Treasury gains helped ICICI Bank post a nearly 10 per cent increase in the consolidated net profit for the April-June quarter at Rs 11,696 crore on Saturday. Growth in the core income slowed for the country's second largest private sector lender, but the treasury operations helped it report a 14.62 per cent rise in its post-tax profit at Rs 11,059 crore on a standalone basis. The core net interest income (NII) growth came at a multi quarter low of 7.3 per cent to Rs 19,553 crore for the reporting quarter.
State Bank of India has revised lending rates based on marginal cost of funds, a new methodology that will take effect from April 1.
The country's largest lender State Bank of India on Wednesday said it has reduced its marginal cost of fund-based lending rate (MCLR) by up to 15 basis points across various tenures, effective March 10. The bank has reduced its one-year MCLR by 10 basis points to 7.75 per cent from the earlier 7.85 per cent, SBI said.
Mentor Yuvraj Singh was very happy when I got out for duck, he must be proud now: Abhishek Sharma
Given the relevance of bank deposits for Indian savers, whether the regulator would permit linking savings interest rate to a repo-like structure needs to be seen, as a move of this nature could increase volatility in savings also.
Credit-to-deposit (CD) ratio of major public sector and private sector banks during the October-December quarter of FY24 inched up as compared to the previous quarter though government-owned lenders reported a lower rate than their private peers. CD ratio is the ratio of the funds that banks lend as compared to the funds raised in the form of deposits. The CD ratio of top public sector banks (PSBs) - State Bank of India, Punjab National Bank, Bank of Baroda and Canara Bank - was lower than their private counterparts.
Perfect occasion to list 30 real-life educators whose unique methods, unwavering dedication or scholarly persona impressed us.
Perfect occasion to list 30 real-life educators whose unique methods, unwavering dedication or scholarly persona impressed us.
'The real repo rate is very high in terms of core inflation.'
Ganesh Puja in Alibag taluka is about simplicity and minimalism. It's about quiet devotion too.
At a time when the role of corporate boards is once again under the scanner, independent directors on the Paytm Payments Bank board have indicated that red flags were raised over regulatory issues but they may have been late in doing so. "As independent directors, we asked questions and monitored responses to the Reserve Bank of India (RBI). Many changes were made on compliances. "Obviously, in retrospect, it was not found to be enough," said one of the independent directors on the condition of anonymity.
As the whole world continues to grapple with the coronavirus pandemic, the Marylebone Cricket Club (MCC) has decided to lend its support by giving the parking space of the Lord's Cricket Ground to the medical staff. In addition to the parking space, the MCC has also decided to provide storage areas for the Wellington Hospital in the UK.
'One way of doing this could be offering credit guarantee to the banks, say 10 per cent, for fresh loans given to micro, small and medium enterprises,' observes Tamal Bandyopadhyay.
The new scheme may be announced before the Lok Sabha elections.
'The last year's growth is a foretaste of things to come in the retail credit market.'
Government proposes to introduce Priority Sector Lending Certificates (PSLCs) to banks.
Had you invested Rs 10,000 each in JSW Steel, Titan Company and Bajaj Finance 20 years ago, when they were just penny stocks (trading below Rs 10), you would have become a millionaire by now.
India's huge digital prowess and potential will play a huge role in enabling digital lending, says Romita Majumdar.
Former RBI governor R Gandhi said that the RBI needs to re-introduce a one-time restructuring package and mere moratoriums will not suffice in unprecedented times like the COVID-19 pandemic.
A cut in the CRR will help banks release their funds stuck with the RBI on which they do not get any interest from the regulator.
Real estate investment trusts (Reits) are in talks with regulatory bodies - the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) - to seek changes in regulations that will allow easier access to capital. The Indian Reits Association (IRA) said it has approached the market regulator seeking to get classified as an 'equity' asset, which will open the path for their inclusion in equity indices and also make investment by mutual funds (MFs) easier. The association is also in active discussions with the RBI to allow banks to lend to a Reit.
With this lending rate reduction, the bank has lowered 40 bps so far this fiscal year in five successive rate cuts beginning April.
Pakistan wanted to be constitutionally communal, India wanted to be secular but is communalising itself. All three nations share a penal code, but they have amended their laws to enable the State to specifically target minorities, points out Aakar Patel.
'Opportunity is there in each segment of the market. There is opportunity in affordable and specifically governed by government initiatives as well as for housing for all.'
For the time being, digital lending remains a grey area, notes Tamal Bandyopadhyay.
The Pink Test partnership between the McGrath Foundation, CA and the SCG Trust symbolises the best in the sport coming together to make a difference to those living with breast cancer.
HDFC Bank, the country's second largest private sector bank, has decided to follow its counterpart, ICICI Bank in increasing lending and deposit rates, in response to monetary tightening by the Reserve Bank of India.
Over the weekend, many companies stepped in to ease the bottleneck in supply and transportation of oxygen, as demand ran high with the surge in cases.
Ravichandran Ashwin has taken criticism on the chin and has responded with a bagful of wickets, refusing to let that 'outside noise' disturb the equilibrium of his mind.
Lending rates have to be sensitive to the policy rate, says RBI.
Most of the public sector lenders, including Punjab National Bank, Bank of Baroda and Canara Bank, have hiked their lending rates after the Reserve Bank of India increased its short-term lending (repo) and borrowing (reverse-repo) rates by up to 50 basis points on July 27.
The coaching-tuition-profiteering model built on the back of a broken education system is a scandal and an abomination, and must go, asserts Shekhar Gupta.
Observing that MSME sector plays an important role in the growth of the Indian economy, RBI said the restructuring of the borrower account has been extended by further one year to March 31, 2021.
'If the portfolio growth rate is higher, take this loan. If it is lower, liquidate your investments.'
The RBI's decision to tighten norms for unsecured personal loans is credit positive because lenders will need to allocate higher capital for such loans, thus improving their loss-absorbing buffers, Moody's Investors Service said on Monday. The Reserve Bank last week raised risk weights on unsecured retail loans, credit cards and lending to non-banking finance companies (NBFCs) by 25 percentage points. Moody's said unsecured loans have been growing rapidly in the past few years, exposing financial institutions to a potential spike in credit costs in case of sudden economic or interest rate shocks.
Cites steep rise in provisioning for restructured standard assets.
Axis Bank reduced its prime lending rate by 0.5 per cent to 15.25 per cent, while Bank of Rajasthan slashed it by 0.25 per cent to 9.75 per cent. The private sector banks' lowering of their benchmark rates came close on the heels of another private sector lender, HDFC, responding to the repeated monetary measures introduced by the Reserve Bank of India this year.
Guruvayoorambala Nadayil is a no-holds-barred, silly comedy that will keep you glued to the screen even when the going gets tough towards the end but the smile on your face will not leave, observes Arjun Menon.
