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India among large emerging market sovereigns to have highest debt burden by 2021, says Moody's
Business

India among large emerging market sovereigns to have highest debt burden by 2021, says Moody's

Despite steps toward the resolution of high non-performing loans, the banking system continues to suffer from weak asset quality, and low loan-loss coverage and capital adequacy, it added

IDBI Bank shares rally 20% after lender posts net profit of Rs 135 cr in March quarter
Business

IDBI Bank shares rally 20% after lender posts net profit of Rs 135 cr in March quarter

IDBI Bank shares on Monday zoomed 20 percent to its highest trading permissible limit for the day after the company posted a profit of Rs 135 crore in the quarter ended March

Coronavirus Lockdown: Economy needs support from PSBs, says Union Bank chief Rajkiran Rai G
Business

Coronavirus Lockdown: Economy needs support from PSBs, says Union Bank chief Rajkiran Rai G

The country's economy, which has been hit by the COVID-19 outbreak, needs support from the public sector banks (PSBs) to boost credit growth, an official said on Friday

Forced lending to cripple banks; NPAs to soar by up to 600 bps in 2 years: Fitch Ratings
Business

Forced lending to cripple banks; NPAs to soar by up to 600 bps in 2 years: Fitch Ratings

With incremental bank lending making up the bulk of the government's nearly Rs 21 lakh crore stimulus package, lenders face significant asset quality challenges which can increase their dud loan ratios by up to 6 percentage points over the next two years, warns a report

Stock markets end day's session in green: Sensex up over 500 points, Nifty nears 9,500; Zee, Eicher Motors top gainers
Business

Stock markets end day's session in green: Sensex up over 500 points, Nifty nears 9,500; Zee, Eicher Motors top gainers

Sensex hit a high of 32,267.23 points during the day ahead of the expiry of May derivatives contracts. It finally ended 595.37 points or 1.88 percent higher at 32,200.59.

IDFC First Bank launches video KYC facility for customers to open savings accounts
Business

IDFC First Bank launches video KYC facility for customers to open savings accounts

IDFC First Bank has launched video KYC facility so that customers can open savings accounts without the need to visit a branch office

Banks not passing lower interest rate benefits to borrowers, developers: CREDAI tells RBI
Business

Banks not passing lower interest rate benefits to borrowers, developers: CREDAI tells RBI

Realtors' apex body CREDAI has written a letter to RBI, complaining that banks are not passing lower rate benefits to home loan borrowers and cash-starved developers

Kotak Mahindra Bank launches Rs 7,000-cr share sale through qualified institutional placement
Business

Kotak Mahindra Bank launches Rs 7,000-cr share sale through qualified institutional placement

Private sector lender Kotak Mahindra Bank on Tuesday launched its over Rs 7,000-crore qualified institutional placement (QIP) of shares

RBI monetary policy: Central bank extends moratorium on loans for another 3 months till August
Business

RBI monetary policy: Central bank extends moratorium on loans for another 3 months till August

Reserve Bank Governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis

RBI monetary policy: Central bank extends Rs 15,000-cr credit line to EXIM Bank to help revive sagging foreign trade
Business

RBI monetary policy: Central bank extends Rs 15,000-cr credit line to EXIM Bank to help revive sagging foreign trade

The Reserve Bank on Friday announced a Rs 15,000-crore line of credit to the Export-Import Bank of India, to help the sagging foreign trade

RBI monetary policy: GDP growth in 2020-21 likely to be in negative territory, says Shaktikanta Das
Business

RBI monetary policy: GDP growth in 2020-21 likely to be in negative territory, says Shaktikanta Das

The Reserve Bank on India (RBI) on Friday said India''s gross domestic product (GDP) growth will be in negative territory in 2020-21 as the outbreak of coronavirus has disrupted economic activities

Coronavirus Outbreak: RBI cuts repo rate by 40 bps to 4%; full text of Shaktikanta Das' statement
Business

Coronavirus Outbreak: RBI cuts repo rate by 40 bps to 4%; full text of Shaktikanta Das' statement

The Reserve Bank of India Governor Shaktikanta Das on Friday said the central bank reduced the repo rate by 40 bps to 4 percent to ease the financial stress caused by the Covid-19 pandemic

Coronavirus Outbreak: RBI cuts repo rate by 40 bps to 4%; full text of resolution of monetary policy statement
Business

Coronavirus Outbreak: RBI cuts repo rate by 40 bps to 4%; full text of resolution of monetary policy statement

To mitigate the economic impact of COVID-19 outbreak, in a surprise move, the Reserve Bank of India (RBI) on Friday again reduced the key lending rates by 40 basis points

AIBOC flays govt's decision to privatise  PSUs; says move 'does not promote self-reliance but destroys foundation of economy'
Business

AIBOC flays govt's decision to privatise PSUs; says move 'does not promote self-reliance but destroys foundation of economy'

All India Bank Officers' Confederation (AIBOC) expresses its outright opposition to and strong anguish over the decision of wholesale demolition of Public Sector Enterprises of India

Coronavirus Lockdown: Rs 6.45 lakh cr worth loans sanctioned by PSBs during 1 March-15 May, says Nirmala Sitharaman
Business

Coronavirus Lockdown: Rs 6.45 lakh cr worth loans sanctioned by PSBs during 1 March-15 May, says Nirmala Sitharaman

State-owned banks have sanctioned about Rs 6.45 lakh crore worth loans to various sectors including MSME, agriculture and retail between 1 March and 15 May when businesses were reeling under the impact of COVID-19 crisis

Coronavirus Lockdown: RBI may extend moratorium on repayment of loans for three more months, says report
Business

Coronavirus Lockdown: RBI may extend moratorium on repayment of loans for three more months, says report

With the government extending the nationwide lockdown up to 31 May, the Reserve Bank of India (RBI) is likely to extend the moratorium on repayment of loans for three more months, according to an SBI research report

Former liquor baron Vijay Mallya loses leave to appeal against extradition in UK Supreme Court
India

Former liquor baron Vijay Mallya loses leave to appeal against extradition in UK Supreme Court

Vijay Mallya on Thursday lost his application seeking leave to appeal in the UK Supreme Court, in a setback for the embattled liquor baron who last month lost his High Court appeal against an extradition order to India on charges of fraud and money laundering related to unrecovered loans to his now-defunct Kingfisher Airlines

RBI slaps Rs 5 lakh fine on UCO Bank for violating govt bond holding norms
Business

RBI slaps Rs 5 lakh fine on UCO Bank for violating govt bond holding norms

Public sector lender UCO Bank on Thursday said the Reserve Bank has imposed a penalty of Rs 5 lakh for violating norms on government bond holding

Bandhan Bank expects recovery of loans extended to micro-credit customers to start from second quarter of FY21
Business

Bandhan Bank expects recovery of loans extended to micro-credit customers to start from second quarter of FY21

Private lender Bandhan Bank said on Thursday that recovery of loans extended to micro-credit customers will happen from the second quarter of the 2020-21 fiscal