Punjab National Bank slips back into loss of ₹4,750 cr in Quarter 4

Agencies
May 28, 2019

New Delhi, May 28: State-run Punjab National Bank (PNB) on Tuesday posted a loss of ₹4,750 crore in the fourth quarter of the last fiscal ended March, against the net profit of ₹13,417 crore in the same period a year ago, the bank said.

PNB slipped back into losses during the quarter in consideration after coming back into the black in the previous quarter ending December.

The bank had ended a string of three straight quarterly losses caused by the ₹14,000 crore fraud committed by accused diamantaires Nirav Modi and Mehul Choksi, with the ₹247 cr net profit in the third quarter of 2018-19.

For the fourth quarter, PNB's provision coverage ratio, or PCR, for non-performing assets (NPAs or bad loans) also was up at ₹13,417 crore against ₹12,970 crore on this account for the same period a year ago.

The bank made a provision of ₹7,611 crore for the fourth quarter.

PNB's gross recovery was over ₹20,000 crore. Its gross NPAs were at 15.5 per cent and net NPAs were at 6.56 per cent.

Net interest margin (NIM) was, however, up at 2.45 per cent year-on year (y-o-y).

NII, or net interest income, was up 15 per cent in 2018-19, over the previous year.

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News Network
July 22,2020

Warangal, Jul 22: Amid the COVID-19 pandemic, an outlet in Telangana's Warangal has started selling 'anti-corona' tea. The tea has become an instant hit with the locals as the beverage is laced with natural immunity-boosting ingredients.

"We sell tea named 'anti-corona'. It has natural immunity-boosting ingredients such as ginger, black pepper, cinnamon powder, among other things. A mixture of these ingredients boosts our immunity," Shiva, the owner of the tea shop said.

"Better immunity is needed to fight the coronavirus infection in the body. So we have started preparing this tea and selling it during the coronavirus pandemic," he added.

Prabhakar, a customer at the tea stall said, the tea was a "corona special tea," and it has Ayurvedic mixtures which help to boost the immunity of the human body.

"The tea is prepared after adding the Ayurveda mixtures to milk. This is good for your health. I, along with my family members and friends, come here every day. We drink this tea thrice a day," Prabhakar added.

According to the Union Health Ministry, there are 46,274 COVID-19 cases in Telangana. Meanwhile, India's coronavirus count stood at 11,92,915 on Wednesday morning.

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News Network
January 23,2020

Mumbai, Jan 23: Rashmi Sahijwala never expected to start working at the age of 59, let alone join India’s gig economy—now she is part of an army of housewives turning their homes into “cloud kitchens” to feed time-starved millennials.

Asia’s third-largest economy is battling a slowdown so sharp it is creating a drag on global growth, the International Monetary Fund said Monday, but there are some bright spots.

The gig economy, aided by cheap mobile data and abundant labour, has flourished in India, opening up new markets across the vast nation.

Although Indian women have long battled for access to education and employment opportunities, the biggest hurdle for many is convincing conservative families to let them leave home.

But new apps like Curryful, Homefoodi, and Nanighar are tapping the skills of housewives to slice, dice and prepare meals for hungry urbanites from the comfort of their homes.

The so-called cloud kitchens—restaurants that have no physical presence and a delivery-only model—are rising in popularity as there is a boom in food delivery apps such as Swiggy and Zomato.

“We want to be the Uber of home-cooked food,” said Ben Mathew, who launched Curryful in 2018, convinced that housewives were a huge untapped resource.

His company—which employs five people for the app’s daily operations—works with 52 women and three men, and the 31-year-old web entrepreneur hopes to get one million female chefs on-board by 2022.

“We usually train them in processes of sanitisation, cooking, prep time and packaging... and then launch them on the platform,” Mathew told news agency.

One of the first housewives to join Curryful in November 2018 shortly after its launch, Sahijwala was initially apprehensive, despite having four decades of experience in the kitchen.

But backed by her children, including her son who gave her regular feedback about her proposed dishes, she took the plunge.

Since then, she’s undergone a crash course in how to run a business, from creating weekly menus to buying supplies from wholesale markets to cut costs.

The learning curve was steep and Sahijwala switched from cooking everything from scratch to preparing curries and batters for breads in advance to save time and limit leftovers.

She even bought a massive freezer to store fruits and vegetables despite her husband’s reservations about the cost.

“I told him that I am a professional now,” she told news agency.

‘Internet restaurants’

Kallol Banerjee, co-founder of Rebel Foods which runs 301 cloud kitchens backing up 2,200 “internet restaurants”, was among the first entrepreneurs to embrace the concept in 2012.

“We could do more brands from one kitchen and cater to different customer requirements at multiple price points,” Banerjee told AFP.

The chefs buy the ingredients, supply the cookware and pay the utility bills.

The apps—which make their money through charging commission, such as more than 18 percent per order for Curryful—offer training and supply the chefs with containers and bags to pack the food in.

Curryful chef Chand Vyas, 55, spent years trying to set up a lunch delivery business but finally gave up after failing to compete with dabbawalas, Mumbai’s famously efficient food porters.

Today Vyas works seven hours a day, five days a week in her kitchen, serving up a bevy of Indian vegetarian staples, from street food favourites to lentils and rice according to the app’s weekly set menus.

“I don’t understand marketing or how to run a business but I know how to cook. So, the current partnership helps me focus on just that while Curryful takes care of the rest,” Vyas told AFP.

She pockets up to $150 (Rs 10,000 approx) a month after accounting for the commissions and costs, but hopes to earn more as the orders increase.

In contrast, a chef at a bricks-and-mortar restaurant takes home a monthly wage of between $300 (Rs 20,000 approx) and $1,000 (Rs 70,000) approx for working six days a week.

With India’s cloud kitchen sector expected to reach $1.05 billion by 2023, according to data platform Inc42, other companies are also keen to get a slice of the action.

Swiggy, for example, has invested 2.5 billion rupees ($35.3 million) in opening 1,000 cloud kitchens across the nation.

Back in her Mumbai kitchen, Sahijwala is elated to have embarked on a career at an age when her contemporaries are eyeing retirement.

Over the past year, she has seen her profit grow to $200 (Rs 15,000 approx) a month, but more importantly, she said, “My passion has finally found an outlet.

“I am just glad life has given me this chance.”

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News Network
March 13,2020

New Delhi, Mar 13: Delhi's Tis Hazari Court on Friday sentenced expelled Bharatiya Janata Party (BJP) MLA Kuldeep Singh Sengar and six others to 10 years imprisonment for the death of Unnao rape survivor's father. Sengar is already serving life imprisonment for raping the minor.

While sentencing them, District Judge Dharmesh Sharma said, "There can be no denying that rule of law was broken. Sengar was a public functionary and had to maintain the rule of law. The way the crime has been committed, it does not call for leniency."

Sengar and his brother Atul has been directed to give 10 lakh compensation to family of the victim for loss of their father. "There are four minor children involved, three girls and one boy. They have also been uprooted from native place," the judge said.

Seven people, including Sengar, his brother and two police personnel, were held guilty for culpable homicide and criminal conspiracy, earlier this month.

The case pertains to the death of rape survivor's father in custody on April 9, 2018. It was alleged that he was assaulted following a quarrel with some of the accused in the case.

He was taken to the police station and then framed for allegedly possessing an illegal firearm. Pursuant to this, he was sent to custodial remand, during which he died.

The case was transferred to Delhi from a trial court in Uttar Pradesh on the Supreme Court's directions in August last year. Both the death and illegal firearm case was later clubbed by the court.

During the arguments on sentencing on March 12, Sengar had told the court that he should be "hanged and acid poured into his eyes if he has done anything wrong".

The former MLA had also raped the daughter of the deceased in 2017 in Uttar Pradesh's Unnao district and was sent to jail for "remainder of his natural biological life", last year.

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