NEW DELHI: Finance minister Nirmala Sitharaman on Friday said there has been no leniency in recovering bad loans, especially from large defaulters, and banks have turned around, reporting record profit of over Rs 3 lakh crore last year, from being a “cesspool of bad loans, vested interests, corruption and mismanagement” during UPA regime.On the day … Read more
US-based Avenue Capital-backed Asset Reconstruction Company (India) (ARCIL) has bought nearly ₹400 crore worth of bad loans or non-performing assets (NPAs) of Saraswat Bank with a haircut of nearly 86%. Saraswat Bank, one of the largest cooperative banks in the country, sold the NPA portfolio comprising retail and micro, small and medium enterprises (MSME) loans … Read more
Mumbai: Banks are selling bad loans in micro, small and medium enterprises (MSMEs), with Indian Overseas Bank (IOB) deciding to sell loans in the segment comprising 41 accounts worth ₹208 crore. The bank is looking to recover 60% of the debt. It has invited potential buyers to submit offers, with 20% in cash and 80% … Read more
NEW DELHI: SBI Cards and Payment Services Ltd on Thursday reported an 8 per cent rise in net profit to Rs 549 crore for the third quarter ended December 2023. The pure-play credit card company, promoted by SBI, had posted a net profit of Rs 509 crore during the corresponding period of the previous financial … Read more
KOLKATA: The Reserve Bank of India (RBI) expects the board of directors and risk executives at banks to step up to the plate to ensure that incipient risks are nipped in the bud, Governor Shaktikanta Das said. India’s strong banking system is the cornerstone of its success on the global stage after it was pulled … Read more
Mumbai: Cooperative banks may be joining the banking mainstream, at least when it comes to the sale of bad loans. Saraswat Cooperative Bank has come out with the sale of non-performing assets worth as much as ₹410 crore and, and has sought bids on a 100% upfront cash basis. The bank has appointed BoB Capital … Read more
NEW YORK: Four years after Goldman Sachs introduced a credit card with Apple, the Wall Street giant faces a costly exit from a partnership that is seen by other lenders as too risky and unprofitable.In searching for a buyer for its share of the partnership, Goldman will face pressure from bidders to reduce the value … Read more
MUMBAI: Yes Bank has put another tranche of over Rs 4,200 crore of bad loans on the block, nearly a year after it successfully sold a massive Rs 48,000 crore loan book. This is part of the private lender’s ongoing efforts to clean up its balance sheet and improve its financial health. Yes Bank is … Read more
MUMBAI: Sebi-registered special situation funds, a type of alternative investment fund (AIF), will be permitted to purchase and sell distressed loans – an arena dominated by asset reconstruction companies, banks, and finance companies.This proposed development has the potential to reshape the stressed asset landscape by bringing in foreign capital, given that AIFs operate without stringent … Read more
The RBI notification said the decision was taken in the context of the warning which RBI Governor Shaktikanta Das flagged in his speech on 6 October, that there was high growth in certain components of consumer credit, and his advice that banks and NBFCs put in place safeguards to address this growing risk. Another concern … Read more