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India may contribute 15% of global growth by FY26

The ongoing key reforms such as sops for manufacturing, easier labour laws, wooing FDI inflows and privatisation will help improve pro ...
The Economic Times
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| 19 January, 2021, 11:30 PM IST | E-Paper


    Public sector banks lead in loan revival as private banks fear defaulting

    Public sector banks are seeing their loan book growing across all major segments agriculture, retail, MSMEs, personal loans except corporates and large businesses. On average PSBs have seen a growth anywhere between 7-13% since the pandemic.

    SBI, ICICI Bank, HDFC Bank remain systemically important banks: RBI

    The Reserve Bank had issued the framework for dealing with D-SIBs in July...

    HDFC Bank submits outage control plan

    The bank is working on multiple immediate and long-term solutions as part of its internal review. “The ...

    • Arjun Chowdhry will join the Asia consumer leadership team, ensuring alignment with global and regional priorities and attracting the right talent to build world class teams, the leading global bank said in a press release on Monday. Chowdhry will report to Ashu Khullar, CEO, Citi India and Fabio Fontainha, APAC and EMEA head of retail banking.

      The cut-off yield, above which banks cannot claim a rate for parking excess cash, was at 3.55 percent. That was higher than the average market expectations, dealers said.

      Generally, the annual percentage rate or the APR for other banks ranges from 34-40%. Customers can also use interest-free cash withdrawal facilities at ATMs of up to 48 days

      The government had relied on zero coupon bonds for the first time last year when it used it to infuse Rs 5,500 crore in state-owned-Punjab and Sind Bank. The government had budgeted Rs 20,000 crore in FY21 towards bank recapitalisation and it is yet to decide on infusion of the balance Rs 14,500 crore.

      Economists attribute this trend to farm sector doing better than the urban-centric sectors like industries and services during the pandemic. " Farm loans growth was broadly in line with what has been happening in the past few years" said Indranil Sengupta, chief India economist, Bank of America Securities. " But the rural and the agricultural sector has not been as much affected by the pandemic"

      The action, the RBI added, was based on the deficiencies in regulatory compliance and was not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. NKD CS NKD ANU ANU

      Thanks to their role in taking banking and financial services to the last mile, several ecommerce players are interested in tapping them to make inroads into the hinterland. Top players such as Amazon and Flipkart are trying to use the vast BC network to widen the reach of goods sold on their respective platforms. Telecom and tourism players are also exploring ways to use them to reach a wider audience pool.

      How does one make bad loans seamlessly move from banks to investors who love dealing in junk? How does one make such deals part of a normal and liquid securities market — and not merely a parking pact among bank, ARC and promoter?

      The credit-starved Indian market provides a opportunity for universal banks to explore and grow profitably.

      Shivalik bank has over four lakh customers and a total business size of Rs 1,800 crore as on March 31, 2020. The total advances stood at Rs 719 crore.

      The lender is offering services such as balance enquiry, mini statement, cheque status enquiry, cheque book request, blocking debit card and information on products and services, among others via WhatsApp, a release said.

      The postal department during the lockdown was at the frontline to deliver essential parcels when rail, road and air traffic were grounded and continues to enhance capacity as trains are not fully operational yet, Department of Posts Secretary Pradipta Kumar Bisoi told.

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