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A construction company, which during the Covid-19 pandemic, wanted to take care of its workers, support staff and employees and was unable to do so, because of an outstanding Income-tax (I-T) demand of Rs 2.91 crore, frozen bank accounts and attachment of its debtors has obtained a favourable order from the Income-tax Appellate Tribunal (ITAT).
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Bank of Baroda said to ensure maintenance of hygiene and safety, it is also providing additional support in tranches to keep the BC points sanitised and clean through sanitisers, disinfectants, use of masks and other measures.
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The lockdown has set off a banking revolution. Irrespective of which bank you have an account with - in a city or a village without a branch - you can call the local post office and ask it to deliver cash.
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ndia’s forex reserves rose by $3 billion during the week ended April 17 to $479.6 billion. Half the increase was because the value of gold held by the Reserve Bank of India (RBI) appreciated in dollar terms, while the other half came from an increase in the value of foreign currency assets, which rose to $441.9 billion.
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Financiers across the spectrum are struggling to trace low-ticket borrowers, about a fifth of their customers, through virtual means. Unless they can get hold of them, repayments stand automatically deferred.
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Since the outbreak of the crisis, which has seen the country being put under a 40-day lockdown, watchers have been warning about a heavy toll on the economy, with some analysts also expecting the GDP to contract in 2020-21.
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Outstanding loans fell 315.62 billion rupees ($4.14 billion) to 103.39 trillion rupees in the fortnight. Non-food credit fell 338.72 billion rupees to 102.85 trillion rupees, while food credit climbed 23.10 billion rupees to 540.73 billion rupees.
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Sri Lanka is set to enter into an agreement with the Reserve Bank of India for a currency swap worth $400 million to boost the foreign reserves and ensure the financial stability of the country which is badly hit by the COVID-19 pandemic, a top minister has said. Cabinet approved the proposal, enabling RBI to meet short-term international liquidity requirements.
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Small non-banking finance companies continued to be shunned by banks, which availed only half of the Rs 25,000-crore refinance offered by the RBI for lending to NBFCs.
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As stocks and bonds as investment avenues do not show much hope under current market conditions, gold could be the asset to put your money in. If analysts at Bank of America Securities (BofA Sec) are to be believed, gold prices in the international market could rally to $3,000 per ounce (Oz) by end 2021. Translated into Indian rates, that could be about Rs 82,000/10 grams at current exchange rates.
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A report by Axis Bank has said that India would go into recession in FY21 – the first time in 40 years because of the lockdown to prevent the spread of Covid-19. The report has forecast that the gross domestic product will decline by 1.7% led mainly by a steep contraction in manufacturing, and trade transport and communication.
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Small non-banking finance companies continued to be shunned by banks, which availed only half of the Rs 25,000-crore refinance offered by the RBI for lending to NBFCs. This was despite the RBI’s attempt to improve the market for long-term bonds.
10:16 AM
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In the wake of the Covid-19 pandemic, the RBI provided a special facility of Rs 15,000 crore to Sidbi to provide liquidity support to the MSME sector through banks, NBFCs and MFIs. Tightening of financial conditions in the wake of the pandemic has made it difficult for these institutions to raise resources from the market.
8:16 AM
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DMI Finance has raised $123 million from South Korea-based NXC Corporation, valuing the Delhi-based non-bank finance company founded by two former Wall Street bankers at over $1 billion, according to a source. Total equity funding raised by DMI since inception is $800 milion.
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"Given the lack of risk appetite in banks, a structure with partial credit guarantee by the government maybe the only viable option to ease liquidity challenges of NBFCs," said Vydianathan Ramaswamy, Director, Ratings, Brickwork Ratings.
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The finance ministry, in a letter dated April 17, asked banks to furnish detailed data on new loans, including particulars on what sectors were getting them.The push comes after a recent 75 basis point rate cut by the RBI, and at a time when the banking system is flush with liquidity pumped in by the RBI to spur new lending and revive flagging growth.
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All necessary precautions in terms of maintaining social distancing and sanitisation are being taken to ensure health safety of staff and customers at these facilities.
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Unused approved credit lines, which were not disbursed in the last financial year by the banks due the lockdown, are expected to be extended to MFIs, P Satish, executive director of Sa-Dhan, a self-regulatory organisation of the industry, said.
3:52 PM
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A report by Axis Bank has said that India would go into recession in FY21 – the first time in 40 years because of the lockdown to prevent the spread of Covid-19. The report has forecast that the gross domestic product will decline by 1.7% led mainly by a steep contraction in manufacturing, and trade transport and communication.
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The company had the highest credit rating during the previous fiscal year ended March 2020 with AAA/ Stable rating by Crisil and ICRA, it said in a regulatory filing on Wednesday. The credit card company, promoted by the country's largest lender SBI, said the borrowings at the end of the previous fiscal were provisional and subject to audit.
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As a result of the deadly coronavirus pandemic, which has resulted in a global recession, remittances to India are likely to drop by 23 per cent from $83 billion last year to $64 billion this year, the World Bank has said. Globally remittances are projected to decline sharply by about 20 per cent this year due to the economic crisis induced by the COVID-19 pandemic and shutdown.
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Until now, practices relating to critical areas such as classification and recognition of non-performing loans (NPLs), accounting for securitisation transactions, investment classification and valuation, were primarily driven by RBI regulations.
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In a letter, the shipping ministry has asked the ports to provide relief in the form of exemptions/ remission of charges to the shipping liners, exporters, importers, logistics providers and other stakeholders hit by the coronavirus outbreak. The relief measures are aimed at boosting EXIM cargo by supporting and rebuilding the logistics chain.
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For the financial sector, the coronavirus freeze is just the latest headwind in a multi-year storm that’s dragged down consumption and seen the nation lose its crown as the world’s fastest-growing major economy. Now, if bad loans rise as many including the central bank expect, banks and shadow lenders are set to become ever more cautious just when credit is most needed to keep the economy going.
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The bad loan mess is getting in the way of monetary policy too, as banks hold back from passing on the bulk of the 210 basis points of interest rate cuts that the central bank undertook from February last year.
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The IBA plan is to give the companies more time to pay back loans by extending the moratorium and in some cases extending the tenure of term loans. For working capital loans that are short term, the interest payment period could be extended to three years.
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"We confirm that the Bank, in the normal course of its business, has exposure to the borrower group in question, is taking due steps to protect its interests, and will appropriately reflect the same in its financial statements, as it would do in respect of all its banking exposures," ICICI said in a stock exchange filing.
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The loan moratorium extended by banking regulators in countries like India and China to deal with the liquidity crunch amid COVID-19 crisis will provide temporary relief to borrowers, but will constrain banks from taking proactive recovery actions.
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It said Kamakodi's reappointment is for a further period of three years with effect from May 1, 2020.
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The Reserve Bank of India has a number of policy options to draw upon to cushion the economic blow from the coronavirus pandemic. With a limited fiscal response so far, the RBI has provided some virus relief to the economy but analysts say these areas need to be addressed further like rate cuts, deficit financing, bond purchases, corporate debt and looser rules.
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Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India. UPI is built over the IMPS infrastructure and allows one to instantly transfer money to any bank account. According to the data, the volume of UPI transactions in March slipped to 124.68 crore from 132.57 crore in February.
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Some banks are reducing credit card and personal loan limits, tightening loans to small businesses. RBI data shows credit card outstanding amount reached an all-time high of Rs 1.1 lakh crore at end of February, up nearly 26% over last year.
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From tightening collection schedules to lowering credit limits, narrowing customer base to only include “super-prime” borrowers and hot-listing companies that may retrench employees, small online lenders are taking all possible precautions to stay afloat in the coming months.
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The HC has granted Indiabulls, a non-banking financial company (NBFC), the permission to not pay its debenture holders, including fund houses, interest and principal as long as the RBI allows banks and NBFCs to offer moratorium to their borrowers. Fund managers now fear that other NBFCs may take the same route and not pay MFs for the next few weeks.
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The 64-year-old former Kingfisher Airlines boss reiterated that he has repeatedly offered to pay the Indian banks the loan amount owed by his now-defunct airline, an offer which the banks have rejected.
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They are seeking the unused sanctioned limits even though they have not fully disbursed the funds lying with them. This is because the halt in repayment collection has dried up their cash flows, even as they haven’t received any moratorium from most banks.
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As India’s most valuable lender held a call with analysts after announcing quarterly earnings, the focus was on the MSME exposure, and a stress test at the lender showed that 9% of this portfolio is vulnerable, likely leading to a maximum impact of 50 basis points on the bank’s asset quality.
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RBI has planned a Rs 50,000-crore liquidity infusion through TLTRO 2.0 with a direction to banks to invest at least half of it into “investment-grade” commercial papers or bonds issued by smaller non-bank lenders, including microfinance firms.
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The Reserve Bank of India's directive asking banks to make 10 per cent provisions on all moratorium loans will shave at least Rs 35,000 crore off their profitability in financial years 2019-20 and 2020-21, according to a report.
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