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Last week, a branch manager of a leading state-run bank in Madhya Pradesh wrote to the municipal commissioner seeking “cooperation” as several of the 160 street vendors, who were given loans under the PM SVANidhi scheme, had not paid a single instalment, turning them into non-performing assets (NPAs).
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The SFIO had moved the high court against a September 22 order of the trial court denying it permission to examine the four who are presently in judicial custody.
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Despite the pandemic, the lockdown and the consequent damage done to the economy, there are quick signs of recovery, Financial Services Secretary Debasish Panda told in an interview.
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The licence issued to Subhadra Local Area Bank stands cancelled to carry out banking business from the close of business on December 24, 2020.
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CBHFL is a financing and mortgage company jointly promoted by four public sector institutions -- Central Bank of India, National Housing Bank, Specified Undertaking of Unit Trust of India (SUTTI) and Housing and Urban Development Corporation (HUDCO).
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Various SBI officials have advocated for cash flow-based lending models over the traditional asset-based or ratings-based ones. In cash flow lending, a financial institution grants a loan that is backed by the recipient's past and future cash flows.
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The governor on Wednesday concluded a two-day meeting with public sector and private sector banks, held through video conference. Days before banks closed their books for the third quarter, Das asked them to make enough provisions should loans go bad. He also asked banks to raise more capital to grow loans.
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Bankers are expecting to recover as much as Rs 12,000 crore or $1.6 billion from the sale of Videocon’s Brazil oil blocks after a spurt in oil prices resulted in a boost in the valuation of the assets, according to people in the know.
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In the meeting that was conducted through video conferencing, the governor and deputy governors discussed the progress in the implementation of resolution framework for COVID-related stressed assets, credit flow to different sectors of the economy including stressed sectors along with availability of credit to MSMEs.
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The recovery in collection efficiencies is good news for the beleaguered NBFCs which were hit hard due to the stringent lockdown announced in late March 2020, and subsequently, extension of moratorium on loan repayment to borrowers (under the Covid-19 regulatory package announced by the Reserve Bank of India).
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"The monthly collection efficiencies of most Crisil-rated securitised pools are almost at pre-pandemic levels. That's because economic activity has been gathering steam in recent months, and agricultural activity, which was less impacted, has steadily picked up, too," the agency's Senior Director Krishnan Sitaraman said.
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"In view of the revival of business activity in the coming months with vaccine approvals being accorded by various governments around the world, we are offering our services/products to the Israeli business community at competitive pricing to meet all their cross border trade finance needs," B V Ramana, the CEO of SBI Tel Aviv branch said.
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As of August-end, the loans overdue for over 90 days in the credit card segment were 0.51 per cent up from the year-ago period at 2.32 per cent, while the same for the loans against property was 0.34 per cent up at 3.96 per cent, Transunion Cibil said.
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The tap-and-get-a-loan “solution” is pushing a large number of people into a trap far deeper than the financial condition they are in.
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"RBI vide its letter dated December 22, 2020 has communicated its approval for the appointment of Sandeep Batra as Executive Director of the Bank," ICICI Bank said in regulatory filing.
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According to the draft circular, non-deposit and systemically-important NBFCs with capital-to-risk weighted assets ratio below 15 per cent and net non-performing advances above 6 per cent will not be able to pay any dividend.
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With interest rates softening and the economy running into a downspin, LIC had conveyed its inability to give 1 lakh on the initial investment. The government went through the issue, and in October the Cabinet decided to implement the Bhagyalakshmi scheme on the lines of the Centre’s Sukanya Samriddhi scheme, this time with the help of India Post.
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In an interview to TOI, he speaks on why a fresh pile of corporate bad loans is not expected to build up due to the pandemic.
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The FISME has also urged that offline and online sellers should be treated at par in GST to enable smaller MSMEs leverage ecommerce.
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December 1 was earlier the deadline for the submission of EOIs. Over 60 different bids have been received with SBI Capital Markets Limited and JM Financial Services Limited, the advisors to the lenders. Later the date for submitting the bids was extended to December 17.
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Two months ago, the state government had assigned the postal department, instead of the LIC, to implement its flagship programme Bhagyalakshmi scheme as the interest rate of the LIC was low.
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Users of Central Bank RuPay Select Debit Card can avail complementary membership and concessional access to golf courses, gyms, spas and restaurants, the bank said.
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The second largest private sector lender is looking at services beyond credit needs of such overseas corporates with an eye on the fee income possibilities, its executive director Vishakha Mulye told reporters.
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Most banks have managed to keep their NPA under control as companies availed moratoriums or were allowed to delay repaying loans for some months due to Covid pandemic.
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Infinite India platform offers banking solutions as well as value-added services such as incorporation of a business entity, corporate filings, licences and registrations, HR services, compliances and taxation among others, ICICI Bank said in a release.
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Beyond the banking counterparts, one of the most muted sectors, insurance, also saw a massive shift in gears this year considering their rise in popularity due to after-effects of the pandemic, according to the report by SaaS-based start-up Wizikey.
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After the new commitment from the three investors, the overall size of the 'master fund' has touched USD 2.34 billion and NIIF also announced the final close of the master fund. The NIIF also announced that it is targeting to raise USD 2.1 billion for a private equity fund.
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KKR India chief executive Sanjay Nayar, who has been with the private equity fund since 2009, will transition to a new role as the chairman, an official statement said.
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On July 17, LTFH had informed about voluntary winding-up of one of its wholly-owned subsidiary incorporated in Dubai to carry on the off-shore wealth management business, subject to applicable laws of United Arab Emirates.
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Under the differential rates structure, the companies with high credit rate get loans from lending institutions at low rates, while those not having good ratings have to pay higher rates. The differential, according to experts, should be low at this juncture to enable the companies to come out of the crisis situation.
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Lenders held a marathon meeting over the weekend and negotiated hard with bidders, who have promised to come back with new adjustments without tweaking any commercial offer.
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Integrating investor expectations on ESG parameters as part of stakeholder engagement practices and sustainability initiatives will be a key in the post pandemic times the report said.
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Cryptocurrency firms face certain restrictions on advertising on social media platforms and therefore depend on influencers across regional languages to market the digital asset.
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Lenders have decided to further extend the bidding time line till January 31, 2021, in order to accommodate the four non-compliant bidders, sources added. The two compliant bidders have opposed the move by the lenders and have threatened to walk away from alleged non-transparent process, they said.
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In October 2018, the government had seized control of the IL&FS group and superseded its board with one led by veteran banker Uday Kotak.
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The Confederation of Indian Industry (CII) in its pre-budget memorandum recommended that the government consider enabling Foreign Portfolio Investors (FPIs) and Alternative Investment Funds (AIFs) to purchase NPAs.
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The bank has completed the integration of 1,770 erstwhile Dena Bank branches in December 2020, and had earlier completed the integration of 2,128 erstwhile Vijaya Bank branches in September 2020, the lender said in a release.
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Standalone health insurance player Star Health and Allied Insurance Co Ltd which has been growing at a rate of around 45 per cent year-on-year in the current fiscal, is looking for a premium collection of Rs 10,000 crore in the current fiscal.
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PayPal, which began India operations in November 2017, said it was fully committed to follow due processes and is "carefully reviewing the matter".
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Due to the pandemic, people's priorities have changed and they are evaluating their spends and investments very closely, the fintech player said in its third edition of 'BankBazaar Moneymood 2021' report.
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