FASTag: In partial relief to highway commuters, 25% toll lanes to take cash till Jan 15

Agencies
December 15, 2019

New Delhi, Dec 15: To avoid chaotic scenes at toll plazas after directive to turn toll lanes into FasTag lanes across the country, National Highways Authority of India (NHAI) has decided to deploy marshals at all the plazas across the country to guide vehicles.

Besides, regional officers of the apex road development agency would personally monitor the congested toll plazas and based on traffic flow decide on marking lanes to cash lane subject to a cap of 25 per cent of the total lanes.

With the roll-out of all FasTag lanes plan kicking on Sunday, the Ministry of Road Transport and Highways (MoRTH) has also relaxed its previous order which mandated declaration of all the toll lanes into RFID-based FasTag lanes. The move is aimed at minimising inconvenience to general public but is a temporary measure.

Accordingly, depending on the traffic pile-up at high traffic volume fee plazas, not more than 25 per cent FasTag lane of fee plaza maybe temporarily converted to hybrid lanes.

"It should be ensured that the least possible number of declared FasTag lane of fee plaza be converted into the hybrid lanes temporarily and further that at least 75 per cent lanes of every fee plaza remain declared and operational as FasTag lane of fee plaza in order to incentivize the vehicles carrying FasTag," the letter from MoRTH to NHAI said.

The Ministry has directed the NHAI to do a daily evaluation of the traffic and send a report to the Ministry to take corrective action.

"It is clarified that it is a temporary measure to be adopted for 30 days only to facilitate smooth flow of traffic so that no inconvenience is caused to the citizens," the Ministry has said in its communication issued on Saturday.

An NHAI official said that the true picture would emerge on Monday only given that Sunday is weekly off for most office-goers and commuters.

"We would take decisions depending on the situation. The actual traffic flow would be known only on Monday. But in order to ensure that the implementation is smooth, marshals are being deployed. The regional officers would be present tomorrow at congested toll plazas," said an official.

In a bid to promote digital payment through RFID technology-based FasTag, the government had directed NHAI to turn all toll lanes at toll plazas FasTag lanes from December 1. But given that many vehicle-owners are yet to shift to FasTag, the roll-out plan was deferred by a fortnight till December 14.

Shifting to FasTag is set to make traffic flow seamless at toll plazas thus saving time and money for vehicle-owners.

The FasTags affixed on vehicle windscreens enable toll to be debited automatically from a linked account with no need for the vehicles to stop at the plaza.

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Agencies
March 15,2020

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

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News Network
July 15,2020

New Delhi, Jul 15: Former Rajasthan deputy chief minister Sachin Pilot on Wednesday said that he is "not" joining the Bharatiya Janata Party (BJP).

"I am not joining BJP," said Pilot in a telephonic conversation with ANI.

The comments came a day after he was sacked as Rajasthan deputy chief minister and Pradesh Congress Committee chief by the party.

The decision to sack Pilot was taken yesterday after a CLP meeting at the Fairmont Hotel in Jaipur, Rajasthan.

At the meeting, as many as 102 MLAs unanimously demanded that Pilot should be removed from the party.

The Rajasthan Congress is in turmoil over the past few days. While chief minister Ashok Gehlot has blamed the BJP for attempting to destabilise the state government by poaching MLAs, Pilot has been camping in Delhi.

A controversy broke out in Rajasthan after special operation group (SOG) sent a notice to Pilot to record his statement in the case registered by SOG in the alleged poaching of Congress MLAs in the state.

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News Network
May 18,2020

Muscat, May 18: An Air India special flight left for Hyderabad with a total of 182 stranded Indians from Oman on Monday.

"IX 818 departed for Hyderabad with total 182 passengers. We again express our gratitude to Omani & Indian authorities and wish all the passengers, safe journey home," Indian embassy in Oman said in a tweet.

Under the Vande Bharat Mission, Air India operated repatriation flight from Oman on Sunday to Kerala. It had brought back 183 Indians.

The phased evacuation is being done under the Centre's 'Vande Bharat' mission whose second phase started from May 16.

In order to facilitate the return of stranded Indian nationals in Oman, the Indian government has decided to operate more special flights to Bangalore, Calicut, Delhi, Kannur, Kochi, and Gaya on May 20, 21, 22 and 23.

Under the second phase, a total of 149 flights, including feeder flights, are expected to be operated to bring back stranded Indians from 40 countries.

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