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Family-run businesses should embrace change, practice proper governance, and develop a succession plan to ensure their long-term survival, according to HDFC chairman Deepak Parekh. Speaking at an event at the Center for Family Business and Entrepreneurship, Parekh noted that achieving success in such businesses often depends on the ability to invite professionals on board and embrace education.
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Banks and financial institutions have provided Rs 23.2 lakh crore to over 40.82 crore beneficiaries under India's Mudra Yojana. The scheme was launched in April 2015 to provide easy collateral-free micro-credit to non-corporate, non-farm small and micro-entrepreneurs for income-generating activities. Member Lending Institutions (MLIs) such as banks, non-banking financial companies (NBFCs), microfinance institutions and other intermediaries provide the loans.
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The RBI's March bulletin had said that banks' fund mobilisation through CD issuances was Rs 6.3 lakh crore in 2022-23 up to March 10, as against Rs 2 lakh crore a year ago. The sharp increase in issuance of CDs came amid tighter liquidity conditions as the RBI moved to withdrawal of policy accommodation in the previous financial year and booming demand for credit.
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Lenders of Reliance Capital may consider extending the deadline for completing the resolution process until May 30 as the second auction round is yet to take place and three bidders still have concerns regarding the compliance of resolution plans with regulatory guidelines, among other issues. The deadline for completing the process has been extended several times in the past. Reliance Capital is the third NBFC undergoing bankruptcy proceedings under the Insolvency and Bankruptcy Code.
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The US bank crisis that hit global markets is likely nearing the end, said JPMorgan CEO Jamie Dimon, while not ruling out possible unforeseen failures. US regional banks have recently been in turmoil after a run on deposits which hit SVB and several other lenders, while rising interest rates reduced the value of bonds they bought when interest rates were low.
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Only a handful of lenders have the problems that toppled Silicon Valley Bank, and when the industry starts reporting quarterly earnings next week, the numbers will probably be good, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon told CNN in an interview Thursday. Asked if more bank failures might come, he said he didn’t know. “But if there are, I know honestly they’ll be resolved and it will probably be the last of them,” Dimon said. “I think we’re getting near the end of this particular crisis.”
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The central bank has already increased repo rate by a total of 250 basis points since May in a bid to contain inflation, though it has continued to remain above the RBI's comfort zone of 6 per cent most of the time. Repo rate is the rate at which the RBI lends to other banks.
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The group has already pledged close to 9% of its 18.37% stake in Tata Sons. After this latest transaction, the entire stake, currently valued at close to ₹94,000 crore, will be pledged to lenders including two foreign banks and several overseas hedge and credit funds.
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The Insurance Regulatory and Development Authority of India (Irdai), in its latest published guidelines, has directed insurance companies to draw up clear plans for reducing expenses and transferring those savings to policyholders in the form of lower premiums. Irdai has sought a "well-documented policy" outlining the manner in which benefits arising from cost reductions and directly sourced business will be transferred to customers.
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Bank of Baroda, India's third-largest state-run lender, has stopped approving payments for Russian oil sold above the price cap established by the West in a move that may speed up a transition towards a rupee trade mechanism between the countries, according to sources with knowledge of the matter.
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All three major indexes fell as data showed US job openings in February dropped to the lowest level in nearly two years, suggesting that the labor market was cooling, while factory orders fell for a second straight month.
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Chaudhry said lenders need to stay vigilant about the economic outlook despite the recent robust growth, as India's post-pandemic rebound loses steam and global economic volatility makes forecasting more difficult, according to the report.
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The policy will lay out a roadmap for disease prevention and health promotion in national programmes by combining the best practices of the two systems of medicine, bringing down the cost of treatment while harnessing the benefits of Ayush, a senior government official told ET.
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On a sequential basis, the bank posted a 6.2 per cent growth compared to the amount of Rs 15.06 lakh crore at the end of 2022 December quarter. As per the bank's internal business classification, domestic retail loans grew around 21 per cent compared to the end of March 2022 and about 5 per cent compared to the end of December 2022.
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Incorporated in 2008, DMI is registered as a non-banking finance company (NBFC) with the Reserve Bank of India (RBI). While it was mainly engaged in secured corporate lending - largely to real estate builders - till a few years ago, it has shifted focus to digital lending, providing consumer, personal and micro, small and medium enterprise (MSME) loans. It's a digital technology-driven business with API-based origination, underwriting and loan management systems.
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The IL&FS Group has paid back Rs 29,000 crore to secured creditors, with an interim pay-out of Rs 920 crore for subsidiary Chenani Nashri Tunnelway, taking the total to Rs 6,019 crore in fiscal 2023. IL&FS has completed interim payouts for Rapid Metro Gurgaon Ltd, Rapid Metrorail Gurgaon South Ltd and IL&FS Financial Services for eligible financial creditors.
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