Lot of evidence to prove that you are a terrorist: BJP to Arvind Kejriwal

Munbai/New Delhi, May 4: India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers said.

Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.

"There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said.

A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic.

"These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters.

The official and bankers declined to be named as they were not officially authorized to discuss the matter with media.

India's finance ministry declined to comment, while the Reserve Bank of India and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment.

The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases.

The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus.

India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

'RIDING THE TIGER'

Bankers fear it is unlikely that the economy will fully open up before June or July, and loans, especially those to small- and medium-sized businesses which constitute nearly 20% of overall credit, may be among the worst affected.

This is because all 10 of India's largest cities fall in high-risk red zones, where restrictions will remain stringent.

A report by Axis Bank said that these red zones, which contribute significantly to India's economy, account for roughly 83% of the overall loans made by its banks as of December.

One of the sources, an executive director of a public sector bank, said that economic growth had been sluggish and risks had been heightened, even ahead of the coronavirus crisis.

"Now we have this Black Swan event which means without any meaningful government stimulus, the economy will be in tatters for several more quarters," he said.

McKinsey & Co last month forecast India's economy could contract by around 20% in the three months through June, if the lockdown was extended to mid-May, and growth in the fiscal year was likely to fall 2% to 3%.

Bankers say the only way to stem the steep rise in bad loans is if the RBI significantly relaxes bad asset recognition rules.

Banks have asked the central bank to allow all loans to be categorized as NPAs only after 180 days, which is double the current 90-day window.

"The lockdown is like riding the tiger, once we get off it we'll be in a difficult position," a senior private sector banker said.

New Delhi, Feb 28: The Congress on Friday reacted sharply to the petition in the court seeking registration of a First Information Report against Sonia Gandhi, Rahul Gandhi and Priyanka Gandhi Vadra for alleged hate speeches. It said the petition was to save BJP leaders Pravesh Verma, Anurag Thakur and Kapil Mishra, referring to the trio as "PAK".

Congress leader Jaiveer Shergil told news agency, "It is political interest litigation to hide the failure of the government and to put a lid on the BJP's involvement in fuelling the fire in Delhi riots.

"This is to hide and save BJP's PAK -- Pravesh, Anurag and Kapil," said Shergil.

The BJP has two parameters, the laws for the common man and citizens of the country are different from those for the BJP leaders, added Mr Shergil.

The Delhi High Court on Friday issued notices on a petition for the registration of an FIR against Sonia Gandhi, Rahul Gandhi, Priyanka Gandhi Vadra and others on charges of delivering hate speeches.

Congress said that the PIL was politically motivated and the inaction on the hate speeches made by the BJP leaders, which led to the riots, was shocking.

"When there are 48 cases registered, why three cases against the BJP leaders are not registered," asked Mr Shergil.

A Bench of Chief Justice DN Patel sought responses from the Central and Delhi governments apart from Delhi Police on a petition filed by Lawyers Voice. The matter will again be heard on April 13.

The petition also sought a case against Aam Aadmi Party leaders Manish Sisodia and Amanatullah Khan, All India Majlis-e-Ittehadul Muslimeen leaders Akbaruddin Owaisi and Waris Pathan, and lawyer Mehmood Paracha.

"Issue directions to constitute an SIT to look into these hate speeches and take appropriate action. Issue direction to register an FIR against those named in the petition," the petition said.

Thiruvananthapuram, Apr 21: Not just in China, but in Kerala also robot is now playing a key role in the health workers' fight against COVID-19, thanks to the innovative spirit of a group of young minds and the support of the state Health Department.

Named "Nightingale-19", the robot is deployed to provide food and medicines among patients at the district coronavirus centre in Ancharakandi in Kannur district where a large number of cases have been reported.

The special display facility, attached to it, also allows patients to communicate with health workers and their relatives if necessary, the health minister's office here said.

Designed by the students of Chemberi Vimal Jyothi Engineering College with the support of the Health Department, the remote control-operated robot can carry food and water for at least six persons at a stretch.

Also Read: Pandemic Podcast: How the lockdown is affecting women

The machine, which can travel up to one kilometre, distributes food, water and medicine in each room, a department statement said.

The robot would be disinfected after each use, it said.

Health Minister K K Shailaja inaugurated the new venture from here recently through the robot's video facility, the statement added.

Robots have been put to use in other parts of the country to help in the health workers' fight against COVID- 19.