Total provisions and contingencies rose sharply to Rs 1,878 crore at the end of the quarter under review. This was at Rs 764 crore in the corresponding period last year.
"Net loss of Rs 630 crore for Q1FY22 is because of prudent provisions for Covid wave 2.0. Covid provision pool increased from Rs 375 crore to Rs 725 crore during the current quarter on a prudent basis to act as a cushion for Covid impact," IDFC First Bank said in a release."Net loss of Rs 630 crore for Q1FY22 is because of prudent provisions for Covid wave 2.0. Covid provision pool increased from Rs 375 crore to Rs 725 crore during the current quarter on a prudent basis to act as a cushion for Covid impact," IDFC First Bank said in a release.
Investment bankers Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory Services are the book running lead managers to the IPO.
The State Bank of India, a public sector lender, said on Saturday that processing fees on housing loans would be waived entirely. This is a big reduction from the 0.40 percent processing costs that were previously in place.The State Bank of India, a public sector lender, said on Saturday that processing fees on housing loans would be waived entirely. This is a big reduction from the 0.40 percent processing costs that were previously in place.
The Reserve Bank of India (RBI) is expected to provide a road map to the new owners of IDBI Bank, for reducing their stake as the government seeks to sell its equity, by the end of the current fiscal year.
According to RBI data, loans against jewellery by banks stood at Rs 62,221 crore as of June 18, 2021 — an 80% increase over the previous year.
A large part of the income generated by these companies in India is outside the domestic tax net as they did not have a PE here. PE is a concept in the tax regulations that determines which country has the right to tax a company - and to what extent.A large part of the income generated by these companies in India is outside the domestic tax net as they did not have a PE here. PE is a concept in the tax regulations that determines which country has the right to tax a company - and to what extent.
As per the court order, PNB’s stand is due to letters issued by IBA on December 12, 2018, to its member banks, stating that if a bank issues a claim period of less than one year on top of the guarantee period then such a bank guarantee would not have the benefit of Exception 3 to Section 28 of the Contract Act.As per the court order, PNB’s stand is due to letters issued by IBA on December 12, 2018, to its member banks, stating that if a bank issues a claim period of less than one year on top of the guarantee period then such a bank guarantee would not have the benefit of Exception 3 to Section 28 of the Contract Act.
The Reserve Bank of India (RBI) on July 14 sent panic-waves through Indian banking partners by announcing a ban, effective from July 22, to prevent the U.S. giant from issuing new cards. It cited non-compliance with 2018 rules that required it to store payments data only in India.The Reserve Bank of India (RBI) on July 14 sent panic-waves through Indian banking partners by announcing a ban, effective from July 22, to prevent the U.S. giant from issuing new cards. It cited non-compliance with 2018 rules that required it to store payments data only in India.
"Basically, we have been able to recover almost 140% of the principal and still some more recoveries are expected. We have provided for our NPAs and the provision coverage ratio is 97% so similarly when some other recoveries come we can expect similar results in future, probably even better ones," says Sharma of the Kingfisher situation."Basically, we have been able to recover almost 140% of the principal and still some more recoveries are expected. We have provided for our NPAs and the provision coverage ratio is 97% so similarly when some other recoveries come we can expect similar results in future, probably even better ones," says Sharma of the Kingfisher situation.
The Delhi-based, digital-first company has already partnered companies including Great learning and various IAS institutions to offer interest-free education loans to prospective students wanting to pursue short-term courses.
Net interest income grew 9.53 per cent to Rs 7,013 crore from Rs 6,403 crore in the year-ago quarter.
The housing finance company made a provision of Rs 830 crore for NPAs during the quarter.The Delhi-based, digital-first company has already partnered companies including Great learning and various IAS institutions to offer interest-free education loans to prospective students wanting to pursue short-term courses.
“The industry also needs to stop postponing the inevitable and kicking the can down the road,” Kotak said. “Upfront action with an eye on enduring, sustainable growth, not swayed by quarterly, short-term results is a must for the future of a healthy Indian financial sector.”“The industry also needs to stop postponing the inevitable and kicking the can down the road,” Kotak said. “Upfront action with an eye on enduring, sustainable growth, not swayed by quarterly, short-term results is a must for the future of a healthy Indian financial sector.”
The RBI further said that as per the data submitted by the bank, about 99 per cent of the depositors will receive full amounts of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
"I believe that our provision PPOP margins are such that we can take any provisions right now. I do not believe that the third wave will be as vigorous as we what we saw in the Covid-2 or Covid-1."
Increased financing for climate-friendly projects as well as more financing for small businesses to help accelerate India's economic recovery from COVID-19 are expected in the wake of a USD 126 million (Rs 916 crore) equity investment in the bank, IFC and Federal Bank said in a joint release on Thursday.Increased financing for climate-friendly projects as well as more financing for small businesses to help accelerate India's economic recovery from COVID-19 are expected in the wake of a USD 126 million (Rs 916 crore) equity investment in the bank, IFC and Federal Bank said in a joint release on Thursday.
As mutant variants of the virus succeedingly assailed the country with a pervasive health crisis, the already floundering pre-pandemic financial infrastructure was left fractured. However, across various sectors, despite the notion that India is surviving on borrowed time, there is hope yet at the end of the tunnel for the economy.
"We have also reinitiated the Rs 500 crore of restructuring which will happen in this quarter on that book, but otherwise we are well on our way."
According to the information ETBFSI received from various sources, more than 1,200 ATMs are down in the five districts of Maharashtra -- Ratnagiri, Raigad, Sindhudurg, Kolhapur and Satara. There are about 1,300 ATMs in these districts.As mutant variants of the virus succeedingly assailed the country with a pervasive health crisis, the already floundering pre-pandemic financial infrastructure was left fractured. However, across various sectors, despite the notion that India is surviving on borrowed time, there is hope yet at the end of the tunnel for the economy.According to the information ETBFSI received from various sources, more than 1,200 ATMs are down in the five districts of Maharashtra -- Ratnagiri, Raigad, Sindhudurg, Kolhapur and Satara. There are about 1,300 ATMs in these districts.
He brings over two decades of experience across sectors such as financial services, retail, banking, and real estate. In a decade-long stint at FINO PayTech, he led the organisation to achieve scale and profitability facilitating organic growth capital and inorganic expansions.He brings over two decades of experience across sectors such as financial services, retail, banking, and real estate. In a decade-long stint at FINO PayTech, he led the organisation to achieve scale and profitability facilitating organic growth capital and inorganic expansions.
Last year, the government had provided capital support to National Insurance, Oriental Insurance and United India Insurance to meet regulatory requirement and increase the authorised share capital of National Insurance Company Ltd (NICL) to Rs 7,500 crore and that of United India Insurance Co Ltd (UIICL) and Oriental Insurance Co Ltd (OICL) to Rs 5,000 crore each.
While Paytm announced the Raheja acquisition last year, the deal is yet to close.Last year, the government had provided capital support to National Insurance, Oriental Insurance and United India Insurance to meet regulatory requirement and increase the authorised share capital of National Insurance Company Ltd (NICL) to Rs 7,500 crore and that of United India Insurance Co Ltd (UIICL) and Oriental Insurance Co Ltd (OICL) to Rs 5,000 crore each.
