If banks cannot charge interest from borrowers during the moratorium, who will bear that cost? Should the depositors subsidise the borrowers by foregoing interest on deposits? In that case, we will turn banking on its head! notes Tamal Bandyopadhyay.
The accumulated interest will increase the principal and you will have to pay a higher rate. Borrowers should take the restructuring plan only after they are convinced they have exhausted all other options.
Why various loans are disbursed differently...
The Enforcement Directorate on Thursday said it has frozen assets worth Rs 143 crore of prominent Kerala-based NBFC Manappuram Finance Ltd's MD and CEO V P Nandakumar after it conducted raids as part of a money laundering investigation. A total of six premises in Thrissur, where the company is headquartered, were covered during the searches that were launched on Wednesday. The case pertains to allegations of money laundering through "illegal" collection of deposits from the public, the agency said in a statement.
Sri Lanka's Hambantota Port authorities said the high-tech Chinese research vessel that was to dock there on Thursday won't reach the port as scheduled, according to a media report, days after India expressed security concerns over its presence in the island nation.
Of the 2,562 customer complaints received between January 2020 and March 2021, a majority relate to illegal apps. At least two dozen suicide cases have been reported, perpetrated by the harassment by loan app operators, points out Tamal Bandyopadhyay.
'I hope that by seeing us in such huge numbers the government will get scared and agree to our demands.'
To begin with, these are among the cheapest in the loan market.
Home loan protection insurance is the perfect tool to protect your family against home loan liability and subsequent default.
Agency sources said that besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have been named as accused in the FIR.
The southern deep-sea port of Hambantota is considered strategically important for its location.
Investmentyogi explains how borrowers can use the home loan refinance route to improve their financial management.
200 staffers, consisting of RBI officials and support teams, who are essential to perform critical functions, were isolated at a separate facility in a dedicated quarantined environment near all three RBI data centres.
In the coming days, other lenders are expected to initiate similar steps to recover their dues from the company, which is facing the prospects of a change of management. IFCI executives said that the company revoked the guarantee earlier this month to recover its dues amounting to Rs 95 crore from Maytas Infra.
The Reserve Bank on Tuesday directed digital lending entities to disclose upfront the names of of their empanelled agents authorised to contact borrowers in case of default of loan, and also intimate the details to customers before initiating the recovery process. In August last year, the RBI had tightened norms for digital lending to prevent charging of exorbitant interest rates by certain entities and also check unethical loan recovery practices. Under the new norms, all loan disbursals and repayments are required to be executed only between the bank accounts of borrower and the regulated entities (like banks and NBFCs) without any pass-through/ pool account of the Lending Service Providers (LSPs).
A consortium of shareholders with over 30 per cent stake in cash-strapped Byju's might approach the National Company Law Tribunal (NCLT) seeking a management change, if the extraordinary general meeting (EGM) scheduled for Friday failed to yield an 'amicable settlement' or faced further delays, sources said. Earlier this month, these shareholders had issued a notice calling for an EGM to address "persistent issues", including a change in management. They will vote for a revamp of the existing board, an exercise which would include asking Byju Raveendran to step down as chief executive officer (CEO) and relinquish his operational role, according to sources.
Banks create a credit profile of every person who approaches them for a loan. This is a very vital part of any loan application process and banks do consider it very seriously before sanctioning any kind of loan.
Our advisor Harsh Roongta tells you how to deal with it.
The loss of income has severely dented the loan repayment ability of small borrowers
Vedanta Ltd on Thursday termed any talks of sale in oil-to-metals conglomerate as "untrue and baseless." This comes in the wake of news report which said that mining mogul Anil Agarwal is contemplating a stake sale in Vedanta as a last-resort option and is examining the possibility of selling less than 5 per cent of the company. According to company's spokesperson, "Any talk of stake sale in Vedanta Ltd is untrue and baseless."
"We had raised a debt of $585 million for acquiring Axon which is maturing in December 2009. We have a cash position of $412 million. We will pay the debt out of the cash and raise a small debt," HCL Technologies Executive Vice-President (Finance) Anil Chanana said. HCL had acquired Axon for pound 441 million ($678 million) in December last year, funded partly by a short-term loan of $585 million.
"Out of the total loan amount of Rs 1,500 crore, we have raised Rs 500 crore (Rs 5 billion) from various banks and for the rest of the amount, we are still in talks with the them (banks)," MTNL Chairman and Managing Director Kuldip Singh said on the sidelines of an event.
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.
'Considering Pai is putting his own personal money in Byju's, stakeholders in the company can look forward to more governance and transparency.'
A younger co-borrower may help you get a longer tenure loan, while income of a non-taxpayer co-borrower can be shown as savings to get a bigger loan. Women are seen as more responsible when it comes to repaying loans.
Neeraj Saxena, CEO, Avanse Education Loans, simplifies the complex procedure of availing a student loan.
Despite sanctioning the loans, bankers are worried whether to disburse the loan because of absence of an investment grade rating.
Jet said a resolution plan that contemplates various options, including proportion of equity infusion by various stakeholders and the consequent change in the company's board, is being worked out.
Deduction on home loan interest cannot be claimed when the house is under construction
Two persons were arrested in Surat in Gujarat for allegedly forging documents like Aadhaar and PAN cards as well as voter IDs using a website, in the process posing a serious threat to national security, a police official said on Monday.
No one wants a recovery agent breathing down his neck. But if you slipped up on your debt, you may have to deal with him. Here's how to make the best of a bad situation
MPs, state legislators and government employees will not receive the benefit of loan waiver.
Adani Group is expected to report a 20 per cent rise in its earnings before interest, tax, depreciation, and amortisation (Ebitda) at Rs 61,200 crore for the year that ended in March 2023 (2022-23, or FY23), according to a note submitted by the group to lenders recently. The group had earned Ebitda of Rs 57,299 crore in the preceding financial year that ended in March 2022 (2021-22). The group's gross debt was Rs 2.27 trillion as of March 31, 2023, and has projected to not take on additional debt until it lowers its existing one.
An Extraordinary General Meeting (EGM) of Byju's shareholders got underway on Friday to vote on a resolution brought by some investors to ouster founder CEO Byju Raveendran and his family over alleged "mismanagement and failures". Raveendran and his family stayed away from the EGM, calling it "procedurally invalid."
The Indian Olympic Association on Monday dissolved the ad-hoc committee for wrestling, saying "there is no further need" for it to continue after revocation of the suspension on the national federation, which now gets complete administrative control of the sport.
India's organic farming efforts will see a sea change in the tea sector following the launch of the project to develop organic black tea with funding from the Amsterdam-based Common Fund for Commodities, a UN body.
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