ICICI Bank, the country's second largest bank, has sold roughly 45 per cent of its sticky home loans to the Asset Reconstruction Company India Ltd (Arcil) in a first step towards creating a market for retail loans that have turned bad.ICICI Bank sold Rs 360 crore of non-performing home loans at a price around the book cost, confirmed Rajiv Sabharwal, senior general manager, ICICI Bank.
RBI's warning was delivered by Governor Y V Reddy at an address to bank chiefs during the mid-term review of the monetary policy on October 30. Reddy told bank chiefs he would not hesitate to recommend to Parliament that the ULA be extended to the banking sector if they did not charge reasonable rates of interest.
The Mumbai-based recovery chief does not want to be identified but says his greater concern is not that non-performing loans would rise from the already elevated levels. Coordinated opposition to recovery efforts could lead to banks withdrawing altogether from lending to this sub-prime segment in India that otherwise depends on informal money lenders.
After nearly three quarters of generosity , banks are now facing pressure to reduce deposit rates.
We are focusing on how to make banking affordable for the customer. The bank is bullish on retail business, says Suresh Gurumani.
The interest rates on deposits continue to be high despite ample liquidity due to monetary policy uncertainty and expectations that liquidity would tighten later this year. Banks are still offering peak interest rates of 9 to 9.5 per cent on deposits
The loan portfolio of banks has grown by Rs 54,908 crore (Rs 549.08 billion) till September 14, representing only 3.6 per cent growth. During the same period last year, banks had lent Rs 147,657 crore (Rs 1,476.57 billion), a rise of 10.5 per cent.
The RBI is drafting a comprehensive study on the credit card market and a best practices code for credit card issuers.
Now you can withdraw money and simultaneously get your passbook updated at the automated teller machine (ATM) instantly.
The RBI is working on a comprehensive set of guidelines that will make banks responsible for ensuring that their recovery agencies do not recruit individuals with a criminal background.
Banks are facing increasing delinquencies by overleveraged mid-sized companies, now caught in hardships due to changes in their operating environment.
Chidambaram clears holding company for insurance & mutual fund subject to RBI clearance.
Prudential ICICI's managing director, Shikha Sharma, talks about how the journey has been so far and also why she thinks unit-linked insurance plans are the best allocators of long-term funds.
The Reserve Bank of India has issued a fresh directive to banks having less than the required capital to address ownership issues and take steps to increase their net worth to a minimum of Rs 300 crore (Rs 3 billion).
The Reserve Bank of India is unlikely to sanction higher capital market exposure limits to banks which are closer to reaching the regulatory ceiling.
In an interview to Business Standard on the eve of the UTI bank's rechristening to Axis Bank, its head honcho P Jayendra Nayak, talks about his vision for the bank in the next two years.
Public sector banks, in a frenzy to cash in on the retail credit boom during the three years beginning 2003-04
The RBI had raised the issue with thegovernment, stating that foreign banks buying majority stakes in non-deposit-taking NBFCs (NBFC-ND) would provide room for regulatory arbitrage.
The two had signed an operating agreement for cross-selling each other's products recently.
Srei Infrastructure Finance last month sold 50 per cent stake in a part of its business equipment financing arm to France's largest bank BNP Paribas for Rs 775 crore
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