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RBI governor Shaktikanta Das has said that events around the Silicon Valley Bank (SVB) failure in the US highlight the need for banks to be prudent in their asset-liability management and grow their deposits in a sustainable manner. He also said that the incident brings out the dangers that cryptocurrencies pose to banks.
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The Switzerland-based bank, the report said, "has less than Rs 20,000 crore in assets (12th among foreign banks), presence in the derivatives market and funded 60 per cent of assets from borrowings, of which 96 per cent are up to two months. Still, it's small for the banking sector with 0.1 per cent share of assets."
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The emergency lifeline from the central bank has provided the embattled lender with only some relief, with its battered share price resuming its descent on Friday. With investor confidence still fleeting, some analysts have said the loan facility has only bought Credit Suisse some time to work out what to do next strategically to restore profitability.
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The Wall Street stocks finished solidly higher Thursday after a consortium of major US private banks announced a $30 billion rescue package for embattled lender First Republic. The Dow Jones Industrial Average finished up 1.2 percent at 32,246.55, the broad-based S&P 500 gained 1.8 percent to 3,960.28, while the tech-rich Nasdaq Composite Index jumped 2.5 percent to 11,717.28.
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The US banks injected $30 billion into First Republic Bank on Thursday, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of two other mid-size US lenders over the past week. The market turmoil had ensnared Swiss lender Credit Suisse, forcing it to borrow up to $54 billion from Switzerland's central bank to shore up liquidity.
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With a single branch in India, Credit Suisse has a 1.5% share among foreign banks in India. Its share of banking assets is at 0.1%. About 70% of the bank's assets in India are in short-term government securities. "Banks in India have already downgraded Credit Suisse in their internal ratings so fresh trading positions with them is now unlikely," said the chief government bond trader at a large private sector bank.
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Since hitting record peaks on December 1, both the Nifty and Sensex gauges have been on a slide as a series of interest rate hikes by the central bank hurt the economic growth outlook for the South Asian nation.
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Credit Suisse Group AG said on Thursday it intends to borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank in what it called "decisive action" to boost its liquidity. The planned move came after Swiss regulators pledged a liquidity lifeline to Credit Suisse in an unprecedented move by a central bank after the flagship Swiss lender's shares fell by as much as 30% on Wednesday.
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The Indian government is unlikely to make changes to its budget proposal of taxing the total returns on high-value life insurance policies, two government officials said on Wednesday, amid demands by insurance companies to reconsider the move.
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In 2018, ICICI Bank reported its worst asset quality in a decade amid dwindling return ratios. Gross bad loans more than doubled in three years to 8.8%, while return on assets (RoA) halved to 0.9%. As Bakhshi moved to the granular retail lending from bulk corporate loans, gross bad loans fell to a seven-year low of 3.6% in fiscal 2022, while RoA crossed 2%.
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Union Bank had put on sale a ₹410-crore loan of bankrupt Visa Steel and set the reserve price at ₹164.28 crore, entailing a recovery of at least 40%. For the ₹212-crore debt to Hotel Horizon, the reserve price was set at ₹165 crore, seeking at least 77% recovery.
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Bajaj urged the government to continue to focus on enhancing the ease of doing business and reducing associated costs. To push reforms in areas such as land, labour, and power where both Centre and states have jurisdictions, a structure like the Goods and Services Tax Council can play an important role, he said.
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The five accounts comprise Xrbia Developers with a debt of ₹435 crore, Xrbia Chakan Developers with ₹164 crore, Xrbia Warai Developers with ₹156 crore, Xrbia Ambience Realty LLP with ₹107 crore and Eiffel Lifespaces with ₹18 crore debt. L&T Finance has invited offers under the 15:85 structure, which involves 15% of the consideration as cash and the remaining 85% as security receipts (SR) payable on recovery of the loans from the borrower.
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In a regulatory filing, Jaypee Infratech Ltd (JIL) informed that "...in compliance with the order of the NCLT, an 'Implementation and Monitoring Committee' has been formed in accordance with the approved resolution plan".
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State-owned Bank of Maharashtra (BoM) on Sunday announced a reduction in the interest rate on home loans to 8.4 per cent from the existing 8.6 per cent. The new rate is effective from March 13, 2023, BoM said in a statement.
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The (SVC) Bank was flooded with questions from customers on social media platforms. Recently, the bank issued a clarification stating that they are a completely different entity after a social media user tagged the bank and to confirm the rumours of bank default.
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The verdict came in a case of a car accident in which a man was killed after the car he was traveling in toppled following a tyre burst. However, the New India Assurance Co Ltd. refused to pay compensation, saying that the accident was an act of God.
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