We'll need to wait a couple of years to see how many restructured loans turn bad and whether some banks fall victim to their obsession for growth, explains Tamal Bandyopadhyay.
HDFC was the top gainer in the Sensex pack, rising around 3 per cent, followed by Bajaj Finance, HDFC Bank, IndusInd Bank, PowerGrid, UltraTech Cement, TCS, Tech Mahindra and L&T. On the other hand, ONGC, Maruti, Tata Steel, HUL, Bajaj Auto and Sun Pharma were among the laggards.
The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
The government has no plan to print currency notes to tide over the current economic crisis triggered by the outbreak of COVID-19 pandemic, Finance Minister Nirmala Sitharaman informed Parliament on Monday. To a question on whether there is any plan to print currency to tide over the crisis, the finance minister said, "No Sir". Many economists and experts have suggested to the government to print more currency notes to tide over the difficult economic situation with a view to support the economy ravaged by the spread of COVID-19, and protect jobs.
The Securities and Exchange Board of India does not seem to have understood the enormity of what funds have been up to. If Sebi does not crack down on mutual funds using cooked-up credit ratings to hide behind promoter funding, this is bound to grow into a systemic menace, says Debashis Basu.But MFs decided to become lenders without the legal backing to secure themselves, or the skillset to assess lending risk. If Sebi does not crack down on mutual funds using cooked-up credit ratings to hide behind promoter funding, this is bound to grow into a systemic menace, says Debashis Basu.
India's services sector activities eased to a three-month low in April, as the rise in business activity was constrained by the pandemic and sentiment towards growth prospects faded, a monthly survey said on Wednesday. The seasonally adjusted India Services Business Activity Index fell to 54 in April from 54.6 in March, the slowest increase in output in three months. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.
An immediate RBI rate cut will lower lending rates for banks' MSME/retail/mortgage loans before the 'busy' industrial season ends in March.
The Modi government has to embrace the history of Tamil conquests in South East Asia and stop obsessing about Babar/Humayun, argues Colonel Anil A Athale (retd).
As per the rules and regulations, members must not do anything that brings disrepute to the Parliament and affects their credibility, and members must utilise their position as Members of Parliament to advance general well-being of the people.
'A score of 750 and above is considered to be good, though these cut-offs can vary depending on the type of loan being sanctioned,' points out Arun Ramamurthy.
The country's largest lender State Bank of India has seen a perceptible increase in the number transactions happening at its multiple digital channels, with the percentage moving from 60 per cent in the pre-pandemic period to 67 per cent currently, chairman Dinesh Khara said. The rise in the number of digital transactions at the bank was largely driven by pick up in e-commerce during the pandemic-induced lockdown, which restricted movement, he said.
The unions opposed any move to force banks to lend more money to the airline, saying Naresh Goyal is still the promoter and major shareholder with 51 per cent stake and it is his headache to run the company or sell it to someone.
The law firm had specifically named the bank's chief executive and managing director of over 25 years, Aditya Puri, his designated successor Sashidhar Jagdishan and company secretary Santosh Haldankar as defendants.
'It is difficult to see how we will be able to get out of the hole that we have dug ourselves into and are digging deeper into,' notes Aakar Patel.
Ankit Mehra, founder and CEO, GyanDhan, an education financing marketplace, tells you how to apply for an education loan in the pandemic.
The recapitalisation, the finance minister said, will enhance the lending capacity of state-owned banks and help them come out of RBI's Prompt Corrective Action framework.
While the stress is lower than projections, it would be higher than what we saw last year because of the pandemic: Axis.
The concept of 'fairness by rulers' is deeply ingrained in Indians and any weakening of this dents the legitimacy of the ruler, warns military historian Colonel Anil A Athale (retd).
Remember the US withdrawal agreement was signed in February 2020. In the intervening period, a proper evacuation plan ought to have been in place. It was not. Consequently, tens of thousands of Afghans who had worked as interpreters, drivers, suppliers of goods and services, etc, face brutal retribution from the Taliban, Virendra Kapoor points out.
Move can also bring a huge change in the way business is done in India, where firms use multiple current accounts, often for even individual projects, making them difficult to monitor.
Finance Minister Nirmala Sitharaman presented her third Budget on February 1.
Top gainers in the Sensex pack included Infosys, Bajaj Finance, Maruti, HUL, HCL Tech and Reliance Industries, while M&M, IndusInd Bank, ITC, PowerGrid and L&T were among the losers. The NSE Nifty settled 190.80 points, or 2.51 per cent, down at 7,801.05.
Such cold-shoulder by banks also indicates a credit freeze that is hard to overcome, unless the government comes out with credit guarantee schemes for loans given by banks. Since that is not happening, and there is no indication of that too, banks are not willing to listen to RBI prodding.
The Reserve Bank of India (RBI) on Friday said it will maintain comfortable liquidity conditions and conduct market operations in the form of outright and special open market operations. It will conduct on tap targeted long-term repo operations (TLTRO) with tenors of up to three years for a total amount of up to Rs 1 lakh crore at a floating rate linked to the policy repo rate.
The sector has become a serial capital issuer.
The Budget kept away from mood dampeners such as an increase in taxes (capital gain taxes) and even the much-feared introduction of Covid cess and wealth taxes, says Nimesh Kampani, chairman, JM Financial.
'We can expect heightened belligerence from China.'
'If the new rate is lower than your current rate, ask your bank to shift you to it.' 'This can be done by paying a fee of Rs 5,000 to Rs 6,000.'
Section 144 of the CrPC prohibits an assembly of more than four persons in an area.
Shares of the HDFC duo led the fall in the indices, shedding up to 2.94 per cent. IndusInd Bank, Axis Bank, Maruti, Bajaj Finserv, PowerGrid and SBI were among the other major laggards.
RIL was among the top gainers in the Sensex pack, jumping over 3 per cent to hit its record closing high. Tech Mahindra, HCL Tech, Bharti Airtel, Infosys, HUL and ITC were also among the prominent gainers.
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
'Usually, customers who don't get loans from banks approach NBFCs.' 'This is one reason NBFCs price their loans costlier than PSBs or private banks.' 'NBFCs will have higher delinquencies levels than private banks for most products.'
During the heavy rains through the week here and other regions of Tamil Nadu not only inflatable boats, but preparedness, determination and presence of mind came in handy for personnel including policemen and women, civic and forest workers who rescued people, animals and snakes.
Beware: During the period that you avail of the moratorium, there would be no repayment of interest or principal. Thus, the outstanding will go up substantially for this period as a consequence
Russia's main gain will be that in geopolitical terms, Ukraine regains its sovereignty and ceases to be a de facto American colony, observes Ambassador M K Bhadrakumar.
Nearly three-fourths of the debt money, as of April 30, 2019, was invested in securities with duration of less than three years.
The summit probably fulfilled the expectations on both sides, but the bar of expectations was intentionally kept low, observes Ambassador M K Bhadrakumar.
The Indian regulatory framework forced Citi to hibernate -- contrary to the claim that it never sleeps!
Why do we need a bad bank, owned by the banks themselves when there are at least 28 ARCs around, asks Tamal Bandyopadhyay.
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