Deeper you fall higher you rise

Auditors at several state-owned banks have asked the Reserve Bank of India (RBI) to increase the number of agencies empanelled to conduct audits citing unprecedented increase in workload and number of certificates to be issued by statutory central and branch auditors in light of the merger of several state-run banks last year, according to an ET report. Auditors have argued that increasing the manpower for inspecting bank books is important to maintain the quality of the exercise. “The huge work allocated to statutory central auditors and statutory branch auditors in respect of various state-run banks requires huge manpower deployment of partners and paid chartered accountants. This itself justifies appointing a minimum of six such auditors,” said Prakash Sharma, vice chairman, Institute of Chartered Accountants of India (ICAI), according to the report. Quality aspect Sharma said the rise in services of banks and their branch count, especially for merged banks, requires ... » Learn More about PSB mergers increase auditor workload, seek more hands

HYDERABAD : With the onset of summer, several residents in the city have started facing the heat of power cuts for varied durations. As the Telangana State Southern Power Distribution Company Limited (TSSPDCL) saw an 8% rise in power consumption in the Greater Hyderabad Municipal Corporation (GHMC) limits over the last one month, power cuts in few areas have left residents sweating. With mercury levels inching closer to the 40 degree Celsius mark, residents are sweating it out with power cuts becoming a regular affair in areas such as Old City, Alkapur Township, Somajiguda and Manikonda, to name a few. Residents rue that frequent power cuts in the name of maintenance work, tree trimming and repair work have started to affect both work from home and online classes for children. “Even today, the power supply was disconnected at 9 am and was restored only by 3 pm. I am working from home and I have children who take online classes. Long power cuts have become a frequent affair and ... » Learn More about Residents in Hyderabad rue power cuts, officials deny outages

India remains North Korea's 2nd-largest import source after China, according to several estimates by multilateral bodies, says Subhayan Chakraborty. IMAGE: Performers in traditional dress chat during the opening ceremony of a new dock at the North Korean port of Rajin. India remains North Korea's 2nd-largest import source after China. Photograph: Yuri Maltsev/Reuters Of the more than $36 billion worth of refined petroleum exported by India in 2017-18, a small trickle worth $16 million, managed to find its way to North Korea, despite economic sanctions currently in place. It constituted the largest component of India's exports, measuring a significant $57.55 million to the country, something that policy experts feel may only increase now that the nation has agreed to neuter its nuclear weapons program. While official statistics from North Korea are hard to come by due to the ruling regime's limited contact with the larger global economy, India remains North Korea's ... » Learn More about The intriguing tale of India’s trade with North Korea