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      "title": "RBI adds more restrictions on United Bank of India due to high NPAs",
      "body": "This is the second time in four years that UBI has come under regulatory sanctions and is forced to take corrective measures for strains in financials.\n\nIn 2013, RBI had restricted the bank from lending freely after the then chairperson Archana Bhargava flagged off accounting malpractices.\n\nThe Kolkata-based government bank had net NPA ratio at 10 percent as on March which rose to 11.63 percent as on September 2017 , breaching the prescribed second level risk limit of 9 percent, which was the reason for inviting RBI direction.\n\nThe bank added that the normal banking activities such as acceptance of deposit, credit disbursement and treasury function remain unaffected.\n\nUnited Bank reported a loss for two consecutive quarters now at Rs 345 crore for the September quarter that followed a Rs 211 crore in the first quarter of 2017-18 ending June, 2017.\n\nIts asset quality deteriorated further with gross NPA at Rs 12,893 crore at the end of September, accounting for 18.80 percent of the total advances at Rs 68,562 crore. This is one of the weakest NPA ratios in the banking sector, other banks being IDBI Bank.\n\n\"The regulatory action is not likely to have any material impact on the bank's performance and will contribute to the improvement of the internal control and intrinsic strength of the bank,\" UBI added in its filing.![rbi.jpg](https://steemitimages.com/DQmUiPykiWQ3nKudR93yrcsWfVx134trxVmoyAxG6S7jTsL/rbi.jpg)",
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      "title": "Republican-controlled US House approves first tax overhaul in over 30 years",
      "body": "The Republican-controlled U.S. House of Representatives gave final approval on Wednesday to the biggest overhaul of the U.S. tax code in 30 years, sending a sweeping $1.5 trillion bill to President Donald Trump for his signature.\n\nIn sealing Trump's first major legislative victory, Republicans steamrolled opposition from Democrats to pass a bill that slashes taxes for corporations and the wealthy while giving mixed, temporary tax relief to middle-class Americans.\n\nThe House approved the measure, 224-201, passing it for the second time in two days after a procedural foul-up forced another vote on Wednesday. The Senate had passed it 51-48 in the early hours of Wednesday.\n\nTrump had emphasized a tax cut for middle-class Americans during his 2016 campaign. At the beginning of a Cabinet meeting on Wednesday he said lowering the corporate tax rate from 35 percent to 21 percent was \"probably the biggest factor in this plan.\"\n\nTrump planned a tax-related celebration with U.S. lawmakers at the White House in the afternoon but will not sign the legislation immediately. The timing of the signing was still up in the air.\n\nAfter Trump repeatedly urged Republicans to get it to him to sign before the end of the year, White House economic adviser Gary Cohn said the timing of signing the bill depends on whether automatic spending cuts triggered by the legislation could be waived. If so, the president will sign it before the end of the year, he said.\nThe debt-financed legislation cuts the U.S. corporate income tax rate to 21 percent, gives other business owners a new 20 percent deduction on business income and reshapes how the government taxes multinational corporations along the lines the country's largest businesses have recommended for years.\n\nMillions of Americans would stop itemizing deductions under the bill, putting tax breaks that incentivize home ownership and charitable donations out of their reach, but also making tax returns somewhat simpler and shorter.\n\nThe bill keeps the present number of tax brackets but adjusts many of the rates and income levels for each one. The top tax rate for high earners is reduced. The estate tax on inheritances is changed so far fewer people will pay.\n\nOnce signed, taxpayers likely would see the first changes to their paycheck tax withholdings in February. Most households will not see the full effect of the tax plan on their income until they file their 2018 taxes in early 2019.\n\nIn two provisions added to secure needed Republican votes, the legislation also allows oil drilling in Alaska's Arctic National Wildlife Refuge and repeals the key portion of the Obamacare health system that fined people who did not have healthcare insurance.\n\n\"We have essentially repealed Obamacare and we'll come up with something that will be much better,\" Trump said on Wednesday.\n\n\"PILLAGING\"\n\nDemocrats have called the tax legislation a giveaway to the wealthy that will widen the income gap between rich and poor, while adding $1.5 trillion over the next decade to the $20 trillion national debt, which Trump promised in 2016 he would eliminate as president.\n\n\"Today the Republicans take their victory lap for successfully pillaging the American middle class to benefit the powerful and the privileged,\" said House Democratic leader Nancy Pelosi.\n\nA few Republicans, whose party was once defined by its fiscal hawkishness, have protested the deficit-spending encompassed in the bill. But most of them have voted for it anyway, saying it would help businesses and individuals, while boosting an already expanding economy they see as not growing fast enough.\n\n\"We've had two quarters in a row of 3 percent growth,\" Senate Republican leader Mitch McConnell said after the Senate vote. \"The stock market is up. Optimism is high. Coupled with this tax reform, America is ready to start performing as it should have for a number of years.\"\n\nDespite Trump administration promises that the tax overhaul would focus on the middle class and not cut taxes for the rich, the nonpartisan Tax Policy Center, a think tank in Washington, estimated middle-income households would see an average tax cut of $900 next year under the bill, while the wealthiest 1 percent of Americans would see an average cut of $51,000.\n\nThe House was forced to vote again after the Senate parliamentarian ruled three minor provisions violated arcane Senate rules. 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