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MUMBAI | FRIDAY, 27 OCTOBER 2017 ECONOMY & PUBLIC AFFAIRS 7 . < Axis Bank’s asset quality may SC offers relief to MNCs over deteriorate further: Moody’s ABHJIT LELE ended September (Q2). The India outsourcing biztax Mumbai, 26 October gross NPA ratio increased to 5.9 per cent in Q2 from five per cent Global rating agency Moody’s in Q1. It was higher than expec- said on Thursday private lender tations and credit negative for Axis Bank’s asset quality may the bank. deteriorate further over the next Of the ~8,110 crore in new 12-18 months, more than what corporate NPAs in Q2, ~4,870 was previously expected. crore were recognised after an In addition, compared to the inspection by the Reserve Bank other rated Indian banks, the of India. But, only half of these lender has been laggard in were on the bank’s watch list recognising its asset quality September quarter (Q2). On announced in March 2016, problems, a credit negative for October 17, the lender reported which identified accounts with its credit quality, Moody’s said. a 24 per cent quarter-on-quarter weak credit metrics that were Axis Bank’s asset quality increase in non-performing not yet classified as NPAs, deteriorated significantly in the assets (NPAs) in the quarter that Moody’s said. Govtworkingonnewconsumer protectionlaw, says PM PRESS TRUST OF INDIA New Delhi, 26 October Mustprotect Prime Minister Narendra consumers’ Modi on Thursday vowed to interest: UNCTAD protect consumer interest, saying a new law is on the India and other Asian anvil that will crack down on countries must think misleading advertisements collectively to protect and provide time-bound consumers’ interest in view redressal of their grievances. of rising globalisation and e- Listing consumer-friend- commerce, United Nations ly measures taken by the BJP- Conference on Trade and led government in the past Development (UNCTAD) three-and-half years, he said Secretary General Mukhisa a simplified goods and serv- Kituyi said on Thursday. He ices tax (GST) has ended a pitched for nurturing plethora of state and central consumer privacy and taxes and laid the ground for empowering vulnerable reduction in prices in the consumers with digital long run. literacy amid growing online Rigour for use of energy- purchases globally. Speaking efficient LED bulbs has not at a global event on just brought down their ‘Empowering consumers in prices but also helped save new markets’, organised by ~20,000 crore in electricity the consumer affairs bills, Modi said. ministry, he called for Besides, he said, the gov- collective efforts to protect ernment has brought down Prime Minister Narendra Modi and Union Minister of Consumer Affairs Ram Vilas Paswan (left) the interest of consumers in prices of life-saving heart stent at the International Conference on Consumer Protection for East, South & South-East Countries, Asia. PTI implants as well as knee in New Delhi on Thursday PHOTO: PTI implants. He also said that paying consumers subsidy great emphasis on consumer amended 2015 UN guidelines Increased competition ment’s tenure it would have directly on cooking LPG has empowerment,” Modi said. on consumer protection. among companies due to the resulted in huge rise in the led to a saving of ~57,000 crore. The rules are being simpli- Protecting the consumer GST will lead to moderation budget of the common citi- Addressing a global con- fied to ensure that consumer interest is government’s prior- in prices and this will directly zen’s kitchen.” Under the ference on consumer affairs, grievances are redressed in a ity, Modi said, adding that the benefit poor and middle class Direct Benefit Transfer (DBT) Modi stressed that consumer time-bound manner and at government through various consumers, he said. Scheme, he said, “By trans- interest has not just been pro- least possible cost, he said, steps such as GST, real estate Modi said the time reduc- ferring the money directly tected by giving them rights, adding that stringent provi- and BIS laws and Ujala, Ujjwala tion in transportation of goods into the beneficiaries’ bank but also by taming inflation sions are proposed against and DBT schemes, is helping would also lead to fall in prices accounts the government has and various schemes that have misleading ads. consumers save money. and this benefit will also be prevented leakage of more helped poor and middle class A Central Consumer “With GST, a new busi- transferred to consumers. than ~57,000 crores.” save on spendings. Protection Authority with ness culture is developing He said inflation has been The government has “Today we are in the executive powers will be set and in the long term con- brought under control leading strengthened the Public process of enacting a new up for quick remedial action. sumers will be the biggest to economic benefits for poor Distribution System through Consumer Protection Act The government’s pro- beneficiaries. It is a trans- and middle class consumers. technology to ensure that the keeping in view business prac- posed new law will replace the parent system in which no “Otherwise, the rate at poor, who have the right to tices and requirements of the Consumer Protection Act of one can hurt the interests of which the inflation was ris- affordable food grains, get country. The proposed Act lays 1986 by incorporating the the consumers,” he said. ing during previous govern- their due, he said. Divestmentin Hotel Ashok, Samrat on hold INDIVJALDHASMANA New Delhi, 27 October Closeness to the Prime Mini- ster’s residence has prompt- ed the government to put on hold any disinvestment in the Ashok and Samrat hotels. This was disclosed by Mahesh Sharma, minister of state for environment, forests & climate change, at the annu- al general meeting of the PHDCCI business chamber. The adjacent hotels are very close to the PM’s house at 7, Lok Kalyan Marg (better known by the former name, Race Course Road). Sharma said 15 other hotels owned by the state would be disinvested as scheduled, as the government held that operating these was not its business. Earlier this year, the Cabinet Committee on Economic Affairs had approved initiation of the process of disinvestment of hotels and other properties of India Tourism Development Corporation..

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