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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.

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Lockdown, slowdown: NPAs looming, PSBs put bad bank creation plan back on table

May 12, 2020 8:26:28 am

While bankers are pushing for this, and there is support for the proposal within a section of the government, the broader view in the Finance Ministry is that PSBs are “well-capitalised” and private asset reconstruction companies already exist in the banking system.

RBI gold reserves up 40.4 tonnes in 2019-20, more than half of total holdings held overseas

May 11, 2020 2:57:12 pm

The RBI’s total gold reserves were 612.56 tonnes in the preceding fiscal ended March 2019. With the addition of more stocks, the value of gold reserves rose to $30.57 billion (around Rs 2,32,000 crore) by March 2020 from $23.07 billion in March 2019.

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Currency with public continues to swell in line with coronavirus lockdown extension

May 11, 2020 3:00:22 am

The rise in currency with the public comes despite appeals by the government and the RBI to use digital payment tools amidst the coronavirus outbreak.

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ICICI Bank posts 26% rise in Q4 net, sets aside Rs 2,725 cr for COVID-19-related provisions

May 10, 2020 12:54:24 am

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.

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AIIB clears $500-mn loan to support India’s fight against COVID-19

May 9, 2020 6:38:30 am

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).

SBI slashes MCLR by 15 bps across all tenors

May 8, 2020 3:52:59 am

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.

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Nirmala Sitharaman: ‘PSB loans of Rs 5.66L crore waiting for disbursal soon after lockdown’

May 8, 2020 3:00:44 am

A recent report by Crisil points out how SMEs are hit when the economy moves into a low-growth phase.

Home loans from SBI to get cheaper as bank cuts MCLR by 15 bps

May 7, 2020 5:37:56 pm

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.

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Kotak Mahindra Bank declares 10% pay cut for staff with over Rs 25 lakh annual salary

May 7, 2020 3:28:34 pm

The move comes weeks after the top management voluntarily surrendered 15 per cent of their payments for 2020-21.

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Yes Bank posts Rs 2,629 crore Q4 net on bond write-down

May 7, 2020 2:01:26 am

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.

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SBI, other banks agree to extend moratorium to NBFCs, MFIs

May 7, 2020 1:55:46 am

SBI and other banks will offer the moratorium on loan repayment to NBFCs which have taken loans from them, banking sources said.

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Covid-19 effect: Insurers get 900 treatment claims worth Rs 18 crore

May 6, 2020 3:15:45 am

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.

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MSME loans worth Rs 2,32,000 crore at risk of defaulting: Cibil

May 5, 2020 3:30:01 am

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.