Banks are auctioning 2,362 properties in next 30 days. The foremost benefit of purchasing a property in a bank auction is that you could get it at a significant discount to the market rate.
RIL's bet on burgeoning consumer base and foray into new businesses such as telecom, retail, and digital services vastly expanded its business
"7.75 per cent savings bonds scheme notified. Would replace 8 per cent scheme. Will be effective from 10th January. This sequenced notifications and gap of a week was necessary to avoid overlap in cheques realisations," Economic Affairs Secretary S C Garg said in a tweet.
Given how everything has played out, Mehul Choksi, now 62, achieved all that he wanted but for all the wrong reasons, says Pavan Lall.
Car sales dipped by 2.55 per cent in October, as the festival season demand for auto remained in slow lane.
Heads of various public and private sector banks on Thursday sought to present a counter-narrative on RBI Governor Shaktikanta Das warning lenders about the perils of extreme risk aversion in the pandemic-stricken environment where credit demand is on the wane.
Budget could well determine if Achche Din will materialise
Is the worst over for Indian banks? The past two years saw them ride on treasury trades as deposits soared and credit growth dipped sharply. Gross and net non-performing assets (NPAs) moved south, and the provision coverage ratio (PCR), capital buffers, and profitability indicators are back at pre-pandemic levels. So, what's the plot ahead?
Standalone total income increased to Rs 74,457.86 crore in the first quarter of 2020-21, from Rs 70,653.23 crore in the same period a year ago.
While lending rates have been jacked up on an average of 5-10 bps by private sector lenders like HDFC Bank, Axis Bank, Kotak Mahindra Bank and Yes Bank since January, almost all the PSBs have been increasing their bulk deposit rates in the range of 15 bps to 125 bps.
With the world's worst pandemic outbreak scarring nascent economic recovery, the government may at the beginning of the unlock phase announce another stimulus package for the most hit sectors such as small business and self-employed, Bernstein said. The brokerage in a note said its macro index suggests a deterioration in economic activity during April/May. "Energy consumption has moderated, with power down over 4 per cent and oil consumption down over 16 per cent in May so far (all 2-year CAGR). "E-waybills are down 16 per cent, suggesting the impact of scale down in factory production for some product categories, owing to the shut down in retail outlets.
The sale will be quicker if an Indian private bank buys it; it will take longer for regulatory clearances if a foreign bank or an NBFC buys it, points out Tamal Bandyopadhyay.
India's huge digital prowess and potential will play a huge role in enabling digital lending, says Romita Majumdar.
'He's at best a holding-CEO. Not one who will re-imagine the bank,' a senior banker and former colleague tells Raghu Mohan about HDFC Bank CEO & MD Sashidhar Jagdishan.
The root of the problem, according to industry officials, is the sudden stoppage of lines of credit to tea plantation companies.
RBI's likely focus will shift back towards the resolution of non-performing loans in the banking system for reviving credit demand
Investing in such properties is high-risk proposition, as developers do not have requisite approvals. At a later stage, projects can be delayed or even shelved for lack of funds.
Most key rabi-producing states of north India, such as Madhya Pradesh and Rajasthan, have staggered their procurement to enable farmers to come in batches, so that there is no overcrowding. The Centre has also set up a call centre to coordinate the inter-state movement of farm commodities.
To a specific question on the change in RBI's stance from "neutral" to "accommodative", Das said it means that there will not be any rate hike from here on.
In the past three years, personal loans have grown at twice the rate of growth in personal disposable income, leading to a steady rise in household indebtedness. At the end of March this year, Indians owed Rs 25.2 lakh crore to banks and listed non-banking finance companies (NBFCs), up 65 per cent in the past three years.
Kerala floods take a toll on small businesses, NBFCs brace for losses
Banks argued that loans of most lenders are funded primarily by retail deposits and not from the wholesale market as was the practice abroad
SBI has announced an investment of Rs 7,250 crore in Yes Bank through the acquisition of 725 crore shares at Rs 10 each.
Despite recent developments that have accelerated the impending extradition of fugitive diamantaire Nirav Modi, who has been in custody in London's Wandsworth Prison for over two years, the last month has seen his uncle Mehul Choksi dominate the headlines instead with his circus-like exhibition in the Caribbean that has involved red herrings such as a "girlfriend", to whom his wife seemed to have no objection, and possibly concocted stories of being kidnapped and manhandled. Choksi was widely regarded as Modi's Svengali in Mumbai when he returned from Belgium to expand his business. He had fled to Antigua well before news around how Modi finagled thousands of crores from Punjab National Bank (PNB) and other institutions through a series of allegedly coordinated and fraudulent actions involving letters of undertaking, or LoUs.
Loan rates for retail borrowers as well as op-rated companies have crossed 10 per cent, with the cost of funds having risen in the past three months due to the liquidity crunch that banks have been facing.
The oil crisis could not have come at a worse time for the Modi government as its tax collection has fallen short of its 2020-2021 target by Rs 5.2 lakh crore.
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
Relations with the government, the bank's majority owner, are a tricky issue for all SBI chiefs, and, like all his predecessors, Khara will be closely watched for his equations with the finance ministry representative on the SBI board.
A key hindrance to a faster turnaround of these banks is the slow progress in the resolution of legacy bad loans and the need to build up provisions against those assets.
Social e-commerce platform Meesho is set to disrupt the food and grocery market by offering free home delivery on all orders in over 200 below Tier 1 cities in a year's time, in the first phase. It is also disrupting the monetization model by focusing primarily on advertising revenues rather than commissions from sellers, as distinct from its competitors. The move is expected to challenge the big players in the sector which include Jio Mart, Tata's Big Basket, Amazon, Grofers, and others, many of which have minimum prices for free delivery.
'Covid or no Covid, I knew I had made the right decision (calls from my bank to extend the much touted loans offered by Ms Sitharaman, notwithstanding),' says Keya Sarkar.
The NSE Nifty settled the day 38.85 points or 0.37 per cent lower at 10,500.90 after shuttling between 10,590.55 and 10,456.65, intra-day.
'We try to pick up stocks early and hold onto them for the long term.' 'We are not someone who buys and sells on a daily basis.'
Pantaloon Retail Ltd, the country's largest retail company, and Future Value Retail Ltd, recently carved out from Pantaloon as a 100 per cent subsidiary, plan to issue non-convertible debentures worth Rs 750 crore in the next three-four months, according to sources.
US-based Oaktree on Monday pipped Piramal Enterprises and Adani Group to emerge as the highest bidder for DHFL after fresh bids were invited under the insolvency process, according to sources. The committee of creditors had fixed December 14 as the last for submission of revised bids. According to the sources, Oaktree raised the bid to Rs 36,646 crore, including Rs 1,000 crore for insurance and Rs 3,000 crore of interest earned, while Piramal Enterprises offered Rs 35,550 crore, including Rs 300 for insurance and Rs 3,000 of interest earned.
This is despite the private sector companies outperforming their public sector counterparts, reports Sachin P Mampatta.
The Reserve Bank of India's latest data indicate that spending per card is rising steadily - something that consumers should worry about
The Governor, who completes one year in RBI on Wednesday, has stabilised the rupee and is getting a fix on inflation.
She received nearly 97.7 per cent of the votes in favour of her re-appointment, while nearly 2.32 per cent votes were cast against her
Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry
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