The Nifty Bank index has come off 15 per cent from its peak in February, underperforming the benchmark Nifty which is down 6%.
In an affidavit filed by Union finance ministry on behalf of the Union of India, it said that the relief to all borrowers in respect of compounding of interest during the period of moratorium would be admissible to the categories specified irrespective of whether the borrowers had availed the moratorium or not.
"The Congress in a way is in the grip of urban Naxals. That is why its thought has become negative," Modi alleged in his 90-minute speech.
'The economy is expected to bounce back and things are expected to recover faster than what we previously thought.'
Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified.
'As long as Rane is the point-person, the Sena will never revive its partnership with the BJP.'
So far, 50 people have also been injured in these incidents, the government said in a statement.
Reserve Bank Governor Shaktikanta Das on Thursday said the central bank's asset purchases, aimed at mitigating COVID-19-related liquidity stress in the system, did not dilute its balance sheet or compromise on core principles of central banking. In the wake of the pandemic, the RBI undertook several conventional and unconventional measures. "Unlike many central banks, the RBI's asset purchases did not dilute its balance sheet and hence, did not compromise on core principles of central banking," Das said while addressing an event organised by the Bombay Chamber of Commerce. These purchases were confined to risk-free sovereign (government) bonds including state government securities only, he said.
'Banks have to be braver, willing to take more risks and give confidence to the customer,' observes Joydeep Ghosh.
Fitch Ratings on Wednesday cut India's growth forecast to 10 per cent for the current fiscal, from 12.8 per cent estimated earlier, due to slowing recovery post second wave of COVID-19, and said rapid vaccination could support a sustainable revival in business and consumer confidence. In a report, the global rating agency said the challenges for banking sector posed by the coronavirus pandemic have increased due to a virulent second wave in the first quarter of the financial year ending March 2022 (FY22). "Fitch Ratings revised down India's real GDP for FY22 by 280bp to 10 per cent, underlining our belief that renewed restrictions have slowed recovery efforts and left banks with a moderately worse outlook for business and revenue generation in FY22," it said. Fitch believes that rapid vaccination could support a sustainable revival in business and consumer confidence; however, without it, economic recovery would remain vulnerable to further waves and lockdowns.
Prime Minister Narendra Modi and his Japanese counterpart Yoshihide Suga met in Washington, DC, on Thursday to discuss ways to further cement the bilateral strategic ties ahead of the first in-person Quad meeting to be hosted by US President Joe Biden.
Govt to bring 'Bankruptcy Code' for ease of doing biz
This is part of the first batch of Supplementary Demands for Grants for 2020-21 moved by Finance Minister Nirmala Sitharaman in the Lok Sabha.
Experts attribute the lower target to increased allocation under the credit guarantee scheme for small businesses. Out of the Rs 3.21 trillion worth loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) in the last financial year, Rs 3.12 trillion were disbursed to entrepreneurs, according to official data.
The bank has decided to embark on a 'Technology Transformation agenda' to provide its customers smoother, faster, and better banking experience.
Gandhi also called upon the government to immediately put money into the hands of the poor and provide a financial package to the industry to help revive the economy.
E-commerce giant Amazon on Thursday announced a $250 million (about Rs 1,873 crore) fund that will focus on digitising small and medium businesses, and driving innovation in the areas of agri-tech and health-tech in India. "Small and medium sized businesses are often the engine and the lifeblood of economies and I think it's true in India as well. "And we are very passionate about trying to enable acceleration of SMBs in fuelling innovation and the economy in India," Amazon Web Services CEO Andrew Jassy said.
Chief Economic Adviser K V Subramanian on Monday said India is likely to post current account surplus in the current financial year as there is moderation in import due to under heating of the economy triggered by the COVID-19 crisis. This crisis is different from what the world witnessed during the taper tantrum, he said while addressing a virtual conference organised by industry body CII. Taper tantrum phenomenon refers to the 2013 collective reactionary response that triggered a spike in US treasury yields, after investors learned that the US Fed was slowly putting brakes on its quantitative easing (QE) program.
The veteran leader breathed his last at Indira Gandhi Medical College (IGMC) in Shimla at 3.40 am, senior medical superintendent Indira Gandhi Medical College (IGMC) Dr. Janak Raj said.
'Sharma was sent to Lucknow for a purpose, but he has merely been adjusted in the party hierarchy because the chief minister refused to induct him into his government. He was secretary in the Central government and was holding a much higher office than the state ruling party's vice-president' Virendra Singh Rawat reports.
On Tuesday, Modi will share his views with India Inc on 'Getting growth back'.
Finance Minister Nirmala Sitharaman on Friday announced a slew of measures to boost economic growth and address distress in various sectors
'As valuations of large-caps appeared to be out of whack, investors started lapping up quality mid-caps and small-caps, which were available at relatively comfortable valuations.'
Banks are set to sell dud-loans worth Rs 90,000 crore of 22 firms in the first tranche to the National Asset Reconstruction Company (NARCL). It's reason for cheer given that such sales to asset reconstruction companies (ARCs) have been poor in recent times. In fiscal 2020, their assets under management (AUM) contracted by 4 per cent; and in fiscal 2021, it fell by another 100 basis points to Rs 1.07 trillion. So, why are we where we are?
Direct economic stimulus measures such as tax cuts for individuals and industry would have helped to prop up the Indian economy which was hit hard by the lockdowns across several states in India, say economists and corporate leaders. While the measures announced on Monday are focussed more on the supply side, these steps would take a lot of time to move the needle for the economy.
Former Indian Administrative Service officer A K Sharma was on Friday named a Bharatiya Janata Party candidate for the Uttar Pradesh legislative council polls a day after he joined the party, fuelling speculation that he will get a ministerial post.
Economy has become a major cause of concern for the new government with GDP dropping to 5.8 per cent in the last quarter of the 2018-19.
'In May 2020-2021, nearly 10 crores (100 million) lost jobs. 'Covid is not the reason for the present crisis. It aggravated the crisis.'
PSBs dominate India's banking system, meaning any failure could jeopardise financial stability, as such, we expect government support will remain forthcoming, said Moody's.
The NDA government will be following the footsteps of its predecessor, the UPA, which had introduced the concept of "loan mela" to boost credit by directing banks to lend to people through public meetings.
The government on Wednesday approved a production-linked incentive (PLI) scheme for the pharmaceutical sector, entailing an outlay of Rs 15,000 crore. The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the scheme which will benefit domestic manufacturers, help create employment and is expected to contribute to the availability of a wider range of affordable medicines for consumers. The duration of the scheme would be from 2020-21 to 2028-29 and is expected to promote the production of high value products in the country and increase the value addition in exports, an official release said.
'We completed Rs 17 trillion worth of projects in the first term and currently Rs 9 trillion worth of contracts are under construction.'
With farmers firm on their demand about repealing of the three agriculture laws passed by the Centre, their protest entered the 20th day on Tuesday with demonstrations continuing on Sant Nirankari Samagam ground in Burari on the outskirts of Delhi and at various border points.
Seeking to provide a quicker and value-maximising outcome for stressed MSMEs, the government has introduced a pre-packaged resolution process for such enterprises by amending the insolvency law. Now, Micro, Small and Medium Enterprises (MSMEs) can seek resolution for their stress through the pre-packaged process under the Insolvency and Bankruptcy Code (IBC). An ordinance was promulgated to amend the IBC on April 4. Many MSMEs have been impacted by the coronavirus pandemic and experts opined that the latest amendment, which comes less than two weeks after the suspension of certain IBC provisions ended, is a welcome move.
In a festival gift to borrowers, the finance ministry on Wednesday approved guidelines for a scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months of loans up to Rs 2 crore.
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.
Three years and Rs 28,710 crore worth of transactions later, it has more than double the number of sellers than Flipkart.
The Supreme Court has refused to interfere with the government and RBI's loan moratorium policy, and declined to extend the six-month loan moratorium period.
Not only has the Mudra loan mela generated no jobs, it has frittered away trillions of taxpayers' money and it's time to bury the scheme, argues Debashis Basu.
With Narayan Rane, the BJP looks to expand its footprint in Mumbai and Konkan. But a perceived self-goal by him may have galvanised the restive Shiv Sena cadre and voters to coalesce around their party. Dhaval Kulkarni reports
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