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Banks need to have stronger knowledge on the lending practices of non-bank lenders that borrow from them, said C S Setty, a managing director at India's largest lender SBI. Non-bank finance companies should follow the same risk underwriting and credit monitoring principles as those used by major banks to monitor risk.
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The State Bank of India had asked the court to clarify that the ruling would only apply prospectively and not affect past decisions. However, the court refused and clarified that a personal hearing meant a defaulter should be given adequate notice and an opportunity to make a representation.
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Uday Kotak, CEO of Kotak Mahindra Bank, stated that India needs to fix its judiciary system related to the bankruptcy law to ensure that banks are able to recover money from borrowers. Speaking at the launch of his book 'Made in India' in the presence of RBI Governor Shaktikanta Das, Kotak also highlighted the need for a well-coordinated system to support audacious corporate moves.
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In the current economic landscape, private investment firms are placing greater emphasis on strategic technology initiatives to strengthen their portfolio and risk management capabilities.
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Private credit has grown in prominence globally as money managers lend directly to companies as banks step back. The potential expansion would see Carlyle join global firms seeking to expand their lending in India. Carlyle, which began as a private equity investor, has built out private credit in recent years. Overall, credit assets account for about 39% of the firm’s $381 billion assets under management, according to an investor presentation as of March 31.
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Assets Care & Reconstruction Enterprises (ACRE), supported by Ares SSG Capital, is set to purchase State Bank of India's (SBI) road assets in an all-cash deal following months of negotiation. ACRE's recovery amounts to 60% for the largest bank in the country and subsequently, SBI will hold an e-bidding process on 7 June to determine the offer.
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Lenders to Go Airlines (India) Ltd will classify their loans to the company as "non performing" in the current quarter, but are hopeful that the collateral backing the credit would reduce the amount of haircut they have to take, two banking sources said on Thursday. The Go First bankruptcy filing lists Central Bank of India Ltd, Bank of Baroda Ltd, IDBI Bank Ltd and Deutsche Bank among its financial creditors, which are owed 65.21 billion rupees ($797.38 million)in total.
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The Economic Offences Wing (EOW) of Delhi Police has registered an FIR against former BharatPe managing director, Ashneer Grover for cheating and fraud of Rs 81 crore. A senior police official privy to the investigation said that a complaint was received and after initial enquiry into the allegations, the FIR was registered.
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According to sources, the finance ministry last year had asked these three insurers -- National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company -- to chase bottomline rather than topline and underwrite only good proposals.
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The proposed changes would increase the types of entities who trade instruments called Security Receipts, which are backed by non-performing loans. Currently, the business is confined to banks and non-financial companies.
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Fitch Ratings said that Indian law-enforcement agencies' investigations could potentially damage a corporate's business reputation and constrict funding access, particularly when there is reduced market confidence, despite no wrongdoing being identified. This warning comes after the recent searches by the Enforcement Directorate at Manappuram Finance.
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The statutory inspection for supervisory evaluation (lSE) of the bank was conducted by RBI with reference to its financial position as on March 31, 2021, and the examination of the Risk Assessment Report and all related correspondences pertaining to the same, the central bank said.
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Rukart is mentored by the Powering Livelihoods program, jointly run by Council On Energy, Environment and Water (CEEW) and Villgro Innovations Foundation. Rukart said in a statement that it has partnered with India's largest bank State Bank of India (SBI) aiming to mitigate distress sales among marginal/small farmers and retailers. Farmers and retailers can now buy Rukart's Subjee Cooler with ease through SBI's affordable EMIs, it added.
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US stocks struggled to find direction due to disappointing earnings from Tyson Foods and Catalent and a short-lived rebound in regional banks. Catalent’s shares dropped nearly 26% due to a lower revenue and core profit in 2023 whilst Tyson Foods fell by 16.41% due to a surprise second-quarter loss and a shortfall in its annual revenue forecast.
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The insurance industry had approached the revenue department in the first week of April seeking a lenient view of the industry-wide commission practice and not to treat these violations as wilful evasion. In a letter to the department signed by 22 insurers and intermediaries, the industry also sought relief from the frequent summonses and the large penalties imposed.
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“By June, you will see open market 10-second loans hitting the streets both for personal and business loans for every citizen of India who is eligible for a financial loan,” said Arvind Kapil, retail head of HDFC Bank. “Whether you have an account or don’t have an account with us, we could assess you end-to-end without any documentation online and the product will be disbursed 24×7.”
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The bank in contravention of the RBI's rules furnished incorrect credit information in respect of several expired credit cards with nil dues to all four credit information companies. "In furtherance to the same, a notice was issued to the bank, advising it to show cause as to why penalty should not be imposed for contravention of the said provisions of CIC Rules, as stated therein," it said.
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Mishra said the Centre has in the recent budget made it clear that it intends to migrate to an exemption-free tax regime. "This new tax regime proposed by the finance minister offers no incentives for savings. The insurance industry has for years, been demanding, for raising limits and introducing a separate tax incentive under 80 (C) to make insurance products attractive.
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Under the proposed amendment, each insurer will be required to constitute an advertisement committee comprising at least three members mandatorily from marketing, actuarial and compliance functions of the insurer.
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Mahindra Finance, Shriram Finance, Poonawalla Fincorp, Cholamandalam Finance and others expect wider acceptance in the metros for used EVs. Finance penetration in this market has grown from 20% a year back to about 35% currently, according to executives.
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