According to ICRA, even in a high-growth scenario, wherein the second half of FY20 sees the incremental bank credit rise to Rs 6.5-7 trn, there will still be a 40-45% year-on-year decline.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
The central bank gave 11 entities licences to start payments banks.
The Reserve Bank on Wednesday permitted wholly-owned subsidiary (WOS) of foreign banks to acquire domestic private sector banks as well as set up branches anywhere in the country.
The finance minister asked lenders to identify eligible borrowers and reach out to them and urged for quick implementation of a sustained resolution plan for the revival of every viable business.
A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya, as they pursue the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs on Friday, both sides deposed retired Indian Supreme Court justices as expert witnesses on Indian law in support of their arguments for and against a bankruptcy order against Mallya in the UK. While the banks argued a right to waive their security over the Indian assets involved in the case in order to recover their debt in the UK, lawyers for the 65-year-old businessman argued that the funds in question involved public money held by state-owned banks in India which precluded them from such a security waiver.
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Earlier, similar restrictions were imposed on commercial banks.
For the first time, consumers, including those at the so-called bottom of the pyramid, are monetising gold by taking loans from banks, offering the yellow metal as collateral, says Tamal Bandyopadhyay.
Out of the total potential loss, the share of state-run banks will be Rs 24,800 crore in FY18, while that of the private sector banks will be Rs 5,700 crore
Unlike any other business, banking is a turf where the captain's role is the most critical. Often a bank is defined by the personality of the CEO who runs it. Both HDFC Bank and Kotak Mahindra Bank are the creation of their CEOs, notes Tamal Bandyopadhyay.
The Reserve Bank of India's directive on Wednesday came on its prior advice to banks in 2009 to make bank branches and ATMs accessible to people with disabilities and make at least one-third of the new ATMs installed as talking ATMs with Braille keypads.
As many as 26 premises are being searched in these cities by the federal agency under the criminal sections of the Prevention of Money Laundering Act, they said.
With private and foreign banks scaling down their lending activity and equity and overseas sources of capital drying up, the total flow of resources to the commercial sector has dropped by nearly 20 per cent till the end of February.
India's banks rely on overnight borrowings to fund longer-term lending.
Hit by high interest rates, growth in commercial credit offtake from banks by major sectors slowed to 18.9 per cent in July, 2011, from 20 per cent in the same month last year.
'We will test the waters, ferret out information through our business correspondents, and only then open a branch'
'80% of the rural and urban population don't have enough purchasing power.'
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
While RBI is right to worry about the share of outstanding ECBs in our reserves, firms need these to finance investment -- some prudent limits need to be set, says Madan Sabnavis.
'The banking sector appears to be on course to recovery,' declares the RBI governor.
The agency has alleged that Tuki, then minister of consumer affairs and civil supplies in Arunachal Pradesh, had colluded with his brother Nabam Tagam to siphon off illegal gratification received for the contracts given to develop two parking places in Nirjulee and Naharlagun in the state worth Rs 61.43 lakh and Rs 2.60 crore.
Banks have reduced their base rate or the minimum lending rate in the range of 0.1-0.5 per cent till April 15.
'We are sure FY25 is going to be better...But to call out that all problems are behind us is a bit early.' 'The underlying business sentiment has not changed significantly.'
The Trump Organisation has a secret server registered to Trump Tower that has been covertly communicating with a Russian bank, a media report said, in the latest allegation of questionable links between Donald Trump and Russia just a week ahead of the presidential polls.
Tata Realty and Infrastructure, a subsidiary of Tata Sons, is looking to expand its business with over 50 projects across major cities in India, Sri Lanka, and the Maldives. The combined projects boast a development potential exceeding 51 million sq ft, according to a top executive. The Mumbai-based real estate major has completed the first phase of project developments in Male (the Maldives), and is gearing up for the second phase. It has also expanded its footprint in Sri Lanka and plans to add about 2 million sq ft. in Colombo.
'Flush with funds, lending became a cash management exercise.' 'Road projects, power generation plants, airports etc were financed left and right with apparently no regard for the projects' ability to repay,' explains S Muralidharan, former managing director, BNP Paribas.
India's foreign exchange reserves increased to $604 billion as on December 1, surpassing the $600 billion mark after a gap of about four months. The forex reserves were last above the $600 billion mark on August 11 this year. "India's foreign exchange reserves stood at $604 billion as on December 1, 2023.
Draft guidelines for Small Banks and Payments Banks were issued by the RBI in July and comments were invited till August 28.
In a bid to help people who have unclaimed deposits lying with banks, the Reserve Bank of India on Monday directed banks to prominently display such account holders' names on the websites and provide them with a "Find" option to locate the information easily.
The discussion paper is released at a time when the central bank is sifting through 26 applications seeking an entry into the fray.
People are interested in the strength of India's economy, the country's stability, and the opportunities, says Stuart Tait, regional head of commercial banking, Asia-Pacific at HSBC.
CBI and Enforcement Directorate are probing the huge remittances to Hong Kong from the bank.
In a bid to woo more foreign funds in infrastructure, the government on Monday eased External Commercial Borrowing norms by raising the upper limit five times to $500 million under the automatic route with certain restrictions.
It takes nearly four years on an average to resolve a commercial dispute in India, making the country the world's third worst place on this front.
The action comes days after the CBI registered an FIR in the country's biggest alleged bank loan fraud case till date.
Future Gaming and Hotel Services whose director is the lottery magnate Santiago Martin is the top purchaser of electoral bonds having purchased bonds worth Rs 1,368, according to data uploaded by the Election Commission of India on its website on Thursday.
With a stable government at the Centre and the a renewed sense of confidence among the industry, there is expectation that there will be more demand for office space.
Investors shunned shares of Bajaj Finance on Friday, a day after the non-banking financial company (NBFC) reported a sharp contraction in its net interest margin (NIM) for the March quarter of the financial year 2023-24 (Q4FY24). The losses accounted for a fifth of the benchmark S&P BSE Sensex's 609-point loss. Most brokerages have tamed their earnings expectations for the next couple of quarters, after the management said it expected the pressure on NIMs to continue in the near term.
Personal loans continued to grow at a robust pace and recorded a 13.5 per cent year-on-year rise in March 2021, while industrial loan growth remained negative during all quarters of the last fiscal, the Reserve Bank of India said on Tuesday. As per the Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of Scheduled Commercial Banks (SCBs), March 2021' released by the RBI, private sector banks registered a higher loan growth compared to the other bank group.
It is a pity that he does not take his youth influencer role more seriously and align his brand endorsements more responsibly, notes Kanika Datta.
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