Frequent balance transfer in search of a lower rate can be tricky for borrowers, if property prices fall
Nobody is held accountable for lapses, no matter how badly it affects the person or business whose accounts are frozen. Nor is there compensation for losses. Most people get to know their accounts are blocked only when a cheque bounces, points out Debashis Basu.
An in-line ICICI Bank result for the quarter ended March 31, 2024, has led to analysts raising target price and earnings per share (EPS) forecast on the stock. ICICI Bank, they said, appeared least vulnerable to regulatory action on its digital offerings or for risk monitoring lapses.
The unexpected interest rate hike by the RBI on Wednesday will have the banking system on average making a 10-15 bps gains on the yields, with private banks making larger gains as 57 per cent of their loans are linked to external benchmark rate and 40 per cent to the marginal cost of lending rates, as per a report. Stating that lenders and borrowers will face volatile times with the Reserve Bank raising the repo rate by 40 bps to 4.40 per cent and the cash reserve ratio (CRR) by 50 bps on May 4 in an off-cycle policy move, India Ratings said the market rates had already been moving higher before the move. The 364-day T-bills have moved up 120 bps and 10-year G-sec by 140 bps since May 2020, when the repo rate was cut to a record 4 per cent, which led to an expectation of a faster and sharper rise in interest rates in the system but the central bank stayed the course to support the fragile economy battered by the pandemic.
Banks are in the process of getting a board-approved restructuring framework in line with the RBI's framework and eligibility defined by the central bank.
The new scheme may be announced before the Lok Sabha elections.
'If we want real democracy, the economy itself will need to be democratised.'
With the O2C business outlook on the mend, the Street is also looking forward to news on RIL's proposal to sell up to 20 per cent of the O2C business to a strategic investor like Saudi Aramco.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
A lot depends on how Srei shapes up under the new administrator and his team, which is critical for investors' interest.
'We are working with a few housing finance companies to drive affordable lending because that's where we believe our sweet spot is.'
Gandhi said just like the Constitution, the "caste census" is a policy framework and a guide for the Congress.
'A mule operates someone else's account to transfer illegal money.'
AIBEA has decided to write to the government and RBI against infusing money into Jet Airways. State-owned banks, including SBI and PNB, are the main lenders to Jet.
Headline-grabbing is part of Terry Gou's business plan.
While there is easy access to money, the flip side is the high interest rate and processing fees, points out Sarbajeet K Sen.
RBI's exercise will take into account standards of governance, the viability of the payment bank (PB) business model, and changes, if any, if needed.
Byju's is in talks with three-four strategic buyers, including Joffre Capital Ltd and language learning platform Duolingo, to sell one of its key assets, US-based digital reading platform Epic, for about $400-$450 million, according to sources. With this, the beleaguered edtech firm wants to meet various commitments, including repaying its entire $1.2 billion term loan B (TLB) within six months. "The binding offers of the bidders to acquire Epic are expected to come in the next few weeks after the due diligence is complete," said a person familiar with the matter.
If you default, it will affect your credit score and your career.
'Banks have to be braver, willing to take more risks and give confidence to the customer,' observes Joydeep Ghosh.
Vedanta Resources (VRL), the diversified mining company headquartered in London, is giving final touches to a plan to raise up to $2.5 billion (about Rs 20,800 crore) as debt repayment deadlines near. The company owned by billionaire Anil Agarwal plans to do this by a combination of instruments, including issuing preference shares in the holding company to a slew of offshore investors from West Asia, and taking on another loan to refinance older debt at a higher interest rate. VRL, which is the group's holding company, is also looking to sell part of its 63.71 per cent stake in the Indian listed subsidiary Vedanta Ltd to meet funding requirements, said a banker close to the development.
Vinicius Jr came off the bench to score once and set up another goal to steer champions Real Madrid to a 4-1 fightback victory over Espanyol.
Despite declining by three percentage points in 2022-23 (FY23) compared to FY19, Odisha's unemployment rate remains higher than the average in India.
The self-employed should invest in the National Pension System, a government-backed, low-cost retirement avenue where they can choose the mix of debt and equity that is right for them.
ICICI Bank reported good results for the October-December 2023 quarter (Q3), with 24 per cent year-on-year (Y-o-Y) growth in profit after tax (PAT). Net interest margin (NIM) dropped 10 bps quarter-on-quarter (Q-o-Q) to 4.43 per cent. Credit growth was at 19 per cent Y-o-Y (4 per cent Q-o-Q), while deposit growth was at 19 per cent Y-o-Y (3 per cent Q-o-Q).
Even as you fight the ongoing health challenge, here are some tips to strengthen your personal finance in the time of coronavirus.
States like Uttar Pradesh, Uttarakhand, Gujarat, Odisha, Madhya Pradesh and Chhattisgarh had on Friday announced similar incentives.
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
'We created war rooms -- from an IT perspective and also a customer war room -- to address any challenges that come up.'
State Bank of India on Friday launched an initiative to provide doorstep services and expedite home loans application process.
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.
In the aftermath of the Karvy incident, lending against third-party collateral facility raises questions over regulations concerning banks and brokers which are at loggerheads. While Sebi and NSDL have ordered the transfer of securities, which were kept as collateral, lenders followed the old business model of sanctioning loan against shares and allegedly overlooked certain parameters. Legal experts feel that this could lead to a collapse of the loan-against-shares market as it raises questions over the sanctity of the pledged securities.
'Byju's financials only reflect the core business. At a group level, they are experiencing substantial losses.'
'The fundamentals look strong, but we will have to see if they translate into actual demand.' 'Because the April-May marriage season didn't see much sales due to the lockdown.'
A total of 161.30 acres of land, plant, machinery and building of the Kannad Sahakari Sakhar Karkhana Limited (Kannad SSK) located in Kannad village of Aurangabad district has been provisionally attached under the Prevention of Money Laundering Act (PMLA), the ED said in a statement.
Roundup of the matches being held across major football leagues in Europe on Sunday
'This is not just the IREDA's IPO. It is the success of the ministry of new and renewable energy and of the renewable energy industry.'
The Reserve Bank had submitted a list of 150 top loan defaulters who owe banks more than Rs 500 crore in a sealed cover to the Supreme Court.
'Considering Pai is putting his own personal money in Byju's, stakeholders in the company can look forward to more governance and transparency.'
HDFC Bank managing director Aditya Puri on Wednesday said the lender's business is returning to pre-COVID-19 levels and full normalcy is expected to be restored soon.
