Page 6 - Loan

Debt-trapped Pakistan set to become fourth biggest IMF borrower: Report

Debt-trapped Pakistan will become the fourth largest IMF borrower in the world after receiving a fresh loan of USD 3 billion in the next nine months under the standby arrangement reached with the global lender. Pakistan, which is facing its worst economic crisis since independence from Britain in 1947, was on March 31, 2023, ranked fifth in the list of countries with the highest borrowing from the International Monetary Fund (IMF), The Express Tribune newspaper reported, citing the global lender's data. However, Pakistan will move to the fourth place in this list when it receives another USD 3 billion in the next nine months under the Stand-By Arrangement made with the Washington-based global lender on Thursday. The deal, which still needs to be approved by the IMF'S board, comes after an eight-month delay. Earlier, in terms of loans from the IMF, Argentina ranked first with USD 46 billion, Egypt stood in second place with USD 18 billion, Ukraine came in third with USD 12.2 billion

IREDA posts 36% YoY growth in loan sanctions at Rs 32,586 cr: CMD PK Das

State-owned IREDA has reported over 36 per cent year-on-year growth in loan sanction at Rs 32,586.60 crore in FY23, its CMD Pradip Kumar Das said. The company has also posted a 34.65 per cent year-on-year rise in loan disbursement at Rs 21,639.21 crore during FY23, Das said in his address to the company's shareholders. Speaking at the company's 36th annual general meeting (AGM), he informed that "loan sanction was at 32,586.60 crore, up 36.23 per cent increase compared to FY22, (and) loan disbursement was at 21,639.21 crore, a 34.65 per cent growth compared to FY 22". The company's loan book stood at Rs 47,076 crore, higher than 38.75 per cent in FY22. It has also reported a profit before tax (PBT) of Rs 1,139.25 crore and profit after tax (PAT) of Rs 864.63 crore, respectively, in the last fiscal. Its net worth rose 12.66 per cent to Rs 5,935.17 crore in FY23, the CMD said. "IREDA actively engages in partnerships with green energy developers to recognise their evolving requireme

Ukraine to receive $1.5 bn from World Bank to support reconstruction

Ukraine is rebuilding schools, hospitals, roads and bridges and implementing repairs in the energy sector despite continued fighting in the south and east of the country

How do Economic Factors Impact Interest Rates for Business Loans?

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Reliance Jio in talks to raise about $1.6 billion for equipment from Nokia

Banks involved in the discussions with billionaire Mukesh Ambani's telecoms company include Citigroup Inc., HSBC Holdings Plc. and JPMorgan Chase & Co., said the people

An innovative approach to domestic staff loans

This system could convert 15 crore households into social venture capitalists, offering Rs. 75,000 crore worth of microloans to staff, and integrating the latter into formal lending

Reliance in talks with lenders for $2 billion loan to fuel expansion

Ambani is raising funds as he continues to build out the telecoms and consumer-facing arms of an empire based on a bedrock of crude-oil refining

Pakistan seeks fast-track refinancing of $1.3 billion loans from China

Cash-strapped Pakistan has requested its all-weather ally China to fast-track the refinancing of maturing commercial loans of USD 1.3 billion and apprised it of the diminishing prospects of revival of the IMF loan programme, a media report said on Tuesday. The request was made on Monday by Finance Minister Ishaq Dar during a meeting with China's Charge d'affaires Pang Chunxue, The Express Tribune newspaper reported. Officials said that the finance minister raised the issue of refinancing the two Chinese commercial loans amounting to USD 1.3 billion, maturing in the next two to three weeks. Chinese authorities have already assured Pakistan that they will refund both loans, but Islamabad wants the money to be re-lent as soon as it is paid back, the report quoted sources as saying. Dar urged the Chinese charge d'affaires about timely refinancing the loans, which will prop up Pakistan's foreign exchange reserves. Pakistan is scheduled to make a debt repayment of USD 300 million to the

Microfinance loan portfolio up 22% to Rs 3.48 trillion in FY23, shows data

Microfinance loan portfolio increased by 22 per cent to Rs 3.48 lakh crore during 2022-23, according to a report. Gross loan portfolio stood at Rs 2.85 lakh crore as on March 31, 2022. Microfinance loan disbursals during FY 2022-23 improved by 23 per cent to Rs 2,96,423 crores compared to Rs 2,39,433 crore in the previous financial year. About 7.17 crore loans were disbursed during FY 22-23 as against 6.30 crore in the previous year indicating higher ticket size of new loans, microfinance institutions network (MFIN), the microfinance industry association and an RBI-recognized self-regulatory organization. The microfinance active loan accounts increased by 14.6 per cent during the past 12 months to 13 crore as on March 31, 2023. In terms of regional distribution of gross loan portfolio, East & Northeast and South account for 63 per cent of the total portfolio. Bihar is the largest state in terms of portfolio outstanding followed by Tamil Nadu and Uttar Pradesh, it said. It furthe

ABD, govt sign $130 mn loan agreement to increase agriculture in Himachal

The project will include new irrigation schemes that will improve on-farm irrigation in 6,000 hectares of farmland; it will help farmers enhance their access to markets of subtropical horticulture

South Indian women outnumber men in availing of loan for street vendors

According to urban affairs ministry, of the total number of beneficiaries (3.6 million) of the scheme in the country, 2.13 million are men and 1.5 million are women

Adani Group repays loans worth $2.65 bn to complete prepayment programme

Embattled Adani Group on Monday said it has repaid loans aggregating USD 2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller. In a Credit Note released on Monday, Adani Group said it has made a full prepayment of USD 2.15 billion of loans that were taken by pledging shares in the conglomerate's listed firms and also another USD 700 million in loans taken for the acquisition of Ambuja Cement. "The prepayment was done along with interest payment of USD 203 million," it added. Further, the credit update states that the promoters completed the sale of shares in four listed group entities to GQG Partners, a leading global investment firm, for USD 1.87 billion (Rs 15,446 crore). "The deleveraging programme testifies to the strong liquidity management and capital access at sponsor level even in volatile market conditions, supplementing the solid capital prudence adopted at all portfolio

Edtech major Byju's faces deadline for $40 million payment of $1.2 bn loan

The $1.2 billion debt is the largest unrated loan by a startup ever. The once high-flying company led by former teacher Raveendran had been trying to strike a deal with creditors to restructure loan

Maintaining high loan growth difficult, but book will grow robustly: ABCL

Maintaining the high loan growth seen in FY23 will be difficult for Aditya Birla Finance, but the company is confident of growing the book robustly given the opportunities it sees in the market, a top official said on Wednesday. The company, a wholly-owned subsidiary of Aditya Birla Capital (ABCL), the financial services arm of the conglomerate, had posted a 46 per cent growth to Rs 80,556 crore in FY23. "46 (per cent) is a large number, it is very difficult to continue to maintain that kind of a thing. As I said that we have created scale and size in our business, and we see the opportunities in the market (are) immense. "We have put all the building blocks in place, so I don't see a reason why we shouldn't grow robustly as we go forward," Aditya Birla Capital's chief executive Vishakha Mulye told reporters. She also said the robust loan growth it is planning will also outperform the market. When asked if the Rs 3,000 crore capital infusion ABCL is planning will go to the lending

Pakistan's foreign reserves continue to decline due to loan repayment

In its weekly bulletin, the SBP said its reserves decreased by $74 million due to external debt repayment

Need quick credit for short tenure? Consider loan against fixed deposit

But if you require additional liquidity for long term, break the FD and borrow against another asset

Google took action against 3,500 loan apps for violating norms in 2022

Google took action against over 3,500 loan apps in India in 2022 for violating Play Store policy requirements, the company said on Thursday. Google said that overall it prevented 1.43 million policy-violating apps from being published on Google Play banning 173,000 bad accounts preventing over USD 2 billion in fraudulent and abusive transactions in 2022. "In India, in 2022, we have reviewed and taken necessary enforcement action, including removal of apps, on more than 3,500 personal loan apps for violations of the Play policy requirements. We continue to uplevel our efforts in this area by regularly updating our policies and review processes," Google said. The company announced that it will adopt a more privacy-friendly approach to advertising in 2023. Google will roll out the first Beta for the Privacy Sandbox on Android to a small percentage of Android devices. "With the Beta, users and developers will be able to experience and evaluate these new solutions in the real world...W

Pakistan struggles to secure loans from global lenders, says report

The fall is attributed to non-renewal of the IMF programme. Because of the delay in finalising the deal with the global lender, Pakistan faced difficulties in obtaining international loan

At 19%, BoB's loans grew faster than overall banking system in FY23

The lender's deposit growth at 15.1% YoY was also higher than the banking average

CLSA upgrades Bajaj Finance as it logs record customer, loan growth in Q4

Loans booked by consumer financier Bajaj Finance jumped 20 per cent YoY to 7.6 million in Q4FY23, taking the total loans booked by the lender in FY23 to 29.6 million, its highest-ever in a year