National
Slippages to be ‘under control’ in coming quarters: SBI (Lead)
Kolkata, Sep 16 (IANS) India’s largest lender, the State Bank of India (SBI) is expecting that slippages will be “under control” in the coming quarters, an official said here on Saturday.
“The fresh slippages have started tapering off and going forward the slippages would be under control,” SBI Managing Director (National Banking Group) Rajnish Kumar said on the sidelines of “Banking Colloquium” organised by the Confederation of Indian Industry (CII).
He noted that the cost of credit in large- and mid-corporate segments was high as compared to credit cost in the retail portfolio.
“In the retail portfolio, the credit cost is not high but in corporate and mid-corporate segments, the same is high as the level of non-performing assets (NPAs) is high (in the segment) and the bank has to make provisions for stressed assets,” he added.
Rajnish Kumar said that cost of lending would be high with the provisioning cost of 2.4 per cent which needed to be brought down.
Stressing on the need for improving earnings to make higher provisioning, he said the gross NPAs went up after the merger of associate banks with the SBI.
The lender is projecting a credit growth of 6-8 per cent in the current fiscal, he added.
Kumar said the lender took a host of measures apart from the National Company Law Tribunal process to address the problem of NPAs.
“The provision coverage ratio is over 60 per cent and going forward, it may be required to increase by 600-700 basis points (6-7 per cent),” he added.
The bank’s provision coverage ratio, which is measured by the amont of funds set aside by the lenders to cover bad loans, was higher at 60.79 per cent as on June 30, 2017, as compared with 59.91 per cent same period last year.
Gross non-performing assets of the bank increased to Rs 1,88 lakh crore as on June 2017, against Rs 1,37 lakh crore during same period last year. The percentage of gross NPA to advances also increased to 9.97 per cent while net NPA increased to 5.97 per cent as on June 2017.
–IANS
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National
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.