Raghuram Rajan warns against another bad loan pile, Indians are an industrious lot, and more top news

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Former RBI governor Raghuram Rajan cautioned the next build-up of bad loans could be in the MSME space. “Both MUDRA loans (small borrowings for the non-farm sector) as well as the Kisan Credit Card… have to be examined for potential credit risk,” he wrote in a note to the Parliamentary Estimates Committee, adding the government should refrain from setting ambitious loan growth targets. To avoid a repeat of the bad loan mess, Rajan recommended distancing PSBs from the government and bringing in outside talent into the banks' top brass. State-run banks are saddled with bad loans worth ?10.03 lakh crore.

India is among the hardest-working countries in the world. According to a survey by workforce management firm Kronos, nearly seven in 10 full-time Indian employees would work five days a week even if they could work fewer days for the same salary. In comparison, only 27% respondents in the US, 16% in the UK and 17% in France were content with the five-day week. Earlier, a ManpowerGroup survey of 25 countries showed Indian millennials clocked a staggering 52 hours per week on average. It doesn’t help that we are also seriously vacation-deprived, with 63% employees not using up their leave entitlement.

Tech Mahindra begun a probe after an ex-employee accused a senior leader of discrimination against homosexuals. In a Twitter post, GP Pramanik alleged that the global head of training at the company’s business services vertical mocked the colour of his clothes and his "effeminate" nature. Pramanik said he quit the company three years ago as escalation won’t have helped matters – the manager concerned also led the company’s anti-sexual harassment committee. Mahindra Group Chairman Anand Mahindra assured Pramanik of appropriate action. Last week, the Supreme Court struck down a colonial-era ban on homosexuality.

Rising oil prices and a weak rupee are creating a bonanza for state governments, with their FY19 tax revenues likely to exceed budget estimates by ?22,700 crore, according to a note from SBI Research. Maharashtra’s gains would be the highest at ?3,389 crore, followed by Gujarat (?2,842 crore), the report said, adding that an increase of $1 in the price of crude translates into an average gain of ?1,513 crore for the 19 major states. On Tuesday, petrol crossed ?90 per litre for the first time in India in Maharashtra’s Parbani even as the rupee hit a new low.

Also: Analysts see no respite for the rupee in coming days, with some even predicting a fall to 75/$. India’s high trade deficit and a potential rate hike by the US Federal Reserve are among the factors weighing on the currency. 

Samsung has opened its biggest mobile store worldwide in Bengaluru. The 33,000-square-foot experience centre will also sell wearables and consumer electronics, and showcase the South Korean giant’s innovations spanning virtual reality, artificial intelligence and Internet of Things. Samsung India’s business head Mohandeep Singh said the company will open more such centres “covering all the big cities.” In July, Samsung put Noida on the global manufacturing map with the world's largest mobile factory. Earlier, Economic Times reported that rival Apple was planning to set up ‘flagship outlets’ in 5-6 Indian cities to reinforce its premium reputation.

Idea of the Day: Recognising mental and emotional distress in ourselves, as well as our colleagues, is critical to successful living, advises Aetna president Karen S. Lynch.

“As we work to help others, we must remember to take time for ourselves.”

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— Abhigyan Chand and Mandar M Bakre/Share this using #DailyRundown