BUSINESS
Bankruptcy Board chief asks banks to initiate proceedings soon after NPA classification
Creditors, or banks, need to submit insolvency applications soon after a default occurs, says Insolvency and Bankruptcy Board of India chairperson Ravi Mital. Delays on this front lead to erosion in the value of assets, he says
BUSINESS
Rupee likely to trade in a narrow range against the dollar for the rest of 2022, says DBS Bank’s Radhika Rao
DBS Bank’s forecast for the rupee was that the currency would range between 81 and 82.30 per dollar in October-December. The price “has played out along expectations,” senior economist Radhika Rao has told Moneycontrol
BUSINESS
Banks yet again look at NBFC lending as credit demand is back, asset quality improves
Banks’ credit to NBFCs rose by 30.6% year on year to Rs 11.7 lakh crore in September 2022, mainly due to a favourable base effect, the RBI data shows. This is nearly double the overall credit growth in the system
BUSINESS
Drop in October inflation unlikely to deter RBI from hiking rates, say economists
Retail inflation measured by the Consumer Price Index declined to 6.77 percent in October, the lowest in three months, from 7.41 percent in September
BUSINESS
Muthoot Finance aims to grow consolidated AUM by 10% in FY23, MD says
The Non-Banking Financial Company (NBFC) expects to disburse gold loans worth Rs 8,000-9,000 crore every quarter and raise funds worth Rs 300-500 crore through a sale of bonds next month, George Alexander Muthoot said
BUSINESS
Fino Payments Bank mulling transition to SFB, to approach RBI after internal approvals: MD
Instead of following the traditional brick-and-mortar credit-based model, Fino's SFB plan will offer products to the customer through merchant points and a digital platform in an asset-light manner, Rishi Gupta says.
BUSINESS
MC Explains | The tale of vanishing Rs 2,000 currency notes
Their circulation has reduced significantly, primarily because the RBI has not printed these notes in FY20, FY21, and FY22. In fact, they accounted for only 13.8% of all currency notes in circulation, in value terms, as on March 31, 2022. After being introduced in 2016, they accounted for 50.2% of the value of notes in circulation, as on March 31, 2017.
BUSINESS
Banks may see higher retail loan slippages as inflation, job losses bite borrowers
Banks are continuing with their strategy of aggressively building a retail loan book. Lenders find retail loans safer compared with risky corporate loans because default rates are relatively lower
BUSINESS
MC Exclusive | Punjab & Sind Bank aims to contain slippages below Rs 1,000 crore in FY23, MD says
The bank has set a bad loan recovery target of Rs 2,000 crore and sees gross NPA and net NPA ratios falling below 9 percent and 2 percent in FY23, Swarup Kumar Saha has said
BUSINESS
MC Exclusive | It’s not the time to be very aggressive with deposits, says Bank of Baroda MD
Sanjiv Chadha on the bank’s outlook for credit-deposit growth, assessment of asset quality, the impact of rate hikes on loan demand and more…
BUSINESS
MC Exclusive | IDBI Bank looking to enhance credit card portfolio soon, says Deputy Managing Director
Suresh Khatanhar on the bank’s plans to scale up retail growth, deposit mobilization strategy, venture into digital lending and relationship with fintechs
BUSINESS
SBI targeting loan growth of 14%-16% in FY23, says Chairman Dinesh Khara
The country's largest lender is seeing demand from infrastructure, renewable power, oil and marketing companies and services sectors, he added
BUSINESS
RBI 'encouraged' us to go for HDFC-HDFC Bank merger, says Deepak Parekh
Without the merger, HDFC had “disadvantages of being an NBFC and no advantage of a bank,” Parekh said
BUSINESS
ESAF Small Finance Bank to file fresh DRHP in December
The bank will likely go for a smaller IPO, which will be launched in FY24, managing director and chief executive officer Kadambelil Paul Thomas has said
BUSINESS
Moonlighting not a taboo, says RBL Bank CEO R Subramaniakumar
'Let me tell you, and this is my personal view, that moonlighting is not a taboo unless it is affecting my business, productivity,' RBL CEO says
BUSINESS
SFBs may go all out to raise capital in FY24, say CareEdge Ratings
However, analysts believe fundraising will not be smooth sailing for small finance banks due to poor investor appetite
BUSINESS
Basic Statistical Returns system needs to be robust, open to change, says RBI deputy governor Michael Patra
Patra said the BSR system has endured the test of time as an exhaustive data collection system
BUSINESS
Rate war to mop up deposits may hurt banks’ margins, say experts
Net Interest Margin — the amount of money that a bank earns in interest on loans compared to the amount it pays in interest on deposits — is an indicator of profitability and growth. If deposit rates outpace lending rates, then bank NIMs will shrink
BUSINESS
Tamilnad Mercantile Bank to soon detail branch expansion strategy to board, MD says
Currently, TMB has a pan-India presence with 509 branches and 12 regional offices across 16 states and four Union territories
BUSINESS
MC Explains | Five questions answered as RBI rate-setting panel meets today
At its meeting next week, the MPC will deliberate the RBI’s response to the government after failing to meet the inflation mandate
BUSINESS
RBI may continue to intervene amid free-falling rupee, depleting forex reserves not a concern, say experts
India’s foreign exchange reserves are comfortable, experts said. From a record high of $642.45 billion on September 3, 2021, India’s forex reserves now stand at $528.37 billion
BUSINESS
South Indian Bank aiming to lower gross NPA below 5% of advances by March, MD says
Apart from maintaining asset quality, South Indian Bank is also expecting to clock 12-13 percent credit growth in FY23, said Managing Director Murali Ramakrishnan
BUSINESS
IDBI Bank targeting bad loan recoveries worth Rs 4,000 crore in FY23: CEO Rakesh Sharma
Going forward, IDBI Bank is looking to explore avenues to achieve a business growth of 10-12 percent, the CEO said.
BUSINESS
IndusInd Bank targeting credit growth of 18-20% in FY23, MD says
The private bank will continue with its strategy to granularise deposits. The bank’s liabilities will be priced 50-to-75 basis points (bps) higher than the market, the MD said
