In 2010, ministry told its officers nominated on PSB boards to stay away from big-loan panels; central bank followed suit.
At the moment, the base rate of the bank stands at 10 per cent.
The Reserve Bank of India (RBI) raised the minimum capital requirement for so-called shadow banks and tightened rules on deposits and bad loans to avoid any potential risk to the economy from these rapidly growing finance firms by regulating them like traditional banks.
Two of the highest-profile recent cases of alleged wilful default involve Winsome Diamonds and Jewellery and Deccan Chronicle Holdings
'This segment has performed very well for us and this is reflected in our bounce rate which is about three to four per cent.'
Byju Raveendran, the founder and chief executive officer of the beleaguered edtech firm Byju's, said the company credited all pending January salaries to employees over the past few days. This was communicated to the employees in another letter sent on February 4. Byju's has about 15,000 employees. "I know you were told that you would get your salaries by Monday.
The CBI has shared its findings with the Enforcement Directorate.
"Till September we have refinanced loans worth Rs 1,500 crore (Rs 15 billion). We will lend another Rs 3,500-4,000 crore (Rs 35-40 billion) to REC and PFC by the end of this fiscal," IIFCL Chief Executive Pradeep Kumar said.
Bank of Baroda Q4 results: Key brokerages have raised their target prices on Bank of Baroda after the state-owned lender posted better-than-expected March quarter (Q4FY23) results. Analysts now see up to 29 per cent upside in the stock from a one-year perspective as they believe BoB is well-placed among the large public banks with nearly all key business metrics moving closer to the top-tier banks. Valuations, too, remain attractive despite steady strong quarterly performances.
For many years now, the Congress and its allies have not had any noteworthy representation from the area. The loan-waiver package may not improve things in the next general elections in 2009, Business Standard found out in an extensive tour of the area. Most farmers said they did not find it worthwhile to go to a bank for loan because the process was too cumbersome.
The Reserve Bank has given time till November 30 to banks and NBFCs to put in place a mechanism to ensure that existing digital loans are in compliance with the modified norms aimed at protecting the interest of customers. Last month, the central bank tightened norms for 'digital lending' to prevent charging of exorbitant interest rates by certain entities and also check unethical loan recovery practices. In a circular, the RBI said outsourcing arrangements entered by Regulated Entities (REs) with a Lending Service Provider (LSP)/ Digital Lending App (DLA) do not diminish the REs' obligations and they shall continue to conform to the extant guidelines on outsourcing.
TDP President N Chandrababu Naidu on Tuesday asked women not to repay loans they secured from Micro-Finance Institutions (MFIs) till the government brought in a regulator to keep a tab on the financing business.
While the collapse of a large financial intermediary can wreak havoc on the system because of the interconnectivity, a large business conglomerate too can play spoilsport if the banks have too much exposure to the entity, explains Tamal Bandyopadhyay.
'With NPA under control, we should be able to post better profits.'
But before borrowers jump in joy they must know about the drawbacks too!
Muthoot offers 13-13.4 per cent annual interest on the NCDs, close to one per cent higher than previous public offer.
'Even where we are now today, the growth rates are very good, but we need to get to 8-9 per cent growth in the years to come.'
Reserve Bank of India has allowed authorised dealers to grant rupee loans to non-resident Indians for purposes other than those specifically prohibited by the central bank
'With the current situation in the global job market, students come back with an added burden of educational loans.'
Encouraging results for PayTM (One97 Communications) for the 2022-23 financial year (Q4FY23) have led to a surge in the company's stock price, gaining nearly 5 per cent during Monday's trade. PayTM reported Q4FY23 revenues at Rs 2,330 crore, up 51 per cent on year-on-year (YoY) basis (13.2 per cent quarter-on-quarter or QoQ), led by monthly transaction user (MTU) growth of 27 per cent and average revenue per user or ARPU growth of 19 per cent YoY. MTU is defined as users with at least one transaction/month.
India improved its rank on six out of the 10 parameters relating to starting and doing business in a country.
'The CM kept his cool, but his adviser was liberal with filthy language.' Tamal Bandyopadhyay recreates the diary of a general manager in a public sector bank, providing a glimpse of how they balance their work and life.
For the banking system a new cycle starts in FY2024. It's fraught with fresh challenges on asset quality and profitability, warns Tamal Bandyopadhyay.
Some bankers are of the view the move will also help lenders meet their priority sector commitments as a large part of their housing loan portfolios comprise of loans under Rs 25 lakhs.
Nitin Bhatnagar, a Maltese citizen and a former relationship manager of the Bank of Singapore, was taken into custody under the provisions of the Prevention of Money Laundering Act on Tuesday.
