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Amid market turbulence in the global banking sector, Finance Minister Nirmala Sitharaman has asked state-run banks to assess various financial health parameters. After a meeting with chiefs of state-run banks in New Delhi on Saturday, the finance ministry said the lenders had been asked to identify stress points, including “concentration risks and adverse exposures”.
Ahead of the meeting, the government had sought details of the bond portfolios of these banks, Reuters reported.
S&P Global Ratings said Indian lenders are capable of enduring any potential contagion effects emanating from the US banking turmoil.
Meanwhile, many analysts were left scratching their heads as to why Deutsche Bank, which has posted 10 consecutive quarters of profit and boasts strong capital and solvency positions, had become the next target of a market seemingly in “seek and destroy” mode.
Interestingly, hedge funds have turned their attention to the bank and are ratcheting up their bets against the bank in the stock and credit-default swaps markets, Bloomberg reported.
Deutsche Bank recorded an annual net income of 5 billion euros ($5.4 billion) in 2022, up 159% from the previous year, CNBC reported.
In other news, Reliance Industries has appointed Srikanth Venkatachari as chief financial officer effective June 1. He takes over from Alok Agarwal, who had been CFO since 2005. He will now assume the role of senior advisor to Reliance Chairman Mukesh Ambani.
ICYMI: An all-electric building—an 834-unit apartment tower under construction on the Brooklyn waterfront—will now draw energy from 500 ft below the surface of the earth using a geothermal heat pump system.
In today’s newsletter, we will talk about
- Scotland’s first national chef
- Selling nostalgia wrapped in art
- Urban retreat in the Aravallis
Here’s your trivia for today: How many Earth years is the length of a year for Uranus?
Food and Beverages
Chef and author Gary Maclean is a culinary genius from Glasgow and is bestowed with the honour of Scotland’s first National Chef. On the sidelines of a special dinner—presented by Maclean at Roseate House, New Delhi, last week—YS Life caught up with the Scottish MasterChef to know more about his experiments in the kitchen, and his association with India.
- Haggis is probably our most famous dish, Maclean says. It’s almost a comedy for people until they taste it. The dish is made from oatmeal and lamb’s lungs, heart, and liver. If you ever go to Scotland, you should try it, he recommends.
- “I have brought Haggis to India on many occasions for the Young Chef Olympiad showcase. Imagine 55 countries making their national dish, and Haggis always comes out as a winner. People are surprised it’s so good,” he says.
- Maclean says he grew up with Indian cuisine, having been brought up in Glasgow. Many times, only Indian food was available. Even today, Indian restaurants outnumber Scottish restaurants, and we have a real love for spices, he adds.
When you catch a quick glimpse of illustrator Surabhi Banerjee’s artwork, at first, you are struck with nostalgia. Whether it is the essence of Bengal eloquently captured in her Durga Bari and Bajaar illustrations, or Mumbai’s chaos as demonstrated in Bombay Local—intricate details, coupled with a riot of colours, make this architect-turned-illustrator’s work stand out.
- The seed to illustrate was planted and grown through the course of her life. Riddled with anxiety attacks at night, Banerjee found comfort in French comic illustrator Albert Uderzo and French editor Rene Goscinny’s work.
- She spent the first six years of her life in Kolkata, obsessing over the “knick-knacks in the rickety storeroom” of her grandparents’ house, “collecting marbles, rocks, broken watches, matchboxes, and all things that people found no value in.”
- The difference between what she illustrates and her architectural drawings lies in the fictional aspects that she incorporates in the former.
Travel and Leisure
Hustling is now a way of life. As we type furiously on our gadgets, finishing one deck after another, our minds and bodies relentlessly cry out for help. Fortunately, staycations are the perfect antidote for hustlers to deal with the humdrum of daily life. YS Life made a stop at Courtyard by Marriott Aravali Resort, Faridabad, to experience luxury in the lap of nature.
Luxury in nature:
- The three-tiered swimming pool and its azure blue waters embracing the sprawling 8,500 sq.ft. space—also the largest in Delhi-NCR—is the centrepiece of the CY Marriott Aravali Resort.
- Its all-day dining restaurant, The Aravali Kitchen, served a Ballabgarh Thali for lunch. It had the best of Indian cuisine—from Rogan Josh to Murg Lababdar, Sabzi Tehri to Mushroom Matar, Palak Paneer and Dal Makhani.
- All in all, it’s a great property to let your hair down. You could also zero on it as an option if you or someone you know is planning a fairytale wedding—it will be the stuff of dreams!
News & updates
- Decline road: Deposits at US lenders posted the biggest decline in nearly a year during the week when multiple bank failures triggered the latest bout of global financial turmoil. Bank deposits fell by $98.4 billion to $17.5 trillion in the week ended March 15, according to the US Federal Reserve.
- Culling: Twitter will begin removing so-called legacy verified marks from user accounts from April 1, as it works toward a model where only paid subscribers and members of approved organisations have that status. It’s one of the earliest policy changes announced by Elon Musk, who described the existing programme as “corrupt”.
- German deal: Germany and the EU reached a deal over phasing out combustion engine vehicles. This ends a dispute over whether manufacturers would still be able to make cars using so-called e-fuels after 2035. It would allow for cars to be registered after that date, providing that any fuel they use is exclusively carbon neutral.
How many Earth years is the length of a year for Uranus?
Answer: 84 Earth years
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