Month: March 2022

Axis Bank, the country’s third-largest private sector lender, on Wednesday said it will acquire Citibank’s India consumer banking businesses covering loans, credit cards, wealth management and retail banking operations for Rs 12,325 crore.

The transaction comprises the sale of the consumer businesses of Citibank India, which include credit cards, retail banking, wealth management and consumer loans.

The deal also includes the sale of the consumer business of Citi’s non-banking financial company, Citicorp Finance (India) Limited, comprising the asset-backed financing business, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio.

Axis Bank looks at this acquisition as a healthy strategic fit. It will gain access to the large and affluent customer franchise of Citibank having a bouquet of fee-oriented and profitable segments, that include a quality credit card portfolio, affluent wealth management clientele, meaningful deposits with 81 per cent being CASA, along with a strong consumer lending portfolio, Axis Bank said in a statement.

“We are delighted with the addition of an enviable retail franchise and a high-quality talent pool as we continue our journey towards becoming a premier financial services brand, in line with our GPS strategy framework,” Amitabh Chaudhry, MD and CEO, Axis Bank, said in a statement.

Post the acquisition, Axis Bank will have 28.5 million Savings Accounts, over 2.3 lakh Burgundy customers and 10.6 million Cards.

“This is a significant milestone in Axis’ journey of growth and leadership and will bring in great value for all stakeholders. The amplified scale and width of offerings, the diversified portfolio of products and global best practices will enhance customer experience, while greater synergies both on revenue and cost side will augment value for the new franchise,” Chaudhry said.

The acquired portfolio would increase Axis Bank’s credit card customer base by nearly 31 per cent with an additional 2.5 million cards, which will in turn bolster the Cards balance sheet position to be amongst the top 3 players in the Indian market.

Moreover, the wealth and private banking portfolio will add great value to the Axis Burgundy business, further accelerating its growth ambitions in that segment. On an overall basis, the proposed transaction will add 7 per cent to the Bank’s deposit base (with 12 per cent increase in CASA) and 4 per cent increase in advances.

The deal excludes Citi’s institutional client businesses in India.

“We continue to remain committed to contributing to India’s growth and development as we deepen our presence through our institutional businesses and our community initiatives,” said Citi India CEO, Ashu Khullar.

“Citi will also continue to harness India’s rich talent pool in the areas of Technology, Operations, Analytics, Finance and allied functional areas through its network of Citi Solution Centers that are located in five cities in India and support our global businesses,” Khullar said.

As part of the deal, nearly 3,600 employees of Citibank will be absorbed in Axis Bank.

“We look forward to collaborating with Citi’s experienced senior leadership team and diverse talent pool, as they join Axis’ 86,000+ strong, dedicated workforce,” Chaudhry said. (ANI)

Aam Aadmi Party (AAP) Delhi MLA Saurabh Bhardwaj took a potshot at the BJP on Wednesday saying that the Bharatiya Janata Party (BJP) is unable to accept their electoral defeat, therefore, wants to “kill” the Delhi CM and AAP convenor Arvind Kejriwal.

While speaking to ANI, Bhardwaj said, “After AAP registered a huge victory in Punjab, BJP is unable to digest this defeat. They can’t accept that people trust our party and are voting for us. So they want to kill Arvind Kejriwal.”

He added, “AAP’s truthfulness, patriotism and humanity are being liked by the people of the country and hence people are electing the AAP candidates.”

“The BJP lost against AAP in Delhi. They played dirty politics in Punjab during the Assembly elections, still, they lost and so they are furious and hence attacking,” added the AAP leader.

Bhardwaj further added that “Their intention is to get Arvind Kejriwal killed. But we will answer the politics of their attack with the politics of public service, the people will answer them. This attack is not on Arvind Kejriwal, but on truth, honesty and patriotism.”

On asking whether AAP will file a complaint regarding the issue, the AAP leader said, “To which police should we complain now? The CM with Y-category security, outside whose house dozens of Delhi Police personnel were standing, just stood by the side as mute spectators when the CM’s house was attacked. All this is captured on camera.”

“I think this is a matter of court, not of police. Strict action should be taken against the police by the court. It is wrong to think that the Delhi police under Amit Shah can save Arvind Kejriwal from the assassination plot. These are the people themselves involved in the conspiracy to murder,” he stated.

Around 150-200 protestors of BJP Yuva Morcha on Wednesday protested outside Kejriwal’s residence, at Link road near IP College, around 11.30 am onwards to protest against his remarks on ‘The Kashmir Files’ in the Delhi Vidhan Sabha.

During the protest, around 1 pm, some of the protestors breached two barricades and reached outside the CM House where they created a ruckus, shouted slogans etc.

The BJP workers were also carrying a box of paint from which they threw paint outside the door. In the imbroglio, a boom barrier arm, as well as a CCTV camera, was vandalised

The Police team immediately removed the BJP workers from the spot and has detained around 70 people. (ANI)

Pakistan Peoples Party (PPP) chairman Bilawal Bhutto Zardari on Wednesday said Imran Khan “has now lost majority” in the National Assembly and Leader of the Opposition Shahbaz Sharif will soon become the Prime Minister of the country.

Addressing a press conference ahead of the confidence vote which is expected to take place in the next few days, Bilawal Bhutto thanked Muttahida Qaumi Movement-Pakistan (MQM-P) for joining hands with the opposition and deciding to support them to oust Imran Khan as Prime Minister in the no-confidence vote.

He said the voting should be held on Thursday.

“Imran Khan has now lost his majority. He is no longer the Prime Minister. The parliament session is tomorrow. Let’s hold voting tomorrow and settle this matter. We can then start working on transparent elections and the journey towards restoration of democracy and an end to economic crisis can then begin,” the PPP chairman said.

Bilawal Bhutto also said that Shahbaz Sharif, brother of former prime minister Nawaz Sharif, “will soon” become the prime minister of the country.

“PPP and MQM-P’s working relation has nothing to do with the no-confidence motion. Both the parties have to work together for the development of Karachi and Pakistan,” he added.

The PPP chairman said Shehbaz Sharif has challenged the Pakistan Prime Minister to resign from office. “He (Imran Khan) has no option left. He can either resign or get dismissed via no-confidence,” Bilawal Bhutto.

Earlier on Tuesday, the ruling PTI got another shock as MQM-P, an ally of the government, decided to side with the opposition and support them in the no-confidence motion against Imran Khan.

After the no-confidence motion against Pakistan PM was tabled in the National Assembly with a total of 161 votes in favour, the proceedings were adjourned till March 31.

Even as Imran Khan faces mounting pressure with some allies leaving the ruling coalition ahead of the no-confidence vote, Pakistan Information Minister Fawad Chaudhry on Wednesday said the Pakistan Prime Minister will not resign.

“Prime Minister Imran Khan is a player who fights till the last ball. He will not get resignation,” Fawad Chaudhry said in a tweet in Urdu.

Imran Khan is in a precarious position, with the voting on the no-confidence motion expected on April 3. (ANI)

Miss Universe 2021 Harnaaz Kaur Sandhu shared her views on the ongoing Hijab controversy during an event in Punjab on Wednesday.

When asked about her opinions on the ongoing hijab controversy, the 22-year-old said, “It’s every girl’s own choice, so no one has the right to speak about how the girls of India should live, and how to dress.”

“Those who are doing politics on the issue, are wrong,” she added.

Miss Universe 2021 also said, “Even if she is getting dominated by someone, she needs to come and speak. Let her live the way she wants to live. We are women of different cultures and we need to respect each other.”

The hijab protests in Karnataka began in January this year when some students of Government Girls PU college in the Udupi district of the state alleged that they had been barred from attending classes. During the protests, some students claimed they were denied entry into the college for wearing hijab.

Harnaaz Kaur Sandhu was crowned Miss Universe 2021, making her the third entrant from India to bag the prestigious title after 21 years. (ANI)

Russian Foreign Minister Sergey Lavrov will pay an official visit to New Delhi from March 31 to April 1, the Ministry of External Affairs (MEA) said on Wednesday.

This visit comes amid the ongoing Russia-Ukraine war. This will be Lavrov’s first visit to India since Moscow began its “special military operation” in Ukraine last month.

Lavrov is currently holding multinational meetings in Tunxi, China.

Russian Foreign Minister is taking part in two multinational meetings on Afghanistan along with representatives from Pakistan, Iran, Tajikistan, Turkmenistan and Uzbekistan.

The Russian foreign minister today held meetings with representatives from China and Pakistan.

“Those who tried to make Afghanistan centre of the world politics, now try to make Ukraine to replace Afghanistan. And we all understand what it is about,” Lavrov said during talks with his Pakistan counterpart Shah Mahmood Qureshi.

Lavrov will also attend a separate meeting of the “Extended Troika” with special Afghan envoys from China and the US. (ANI)

Srinagar Sessions Court on Wednesday adjourned the hearing of terrorist Bitta Karate, who had admitted to killing over 40 Kashmiri Pandits in the 1990s.

The trial proceedings began nearly after 31 years following a plea filed by the family of Satish Tickoo, one of the first victims of terrorism in the Kashmir valley. The court will hear the case again on April 16.

Advocate Utsav Bains will be filing the application on behalf of the family of victim Satish Kumar Tickoo in Srinagar Sessions Court for status reports of all the FIRs registered against terrorist Bitta Karate.

Speaking to ANI, Bains said, “Today was the first hearing of the case. The court heard the matter positively, reprimanded Jammu and Kashmir government for not pursuing the killings of Kashmiri Pandits to logical conclusions in the last 31 years, and also for not filing chargesheet against the accused Bitta Karate.

He stated that today’s hearing was a ray of hope for Tickoo’s family. The next hearing is on April 16, he added.

The hearing was allegedly adjourned following disruption by Bitta Karate’s lawyer.

An NGO working for the Kashmiri Pandits on March 24 had filed a curative petition in the Supreme Court seeking a probe into the killings in the Valley in 1989-90, during the height of militancy.

The curative petition by the NGO, Roots in Kashmir, was filed against a 2017 order of the top court, which had dismissed the organisation’s petition for probe citing a long delay.

On July 24, 2017, the Supreme Court had dismissed the plea filed by the NGO saying it is difficult to hold any probe and collect evidence on incidents that are more than 27 years old after the exodus of Kashmiri Pandits.

The curative petition sought direction from the apex court to decide the case afresh on merit by way of providing hearing opportunities to the parties.

It also said that the apex court “completely failed to appreciate that more than 700 Kashmiri Pandits were murdered during 1989-98 and FIRs were lodged in more than 200 cases, but not even a single FIR reached the stage of filing of Chargesheet or conviction.”

The petition filed in 2017 by the NGO had sought that separatists like Yasin Malik and Bitta Karate, named in the FIRs, be investigated and tried for the murders. (ANI)

Miss Universe 2021 Harnaaz Kaur Sandhu met Punjab Chief Minister Bhagwant Mann at his official residence in Chandigarh, on Wednesday.

The official Twitter handle of CMO Punjab shared a video of the meeting.

“Miss Universe @HarnaazKaur Sandhu called on CM @BhagwantMann today at his official residence. Chief Minister congratulated her for making the country proud by bringing the title of Miss Universe back to India after 21 years,” the tweet read.

The 22-year-old who hails from Punjab, also attended an event today where she revealed that during her visit to the CM of Punjab, the two talked about the welfare of the state.

During the event, she also shared her views on the hijab controversy.

“It’s every girl’s own choice, so no one has the right to speak about how the girls of India should live, and how to dress,” Harnaaz said adding, “those who are doing politics on the issue, are wrong.”

The hijab protests in Karnataka began in January this year when some students of Government Girls PU college in the Udupi district of the state alleged that they had been barred from attending classes. During the protests, some students claimed they were denied entry into the college for wearing hijab.

For the unversed, Harnaaz Kaur Sandhu was crowned Miss Universe 2021, making her the third entrant from India to bag the prestigious title after 21 years.(ANI)

In the last few weeks, China has seen its worst COVID outbreak since the initial height of the pandemic in early 2020 when the economy slumped. The latest surge in cases could hit first-quarter gross domestic product by at least half of a percentage point. The strict lockdowns are likely to cost the country at least USD 46 billion a month or 3.1 per cent of GDP and the impact could be double if more cities tighten restrictions according to an economist at the Chinese University of Hong Kong.

The Lockdown of Shanghai’s 26 million people is testing the limits of China’s hardline “zero-COVID” strategy, which is shaking markets far beyond the country’s borders. China’s largest city alone could reduce China’s real GDP by 4 per cent. Millions of Shanghai residents have to stay home and undergo coronavirus testing as the financial hub tries to stamp out a growing Omicron outbreak.

Trucking data in Shanghai, nearly 2 million trucks that crisscross China and whose movements are highly correlated with local economic activity, indicates economic activity fell 40 per cent below normal even before the lockdown began, according to the estimates. As per the report, more cities may follow Shenzhen’s approach, stopping public transportation and preventing people from entering and leaving the city. The lockdown will deal a double blow to consumption and production, and its spillover effect will increase the risk to the global supply chain, the report warned.

In Changchun, the capital of Jilian province, which imposed a lockdown over Omicron cases on March 11, economic activity levels plunged over 66 per cent from normal levels. Over 9 million residents were confined to homes and undergo three rounds of mass testing, while non-essential businesses have been closed and transport links suspended. Changchun, the industrial centre of northeast China accounted for 11 per cent of China’s annual auto production.

A week-long lockdown in Shenzhen, during which residents were tested three times, reduced economic activity by 34 per cent. In a worst-case scenario, economists predict, the lockdown of all cities for one month would cut China’s GDP by 53 per cent. If China’s four largest cities underwent a strict lockdown together, inflation-adjusted GDP would fall 12 per cent.

The economic costs of China’s dynamic ‘Zero-COVID’ policy are too high. Investors’ doubts about large-scale city closures also caused China’s stock market to plummet sharply.

How long will China keep up its Zero Covid policy?

Meanwhile, a raft of tightened restrictions and targeted lockdowns have led many experts and residents to question the sustainability of such an approach as China enters the third year of the pandemic. Some Chinese public health experts called the latest rebound the most severe onslaught since the early epidemic in Wuhan and even after two years of fighting the epidemic with rigorous measures, different sectors have shown a certain level of fatigue toward the Zero-COVID strategy, which could affect the outcome of the implementation of the current policy.

The drawbacks of a Zero-COVID approach have been laid bare in Hong Kong, where mixed messages had fueled hoarding of food supplies and public fear that people would be taken away to isolation. That’s the question now facing Chinese officials and previous fail-safe systems begin to buckle under the strain of their own uncompromising rules. (ANI)

The increased inflow of Chinese workers into Pakistan for projects related to the China Pakistan Economic Corridor (CPEC) has resulted in the country’s girls, especially from the minority Christian community, increasingly becoming targets of human trafficking to China, a media report said.

It has become very easy for Chinese workers to enter Pakistan. Many genuinely come to work. Some fall in love with Pakistani girls and marry them, which of course is not illegal. In other cases, Chinese men come to Pakistan with documents issued by non-existing companies and for false business purposes. They go to Pakistan only to buy a bride, a Brookings Institution report titled ‘Bride Trafficking along the China-Pakistan Economic Corridor’ said.

Brides are sold for as low as $3,500 to $5,000, which is significant money for impoverished Pakistani families.

At the same time, due to the restrictions imposed by Sharia law in marriages in Pakistan, the process of marriage becomes difficult for non-muslim Chinese workers. Hence, bride trafficking focuses on Christian girls.

Christian activists reported that in the city of Gujranwala, Punjab, between 750 and 1,000 Christian girls were trafficked to Chinese men looking for brides in one year, the report said.

The trafficked girls do not speak Chinese and know nothing about Chinese culture. The report documents several instances of abuse, maltreatment, domestic violence and forced pregnancies.

In some cases, the report claims, there are sham marriages. The Chinese men do not even look for real wives, but for exotic women, they will force to work in China as prostitutes. The report also mentions that according to some unconfirmed accounts, Pakistani women are taken to China and killed to use their bodies for organ harvesting while noting that Chinese authorities “vehemently deny” such allegations.

Human traffickers, often with the complicity of the Chinese Communist Party (CCP) officers, sell women to villagers affected by the shortage of brides resulting from the old draconian one-child policy. During the era of the one-child policy many families, particularly in rural areas, preferred a boy and aborted the girls, with the result that brides are now scarce in China.

Bride trafficking in China involves thousands of Pakistani women. While the Pakistani police have arrested some local organizers, Chinese “husbands” have been largely left alone. The report’s conclusion is that investigations have been suppressed for political reasons and trafficking is still growing.

Pakistani politicians value more their relationship with China than they value the fate of Pakistani women trafficked as brides, the more so when they come from religious minorities that are largely treated as if they included second-class citizens, the report said. (ANI)

While wrapping the shoot for ‘Dasvi’ in Agra Central Jail last year, actor Abhishek Bachchan promised to hold an exclusive screening at the location for the inmates, and now, the actor has proved true to his word.

Team ‘Dasvi’, including Abhishek as well as co-stars Yami Gautam, Nimrat Kaur and director Tushar Jalota returned to the city to screen Dasvi for 2,000 prisoners.

The grand set-up saw senior officials welcome the cast and crew of the upcoming film, which tells the story of Ganga Ram Chaudhary (Abhishek), an “anpadh, corrupt and dil se desi” politician who finds a “nayi chunauti” in prison: education.

Nimrat plays the role of Bimla Devi, Chaudhary’s wife who has now taken over his Chief Minister seat while he is in jail. Yami marks her presence as IPS officer Jyoti Deswal.

Abhishek took to his social media and shared a heartfelt note on fulfilling his promise.

He wrote, “A promise is a promise!! Last night I managed to fulfil a commitment I made a year ago. The first screening of our film #Dasvi held for the guards and inmates of Agra Central Jail. We shot the film here. Their reactions are memories I will remember and cherish for a lifetime.” https://www.instagram.com/p/Cbt16zejyJI/embed

In the clip uploaded on his Instagram handle, Abhishek can be seen taking a nostalgic stroll around the jail, reminiscing on many memorable moments, excitedly showing some members of the media where he shot the ‘Macha Macha’ song and other important scenes.

Junior Bachchan also donated an assortment of books for the inmates to enjoy at the library.

Sources close to the crew reveal that the inmates were humbled by the actor’s thoughtful gestures. They fell in love with the film too, especially going gaga over Abhishek’s character.

Produced by Dinesh Vijan under his banner Maddock Films, Jio Studios, and Bake My Cake Films, ‘Dasvi’ will release on Netflix India and Jio Cinema on April 7. (ANI)