Top headlines: ADB cuts India growth forecast, IIFL's opportunity, and more

ADB Trims India's FY20 Growth Forecast To 5.1%, Cites Consumption Slowdown

The Asian Development Bank (ADB) on Wednesday trimmed its forecast for India's economic growth in 2019-20 to 5.1 per cent saying consumption was affected by slow job growth and rural distress aggravated by poor harvest. Read more

IIFL sees opportunity in crisis, bets on beleaguered financial sector

IIFL Asset Management Ltd, which oversees $3.3 billion in assets, is set to expand on a strategy of investing in the most stressed area of India’s economy: the financial services industry. Read more

Isro's PSLV successfully places RISAT-2BR1, 9 foreign satellites in orbit

India's Polar Satellite Launch Vehicle, which was in its 50th mission (PSLV-C48), successfully placed India’s latest spy satellite RISAT-2BR1 and nine other foreign satellites in their designated Orbits. Read More

PSBs want ex-billionaire Mallya to be declared bankrupt over $1.52 bn debt

Twelve state-owned Indian banks are petitioning for ex-billionaire Vijay Mallya to be declared bankrupt over 1.15 billion pounds ($1.52 billion) in unpaid debts. Read more

Loan waivers drive bank NPAs in MP up by Rs 2,949 cr in 10 months to Sept

Hundreds of thousands of farmers across Madhya Pradesh have been queuing at cooperative societies and fertiliser shops the past few weeks, to get their share of urea just when the peak wheat sowing season is on. According to official sources, urea demand across the state has spiked as the extended southwest monsoon has left a small sowing window for wheat farmers, who do not stock urea otherwise. Read more

Cashiers, peon among those penalised for bank NPAs in FY18, reveals RTI

FMs' statements in the Lok Sabha show that 41,360 public-sector bank employees have been held responsible and penalised for NPAs in last 5 financial years, including 6,049 in 2017-18. Read more