Page 15 - Loans

IREDA makes record Rs 16,320 cr loan disbursements in 2022-23 fiscal

State-owned IREDA on Monday said it has made a record Rs 16,320 loan disbursement and sanctioned loans worth Rs 32,578 crore in the 2022-23 fiscal. The milestone achieved is the highest in the history of the company, Indian Renewable Energy Development Agency Ltd (IREDA) said in a statement. "The company exceeded the historical mark and touched loan disbursement of Rs 16,320 crore and touched loan sanction of Rs 32,578 crore as on March 27, 2023). Last year, IREDA has achieved loan disbursement of Rs 16,071 crore and loan sanction of Rs 23,921 crore," it said. Pradip Kumar Das, Chairman and Managing Director, IREDA, said the record-breaking loan disbursement and sanction reflect the company's commitment towards its mission of promoting and financing renewable energy projects in India. IREDA, under the Ministry of New and Renewable Energy (MNRE), is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects relatin

New York Community Bank to buy failed Signature Bank in a $2.7 bn deal

New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday. The 40 branches of Signature Bank will become Flagstar Bank, starting Monday. Flagstar is one of New York Community Bank's subsidiaries. The deal will include the purchase of $38.4 billion in Signature Bank's assets, a little more than a third of Signature's total when the bank failed a week ago. The FDIC said $60 billion in Signature Bank's loans will remain in receivership and are expected to be sold off in time. Signature Bank was the second bank to fail in this banking crisis, roughly 48 hours after the collapse of Silicon Valley Bank. Signature, based in New York, was a large commercial lender in the tristate area, but had in recent years gotten into cryptocurrencies as a potential growth business. After Silicon Valley Bank failed, depositors became nervous about Signature Bank's health due to its high amount o

WDRA, PNB ink MoU to for finance against negotiable warehouse receipt

Warehousing Development Regulatory Authority (WDRA) has signed an MoU with PNB to facilitate loans to farmers and traders against negotiable warehouse receipts. According to an official statement, the Memorandum of Understanding (MoU) was exchanged in the presence of T K Manoj Kumar, Chairperson, WDRA; Mukesh Kumar Jain, Member, WDRA; Atul Kumar Goel, MD & CEO, PNB; Sunil kumar Chug, CGM, PNB and other senior officers of WDRA and PNB. The MoU was signed to promote awareness about finance against e-NWRs (electronic Negotiable Warehouse Receipt) with features such as no additional collateral and attractive interest rates. The MoU is aimed at providing information to depositors of the benefits, besides doing further outreach activities to improve agricultural pledge finance in India. "It is envisaged that the product will have far reaching consequences with regard to acceptance of e-NWRs among small and marginal farmers," the statement said.

Silicon Valley Bank loans could be letdown for private equity giants

The FDIC has a broad mandate to try to sell Silicon Valley Bank and Signature Bank assets at the best possible price to aid recoveries, whether that's as a whole or in pieces

Shriram Finance aims to raise $2.44 bn in FY24 to fund growth: Official

The retail non-banking finance company (NBFC) aims to grow its assets under management (AUM) by 15% in fiscal 2024 to around 1.9 trillion rupees to 2 trillion rupees

A good night's sleep for both banks and Reserve Bank

Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the "distance to default" as a measure of a particular bank's fragility

Adani repays all share-backed loans, informs investors to regain faith

The London meeting was part of a worldwide roadshow aimed at reassuring international investors that the ports-to-power empire's finances are under control

Gujarat govt distributes loans to 4,000 street vendors under PMSVANidhi

Loans were distributed to 4,000 street vendors in Gujarat under the Centre's Pradhan Mantri Street Vendors Atmanirbhar Nidhi Yojana in the presence of Chief Minister Bhupendra Patel on Saturday. The PMSVANidhi scheme intends to facilitate collateral-free working capital loans of up to Rs 10,000 of one-year tenure to approximately 50 lakh street vendors across the country. "Our government is determined to solve the problems of everyone and bring them in the mainstream of development. In every scheme under the leadership of Prime Minister Narendra Modi, there is a thought about how it can be useful to the last person in society," the CM said. The event for 4,000 street vendors was held at the exhibition hall of Science City, Ahmedabad, with the CM handing over loan cheques to a few beneficiaries.

Banks' improving performance supports intrinsic creditworthiness: Fitch

A sustained improvement in the financial performance of Indian banks bodes well for the sector's intrinsic risk profiles, according to global rating agency Fitch. The pace of asset quality and profitability improvement has exceeded expectations, while capital buffers are broadly in line with the projections, it said in a statement. The sector's impaired-loan ratio declined to 4.5 per cent in the first nine months of financial year ended March 2023 (9MFY23), from 6 per cent at FY'22, it said, adding, this was nearly 60 basis points below Fitch's FY23 estimate. Increased write-offs have been a key factor, but higher loan growth, supported by lower slippages and improved recoveries, have also played a role, it said. Fitch expects a further improvement by FY23, although banks still face the risk of asset-quality pressure associated with the unwinding of loan forbearance in FY24. "The sector's improving provision cover (9MFY23: 75 per cent, FY22: 71 per cent) also supports banks' abili

Indian banks' performance till Dec 22 exceeds expectations: Fitch Ratings

The sector's impaired-loan ratio declined to 4.5 per cent in the first 9 months of FY23 (9MFY23), from 6.0 per cent at FY22

Loan under Kisan Credit Scheme to be extended to fisherfolk: Union Minister

Loans being given to farmers under the Centre's Kisan Credit Card Scheme will be extended to fisherfolk as well, Union Minister Parshottam Rupala said here on Monday. The Union Minister of Fisheries, Animal Husbandry and Dairying was speaking at an event to mark the third phase of the 'Sagar Parikrama' initiative at Satpati. "Under the Pradhan Mantri Matsya Sampada Yojana, Prime Minister Narendra Modi has made available funds to the tune of Rs. 20,000 crore. Moreover, 7 per cent loan under Kisan Credit Card scheme will be given to fishermen as well," he said.

MFIs set for better days, as collection improves, loan sales jump

Microfinance players have already come out of the massive hit they took during the pandemic and are likely to report lower credit cost by the end of this fiscal, as growth momentum is on an upswing, says a report. India Ratings has revised the outlook on the microfinance sector to 'improving' from 'neutral' and has also maintained the 'stable' rating outlook for FY24. It expects the sector to notch up high double-digit growth of 20-30 per cent, on improved collections and disbursals. It sees the credit cost to improve to 1-3 per cent from 1.5-5 per cent this fiscal. Microfinance institutions have already absorbed the impact of the pandemic by the December quarter, India Ratings said in a note on Wednesday. It expects the growth momentum to continue in FY24, as disbursements are picking up, which in turn will lead to higher growth. According to India Ratings, there are two key risks for the microfinance sector over the next 12-18 months -- inflation and elections. These may impact

SBI loans to get costlier as bank hikes key lending rate; Details here

Following the RBI MPC's repo rate hike earlier this month, many banks like Bank of Baroda, Bank of India, and Punjab National Bank have also hiked their key lending rates

Loans on debit cards to be governed by digital lending guidelines: RBI

Payment aggregators that work as LSPs have to comply with digital lending guidelines

Expense list to loan tenure: How to stay ahead of rising inflation

Maintain adequate allocation for equities in long-term portfolios for financial security

Sundaram Home Finance eyes disbursements of over Rs 10 cr in business loans

Sundaram Home Finance, the wholly-owned subsidiary of non-banking finance company Sundaram Finance has set a target to disburse over Rs 10 crore under the small business loans segment, a top company official said on Saturday. The city-headquartered company has stepped up presence with the inauguration of an exclusive small business loans branch in Coimbatore. The company has similar branches in Madurai, Tenkasi, Theni, Sivakasi, Tirunelveli, Salem and Rasipuram. "We have had positive feedback from the locations we have launched so far and are targeting to end this year with disbursements of over Rs 10 crore from the small business loans segment, " company MD Lakshminarayanan Duraiswamy said. Sundaram Home registered a 51 per cent jump in net profit for the third quarter ending December 31, 2022 at Rs 53 crore on disbursements of Rs 986 crore. On the inauguration of new branch in Coimbatore, he said, "We have a strong presence in the Coimbatore region for our home finance ...

Kissht to LazyPay: Centre revokes order blocking seven loan apps

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

State Bank of India expects moderation in growth in global books

The foreign office advances were up by 21.47 per cent year on year (YoY) basis to Rs 4.86 trillion in December 2022 from Rs 4.0 trillion in December 2021

We continue to be selective on corporate loans: Indian Bank MD & CEO

Our margins in the first quarter was 3.1 per cent, while it was 3.2 per cent in Q2 and 3.7 per cent in Q3, says Shanti Lal Jain

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