Sunday, June 28, 1998
Banks write off bad debts to look fit
Banks have found a way to reduce their bad debts. Saddled with huge non-performing assets (NPA), banks have started writing off these bad loans to show reduced level of NPA and less provisioning requirement. This is not confined to PSU banks, but even private banks, including the new private banks, are resorting to this method to project a strong balance sheet.
India remains low priority for FIIs
Foreign institutional investors (FIIs) continue to assign a low priority to India vis-a-vis other emerging markets. They do not see a surge in funds flow in the absence of special incentives that are comparable with other markets. According to them, India is competing for funds with other emerging markets of Southeast Asia and eastern Europe and, hence, has to offer level-playing fields.
Massive IT raid on Santogen
Twenty premises of the Santogen group came under search by the investigation wing of the Income Tax department on Thursday and Friday. The raids were conducted simultaneously at Lower Parel, Powai, Silvassa, Khopoli, Patalganga, Bhiwandi and Murbad. Eleven bank lockers, jewellery and office premises of the group, leading manufacturers of suiting and shirting, were put under prohibitory orders after the raid.
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