In 2013-14, SKS Microfinance, the first and only listed microfinance institution (MFI) in India, hopes to post profit. MR Rao, Managing Director and Chief Executive Officer of the firm said the focus of the company was on profitable growth with efficiency and not just on scaling up.
Tag: credit
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Number of bank loan recast falls in December quarter
The number of cases admitted to the corporate debt restructuring (CDR) cell by banks declined to 24 cases worth Rs 19,650 crore during October-December 2012 compared to 41 cases worth Rs 20,528 crore in the preceding quarter. Industry insiders attribute the decline in CDR cases to the improving economic outlook. With inflation sho
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Essar Oil set to replace rupee loan with dollar ones
Reports suggest that Essar Oil plans to raise dollar loans in order to repay some of its rupee loans in order to benefit from the interest differential between these two loans. According to media reports, the company plans to swap rupee loans worth $2.2 billion or Rs 11,700 crore with dollar loans
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Essar Oil set to replace rupee loan with dollar ones
Reports suggest that Essar Oil plans to raise dollar loans in order to repay some of its rupee loans in order to benefit from the interest differential between these two loans. According to media reports, the company plans to swap rupee loans worth $2.2 billion or Rs 11,700 crore with dollar loans
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AIIFA seeks CENVAT credit on duty
Secondary steel manufacturers want the union government to consider deemed duty paid on steel scrap for availing CENVAT credit in the union budget 2013-14. According to the All India Induction Furnaces Association (AIIFA), the revenue collection of the central government would rise remarkably by allowing Deemed Duty Cre
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RBI introduces new provisioning norms
In an official statement, Reserve Bank of India (RBI) said banks must make 3.75 percent provisioning, from March 31, 2014, for loans already restructured. The provisioning would rise further to 5 percent with effect from March 31, 2015, the statement said. The central bank also said that with effect from April 1, 2015, restructured accounts would be immediately classified as sub-standard. Non-performing asse
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Net profit of Bank of India rises 12% in Dec quarter
During October-December 2012, the net profit of state-run Bank of India rose 12 per cent to Rs 803 crore from Rs 716 crore in the year-ago period. The bank said it could not achieve a higher growth in net profit because of rise in provisioning and modest growth in advances
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Banks witness faster growth in deposit recently
Deposits of commercial banks expanded by a robust Rs 62,750 crore while credit growth was relatively moderate at Rs 17,380 crore during the first fortnight of the January-March quarter, data from the Reserve Bank of India (RBI) shows. This snaps the trend of credit growth outpacing deposit growth during the October-December 2012 perio
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Bank of Baroda expects 20% credit growth
P Srinivas, Executive Director of Bank of Baroda is hopeful that the bank would be able to close the year with a credit growth of 19-20 per cent driven by a good show by the retail segments. While the firm expects moderation in growth in its corporate loan book, its retail loan segment would grow faster in 2012-13, he said. On capital infusion, he said government has not informed the bank about the quantum of infusion for the bank
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Financial entities’ share in bond issue declines
Data collected by Prime Database shows that the share of financial sector entities in the total amount raised through private placement of bonds during April-September 2012 declined to 73.1 per cent from 90.3 per cent in 2011-12 and 78.3 per cent in 2010-11. The financial entities include primarily banks and non-banking finance companies (NBFCs). According to som