Page 587 - Finance News
Financially stressed due to Covid-19? You may find it hard to get loan
Lenders are treading cautiously, and in some cases even cancelling previously sanctioned or pre-approved loans
 "Financially stressed due to Covid-19? You may find it hard to get loan")
RBI proposes major changes in securitisation norms for robust market
The RBI said the revision in guidelines is an attempt to align the regulatory framework with the Basel guidelines on securitisation that have come into force effective January 1, 2018
 "RBI proposes major changes in securitisation norms for robust market")
IndusInd Bank promoters to buy more of its shares in secondary market
They currently hold 14.68% of the lender's paid-up share capital. As per RBI rules, the promoters can buy 0.32% additional stake as of now
 "IndusInd Bank promoters to buy more of its shares in secondary market")
Bank credit growth in FY21 to hit multi-decade low of 0-1%: CRISIL
Prior to the disruption caused by covid-19, bank credit was already slower than normal in FY20 due to subdued economic activity and risk averseness of the lenders
 "Bank credit growth in FY21 to hit multi-decade low of 0-1%: CRISIL")
Reserve Bank proposes comprehensive guidelines for sale of loan exposures
RBI's proposed guidelines for sale of loan exposures deals with various issues like asset classification of the loan to be transferred, nature of entity purchasing loan and mode of transfer of loans.
SBI to cut MCLR by 25 basis points from June 10 across all tenors
The one year MCLR has been revised to 7 per cent from 7.25 per cent, the bank said in a release
 "SBI to cut MCLR by 25 basis points from June 10 across all tenors")
Banking to be a 'strategic sector', govt discussing privatising some PSBs
According to the new privatisation policy, announced by FM Sitharaman as part of the 'Atmanirbhar Bharat' package, the government will come up with a list of strategic sectors
 "Banking to be a 'strategic sector', govt discussing privatising some PSBs")
HDFC Bank adds 250,000 customers via instant account opening in lockdown
Banks were classified as an "essential service" and allowed to be open, but the lockdown meant fewer customer footfalls, making the online alternative helpful to open new deposit accounts
 "HDFC Bank adds 250,000 customers via instant account opening in lockdown")
Indian Overseas Bank cuts MCLR by 30 bps, to bring down interest on loans
IOB reduced its interest rate on loans linked to MCLR by 30 basis points in overnight tenor and by 20 bps in one month to one year tenors
 "Indian Overseas Bank cuts MCLR by 30 bps, to bring down interest on loans")
PSBs disburse Rs 8,320 cr loan to MSMEs under emergency credit scheme
On May 21, the Cabinet had approved additional funding of up to Rs 3 trillion at a concessional rate of 9.25 per cent through ECLGS for the MSME sector
RBI's Rs 500-crore fund to promote digital payments in small towns
RBI invests Rs 250 crore, the remaining will come from the card-issuing banks and card networks
 "RBI's Rs 500-crore fund to promote digital payments in small towns")
RBI pushes back on Hinduja brothers' plan to raise IndusInd Bank stake
The RBI has conveyed the decision to the IndusInd founders Srichand and Gopichand Hinduja, the people said
MPC members see Covid-19 lockdown dealing a multi-year hit to economy
Demand impact will continue to weigh heavily on economic activity for some time, says Shaktikanta Das, but is optimistic about rural economy due to good farm harvest
 "MPC members see Covid-19 lockdown dealing a multi-year hit to economy")
SBI: Investors should wait for more clarity on moratorium, asset quality
Besides asset quality improvement, management's positive commentary on loan growth and lower that expected moratorium book were key reasons behind the Street's excitement
 "SBI: Investors should wait for more clarity on moratorium, asset quality")
Bank credit grows 6.25% to Rs 102.23 trn, deposits up 10.64%: RBI
In the fortnight ended May 24, 2019, bank loans had stood at Rs 96.21 trillion and deposits at Rs 124.99 trillion, the RBI data showed
 "Bank credit grows 6.25% to Rs 102.23 trn, deposits up 10.64%: RBI")
Bond market dealers watch out for RBI's unannounced purchases
It is hard to say if the OMOs are being done to soften yields, or to fill up the central bank's stock of bonds, but yields did not move up sharply in auctions
 "Bond market dealers watch out for RBI's unannounced purchases")
RBI creates Payments Infrastructure Development Fund to boost digitisation
The RBI makes an initial contribution of Rs 250 crore covering half the fund
Charging interest during loan moratorium 'detrimental', says SC bench
Bench seeks reply from FinMin, RBI; next hearing June 12
 "Charging interest during loan moratorium 'detrimental', says SC bench")
State Bank of India plans to raise up to $1.5 bn via overseas bonds in FY21
The lemder raise funds from global markets on a regular basis for lending operations and to repay financial instruments maturing during the year
PE investments doubled in May thanks to Reliance's Jio Platforms deals
Around $4.6 billion, or 85 per cent of the total deals, invested was in Jio Platforms, the digital arm of Reliance Industries
 "PE investments doubled in May thanks to Reliance's Jio Platforms deals")