Finance news

Credit Suisse expects public sector banks to dial the government for $13 billion in recap. Rising risk aversion and accelerating rating downgrades are expected to add to asset quality stress for banks.

IDFC First Bank on Friday reported a consolidated net profit of Rs 76 crore in the March quarter, compared to a loss of Rs 212 crore during the corresponding quarter a year ago.

Other banks offer higher interest rates — HDFC Bank pays 5.6% and both ICICI Bank and Bank of Baroda pay 5.55% for the same product.

Suryoday Small Finance Bank had earlier launched a working capital loan product for its microfinance institutions (MFI) customers to meet their urgent liquidity requirements during Covid-19 lockdown.

“The moratorium is anyways available to everyone in the sense that.. if they do not pay, account will not become non-performing asset (NPA)," Setty further said.

The scheme, commonly known as RBI Bonds or GOI bonds, is popular among retail investors who looking for safety of principal and a regular income. NRIs, however, are not eligible for making investments in these bonds.

The effect of loan moratorium is expected to make a dent in the liquidity profiles of non-banking finance companies.

A legacy of bad loans, a shadow banking implosion and a historic bank bailout in March have left Indian lenders weakened coming into the coronavirus lockdown.

The bank also informed that meeting of the issuance committee of the board is scheduled to be held on May 29 to approve the issue price.

CMBs are used to meet the temporary mismatches in the cash flow of the government. This instrument has the generic character of treasury bills but is issued for maturities less than 91 days.

A bench headed by Justice Ashok Bhushan, hearing the matter through video-conferencing, issued notices to the Centre and the Reserve Bank of India asking them to file their replies within a week.

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State-run Bank of Baroda (BoB) has completed the IT integration of another 132 the former Vijaya Bank branches, more than a year after lenders were merged into a single entity.

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“On the balance sheet level, we are carrying provisions of Rs 10,988 crore, which is much higher than the regulatory requirement of Rs 4,188 crore,” said Keki Mistry, vice chairman and chief executive officer (CEO), HDFC.

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This is the lender’s second cut to the savings rate in as many months and brings its interest rate on savings accounts at par with that of the much larger Punjab National Bank (PNB).

All of them provided aggressively in view of the Covid-19 outbreak and the repayment moratorium, which also requires pre-emptive provisioning. Some red-flagged risks that could arise out of the retail unsecured segment.

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Risk-averse banks have continued to lend less and less to customers despite the double-digit growth seen by bank deposits.

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It had used various channels such as webinars, calls, SMSes and emails to raise awareness about these credit lines and to reach out to its borrowers.

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The second-largest public-sector lender, Bank of Baroda (BoB), has provided moratorium to 65% of its customers by value, its managing director and CEO Sanjiv Chadha told reporters in a briefing on Saturday.

Extend loan automatically to all eligible borrowers without fear of 3Cs: Finance Minister Nirmala Sitharaman to banks  Economic Times