What is it? The likely percentage of bad loans in Indian banks by March 2017 from 7.6% in March 2016, according to a Reserve Bank of India report.
Why is it important? Indicates that the problem will get worse before it gets better. RBI says bad loans – or non performing assets – will shoot up to 9.3% under a severe stress situation. As a result, banks will have to raise more capital, and if they cannot, their lending will go down. Credit has already slowed down in April and May.
Tell me more: However, the central bank has noted that the severe adverse economic conditions referred to in the report should not be considered as forecast or expected outcomes.
What is it? The number of requests India has sent to other countries seeking information about suspicious banking transactions of Indians abroad in 2014-15 and 2015-16.
Why is it important? The number of such requests have gone up substantially from the previous years: 700 in 2013-14, 600 in 2012-13 and ranging between 39 and 92 between 2008-09 and 2010-11. Many of these requests are related to investigations of various scams including the HSBC Geneva case though these also include individuals and entities suspected for hoarding money abroad.
Tell me more: The Indian government has given time till September 30 for people holding unaccounted wealth to come clean and pay their taxes. India has signed an information-exchange agreement with the US and 110 tax jurisdictions have agreed to share information under this pact. As part of another agreement, 58 jurisdictions including India have agreed to share information from 2017 and another 36 countries would join in by 2018.
What is it? The number of people killed in a terrorist attack at Istanbul Ataturk Airport on Tuesday. At least 147 people have been wounded.
Why is it important? The Turkish Prime Minister says ISIS is behind the attack in the 11th busiest airport in terms of passenger traffic. ISIS, which was responsible for nearly a fifth of people killed in terrorist attacks in 2014, is the second most dangerous terrorist organization after Boko Haram (in terms of number of people killed), according to a report. Shows the growing influence of ISIS and their ability to breach security protocols.
Tell me more: Three suicide bombers attacked passengers with bombs and guns and according to preliminary findings, they blew themselves up after opening fire.
What is it? The penalty developers may have to pay buyers in case of delay in handing over homes and apartments, according to the government’s recently announced draft real estate rules.
Why is it important? This is around 1.25-1.85% higher than the home loan rates, providing protection to home buyers. The average middle class home buyers usually avoid lengthy court cases when their homes are handed over to them late, sometimes bearing their monthly rental costs of their current residence in addition to paying EMIs of their new properties.
Tell me more: The Real Estate Regulatory Authority would be set up in states and union territories within three months of the rules being notified. The draft rules are open for public comments and suggestions until July 8.
What is it? The percentage of India that received scanty or deficient rainfall in June as of Tuesday.
Why is it important? Though over half of the country has received normal rainfall this month, some of the drought-hit regions including Vidarbha face a rainfall deficit. The pulse-growing regions have received uneven rains, which could have an upward effect on prices of pulses, which have already been ruling high in the recent weeks. The sowing of kharif has been lower by 23% so far, according to data released last week while water levels at India’s 91 major reservoirs have fallen to 15% of their combined installed capacity.
Tell me more: The southern and north-western states have received rainfall 16% and 2% above average, respectively, while in central India and east and north-east India, there has been a deficit of 23% and 26%, respectively.