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RBI had issued the circular giving liberty to all banks and financial institution to allow a moratorium of three months on payment of instalments in respect of all term loans outstanding as on March 1, subject to the borrower making such a request.
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The postal department said there is complete lockdown across the country in view of the threat posed by the outbreak of Corona Virus (COVID-19) and central/state governments have issued several advisories and imposed restrictions on the movement of general public.
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The payments bank sees average monthly remittances of close to Rs 5,000 crore from daily wage earners working in various factories, construction sites, small businesses, plumbers, carpenters, cab drivers, among others.
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State Bank of India (SBI) chairman Rajnish Kumar on Saturday exhorted real estate firms to keep their bank account standard, clear inventory as soon as possible and improve perception about the business.
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While plain-speaking to the real estate players, Kumar said course correction has to be undertaken by the industry if they want to survive and get back on track as soon as possible.
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Asian Development Bank (ADB) president Masatsugu Asakawa on Friday assured finance minister Nirmala Sitharaman of the multilateral agency’s support to New Delhi in its fight against the novel coronavirus pandemic and said it was planning a $2.2 billion immediate assistance for the country’s health sector.
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Debt worth Rs 1.75 lakh crore, maturing by June 2020, may be at risk of not being paid if the RBI does not move quickly to clarify that the moratorium package available to banks should be extended to non-banking finance companies (NBFCs) also.
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The banking system has hit the surplus level seen during the demonetisation period. But, the liquidity glut is not bringing interest rates down, as risk-averse banks stay off from fresh loans amid an alarming Covid-19 scene.
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Seeking a temporary forebearance of about a year, Mr Marathe requested prime minister Narendra Modi to "keep in abeyance, all norms relating to income recognition and assets classification, provisioning and downgrade of borrowal accounts, reporting to credit information companies for all accounts that must have got classified as NPAs during the just concluded financial year 2019-2020".
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The RBI had given a three-month moratorium on all term loans like the ones for buying vehicles or homes in view of the economic hardships being faced because of the COVID-19 pandemic, where the country is in lockdown to arrest the spread of the infection.
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Delhi High Court has asked SIDBI to ascertain whether RBI's moratorium on loan repayment in the wake of COVID-19 outbreak would be applicable to NBCFs. The direction by Justice Rekha Palli came on ICCL's plea challenging a demand raised by Small industrial Development Bank of India (SIDBI) for payment of the loan instalment due in April this year.
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The country's foreign exchange reserves declined by $902 million to $474.66 billion in the week to April 3 due to a fall in foreign currency assets, according to the latest data from the Reserve Bank of India (RBI). The reserves had touched a life-time high of $487.23 billion in the week to March 6, after it rose by $5.69 billion.
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NBFCs, which are themselves borrowers from banks, allowed their customers to avail of the moratorium.
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The cyber criminals pretending as officials of banks have been reaching out to borrowers, offering them assistance to avail the loan repayment moratorium scheme for phishing out account details, bank officials said. "They have become active at a time when people are seeking immediate relief from their financial obligations.
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The mobile ATMs will offer all the services that are available at normal ATMs. Apart from cash withdrawals, key services which can be availed by customers are transfer of funds to registered payees, change of PIN, recharge of pre-paid mobiles, fixed deposits, cardless cash withdrawals among others, as per the press release issued on behalf of the bank.
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Indebted businessman Vijay Mallya has avoided being made bankrupt in the London high court after a judge adjourned the bankruptcy petition the Indian banks brought against him, slamming it as "by any measure extraordinary". Chief Insolvency and Companies Court judge Briggs adjourned the petition for "at least six months", saying Mallya should be given time to pay the debts in full.
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HDFC Bank said the fraudsters are always on the look-out for newer reasons to execute their designs and the EMI moratorium has emerged as a favourite one. The RBI had left it to banks for implementing the moratorium, which has resulted in communication with bank being an essential part for taking benefit of the scheme.
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An RBI analysis of different retail rates shows that the average margins over the benchmark repo rate for private sector bank could be higher by as much as 260 basis points compared to their public sector peers. One basis points is 0.01 percentage point.
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Citi India is offering a special compensation award to employees who are most likely to be impacted by Covid-19, a first-of-its-kind initiative in the country.It is providing Rs 18,000, subject to income tax, to each employee whose annual base salary is up to Rs 10.8 lakh. Employees who qualify will have the amount credited to their salary accounts in April. The subsidiary of the New York City-headquartered financial services corporation Citigroup is also allowing a select grade of employees, working from home, to claim their expenses for broadband installation or dongle purchase and data charges up to Rs 3,500, subject to tax, for the consolidated March- May period. This facility could be extended depending on the situation.“We want to support our employees in any way we can during this pandemic. We know everyone is affected in different ways. Keeping this in mind, we have extended a special compensation award to help ease the financial burden of some of our colleagues, based on their compensation level,” said Ashu Khullar, CEO Citi India. “At the same time, we are extending support through a series of wellness programmes and initiatives to all employees, a majority of whom are working from home.”
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The government outreach programme organised in October last year to push credit in the economy may have contributed to higher loan growth for PSBs. Banks had disbursed over Rs 2.5 lakh crore of loans by conducting outreach camps and loan meals during the festive period.
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The lender is also planing to take the ATM to the business correspondent touchpoints or branches in view of the withdrawal of Rs 500 by women beneficiaries of the Prime Minister Jan Dhan Yojana accounts.
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The outlook for India's economic recovery has been sharply altered by the coronavirus outbreak, the central bank said in its Monetary Policy Report, underlining the pandemic's deepening impact on South Asia's engine of growth.
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Hearing a case between Yes Bank and Anant Raj, the court said the company’s account should be counted as ‘standard’ and it must be permitted to avail of the moratorium even if it has missed payments, since the account was not classified as a ‘bad loan’ before March 1. Banks classify a loan as ‘bad’ if it is overdue for 90 days.
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Banks, working under reduced staff strength and processing delays, say they are working on delaying debits so that they can attend to all the moratorium requests they are receiving.
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The mobile van carrying the ATM piloted in Mumbai & Noida, with plans to extend the service to the rest of the country shortly. The locations for deployment are being identified in consultation with local municipal authorities in respective cities, the bank said.
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Due to the ongoing lockdown, the primary cash flows of the NBFCs have been disrupted as their collections have come to a standstill, according to a report by Acuite Ratings & Research on top 11 retail NBFCs .
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Performances of several high street lenders such as Bank of Baroda, Citi Bank, Kotak Mahindra Bank and Federal Bank were deemed ‘average’ whereas Deutsche Bank, Union Bank of India and Bandhan Bank were relegated to the ‘unsatisfactory’ category in MeitY’s scorecard.
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In a circular, Insurance Regulatory and Development Authority of India (Irdai) said it has received representations from industry associations, seeking moratorium on repayment of term loans sanctioned by the insurers in the context of outbreak of Covid-19.
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The Insurance Regulatory and Development Authority of India (Irdai) on Wednesday permitted insurance companies to grant a moratorium of three months on payment of term loans in line with the Reserve Bank's directions. In a circular, Irdai said it has received representations from industry associations, seeking moratorium on repayment of term loans sanctioned by the insurers in the context of outbreak of Covid-19.
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The lockdown has inconvenienced the general public to meet their daily cash needs and restricted access to their own money in their salary and pension accounts. "People are queueing up to withdraw the money from their accounts beating the purpose of social distancing. Our initiative will address this," said Anush Raghvan, senior vice-president at CMS Infosystem.
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Companies may have to write off tax assets in absence of projected profits. In the April-June quarter, several companies may be impacted because they are unable to set off deferred tax assets against payable taxes, industry trackers said. Deferred tax assets are set-off against future projected profits every year.
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The government and central bank are trying to cushion an economy that was slowing even before the coronavirus outbreak.A series of steps announced this year aim to encourage banks to lend. Measures announced by the Reserve Bank of India (RBI) since early February inject cash equivalent to 3.2% of the country’s gross domestic output.
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The weakest link in the Indian economy is its banking sector. A weakening of Indian banks will worsen this crisis in two ways. First, it will complicate the path for growth to recover after the lockdown. Banks reeling from a fresh batch of bad loans won’t be able to provide the credit that fuels a recovery.
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Equity indices jumped on Tuesday in a highly volatile trade with the benchmark BSE Sensex rising over 900 points. Sensex gained 909 points or 3.02 per cent to 30,976; while the broader NSE Nifty moved 237 points or 2.70 per cent higher to 9,030. Major gainers in the BSE pack included IndusInd Bank, HDFC, Maruti, Mahindra & Mahindra, Axis Bank and Hindustan Unilever.
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Over 50% of all debit and credit card transactions — both at point-of-sale machines used by local stores and online checkouts at merchant sites — in the two weeks of the shutdown were for food and grocery-related purchases, up from 12% prior to the announcement. The surge in payment volumes is in line with demand experienced by aggregators as well as a push from their side to avoid accepting cash.
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Small and medium-sized NBFCs are most at risk due to the disruption caused by the Covid-19 outbreak. Large lenders will be able to tap RBI’s Rs 1 lakh crore targeted longer term refinancing operations window but others are likely to face a crunch. Debt of about Rs 2.5 lakh cr is coming up for redemption by June, but only large NBFCs will be able to access RBI’s TLTRO window.
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Bharti AXA General Insurance has tied up with Airtel Payments Bank to launch two health insurance plans-one offering a lump sum amount of Rs 25,000 and another with daily benefit starting Rs 500 per day-to provide protection from COVID-19, a company official said.
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The country's largest lender State Bank of India (SBI) on Tuesday said it has cut the marginal cost of funds based lending rate (MCLR) by 35 basis points (bps) across all tenors from April 10.
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India must keep public finances relatively healthy to stave off a possible second wave of risks in the financial sector once the coronavirus crisis abates, said a former central bank governor. While calls for a stimulus are rising, India cannot risk a significant widening of its perpetually high budget deficit, Urjit Patel wrote in a business daily.
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Out of the total deposits 34 per cent was contributed by retail and small business customers. It’s CASA ratio stood at 40.5 per cent at the end of March 2020, which was at 43.1 per cent in March 2019 and 42.4 per cent at the end of December. The bank had recently said that it saw a tenth of its deposits flow, as one major state-government withdrew its liabilities.
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Explaining the modus operandi, he said that such fraudsters may pose as bank representatives, requesting the citizens to share their OTPs in order to postpone their loan EMIs. Once the OTP is shared, the amount is fraudulently siphoned away by these scamsters.
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"One can also remit contributions directly by electronic clearing system (ECS) to the designated savings bank account of Bank of Maharashtra," the release said. The contribution made for the fund is 100 per cent exempted under Section 80G of the Income Tax Act.
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The share of personal loans in the books of banks has outgrown credit to large industry over the last 12 months. Home loans are now the single biggest sector in terms of advances, accounting for nearly 15% of bank credit as against infrastructure which has an 11.3% share.
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For those who are not familiar with SHG, it is a voluntary group of 10-20 people having similar socio-economicbackground in small contiguous area who operate on the principles of self-help, solidarity and mutual interest. They pool their little savings and manage their credit needs. There are three distinct characteristics, which are unique in SHG, different from traditional lending.
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Banks in the country are likely to witness a spike in their non-performing assets ratio by 1.9 per cent and credit cost ratios by 130 basis point in 2020, following the economic slowdown on account of COVID-19 crisis.
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Digital Lenders’ Association of India, the representative body for 81 such lenders, has made a representation to the Reserve Bank of India (RBI).
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Only four of the 29 firms permitted by the Insurance Regulatory and Development Authority of India are marketing such fixed benefit policies and that too on a limited scale, as the new virus’ impact on humans and expenses to treat are completely out of sync with most models that insurers have, said people familiar with the developments.
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"It's an honour to have been given this opportunity. I'd urge all of us to make the most of it and help the government in this gargantuan effort that it is making to ensure minimum disruption to our life," Aditya Puri, its Managing Director said.
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The largest private sector lender has reported a 7.41 per cent increase in aggregate deposits during the January-March period to Rs 11.46 lakh crore, which was 24 per cent higher as compared to March 31 last year.
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New Delhi may need to make a provision of at least 200-250 billion rupees ($5.90 billion) for capital infusion in state-run banks. However, this number can increase significantly as the situation evolves, the officials said.
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