RBI’s dividend to Government falls by almost half to Rs 30,659 crore

The Reserve Bank of India (RBI) on Thursday announced that it will transfer Rs 30,659 crore as surplus to the government for the year ended June 2017, less than half the amount transferred last year.

While the move could upset the Finance Ministry’s Budget arithmetic, a lower surplus also dents the broad premise that scrapping of currency notes that failed to return to the banking system post demonetisation would extinguish the RBI’s liabilities to an equivalent measure and, thus, open the possibility of transfer of these gains to the Centre in the form of higher dividends.

Technically, the transfer of profits is provided in Section 47 of the RBI Act, which states that after making provisions for bad and doubtful debts, depreciation in assets, contribution to staff and superannuation fund and for all matters for which provisions are to be made by or under the Act or that are usually provided by bankers, the balance of the profits of the bank is required to be paid to the Central government.

The RBI’s profits essentially represents the difference of income over expenditure. The key source of income for the Central bank is interest arising from its foreign assets and domestic assets.

For the year 2015-16, the RBI board had approved the transfer of surplus amounting to Rs 65,876 crore to the government. In the previous year, the Central bank had paid Rs 65,896 crore to the government, which came as a boon to the government in covering the deficit. The surplus transferred to the government was Rs 52,679 crore in 2013-14. The RBI did not give reasons of the sharp fall in the surplus income for the year ended June 2017.

The government had, in December last year, issued an ordinance for scrapped currency notes, paving the way for potential surplus transfer from the RBI on account of demonetisation.

As per the Specified Bank Notes (Cessation of Liabilities) Act, 2017, the scrapped currency notes of Rs 500 and Rs 1,000 (as announced on November 8 last year) “shall cease to be liabilities of the RBI under section 34 of the Reserve Bank of India Act, 1934 and shall cease to have the guarantee of the Central Government under sub-section (1) of section 26 of the said Act”.

A month earlier, in November, the then Attorney General for India Mukul Rohatgi, while replying in the Supreme Court on the demonetisation issue, had said that out of the total estimated money in circulation of Rs 15-16 lakh crore, the government expected people to deposit Rs 10-11 lakh crore in banks. “The rest, Rs 4-5 lakh crore, were being used in northeast and Jammu and Kashmir to fuel trouble in India. That will be neutralised,” he had said.

RBI, reserve bank of India, Demonetisation, note ban, RBI notes, currencies, budget, Finance ministry, RBi board, Mukul Rohatgi,Incidentally, the YH Malegam committee had suggested in 2014 that the Central bank can transfer its entire surplus to the government, without allocating anything to its various reserve funds, for three years because it had adequate reserve funds.

The lower amount will be a concern since the government’s non-tax receipts will be affected. “In the Budget it was assumed that around Rs 75,000 crore would come from the RBI, public sector banks and financial institutions compared with a little over Rs 76,000 cr in FY17,” rating firm Care Ratings said.

“As public sector banks are unlikely to do better than last year and the RBI will be transferring a smaller amount, this will impact the fiscal deficit numbers. If other conditions remain unchanged, the fiscal deficit can increase from 3.2 per cent to 3.4 per cent this year,” it said.

The RBI’s main source of income is interest earned on bond holdings through open market operations or purchase and sale of government securities. Following the recommendations of the Malegam committee, the RBI stopped transfers to internal reserves since its accounting year 2013-14 which is now a part of expenditure.

SBI posts big rise in Q1 profit despite NPA spike

State Bank of India, the country’s largest, on Friday posted a 436 per cent rise in consolidated net profit to Rs 2,006 crore for the June quarter of the current fiscal as against Rs 374 crore in the same period of last year.
However, the bank reported a sharp rise in non-performing assets (NPAs), or bad loans, with gross NPAs rising to 9.97 per cent of the gross advances as on June 30, 2017, from 7.40 per cent as at end-June 2016.

SBI group’s net profit (after minority interest) rose from Rs 1,046 crore in the June quarter of 2016 to Rs 3,032 crore in June 2018 a rise of 189.85 per cent. The bank said the figures, ratios and other information are based on the merged audited numbers. “Historical data has been arrived at by aggregating the audited numbers of the erstwhile associate banks, Bharatiya Mahila Bank and SBI for comparison purposes,” the lender said.

The bank’s asset quality slipped substantially because of higher accruals of bad loans from the books of associates. Gross NPAs increased from Rs 1,37,662 crore as on June 2016 to Rs 1,88,068 crore as on June 2017. The bank has put Rs 32,427 crore in corporate advances in the ‘watch list’ of loans that could be at risk of going bad. The power sector accounts for a third of this exposure.

In addition, the bank disclosed that it has invoked strategic debt restructuring (SDR) in loans worth Rs 12,807 crore, and the Scheme For Sustainable Structuring of Stressed Assets (S4A) for Rs 8,124 crore worth of loans. SBI also reported a jump in bad loans in its agricultural lending portfolio. NPAs in this portfolio jumped to 9.51 percent at the end of the June quarter, compared to 6.37 percent at the end of the March quarter. Bad loans in the retail segment also jumped during the quarter.

State Bank of India, SBI, Rate cut, interest rates, SBI Banking, Indian Express Banking, Indian express business news, business newsSBI shares fell by 5.36 per cent to end at Rs 280.65 on the BSE. During the day, it plummeted as much as 6.17 per cent to Rs 278.25. SBI had merged its five associate banks — State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Hyderabad and State Bank of Patiala, besides the BMBL — with itself from April 1. On a non-comparable basis, SBI said, its consolidated net profit during April-June, 2017-18, stood at Rs 3,105.35 crore. It was at Rs 867.32 crore in the same period year ago. The non-comparable standalone net profit in April-June of 2017-18 stood at Rs 2,005.53 crore. The net profit was at Rs 2,520.96 crore year ago.

The operating income of the bank fell by 5.17 per cent to Rs 25,612 crore during April-June quarter of 2017-18, as against Rs 27,007 crore in the same period a year ago. Of the other key metrics, bank’s fee income increased to Rs 4,870 crore during first quarter of 2017-18, up 16.21 per cent from Rs 4,190 crore in same period year ago.
However, net interest income decreased by 3.51 per cent to Rs 17,606 crore from Rs 18,246 crore year earlier. Non-interest income also fell by 8.62 per cent to Rs 8,006 crore from Rs 8,761 crore.

Deposits of the bank, as on June 2017 rose by 13.28 per cent to Rs 26,02,534 crore from Rs 22,97,426 crore. Gross advances were up 1.46 per cent from a year ago to Rs 18,86,666 crore by June-end against Rs 18,59,513 crore as on June 2016.

Guide to pairing loafers with different outfits

Loafers can complement any attire ranging from traditional, formal to casual outfits and considered to be one of the most stylish footwear styles. From tassel loafers in suede leather to loafers crafted in velvet with quirky motifs, there are a lot of options to pick from in the market, suggest experts.

Ishaan Sachdeva, Director at Alberto Torresi and Tabby Bhatia, Director at Voganow.com, have suggested few styles:

* Available in varied styles, the most traditional being the penny loafers have witnessed profound popularity among youngsters. Apron toe penny loafers and wingtip medallion toe loafers crafted in premium leather in rich tones of tans, blacks and dark browns can brilliantly fit well with formal attires.

* Another emerging shoe style is tassel loafers in suede leather which are incredibly stylish and give more of a semi-formal look.

loafers, loafers styles, loafer variety, loafers colours, indian express, fashion news* A classic black loafer with side braiding can definitely get you noticed when teamed up with t-shirt, chinos and a blazer and can be a part of Friday dressing at your workplace.

* Loafers crafted in genuine leather with interesting croco print detailing or in fringes with wingtip medallion toe give a formal touch to one’s appearance.

* On the other hand tassel loafers in suede or loafers crafted in velvet with quirky motifs embellishments in bright tones of navies, red or green goes well with informal attires.

* For formal styling one can go for patent leather loafers with preppy blazer or tuxedos while for a semi-formal look, one can opt for classic solid colors that can complement staple trousers and crisp shirts.

* During autumn-winter, a pair of loafers in shades of blue, red and olive green can be teamed with knitted sweater or zippers to give a classic casual styling essence.

Tips for makeup-loving contact lens wearers

Have you been recently detected with a vision prescription and are now worried about applying make-up? Or are you someone who is been a long time contact lens wearer, but worry about ruining your makeup, and even your eyes? Lets bring an end to your agony.

Eye redness, itching and watering are some of the problems that contact lens wearers are quite familiar with and hence experts like Bausch & Lomb India’s key opinion leader Proffesor Monica Chaudhry and Premvardhan, Regional medical director, Eye-Q super specialty eye hospitals suggest tips that comes in handy the next time you want to apply makeup while wearing your contact lenses.

* Maintain proper hygiene: Considering you touch a thousand things during the day and may even miss out on washing your hands, you definitely would not like millions of bacteria to enter your eyes through your fingertips. Hence, always ensure washing your hands thoroughly before wearing lenses.

* Always put you lenses in first: As a thumb rule, it is advised to always wear your contact lenses before you begin with your make-up ritual. This minimizes the chances of makeup getting on the contact lens and also reduces the probability of your eyes catching any infection.

* Clean make-up tools: It is advised to clean the make-up tools before applying makeup considering dust and dirt tends to clog the makeup brushes when used continuously. This step is especially vital when you are wearing contact lenses. You can immerse the makeup tools in hot water mixed with some gentle baby shampoo.

* Clean your lenses too: If you are not using a Daily disposable Contact lens which are made to be use and throw, you require cleaning your lenses after each use with approved contact lens care solution. You should follow your eye care practitioner’s recommendation for the choice of solution. Bausch + Lomb’s Biotrue Solution is effective for all types of Soft contact lenses.

* Use oil-free and waterproof mascara: Opting for waterproof and oil-free mascara while wearing contact lenses is a better option, since using mascaras with strong oil-based substances can cause it to flake, and enter the eyes or bind with the contact lens thus causing irritation and watering eyes and ultimately ruining your make-up.

contact lens wearers, tips for contact lens wearers, contact lens, lifestyle news, latest lifestyle news, indian express, indian express news* Use cream-based eye shadows: Instead of going for powder or glitter eyes shadows which may allow excess powder inside eyes, opt for cream-based eye shadows that won’t smudge around your eyes.

* Be careful with your waterline: It is usually advised to refrain from applying kajal or liner on your waterline, if you wear contact lenses. However if you must, then invest in a kajal pencil that is most importantly smudge-proof and sharpened, in order to avoid getting any of it on your lenses.

* Always keep a check on the expiry of your products: Like everything else, makeup products too have an expiry date. Hence, avoid using old products as the ingredients become toxic and can harm your eyes. Also, avoid sharing eye makeup with others, as this increases the chances of contacting an infection.

* Replace contact lenses regularly: However careful one may be, dirt particles get transferred on to the lens which may eventually cause irritability or infection. Hence, in order to maintain a healthy regime, it is advised for contact lens wearers to switch from yearly contact lens to shorter replacement modality like monthly/daily disposable options.

Get that perfect tri-coloured make-up look for Independence Day

Match your eye-makeup with the mood of your social program on or around Independence Day on August 15. Use the tri-colour of the national flag to add drama to your look. Experts have suggest different looks:

Aakriti Kochar, beauty and make-up expert at Oriflame India and Bharti Taneja, beauty expert and Director at Alps Beauty Clinic, have shared inputs:

* Take a rich green coloured eye pencil and apply it generously on the waterline so that you have enough for smudging it outside your eyes as well. Use a pencil brush to smudge the green eyeliner on the lower rim to create a smokey effect.

Settle it with a matte dark green eyeshadow. This will give a more smokey effect to the smudging.

Apply an orange eyeshadow on the eyelid along the socket of your eyes, use a fluffy brush to make it softly blended. In the end use a bright white or pearl eyeshadow in frosty finish and apply in on the inner corner of the eyes.

This will brighten up the eyes. Outline your eyes with a thin eyeliner and curl your lashes to mascara it well to open up the eyes further more. Always fill in the brows for a finished look.

* Experiment with eye liners. A tri-colour eye liner will look far more happening. Give a twist with winged coloured liners.

Make-up tips, Independence day make-up, Tric-colored effect make-up, Make-up tips for Independence day, dark green eyeshadow, smokey effect make-up, eye make-up tips, tri-colour eye liner , Fashion News, Indian Express news Pick them in shades of orange, white, green and blue to start sketching interesting blend around the eyes. Start with orange eyeliner on the inner half of the top eyelid and use dark green to extend the same eyeliner in continuation and flick it out.

Fill in the waterline with white eyeliner to brighten the eyes and use your blue eyeliner right outside the white eyeliner on the lower rim of the eyes.

Curl your lashes and mascara well to open up the eyes for a bigger effect.

* Try a colourful mascara as it will not only give you the desired look but also add a dose of drama.

* To try something extremely different from the crowd, let your eyes speak with painting. There are number of beauty clinics where you can visit to decorate your eyes with beautiful paintings like of a freedom fighters, politicians, flags and chakras.

Hip-hop artists and their obsession with luxury fashion brands

The history of hip-hop music can be traced back to a post-industrial South Bronx in New York City where DJ Kool Herc kick-started the movement at his Back to School party in the 70s. Ever since its introduction, the evolution of hip-hop has been remarkable with artists like Kendrick Lamar, Drake, Lil Wayne, Wiz Khalifa and the others using it as a tool to express their opinions against the injustice in the society. But it’s not the only thing they have been associated with. These artists have also laid the groundwork for what today is called fetishisation of branded fashion and their engagement with big fashion brands has been well documented with their high-powered appearances at major fashion week events.

Also, the repeated brand name-dropping in their music videos is proof that most of them are obsessed with being a fashion symbol. While Gucci tops the list, followed closely by Prada, Versace, and Louis Vuitton, luxury brands like Alexander McQueen and Isabel Marant are the latest ones to join them. To use rap culture fashion as an example, 2012 was the year of Givenchy and even today rappers like Kanye West, P Diddy and Swizz Beats flock to Paris to preview the new collections. Then there’s the French fashion house Balmain who has been killing it for years and Balenciaga holding their attention with their ever-popular Arena sneakers and futuristic designs. From what we have seen, most artists’ these days gravitate towards edgy designs but things were not always the same.

Kanye West, Kim Kardashian.In the 80s and 90s, rappers were seen wearing flannel shirts, baggy jeans, sweatpants and bubble jackets and brands like Fubu, Cross Colours, and Sean John were favoured by leading artists like Notorious B.I.G., Dr Dre and Tupac Shakur. Sportswear brands like Adidas and its subsidary Reebok, Nike, Puma and FILA also had their moments. For most of these brands, forming relationships with rappers was all about exploiting their commercial potential. It was somewhat easy for them as most rappers belonged to the marginalised class and the taste of luxury was enticing. Hip-hop fashion is still a medley of influences but things today have taken a 180 degree turn.

Taapsee Pannu, Kriti Sanon, Neha Dhupia show us different ways to wear white

White signifies elegance and for most people, it is the go-to colour to beat the heat. So why should it be any different for our Bollywood celebs? This season, we saw a couple of interesting celeb-inspired looks which gave us fashion goals and at the moment Taapsee Pannu, Kriti Sanon and Neha Dhupia are doing the same for us – three very different looks which are really inspiring and something you shouldn’t miss.

Let’s start with Pannu as hers is the most dramatic. At a launch event for a mobile brand in Delhi, the Judwaa 2 actor was seen in a refreshing one-shoulder ruffle detail top from Avaro Figlio and an edgy pair of ruffled hemline pants from Olbees.

Taapsee Pannu, Kriti Sanon, Neha DhupiaWe love how celebrity stylist Devki B put these two separates together, it instantly upped her fashion game. The decision to go with an updo was a good move by celebrity hairstylist Kanta Motwani and the dewy sheen and kohled eye make-up done by celebrity make-up artist Nicky Jaan added a nice touch to her look. This outfit is pure elegance and would have looked good with a dark lip shade as well.

Meanwhile, Kriti Sanon was seen promoting her upcoming film Bareilly Ki Barfi in an angarkha style kurta with flutter sleeves and block print palazzo. The mulmul set she picked up from NEH just gives out a nice, breezy vibe in this heat.

Bipasha Basu’s Sabyasachi sari is incredibly gorgeous but the velvet blouse is a dampener

Bipasha Basu is a fashion chameleon, sometimes taking things just a tad bit too far, but the one thing that this Bengali beauty does well is dress up in Indian wear. There has been numerous occasions in the past when she has made jaws drop while channelising major Indian vibes in the six-yards-wonder. Take the example of the one where she was seen earlier in May, in a beautiful floral creation from Sabyasachi from his Udaipur collection. Equally enticing was her make-up and hair.

Bipasha Basu, Sabyasachi But nothing is permanent and looks like her good spell with saris is over with her appearance at the launch of the The Great Indian Wedding Book in Mumbai. The onion-pink Sabyasachi sheer sari with heavy embroidery all over it is indeed beautiful but her choice of blouse is a complete let down.

Jacqueline Fernandez shows off her toned abs in these really cool crop tops, see pics

When she is not occupied with dancing around poles, Jacqueline Fernandez is busy putting her best foot forward for the promotions of her upcoming film A Gentleman, co-starring Siddharth Malhotra. Over the last couple of days, the actor has given us quite a few inspiring looks. We especially love her appearance in a floral, pink and gold ethnic wear from Arpita Mehta’s The Silk Rose collection. But Indian is not the only thing she is doing well. Recently, the actor was seen sporting crop tops and acing the style while at it.

Jacqueline Fernandez, A GentlemanOur favourite is the one where she was seen at Mumbai airport doing a retro look in flared, high-waisted denims from Stella McCartney and a yellow cropped sweat-shirt with grey and orange stripes at the hemline and neck from Versus Versace.

Anushka Sharma, Shilpa Shetty, Bhumi Pednekar: Who wore the cold shoulder dress better?

It’s not just us, looks like fashion enthusiasts across the country are crushing on cold shoulder outfits. The trend which caught up with the Bollywood brigade earlier this year, is still going strong with regular sightings of the beauties taking the style in a cool new direction. We have a few favourites but the list is growing with each passing day. We will get to that later, but first let’s see how well Anushka Sharma, Shilpa Shetty and Bhumi Pednekar who were recently spotted embracing the trend wore it.

Anushka Sharma, Shilpa Shetty, Bhumi PednekarAnushka Sharma picked up a beautiful blue dress with mustard prints along the neckline, bodice, and hemline, from Ritu Kumar while promoting her upcoming film Jab Harry Met Sejal.

We would love to add this boho maxi dress to our wardrobe as it’s a lovely medley of styles and cuts – look at the high neckline and cold shoulder details, it’s just beautiful. She styled it well with a pair of tan heels from Aquazzura, gold hoops from Urban Outfitters, fresh face make-up and a crown braid hairdo.

Meanwhile, Shilpa Shetty was seen attending a party in a black cold shoulder and ruffle detail dress from &Other Stories. We love the gold heart prints and the beautiful fall of the outfit.