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As part of the Rs 20.97 lakh crore comprehensive economic package, the government announced the Emergency Credit Line Guarantee Scheme (ECLGS) worth Rs 3-lakh crore for the MSME sector, hit hard by the coronavirus crisis.
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A day after the RBI (Reserve Bank of India) projected economic contraction in 2020-21, finance minister Nirmala Sitharaman on Saturday said future fiscal policy actions to stimulate the economy will depend on how COVID-19 pandemic pans out.
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BoB's numbers are higher than some peer banks like State Bank of India (SBI) which had said that only 20% of its borrowers had opted for the moratorium. BoB estimates that it can offer about Rs12,000 crore of loans to micro small and medium enterprises under the Rs 3 lakh crore goverment guarantee scheme which is 20% of its Rs 60,000 crore exposure to this sector.
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Restructuring of loans may happen only after the lockdown ends as it is only then that banks will get an idea of the cash flows of various borrowers. Meanwhile, the Reserve Bank of India (RBI) granted a host of regulatory relaxations to banks to help them tide over the crisis.
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The bank has since sanctioned nearly six lakh loans amounting to Rs 4300 crore under agriculture, SHGs and retail categories. The bank said it has also sanctioned more than Rs 60,000 crore of advances to corporates and MSMEs from March 2020 till date.
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Business tycoon and former billionaire Anil Ambani was on Friday ordered by a UK court to pay three Chinese banks $716 million (Rs 5,439 crore). The commercial court of the high court in London gave a summary judgment against Ambani, chairman of Reliance ADA Group, after his defence was struck down because he failed to make a conditional payment of $100 million (Rs 759 crore) to the court by March 20 this year
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The Reserve Bank of India on Friday unexpectedly cut key interest rates by 40 basis points, citing negative GDP growth in the current fiscal amidst a "double whammy" of loss of production as well as demand even as it said it expected inflation to harden in the first half of the fiscal year. The RBI also allowed lenders to extend an ongoing moratorium on loan repayment, which was due to end on May 31, by another three months to August 31.
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n her meeting with banks on Friday, finance minister Nirmala Sitharaman will take up the progress of Covid-related credit and the extent of pre-approved loans that have been sanctioned. The minister will meet with chiefs of public sector banks and heads of Nabard, Sidbi and the National Housing Bank through videoconference.
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To get a government guarantee against defaults on the bonds or the loans that they buy from finance companies, banks will pay to the government a fee of 0.25% of the portfolio value. This fee, which has to be paid in advance, will protect up to 20% of the NBFC-issued bonds in their portfolio or 10% of the loan book banks have purchased from NBFCs.
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Reserve Bank of India governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis. In March, the central bank had allowed a three-month moratorium on payment of all term loans due between March 1, 2020, and May 31, 2020.
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Reserve Bank of India (RBI) governor Shaktikanta Das on Friday addressed the media as the government extended the nationwide lockdown to curb the spread of the deadly coronavirus. This is the third briefing by the RBI governor in context of coronavirus related measures in the last two months.
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The Reserve Bank on India (RBI) on Friday said India's gross domestic product (GDP) growth will be in negative territory in 2020-21 as the outbreak of coronavirus has disrupted economic activities.
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Bank deposits have risen by over Rs 2.8 lakh crore in three fortnights of the lockdown till May 8, while bank credit during the period dipped by Rs 1.2 lakh crore, according to data released by the Reserve Bank of India.
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Reserve Bank of India (RBI) governor Shaktikanta Das on Friday addressed the media as the government extended the nationwide lockdown to curb the spread of the deadly coronavirus. This is the third briefing by the RBI governor in context of coronavirus related measures in the last two months.
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Bank deposits have risen by over Rs 2.8 lakh crore in three fortnights of the lockdown till May 8, while bank credit during the period dipped by Rs 1.2 lakh crore, according to data released by the Reserve Bank of India. This has added nearly Rs 4 lakh crore to the liquidity in the banking system, resulting in a surge in investments by banks.
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Public sector banks have three months to build up their portfolios to be eligible for the extended Partial Credit Guarantee Scheme (PCGS 2.0), which will be based on actual amounts disbursed within this period, according to guidelines released by the finance ministry on Thursday.
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The chairman of the Fifteenth Finance Commission, NK Singh, said on Thursday the issue of monetisation of fiscal deficit should be left to the judgement of the Reserve Bank of India, the government’s principal debt manager
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“The code envisages maximisation of value and not price,” wrote Dr M.S.Sahoo, chairman, IBBI, in the latest newsletter released by the bankruptcy regulator. “The value improves if business is continued and its assets are used more efficiently.”
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Banks are also set to discuss with the finance minister the rolling out of the Rs 3 lakh crore MSME package and the extension of partial credit guarantee scheme to NBFCs. This meeting was earlier slated to happen on May 11.
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Cash infused by the Reserve Bank of India or the currency in circulation amounted to Rs 1.42 lakh crore between April 01 and May 15, the latest release on reserve money indicated. This is almost double the amount of Rs 72,984 crore, which was released in the same period a year ago during which election cash demand was high.
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"I think this is an year of survival, not everybody is likely to invest (in policies) when the GDP (gross domestic product) is not likely to do good. This year will not be an year of significant growth," Tarun Chugh, MD and CEO of Bajaj Allianz Life Insurance, told PTI in an interview.
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Employees will now be able to declare a LGBT+ partner as an eligible beneficiary under the bank’s medical reimbursement policy. The declared partner will also get covered under the domestic relocation policy.
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The government is considering a 5-7% interest subvention on loans to street vendors to make the targeted ₹5,000-crore financial assistance scheme popular amid apprehensions that organised lenders would baulk at lending to the bottom of the pyramid.
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With prospects of almost zero recovery over the next few months, banks are worried that buyers may call off deals or reduce valuations significantly if the final approvals are delayed due to stalled economic activity.
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The meeting, to be held via video-conferencing, will also take stock of interest rate transmission to borrowers by banks and progress on moratorium on loan repayments, the sources said. The meeting assumes significance in light of the over Rs 20 lakh crore comprehensive economic package announced for the economy reeling under the COVID-19 crisis.
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The Reserve Bank of India (RBI), in a separate release, said bank credit growth (y-o-y) decelerated for the fourth successive quarter in December 2019 as industrial credit growth (-0.8 per cent) moved to the negative terrain for the first time after September 2017. During the quarter, personal loans segment continued to grow at a robust pace of 17.1 per cent.
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The fund would be managed by a public sector bank though a special purpose vehicle (SPV) which will raise money by selling securities to the RBI. This money will be used to buy short term debt maturing in three months from NBFCs. In case of any defaults the SPV will be covered by a government guarantee.
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The government’s frugal economic stimulus package has put pressure on the Reserve Bank of India (RBI) to intervene, as analysts and economists say measures announced so far are unlikely to have any meaningful impact soon.
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Finance minister Nirmala Sitharaman has said that the Central government's measures in the special economic package to deal with the impact of coronavirus crisis were aimed at "greater multiplier effect" and it should be through banks for meeting the fixed cost expenditure and for working capital.
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In a statement Fitch said, NBFIs will continue to face considerable risks to their asset quality and liquidity even as the economy reopens gradually and banks - the major source of incremental NBFI funding - will remain cautious in the face of looming asset quality pressure.
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Equity indices on Wednesday finished on a positive note with the benchmark BSE sensex rising over 600 points tracking gains in bank, financial and pharma stocks amid mixed cues from global markets.
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India’s third-largest bank by loan size Bank of Baroda has taken the lead to monitor the entire NBFC loan portfolio on behalf of all lenders, three people familiar with the development said.
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It includes big names in the space such as Bajaj Finance, Tata Capital, HDB Financial Services, Tata Motors Finance, M&M Finance, KKR India, Indiabulls Commercial Credit in a group of 33 non-bank lenders having an exposure of ₹4 lakh crore to the banking system.
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The certificate of registration is granted by the RBI. With surrendering the certificates, the companies cannot transact the business of a non-banking financial institution. In another statement, the central bank said it has cancelled the certificate of registration of 14 non-banking financial companies (NBFCs).
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"Loans worth over Rs 6.45 lakh crore were sanctioned by PSBs during March 1 – May 15 for 54.96 lakh accounts from MSME, Retail, Agriculture & Corporate sectors; A notable increase compared to the Rs 5.95 lakh crore sanctioned as of May 8," Finance Minister Nirmala Sitharaman said in a tweet.
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One move at a me by Rahul Singh, CIO-Equities, Tata Mutual Fund Markets showed some respite in the month of April after a painful March but the current pande...
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Rest of the world may turn better with a vaccine, but not having a judicial system to quickly resolve Covid-19-related disputes, India may end up keeping zombie companies alive than agile ones.
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Top non-banking finance companies are set to resume sanctioning fresh loans in June with sentiment boosted by the government stimulus and easing of the lockdown, even as they tread cautiously, aware that repayment capacities may have weakened with job losses and income declines.
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Banks have sought that loans extended to overdue accounts be considered under the standard category, or classified as standard restructured asset, which would lead to lower provisioning.
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Small entrepenuers who had earlier opted for a moratorium on repayments are now paying a portion of their dues as the cash flow begins to improve for them with businesses opening up slowly, said bankers. Even salaried credit card borrowers are opting to pay installements as they seek to use their cards more often which is not possible if they opt for a moratorium.
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Private sector lender preps for life during COVID announcing the initiative on a pilot basis for savings account opening. May extend the service for other products in a phased manner.
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Canara Bank, the fourth largest public sector bank in India, has identified the emerging financial needs of customers and in order to provide hassle free credit, the bank has launched a special business vertical dedicated for gold loans.
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An estimated 22,000-25,000 tonnes of gold are lying as assets with Indian households, according to the World Gold Council. Rural India accounts for 65% of this gold stock. About 1.2% of India’s total gold stock has been pledged as collateral for loans, leaving huge potential for the market to grow, consultancy firm Cognizant said in a note in January.
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Dear Readers, Markets showed some respite in the month of April after a painful March but the current pandemic concerns are far from over. How and by when th...
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The lockdown was first announced by Prime Minister Narendra Modi on March 24 for 21 days in a bid to combat the COVID-19 pandemic. It was first extended till May 3 and again till May 17. In March, RBI had allowed a three-month moratorium on payment of all term loans due between March 1, 2020 and May 31, 2020.
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Equity indices nosedived in morning trade on Monday with the benchmark BSE sensex falling over 750 points led by losses in bank stocks as the government extended the coronavirus induced nationwide lockdown to May 31.
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Mumbai-based RBL Bank has set aside enough capital buffers to deal with the Covid-19 pandemic crisis and is confident credit costs will not exceed levels seen in the previous financial year.
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The authority has suggested to the Finance Ministry that a comprehensive social security scheme can be explored for people having low income, according to PFRDA Chairman Supratim Bandyopadhyay.
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Usually, banks have a lower reliance on the credit cards segment for their advances because it is an unsecured product, but it's segmental head Harjeet Toor said the bank has been using a slew of analytics capabilities to grow in the category without increasing its delinquencies. In FY21, the bank expects to sell only over 5 lakh credit cards as against the 13 lakh earlier.
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