Finance

Ten public sector banks have submitted turnaround plans: Government

As many as 10 state-owned banks including Bank of India, IDBI Bank and Union Bank, have submitted their turnaround plans to the government, which is a pre-requisite for getting fund infusion, Parliament was informed on Tuesday. Allahabad Bank, Andhra Bank, Central Bank of India, Dena Bank, UCO Bank, United Bank of …

Finance

HDFC Ltd Q1 profit declines to Rs 2,734 crore

The country’s largest mortgage player HDFC on Wednesday reported marginal decline in consolidated net profit at Rs 2,734 crore for the first quarter ended on June 30. Its consolidated net profit during the April-June quarter of previous fiscal stood at Rs 2,797 crore. However, total consolidated income rose to Rs …

Finance

SBI to cut NEFT, RTGS charges from tomorrow

A day after it waived charges on Immediate Payment System (IMPS) transactions of up to Rs 1,000, State Bank of India (SBI) on Thursday lowered transaction charges on transfers made through the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) channels. NEFT transactions of up to Rs …

Finance

Newly appointed DEA Secretary Subhash Chandra Garg nominated as RBI’s director

The RBI today said Economic Affairs Secretary Subhash Chandra Garg has been nominated to its central board of directors. Garg replaces his predecessor Shaktikanta Das, who retired after an extended tenure on May 31. The government has nominated Garg as a director to the Central Board, the RBI said. The …

Finance

Pressure mounts on Reserve Bank of India to cut policy rate, say experts

With inflation falling to record low levels and industrial growth slipping to below 2 per cent, bankers and economists feel the pressure has increased on the Reserve Bank to cut benchmark interest rate next month. The six-member Monetary Policy Committee (MPC) headed by RBI Governor Urjit Patel will meet on August …

Finance

Interview with Shardul Shroff: Next 90 days will see some form of action, there will be some revival plans or insolvency

Shardul Shroff, executive chairman of leading law firm Shardul Amarchand Mangaldas & Co, says banks will be able to recover money stuck in top corporate defaulters, something that has not happened over the years. In an interview to The Indian Express, Shroff, who represents lenders in the litigation, said buyers …

Finance

142 per cent rise in bad education loans in 3 years

Indian banks have seen a 142 per cent rise in default by students who have taken education loans during the past few years, at a time when hiring for new jobs has slowed down and tech companies have started laying off employees. State-owned banks, which are already weighed down by …

Finance

Proceedings under IBC: Bankruptcy filing picks up to deal with mounting bad loans

Within seven months of the final insolvency rules kicking in under the Insolvency and Bankruptcy Code 2016 (IBC), over 237 applications have been filed by financial creditors against defaulting companies for initiating corporate insolvency resolution process and admitted in various benches of the National Company Law Tribunal (NCLT). According to …

Finance

Banks to settle Rs `4,00,000 crore Debt

Banks are likely to take a haircut of 60 per cent, worth Rs 2,40,000 crore, to settle 50 large stressed assets with debt of Rs 4,00,000 crore, rating agency Crisil has said. These 50 companies are from the metals (30 per cent of total debt), construction (25 per cent) and …

Finance

Non-performing assets: ‘Actions by RBI, government to mitigate bad loans by 2019’

The stressed assets problem plaguing Indian banking system is well documented. Gross non-performing asset (NPA) ratio for banks is at their peak and the problem seems to show no signs of abating. The question to ask in such a scenario is how big the actual problem is and what does …