What will be its impact on the banks's balance sheets? Since banks need to provide for 10 per cent of the loans restructured, they would need Rs 50,000 crores to Rs 80,000 crore for this purpose, notes Tamal Bandyopadhyay.
The target of mopping up Rs 1.75 lakh crore from divestments of some of the public sector companies, including LIC and BPCL during the current fiscal, is on track and groundwork is being prepared for the goal, Chief Economic Advisor Krishnamurthy Subramanian said on Monday. On the COVID-19 pandemic, Subramanian said the impact of the second wave is lesser than that of the first one. In an interactive session, organised by Federation of Telangana Chambers of Commerce and Industry, the CEA said robust GST collections, over Rs one lakh crore per month for eight months in a row shows that consumption is picking up indicating positive signal for growth.
Some lenders in talks with LIC for pvt placement
In the fray are revenue secretary P V Bhide, transport secretary Brahm Dutt and IDBI Bank chairman Yogesh Agarwal. In addition, Devashish Gupta, a Jharkhand cadre IAS officer and West Bengal cadre officer Anil Verma were also in the contention, sources familiar with the selection process said.
Non-performing assets of banks have been on the rise for past several months due to slowdown in the economy.
Mahindra Satyam had filed a lawsuit in a New York court against Upaid, seeking to make it solely responsible for any tax liability arising from an out-of-court settlement reached by them.
'Civil matters like loan recovery are being connected with criminal allegations, without any basis.'
The government will give about Rs 495 crore (Rs 4.95 billion) to IDBI as part of a ADB line of credit and restructuring its liabilities.
'The Insolvency and Bankruptcy Code is neither beneficial to banks nor helpful for the borrower.' 'Genuine people who are caught in economic stagnation will lose everything and thousands will lose jobs.'
The total quantum of non-performing assets in the Indian banking system increased to Rs 7.33 trillion as of June 2017, from Rs 2.75 trillion in March 2015.
The government can also individually exempt the PSBs, that are to be privatisated from the two Bank Nationalisation Acts. This will bring such lenders under Banking Regulation Act, and make them companies, reports Nikunj Ohri.
Lenders fret over stubbornly weak credit growth and still high funding costs.
State Bank of India is also expected to tap the markets this year
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
The finance ministry has asked public sector banks (PSBs) to postpone the annual exercise of promoting and transferring their staff in the wake of the Covid-19 pandemic. The advisory issued by the Department of Financial Services (DFS) states that the promotion process has coincided with a spike in Covid-19 cases across the country along with localised lockdowns and an increase in micro-containment zones. As there are cases of bank employees or their family members being hospitalised due to Covid-19, bank, insurance companies and financial institutions must take cognizance of the issue, the advisory issued by DFS said.
Many smart buyers wait for the year-end to buy a car. Auto makers and dealers come up with the best discounts in the month of December to clear stocks. But if you are planning to buy a car any time soon, the current festive season could be an equally attractive opportunity, thanks to the availability of cheaper finance.
Banks Board Bureau chief Vinod Rai has proposed performance-linked incentives for bank employees, but the staff unions are dead against the idea.
Rs 50,000-cr loans for 15,000-Mw projects could be heading for restructuring.
The loss of income has severely dented the loan repayment ability of small borrowers
Global rating agency Fitch has upgraded its support ratings for several Indian banks, including ICICI Bank, HDFC, Punjab National Bank, Canara Bank, Bank of India and IDBI among others.
Information technology (IT) companies have been on the road to revival in the past one year. From being the worst-hit sector in 2022 with a loss of 26 per cent, the Nifty IT index closed 2023 with gains of 24 per cent. So far in 2024, the index is up around 7 per cent against the nearly flat Nifty 50 benchmark index. The IT index has been on a continuous decline in the last three sessions.
The summons was issued to Mallya under provisions of the Prevention of Money Laundering Act in connection with the IDBI case.
Meleveetil Damodaran seems to have a knack of setting things right wherever he goes. While his formidable abilities have no doubt played a big role in this, circumstances have also helped him greatly.
'We can't have the best of both worlds -- large, efficient, world class government-owned banks, doing social banking and making profits. 'Why not set them free from the shackles of such obligations and run them as business units?' says Tamal Bandyopadhyay.
Industrial Development Bank of India plans to raise Rs 2,500 crore (Rs 25 billion) through a flexibond issue with a greenshoe option of the same amount.
The order grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon's properties in Hertfordshire, near London.
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.
Apart from SBI, UPI 2.0 partner banks are HDFC Bank, Axis Bank, ICICI Bank, IDBI Bank, RBL Bank, YES Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank and HSBC.
Low home loan rates by banks could put large players in an advantageous position over smaller non-bank players, believe analysts.
Re-rating of Bharat Petroleum Corporation, Container Corporation, Shipping Corporation, SAIL, and Hindustan Copper, for which the government has already shown intent to divest its stake, possible now, say analysts.
The government has already announced infusion of Rs 10,086 crore in Bank of India, Rs 5,500 crore in Oriental Bank of Commerce and Rs 2,159 in United Bank of India.
Out of these seven PSBs, Bank of India is likely to get the highest amount of Rs 10,086 crore, followed by Oriental Bank of Commerce, which might get Rs 5,500 crore through recapitalisation bonds
The depreciation in rupee may pose a problem for students who have taken loans from Indian lenders.
An official request has been made to the CBI to get a notice issued through its Interpol wing
Unlike in the past, when old private banks compromised upon underwriting standards to take on the bulk, they've now realised that scaling up at the cost of quality isn't worth the while. These banks have also readjusted growth targets when required, and rebalanced books to preserve capital and asset quality.
Besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have also been named as accused
