Govt. to set up National Recruitment Agency
- The Union Cabinet on Wednesday approved the creation of a National Recruitment Agency (NRA) for
conducting a Common Eligibility Test (CET) for various government jobs.
- Information and Broadcasting Minister Prakash Javadekar said the Cabinet had taken the “historic” decision at a meeting chaired by Prime Minister Narendra Modi to benefit crores of young people who applied for jobs every year. About 2.5 crore to 3 crore candidates applied for the 1.25 lakh Group B and C jobs advertised by three agencies every year, with separate schedules and fees.
Banks set to restructure up to ₹8.4 lakh cr. of loans: IndRa
- Banks are likely to restructure up to ₹8.4 lakh crore of loans, or 7.7% of the overall system’s credit, under the newly announced recast package, a domestic ratings agency.
- More than 60% of this ₹8.4 lakh crore was likely to slip into the non performing assets (NPAs) category if not for the recast move, and the restructuring would help banks’ bottom lines as the funds needed to be set aside, as provisions, would be lower.
- Earlier this month, the RBI had announced a recast package which focussed on a casebycase approach for restructuring rather than a blanket or sectoral approach. The central bank had also allowed small value, noncorporate loans to be recast.
- corporate loans — the non-corporate segment, which includes small businesses, agricultural loans and retail lending, will account for a higher share this time.
- Non-corporate segment was showing signs of stress even before the start of the pandemic, when things seemed to be normalising in the corporate space.