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"If India has to achieve its goal of USD 5 trillion economy then it cannot happen unless there is investment in the economy. Today the outstanding banking credit is Rs 96 lakh crore. So for a USD 5 trillion economy, we would at least need to double it," Rajnish Kumar said at the 92nd Annual Convention of industry body FICCI.
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"We can't lower the interest rates (on lending) without lowering the interest rates for depositors. And there is a point, a threshold below which we cannot reduce the interest rate for depositors. Third thing is that the credit cost in the country is very high because the default rates are very high, so the spread has to be necessarily high," said SBI chairman.
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Rajnish Kumar added that there are opportunities to lend in sectors such as infrastructure and consumer lending as there is not much of a decline in demand from consumers. On transmission of monetary policy, he said the banks cannot lower rates beyond a threshold due to asset liability mismatch issues.
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Banks may introduce a new column in KYC forms for their depositors & clients to mention their religion.
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Market benchmarks sensex and Nifty rose marginally to close at fresh lifetime highs on Friday, tracking gains in index heavyweights ICICI Bank, SBI and HDFC Bank.
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Reserve Bank of India (RBI) governor Shaktikanta Das has called for fiscal policy to work in coordination with monetary policy, even as another member of the monetary policy committee (MPC) called for relaxing the fiscal deficit target for the current fiscal.
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Continued uncertainties on capital raising resulted in two domestic rating agencies downgrading private sector lender Yes Bank on Thursday. The bank, which has had a tumultuous year since the RBI terminated the term of its co-founder chief executive Rana Kapoor, has not been able to make progress in its equity raising even after claiming that it has investors willing to pump in $3 billion.
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Debt mutual fund, by definition are designed to provide income generation in a relatively more stable manner as compared to equity oriented funds, with the u...
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The ruling came on an application filed by banks, which said such information cannot be shared without first giving them an opportunity to oppose it. The top court had mandated the RBI in 2015 to release such information to RTI applicants or risk contempt of court.
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The court also said that the assets of HDIL and its promoters Rakesh Wadhawan and Sarang Wadhawan must be sold at the earliest in the interest of the PMC Bank and its depositors. A division bench of Justices Ranjit More and S P Tavade was hearing a PIL filed by an advocate, Sarosh Damania, seeking directions for expeditious disposal of HDIL Group assets.
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Direct equity investing is complex and hence many people simply avoid it. However, historically equity is the asset class that has beaten most other investme...
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"Microfinance is growing at 48 per cent CAGR in the last five years, there is still room for growth given that microfinance penetration is 25 per cent of the addressable market," KPMG India national head (Financial Services) Gayathri Parthasarathy said in a report. Microfinance players have also been actively pursuing activities beyond lending to meet their social objectives and improve their margins, the report added.
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Lenders may face a problem in managing cash balances when money market is shut.
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Break-up wise, of the total non-life insurers, the 25 general insurers registered an increase of 11 per cent in their premium income at Rs 12,723.61 crore during the month, as against Rs 11,508.67 crore in the year-ago same period, showed the Insurance Regulatory and Development Authority of India (Irdai) data.
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The bank, while terminating her employment, also denied her remuneration and rescinded the bonuses and stock options given to her from April 2009 to March 2018. She was accused of playing a role in grant of out-of- turn loans of Rs 3,250 crore to Videocon Group, which allegedly benefited her husband, Deepak Kochhar.
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Equity benchmarks sensex and Nifty surged to fresh highs on Wednesday, tracking gains in index heavyweights HDFC Bank, RIL and ITC amid unabated foreign fund inflows.
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In a letter to these departments, the finance ministry has assured them of the bank's ability to serve them as before because the present promoter LIC is fully owned by the government, and the national insurer along with the government holds as much as 97.46 percent in the bank.
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SBI chairman Rajnish Kumar said risks in telecom sector have ebbed considerably from a few months ago. He said that although banks have got burnt in their exposure to telecom, SBI had the capacity to absorb any losses.
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Equity benchmark BSE sensex jumped 129 points to hit its lifetime high of 41,480.91 in early trade on Wednesday tracking gains in index heavyweights TCS, HDFC Bank, Infosys and RIL amid unabated foreign fund inflow.
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Owing to high level of NPAs, concerns have been raised over Mudra becoming the source for next bad loan crisis.
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The fraud could have been prevented had the board acted on the central bank's findings, said officials who are aware of the investigations into the bank fraud and the contents of the forensic report prepared by Grant Thornton India.
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Two of India's top bankers on Tuesday opined that Kotak Mahindra Bank (KMB) is best suited to acquire smaller and capital-starved rival Yes Bank. Yes Bank's capital buffers have dipped on accelerated non performing assets recognition under new chief executive Ravneet Gill earlier this year.
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HDFC Balanced Advantage Fund with an AUM of Rs 44,345 as of 30th November 2019, is the one of the largest hybrid fund in the industry . HDFC Balanced Advanta...
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India’s banks are set for a $7.6 billion (Rs 54,000 crore) earnings windfall this month as the country’s bankruptcy court has made sudden progress in clearing a backlog of large cases.
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The RBI has barred banks from charging any fee for electronic fund transfers from savings accounts. The move comes as it operationalises round-the-clock National Electronic Funds Transfer (NEFT) operations.
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Round-the-clock service is expected to boost online transactions for customers and will go a long way in bolstering digital payments
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Narrowly Misses Summary Judgment After Chinese Banks Sue For $700m Dues
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"There is now a differentiation among NBFCs. Though rumours and fear mongering which we saw a year ago is not there now there are still problems which the smaller NBFCs are facing," said Dinanath Dubashi, CEO at L&T Finance. Risk aversion among banks and investors still continues which means money is not cheap for small and medium NBFCs.
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The issues of underpenetration, which at less than 4.5% of the GDP is low compared to advanced economies, stems from problems of outreach rather than a shortage of demand, they said. "Demand is not as much an issue. There is a huge market. The problem is reach," said Vipin Anand, MD Life Insurance Corporation (LIC), while sharing a panel with Vibha Padalkar, MD and CEO, HDFC Life.
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Hinting at further rate cuts, Reserve Bank of India (RBI) governor Shaktikanta Das said that the central bank had paused in its rate cuts in December as it was waiting for an opportune time to ease policy.
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RBI governor Shaktikanta Das on Monday said the central bank had acted ahead of time by starting to slash rates in February this year, and hoped the decision to pause the cuts earlier this month will prove to be a right call over time.
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Promoters of Essar Steel are not yet off the hook despite banks getting a large part of their dues back. The Lakshmi Mittal-owned metals group ArcelorMittal last weekend transferred over Rs 39,000 crore to lenders for the steel company he won after a legal battle that lasted over two years.
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The prospect of six public sector banks losing their identity following their merger with other lenders is giving anxious moments to long-term customers, particularly senior citizens. Their fear is the closure of the next-door branch and having to deal with a new bank with new systems following the mega-mergers announced by the government in August 2019.
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PPGCL owns and operates a 1,980 MW (3X660 MW) coal-based thermal power project in Uttar Pradesh and had become a non-performing asset due to financial and operational stresses.
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