- Tag results for bad loans
The official said over 60 lakh cheque bounce cases are pending in the country and HDFC Bank has taken a lead by requesting the courts to use digital means to issue summons.
After Raghuram Rajan's letter on bad loans, Modi government set to review all fraud complaints received
The top banker’s missive gave Opposition a chance to attack Prime Minister Narendra Modi, saying that PMO sat on the letter and took no action.
The public sector lender had put three NPA accounts for sale in April this fiscal and another three accounts in July with collective dues of more than Rs 350 crore.
Banks may need to take a haircut of 40-60 per cent on loan defaults to facilitate better rating to implement a resolution plan, reveals a joint study.
The comments had the Congress and the BJP locked in a slugfest with both parties defending the economic policies of their respective governments.
The stay came exactly on the last day for bankers to refer unresolved NPA cases to the insolvency court.
Rajan also made a case for strengthening the recovery process and distance public sector banks from the government.
The senior Congress leader also questioned why the present dispensation did not recall those loans, given by the previous government, which turned bad.
Modi targeted the Congress’ ‘phone banking’ culture whereby the party high command would dial PSU bank chiefs to facilitate loans to corporates of their choice.
The RBI circular asks banks to identify projects with even a day's default as stressed assets, and conclude resolution proceedings in 180 days.
With August 27 deadline round the corner, 34 power companies are at the mercy of banks.
The State Bank of India (SBI), one of the largest public sector banks in the country, expects to become profitable by the end of the second quarter of the current financial year, said its chairman Raj
The SBI is in talks with other banks over the potential resolution and, managing director Arijit Basu said, many investors have already expressed their interest.
Moody's also believes that the public sector banks' external capital needs will not grow much further after fiscal 2019 considering the imbalances in profitability and credit costs.
Kumar explained that banks don't have the mindset of the Central Bureau of Investigation or Enforcement Directorate, and instead, lend money based on trust and paperwork.