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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.

TRENDS & VIEWS

Editor’s Note: Short Post Noticed By People Who Matter

Four years have zipped by and we are crossing another milestone on 31st January 2025 – it’s our 4th Anniversary. It feels good.
Looking back at the 1460 days, I must say Short Post has made its mark with people who matter via 4000 stories published in the areas of politics, business, entertainment and sports. All made possible by the unflinching commitment and dedication of our senior editors, most of whom have been part of this journey from Day One.
Small pack, big impact is in essence the story of Short Post which was launched at the height of the Covid-19 pandemic in 2021. It shows our conviction. In all humility, I can say, we have created a new niche in the news segment space like Hindustan Unilever which created a new segment, when it launched CloseUp Gel.
Yes, we have created a brand (in a limited sense), created demand (readers) and created supply (senior journalists). But we are facing teething problems like all start-ups. What makes us happy and confident is the recognition of our efforts. For instance, we have an arrangement with the OPEN Magazine, part of the $4.5 billion Kolkata-based Sanjiv Goenka-RPG Group. This arrangement sees around 10 Short Post stories posted on OPEN Magazine website every week. This arrangement is testimony that our content has been well received! Also, I may add that the Maharashtra government has recognised Short Post and has allowed our senior editor to cover the Assembly sessions. Ditto: Odisha.
Our goal is to ensure that Short Post becomes a habit. I would like people to keep checking their smartphones to know the latest Authentic Gossip. As regards AI and the fear of it disrupting all businesses including media. On that, personally, I have no such fear as I am confident AI cannot smell news particularly Authentic Gossip. That’s the place we are well entrenched.