BUSINESS
RBI calls for public credit registry to curb loan defaults
A public credit registry can help control loan defaults, improve credit culture, efficiency and financial inclusion, RBI Deputy Governor Viral Acharya said.
BUSINESS
Edelweiss ARC plans to buy Rs 1500-Rs 2000 cr bad loans in FY18, eyes steel sector
One of the largest ARCs in the country, sponsored by Edelweiss Group, it has already bought bad loans worth Rs 630 crore from banks in the three month period from April to June this year.
BUSINESS
NBFCs, mutual funds see rise in loan growth as NPAs haunt banks
However, RBI says that NBFCs, mutual funds and the capital market cannot fully substitute for banks in a bank-based financial system like ours. Hence, steps to restore the health of the banks assume urgency
BUSINESS
Banking stability dips further; 6 banks may face capital stress if macros worsen
Gross non-performing assets ratio of banks rose from 9.2 percent in September 2016 to 9.6 percent in March 2017
BUSINESS
ATM withdrawals & cash deposits to get costlier as banks will pass on higher GST rate
Under GST, financial services have been put under the 18 percent slab, whereas currently customers pay 15 percent service tax for them.
BUSINESS
Thomas Cook India acquires Kuoni's destination management network for Rs 125 crore
The price of the deal is Rs 125 crore and the valuation is about 5 times profit before tax and has been funded entirely from Thomas Cook’s internal accruals.
BUSINESS
HDFC Life to decide on IPO in July, work on merger with Max Life later
HDFC Life's Board of directors will be meeting on July 17 while its promoter firm HDFC's Board meeting is scheduled to be held on Wednesday, July 26, 2017.
BUSINESS
After sending 12 cos to NCLT, banks may opt for out of court settlement with others
All of the 12 bad loan cases, as directed by the Reserve Bank of India, will be referred to the National Company law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) by mid-July.
BUSINESS
Banks told to set aside higher provisioning for 12 stressed accounts
In a letter, RBI asks banks make 50 percent provisioning on the 12 loans which are worth around Rs 190,000 crore. It has asked banks to set aside 50 percent provision against the secured portion of these loans and 100 percent provision against the unsecured part.
BUSINESS
GST will lead to fall in taxes; we have gained from open-trading system: Urjit Patel
Urjit Patel said GST will reduce inefficiencies within states and broaden the tax base, making it an important part of the digital revolution.
BUSINESS
Industry, not farm loans, responsible for majority of NPAs: report
As per data from 2011 to 2016, the agriculture loan NPAs stood between 4-6 percent while the industry NPAs have consistently increased sharply from nearly 3 percent to 12 percent in 2016.
UNCATEGORIZED
Au Finance Bank's IPO was a necessity more than a choice: CEO
The Small Finance Bank aims to build a full-fledged retail franchise in the next 3-5 years as is sets stage to go public on June 28 with its initial public offer (IPO) to raise Rs 1912 crore
BUSINESS
Banks get a breather as GST Council extends deadline for tax filing
the government has relaxed timetable and exempted companies from penalties and late fees for filing returns till September.
UNCATEGORIZED
Banking sector this week: RBI refers 12 defaulters to IBC; govt makes Aadhaar mandatory for bank A/cs
From fast tracking resolutions against loan defaulters under the Insolvency and Bankruptcy Code to Aadhaar's importance in banking, from here's the weekly wrap of what all happened in the banking sector this week.
BUSINESS
After RBI identifies 12 a/cs for IBC, bankers await word on easier provision norms
After the RBI on Tuesday identified 12 NPAs, which can be taken up under the Insolvency and Bankruptcy Code, bankers now await word on easier provisioning norms.
BUSINESS
Bankers fear legal delays by corporate borrowers, but hope RBI push helps
With RBI taking control, the resolution process will be fastened. However, borrowers can still use legal loopholes to delay the process, a senior SBI official said.
BUSINESS
Farmers need safety on their produce, input costs; not loan waivers
While this is seen as a temporary relief for the farm crisis, experts believe farmers will be better off with lower input costs and an ensured safety net on their output produce.
BUSINESS
Explainer: What lies behind the Insolvency and Bankruptcy Code
The RBI has identified 12 NPA accounts to be taken up under the Insolvency and Bankruptcy Code. Here's a quick look at what the IBC entails.
BUSINESS
SBI Card sees growth in premium credit cards; aims to top market share in 3 years
As at the end of April, HDFC Bank has the largest number of credit cards in the industry at 87 lakh followed by SBI at 46.8 lakh and ICICI Bank at 42.8 lakh cards.
BUSINESS
Banking Sector round-up: RBI keeps repo rate unchanged, SBI cuts home loan rate
Here's the weekly wrap of what all happened in the banking sector this week.
BUSINESS
LIC stake in SBI rises to 10.4%; pays Rs 5,700 cr to pick up 38% in QIP issue
LIC picked up 38 percent shares in this year’s largest equity issuance by State Bank of India on Thursday and the former's stake has increased in the government-owned bank from 8.64 percent to 10.4 percent.
BUSINESS
Bankers' reaction: RBI holds key interest rates at monetary policy meet
The RBI today held key interest rates. Here is bankers' response.
BUSINESS
Plan in works but no forbearance to banks on bad loans: RBI
RBI is said to be discussing all options with the government, including sector-specific and size-specific mechanisms, to speed up resolution of bad loans.
BUSINESS
About 15,000 staff from SBI associates request for transfers
About 2,800 SBI’s associate employees have opted for voluntary retirement scheme (VRS) of the total 12,500 eligible for the scheme.
