Indian banks, especially those in the public sector category controlling two-third of the sector's loan assets, have turned risk averse following a spate of large defaults by private sector promoters and entrepreneurs. This has adversely impacted investment and economic growth, Subramanian said Sunday evening while delivering Bandhan Bank's annual anniversary lecture.
The housing finance book is targeted to grow five times to Rs 1 lakh crore in the next five years from the present level of nearly Rs 20,000 crore, its chief executive and managing director Chandra Shekhar Ghosh told .
Under the current scenario, it was very difficult to have a short or long-term view about the business, he said adding ABSLI would continue to have a healthy mix of products with a focus on protection and guaranteed solutions.
Sharing implementation status update of the Rs 30,000 crore Special Liquidity Scheme (SLS), Finance Minister Nirmala Sitharaman in a tweet said that 24 proposals with a total sanctioned amount of Rs 8,594 crore have been cleared as on August 21, while 17 more applications seeking financing of up to Rs 3,684.5 crore are under process.
The board of ICICI Lombard General Insurance "at its meeting held on August 21, 2020, considered and approved a 'scheme of arrangement' amongst Bharti AXA General Insurance (demerged company) and former company and their respective shareholders and creditors," the ICICI Bank promoted non-life insurer said in a late night filing on Friday.
RBI directive comes in the backdrop of complaints that banks are charging high differential interest rates and not giving adequate financial support to businesses in line with the announcements made by the government to help the crisis-ridden industry.
Considering government's focus on affordable housing, IIFL Home Finance through Kutumb aims to extend the mission of 'Housing for All' to 'Green Housing for All', IIFL Home Finance said in a release. In the past, the housing financier has successfully completed five chapters of Kutumb across Ahmedabad, Indore, Pune, Bengaluru and Hyderabad, it said.
The scheme is the biggest fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman in May to mitigate the distress caused by lockdown due to COVID-19 by providing credit to different sectors, especially MSMEs.
The pandemic effect is expected to lower the housing credit growth to 5-8% in FY'2021, significantly below the last three years’ CAGR of 14%, Icra said. The growth is expected to be slower in the first half of FY'2021 as disbursements were significantly lower in the first quarter of FY'2021 and started picking up from July 2020.
The Financial Sector Regulatory Appointment Search Committee (FSRASC) has a list of eight names who would be interviewed via video conference on August 21, the sources said. The selected name from the interview will be sent to the Appointments Committee of the Cabinet headed by the Prime Minister for final approval, they added.
As per the minutes, Das also said it would be prudent at this stage to wait for a firmer assessment of the outlook for growth and inflation. The Governor noted that low capacity utilisation amid subdued domestic and external demand is likely to delay early revival of investment demand. Real GDP is likely to shrink in the first half of the year, and growth for the full year 2020-21 is estimated to be negative.
"Our idea is that Gig would be large (regular) jobs. We wanted to make it as effective as a normal job wouldax have been for anyone both in terms of being content with the job or what people learn from their jobs...over the next one year, we will add 800-1,000 people working through this model and that is the minimum I am saying," Rajesh Dahiya, Executive Director (Corporate Centre), Axis Bank, told .
As on August 17, 1.22 crore KCCs have been sanctioned with the credit limit of Rs 1,02,065 crore, and this will go a long way in reviving the rural economy and accelerating agricultural growth, the ministry said in a statement.