Financial Sector

Financial Sector News

Coronavirus Outbreak: Stimulus package for financial sector to ease asset risks, but won't fully offset pandemic blow, says Moody's
Business

Coronavirus Outbreak: Stimulus package for financial sector to ease asset risks, but won't fully offset pandemic blow, says Moody's

Moody's Investors Service on Tuesday said the measures announced by the government for financial institutions as part of Rs 20 lakh crore-economic package will help ease their asset risk, but will not fully offset the negative impact from the COVID-19 outbreak

Moody's pegs FY21 GDP expansion at 0%; says India's rating outlook reflects rising risk of slower growth, low policy effectiveness
Business

Moody's pegs FY21 GDP expansion at 0%; says India's rating outlook reflects rising risk of slower growth, low policy effectiveness

Moody's had, in November 2019, downgraded India's outlook to negative from stable on concerns of lower economic growth.

Markets extend gains: Sensex up 371 points, Nifty closes near 9,400-mark; IndusInd Bank jumps 17%
Business

Markets extend gains: Sensex up 371 points, Nifty closes near 9,400-mark; IndusInd Bank jumps 17%

IndusInd bank surged by 17 percent post-management relieved investor concerns over financials.

There was time to put together plan for Yes Bank, had given 'enough' notice about its problems: Raghuram Rajan
Business

There was time to put together plan for Yes Bank, had given 'enough' notice about its problems: Raghuram Rajan

To a question related to RBI's policy rate, Rajan said no amount of interest rate cut is going to help if credit growth is weak

Coronavirus may impact India's March quarter GDP growth by 0.20% after epidemic hits imports from China for crucial sectors: Report
Business

Coronavirus may impact India's March quarter GDP growth by 0.20% after epidemic hits imports from China for crucial sectors: Report

The brokerage cut its fiscal 2020-21 real GDP growth estimate marginally to 5.6% as against the previous estimate of 5.7%, but added that there will be a recovery in the next financial year.

Indian economy likely to rebound in 2020 on measures taken by govt, RBI: CII
Business

Indian economy likely to rebound in 2020 on measures taken by govt, RBI: CII

CII believes that with the sharp moderation in growth, the time has come to adopt an expansionary fiscal policy

Financial sector firms pitch for tax break, GST reduction at pre-Budget meeting with Nirmala Sitharaman
Business

Financial sector firms pitch for tax break, GST reduction at pre-Budget meeting with Nirmala Sitharaman

Financial sector players on Monday demanded reduction of GST on term insurance for increasing its penetration and streamlining KYC norms to expand financial inclusion

Risk of contagion in Indian financial sector rising; failure of any large finance firm will adversely impact economic growth: S&P
Business

Risk of contagion in Indian financial sector rising; failure of any large finance firm will adversely impact economic growth: S&P

The Indian financial sector is facing the rising risk of contagion and failure of any large finance company will adversely impact economic growth, S&P Global Ratings said in a report on Wednesday

Economic slowdown: NITI Aayog for extraordinary steps to deal with unprecedent stress in financial sector in last 70 years
Business

Economic slowdown: NITI Aayog for extraordinary steps to deal with unprecedent stress in financial sector in last 70 years

Explaining how stress in the financial sector has led to a slowdown in the economy, the NITI Aayog vice-chairman said the entire episode started with indiscriminate lending during 2009-14 leading rise in non-performing assets (NPAs) post-2014.

Fintech startup deals in India surpass China, dealmaking expected to continue at strong pace in India
Business

Fintech startup deals in India surpass China, dealmaking expected to continue at strong pace in India

China had marginally higher investments at $375 million during the period, compared to the $350 million in India.

Proposed Rs 70,000-cr capital infusion into public sector banks credit positive, to boost economy: S&P
Business

Proposed Rs 70,000-cr capital infusion into public sector banks credit positive, to boost economy: S&P

The capital infusion will help some banks to come out of the central bank's prompt corrective action (PCA) and resume lending and clean up their balance sheets, she added.

RBI monetary policy: Changes in rates may not spur investment; govt needs to ascertain causes of stagnation
Business

RBI monetary policy: Changes in rates may not spur investment; govt needs to ascertain causes of stagnation

Further, fuel inflation has been increasing and the assumption made by the RBI here is that oil prices are unlikely to increase in the next couple of months.

Uday Kotak warns of more liquidity squeeze in next two quarters muddying waters for financial sector again
Business

Uday Kotak warns of more liquidity squeeze in next two quarters muddying waters for financial sector again

The next six months are crucial for the financial sector, Uday Kotak, the executive vice-chairman of Kotak Mahindra Bank said, adding the fear this time is the financial sector impacting both itself as well as the real sector.

Crackdown on Ponzi scheme: Ordinance on unregulated deposits a step in right direction, but states should make it more effective
Business

Crackdown on Ponzi scheme: Ordinance on unregulated deposits a step in right direction, but states should make it more effective

The intent of the Ordinance is to check illicit deposit or Ponzi schemes that hurt small investors.

Financial sector regulations must reflect market dynamics, says veteran banker Uday Kotak
Business

Financial sector regulations must reflect market dynamics, says veteran banker Uday Kotak

Veteran banker Uday Kotak on Friday called for an integrated regulatory framework as the financial sector moves towards an issuer-investor model from the saver-borrower model.

RBI board meeting: Central bank agrees to improve liquidity for financial sector, increase credit to MSMEs
Business

RBI board meeting: Central bank agrees to improve liquidity for financial sector, increase credit to MSMEs

The government has been pressuring the RBI to reduce capital ratios for banks to speed up loans to small businesses, a key vote bank for Modi

Arun Jaitley holds high-level meeting to discuss liquidity issues; no discussion on RBI-govt differences, says report
Business

Arun Jaitley holds high-level meeting to discuss liquidity issues; no discussion on RBI-govt differences, says report

Unlike in the past, all the four RBI deputy governors attended Tuesday's FSDC meeting along with Patel.

NBFC crisis may delay real estate sector's much-anticipated recovery as loan disbursals to developers slow down
Business

NBFC crisis may delay real estate sector's much-anticipated recovery as loan disbursals to developers slow down

Besides the financial sector, the real estate business may also face the heat due to the ongoing crisis in NBFC sector, triggered by IL&FS default.

High bank NPAs, slow repair of corpoate balance sheets holding back India's growth, says IMF report
Business

High bank NPAs, slow repair of corpoate balance sheets holding back India's growth, says IMF report

India's financial sector is facing considerable challenges with high non-performing assets and slow deleveraging and repair of corporate balance sheets testing the resilience of the banking system and holding back growth, the IMF said.