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The Reserve Bank of India (RBI) is "very experienced" and fully aware of the matter related to the Adani Group crisis, union finance minister Nirmala Sitharaman on Saturday.
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Sundaram Home registered a 51 per cent jump in net profit for the third quarter ending December 31, 2022 at Rs 53 crore on disbursements of Rs 986 crore. On the inauguration of new branch in Coimbatore, he said, "We have a strong presence in the Coimbatore region for our home finance business."
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Promoters of Srei group, the Kanoria family has proposed to make full payment to lenders in a last-ditch attempt to regain control over the two bankrupt financial services firms that are in the last stage of debt resolution under corporate insolvency.
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India's foreign exchange reserves fell for the first time in four weeks and stood at $575.27 billion in the week through February 3, the Reserve Bank of India's (RBI) statistical supplement showed on Friday.
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“The main point we will be watching out for is if the banks decide to increase exposure to entities under the umbrella, where are those exposures going? Are they going to operating assets or not?” said Alka Anbarasu, associate managing director, Moody’s, in a Bloomberg TV interview on Friday.
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The standoff between Indian authorities and ESMA stems from the Reserve bank of India's refusal to accept ESMA's demand to inspect, and even penalise, key Indian CCPs like the Clearing Corporation of India Ltd which absorb the clearing and settlement risks in transactions like government securities, repos and widely traded derivatives like foreign exchange forwards and interest rate swaps used to hedge positions.
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The RBI has hiked rates in five consecutive policy reviews since May 2022 in order to curb inflation, which has led to an overall jump in the interest rates in the system.
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The development is the first concrete sign that global banks are becoming more wary of financing Adani’s empire and coincides with comments from France’s TotalEnergies SE that a multi-billion dollar plan to produce green hydrogen with the Indian tycoon has been put on hold, pending audits of his conglomerate.
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Barclays Plc, Standard Chartered Plc and Deutsche Bank AG are among banks that lent Adani $4.5 billion to finance the purchase of Holcim Ltd. cement assets last year. A portion of that loan is due March 9. An Adani spokesperson said the conglomerate had been in talks with banks to refinance that part of the loan but has decided to prepay it. The spokesperson said discussions with the banks have not stalled.
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To help you achieve your financial goals, its time we turn to equity mutual funds
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India is eyeing a significant revamp of the banking laws that includes ring-fencing bankers from the Lokpal Act, stock options for state-owned banks' employees, and review of the entire scheme of board constitution including composition and selection methodology.
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Adani group of companies, which in recent weeks has seen a brutal selloff in its bonds and shares after being targetted by a US short-seller, is still eligible for inclusion in JPMorgan's influential bond indexes, the bank said in a note.
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Research firm CreditSights on Tuesday said that it does not see the loan exposure to Adani Group stocks as an issue for the State Bank of India (SBI) given its strong general provision reserves buffer. The country's largest lender State Bank of India (SBI) has an exposure of Rs 27,000 crore
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"We expect the domestic banking sector's average net interest margin to slightly contract by about 10 bps (basis points) in FY24 to 3.45 per cent, following a 15 bps increase in FY23 to 3.55 per cent, in a base case scenario, but remain well above that during FY17-FY22 average of 3.1 per cent," Fitch Ratings said in a report.
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Banks have reached out to the Reserve Bank of India (RBI) with a suggestion to count funds in unclaimed deposits and inoperative or dormant accounts towards the cash reserve ratio, or CRR, people familiar with the matter told ET.
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As part of the interim distribution, IL&FS Group will be paying a total of Rs 3,200 crore to IFIN eligible creditors, that is being distributed in accordance with the NCLAT approved Revised Distribution Framework. Of the total of Rs 3,200 crore, Rs 2,250 crore is being paid to a combination of 28 state-run, private and foreign banks. Another Rs 950 crore will be distributed to over 500 public debenture holders, public funds including EPFO, Army Group Insurance and others.
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"We want them to put time limits on settlement of each kind of regulatory application...It's not a statutory deadline, but it is a target. Regulators can decide the time limit and then publish it," said one of the officials, who did not wish to be identified. The official said there cannot be a situation where a regulator does not decide on an application endlessly.
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