E PRESS MAPS X THE NEW BANKING CAPITALS OF INDIA Delhi Punjab National Bank (Oriental Bank of Commerce & United Bank) `17,95,000 cr Mumbai Union Bank of India (Andhra Bank, Corporation Bank) `14,59,434 cr Punjab & Sind Bank To be merged State Bank of India Already merged Bank of India Central Bank of India LEANER, MEANER In the year-ago period, India’s economic growth was 8 per cent It looks even worse considering the fact that the previous low in GDP growth was seven years ago at 4.9 per cent in April-June 2012-13 The gross value added (GVA) growth in the manufacturing sector tumbled to 0.6% in Q1 from 12.1% growth a year ago Vadodara Bank of Baroda VILLUPURAM SATURDAY AUGUST 31, 2019 `4.00 PAGES 16 CITY EDITION Sharp fall in manufacturing output and subdued farm sector activity pulled down GDP growth to a seven-year low of 5% in the April-June quarter of 2019-20, official data released Friday showed Left alone Farm sector GVA growth remained subdued at 2% compared to 5.1 per cent in the corresponding period of the previous fiscal Kolkata UCO Bank Pune Bank of Maharashtra Chennai Indian Bank ` (Allahabad Bank) Bengaluru Canara Bank `8,07,859 cr (Syndicate Bank) Indian Overseas Bank `15,20,295 cr Combined business Bank HQ Note: Banks named in brackets are to be merged with the holding entity Ominous 5 amid high-5 dream The slowdown in growth is due to endogenous and exogenous factors... The government is alive to the situation and has taken several measures Chief Economic Advisor K Subramanian The government is pre-occupied in shoddy headline management and cover up job, instead of addressing the structural issues ailing the economy. This is a classic case of quacks turning into surgeons. Naturally, patients will be dead before you even know Cong chief spokesperson Randeep Surjewala Meanwhile, shake-up in PMO as Misra quits Amid speculation that he may get a gubernatorial assignment, Nripendra Misra (74), principal secretary to Prime Minister Narendra Modi, will step down from his post in two weeks. He will be succeeded by P K Sinha, who superannuated as cabinet secretary. He was on Friday appointed an officer on special duty in the PM’s office. The PMO also inducted five officers, including a joint secretary, three deputy secretaries and a director Quarterly GDP growth falls to 7-year low of 5%, casting a shadow over govt’s ambitious $5 trillion economy plan J AYA N TA R O Y C H O W D H U R Y @ New Delhi CONFIRMING fears that India may be up against a protracted slowdown, official data released on Friday showed the country’s GDP growth nose-dived to a 7-year low as muted consumer demand, turmoil in the NBFC sector, and global trade spats hurt the economy . While economists were not expecting robust numbers, they were alarmed as India’s growth in Q1 was lower than China’s 6.2% for the same period, which was the country’s lowest in three decades. It also means the government’s plan to grow India’s economy to $5 trillion over the next five years may not be easy . According to Prof M Govinda Rao, former Member of the Prime Minister’s Economic Advisory Council, the target will remain “a distant dream”. “We’ve been talking of slowdown in demand for long and today’s figures only underline it. The manufacturing sector has grown just 0.6%, compared to 12.1% in the same period last year. It shows the problem has deepened. People are not buying. The government should now seriously look at structural reforms including in the labour and land markets as a way out of this morass,” he said. The numbers paint a bleak picture of the economy Agriculture grew just 2%, . compared with 5.1% in the same quarter last year. Construction sector growth shrank to 5.7% against 9.6%. Even the services sector put up a poor show. “The slowdown is obviously much deeper and broad-based than previously understood,” said Prof N R Bhanumurtrhy of the National Institute of Public Finance and Policy “However, the cur. rent policy measures which have been announced by the government and possible improvements in external factors could see a recovery albeit slowly in the , next couple of quarters,” he added. While the government has finally acknowledged there is slowdown in the economy and has started taking corrective measures, economists think the overall growth for the full year would remain subdued, with Prof Rao forecasting 5.5-6% GDP growth for 2019-2020. The poor growth numbers may also prompt RBI to continue with its policy of cutting interest rates. “RBI will feel vindicated in its dovish shift this year and will almost certainly add to the 110 bps of policy rate cuts introduced so far,” said Mark Wiliam, Chief Asia Economist with Capital Markets, in a note on the GDP numbers. “The problem area is the extent of the demand squeeze we are facing. Private consumption growth has fallen to a fouryear low of 3.1% in this quarter,” said Prof Biswajit Dhar of JNU. “Measures such as FDI rule changes, more liquidity to the private sector will help, but in the ultimate analysis, the government will have to do some amount of pump priming by spending more on infrastructure, if we are to get over this hump.” WHAT YOU NEED TO KNOW IFSC CODE: The code is unique for each bank branch. After merger, this will change. You will need to know what the new code is ACCOUNT NO: This may also change if the branch is being merged. So do check if that happens CARDS & CHEQUE BOOKS: New credit & debit cards and cheque books are likely to be issued, especially if branches are also merged This is going to provide lot of strength to the economy because these mergers will bring synergies in operation Nirmala Sitharaman, Finance Minister A N U R A D H A S H U K L A @ New Delhi TAKING its plan to consolidate the banking sector to create larger, stronger banks, Finance Minister Nirmala Sitharaman on Friday announced four mega merger plans involving 10 public sector banks, bringing down the number of PSBs to just 12. “We’re trying to build the NextGen banks,” Sitharaman told reporters after a meeting with the 10 banks. The Government as majority owner will merge Punjab National Bank with Oriental Bank of Commerce and United Bank, Canara Bank with Syndicate Bank, Union Bank with Andhra Bank and Corporation Bank. Indian Bank will be merged with Allahabad Bank. Explaining the rationale behind the merger, Sitharaman said, “Consolidated PSBs for strong national presence and global reach is one of the objectives with which we went about this plan. So 82% of all PSB business and 56% of all commercial bank business will be with them.” Extensive deliberations were held with the banks concerned as well as RBI before taking this step. “It is a good move as it will reduce number of branches, improve cost efficiency and most importantly, the bal- ance sheets post mergers are likely to be strengthened,” said Sai Sanjay Bhattacharyya, ex-MD of SBI. The PNB-led entity will have a total business of over `17.94 lakh crore with a net NPA raio of 6.61%, while the merger led by Canara Bank will have a total business of `15.2 lakh crore with a net NPA of 5.6%. The Union Bank-led merged entity will have a business of `14.59 lakh crore with a net NPA ofd 6.3% and the Indian Bank-led merged entity will have a total business of `8.07 lakh crore and a net NPA of 4.39% The government, however, decided that two PSBs with all-India presence — Bank of India and Central Bank of India — will continue as independent publicsector banks. While Indian Overseas Bank, UCO Bank, Bank of Maharashtra, and Punjab & Sind Bank will also continue to function as earlier as they have strong “regional focus”. The government, however, refused to give any timeline for the merger citing “two more rounds of meetings with the RBI over this”. The exact timeline would depend on the boards of the respective banks after mutual discussion so that transition is smooth. Bankers said usually such mergers take between six months to one year to be effected. TN wants UK to invest in water, clean energy sectors, says EPS 3 kids sexually abused in the last 48 hours in Coimbatore EXPRESS NEWS SERVICE @ Chennai EXPRESS NEWS SERVICE @ Coimbatore AT LEAST three minor girls have been molested by people known to them in the last two days, in Coimbatore. Accused in two of these cases have been arrested, while in the third case the perpetrator is on the run. All of them have been booked under the POCSO Act. A 38-year-old man was arrested by Ukkadam police for allegedly molesting a six-year-old girl in his neighbourhood. The child’s parents claimed that he had taken her to his house after promising to give her a chocolate and then sexually harassed her. In Irugur, a seven-year-old child was allegedly sexually assaulted by her neighbour on Friday The man is on the run. . On Thursday night, a 60-yearold coolie worker was arrested near Madukkarai for assaulting a three and a half-year-old child. Parents of the child found her missing after she stepped out to play When they . were searching for her, they heard her screams and found her being assaulted. Big-bang mergers to create NextGen public sector banks ‘Will achieve SDG’ BOMBASTIC The unexploded shell found near a temple in Tiruporur was disposed on Friday by conducting a controlled explosion inside the Manampathy Lake | EXPRESS BLOWS TRADED AT PUBLIC HEARING ON TRIFURCATION Chaos at the E X P R E S S N E W S S E R V I C E meeting Supporters of the trifurcation move shouted Gopinath down, resulting in chaos. When the situation worsened, the collector and SP stepped down from the dais to pacify the public @ Vellore THE public hearing held in Melvisharam on trifurcation of the Vellore district ended in violence, with two groups trading blows, over an argument on where the headquarters of the proposed new Ranipet district must be located. The meeting was held at the Abdul Hakkeem Engineering College auditorium, presided over by the commissioner for revenue adminstration, district collector, and SP. Two men, Dharmaraj and Gopinath, allegedly made comments against the creation of the Ranipet district, triggering a verbal spat with others present at the meeting. “It’s one of the highly polluted cities in the world. If one goes to Ranipet, he cannot escape without contracting an infection. Do you want such a place P4 to be the headquarters,” Gopinath asked. Tamil Nadu had already achieved the Millennium Development Goals set by United Nations and it is poised to achieve Sustainable Development Goals (SDG) in the Health Sector, ahead of 2030, the CM said Affordable homes The chief minister also highlighted the work done by his govt in affordable housing segment and improving living conditions CHIEF Minister Edappadi K Palaniswami on Friday continued efforts to woo investments to the State from UK, where he is on a visit. The focus was on sectors such as green energy, water, urban infrastructure and affordable housing. Palaniswami said the steps taken for taking Tamil Nadu to next level include a State supported Alternative Investment Fund which would facilitate investment by global investors in economic infrastructure, a Social Impact Fund for providing affordable housing for lower income groups besides vulnerable sections of society and a biotechnology fund to help promote this sunrise industry in India. The Chief Minister pointed out that these funds were managed by an independent Fund Manager, where the State has a minority equity holding, to ensure its independence and professionalism. Underscoring the fact that Tamil Nadu had been a front runner among Indian States in various health indicators, Palaniswami said the State government’s policy interventions, introduction of several novel schemes and increased Chief Minister Edappadi K Palaniswami speaking at London on Friday | EXPRESS funding played an important role in the State’s improved health outcomes. Meanwhile, speaking at King’s College Hospital, the Chief Minister promised that Tamil Nadu government will extend all possible assistance to the hospital in setting up its branches in the State. Pointing to the facility of helicopter ambulance service being provided by King’s hospital, Palaniswami said “We will arrange for launching similar services in Tamil Nadu. When We will arrange for launching air ambulance service in Tamil Nadu. When patients are unable to reach hospital in time, valuable lives are lost. This is, hence, essential CM Edappadi K Palaniswami the patient is unable to reach the hospital in time, he or she loses his life. On such occasions, this service will be essential.” He also pointed out that Tamil Nadu had already achieved the Millennium Development Goals (MDG) set by United Nations and it was poised to achieve Sustainable Development Goals (SDG) in the Health Sector, ahead of 2030. Rajesh Agarwal, Deputy Mayor of London for Business, said India was the third-largest investor in London. Richard Harrington MP and a former business minister, spoke about the potential to deepen the trade relationship between UK and Tamil Nadu. Health Minister C Vijaya Baskar and Health Secretary Beela Rajesh, also spoke on the occasion. UNEARTHED 15th century sculpture of Potharaja, knight of Draupadi, found in Gingee K R I T H I KA S R I N I VASA N @ Villupuram A statue of 15th century knight Potharaja has been found in Gingee by archaeological enthusiasts from the district. The discovery comes just a day after archaeologists found two inscriptions at Agatheeswarar temple, which belong to the Pandya and Samburvaraya period. The Potharaja statue was found on Friday at the Illodu Madura Karananthal village by writer K Senguttuvan and an archaeological enthusiast G Saravanakumar. “Hiltebeitel’s book ‘The Cult of Draupadi’ explains the significance of Gingee and other northern districts of Tamil Nadu in the worship of mythological character Draupadi,” says Senguttuvan. “In the book, the Melacheri village in Gingee is considered Gingee has a connection with Mahabharata The four-feet-tall statue shows Potharaja with a weapon on one hand and an animal in the other hand. Potharaja is said to have been a knight of Draupadi, and he is also worshipped in several parts of the district. Even today, mud to build Draupadi temples goes from the village here as the prime worship place for Draupadi in South India. It also explains why Draupadi Amman is celebrated across several places in Tamil Nadu.” “Potharaja is said to have been a knight of Draupadi, and he is also worshipped in several parts of the district,” says Saravanakumar. “Even today, the mud used to built a Draupadi temple in any part of the State is taken from the Melacheri village.” The four-feet-tall statue shows Potharaja with a weapon on one hand and an animal in the other hand. Research scholar Dharmapuri Parthasarathy , who has done extensive research in Draupadi worship, estimates the statue could be from the 15th century . On Thursday, experts found an inscription believed to be from 1312 AD, during the reign of Pandya king Jadavarma Sundarapandian. TTS IS DMK PROPAGANDA SECRETARY Within two months of defecting to the DMK, former TTV confidant Thanga Tamilselvan appointed as propaganda secretary PAGE 5
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