PM Modi blames phone-a-loan scam under UPA regime for NPA mess
Prime Minister Narendra Modi on Saturday accused the previous Congress-led UPA government of running a phone-a-loan scam where loans were handed out to select businessmen at the behest of namdars (dynasts), creating huge amounts of non-performing assets in the banking sector.
“The Congress had put the economy on a landmine. Our government brought out the true picture of NPAs and the scam of the previous government,” he said. Read more here
Centre establishing legal framework to regulate online sale of medicines
The government is putting in place a legal framework to regulate online sale of medicines.
On Saturday, the government released the draft rules allowing one-point registration for e-pharmacies and fixing procedures for sale. The draft provides for patient data protection. The details of patients cannot be shared with anyone except government authorities.
The Drugs and Cosmetics Act, 1940, governs sale of medicines in India. Medicines can be sold from licensed premises only. The Act does not cover e-pharmacies at present and the government had decided to appoint a sub-committee, after receiving complaints of violations. The draft released on Saturday is based on the sub-committee's recommendations. Read more here
SBI hikes lending rates by 20 bps across all tenures up to 3 years
Home loans are set to become costlier as the country's largest lender, State Bank of India (SBI), has raised its marginal cost of funds-based lending rate (MCLR), the floor rate at which banks lend.
The bank increased its lending rates by 20 basis points (bps) across all tenures up to three years. SBI's lending rates range from 8.1 to 8.65 per cent as of Saturday, according to the bank's website. The lending rates previously were in the range of 7.9-8.45 per cent. Read more here
Car manufacturers witness flat domestic sales due to Kerala floods
The fast-growing domestic car manufacturing industry witnessed a flat performance in the month of August, impacted by floods in Kerala and heavy rainfall in several other states. Maruti Suzuki and Hyundai, the top two manufacturers, reported a year-on-year decline of 3.6 per cent and 2.8 per cent, respectively, in domestic sales. Only two companies — Tata Motors and Toyota — managed to buck the trend with double-digit growth. Read more here