On August 17, Union Bank issued a tender inviting bids for the power company’s Rs 2,077-crore debt at a reserve price of Rs 919 crore for upfront cash, which was lower than Rs 935 crore reserve price set in mid-July, where it failed to attract any offers. Union Bank’s revised reserve price equated to a recovery of 44 paise on a rupee.
FY22, the bank registered a profit of Rs 2.36 crore despite the impacts of two Corona waves and their continuing after effects, its chairman Zeeshan Mehdi told shareholders at the bank's annual general meeting on Friday.
IndusInd Bank signed a strategic partnership with Asian Development Bank (ADB) to support and promote supply chain finance solutions in India, the bank said in a stock exchange filing on Friday. It has entered into a partial guarantee programme with ADB with an initial outlay of Rs 560 crore, exclusively towards promoting supply chain finance solutions in India.
RFL owes more than a dozen lenders led by Bank of Baroda a total of ₹5,344 crore. It has offered to settle these claims with a payment of ₹2,320 crore - a 57% haircut for secured creditors. The amount includes cash reserves of ₹1,700 crore in RFL parked in the escrow account with banks and the rest will be infused by parent Religare Enterprises (REL), people familiar with the plan said.
Bank loans registered 15.1% growth in July compared with 5.1% a year earlier as large corporates came back to banks. Credit to large industry grew by 5.2% in July against a contraction of 3.8% a year earlier, as per RBI data. Medium industries recorded credit growth of 36.8%, down from 59% in July 2021, while credit growth to micro and small industries accelerated to 28.3% from 10.5% during the same period.
As per the Reserve Bank of India (RBI), tokenisation refers to replacement of actual card details with an alternate code called the "token", which shall be unique for a combination of card, token requestor and device.
Ever since the 140 bps hike in benchmark repo rates, weighted average lending rates on outstanding loans have risen 29 basis points, but weighted average rates on outstanding deposits has gone up by only 19 bps, according to the latest data released by the Reserve Bank of India
​​The benchmark one-year tenor MCLR, which is used to price most consumer loans such as car, auto and personal, will be at 7.70 per cent against the existing 7.65 per cent, PNB said in a regulatory filing on Wednesday. The three-year MCLR stands at 8 per cent, up by 0.05 per cent.
The banks also updated the ministry on their positions on the accounts being transferred to bad bank or National Asset Reconstruction Company of India Ltd, said the executive. adding that the government is keen that the entity kick-start its operations.