at the Dr MGR Educational and Research Institute in Chennai on Monday.05-03-2018&amp;lt;/p&amp;gt;"></div>

 The current economic slowdown too, has affected voter sentiment against the Modi government. <div type="Article" hostid="261" msid="72294625" title="India’s GDP growth is as bad as the worst estimates ⁠— as the economy slows down for the fifth quarter in a row" mstype="2" mssubtype="0"></div>
 Rajinikanth’s experience with Bear Grylls may give him some perspective on the ‘law of the jungle’, which may be useful in political manoeuvres. But only a clearly expressed political stance, whether it is in sync with BJP or not, will help garner votes. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/kamal-haasan-net-worth-and-his-finances-after-2-years-in-politics/articleshow/73290359.cms" data-type="tilCustomLink" target="_blank">Kamal Haasan's ₹25 crore loan revealed a lot about his finances after nearly 2 years in politics</a>

Rajinikanth’s shared interests with Narendra Modi goes beyond Bear Grylls’ Man vs Wild

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/593b1da7bf76bb25008b4e61-1024/gettyimages-622170392.jpg" alt="Lloyd Blankfein" data-mce-source="Bryan Bedder/Getty Images for The New York Times" data-mce-caption="Goldman Sachs Group chairman and CEO Lloyd Blankfein." />Bryan Bedder/Getty Images for The New York TimesGoldman Sachs Group chairman and CEO Lloyd Blankfein.</div></div></div><section><article><div><div><section data-share-hash=""><div>Goldman Sachs just announed a new class of managing directors.</div><div></div><div>Here's the statement:</div></section></div>NEW YORK, November 8, 2017 -- The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it has selected a new class of Managing Directors, effective from January 1, 2018, the start of the firm's next fiscal year."Our new Managing Directors have demonstrated an outstanding commitment to our people, clients and culture during their tenures at the firm, and we wish them continued success as they take this important next step in their careers," said Lloyd C. Blankfein, Chairman and Chief Executive Officer of Goldman Sachs.The following individuals have been promoted to Managing Director: Gregg Abramson Sanjay Acharya Khalid Albdah Amal Alibair Karthikeyan Anbalagan Rolf Andersson Volker Anger Jonathan Armstrong Ken Ashley Lavanya Ashok Sebastian Ayton Jonathan Babkow Julio Badi Amitayush Bahri Soren Balzer Robert Barlick Jr. Philip Barreca Santiago Bau David Bauer Oksana Beard Lee Becker Virender Bedi Stuart Beer Christian Beerli Amanda Beisel Yumiko Bekku David Bell Pierre Benichou Andrew Benito Marco Bensi Laura Benson Stephen Bergin Daniel Berglund Greg Berry Shital Bhatt Dipanjan Bhattacharjee Anu Bhavnani Carissa Biggie Vineet Birman Daniel Bitel Anne Black Richard Blore Emmanuel Bodenstein Timothy Braude Sean Brenan Hugh Briscoe Nathaniel Bristol Leo Brito Troy Broderick Levee Brooks Eric Brothers Robert Bruns III Anthony Bunnell Meg Burke Susan Burt Sean Butkus Russell Byrne Edward Byun Adam Cahill Alessandro Calace Cristiano Camargo Ken Cawley Swapan Chaddha Patrick Chamberlain Richard Chambers Daphne Chan Lily Chan Ben Chance Ginger Chang Vikram Chavali Alex Cheek Jae Joon Choi Ken Choi Paul Choi David Clark Denis Cleary Daniel Cleland-James Ayanna Clunis Pamela Codo-Lotti Jesse Cohen Paul Coles Simon Coombes Jenny Cosco Philip Coureau Nathan Cowen Matthew Cox (Securities) Shaun Cullinan Christine D'Agostino Emile Daher Hiren Dasani Russell Day Pierre De Belen Merche del Valle Caitlin DeSantis Jack Devaney Thomas Devos Mats Dewitte Hristo Dimitrov Tim Dinsdale Isabella Disler Christian Ditullio Terence Doherty Yakut Donat Nicola Dondi Brian Dong Jason D'Silva Stefan Duffner Jane Dunlevie Marie Duval Julien Dyon Rohini Eapen Zach Eckler Sayaka Eda Jason Eisenstadt Chris Emmerson Tiffany Eng Chendan Esvaran Erkko Etula Liz Ewing Michael Fargher Matteo Farina Leigh Farris Sarah Faulkner Tom Favia Brett Feldman Jennifer Feng Jon Ferguson Alex Field Herbert Filho Alex Finston Dean Flanagan Greg Flynn Trip Foley Andrew Ho Kwon Fong Moran Forman Michael Fox Caroline Fraser Daniel Freckleton Tim Freeman Reto Frei Giles French Kirsten Frivold Michael Fu Rob Fuentes Kenji Fujimoto Carrie Gannon Chantal Garcia Akhil Garg Alex Garner Nick Gelber Andrew Gent Gizelle George-Joseph Andrea Gift Sean Gilbride Andreas Glaser Yong Suan Goh Sona Gohel Amir Gold Jeremy Goldstein Steven Gonzalez Jeff Gowen Adam Greene Tom Groothaert Hannes Gsell Ashwin Gupta Ali Haji Ayaz Haji Robert Hamilton Kelly Victoria Hampson Raja Harb Andy Harding Ryan Harster Selma Hassan Stephen Hawinkels Jacqueline Haynes Jason He* Craig Hempstead David Herrmann David Hickey Thomas Hilger Mitch Hochberg Jodi Hochberger Jane Hodges Peter Hodgkinson Dylan Hogarty Tim Holliday Naftali Holtz Amy Hong Jason Hudes Earl Hunt Joseph Hwang Yoshinori Ide Kazuya Iketani Daniel Jackson Ankit Jain (Risk) Gaurav Jaitly Jan Janssen David Jeria Alnawaz Jiwa Kim Johns Scott Johnson Elis Jones Neil Jones Robert Jones Philip Joseph Anand Joshi 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Gilberto Marcheggiano James Marchese Michael Marcus Joshua Matheus Ann Mathews Chris Mathie Brian McCallion Graham McClelland Anne McCosker Michael Meehan (Compliance) Taylor Mefford Neil Mehta Adam Meister David Mericle Vitali Meschoulam Eric Meyers Alex Mignotte Andras Mikite Christopher Milligan Rahul Mistry Mike Mitchell Neil Moge Waleed Mohsin Babak Molavi Joel Monson Guy Morgan James Morris Antoine Munfa Aimee Mungovan Yuji Murata Dan Murphy Josh Murray Brian Musto Shehzad Nabi Devarajan Nambakam Ramanathan Narayanan Ganapathy Natarajan Danielle Natoli Murad Nayal Karim Nensi Scott Neu Dennis Ng Ken Ng Benjamin Ngan Joy Nguyen Salman Niaz Anders Nielsen (IMD) Howard Nifoussi Jun Niki Leah Nivison Laura Noble James Nolan Lauren Oakes Lynn Oberschmidt Allison O'Connor John O'Connor Shunil Ohrie Damian Ordish Leke Osinubi David Ossack Sathiya Padmanaban Danielle Pallin Salvador Pareja Dalmir Pasini Clorinda Pasqua Chris Pawson Paris Pender Patrick Perkins Philippe Perzi Wendy Peters Andy Phillips Flavio Picciotto Michael Pieck Sam Pirog Thomas Plank Joseph Plotkin Wade Podlich Ashish Pokharna Caitlin Pollak Charles Pollock Joe Porter Travis Potter Rohit Prabhu Richard Privorotsky Andrew Pucher Jay Rabinowitz Ankit Raj Harsha Rajamani Dmitry Rakhlin Yasser Rathore Edoardo Rava Elizabeth Reed Alexandre Reinert Stephen Reinhard Irfan Rendeci Christian Resch Andrew Rhee Riccardo Riboldi James Rinsler Caroline Riskey Helen Robinson Mark Rosen Amit Roy Joe Ryan Bernhard Rzymelka Takehiro Sakuramoto John Sales Rob Sarazen Vineeta Saxena Dominik Schaefer Andrea Scott Majid Sebti Bipin Sehgal Arseni Seregin Irma Sgarz Paulomi Shah Shreyas Shah Sunny Shah Faisal Shamsee Daniel Shapiro Mahesh Sharma Shripal Sharma Mai Shin Romy Shioda Toshimichi Shirai Mark Short Pankauz Shrestha David Shrimpton Obaid Siddiqui Mike Sidorov Scott Silverglate Stefani Silverstein Amy Silverzweig Jasdeep Singh Gabriella Skirnick Michael Sklow Maxine Sleeper Michael Slomienski Michael Sloyer Nicholas Smith (IBD) Ruth Smithson Christine Smyth Ben Snider Stacy Sonnenberg Cleaver Sower Ro Spaziani Brian Steele Johannes Steffens Duncan Stewart Stephen Stites Laurent Storoni Caroline Styant Joel Sulkes Mancy Sun Winnie Tam Nachiket Tamhane Ken Tang MK Tang Amish Tanna Melissa Teng Ross Tennenbaum Greg Thompson Fiona Thomson Justin Tobe Jason Tofsky Brad Tuthill Masahiro Uchiyama Nehal Udeshi Saad Usmani Meg Vaden Pramod Vaidyanathan Adam Van de Berghe Fred van der Wyck Suzanne van Staveren Andrew Vass Mahesh Vellanki Kadambari Verma Christopher Vilburn Iva Vukina Heng Vuong Ketan Vyas Joe Wall Jeffrey Wang Jiantao Wang Joshua Wang Lily Wang (Technology) Sherry Wang Victoria Ward (Compliance) Jeff Warren Noriko Watanabe Ramey Watkins Sam Watkins Heiko Weber Niki Webster Scott Weinstein Ryan Westmacott James Westwood Keith Wetzel Mark Wetzel James Whittingham Sabine Wick Robert Wieser Devin Wilde David Wilkins John Wilkinson Andrew Williams Ed Wong (IBD Technology) Eric Wong (Internal Audit) Kate Wood Amanda Wu Douglas Wu Joanne Xu Liang Xu** Rupam Yadav Kazushi Yamaguchi Hubert Yang Lisa Yang Basak Yavuz Zeynep Yenel David Yu Brian Zakrocki Thomas Zeppetella Yi Zhang* Adib Zouein Patrik Zumstein Piotr Zurawski Jonathan Zwart*Employee of Goldman Sachs Gao Hua Securities Company Limited **Employee of Beijing Gao Hua Securities Company Limited</div></article></section>Get the latest Goldman Sachs stock price<a href="http://markets.businessinsider.com/stock/GS-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/interview-with-kristina-hooper-chief-investment-strategist-at-invesco-2017-11">We talked to the chief investment strategist at $920 billion fund giant Invesco about where you should invest right now</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/EpDpiRHy-xjRU7l6Z.html" width="100%" height="100%" frameborder="0" scrolling="auto" 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