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Top of the Morning ☕: What is wrong with RBL Bank?

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Top of the Morning ☕: What is wrong with RBL Bank? 1
Tuesday, 28 Dec 2021
Top of the Morning ☕: What is wrong with RBL Bank? 2

Good morning!

The curious case of RBL Bank is resulting in investor panic—on Monday, the stock tanked 18%, closing at ₹140.90 on the BSE. Over the Christmas weekend, we were told that the RBI had appointed an additional director on the bank’s board and two, its chief executive, Vishwavir Ahuja, would go on “immediate leave”. Although the central banker scrambled to reassure that RBL is well capitalized, Ahuja’s sudden exit has raised question marks. Are there compliance issues? Both the lender and the RBI must set the record straight.

Top of the Morning ☕: What is wrong with RBL Bank? 3

Scroll down for our top picks of the day. Guidelines for vaccinating children are in, so is NITI Aayog’s health rankings. RIL, meanwhile, may acquire a stake in a robotics company while Walmart is facing the music in China.

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Market Watch
What’s up?

BSE Sensex

Top of the Morning ☕: What is wrong with RBL Bank? 857,420.24 (+0.52%)

NIFTY

Top of the Morning ☕: What is wrong with RBL Bank? 8 17,086.25 (+0.49%)

Dollar/Rupee

Top of the Morning ☕: What is wrong with RBL Bank? 10 ₹74.99 (-0.03%)

Gold

Top of the Morning ☕: What is wrong with RBL Bank? 8 ₹48,168 (+0.10%)

Crude oil

Top of the Morning ☕: What is wrong with RBL Bank? 10₹5,524 (-0.07%)

Bitcoin

Top of the Morning ☕: What is wrong with RBL Bank? 8 ₹40,50,416.33 (+3.02%)

*As of 8 PM 27 December; MCX, CoinDCX

The main stuff

Check out the guidelines for vaccinating children, seniors

The Union health ministry on Monday issued guidelines for covid-19 vaccination of children between 15 and 18 years and booster doses for healthcare workers, frontline workers and people who are 60 or older with comorbidities. Children will receive Bharat Biotech’s Covaxin and the vaccination for this group will begin on 3 January. However, the government hasn’t clarified whether the other eligible beneficiaries will be allowed to receive a different vaccine. Neetu Chandra Sharma has the details. Read more.

RIL arm to invest ₹300 crore in warehouse robotics company

Reliance Retail Ventures, the retail unit of Reliance Industries, is likely to acquire a minority stake in warehouse robotics company Addverb Technologies for around ₹300 crore, two people familiar with the matter said. If the deal goes through, it will value Addverb Technologies at ₹1,590-1,660 crore. Addverb, founded in 2016 by former Asian Paints executives, helps companies improve space utilization in warehouses and factories, reports Debjyoti Roy. Read more.

Kerala tops NITI Aayog’s health rankings, UP at bottom

The southern trio of Kerala, Tamil Nadu and Telangana are the best performers in healthcare among large states, while last year’s laggard, Uttar Pradesh, continues to languish at the bottom of the table, according to the latest rankings by NITI Aayog, the health ministry and World Bank. The Healthy States Progressive India report said Kerala was the topper in overall performance for the fourth consecutive round. Uttar Pradesh, however, improved its overall score, topping in ‘incremental improvement’ in health outcomes. Gireesh Chandra Prasad reports. Read more.

FMCG-supplier discord festers

Distributors are likely to delay the 1 January deadline they set to stop working with consumer goods companies to pressure them to offer similar product prices and margins the companies offer new distribution platforms such as JioMart and Udaan. The decision comes as talks between the fast-moving consumer goods (FMCG) companies and distributors are set to spill over to the new year. In meetings held last week, the FMCG companies reiterated their faith in traditional trade channels but added that they would continue to engage with new channels to drive business, reports Suneera Tandon. Read more.

Why past 10 years was labour’s lost decade (premium)

In the decade since 2011-12, India has witnessed an increase in youth unemployment across the board, among richer and poorer states and high-growth states as well. In absolute terms, this amounts to an increase of 11.5 million unemployed men aged 15-29 years between 2005 and 2020, and 2.24 million unemployed women. The Indian economy has not been able to catch up with the demographic changes in the last couple of decades. Thus, the very real danger that it will be stuck in a middle-income trap loom, writes Avinash Celestine. Read more.

India leads among emerging markets, faces Omicron threat

India reclaimed its top position among emerging market (EM) peers last month as economic recovery continued unabated, inflation stayed under control, and the rupee performed decently despite concerns over capital outflows. Most other EM economies struggled with depreciating currencies and high inflation, ensuring India moved two steps up from its third position in October, the latest update to Mint’s EMs tracker showed. Although India stands at the top, the economic situation could worsen in coming months due to the impending risks from the Omicron variant of the coronavirus, writes Pragya Srivastava. Read more.

e-paper
Elsewhere…

Global business news

Top of the Morning ☕: What is wrong with RBL Bank? 22

(AP)

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The Omicron variant pushed covid-19 daily cases in the US to the highest level in nearly a year, leading to the cancellation of more than 2,000 flights over the holiday weekend and signaling the different kind of threat that the surging new strain poses to the economy and everyday life. The travel cancellations show how even a milder but rapidly spreading version of covid-19 can disrupt business activity and people’s plans.

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Walmart Inc., the world’s largest retailer, became the latest Western company to face scrutiny over its handling of business involving Xinjiang, following the passage of a US law that bans all imports from the northwestern Chinese region over forced labor and human rights concerns. The retailer attracted anger on Chinese social media after users shared comments that purported to show that Walmart had stopped stocking products from Xinjiang.

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Troubled property developer China Evergrande Group said construction work has resumed at more than 90% of its stalled residential projects, adding that it has picked up the pace of delivering apartments promised to home buyers across the country. Evergrande said more than 80% of its suppliers of materials and decorative services have “resumed cooperation”.

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Top of the Morning ☕: What is wrong with RBL Bank? 23

Businesses rattled by high logistics costs and freight bottlenecks are extending the workarounds they adopted during the pandemic and taking on new strategies to ease their supply-chain pain in the new year. Some are storing goods in idle truck trailers, while others are making deeper efforts to wring additional capacity from strained distribution networks.

Top of the Morning ☕: What is wrong with RBL Bank? 23

Cannabis sales are now legal in the majority of US states, with several states expecting to usher in regulated dispensaries in 2022, but the provision of financial services for the industry still occupies a grey area. The largest US banks have stayed well away from the cannabis sector, as federal law still prevents banks from banking cannabis businesses.

News in numbers
367,000

The average number of daily domestic air passengers in the week ended 25 December, up from 360,000 a week ago, amid growing concerns around the Omicron variant.

44.3 million

The number of income tax returns (ITRs) that were filed as of 25 December, nearly half of them by individuals whose income is lower than ₹50 lakh.

27,312
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The number of bottles of Telmisartan and Hydrochlorothiazide tablets, a drug for lowering high blood pressure, that Torrent Pharma is recalling from the US market.

10.6%

The average rate at which residential prices increased across 150 cities globally, the fastest price growth rate since early 2005, according to a report by Knight Frank.

23

The number of people who succumbed to Dengue in Delhi this year, the highest in the past six years. 9,545 cases have been reported in 2021.

howindialives.com
Chart of the day
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From two cases at the beginning of the month to 578 as on 27 December, the spread of Omicron has been rather rapid. An upward trend is visible in cities such as Delhi and Mumbai. With roughly 40% of India’s population yet to receive the first dose, laxness during New Year celebrations may prove costly.

LOUNGE RECOMMENDS

10 Steps to the Boardroom

Top of the Morning ☕: What is wrong with RBL Bank? 32

In this easy-to-read book that draws heavily from the author’s own 40-year-long career in the corporate world, G.S. Rattan explains how to make that difficult shift from middle management to the corner office. He proceeds step-by-step, explaining the moves and plans one should be making at each step in one’s career and how to stay the course without being demotivated or burnt out. Read an excerpt.

What the fact

The BPL saga

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An old BPL television on sale (Olx)

T.P. Gopalan Nambiar started manufacturing panel metres for the defence forces in 1963. Initially, he operated from Palakkad in Kerala but later moved the company’s headquarters to Dynamic House in Bengaluru’s Church street. The 1982 Asian Games (colour TV broadcasts in India became popular) convinced Nambiar to enter consumer electronics. This is how British Physical Laboratories or BPL’s spectacular rise started—besides consumer electronics, the company manufactured medical electronics, telecommunications gear, soft energy and electronic components.

Contributed by katanaThebizdom

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Written and edited by Goutam Das. Produced by Nirmalya Dutta. Send in your feedback to newsletterskatanalivemint.com.

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