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The reserves fell $7.94 billion to $553.1 billion as of September 2, data released by the Reserve Bank of India showed Friday. The reading is the lowest since October 9, 2020.
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Private lender Yes Bank is likely to approve the transfer of stressed assets worth Rs 48,000 crore ($6 billion) to private equity firm J C Flowers at its next board meeting, said a source with direct knowledge.
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In another release, it said a penalty of Rs 59.10 lakh has been imposed on Woori Bank for non-compliance with RBI's directions on 'Creation of a Central Repository of Large Common Exposures - Across Banks'.
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India is currently ‘on track’ to be placed on index watch for inclusion in JPMorgan’s bond index, according to the bank. It’s also on the FTSE Russell watch list to get into its emerging market debt index.
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"The framework is designed to strike a balance between the need for an innovative and inclusive system while at the same time ensuring that the regulatory arbitrage is not exploited to the detriment to the customer's interest," Rao said at an event organised by industry grouping Assocham.
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“In a follow-up to our report outlining our credit concerns with Adani Group companies, we are presenting this piece to reconcile our calculations with Adani Group’s presentation,” CreditSights said in a report Thursday. “We discovered calculation errors we had made in two of the Adani Group companies - Adani Transmission and Adani Power.”
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Vadirajacharya Inamdar issued a SBI cheque for Rs 6,000 to Hubli Electricity Supply Company Limited (HESCOM) towards his electricity bill on September 3, 2020. The SBI branch wrongly identified the Kannada numeral nine as six and, therefore, dishonoured the cheque. The numeral nine indicated the month of September, but the bank read it as June.
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We know that we are losing ground there and we are picking up. We also have tied up with almost 25 fintech companies now, which we want to scale up to almost 100 by the end of the year. We have a subsidiary and I am going to recruit from there for marketing. We have got a very good spread of branches in the south, and even here too, we have got 45% to 50% of our branches in rural centres, and this we will activate.
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According to official data, retail inflation softened to 6.71 per cent in July due to moderation in food prices but remained above the Reserve Bank's comfort level of 6 per cent for the seventh consecutive month.
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Parbhani district in the backward Marathwada region of Maharashtra has the highest non-performing assets (NPAs) at 60.54 per cent, according to data released during the State Level Bankers Committee meeting held in Aurangabad on Monday.
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At present, the government and LIC are categorised as promoters. They would need approvals for the reclassification of their shareholding status under present regulations.
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The Delhi-based lender has crossed ₹8 lakh crore in global advances showing a 10% year-on-year growth with retail loan portfolio rising by 11% and personal loan rising by 25%.
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The private lender has 12 million pre-approved loan customers across products. It has set up an infrastructure base across 650 districts in India to disburse unsecured loans.
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With India surpassing the United Kingdom (UK) to become the world's fifth largest economy, a report by the State Bank of India (SBI) suggests that the country will outstrip two other major economies to become the third-largest economy by 2029.
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According to the MSBEF, no political party assists in the loan recovery process because past experience indicates that borrowers stop repayments for such loans. "...The same political parties demand for waiver of those loans so as to appease voters" during elections, it said, adding that such events vitiate the recovery atmosphere.
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CSB Bank will seek shareholders' nod for Mondal's appointment at the 101th Annual General Meeting (AGM) to be held on September 27, 2022, the private sector lender said in its annual report 2021-22.
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Equity benchmark indices rallied nearly 1 per cent to re-visit the 59,000-mark on Monday, tracking heavy buying in index heavyweights Reliance Industries and ICICI Bank. The BSE benchmark rose 442.65 points or 0.75 per cent to settle at 59,245.98. During the day, it jumped 504.92 points or 0.85 per cent to 59,308.25.
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Home loan outstanding stands at Rs 17.7 lakh crore at the end of July 2022. There has been a moderate spike in the home loans segment of banks' overall credit to 14.34% in July 2022 from 14% at the end of July 2021.
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The bank has filed a personal insolvency case against promoter Kishore Biyani, his elder brother Vijay Biyani and cousin Sunil Biyani with total claims of ₹1,047 crore. All three had given personal guarantees for loans applied by subsidiaries Iskrupa Mall Management, Syntex Trading and Agency and Unique Malls, as per documents seen by ET.
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On August 17, Union Bank issued a tender inviting bids for the power company’s Rs 2,077-crore debt at a reserve price of Rs 919 crore for upfront cash, which was lower than Rs 935 crore reserve price set in mid-July, where it failed to attract any offers. Union Bank’s revised reserve price equated to a recovery of 44 paise on a rupee.
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