A review of the quarterly financial data released by the public sector lenders revealed that the Bank of Maharashtra (BoM) and State Bank of India (SBI) were in the lowest quartile for Gross Non-Performing Assets (NPAs) and Net NPAs in the June quarter.
​​The Non Performing Assets (NPAs) are higher in the services and infrastructure sectors, which are largely driven by Covid like their contact intensiveness and reliance on movement of people, the report by credit information company Transunion Cibil said.
A penalty of Rs 10 lakh has been imposed on Bharat Heavy Electricals Employees' Co-operative Bank, Kailasapuram, Tiruchirappalli, Tamil Nadu; Rs 5 lakh on The Ottapalam Co-operative Urban Bank Ltd, No.F. 1647, Ottapalam, Palakkad District, Kerala; and Rs 10 lakh on The Darussalam Co-operative Urban Bank, Hyderabad, Telangana.
The NPA rate at 4.8% for borrowers who availed ECLGS facility is also lower than that of the borrowers who were eligible but did not avail the facility (6.1%), according to a report published by TransUnion CIBIL.
"There is no definite timeline for setting up of the fraud registry. At present, we are talking to different stakeholders including different departments like payments and settlement and supervision of RBI," RBI executive director Anil Kumar Sharma revealed.
Though asset quality of banks has continued to improve 67% of those surveyed reporting a drop in NPAs over the last six months, some sectors like textiles, infrastructure, retail, food processing, metals and iron and steel continue to show high level of NPAs.
Currently, Axis Bank and its two subsidiaries - Axis Capital Ltd and Axis Securities Ltd - collectively own 12.99 per cent of Max Life Insurance post approval of the deal in April last year. Under the deal, the Axis entities also have the right to acquire an additional stake of up to seven per cent in Max Life, in one or more tranches, subject to regulatory approvals.
During the preceding fortnight (ended July 29), bank credit had grown by 14.52 per cent and deposits by 9.14 per cent. In FY 2021-22, bank credit in India went up by 8.59 per cent and deposit by 8.94 per cent.
The commercial office segment, which was significantly impacted by the pandemic, has made a strong comeback in the last 3-4 quarters, supported by strong economic growth, increased hiring, and a return to the office trend, keeping the office sector buoyant. The Indian office market grew substantially and delivered a strong performance in the first half of 2022. Office transactions recorded at 25.3 million sq ft, a 107% on-year growth, indicated the potential of the market on the back of a waning pandemic and the promise of a sustained economic recovery.