Strike by Air India pilots illegal: Ajit Singh

In the midst of the talks with the Air India management, its pilots have started taking sick leaves because of which flights have been cancelled

New Delhi: Terming the strike by Air India pilots as "illegal", Civil Aviation Minister Ajit Singh on Tuesday said the management of the national carrier would take appropriate action against those involved in the stir, reports PTI.

Mr Singh said the pilots went on sick leave in the midst of their talks with the management of Air India which has led to cancellation of flights.

Four Air India international flights from New Delhi and Mumbai were cancelled this morning after about 100 pilots refused to join work.

"They are reporting sick. They have not given any notice for any strike. So whatever the Air India management rules and regulations, action will be taken accordingly," Mr Singh told reporters.

"In the midst of the talks with the Air India management, they (pilots) started taking sick leaves because of which flights have been cancelled. If their talks with Air India have failed, they could have spoken to the Ministry or to me. They (pilots) have number of well-wishers," he said.

Noting that Air India is currently undergoing a turbulent period and crores of public money is being infused to run the carrier, Mr Singh said every section has grievances and that there are ways to find a solution.

"Strike is illegal. There is a way to launch a strike. Every section has grievances and problems. But there are ways," he said.

The Minister stressed that the pilots should come to the negotiating table and resolve their issues through dialogue but not launch any strike. "They can raise their voice, but it is important to continue the talks," Mr Singh said.

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RBI asks banks to conduct stress test on their securitisation

The stress tests should cover various factors like rise in default rates in the underlying portfolios in a situation of economic downturn, rise in pre-payment rates due to fall in rate of interest or rise in income levels of the borrowers leading to early redemption of exposures, the RBI said

Mumbai: In order to ensure an orderly and healthy growth of securitisation market, the Reserve Bank of India (RBI) on Monday asked banks to perform stress tests at regular intervals to ensure that they are not exceeding the prudential limits, reports PTI.

“Banks should regularly perform their own stress tests appropriate to their securitisation positions,” the RBI said in the final guidelines on securitisation transactions.

Securitisation involves pooling of homogeneous assets and the subsequent sale of the cash flows from these asset pools to investors.

The stress tests should cover various factors like rise in default rates in the underlying portfolios in a situation of economic downturn, rise in pre-payment rates due to fall in rate of interest or rise in income levels of the borrowers leading to early redemption of exposures.

The guidelines further said that banks should monitor “on an ongoing basis and in a timely manner”, performance information on the exposures underlying their securitisation positions and take appropriate action, if required.

Action may include modification to exposure ceilings to certain type of asset class underlying securitisation transaction, modification to ceilings applicable to originators.

“For this purpose, banks should establish formal procedures appropriate to their banking book and trading book and commensurate with the risk profile of their exposures in securitised positions...” the guidelines said.

It further said banks can purchase loans from other banks, financial institutions and NBFCs in India only if the seller has explicitly disclosed to the purchasing banks that it will adhere to the Minimum Retention Requirement (MRR).

The overseas branches of Indian banks, it added, may purchase loans in accordance with the regulations laid down in those jurisdictions.

The RBI noted that while the securitisation framework in India has been reasonably prudent, certain imprudent practices have reportedly developed like origination of loans with the sole intention of immediate securitisation.

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