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Time of India
19 minutes ago
- Time of India
Trump tariff: Banks look to contain impact
Donald Trump CHENNAI: Commercial banks have beefed up measures to contain the impact of 50% tariff on India's exports to the US effective from Aug 27. They are looking at multiple options including temporary interest concessions, flexible repayment structures and working capital lines to help manage cash flow pressures arising from delayed shipments. The move comes in the wake of discussions between financial institutions and exporters over the adverse impact of the proposed tariffs. State-owned Indian Bank is exploring the feasibility of implementing several steps to support affected exporters. "We are engaging with exporters and assessing their working capital needs. Enhanced access to export insurance and credit guarantees and working capital lines tailored for MSME clusters in high-impact zones such as Tirupur and Surat are among the measures taken by our bank to offset the adverse impact. Also, we are considering some interest concessions for a temporary period and waiving some administrative fees such as loan processing charges, forex handling charges and collection fees," an Indian Bank spokesperson said. Temporary relief During discussions with exporters and manufacturers , the former have evinced interest in exploring diversification strategies, such as shifting exports to the EU, UK, ASEAN, and Africa. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Could This NEW Collagen Blend Finally Reduce Your Cellulite? Vitauthority Learn More Undo Another public sector bank, Indian Overseas Bank (IOB), is advising exporters and manufacturers on alternative markets, product diversification, foreign exchange exposures and its hedging to mitigate currency volatility. Exporters are concerned about probable reduction in fresh orders, increased competition in new markets, narrow profit margins, order cancellation or price renegotiation. "We have increased sector-specific monitoring for early identification of stress and prompt resolution. Our bank is also keeping a close watch on the Govt of India initiative and align our interventions accordingly," IOB MD & CEO Ajay Kumar Srivastava told TOI. A sizable number of exporters and manufacturers, who have availed credit from banks, have exposure to sectors such as textiles, auto components, gems and jewellery, leather products (footwear & accessories), chemicals, and food processing in the US market. Tamilnad Mercantile Bank (TMB) MD & CEO Salee S Nair said, its relationship managers are conducting detailed discussions with each customer to assess their exposure, review ongoing contracts, and understand the possible implications for order volumes, shipment timelines, and working capital needs. "We are extending flexible repayment structures and, where necessary, enhancing working capital lines to help manage cash flow pressures arising from delayed shipments or margin compression. As of date, TMB's total export credit post-shipment outstanding stands at Rs 102.8 crore, of which Rs 20.7 crore is linked to the US market," he added. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Time of India
19 minutes ago
- Time of India
Citing lack of evidence & investigation lapses, HC quashes abetment to suicide case against realtor
1 2 Hyderabad: An abetment to suicide case against a real estate developer, in connection with the alleged suicide of his business partner, was recently quashed by the Telangana high court. The court pointed out 'serious investigation lapses and lack of evidence.' The case was registered at Hayathnagar in 2022, and the accused allegedly duped the deceased of Rs 5.5 crore in a construction project. Justice Juvvadi Sridevi, while hearing a petition filed by the accused, observed that the police failed to record the statement of one of the deceased's relatives, who was also working as a site supervisor and was closely involved in the projects. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad | Gold Rates Today in Hyderabad | Silver Rates Today in Hyderabad "Despite his material relevance to the case, police failed to examine or record his statement. This omission to examine such a crucial witness, who could have thrown significant light on the nature of the business relationship and the circumstances leading to the death of the deceased, is a serious lapse in the investigation and is fatal to the case of the prosecution," noted the judge. Initially, family members presumed that he died due to cardiac arrest caused by stress, and he was cremated the next day without an inquest or PME. Eleven days later, after the funeral rituals, his son discovered the suicide note, following which a case was registered. In the note, the deceased alleged that he invested about Rs 5.5 crore in the projects, but the accused failed to register his share of flats. He further accused the real estate developer of betrayal, citing financial pressure from financiers as the reason for his distress. Ruling that the suicide note reflected only financial strain and did not disclose any direct or proximate act of instigation by the accused that could amount to abetment, the judge noted that the cause of death itself was uncertain. Since no postmortem, inquest, or forensic verification was conducted, and cremated remains could not be examined for poison or DNA confirmation. Further, finding no material to establish abetment to suicide or cheating, the court ruled that forcing the accused to face trial would be an "abuse of the process of law" and quashed the proceedings, currently pending before the Rangareddy district court. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
19 minutes ago
- Time of India
Land acquired, Ballari jeans park project gains momentum
Ballari: Work on setting up a jeans park at Sanjeevarayana Kote on the outskirts of Ballari has gained momentum, with a tender being floated for the park's development. Congress MP Rahul Gandhi, during the leg of the Bharat Jodo Yatra in Ballari, promised that a jeans park would be established there and that jeans manufactured would carry the 'Made in Ballari' label. This promise was reiterated in the 2024 state budget and during campaigning for the Lok Sabha elections. Govind Naik, KIADB assistant executive engineer, said land acquisition has been completed, and work orders have been issued. He said 154 acres of land was acquired at Rs 40 lakh per acre. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru | Gold Rates Today in Bengaluru | Silver Rates Today in Bengaluru There are already over 500 jeans entrepreneurs spread across Ballari and Mundargi industrial areas. There are multiple stages in the jeans industry, including stitching, washing, and sales. KIADB has drawn plans to accommodate more than 500 units in the proposed new park. Entrepreneurs aiming to start a business in the park will be provided with a site. "The plan is to bring all activities under one roof in the proposed park," said Naik. "The aim is also to ensure national and international market facilities and avoid unhealthy price competition." Since jeans dyeing units already operating in the district have not built separate effluent treatment plants or common effluent treatment plants, Naik said: "KIADB will build treatment plants in the new facility. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo There will be no need to set up separate plants," said Naik. However, some industry sectors have opposed the park. In a recent discussion with officials and investors, Sirivelu Ibrahim, who leads the Jeans Washing Units Association, pointed out that several issues plague Mundargi industrial area where jeans washing units operate. He wondered what measures could be implemented in Sanjeevarayana Kote, situated several kilometres away from the city. Yashwantraj Nagireddy, president of the district chamber of commerce and industry, raised concerns over allocation of plots in Mundargi Industrial Area, which were handed out on a 10-year lease-cum-sale basis. "Currently, some officials are demanding bribes amounting to lakhs of rupees for registration. Who will take responsibility if this issue arises again in Sanjeevarayana Kote?" he asked. Meanwhile, officials say the govt plans to invite Rahul to lay the foundation stone. They said they are optimistic that the project will be finished within 12-18 months. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
