09 February 2016 Current Affairs
Former Nepal PM passed away
Former Prime Minister of Nepal Sushil Koirala passed away on 9 February 2016. Koirala was elected as a Prime Minister of Nepal on 10 February 2014 and resigned as PM in October 2015 after parties failed to forge a consensus amid continued protests and blockade of a key border trade point with India over the country’s new Constitution.Born on 12 August 1939 in Banaras, India, Koirala was the cousin of former PMs Matrika Prasad Koirala, Girija Prasad Koirala and Bishweshwar Prasad Koirala. He entered politics in 1954 and was in political exile in India for 16 years following the royal takeover of 1960. Koirala also spent three years in Indian prisons for his involvement in a plane hijacking in 1973.
Punjab National Bank Q3 net profit plunges as bad loans surge
Punjab National Bank, India’s fourth-biggest state-run lender by assets, reported on 9 February 2016, its fiscal third-quarter profit fell 93 percent as provisions for bad loans jumped. Its shares fell more than 6 percent after the results. Net profit tumbled to 510.1 million rupees ($7.5 million) for the three months to December 31 (Sep-Dec 31) from 7.75 billion rupees a year earlier, the lender said in a regulatory filing. Analysts on average had expected a net profit of 7.07 billion rupees, according to data compiled by Thomson Reuters. Gross bad loans as a percentage of total loans were 8.47 percent at end-December, compared with 6.36 percent in the previous quarter. Provisions, including for bad loans, more than doubled from a year earlier to 37.76 billion rupees.
Chettinad cotton saree won India Handloom tag
During the first week on February 2016, the Chettinad cotton saree won the India Handloom tag for its unique designs and identity. After checking different quality parameters stipulated by the Standard Operating Procedure (SOP), The Textiles Committee, Union Ministry of Handlooms and Textiles, Mumbai, registered the Chettinad cotton saree under the India Handloom Brand Scheme. The Ministry authorized the Amarar Rajiv Gandhi Handloom Weavers Cooperative Society, which produced the sarees, to use the brand and logo for marketing the product. Chettinad cotton saree, also known as kandaangi.