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Bad Bank, A Non-Starter Till Date
The National Asset Reconstruction Company (NARCL), which was supposed to start functioning in April 2022, is yet to take off. Also known as Bad Bank, NARCL was to acquire bad loans worth Rs 51,000 crore by April 2022. The Bad Bank was supposed to acquire the bad loans from Indian Banks and transfer them to the India Debt Resolution Company (IDRCL) for part-realisation. It is believed that the Bad Banks initial offers to acquire bad debts stunned banks for their low value, raising questions about the validity of the exercise. NARCL offered Rs 80 crore for an outstanding due of Rs 1136 crore from Rainbow Papers. And for Consolidated Construction Consortium Ltd the offer was Rs 60 crore for an outstanding of Rs 2623 crore. In fact, both the offers dwarf the offer of the existing promoters of both the companies. The Bad Bank has been plagued with regulatory issues, talent and operational headwinds.  NARCL now plans to buy 15 accounts aggregating Rs 50,000 crore initially and 38 accounts overall totalling Rs 83,000 crore. The game plan is simple but cumbersome. The banks will transfer their bad debts to NARCL for 15% per cent cash.  Security receipts will be issued for the remaining 85% for which the government has approved a five year guarantee of Rs 30,600 crore. If things go as per plan, NARCL will now kick-off in September 2022.

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Editor’s Note: Short Post Is Here To Stay…

Time, they say, flies—and how true that is. Here we are celebrating our 5th Anniversary. Five years ago, when Covid-19 was wreaking havoc across the globe, I took a leap of faith and launched Short Post, India’s first website for Authentic Gossip. That was on January 31, 2021. I was convinced there was a clear gap in the market for gossip that was credible, sharp, and impactful—especially if told in just 250 words.

In this, I was fortunate. Scores of senior editors across diverse verticals bought into the idea and, in the process, gave wings to my dream. Quite honestly, Short Post could not have crossed these milestones without the unflinching support of its contributing editors. Like all start-ups, we have seen our share of ups and downs, but these editors have stood by us like a rock. I take this opportunity to doff my hat to them.

Thanks to their commitment, we have published close to 5,000 stories spanning politics, business, entertainment, and sports. I say this with pride: we made our mark as people who matter read us. “Small packs, big impact” truly captures the essence of Short Post.

We all know that Covid-19 has reset businesses worldwide, and the media sector is no exception. In the post-Covid era, investors have become more cautious and selective—and advertisers too. To compound matters, the entry of AI has disrupted the media landscape in equal measure. So far, we have managed to hold our ground, hopeful that some angel investors will take a shine to us.

What gives me confidence is this: AI cannot smell news—especially the gossipy kind. In other words, AI cannot churn out Short Post-type stories, no matter the prompt. That puts us in a safe zone. As someone rightly said, “AI is a co-pilot, not a pilot.”