BUSINESS
Banks get 3% of loans repaid from Essar Oil deal; Essar Steel debt still in limbo
Bankers to Essar Oil will get Rs 4,000 crore from Rosneft deal of Rs 82,740 crore (USD 12.9 billion) which will reduce Essar’s Group debt by Rs 70,000 crore
BUSINESS
This week in banking: New Rs 50 notes, rise in retail NPAs and cut in savings interest rates
In the week gone by, banking sector was relatively less buzzing than the previous weeks as smaller news trends of non-performing assets (NPAs) and retail segment, interest rate reduction by banks and push by the Reserve Bank gained focus
BUSINESS
Axis Bank offers 12 EMI-waiver on home loans of up to Rs 30 lakh
Customers with regular repayment will get 12 EMIs waived – 4 EMIs each after the fourth year, eighth year and the twelfth year from the first disbursement.
BUSINESS
Bank unions to meet Labour Commissioner to decide on August 22 strike
A failure to meet the demands will see nine bank unions go on a one-day strike next Tuesday. This will affect cheque clearances and cash transactions across the country.
BUSINESS
Transmission of policy rate cut key to non-inflationary growth: RBI Governor Urjit Patel
Of the 6 members of MPC headed by Patel, four favoured a 25 bps rate reduction, Ravindra Dholakia voted for a 50 bps reduction while Michael Debabrata Patra voted for status quo.
BUSINESS
Balance in Jan Dhan accounts drops by Rs 10,000 cr since demonetisation peak
Balance in Jan Dhan accounts jumped 70 percent to peak at Rs 74,609.5 crore in 25.82 crore accounts by December 7. In over 6 months, this reduced by Rs 9,832.87 crore to Rs 64,776 crore, drop of 13 percent as on July 19 this year since the demonetisation peak
COMPANIES
Retail, agri & MSME loans to deepen banks' stress
The first quarter results of this fiscal year has opened a can of new worms: retail, agriculture and MSME (micro, small and medium sector enterprise) bad loans.
BUSINESS
Banking sector this week: RBI transfers lower dividend, assures banknotes quality; SBI, Bank of Baroda posts high NPAs
RBI transfers to Government only half of dividend surplus from a year ago; Economic Survey says spending on social services in India grew while SBI and Bank of Baroda see lower net profits amid rise in NPAs
BUSINESS
Bank of Baroda aims to sell non-core assets worth Rs 2,000 crore this year
The bank’s profit dipped by half with a 52 percent fall in net profit at Rs 203.39 crore for the first quarter ended June on higher provisioning.
BUSINESS
Banks waive loan switch-over costs from base rate to MCLR
Customers can also negotiate with their respective banks to ask for a waiver of the charges as banks would fear losing their clients
BUSINESS
Top 3 private banks double their loan write-offs in FY17 at Rs 20,000 cr
ICICI Bank had written off the highest amount of loans at Rs 15,175 crore in FY17, while HDFC Bank and Axis Bank had written off Rs 2,386 crore and Rs 2,222 crore, respectively
BUSINESS
ICICI Bank introduces instant credit card for online shopping with a Rs 4 lakh limit
The credit limit for the customers is up to Rs 4 lakh based on pre-checked bureau scores. As on June end, ICICI Bank's number of outstanding credit cards stood at 43.46 lakh, below HDFC Bank and State Bank of India.
BUSINESS
Insolvency and Bankruptcy Code must be used with prudence: HDFC Bank senior official
Over 150 cases have already been filed by financial and operational creditors against companies to the NCLT to help recovery of loans. These include 12 large corporate accounts including Essar Steel, Bhushan Steel and Jaypee Infratech, among others identified by the RBI
BUSINESS
10 lakh bank employees to go on strike on August 22, cash and cheque transactions to be affected
One million bank employees and officers in all the Banks will observe a strike on August 22, 2017.
BUSINESS
Farm loan waivers are already taking a toll on banks' balance sheets
The country’s top private sector lenders HDFC Bank and Axis Bank have reported high NPAs owing to defaults in farm loan repayments.
BUSINESS
This week in banking: SBI cuts deposit rates, RBI cuts repo rate and NPA troubles continue
State Bank of India cut deposit rates on savings accounts for the first time below 4 percent, while Reserve Bank of India reduced key policy interest rates to lowest in over 6 years
BUSINESS
Expect lower loan rates at large banks, but interest on deposits may come down
Lending rate cuts typically follow a deposit rate reduction. Previously, large lenders have usually matched the rate set by SBI in both deposit and lending rates.
BUSINESS
Ujjivan Small Finance Bank hopes to revive growth after Q1 loss of Rs 75 crore
It expects the impact of demonetisation to completely wane away in the next two quarters. The company was impacted by the move as it delayed the repayments by its borrowers, substantially
BUSINESS
Banks may cut lending rates further; wait for EMIs to come down
RBI has been consistently reprimanding banks for not doing enough to pass on the full benefit of its rate actions to the borrowers .
BUSINESS
Fight against NPAs: RBI to set up task force to improve loan quality
The roadmap will include the priority areas for developing a transparent, comprehensive and near-real-time registry.
BUSINESS
Bankers hail rate cut to boost credit sentiments
Bankers hope to see improvement in the credit demand with more supportive measures to enhance better credit and borrowing options
BUSINESS
BSE Institute now offers two-year Masters program in Fintech
Starting today, the two-year program will enable students to have a good understanding of finance, accounting, business information systems and analytic methods.
BUSINESS
ICICI Bank adds Rs 1,000 cr to watchlist, but pace of slippages shrink 55%
ICICI Bank has exposure of Rs 6,889 crore towards insolvency accounts and Rs 351 crore non-fund based exposure towards 9 of the 12 accounts referred by RBI to NCLT
BUSINESS
Axis Bank aims to double customer base with FreeCharge buyout
Axis Bank on Thursday struck a deal to buy 100 percent stake in digital mobile payment platform for Rs 385 crore in an all-cash deal
