Page 6 - Bank Loans

Pace of lending to infrastructure sector tumbles sharply to 1.8% in May

The share of power sector loans is around half of the bank's infrastructure loan portfolio of Rs 12.22 trillion as of May 2023

ED attaches Maharashtra-based steel company's assets worth over Rs 517 cr

The Enforcement Directorate (ED) on Wednesday said it has attached a Maharashtra-based steel company's assets worth more than Rs 517 crore under the anti-money laundering law in connection with an alleged bank loan fraud of over Rs 895 crore. The assets, including land, building and machinery, belong to SKS Ispat and Power Limited, the ED said in a statement. A provisional order for attaching these assets has been issued under the Prevention of Money Laundering Act (PMLA) and their total value is Rs 517.81 crore. The investigation pertains to a money laundering case based on a Central Bureau of Investigation (CBI) FIR against Tiruchirappalli-based boiler manufacturing company Cethar Limited that "availed" credit facilities of Rs 895.45 crore from a consortium of lenders led by the Indian Bank, SAM branch in Madurai. The ED said accounts of Cethar Limited turned NPA (non-performing asset) on December 31, 2012 and subsequently proceedings under the Insolvency and Bankruptcy Code (IBC

Credit card dues up 30% in Apr; cross Rs 2 trillion mark for the first time

The Reserve Bank of India (RBI) has expressed its concern about the growing unsecured bank credit

Manipur violence: What are RBI's riot relief measures invoked by the state?

The rules under these measures specify several norms that must be followed for restructuring the loans, providing fresh loans and other measures, including KYC norms

RBI to levy penalties on banks that lose property papers of loan seekers

Banks may have to compensate borrowers and also pay a penalty if they lose the original property documents of loan seekers

Thinking of prepaying your home loan? Things you should keep in mind

If home-owners have received a bonus, they may consider investing it in the capital markets instead of prepaying the loan

Bank loan fraud: ED attaches Rs 122 cr assets of Pune businessmen, others

Assets worth more than Rs 122 crore of various accused, including that of a former chairman of Pune-based Seva Vikas co-operative Bank and promoter of an education group, have been attached as part of money laundering investigation linked to an alleged bank loan fraud, the Enforcement Directorate (ED) said Friday. A provisional order for attaching 47 immovable properties worth Rs 121.81 crore located in Pune in Maharashtra and movable assets of Rs 54.25 lakh (belonging to Devi Concrete Products) has been issued under the criminal sections of the Prevention of Money Laundering Act (PMLA). The properties belong to Amar Mulchandani, former chairman of Seva Vikas co-operative Bank, Vivek Aranha, promoter of Pune-based Rosary Education group, Sagar Suryawanshi, Khemchand Bhojwani and their family members and linked entities. The case stems from a Pune Police FIR against the Rosary Education group, its promoters and others with regard to an alleged loan fraud, the ED said in a ...

Bank of Baroda 'well protected' for switch to RBI's new loan-loss proposal

Its gross non-performing assets (NPA) ratio fell to 3.79% in the fourth quarter from 4.53% in the previous quarter, while its net NPA ratio fell to 0.89% from 0.99% for the same period

Wadia Group company took $300 million loan from Deutsche Bank: Report

The Wadia Group company obtained the loan by putting a charge on the account of the London-based parent of Britannia Industries

Loans disbursed digitally rose 12-fold between 2017-20: RBI panel report

Also as per the findings of the report, there were approximately 1,100 lending apps in the country, between January 1, 2021 and February 28, 2021

Asian Development Bank to provide Rs 754 cr loan to SAEL Industries

Asian Development Bank (ADB) will provide a loan up to Rs 754 crore to SAEL Industries Ltd for setting up of biomass power plants in Rajasthan. The lender and SAEL have entered into a loan agreement, according to a release on Friday. SAEL is a solar and agricultural waste-to-energy company. It has developed a business model where crop residues are used as fuel in waste-to-energy projects. The company aims to grow its portfolio to 3.5 GW over the next four years by adding 100 MW of new biomass and 600 MW of new solar capacity annually. "ADB's support will fund the construction of five biomass power plants in the districts of Bikaner, Churu, Hanumangarh, Jhunjhunu, and Sikar in the state of Rajasthan," SAEL said in the release.

Kissht to LazyPay: Centre revokes order blocking seven loan apps

Decision taken after presentations from the platforms and reviewing documents justifying compliance, says official

RBI to frame guidelines on penal charges for default in loan servicing

The central bank also said that the penal charges would be recovered from the borrower separately and not added to the outstanding principal amount

Prepay at least 5% of your home loan each year to tackle rising rates

With rates cuts unlikely anytime soon, debt mutual fund investors should avoid duration calls

Bank loan exposure to Adani Group against shares not significant: RBI DG

The Adani group has denied wrongdoing, but saw more than $110 billion wiped off the conglomerate's market value since the report was released

Over 10,000 MSMEs shut down in 2022-23, highest in past four years

FM Sitharaman revamped the credit guarantee scheme for MSMEs to enable an additional collateral-free guaranteed credit of Rs 2 trillion

Jaiprakash Associates defaults on Rs 4,059 crore loans with various banks

Jaypee Group's flagship firm Jaiprakash Associates has defaulted on loans of Rs 4,059 crore, comprising both the principal and interest amount. In a regulatory filing, Jaiprakash Associates Ltd (JAL) said the company on December 31 defaulted on repayments of principal amount Rs 1,713 crore and interest of Rs 2,346 crore. The loans pertained to various banks and the nature of obligation is fund based working capital, non fund based working capital, term loans and FCCB (foreign currency convertible bonds). In September 2018, ICICI Bank filed an insolvency petition against JAL but the matter is still pending before the Allahabad bench of the National Company Law Tribunal (NCLT). The country's biggest lender SBI had in September this year moved the NCLT against JAL, claiming a total default of Rs 6,893.15 crore as on September 15, 2022. Last month, JAL and its group firms announced the sale of its remaining cement assets to Dalmia Bharat Ltd at an enterprise value of Rs 5,666 crore an

HDFC Bank's loan book expands by 19.5%, domestic retail loans grow 21.5%

IndusInd sees 19% credit growth in Q3; deposit growth outpaces loans for HDFC Bank, YES Bank

Post-LVB integration, DBS aiming to treble growth in 5 years: MD & CEO

Surojit Shome, MD and CEO of DBS Bank India, said having crossed the Rs one trillion business (deposit and loans) mark in September, the bank is looking to grow 3x in five years

Don't let bank compel you to buy insurance policy with home loan

Instead of taking an agent's word, do your own research on policy benefits and obligations