Gross non-performing assets of the bank fell to 5.53 per cent of advances (Rs 41,409 crore) in Q4 of FY20 from 6.70 per cent (Rs 46,291 crore) a year ago.
The project will be implemented by the National Health Mission (NHM), the National Centre for Disease Control (NCDC) and the Indian Council of Medical Research (ICMR).
On March 27, the RBI, in its first COVID package, had slashed the repo rate by 75 bps to 4.40 per cent and cash reserve ratio (CRR) — the portion of deposits to be kept with the RBI — by 100 bps to 3 per cent.
A recent report by Crisil points out how SMEs are hit when the economy moves into a low-growth phase.
SBI Home Loan EMIs: The move will benefit those customers of SBI who have their loans linked to its Marginal Cost of funds based Lending Rate (MCLR) - which changes each time the bank makes changes in its benchmark rate. Separately, senior citizen customers, the bank has introduced a special deposit scheme called 'SBI Wecare Deposit' with a higher interest rate.
The move comes weeks after the top management voluntarily surrendered 15 per cent of their payments for 2020-21.
The bank had reported a loss of Rs 18,560 crore in the December quarter. The income from write-down of AT1 bonds worth Rs 8,415 crore was Rs 6,297 crore, the bank said.
SBI and other banks will offer the moratorium on loan repayment to NBFCs which have taken loans from them, banking sources said.
General insurance companies have received 900 claims for over Rs 18 crore towards COVID-19 treatment till Monday, according the General Insurance Council, the official representative body of the domestic general insurers.
The NPA rate for MSMEs has increased continuously over last few years to reach 12.6 per cent as of December 2019, Cibil said in a report.
While corporates had shut their factories due to the lockdown, there’s no provision to cover such losses in the policy.
The Registrar of Co-operative Societies, Maharashtra, has also been requested to issue an order for winding up the affairs of the bank and appoint a liquidator, the RBI said.
A Bench headed by Justice N V Ramana, which heard a plea that claimed the March 27 circular of the RBI has not been implemented by banks, said “in view of the above, we direct the Reserve Bank of India to ensure implementation of the Circular dated 27.03.2020 in its letter and spirit”.
As of Thursday morning, RBI's Twitter handle has 7.45 lakh followers. On April 20 alone, the handle saw 1.31 lakh new followers, according to an official with the central bank, who attributes the massive spike to an ongoing campaign.
Max Financial Services presently holds a 72.5 per cent stake in Max Life, while Mitsui Sumitomo Insurance (MSI) owns 25.5 per cent stake.
“Recent events at credit risk funds have increased risk of redemptions at debt mutual funds. However, we think a big shift in AUM mix over the past 18 months towards stronger borrowers should mitigate this risk,” it said.
The RBI’s liquidity offer is expected to bring some degree of comfort in the debt market which has been under huge redemption pressure, especially in the credit risk fund category which has assets of over Rs 55,000 crore.
The bank’s net profit fell 16% year-on-year to `302 crore in the March quarter as a result of higher provisions.
The retail industry body claimed that despite the Reserve Bank of India (RBI) circulars to banks to lend support to businesses, on the ground retailers are finding it difficult to access funds from banks for various reasons.
The special liquidity facility for mutual funds (SLF-MF) is available from today (April 27) till May 11 or up to utilisation of the allocated amount, whichever is earlier. The RBI will review the timeline and amount, depending upon market conditions.