The second quarter results of banks show that net profits for the industry increased 57 per cent annually. The private sector banks recorded a 64 per cent rise in profits, whereas the net profits of public sector banks jumped 50 per cent in this period. A significant portion of this increase can be attributed to the rise in credit costs and a decline in non-performing assets (NPAs).
Kochhar was directed to return about Rs 10 crore in cash bonuses she had received as CEO, and also give up close to 6 million shares of the bank she had as stock option, which was about Rs 350 crore.
Personal loans are the one of the most widely chosen options, in case you are in a spot and need some urgent cash. However, personal loans are tricky and you need to know as much as possible about their basics before applying for one. Let's start with some common questions.
Technical, legal, valuation fees could offset the benefit.
The Central Bureau of Investigation has arrested former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by the bank to the group in 2012, officials said on Friday. The CBI had booked Chanda Kochhar, her husband and Venugopal Dhoot of Videocon Group, along with companies Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act, they said.
Union ministers Arjun Munda, Piyush Goyal and Nityanand Rai and farmer leaders from Punjab will meet on Sunday for the fourth round of talks.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
A bad Cibil credit score can limit your borrowing options; however there are few other options which you can explore for credit.
Moratorium was only a temporary reprieve to borrowers affected by the pandemic, adding that a longer moratorium period exceeding six months can impact credit behaviour of borrowers and increase the risks of delinquencies post resumption of scheduled payments.
As yields on 10-year government bonds rose from 6.65% in April 2017 to around 7.50% now, liquidity pressures have increased the cost of funds for housing finance companies.
The K-shaped economic recovery in India from the pandemic slowdown shows in corporate results as well. The automobile sector, which represents big-ticket consumption, continues to do well and has increased its share in corporate revenues and profits while fast-moving consumer goods (FMCG) companies that sell low-ticket consumer goods are struggling with poor sales and earnings growth. The share of the automobile sector, including makers of auto ancillaries, in corporate net sales rose to a 10-quarter high of 10.05 per cent during July-September 2023 (Q2FY24) from 8.94 per cent a year earlier and 9.75 per cent in Q1FY24.
Here are some of the common mistakes that most home buyers make when it comes to home loans and how to avoid them.
When does it make sense and when does it not?
Not all NPAs are treated as wilful defaulters.
A panel of Union ministers held a fourth round of talks with farmer leaders in Chandigarh on Sunday over their demands, including a legal guarantee of MSP, as thousands of protesting farmers camped at the Punjab-Haryana border.
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
Certain banks, such as Punjab National Bank, allow loans from the very next day of making the deposit. Some like HDFC may even offer one after six months. You need to check with your bank on the same.
Before opting for a joint home loan with your parents or spouse you must first understand the implications of this loan.
Mukesh Ambani, the patriarch of Reliance Industries (RIL), and Gautam Adani, the chairman of Adani Group of companies, have secured the top positions on the Fortune India Rich List, created in partnership with Waterfield Advisors, with respective wealth of $99.7 billion and $63.71 billion. With a wealth of $34.6 billion, the Mistry family of Shapoorji Pallonji Group holds the third position on the list, while the Poonawalla family, owners of vaccine maker Serum Institute, with a wealth of $32.9 billion, stands fourth. Stockbroker and founder of D-Mart-branded grocery stores, Radhakishan Damani, claims the fifth spot on the India Rich List with a wealth of $23.4 billion
The CIC's directive came while deciding on a plea by Lucknow-based activist Nutan Thakur, who had based her RTI application on some media reports that RBI deputy governor Viral Acharya in a lecture in 2017 had said accounts of some loan defaulters have been sent to banks for resolution.
A National Commission order held that the buyer was the borrower and so the bank was entitled to demand the EMI payments from him.
'The India which was all about glamour and razzmatazz through which he could earn the trust of people of the other India, which was Bharat.'
Lenders say settlements will cross over 100 accounts in the March quarter.
Companies don't have to be in the field to nudge people to return money they owe lenders.
The proportion in which a joint home loan is taken is important.
The septuagenarian, who turned teary-eyed, submitted that he misses his wife Anita very badly and said she is in the advanced stage of cancer, according to court records.
The Central Bureau of Investigation (CBI) on Wednesday told a special court here that it received a sanction from the ICICI Bank's board to prosecute Chanda Kochhar, the former CEO and MD of the bank, in connection with a case of alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies. The probe agency, represented by special public prosecutor A Limosin, told the court that the board of ICICI Bank in a resolution passed on April 22 this year gave its sanction to the prosecution (against Kochhar), accepting that there seemed to be quid pro-quo.
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
The amendments give committee of creditors of a loan defaulting company explicit authority over the distribution of proceeds in the resolution process and fixes a firm timeline of 330 days for resolving cases referred to the IBC.
Do you have financial planning queries? Ask rediffGURU Anil Rego.
Each problem is discussed in detail and appropriate remedies are mentioned along with it.
Beyond the macro data, there has been little enquiry into the profile of the indebted farmer households, says Shailesh Dobhal.
Banks and financial institutions are seeking more flexibility in dealing with commercial and industrial loan accounts, which are seeing pressure due to cash flows and repayment.
With the management of most State-owned banks hardly having time to concentrate on big-ticket business, growing the business of loan disbursals has been pushed down the priority order.
Home loan cover from the lender may not be the best option
The RBI has this year cut interest rates by 110 basis points in four instalments but banks have passed only a part of it to borrowers. Before the last reduction earlier this month of 35 basis points, the bank on an average had passed only 29 basis points out of 75 basis points cut affected during 2019.
Being a guarantor for a freinds loan can cost you a dear.
The govt said Rs 30,729 crore was required for waiving loans of small and marginal farmers.
'Farmers have been sent notices in which the government is threatening that if you will join the movement, then we will impound your ancestral properties.' 'We will seal your bank accounts.' 'We will revoke the passports of your kids.'
The central bank said such loan products, popularly called 80:20 or 75:25 schemes, are likely to expose the banks as well as their home loan borrowers to additional risks.
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