Banks go all out to recover bad debts
Under intense pressure from the Government to reduce their non-performing assets (NPA), nationalised banks are making heavy sacrifices by entering into compromise deals with their borrowers to recover doubtful and sub-standard debts. Senior bankers say there is frenzied activity for recovery at all levels as the financial year comes to a close. They say that in several instances banks are willing to sacrifice even 40 per cent of their outstanding for a doubtful or sub-standard asset, which is likely to further deteriorate in future.
Indians’ fancy for Japanese goods
Products manufactured in Japan, Germany and the US, in that order, enjoy high quality ratings the world over and people in Chile, Costa Rica, Hungary, Mexico and Thailand share with the Indians having a preference for imported goods. This is the reading of a Bozell-Gallup poll of consumer perceptions of goods made in 12 exporting countries and announced by Marketing and Advertising Associates Pvt. Limited, a Bangalore-based advertising firm, which has an affiliation with Bozell Worldwide Inc.
Unions’ bid to put up joint fight
Anti-privatisation movement in the financial sector is to gain momentum. Unions, so far opposed to one another, have decided to sink their differences and close ranks to proceed jointly. Almost all the unions, controlling 15 lakh employees and officers in banks, insurance companies and FIs, have jointly given the call for one day's token strike on April 8 to protest against, among other things, the privatisation of the financial sector, branch closure and attack on job security. Other demands include revision of wages, bonus for all, extension of pension benefits to regional rural banks and FIs.