Latest news with #Rs91
Hans India
6 days ago
- Business
- Hans India
PSBs write off Rs 5.82-trn bad loans in 5 yrs
New Delhi: Public-sector banks (PSBs) have written off bad loans of about Rs5.82 lakh crore in the last five financial years, Parliament was informed on Tuesday. During 2024-25, the loan write-off of PSBs was at Rs91,260 crore, compared to Rs1.15 lakh crore in the previous fiscal, Minister of State (MoS) for Finance Pankaj Chaudhary said in a written reply to the Rajya Sabha. The write-off was highest at Rs1.33 lakh crore during 2020-21, declining to Rs1.16 lakh crore in the following year and to Rs1.27 lakh crore in 2022-23. In contrast to write-offs, PSBs have recovered around Rs1.65 lakh crore over the last five years. Recovery is around 28 per cent of the total write-off in the previous five financial years. Banks write off NPAs, including those in respect of which full provisioning has been made on completion of four years, as per the Reserve Bank of India (RBI) guidelines and policy approved by banks' Boards, Chaudhary said. 'Such write-off does not result in waiver of liabilities of borrowers and therefore, it does not benefit the borrower. The borrowers continue to be liable for repayment, and banks continue to pursue recovery actions initiated in these accounts,' he said.
Express Tribune
09-08-2025
- Business
- Express Tribune
Anti-graft drive gains pace as NAB recovers record Rs456b in Q2
Listen to article The National Accountability Bureau (NAB) posted record-breaking figures for the second quarter of 2025, recovering Rs456.3 billion — nearly five times more than the Rs91 billion recovered in the first quarter — marking a significant leap in its anti-corruption efforts, the Associated Press of Pakistan (APP) reported on Saturday. With this, total recoveries for the first half of the year have reached Rs547.31 billion. A NAB spokesperson stated that a substantial portion of this amount — assets worth over Rs532 billion — has been handed over to government. 'Beyond just statistics, these recoveries reflect real progress in holding corrupt elements accountable and returning wealth to the state,' the spokesperson said. 'Thousands of victims who were defrauded in various scams have also been compensated.' Also Read: Security forces kill 14 more terrorists in sanitization operation near Afghan border According to a NAB press release, movable and immovable properties worth Rs532.33 billion have been disbursed among federal and provincial government institutions, as well as financial bodies. So far, more than 12,000 individuals affected by public fraud schemes have received financial restitution. The Bureau's total recoveries over the past two years now stand at Rs5.85 trillion — over seven times the amount it had recovered since its inception in 1999. 'This is not just a number. It represents the extraordinary effort of our teams across the country,' the spokesperson added. 'We are determined to continue this momentum.' Among high-profile recoveries, NAB Rawalpindi retrieved state land worth Rs29 billion in Islamabad's Sector E-11, which was handed over to the Capital Development Authority. In the B4U scam, Rs3 billion was recovered and is set to be distributed among more than 17,000 affectees, with an additional Rs4 billion expected in the current quarter. NAB also facilitated the transfer of land under a housing scheme to ensure long-awaited compensation for investors. In another case, NAB Sukkur reclaimed land worth over Rs25 billion previously held by private entities, marking a significant success in efforts to recover public assets. Read: Defence minister urges Trump to broker peace deal for Palestine The Bureau reported that forest land valued at Rs384 billion was recovered in the second quarter alone, bringing the total value of such recoveries to over Rs1.48 trillion. In Lahore, Rs3.2 billion was disbursed to nearly 12,000 victims in the Eden Housing case. In the Pak Arab case, eight properties worth Rs3.9 billion were surrendered and are currently being processed for transfer. Separately, a plea bargain amounting to Rs2.18 billion is under negotiation with the owners of Elite Town Housing Society. The proceeds are intended for distribution among approximately 1,800 affectees. Looking ahead, NAB has shifted its focus to the recovery of encroached state land. In collaboration with provincial revenue departments, the Bureau has identified illegally occupied properties estimated to be worth nearly Rs5 trillion. 'NAB is unwavering in its mission to recover every last rupee of national wealth and to bring justice to those who have looted public funds,' the spokesperson said. 'Our actions speak for themselves, and the numbers reflect a broader drive for accountability and reform.' The Bureau has called on all stakeholders, including public institutions and civil society, to support its efforts for transparency and good governance.
Time of India
17-06-2025
- Time of India
Rs91cr fine slapped on quarry lessee
Sivaganga: Following the loss of six lives in a rockslide at a stone quarry in Sivaganga district on May 20, Devakottai sub-collector on Tuesday imposed Rs91 crore penalty on the quarry's lessee for illegally mining various stones. Following the incident, SS Kottai police had registered a case against quarry owner A Megavarnan, who is still absconding, and others. Subsequently, a special police team arrested his brother Kamaladasan and two supervising staff at the quarry, Kalaiarasan, and Rajkumar. On collector Asha Ajith's orders, Mega Blue Metals' quarry licence was temporarily cancelled too. She had instructed the assistant director, mines, to investigate other stone quarries linked to the accused, carry out drone surveys, and check for any violations. On Tuesday, Devakottai sub-collector noted, after investigation, that the lessee continued illegal mining activities though the quarry lease period ended in Sept last year. Hence, the penalty of Rs 91 crore was levied for mining rough stones and gravel in violation of rules. It should be paid in 30 days or appealed by petitioning the district collector.
Time of India
30-05-2025
- Time of India
Burglars steal cash and articles worth over Rs 90 from two-wheelers parked near exam centre
Nashik: Multiple aspirants appearing for the Teachers Aptitude and Intelligence Test (TAIT) reported theft of cash, cellphones and other articles worth over Rs 90,000 from scooter storage boxes parked near an examination centre along Dindori Road on Thursday. The Mhasrul police registered a case under Section 303(2) for theft and said they were reviewing CCTV footage of the area to identify the culprits and would take necessary actions. The complainant said he came to take the test at PVG College along Dindori Road between 11am and 2.30pm. Before going to the exam, he parked the scooter in the designated parking area and kept his cash and other articles in the storage box of his two-wheeler. After the test, he discovered that Rs3,500, a debit card and other articles were missing. He later learned that a few more aspirants had also complained of theft. Subsequently, three people went to the police station and registered a common complaint of theft of over Rs91,000.
Mint
15-05-2025
- Business
- Mint
Gold Price Today: Yellow metal down 7% from record high on MCX, spot gold hits five-week low; Check key support levels
Gold prices erased early losses to steady on Thursday, helped by a weaker dollar and technical buying as investors await key U.S. economic data later in the day for further clarity on future interest rates. Spot gold was little changed at $3,179.07 an ounce as of 1102 GMT, after hitting its lowest since April 10 earlier in the session. U.S. gold futures fell 0.3% to $3,179.20. The dollar index slipped 0.3%, making gold cheaper for other currency holders. The U.S. and China this week agreed to temporarily slash harsh reciprocal tariffs, de-escalating a trade war and denting demand for gold as a safe haven. On Thursday, focus will turn to U.S. producer price index data due at 1230 GMT after softer-than-expected consumer data earlier this week. Federal Reserve Chair Jerome Powell's speech later in the day will be watched for clues on the Fed's rate path. Markets are expecting 50 basis points of rate cuts this year, with the reductions expected to start from October. Non-yielding gold tends to thrive in a low-rate environment. Elsewhere, spot silver dipped 0.4% to $32.09 an ounce and palladium rose 0.6% to $956.58. Platinum was up 0.7% at $982.53. The palladium market, which was in deficit in 2012-2024, will move into balance this year, with demand falling by 6% as a result of lower production of gasoline vehicles, a major industrial use of the metal, and increased recycling in China, Johnson Matthey said in a report. Rahul Kalantri, VP Commodities, Mehta Equities Ltd. Gold prices declined sharply on Wednesday, touching a five-week low, while silver also traded lower. The drop is attributed to profit-taking and liquidation by weaker hands. Meanwhile, a shift toward riskier assets in the broader market continues to pressure safe-haven demand. Today, gap down opening is expected amid Iran's Supreme leader said to sign nuclear deal with US if all economic sanctions are lifted. However, weakness in the dollar index and uncertainty over long-term trade deal between U.S. and other nations could support metal prices at lower levels. Gold has support at $3130-3100 while resistance at $3200-3220. Silver has support at $31.75-31.55 while resistance is at $32.30-32.65. In INR gold has support at Rs91,350-90,780 while resistance at Rs92,450-92,690. Sliver has support at Rs94,380-93,550 while resistance at Rs95,950-96,750.
