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Friday, June 05, 2020

SBI records historic net profit in FY20 on stake sale in subsidiaries; Q4 net jumps over 4-fold

June 5, 2020 7:16:17 pm

"For the full year FY20, net profit stood at Rs 14,488 crore against net profit of Rs 862 crore in FY19. This is also the highest ever yearly net profit recorded by the bank," SBI said in a release.

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Loan moratorium: RBI tells SC ‘not prudent to go for a forced waiver of interest’

June 4, 2020 3:32:11 am

It said that interest on advances forms an important source of income for banks and after meeting the cost of funds, banks also need to sustain reasonable interest margins for viable operations.

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India Covid-19 lockdown: Cash with public up by Rs 1.63 lakh crore in 2 months

June 4, 2020 7:28:00 am

With the lockdown continuing, people’s reliance on cash is expected to rise further in the next one or two months. However, the pace of the growth has come down from the March and April levels.

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SBI Card reports average daily spends at over Rs 175 crore in May

June 2, 2020 3:02:29 pm

In May, with zone-based relaxations, sourcing of new accounts has gradually increased, and new cards run rate has reached approximately 2,500 cards per day, SBI Card said.

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AY 20-21 ITR forms: Filing returns for high value transactions mandatory, timelines extended amid pandemic

June 1, 2020 3:05:17 am

The tax department has also revised the I-T return forms to allow assessees to avail benefits of various timeline extensions granted by the government following the COVID-19 pandemic.

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Scrapping of 7.75% savings bonds to hit savers, pensioners

May 29, 2020 1:16:11 pm

According to fund managers and analysts, the 7.75 per cent Savings (Taxable) Bonds, 2018 was the favourite investment option for savers and pensioners who considered these bonds as safe and generating adequate returns.

SBI cuts interest rates on fixed deposits across tenors

May 28, 2020 5:09:19 pm

This is the second reduction in fixed deposits interest rates by the lender in May. It had reduced its deposit rates on May 12.

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BBB selects SN Rajeswari as CMD of Oriental Insurance via video interview

May 27, 2020 1:46:42 am

Rajeswari, General Manager of New India Assurance, is set to replace AV Girija Kumar, who retires this month.

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HDFC posts 22% fall in Q4 net, provisions rise on COVID-19 impact

May 26, 2020 3:05:52 am

It has reported an increase in provisioning, including impact for COVID-19, at Rs 1,274 crore (Rs 398 crore for COVID-19). The HDFC board has proposed a final dividend of Rs 21 per share as against a final dividend of Rs 17.50 the previous year.

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Sluggish growth in bank credit to industry since FY16, micro & small sectors worst hit

May 25, 2020 1:56:59 am

While the government last week announced a credit guarantee scheme for bank lending to the MSME sector and others, data shows that micro and small industries have, over the last four years, witnessed an even slower credit expansion.

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Canara Bank announces credit support for borrowers affected by COVID

May 23, 2020 11:28:51 am

Canara Bank's MD and CEO, L V Prabhakar, said: We are sure that once the lockdown is completely lifted, our customers would be able to avail the sanctioned facilities to the full extent and improve their business.

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RBI extends moratorium on loans by three months

May 22, 2020 1:58:12 pm

Reserve Bank of India (RBI) Governor Shaktikanta Das extended the moratorium on loan repayments by three more months in view of coronavirus (COVID-19).

Loan EMIs set to get cheaper as RBI cuts repo rate

May 22, 2020 3:38:41 pm

Following the announcement by Reserve Bank of India (RBI) Governor Shaktikanta Das, the loan EMIs are set to get cheaper particularly the home loans that are linked to the marginal cost of funds-based lending rate (MCLR) of the lending banks.

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From rate cut to moratorium extension: Top announcements by RBI Governor Shaktikanta Das

May 22, 2020 1:48:21 pm

Reserve Bank of India (RBI) Governor Shaktikanta Das announced a cut in the repo rate by 40 basis points (bps) to 4 per cent, while the reverse repo rate was reduced simultaneously to 3.35 per cent.

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Private banks overtake PSBs in number of borrowers, raise share in loan outstanding

May 22, 2020 6:36:12 am

An RBI report states that private sector banks led the credit expansion with their share in the total credit successively expanding to 35.7 per cent in December 2019, from 32.2 per cent a year ago and 30.0 per cent two years ago.

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As lockdown extends, banks seek another 3-mth moratorium from RBI

May 21, 2020 10:58:55 am

Banks are already facing sluggish credit offtake and a spike in non-performing assets (NPAs) due to the lockdown and the contraction in the economy.

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Franklin Templeton appoints Kotak Mahindra Bank to assist in monetising assets of 6 wind-up schemes

May 20, 2020 4:43:07 pm

Kotak Mahindra Bank, through its debt capital markets team, will work closely with the Franklin Templeton Trustees, to assist with all portfolio actions in these six schemes that are being wound up, Franklin Templeton Mutual Fund said in a statement.

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Nirmala Sitharaman announces 2% interest subvention for MUDRA-Shishu loans

May 14, 2020 6:43:09 pm

The minister said that "total relief will be worth Rs 1,500 crore," and added that this interest subvention is going to benefit over 3 crore people. Separately, she announced an extension of Credit Linked Subsidy Scheme (CLSS) for housing sector up to March 2021.

Move will restore stability in financial markets: SBI chief

May 14, 2020 3:15:30 am

Banks which were pressing for a guarantee from the government to lend money to NBFCs despite the Reserve Bank of India opening a liquidity window for NBFCs and microfinance firms have welcomed the government guarantee announced in the stimulus package.

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Public sector banks sanction loans worth 6 lakh crore in two months

May 12, 2020 4:58:58 pm

With the lockdown coming into effect from March 25, state-owned banks opened an additional line of credit of 10 per cent of the existing fund based on working capital limits, subject to a maximum of Rs 200 crore.