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Government approves creation of new post in Army

The ministry had given in-principle approval for creation of both the posts last year as part of the first batch of reforms in the Arm ...
The Economic Times
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| 04 December, 2020, 06:33 AM IST | E-Paper
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    Write-off of Lakshmi Vilas Bank's debt to sting small lenders

    The Reserve Bank of India on late Thursday said 3.18 billion rupees ($43 million) of Tier 2 bonds of Lakshmi Vilas Bank Ltd. will be fully written down as DBS Group Holdings Ltd. acquires the lender.

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    Private lenders contributed the most to Sensex’s losses.

    • The scrip of the mid-sized lender to micro, small and medium enterprises has gained 53% over the last three months compared with 27% gain in the S&P BSE finance index.

      Four entities – Adani Group, Piramal Group, US-based asset management company Oaktree Capital Management and SC Lowy – submitted bids for DHFL in October but lenders, who are getting DHFL auctioned to recover unpaid loans, wanted suitors to revise their bids as original offers were low.

      Japan offers loans at relatively cheaper rates. It averaged around 2.4 percent from 1972 until 2020, shows an estimate. The company however did not mention interest rates on the loan. The tenor of the loan is likely to be less than five-year.

      Banyan Investments is a public shareholder of Tanla Platforms and held 16.17 percent stake in the firm, shareholding data of Tanla Platforms for September 2020 quarter showed.

      Earlier in the day, the Reserve Bank of India said the amalgamation of the bank with DBS Bank India will come into force from November 27 and the moratorium imposed on the crisis-ridden lender will be removed on that day.

      Most banks and NBFCs have claimed of achieving near normal collection efficiency levels, but data suggests that Covid has altered borrower repayment behaviour.

      At 68.35%, the country’s total bank assets in proportion to the GDP trails its Asian peers: Hong Kong, China, Japan, Thailand, South Korea, Malaysia and Singapore — the wealthier east Asian rim that has much deeper bond markets — lead India’s bank-dominated financial system in asset ownership by their lenders.

      DHFL committee of creditors meeting for the insolvent financial services company are meeting today. ET NOW exclusively told you that lenders...

      Even though the four bidders – Oaktree Capital, Adani Properties, Piramal Enterprises and SC Lowy — are yet to receive any official communication from the administrator appointed by the Reserve Bank of India (RBI), sources close to them said this had been conveyed informally by a section of lenders.

      Nandakumar said that non-gold loan disbursements, which were almost non-existent in the first three-four months of the lockdown, have now started picking up.

      According to November 11 data, foreign portfolio investors’ holding in HDFC Bank was 71.16%. Overseas investors still have headroom to buy up to 15 crore shares of the bank.

      Analysts said they will be keenly watching out for commentary on collection efficiency, performance of stage 1 and 2 asset pools and likely restructuring under the Covid-19 framework.

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