Month: April 2021

Gujarat to start vaccination for 18-45 age group in 10 districts from tomorrow: Here’s everything you need to know

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Even as many states are deferring to start phase 3 vaccination of adults between 18-45 years of age to later in May due to vaccine shortage, Gujarat chief minister Vijay Rupani announced that the vaccination for all adults will begin from May 1 in the 10 most-affected districts of the state.

The state government will expand the vaccination coverage to the entire state as soon as the vaccine availability increases.

The districts where vaccination for those above 18 years of age will start from May 1 are Ahmedabad, Surat, Vadodara, Rajkot, Bhavnagar, Jamnagar, Kutch, Mehsana, Bharuch and Gandhinagar, Rupani said in a video message.

An official tweet from the chief minister’s office said, “CM Vijay Rupani in a video message assures people about the commencement of corona vaccination for the 18+ people from tomorrow, May 1, the Gujarat Foundation Day, in 10 most-affected districts and will cover the entire State as soon as the vaccine availability increases.”

CM Shri @vijayrupanibjp in a video message assures people about the commencement of corona vaccination for the 18+ people from tomorrow, May 1, the Gujarat Foundation Day, in 10 most-affected districts and will cover the entire State as soon as the vaccine availability increases. pic.twitter.com/dXkoF3zY0v

— CMO Gujarat (@CMOGuj) April 30, 2021

The state government has ordered two crore doses of Covishield from the Serum Institute and 50 lakh doses of Covaxin from Bharat Biotech, he informed.

“Pharma companies have assured us of providing another 11 lakh doses in May and our drive will continue,” the chief minister added. Online registration will be compulsory for getting a jab, and there would be no on-the-spot registration, he said.

“Only those who get intimation through SMS should go to the centre,” he said. “People need not worry, as the state government is determined to give vaccines to all free of cost as and when we get more doses. Everybody’s turn will come,” he said.

The new statement from the chief minister is in contrast with his remarks made on April 29 when he said the vaccination drive for people aged 18-45 would only start by May 15 after the government managed to get a substantial number of vaccines from the manufacturers.

“The state government is working on the parameters of modalities for this third phase of vaccination as supply from the manufacturers is still awaited. The state government is trying to expedite the procurement,” health commissioner Jai Prakash Shivahare said, The Indian Express reported.

Gujarat has ordered 2.5 crore vaccines to inoculate the population against COVID-19. The state government has ordered 2 crore Covishield vaccines from Serum Institute of India and 50 lakh Covaxin vaccines from Bharat Biotech.

Of these 2.5 crore vaccines, 1.5 crore vaccines are meant for phase 3 vaccination drive for the population between 18-45 years of age.

Gujarat, among other states, faces possible vaccine shortages as the two manufacturers struggle to keep up with the demand and ramp up production in time.

The vaccination drive for phase 2, for those adults above 45 years of age will continue as expected as the union government will continue to provide the necessary vaccines for the purpose.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

How to screen for unauthorized lenders and avoid falling into debt traps?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India has a long history of usurious moneylenders who have made an entire business out of preying on the illiterate and financially backward classes of society. In fact, for many self-employed individuals who reside in villages and/or small towns, these moneylenders are the only source of credit. The lack of access to institutional credit and the trust deficit that is inherent in their social milieus allow for usury to thrive.

However, the sudden increase in smartphone penetration coupled with rock-bottom data prices has exposed many people to the digital marketplace. This allowed them access to microfinance platforms and solutions that served as a credible and safer alternative to the usurious moneylenders that they were normally used to.

Unfortunately, this rise in connectivity had a downside. Malicious players simply adapted to the new normal and flooded the digital marketplace with a slew of unregulated lending apps that many succumbed to. These apps came to the forefront in early 2021 due to the spate of deaths surrounding them, and more shockingly were discovered to be run by foreign companies and people.

Given that these applications were largely ungoverned on Google’s Play Store, it is imperative for smartphone users to be able to learn how to differentiate between authorized lenders and unauthorized lenders. Practices such as harassment, cyber-bullying etc. are illegal and any app that does this is effectively part of the illegal instant loan app racket that the Indian government recognizes as a criminal enterprise.

Given below are a few steps and practices that can be undertaken to avoid falling into such malicious lending apps:

Perform due diligence

While this might seem like an obvious step to take, certain circumstances that require the sudden infusion of cash can drive even the most cautious individuals to drop their guard. Performing basic checks like how much is the interest being charged, running a google search, researching the company’s origins, reading their terms and conditions etc. are non-negotiable steps to take if one is to ascertain the authenticity of a digital lending platform.

The RBI has already released two separate communiques condemning these apps and has gone to great lengths to remind the public of it’s mandate requiring all digital lending platforms to disclose the names of their lenders. Upon doing your research, if you are unable to find who’s backing the platform, then the customers must exercise their caution.

Application permissions

For the longest time, many apps, especially in Google’s ecosystem required permissions that were often invasive and harvested vast amounts of customer data. Many smartphone users have come to get used to this blatant violation of customer safety and privacy and don’t think twice before granting an unknown app permission to their contacts, gallery, etc.

Unauthorized lending applications are notorious for harassing defaulters by constantly bugging people on their contact list, which in turn is only possible when the app has access to the contacts on your phone. No authorized lender would resort to such techniques and customers should perform their own diligence especially when digital lending applications ask for access to sensitive information.

Thoroughly vet the approval process

One of the features that these apps rely heavily on market themselves is the promise of a hassle-free, instant loan approval procedure. Such a promise succeeds in luring unsuspecting and desperate individuals to use these apps, who then end up getting caught in their vicious debt collections and harassment cycles.

While going through the loan approval procedure, keep an eye out for peculiar requests that may masquerade themselves under the guise of being a part of some KYC (know-your customer) procedure.

At any point of the application/approval process, if you come up against a certain mandate that seems unusual or causes discomfort, always opt out of the process and take your time to fully understand or consider other alternatives before returning to the app in question. There are many respectable platforms in India that are working towards democratizing credit access and you needn’t resign yourself to one that gives even the slightest hint of being unauthorized or dubious in its operations.

Conclusion

While the smartphone revolution has been a boon for the financial ecosystem and the financially depressed sections of India, it has also become a hunting ground for malicious parties that seek to make a quick buck by preying on the weak and vulnerable sections of society. Usury has gone digital and it is imperative that customers educate themselves about the digital lending landscape thoroughly before choosing to avail their services.

The author, Yogi Sadana, is CEO at CASHe. The views expressed are personal

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Yes Bank reports Q4 net loss of Rs 3,788 crore on higher provisioning

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Private sector Yes Bank on Friday reported a net loss of Rs 3,788 crore for the quarter ended March 31, 2021, on higher provisioning.

The bank had posted a net loss of Rs 3,668 crore for the corresponding period of the previous fiscal, Yes Bank said in a filing to BSE.

However, due to the exceptional write-back of Rs 6,296.94 crore, the bank’s bottom line turned positive at Rs 2,628.61 crore during the January-March period of 2019-20.

During the quarter, the total income of the bank declined to Rs 4,805.30 crore from Rs 5,818.59 crore in the same period a year ago, Yes Bank said in a regulatory filing. At the same time, provisions (other than tax expense) and contingencies rose to Rs 5,239.59 crore as compared to Rs 4,872.34 crore.

On the asset front, the bank’s gross non-performing assets (NPAs) as of March 31, 2021, stood at 15.41 percent of the gross advances, slightly down from 16.80 percent in the year-ago period.

However, net NPAs rose to 5.88 percent from 5.03 percent in the year-ago period. For the full 2020-21 fiscal, the bank narrowed its net loss to Rs 3,462.23 crore from a loss as high as Rs 16,418.02 crore in the previous year. Total income during the year also witnessed a decline to Rs 23,382.56 crore from Rs 29,508.10 crore a year ago.

The bank said proactive provisioning of Rs 250 crore towards COVID-19 related restructuring (Rs 2,500 crore) is expected to be implemented in the first quarter of the current fiscal.

Despite elevated slippages, the bank has prudently made accelerated provisioning reflected in the provision coverage ratio for NPA at 79 percent, resulting in a net loss of Rs 3,788 crore, it said.

The net interest income (NII) of the lender declined 22.5 percent YoY to Rs 986.7 crore against Rs 1,273.70 crore in the same period previous fiscal.

The bank said, “FY21 was the year of rebuilding the foundation of Yes Bank. Bank demonstrated significant improvement in performance across key indicators despite severe headwinds of Covid-19 and moratorium imposed on the bank in March 2020.”

The results came after the close of the market hours. Shares of Yes Bank ended at Rs 14.55, rose 0.7 percent on the BSE.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India’s Supply Chain & Logistics Resets

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The challenges faced by India’s logistics and supply chain management were exacerbated by the Covid-19 pandemic. Although supply chains managed to recover sufficiently to provide the basic equipment needed for the economy to function, larger questions remain about the efficacy of our logistics infrastructure. Remedial steps must now be taken by corporates and companies across the board to ensure their supply chains remain unaffected by similar upheavals in the future, while delivering sustained value to consumers at the same time. On this episode of The Making With Shereen Bhan, we take a look at how these particular objectives might be achieved, and the abiding lessons of the pandemic for the logistics and supply chain industry.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

FDA proposes ban on menthol cigarettes: All you need to know

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The US Food and Drug Administration (FDA) is taking steps to ban the sale of mint-flavoured cigarettes and all flavoured cigars within the next year, thus handing a major blow to the tobacco industry in the country.

The FDA announcement on April 29 has come in the wake of vigorous lobbying for the ban by the public health and civil rights groups. These groups have cited harm of disproportionate health burden on black Americans caused by menthol cigarettes, according to a BBC report.

Acting FDA Commissioner Janet Woodcock referred to several studies on menthol’s adverse effects and said the proposed ban could “help save lives” and “address health disparities experienced by communities of colour, low-income populations, and LGBTQ+ individuals, all of whom are far more likely to use these tobacco products”.

Critics fear the ban may promote illegal sales

There are critics that fear the ban could give rise to illegal sales and more confrontations with law enforcement agencies, the report says, adding that the prohibition would affect more than a third of US cigarette sales.

When will the ban go into effect?

Implementing the ban on menthol cigarettes could take years as the FDA now enters a lengthy rule-making process that will include a public comment period.

Background

The US Congress gave the FDA regulatory authority over tobacco products in 2009 and banned all cigarette flavours except menthol. The agency presented a report in 2013 to show – for the first time – that menthol-flavoured cigarettes may pose significant public health risks, as they mask the harshness and throat irritation from nicotine, according to the BBC report.

But, neither the Obama nor the Trump administration acted against the product amid vocal opposition from the tobacco lobby, the report added.

Supporters of the ban

Data from the US Centers for Disease Control and Prevention (CDC) shows that African Americans typically smoke fewer cigarettes and start at an older age compared to white smokers, but they die from tobacco-related diseases at much higher rates.

Public health and civil rights groups say low-income urban youth, in particular, are smoking at higher rates because of the culturally tailored advertising, local event sponsorships and even free samples distribution by the menthol producers, the BBC report mentioned.

Proponents of the ban in a recent letter to the Biden administration had cited a report that showed about 85 percent of menthol smokes were purchased by African Americans, compared to fewer than 10 percent in the 1950s.

Opponents of the ban

Opponents of the ban, including black leaders like Al Sharpton, have said banning a most popular product among African Americans is a discriminatory practice.

“The impact that a menthol ban in NYC could result in by creating a black market in a community that has already been over-policed in the past”, Sharpton tweeted.

Sharing my concerns about the health hazard of ALL cigarettes, but also the impact that a menthol ban in NYC could result in by creating a black market in a community that has already been over-policed in the past. #NANSaturdayActionRally pic.twitter.com/TjKUDu1Oys

— Reverend Al Sharpton (@TheRevAl) November 23, 2019

However, the Biden administration has said that the racial health disparities exposed by the COVID-19 pandemic are a top policy priority and the black lawmakers and healthcare groups largely support the FDA steps as part of that broader goal, the report added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Here are key stocks that moved the most on April 30

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian equity market ended sharply lower dragged by heavy selling in banking and financial stocks. The Sensex plunged 983.58 points, or 1.98 percent to end at 48,782.36, while the Nifty closed 263.80 points, or 1.77 percent lower at 14,631.10. Midcap and smallcap indices declined 0.4 percent each.

Barring Nifty Pharma, all other sectoral indices were ended in the red with Nifty Private Bank, Nifty Financial Services, Nifty FMCG and Nifty Auto losing the most.

Read here: Sensex slumps 983 points, Nifty ends below 14,650; banks drag; pharma stocks outperform

Here are key stocks that moved the most today:

Banks, NBFCs

Shares of banks and NBFCs such as HDFC, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, among others dipped 2-4 percent each. Nifty Bank fell 2.77 percent.

Hindustan Unilever

Hindustan Unilever Ltd (HUL) share price dropped over 2 percent after the FMCG major reported its Q4FY21 earnings. The company posted a 44.8 percent year-on-year rise in net profit at Rs 2,190 crore for the quarter ended March 2021, beating CNBC-TV18 analysts’ poll estimates of Rs 1,975 crore.

Global brokerage Jefferies has maintained a ‘buy’ rating on HUL, setting a target price of Rs 2,750. It said the FMCG major’s margins could see an improvement in the second half of FY22.

Persistent Systems

Shares of Persistent Systems jumped over 9 percent intraday to hit a fresh 52-week high of Rs 2,184.60 apiece after the company reported higher profit of Rs 137.7 crore in Q4FY21 as against Rs 120.9 crore in Q3FY21. Revenue rose to Rs 1,113.3 crore from Rs 1,075.4 crore, QoQ. The stock ended 2.1 percent higher.

Tata Coffee

Shares of Tata Coffee ended more than 2 percent higher after hitting a fresh 52-week high intraday. The company posted a more than two-fold jump in Q4FY21 consolidated net profit at Rs 57.37 crore as against Rs 24.05 crore in Q4FY20. Net income rose by 17 percent to Rs 612.06 crore from Rs 523.46 crore, YoY.

AU Small Finance Bank

AU Small Finance Bank plunged over 10 percent after the bank reported its Q4FY21 earnings. The bank reported a higher profit at Rs 168.97 crore in Q4FY21 against Rs 122.32 crore in Q4FY20 while net interest income rose to Rs 655.83 crore from Rs 554.94 crore, YoY.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

TV journalist Rohit Sardana passes away

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Television journalist Rohit Sardana died here of cardiac arrest on Friday, days after he tested positive for COVID-19, according to his channel Aaj Tak. He was 41. Sardana, who was an executive editor and TV news anchor with Aaj Tak of the India Today Group, is survived by his wife, two daughters and parents. He was admitted to a private hospital here after he tested positive for coronavirus.

His last rites will take place in his hometown of Kurukshetra in Haryana, according to his colleagues.

”We are all shocked by the death of our colleague and friend, Rohit Sardana. This incomparable loss cannot be expressed in words. We express our condolences to his family in this hour of grief,” Aaj Tak tweeted in Hindi. A similar message was posted by India Today channel in English.

”The untimely loss of our dear colleague and friend Rohit Sardana has left us in shock. No words can explain the irreparable loss and void that he leaves behind. Let us join in silence to give strength to the family,” India Today said in a tweet.

Condoling his death, Prime Minister Narendra Modi said, ”Rohit Sardana left us too soon. Full of energy, passionate about India’s progress and a kind-hearted soul, Rohit will be missed by many people. His untimely demise has left a huge void in the media world. Condolences to his family, friends and admirers. Om Shanti.” Delhi Chief Minister Arvind Kejriwal and his deputy Manish Sisodia also condoled the death of Sardana.

The news director of Aaj Tak and India Today Rahul Kanwal said his newsroom was in ”deep shock” and remembered Sardana as a ”sharp young anchor” who never ”flinched from asking questions”. ”Rohit Sardana was the sharpest young anchor I have met. Superb command over Hindi, brilliant with his turn of the phrase, precise questions, clear in his thinking, loved by the masses, warm and humble off the screen, he was destined for great things. Our newsroom is in deep shock,” Kanwal tweeted.

”Rohit had greater conviction than most. For many, a right-leaning worldview is an acquired fad, a means of cultivating popularity. Rohit’s views were deeply held & strongly articulated. But he wasn’t an andh bhakt & never flinched from asking questions. That’s why he was special,” he said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India extends ban on international passenger flights till May 31 amid COVID-19 pandemic

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Directorate General of Civil Aviation (DGCA) on Friday extended the ban on international flights from and to India till May 31 in view of the second wave of the COVID-19 pandemic making the country reel under more than 3 lakh new cases daily for over a week now.

The fresh restrictions will not be applied to international all-cargo flight operations and the flights approved by DGCA.

 “…the competent authority has further extended the validity of circular issued on the subject cited above regarding Scheduled International commercial passenger services to/from India till 2359 hrs IST of 31 May, 2021. This restriction shall not apply to international all-cargo operations and fights specifically approved by DGCA,” said the tweet by the DGCA.

Also read: Avoid travelling to Nepal for onward journey to third countries: Indian embassy

The scheduled international flights may be allowed on selected routes on case to case basis, India’s aviation regulatory body added.

India banned international flights for the first time in March 2020 after a nationwide lockdown was imposed to curb rising infections in the first wave of the COVID-19 pandemic.

The central government had also launched the Vande Bharat Mission in May 2020 to fly home Indians stranded abroad. Civil aviation minister Hardeep Singh Puri tweeted this morning, “Vande Bharat Mission began during the first wave to repatriate our stranded & distressed citizens & has since then facilitated nearly 82.9 lakh people. Despite the personal risk, the corona warriors of civil aviation ensure that the mission continues ahead undaunted.”

Also read: Australia to halt direct passenger flights from India

India has a bilateral air bubble arrangement for the operation of special international passenger flights with 28 countries in the prevailing conditions of the COVID-19 pandemic.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow