WASO chief takes a bow

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Centre won’t compromise on share of spending for flagship schemes: Official

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Even as state governments cut down on their development expenditure citing lack of revenues, the Centre will not compromise on its share of expenditure for any of the flagship schemes, a top government official told Business Standard.


However, the Centre also will not take over the states’ share of centrally sponsored schemes in case they can’t fulfil their expenditure commitments, the official said.


This comes even as the Finance Ministry has told central departments that they should be careful in releasing funds and should first check if states have the capacity to spend the money already released, before allocating further sums.


“We have no intention of cutting flagship schemes. There will be no cut on the outlay on flagship schemes. The states have to make their own decisions. In centrally sponsored schemes they also have to share the burden of expenditure. If they don’t spend, then that portion will remain unfunded. We are not making any budget cuts on our end,” the official said.


Earlier this month, Maharashtra, which has been the worst-hit by the Covid-19 pandemic, slashed expenditure for its development schemes by nearly 70 per cent and froze

ICICI Bank: Investors should wait for a turnaround in credit demand

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When Sandeep Bakshi took charge as the MD & CEO of in October 2018, the bank was in a volatile state. Yet, he guided the bank to a quick turnaround and delivered the goods. Now, against the backdrop of Covid-19 pandemic, it seems that the bank’s growth story will take a pause as the management has changed its outlook from optimistically cautious to extremely cautious in March quarter (Q4). While the change in stance is good in the current situation, it will have an impact on financials.


Unlike its private peers, is also more watchful of the emerging situation as compared to peers. HDFC Bank and Axis Bank, for instance, said they would aim to maintain market-leading/decent growth.


provided Rs 2,725 crore for likely asset quality disruption due to Covid-19. This took the provisioning cost higher to Rs 5,967 crore, up 9.5 per cent year-on-year and 186 per cent, sequentially. It also ate into its net profit, which at Rs 1,221 crore grew by 26 per cent yoy, but was down 71 per cent, sequentially. After a strong December quarter, Q4’s net profit disappointed analysts.


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