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ICICI Bank on Saturday reported a standalone net profit of Rs 1,908 crore for the first quarter ended June 2019. The bank had posted a net loss of Rs 120 crore in the same quarter a year ago.
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The central bank is looking at applying concentration risk norms — similar to banks — to the finance companies.
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Edelweiss ARC is expecting at least 50% returns on the investment after taking over the bad loans of BMM Ispat.
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Reserve Bank of India governor Shaktikanta Das has questioned the US bi-annual report calling out emerging markets for currency manipulation stating that such labelling should not be a bilateral prerogative when multi-lateral institutions like the International Monetary Fund exist.
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Snapping its six-session falling streak, equity benchmark BSE sensex ended 51.81 points higher on Friday, led by select finance and private bank stocks. After a choppy session, the 30-share sensex ended 51.81 points or 0.14 per cent higher at 37,882.79. Swinging 289 points, it hit an intra-day low of 37,690.47 and a high of 37,978.07.
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State-owned Punjab National Bank (PNB) on Friday returned to black as it posted a standalone net profit of Rs 1,018.63 crore in first quarter of this fiscal.
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The Centre told the Supreme Court on Thursday that a mechanism had been put in place to check diversion of funds by builders. Additional solicitor general Madhavi Divan said it was now mandatory for real estate companies to deposit 70% of the money raised from homebuyers in a separate bank account which would be used only for construction and builders would not be able divert the money.
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The Repco Bank is a multi state cooperative society established in 1969 by the central government.
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The asset quality review (AQR) initiated in 2015 for clean and fully provisioned bank balance-sheets revealed high incidence of NPAs.
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"The amendments will be applied with retrospective effect and will strengthen the case of secured creditors in the Essar Steel resolution," Moody's noted.
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The report however said NBFCs will benefit more from the Rs 70,000 crore recapitalisation of state-owned banks, which will increase their capacity to lend more.
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Fugitive diamond merchant Nirav Modi was on Thursday further remanded to judicial custody until August 22 by Westminster Magistrates' court. Nirav is wanted in India in connection with the nearly $2 billion Punjab National Bank (PNB) fraud and money laundering case. He has been lodged at Wandsworth prison in south-west London since his arrest in March.
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However, the budgetary proposal does not address investors' long-term concerns about the sector's exposure to stressed real estate.
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NBFC and HFC funding was normal during April-September 2018, but due to the crisis, the lending slowed down substantially during the second half of 2018-19.
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Rating agency ICRA has downgraded quasi-equity bonds issued by Yes Bank following a drop in the lender’s capital adequacy position. It also factors in the increase in stress, as reflected by the rise in risky loans in its portfolio.
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HDFC Bank has discontinued inventory finance to some dealers of Eicher Motors — makers of the Royal Enfield motorcycle. In a communication to a dozen-odd dealers, the bank has asked them to settle dues.
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RBI Gov Shaktikanta Das said that the days of ‘light touch’ regulation for NBFCs were over, indicating they will be subjected to the same rules as banks.
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After forcing banks to recognise stressed loans as non-performing assets (NPAs) last year, the Reserve Bank of India (RBI) is talking tough to large finance companies on asset quality. The RBI may place lending restrictions on some finance companies under a prompt corrective action (PCA).
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From 6% we can only go upwards. What happens in the next quarter we don’t know, but we will move up systematically depending on the efficiency of the execution to 7.5%, says Aditya Puri.
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Collateral-free loans up to Rs 10 lakh are extended to small or micro business enterprises and individuals to enable them to set up or expand their business activities under the scheme.
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The vacuum in the team of Monetary Policy Committee (MPC), after the resignation of Viral Acharya from Deputy Governor post of the Reserve Bank of India (RBI), has been filled by another Deputy Governor B.P. Kanungo.
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The net worth increased by 16 per cent to Rs 7,940 crore from Rs 6,820 crore in Q1 FY19.
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The Reserve Bank of India (RBI) governor Shaktikanta Das told TOI recently that in the past six months the central bank has cut interest rates effectively by 100 basis points (1 percentage point).
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Rana Kapoor and Morgan Credits, promoters of Yes Bank, have disclosed to the stock exchanges that they have together pledged their entire stake in the bank. While Kapoor pledged his entire 4.31% holding, Morgan Credits pledged another 3.03%. Morgan Credits is a holding company owned by Kapoor’s daughters — Radha Kapoor Khanna, Raakhe Tandon and Roshni Kapoor.
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Non-financial reforms involving structure, governance, ownership, and culture are necessary for the lenders to become relevant in the digital age.
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An increase in government borrowing runs the risk of flooding the debt market, and puts upward pressure on interest rates, making it more expensive for companies to borrow, said outgoing Reserve Bank of India deputy governor Viral Acharya.
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Domestic equity benchmark BSE sensex fell below the 38,000 mark, shedding nearly 100 points in early trade, on Tuesday amid heavy foreign fund outflow and weak domestic cues.
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Real estate developers will no longer be able to incentivise buyers by paying the latter’s home loan EMIs (equated monthly instalments). The National Housing Bank (NHB) has asked mortgage companies to desist from offering loan products that involve servicing of the dues by builders, developers, etc, on behalf of the borrowers. The circular is expected to cut off one of the cheaper sources of funds for builders.
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Govt will need to infuse around Rs 3,000 crore in insurer to keep it afloat for the next two quarters.
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Two superyachts, a game reserve, numerous undeclared high-value and vintage cars, valuable paintings and a piano previously owned by Elton John are among the assets in contention as part of a latest legal claim by Indian banks against embattled liquor tycoon Vijay Mallya in the UK High Court on Monday.
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After hearing arguments of the auditors and the MCA, the tribunal comprising of VP Singh and Ravikumar Duraisamy reserved the order.
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The consortium of PSU banks led by State Bank of India (SBI) have been pursuing the 63-year-old former Kingfisher Airlines boss in their attempt to recover some of the funds.
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The state commission on January 20, 2016 allowed Divanji's appeal directing the bank to pay him Rs 3,60,000 and had set aside the district forum's order.
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The bank said in a statement that Naryani would spearhead branch banking, wholesale banking, agri-business, retail lending, third party products and digital banking.
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The government has alleged that the banks have not paid GST worth Rs. 18,000 crore. Instead of responding to the notice, the banks moved the Delhi HC.
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During moratorium, DHFL would only pay the due interest on outstanding bonds, sources told ET.
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Investcorp's latest India-dedicated fund focuses on consumer, finserv and healthcare.
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A report shows that IL&FS management provided gifts or changed the rating agencies to get favourable ratings.
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The total exposure of the mutual fund industry in the company is estimated at Rs 5,000 crore from 10 asset management companies (AMCs).
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IFCI is also looking at recovery of bad loans under the Insolvency and Bankruptcy Code.
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While the national transporter bore the insurance premium till August 31, 2018, the cost was transferred to passengers since and the premium was revised to Rs 0.49 per passenger in Oct 2018.
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