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IndusInd Bank shares zoom 17% after Q4 earnings; lender posts 12% decline in consolidated profit
Business

IndusInd Bank shares zoom 17% after Q4 earnings; lender posts 12% decline in consolidated profit

Shares of IndusInd Bank on Tuesday jumped 17 percent at the close of trade after the company reported its March quarter earnings

Axis Bank Q4 net loss at Rs 1,388 cr as provisions jump nearly 3 times; income increases to Rs 20,786 cr
Business

Axis Bank Q4 net loss at Rs 1,388 cr as provisions jump nearly 3 times; income increases to Rs 20,786 cr

Axis Bank said the extent to which the COVID-19 pandemic will impact the bank''s provision on assets will depend on the future developments, which are highly uncertain.

IndusInd Bank Q4 net profit down 16% at Rs 301.74 cr; bad loan provisions jump 56%
Business

IndusInd Bank Q4 net profit down 16% at Rs 301.74 cr; bad loan provisions jump 56%

IndusInd Bank on Monday reported a 16 percent decline in its standalone net profit at Rs 301.74 crore for the quarter ended March 2020, on higher provisioning

Coronavirus Outbreak: Philippine president Rodrigo Duterte accuses rebels of killing soldiers, threatens to declare martial law
World

Coronavirus Outbreak: Philippine president Rodrigo Duterte accuses rebels of killing soldiers, threatens to declare martial law

Presidential spokesman Harry Roque on Friday said Rodrigo Duterte also approved during a meeting with cabinet officials the extension of a lockdown in metropolitan Manila and several provinces and cities up to 15 May.

Coronavirus Outbreak: Small business credit worth Rs 2.32 lakh cr at highest risk of default, warns CIBIL
Business

Coronavirus Outbreak: Small business credit worth Rs 2.32 lakh cr at highest risk of default, warns CIBIL

Small business credit of Rs 2.32 lakh crore is at the highest risk of default, and micro enterprises having loan outstanding of less than Rs 10 lakh are the most vulnerable because of the COVID-19 pandemic, a credit information company said on Wednesday

Coronavirus Outbreak: Bankers welcome Reserve Bank's steps to enhance liquidity
Business

Coronavirus Outbreak: Bankers welcome Reserve Bank's steps to enhance liquidity

The second set of measures announced by RBI for the COVID-19 pandemic-stricken economy got a thumbs-up from bankers who welcomed the steps taken as per the evolving market conditions

RBI measures to boost liquidity, incentivise banks to lend more to revive economy: Nirmala Sitharaman
Business

RBI measures to boost liquidity, incentivise banks to lend more to revive economy: Nirmala Sitharaman

In order to increase credit to farmers, MSMEs and housing sector, RBI announced a special refinance facility totalling Rs 50,000 crore for NABARD, SIDBI and the National Housing Bank, she said.

Coronavirus outbreak: Damage to India’s economy has been contained by quick policy decisions; imperative that RBI cuts rates only if needed
Business

Coronavirus outbreak: Damage to India’s economy has been contained by quick policy decisions; imperative that RBI cuts rates only if needed

The RBI should cut rates only if it needs to and when it wants to--not because other central banks are doing so.

ED continues questioning of Yes Bank founder Rana Kapoor in connection with money laundering case
Business

ED continues questioning of Yes Bank founder Rana Kapoor in connection with money laundering case

The Enforcement Directorate on Saturday continued questioning Yes Bank founder Rana Kapoor in connection with a money laundering probe against him and others, officials said

No uncertainty about bank merger; going on as per schedule, says Finance Minister Nirmala Sitharaman
Business

No uncertainty about bank merger; going on as per schedule, says Finance Minister Nirmala Sitharaman

Even after Cabinet approval to the proposed bank merger plan, officials said, fixation of share swap ratio, shareholders consent and other regulatory approvals are expected to take at least 30-45 days.

IDBI Bank's October-December quarter net loss widens to Rs 5,763 cr; gross bad loans remain at elevated level
Business

IDBI Bank's October-December quarter net loss widens to Rs 5,763 cr; gross bad loans remain at elevated level

IDBI Bank on Tuesday reported widening of its standalone net loss to Rs 5,763.04 crore for the third quarter ended December as bad loans remained at an elevated level

Nirmala Sitharaman hits back at Chidambaram, says nothing to learn from those who gave NPA crisis
Business

Nirmala Sitharaman hits back at Chidambaram, says nothing to learn from those who gave NPA crisis

Finance Minister Nirmala Sitharaman on Tuesday hit back at former minister P Chidambaram for his 'incompetent doctors' attending to economy remark, saying there was nothing to learn from the people who gave the mountain of NPAs along with twin balance sheet crisis

Indian Overseas Bank Q3 net loss widens to Rs 6,075 cr on higher bad loan provisioning
Business

Indian Overseas Bank Q3 net loss widens to Rs 6,075 cr on higher bad loan provisioning

State-owned Indian Overseas Bank (IOB) has reported widening of its net loss to Rs 6,075.49 crore during the third quarter ended December 2019, owing to higher provisioning for bad loan

Bajaj Finance posts highest ever quarterly net profit at Rs 1,614 cr in Q3 on healthy interest income; NBFC's total income grows 41%
Business

Bajaj Finance posts highest ever quarterly net profit at Rs 1,614 cr in Q3 on healthy interest income; NBFC's total income grows 41%

Total income of the company grew 41 percent to Rs 7,026 crore for October-December of 2019-20 as against Rs 4,992 crore in year ago period, Bajaj Finance said in a regulatory filing.

Budget 2020: Banking sector is feeling the heat of economic slowdown; can Nirmala Sitharaman clear the mess?
Business

Budget 2020: Banking sector is feeling the heat of economic slowdown; can Nirmala Sitharaman clear the mess?

In a normal scenario, these suggestions make sense. But, the state of Indian banking sector is far from normal.

NPA divergence of Rs 29,000 cr in 12 banks: Why there is more to accounting jugglery than meets the eye
Business

NPA divergence of Rs 29,000 cr in 12 banks: Why there is more to accounting jugglery than meets the eye

Starting with private sector lender Yes Bank to the country’s largest lender, SBI, a dozen banks have reported divergence on their gross NPAs that has taken the shareholders by surprise.

Economic slowdown: Stress points in real estate limited, but financial sector needs to be watchful
Business

Economic slowdown: Stress points in real estate limited, but financial sector needs to be watchful

Bank exposure to real estate as of March 2019 was Rs 2.2 lakh crore, but overall credit to the NBFCs stood at Rs 6.8 lakh crore.

PMC Bank crisis: Economic Offences Wing files case against bank management, promoters of HDIL; SIT to probe case
Business

PMC Bank crisis: Economic Offences Wing files case against bank management, promoters of HDIL; SIT to probe case

The bank, which has 137 branches and over Rs 11,000 crore in deposits, has been put under restrictions since last week after the RBI discovered certain financial irregularities in the functioning of the multi-state lender.

PMC Bank's actual exposure to HDIL at over Rs 6,500 cr or 73% of total loan book, says suspended MD Thomas in letter to RBI
Business

PMC Bank's actual exposure to HDIL at over Rs 6,500 cr or 73% of total loan book, says suspended MD Thomas in letter to RBI

In the confession letter, Thomas also put the actual NPA number at 60-70 percent as against a reported net NPA of 2.19 percent as of 31 March 2019, the source said.

Sensex jumps over 1,900 points, biggest single day gain in 10 years after Nirmala Sitharaman cuts corporate tax
Business

Sensex jumps over 1,900 points, biggest single day gain in 10 years after Nirmala Sitharaman cuts corporate tax

Top gainers in the Sensex pack in early trade included Yes Bank, HDFC Bank, Maruti, Hero MotoCorp, Kotak Bank, HUL, M&M, Bajaj Auto and IndusInd Bank, rising up to 2.22%.