Compensation for air travellers in case of death, injury, lost baggage hiked

Bengaluru, May 29: Seven out of ten (72 per cent) workers in Karnataka reported having lost their employment during the COVID-19-induced lockdown, according to findings of a survey by Azim Premji University, in collaboration with ten civil society organisations.

The university said in a statement it conducted "a detailed" phone survey of 5,000 workers across 12 states in the country, to gauge the impact of the COVID-19 lockdown on employment, livelihoods, and access to government relief schemes.

The survey covered self-employed, casual, and regular wage and salaried workers and it released the findings for Karnataka on Thursday.

Seventy-six per cent of urban workers and 66 per cent of rural workers lost their employment, the survey findings said.

For non-agricultural self-employed workers and wage workers, who were still employed, average weekly earnings fell by two-third.

More than four in ten salaried workers (44 per cent) saw either a reduction in their salary or received no salary during the lockdown.

Six out of ten households reported that they did not have enough money to buy even a weeks worth of essential items, according to the survey.

Eight out ten households reported a reduction in food intake, while less than three in ten vulnerable households (27 per cent) in urban Karnataka received any form of cash transfer from the government, it said.

In summary, the disruption in the Karnatakas economy and labour markets is enormous. Livelihoods have been devastated at unprecedented levels during the lockdown.

The recovery from this could be slow and very painful, the statement said.

As a response to the findings of this survey, the team which has conducted the survey suggested a universalisation of the PDS to expand its reach and implementation of expanded rations for at least the next six months.

It suggested cash transfers equal to at least Rs.7000 per month for two months, and proactive steps like expansion of MGNREGA, introduction of urban employment guarantee, and investment in universal basic services, among others.

Jun 6: Private sector lender Karnataka Bank has reported to the RBI that it has been defrauded of over Rs 285 crore consequent to loans gone bad to four entities including DHFL.

A total of Rs 285.52 crore has been reported as fraud wherein the bank was one of the consortium lenders during 2009 to 2014 to Dewan Housing Finance Corporation Ltd (DHFL), Religare Finvest, Fedders Electric and Engineering Ltd and Leel Electricals Ltd, Karnataka Bank said in a regulatory filing on Friday.

The maximum is owed by DHFL at Rs 180.13 crore, followed by Religare Finvest Rs 43.44 crore, Fedders Electric Rs 41.30 crore and Leel Electricals Rs 20.65 crore.

"DHFL (defaulted entity) dealing with us since 2014 had availed various credit facilities under consortium arrangement wherein, we were one of the member banks. In view of Early Warning Signals (EWS) in the conduct of the account and other developments, the account was red flagged on November 11, 2019.

"The borrowing account was classified as Non-Performing Asset on October 30, 2019 and now, for misappropriation & criminal breach of trust & diversion of funds in the credit facilities extended earlier to the company, a fraud amounting Rs 180.13 crore has been reported to RBI," Karnataka Bank said.

Likewise, Religare Finvest Ltd (RFL) was dealing with the bank since 2014, availing various credit facilities.

Following classification of this account as non-performing in October 2019 by a consortium member, Karnataka Bank reported to RBI a fraud amounting to Rs 43.44 crore in the credit facilities extended earlier, on account of diversion of funds.

Leel Electricals was classified as NPA account in March 2019 and it reported to RBI a fraud amounting to Rs 20.65 crore in the credit facilities to the company on account of diversion of funds.

"In all the referred three non-performing accounts, necessary provisions have been made in full to be spread across four quarters," it said.

Fedders Electric and Engineering Limited was reported as NPA in July 2018 by a member bank in consortium, subsequent to which Karnataka Bank reported fraud of Rs 41.30 crore on account of fund diversion.

The account has already been fully provided for, it added.