In the next three to four months, State Bank Of India, the country's largest lender, expects to restructure Rs 50-60 billion ($0.9-$1.08 billion) of loan. This information was given by the bank Chairman Pratip Chaudhuri while interacting with media persons. During January-March quarter, the bank restructured Rs 80.9 billion ($1.46 billion) in loans. The bank's total rest
Tag: credit
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Borrowers of MFI challenge HC order
Nine borrowers of microfinance institutions (MFIs) in Medak and Warangal districts of Andhra Pradesh filed a petition in the Supreme Court in early May 2013 challenging a state high court order. In February 2013, the Andhra Pradesh high court asked the state government to review a law that restricted multiple lending by MFIs to the same borro
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SBI recasts $1.5 bn loans in March quarter
Between January and March 2013, the country's largest public sector lender State Bank of India (SBI) restructured almost $1.5 billion loans. The bank announced its first quarterly decline in net profit in two years owing to fall in interest income and increase in provisions for loan
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Microfinance sector said to be attracting funds
Microfinance sector is said to be attracting funds from investors like private equity, venture capital funds as risk appetite in the sector improved. One of the reason for the return of investor confidence in the sector is the 40 per cent growth in the gross loan portfolio of NBFC-microfinance institutions (NBFC-MFIs) during 2012-13, sources said. For a long time after the Andhra Pradesh Ordinance of 2010, credit growth of MFIs remained
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Govt aims to save upto Rs 100 bn via DBT scheme
The government plans to save Rs 8,000 crore to Rs 10,000 crore annually on subsidy expenditure towards liquefied petroleum gas (LPG) following the partial roll out of Direct Benefits Transfer (DBT) scheme. The government recently decided to provide subsidies on cooking gas cylinders by crediting the amount directly in the bank account of beneficiaries in 20 di
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Allahabad Bank to reduce bad loans
Agency reports indicate that Allahabad Bank intends to bring down its gross non-performing assets (NPAs) to around 3.2 per cent by March 2014 from 3.92 per cent in 2012-13. Shubhalakshmi Panse, Chairman and Managing Director of the bank is quoted as saying that the bank was monitoring bad accounts on a daily basis along with focus on recovery
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Net profit of PNB declines 21%
Net profit of state-owned Punjab National Bank declined almost 21 percent to Rs 1,131 crore during January-March 2013 owing to rise in provisions. The state-run firm witnessed 44 percent rise in provisions on a year-on-year basis to Rs 1,478 crore. Total provisions were inclusive of all components like loans, investment and gratuity
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Survey highlights need to boost funding for MSMEs
Government must take steps to promote flow of funding to Micro, Small and Medium Enterprises (MSMEs) in order to ensure growth in the sector. According to a Ficci-Grant Thornton survey, inadequate credit facility is one of the factors that thwart the expansion plant of majority of companies in the sector
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India Post’s banking dream gets thumbs down from govt
Unconfirmed reports indicate that the union finance ministry opposes the proposal of India Port to foray into banking venture. Officials of the finance ministry raised doubt about the ability of India Post to conduct banking business. It may be recalled that India Post plans to apply for a banking license from
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SBI expects credit to grow a maximum of 16%
Pratip Chaudhuri, Chairman of State Bank of India (SBI) informed that the bank may achieve a deposit growth of 14 -16 per cent and a loan growth of a maximum 16 percent in 2013-14. In 2012-13, the largest public sector bank posted 15 per cent and 21 per cent growth in deposits and adva