Foreign banks and private credit funds are queuing up to fund acquisitions by Indian companies who are buying out their local rivals. The Adani Group, Torrent Group, and the Hindujas have approached several foreign banks and private equity (PE) firms to fund their acquisitions. Global investors have about $2 trillion of funds to invest, and about $100 to $150 billion is set aside for India, according to an estimate by JP Morgan.
The crisis at the bank is attributed to loans made to realty player Housing Development Infrastructure Ltd, which were allegedly hidden from regulators' scrutiny, turning non-performing assets.
Conversion of debt of the stressed telecom player Vodafone Idea Ltd (VIL) into equity could be an option to emerge out of the crisis, lenders led by State Bank of India (SBI) have suggested to Department of Telecommunications (DoT). DoT had called senior bank officials on Friday to discuss the stress in the telecom sector arising out of the Supreme Court order last month on the adjusted gross revenue (AGR)-related dues payable by telecom majors, including Vodafone Idea and Bharti Airtel, sources said. The top court has given a time period of 10 years to telecom service providers struggling to pay Rs 93,520 crore of AGR-related dues to clear their outstanding amount to the government.
Other bankers who attended the meeting at Mint Street included SBI chairman-cum-managing director O P Bhatt, ICICI chief executive and MD Chanda Kochhar, Standard Chartered's India head Neeraj Swaroop and HDFC Bank MD Aditya Puri, among others.
A case has been registered against Karvy Stock Broking Ltd promoter C Parthasarathy and others for allegedly cheating ICICI Bank to the tune of Rs 563 crore.
India has been assigned the lowest investment grade rating with a high risk profile by various global agencies.
Expect rate rise pause, amid market expectations to the contrary.
Vedanta Ltd, which is planning to restart its copper plant in Tamil Nadu, is weighing the option to sell the unit at a valuation of up to Rs 4,500 crore, banking sources have said. The company had sought expressions of interest (EoIs) for the plant in June last year but did not get a good response as the unit was shut for the last five years. "The process has now restarted with the bankers reaching out to potential bidders," said a banker.
The decision by the Reserve Bank of India to introduce a unified regulatory framework on connected lending for all the regulated entities (RE) is expected to reduce the influence of business conglomerates in the Indian lending space, said bankers and experts. "Connected lending pertains to lending to related parties within the same business group. "While the RBI might appear more agreeable to allowing business conglomerates to own banking licenses, it deems it crucial to bolster regulations that would prevent conglomerate-owned banks from gaming the system," said Shivaji Thapliyal, head of research and lead analyst, YES Securities.
The 28-year-old executive manager of individual sales at Dubai Commercial Bank, identified only as RA, is also charged with forging official electronic documents to cover his trail, local media reports in Dubai said.
A consortium of bankers that will fund the Ruias' bid for Hutchison's 67 per cent equity stake in Hutchison Essar Ltd will begin "due diligence" on the company in the next few days
Like everything else, the structure of banks may change, and banks may depend more on digital technologies and artificial intelligence for dealing with both their customers and employees.
Nine of 10 bankers who attended the meeting admitted their sanctioned loan pipeline was shrinking fast due to tepid demand.
Bankers see upward pressure on interest rates after the Reserve Bank raised two key short-term rates in the busy season credit policy of October.
In a meeting with Reserve Bank of India Deputy Governor Rakesh Mohan on Monday, bankers expressed concerns that interest rates had not shown signs of softening despite ample liquidity and overnight rates being at close to 1 per cent levels.
Is the worst over for Indian banks? The past two years saw them ride on treasury trades as deposits soared and credit growth dipped sharply. Gross and net non-performing assets (NPAs) moved south, and the provision coverage ratio (PCR), capital buffers, and profitability indicators are back at pre-pandemic levels. So, what's the plot ahead?
Leaving behind the luxe life and dapper suits of foreign banks, Puri and his team at the upstart venture shared fizz drinks, wore a footwear brand popular among the middle class, shared a rat-infested space in a yet-to-be gentrified work space to plan and execute it.
Heads of various public and private sector banks on Thursday sought to present a counter-narrative on RBI Governor Shaktikanta Das warning lenders about the perils of extreme risk aversion in the pandemic-stricken environment where credit demand is on the wane.
Infosys has withdrawn all its deposits with State Bank of India, the largest commercial bank in the country, in the just concluded October-December quarter.
In addition, bankers also told Business Standard that they did not expect the central bank to hike policy rates or the cash reserve ratio in the third quarter review scheduled for October 27 as inflation was not rising fast though inflationary expectations were there.
The initial public offerings (IPOs) by small and medium enterprises (SMEs) hit a new high in 2023-2024 (FY24). In this financial year, data from the Prime Database showed that 190 companies raised Rs 5,579 crore through the SME IPO route. This financial year's tally bettered the fundraising in the previous financial year when 125 companies raised Rs 2,235 crore.
Jaitley also asked banks to take steps to ensure smooth credit flow to projects.
Coal India was listed on November 4, 2010, and its market value today stands at over Rs 2 lakh crore.
Personal loans have about 80 per cent share in exposures restructured under regulatory package 2.0 by eight banks who have declared results for the second quarter. The remaining 20 per cent are loans to individuals used for business and credit to MSMEs. The total recast exposure of these banks under One Time Restructuring (OTR 2.0) was Rs 27,708 crore.
Ruling out a cut in lending rates, bankers said the status quo policy stance of the Reserve Bank will be followed by them, at least in the near-term.
The benchmark Nifty and Sensex could see another 8-10 per cent from the current levels, said HDFC Securities in its outlook for equity markets in 2024. The brokerage said that the market movement in the next year will not be linear, and there will be more volatility. When asked about the market reaction to the General Elections in 2024, Dhiraj Relli, managing director and CEO of HDFC Securities, said more than the outcome of the elections, the market movement in the next three to four months will decide the market trajectory post elections.
Asset quality of banks, which saw some improvement in the second half of 2020, is likely to worsen during the first six months of 2021, according to a survey. The findings are part of the 12th round of bankers' survey carried out by FICCI-IBA between July and December 2020. The survey was conducted on 20 banks, including public sector, private sector and foreign banks, representing about 59 per cent of the banking industry, as classified by asset size.
SBI's Bhattacharya is ranked second on the list, while ICICI's Kochhar is 5th and Axis's Sharma is 19th in the Fortune list
Consensus remained elusive on a common BRICS currency as business leaders from the five-bloc nations debated the pivotal issue at a business forum on the periphery of a summit of the five-member bloc being hosted here by South Africa. In their two addresses at the Summit so far, the leaders of Brazil, Russia, India, China and South Africa have made no or scant references to the issue either. "The BRICS Business Forum discussed the international payments system in detail. "Participants also debated the question of whether a BRICS currency is possible or desirable, with strong views expressed both for and against and little consensus reached," Sim Tshabalala, chief executive of Standard Bank Group, told several hundred captains of industry from the partner countries and over 40 other nations across the globe at the Summit.
Let all the stakeholders, especially the government, remember that if the Make in India lion needs to roar and rise again, it won't happen unless India Inc rises too, points out Shekaar Subramanian.
Though there is no formal agenda for the meeting, it is generally conducted to get bankers' views on the macro economic scenario and credit and deposit growth. The apex bank also point out its concerns, if any, on specific issues.
Bankers have demanded several changes in the NPA laws including a minimum deposit of 25 per cent of the outstanding loan amount by the defaulter for contesting a bank's claim over its assets.
While making online purchases, the cardholder will have to use this second verification apart from the card verification value number, which is the main saftey parameter used presently. As per the RBI guidelines, customers will have to register their cards from tomorrow onwards with the respective merchants--Visa or Master Card and create a security password.
Chidambaram would be meeting the bankers for the first time after the quarterly review of monetary policy by Reserve Bank on July 29. The apex bank raised the key policy rate to 9 per cent following which most of the PSU banks including the largest lender SBI hiked their lending rates by 50-100 basis points.
Bankers seem to be pleased with the government for keeping its promise of not interfering in operational matters, but are apprehensive about the intense scrutiny of their functioning.
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