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Earlier the state government had provided money to borrowers who had been making regular payments to the lenders. Micro finance loan waiver is one of the pre poll promises of the BJP led government.
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Mashreq in India focuses on wholesale banking, cross-border trade, treasury and investment banking products through its branch in Mumbai. It also has a global competency center named Mashreq Global Network in Bangalore. In January this year, Mashreq Bank invested an additional capital of $100 million. Abdelaal said India remains a strategic market for the bank especially with the global centre in Bangalore.
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Economists are unanimous in forecasting that the central bank has no other option but to deliver a 50 bps rate hike next week and take the terminal rate to 6.25 per cent by December.
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He also said that there is also a push towards the digital route, adding that new-age banking using technology has increased.
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According to the data provided by the Insurance Regulatory and Development Authority of India (Irdai), a total of 24 general insurers witnessed a 9.3 per cent growth in their collective gross direct premium income in August at Rs 17,101.75 crore as against Rs 15,648.63 crore in the year-ago period.
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Banking system liquidity slipped into deficit for the first time in nearly 40 months earlier this week, prompting the Reserve Bank of India to infuse funds into the system.
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All eyes are on the RBI’s rate action next week after central banks from Manila to Oslo announced hikes on Thursday. The recent hikes came hours after the US Federal Reserve again raised rates by 75 basis points. Various agencies have forecast a 35-50bps increase as inflation, after moderating in July, has again shot up to 7% in August.
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"We are aiming to reduce gross NPA below 10% by December this year," managing director MV Rao told ET, barely two days after Reserve Bank of India lifted the business restrictions on the bank under the prompt corrective action framework.
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The Mastercard Payments Summit will see thought leaders talk about futuristic solutions that can drive innovation in the industry and pave the path for a stronger digital economy.
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India's headline retail inflation is expected to rise to a five-month high of 7.4% in September, with the risk of going higher if the momentum of food and vegetable prices picks up further in the rest of the month, Deutsche Bank said.
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Indian banks are likely to see a 90 basis points fall in gross non-performing assets (NPAs) to 5% in this fiscal year to March and further improve to 4% by end of March 2024, rating agency Crisil said on Wednesday. The key indicator of banks' asset quality is likely to improve, "riding on post-pandemic economic recovery and higher credit growth," the agency said in a statement.
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How to make your retirement towards a meaningful retirement
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The Asian Development Bank (ADB) has slashed India's economic growth projection for 2022-23 to 7 per cent from 7.2 per cent earlier, citing higher than expected inflation and monetary tightening.
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The RBI infused 218 billion Indian rupees ($2.73 billion)into banking system on Tuesday, the biggest since May 2019. Overnight rates continue to stay elevated, with one-day call money rate jumping to 5.85%, highest since July 2019.
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NIIF, India’s quasi sovereign wealth fund, currently has $4.3 billion of assets under management through a Master Fund, a Fund of Funds and a Strategic Opportunities Fund.
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Under CGFSEL, default in education loan is covered if the loan limit is ₹7.5 lakh without any collateral security and third-party guarantee. At present, the fund extends guarantee cover against default in education loans sanctioned by public, private and foreign banks.
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The company stated that Kousgi will continue to function as the MD and CEO and discharge duties till the date of his relieving.
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The Reserve Bank of India could raise interest rates by 50 basis points at its upcoming policy review, thanks to stubbornly high inflation and the pace at which major global central banks are hiking rates, Morgan Stanley said.
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Launched in 2018, EASE programme sets a common reforms agenda for public-sector banks every year. EASE aims to foster new-age reforms in Public sector banks (PSBs) to improve profitability, asset quality, customer service and digital capabilities.
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The meeting would review the performance of public sector banks (PSBs) and financial institutions to provide credit to people belonging to the SC community and other welfare measures under implementation, they said.
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While Reliance Industries, TCS, HDFC Bank, Hindustan Unilever, Infosys and HDFC suffered erosion from their valuation, ICICI Bank, State Bank of India, Adani Transmission and Bajaj Finance were the gainers.
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