Page 16 - Loans

State-run banks likely to launch special drive to recover written-off loans

The government has instructed public sector banks (PSBs) to focus on written-off loans, a senior official said

Higher loan limits to enterprises addressing 'Missing Middle problem': SBI

Increase in Mudra disbursement leads to decline in states' subsidies allocation

Vedanta Resources cuts gross debt by $1 bn by paying its maturing loans

Vedanta Resources Limited (Vedanta), the parent company of Mumbai-listed mining giant Vedanta Ltd, on Monday said it has paid all its maturing loans and bonds due in this month to reduce its gross debt by a further USD 1 billion. Vedanta has now reduced debt by a total of USD 3 billion since it announced in February 2022 its intention to accelerate deleveraging. It had announced plans to reduce debt by USD 4 billion within 3 years. "Vedanta has thereby achieved 75 per cent of its committed reduction in just 14 months," the firm said in a statement. The firm's gross debt now stands at USD 6.8 billion, down from USD 7.8 billion at the end of March 2023 and from USD 9.7 billion at the end of March 2022. "During the balance of FY24, we believe that strong operational performance from our world class asset base coupled with robust commodity prices will lead to further deleveraging at Vedanta," the statement said.

Arohan Financial Services opens over 100 branches in underserved states

Arohan Financial Services Ltd has opened 102 new branches in FY'23 to expand its presence in underserved states of the country, the microfinance company said on Friday. The Kolkata-based NBFC-MFI lender now has 835 branches across 15 states offering a range of financial products and services to low-income customers. The new branches were opened in West Bengal, Uttar Pradesh, Uttarakhand, Madhya Pradesh and Rajasthan, with additional operations in Assam, Bihar, Chhattisgarh, Jharkhand, Karnataka, Maharashtra, Meghalaya, Odisha, Telangana and Tripura. Arohan is investing heavily to expand in semi-urban and rural geographies, providing employment opportunities for rural youth and enhancing access to credit for the financially underserved, the company said in a statement. Our endeavour is to include every underserved household and small business under financial services. As we commence on our ambitious five-Year Vision plan of rapid expansion path to serve 20 million lives by 2027, we

Renew Power planning to raise $400 mn in green bonds to refinance old loans

Early this month, Reliance Industries raised $5 billion for its telecom and new energy projects

We expect good demand to continue from realty sector: LIC Hsg Fin chief

In a Q&A, Y Viswanatha Gowd, MD & CEO of the HFC attributes the uptick in demand for home loans to stabilising interest rates and completion of large projects

Pakistan says UAE assures $1 billion loan to help revive IMF deal

Pakistan is going through one of its biggest economic crisis ever as multiple delays in its loan program created a dollar shortage, import restrictions and reduced forex

BoM logs 30% loan growth, total business crosses Rs 4 trn in Q4 FY23

State-owned Bank of Maharashtra (BoM) on Wednesday said it has posted a credit growth of 29.59 per cent at Rs 1.75 lakh crore for the March quarter. The outstanding credit was Rs 1.35 lakh crore at the end of March 31, 2022, BoM said in a regulatory filing. The Pune-headquartered lender registered a 21.28 growth in total business to cross a milestone of Rs 4 lakh crore. At the end of March 2023, the total business (total advances and total deposits) increased to Rs 4.09 lakh crore as against Rs 3.37 lakh crore at the end of the previous fiscal. Total deposits of the bank increased by 15.7 per cent to Rs 2.34 lakh crore as against Rs 2.02 lakh crore at the end of the fourth quarter of the previous financial year. During the quarter, it said, the Current Account and Savings Account (CASA) stood at 53.39 per cent of the total deposits. With regard to Credit Deposit (CD) ratio, it said, the number has increased to 74.87 per cent at the end of March 31, 2023 as against 66.85 per cent i

More than Rs 40,700 crore sanctioned under Stand-Up India Scheme in 7 years

The scheme aims to promote entrepreneurship at the grassroot level focusing on economic empowerment and job creation and has been extended up to the year 2025

Bajaj Finance booked highest ever new loans in FY23 at 29.6 million

AUM grew 29% YoY in Q4 to Rs 2.47 trillion

Vedanta unit's ability to raise loans reduces liquidity risk for group: S&P

Natural resources group has debt servicing obligations of about $3 bn

Sundaram Home Finance to double number of branches giving small biz loans

In October last year, the company made a foray into the small business loans segment

Gross micro loans portfolio grows 20% in December quarter: Report

The gross micro loans portfolio grew 20 per cent to Rs 3.16 lakh crore in the quarter ended December 2022 as compared to the year-ago period, a report said on Friday. The gross loan portfolio growth came at 5.5 per cent when compared to the September quarter, according to the report by credit information company Crif Microlend. Delinquencies of advances overdue for over 90 days by value declined 1.7 per cent while as a percentage of overall advances, it was at 2 per cent at the end of December 2022 as against 2.7 per cent in the year-ago period. The coronavirus pandemic had impacted the microfinance sector as field agents were unable to visit borrowers to extend loans and also ensure timely repayments. The report said that non-bank finance companies continue to dominate the market with a 35.7 per cent share, followed by banks at 33.5 per cent and small finance banks at 16.9 per cent.

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

China spent $240 billion to bail out nations with Belt & Road loans

Beijing now fast catching up with the IMF as a lender of last resort

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