Page 582 - Finance News
NBFCs, HFCs shed risky real estate loans to remain asset light
Though moratorium on loan repayment is available for developers till August this year, developers could struggle to repay money to lenders, say experts
 "NBFCs, HFCs shed risky real estate loans to remain asset light")
PNB gets board go-ahead to tap market for raising Rs 10,000 crore
The Government of India currently holds 85.59 per cent stake in the bank.
 "PNB gets board go-ahead to tap market for raising Rs 10,000 crore")
YES Bank case: ED attaches Rana Kapoor, others' assets worth Rs 2,200 crore
Properties of DHFL promoter brothers Kapil and Dheeraj Wadhawan have also been attached as part of a provisional order issued by it under the Prevention of Money Laundering Act
 "YES Bank case: ED attaches Rana Kapoor, others' assets worth Rs 2,200 crore")
Mastercard to invest Rs 250 cr over five years to reboot Indian SMEs
Plans roll out initiatives to improve digital payments awareness among small businesses; will provide low-cost acceptance online and offline solutions that are simple, safe and secure
 "Mastercard to invest Rs 250 cr over five years to reboot Indian SMEs")
Ensure bankers' safety, take stern action against unruly: FinMin to states
Department of Financial Services asks for action against 'unruly behaviour' after at least two attacks on employees of state-owned banks.
 "Ensure bankers' safety, take stern action against unruly: FinMin to states")
Indian banks pursue bankruptcy order against Vijay Mallya in UK court
Mallya's legal team, led by barrister Philip Marshall, countered that the banks were secured creditors and that the petition should be dismissed.
 "Indian banks pursue bankruptcy order against Vijay Mallya in UK court")
SBI reduces MCLR by 5-10 bps to 6.65% in the shorter tenors
SBI's MCLR continues to be the lowest in the market
 "SBI reduces MCLR by 5-10 bps to 6.65% in the shorter tenors")
State Bank of India to invest up to Rs 1,760 crore in YES Bank's FPO
YES Bank got its board's approval to raise Rs 15,000 crore via FPO to shore up its capital base.
 "State Bank of India to invest up to Rs 1,760 crore in YES Bank's FPO")
SBI to invest up to Rs 1,760 cr in YES Bank's further public offering
The announcement came after YES Bank said it has received approval from the CRC of the Board of Directors of the Bank for raising funds
 "SBI to invest up to Rs 1,760 cr in YES Bank's further public offering")
SBI cuts MCLR by 5-10 bps upto three months tenor to revive demand
With this revision, SBI's MCLR upto three-months tenor comes down to 6.65 per cent per annum
YES Bank files prospectus with RoC to raise up to Rs 15,000 cr via FPO
Restates accounts for last three years, but no impact on bottom line
 "YES Bank files prospectus with RoC to raise up to Rs 15,000 cr via FPO")
ICICI Bank to give 80k employees up to 8% pay hike for work amid Covid-19
The hike of up to 8 per cent is for the fiscal year 2020-21 and applicable from July onwards
 "ICICI Bank to give 80k employees up to 8% pay hike for work amid Covid-19")
AIIB extends $50 mn loan to L&T Infra Finance for Renewable Energy
This is the first tranche of a $100 mn loan by the Bejing-based multilateral development bank; proceeds will be used to on-lend to large and mid-scale wind and solar power infra projects in India
 "AIIB extends $50 mn loan to L&T Infra Finance for Renewable Energy")
RBI steps up intervention in forwards, rupee weakens on heavy dollar demand
The central bank is parking these accumulated dollars in the forwards markets, which is improving liquidity for now at the cost of demand of dollar for a future date
 "RBI steps up intervention in forwards, rupee weakens on heavy dollar demand")
PNB says board will consider a proposal to raise capital on July 9
Besides, the board will clear opening balance sheet of the amalgamated bank as on April 1
NBFC industry body writes to FM to include individuals under ECLGS scheme
Says more than 75% of customers take loans in their individual names as they do not have any business establishment or partnerships and are compelled to conduct their businesses in individual names
 "NBFC industry body writes to FM to include individuals under ECLGS scheme")
HDFC to set up fund to finance stressed realty projects, to rope in partner
The financial institution will put the money as investment in the proposed fund and will rope in a partner for real estate fund financing of distressed assets in the real estate sector
 "HDFC to set up fund to finance stressed realty projects, to rope in partner")
Inevitability of defaults: Promoters gripe over loans being sold to ARCs
'Once the moratorium is lifted, we expect several companies to default. The bank will have no other option but to either restructure the loan or sell it to ARCs,' says a banker
 "Inevitability of defaults: Promoters gripe over loans being sold to ARCs")
PNB chief hopeful of RBI allowing one-off loan restructuring by October
Rao also said that the normalcy is still too far which is making it difficult to assess the situation of companies in terms of cash-flows
 "PNB chief hopeful of RBI allowing one-off loan restructuring by October")
AUM under moratorium for Bajaj Finance reduces to 15.5% in Q1 of FY21
Firm may need to make additional provisioning due to covid-19 to further strengthen its balance sheet. In Q4FY20, it made provisions of Rs 1,954 crore, of which Rs 900 crore was set aside for covid-re
 "AUM under moratorium for Bajaj Finance reduces to 15.5% in Q1 of FY21")