Whether the loan relief succeeds or fails, one thing is certain: India’s $1.4 trillion credit machine will be in stall mode until next March as restructuring “sucks up bankers’ bandwidth,” and the “scope for new credit creation dwindles,” says Nachiket Naik, head of corporate lending at Arka Fincap Ltd., a Mumbai-based financier.
While it would appear to be unprecedented for a chairman to be part of a panel to be interviewed for the position he already holds, it may, according to people familiar with the situation, send a message that the government prefers tried and tested hands in key positions instead of risking a new leader at a time when the financial system is facing unprecedented crises.
A Mauritius-based investor has accused IDBI Bank of derailing the sale of Siva Industries and Holdings, the promoter company of C Sivasankaran, the former promoter of Aircel, at the National Company Law Tribunal (NCLT).
The provisional attachment of assets worth over Rs 78 crore of former ICICI Bank chief Chanda Kochhar and her businessman husband Deepak by the Enforcement Directorate (ED) is awaiting confirmation by the agency’s adjudicating authority.
The State Bank of India led consortium, has told UK's chief insolvency and companies court that it will give up security over beleaguered Indian baron Vijay Mallya's Indian property (UBHL shares and other assets) in the event a bankruptcy order is passed in the UK.
As per experts, RBI is yet to clarify on the type of personal loans that are eligible under this recast that aims to cushion the pandemic's blow on struggling businesses and households. Veteran banker Sanjay Thakur, who heads strategy at one of India's leading private lenders, helped us decode this financial spiel
Social media giant Facebook said on Thursday that State Bank of India (SBI) has driven downloads and adoption for its YONO app, YONO Lite, SBI Quick, BHIM SBI Pay, and other online SBI platforms leveraging conversational marketing via Facebook Messenger.
One of India’s biggest credit bureaus, Experian Plc told the Reserve Bank of India in July that HDFC Bank has been late in providing details of its loans, including the repayment status of its millions of retail borrowers. Such tardiness has been an issue for about two years.
Any further extension of moratorium on loan would be detrimental for banks and adversely impact their outlook, according to ratings firm Icra. The Reserve Bank is expected to make public its regulatory stance moratorium on loan repayment when it releases its vote on policy action on Thursday.
In an exclusive conversation with Saloni Shukla & MC Govardhana Rangan, Kumar also said that the bank was all open for business and would not hesitate to fill any good lending opportunities vacated by the private sector.
Furthermore, the bigger personal challenge for the new CEO would be to step out of his predecessor's shadows and ensure that he takes his own decisions, especially with regards to credit and risk management - the USPs of HDFC Bank in a rather fragile lending industry beset with asset quality deterioration.