Leading home loan providers, such as State Bank of India, ICICI Bank and Housing Development Finance Corporation said that demand for home loans surged. All these lenders have witnessed double-digit growth in home loan advances, despite a lull between April and August.
The sample's NII rose sequentially for the second consecutive quarter to Rs 1.3 lakh crore compared with Rs 1.2 lakh crore in the previous quarter. NII had fallen sequentially by 2% to Rs 1 lakh crore in the March quarter following a nationwide lockdown in the last week of March to curtail the spread of the Covid-19 pandemic.
Under Section 37A (4A) of the Insurance Act, 1938, the shareholders and members whose rights have been adversely impacted by the scheme of amalgamation or merger would be entitled to compensation.
The Reserve Bank of India had advised the bank to maintain provisions, on a prudential basis, to cover potential losses for the "claim against the bank not acknowledged as debt." In case of an adverse judgment, the bank needs to provide an additional Rs 594 crore.
"When we talk to the builders and our sales team and people who are on the ground, who go and talk to the consumers and prospective borrowers, there are green shoots that we are seeing everywhere," MD and CEO Hardayal Prasad said.
"We expect the trend to continue and book profit quarter after quarter aided by prospects of better recovery. There will be no question of going back," IOB Managing Director P P Sengupta told PTI.
Selva, who has been at the firm for nearly three decades, has helped shape the international banking giant's consumer strategy in different regions including Asia and the United States. Most recently, he was served as CEO of U.S. consumer banking since 2018.
Puri, who joined as the first employee in the HDFC Bank, has been instrumental in building the bank as the most valued lender in India. HDFC Bank is now valued at Rs 5.5 lakh crore in the market, the third most valued firm in India after Reliance Industries and TCS.
Both private and public sector banks are confident that stress in their books will not go out of control by the end of the fiscal as they have all increased their provision coverage ratios (PCR) to deal with any increased stress.
Under the new structure, Max Life will become an 88:12 joint venture between Max Financial and Axis Bank in the first phase.
The private sector non-life insurance players reported a 5.04 per cent fall in premium at Rs 11,814.71 crore in September 2020 as against Rs 12,442.35 crore a year ago.
'RBI Kehta Hai' was the first even 360 degree campaign initiated by the central bank using all mass media, including media such as television, radio, newspapers, hoardings, web banners, gifs, social media and SMS.
Of the 43 RRBs, about one-third especially from north-eastern and eastern regions are in losses and they needed fund to meet regulatory capital requirement of 9 per cent, sources said.
More than 30 lenders have a collective exposure of about Rs 400 crore to the company, which started defaulting since the beginning of this month. Sambandh actually has assets under management of Rs 140 crore, while it officially declared an inflated figure of Rs 383 crore.
"The pandemic will change the landscape of the insurance industry. The cost base of insurance companies will go down. It will go down because will only incur the expenses which are critical and expenses which are 'luxurious' will reduce extensively," the IndiaFirst Life Insurance Company Ltd (IndiaFirst Life) deputy CEO said.
The city-based lender is experiencing delays in loan recovery efforts as big defaulters are approaching courts, its new chief executive and managing director Prashant Kumar told PTI. Kumar was asked to lead Yes Bank in March after its rescue by a SBI-led consortium of lenders after alleged governance lapses under co-founder and chief executive Rana Kapoor.
The objective of the proposed regulation, IRDAI said, is to ensure that the insurers, intermediaries or insurance intermediaries adopt fair, honest and transparent practices while issuing advertisements, and avoid practices that tend to impair the confidence of the public.
The government on Friday spelt out the details of the waiver of interest on interest on loans up to Rs 2 crore where borrowers had taken moratorium during the lockdown and also made it clear that those who didn’t opt for it will get an ex gratia payment or a cashback.
