Banks have written off bad loans worth Rs 10,09,511 crore during the last five financial years, finance minister Nirmala Sitharaman informed Parliament on Tuesday. The non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, are removed from the balance sheet of the bank concerned by way of write-off, she said in a reply to Rajya Sabha. "Banks write off NPAs as part of their regular exercise to clean up their balance sheet, avail tax benefit and optimise capital, in accordance with RBI guidelines and policy approved by their boards.
The approval for provisioning of Rs 20,000 crore as subordinate debt to provide equity support will benefit 2 lakh stressed MSMEs.
While the likelihood of these states going the Lanka or Greece way may be an alarming assessment, the financial situation of some states such as Punjab and West Bengal is indeed quite weak.
Moody's said the negative outlook reflected uncertainty over the refinancing of Macrotech's (formerly Lodha Developers) upcoming debt maturities.
These companies, the study said, will have to either dip into its cash balance or borrow in short term.
Attributing the delay in debt servicing to a liquidity crisis, the company said its total indebtedness was Rs 518 crore.
Mytrah generates a higher internal rate of return than most wind energy cos.
The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed the order of NCLT Mumbai directing the lenders of DHFL to consider the offer by the debt-ridden mortgage firm's erstwhile promoter Kapil Wadhawan. A vacation bench of NCLAT comprising Acting Chairman Justice A I S Cheema and Member Technical V P Singh stayed the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT). On May 19, NCLT Mumbai had directed the settlement plan offered by Wadhawan to be considered by the lenders of DHFL, one of the lawyers engaged in the matter said.
Credit is relevant in the short run but what actually matters is productivity in the long run.
Hospitality firm OYO is looking to raise $600 million (over Rs 4,380 crore) in debt from the US institutional investors to service its existing loans, sources in know of the matter said on Thursday. The company is raising $600 million in a term loan B (TLB) structure, the sources said. The company is taking the TLB to service its existing loans which are on higher interest rates, they added.
Those who have been handed the pink slip shouldn't make too many loan queries, advises Raj Khosla.
An interview with Amit Mitra, the finance minister of West Bengal.
M-cap of 35% of BSE-500 companies, excluding financial ones, is below their debt or just a shade above
Gautambhai has shown that he has ability to withstand payment delays or vexatious court cases. That is where he is on a more comfortable wicket than many others. A revealing excerpt from R N Bhaskar's Gautam Adani: Reimagining Business in India and the World.
'Remember, if an app breaks the rules while giving you money, it will also break them while collecting.'
'I am indirectly related to VG Siddhartha. Excellent human and brilliant entrepreneur. I am devastated with the contents of his letter,' Mallya said on Twitter.
Industry experts estimate that demand for loans from the sector outstrips supply by more than $80 billion.
Sebi has allowed mutual fund schemes the option of 'side-pocketing' which move will help both fund houses and investors.
EU authorities made a last-minute offer to salvage a bailout deal that could keep Greece in the euro as the clock ticked down on Tuesday, with Germany warning that time had run out to extend vital credit lines to Athens.
Allocation of portfolios would be the immediate vexatious issue for the party, with supporters of Virbhadra Singh already feeling sidelined after the elevation of the late chief minister's professed rival Sukhu.
It all begins with a little overspending on the credit card, and before you know it, you find yourself being sucked into a debt trap. You may think you have a debt pay off plan, but think again!
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.
Finance ministry advises banks to invoke personal guarantees of all promoters whose companies have gone to NCLT for debt resolution.
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.
Greece's financial crisis has intensified.
Given the sheer size of the state, achieving a similar turnaround in Punjab as promised could be a different ball game altogether, reports Sai Manish.
In yet another chilling episode in the feudal society of rural Bihar, the hands of a 20-year-old youth from Arwal district were chopped off because he failed to repay a loan of Rs 300. Ram Sagar Chandravanshi, who belongs to an extreme backward caste, is currently admitted in the Patna Medical College. "They wanted to punish me in such a way so that I lose my hands, my only means to earn my livelihood, as I had refused to accept their diktat," he said.
Gandhi said around 400 Congress members will be attending the Chintan Shivir in Udaipur from May 13 to 15 and stressed on the message of every leader holding one party post.
Despite sanctioning the loans, bankers are worried whether to disburse the loan because of absence of an investment grade rating.
Over the past several months, the airline has struggled to pay vendors and staff salaries on time.
'Rather than cutting and pasting from advanced economies, we should use basic economic principles to think about what is right for India at the stage of development at which we are,' says Chief Economic Advisor Krishnamurthy Subramanian.
Received a hefty windfall and don't know what to do with it? Here are 5 smart ways to manage it.
England cricketers had no role in the team's decision to abandon their tour of Pakistan next month, the players' union has said.
China on Tuesday said the activities of its high-tech research vessel will not affect the security of any country and should not be 'obstructed' by any 'third party', as the ship berthed at Sri Lanka's strategic southern port of Hambantota amid Indian and United States concerns.
So far, nine companies have raised Rs 17,860 crore - nearly three times of last year's tally - by way of rights issues.
For any airline to be eligible for restructuring, the current ratio has to be equal to or higher than 0.4, while 'debt to Ebitda' has to be equal to or less than 5.5.
A fourth of the property market is cash-based and this has affected home sales after high value notes were scrapped.
Mallya failed to repay loans worth Rs 7,200 cr, did not pay salaries, did not deposit PF, and did not pay income tax. It is still a mystery why banks continued to pour money into the airline when it was on life support
Modi said at a time when people are about to vote for the future of the state, "I want to offer you gratitude for your blessings and affections."
If your are hassled with too many EMIs, bring them all under one umbrella and pay a single amount
