The Supreme Court judgment on Thursday cancelling 122 telecom licences has raised question marks over the ability of these companies to repay bank loans running into more than
Rs. 26,000 crore.
HT reports.
The burdenThe United States has indicted the oldest bank of Switzerland on charges of conspiracy to hide more than $1.2 billion.
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With the level of bad assets in the Indian banks expected to swell further due to the recent Supreme Court judgment scrapping 122 telecom licences, the government could look at infusing huge capital into the public sector banks in the next fiscal year.
After shares and mutual funds, its now the turn of insurance policies to be digitised, with insurance regulator IRDA expected to give the nod for making policies available in demat form.
After a rap by Reserve Bank of India (RBI) to banks last Friday regarding overstating salable value of financed property, industry experts say the residential real estate sector would face further downward pressure, especially in affordable and mid-income housing.
The Bihar government has decided to deposit its capital only in banks which pass a test based on the Credit Deposit Ratio (CDR).
The finance ministry has asked all government-owned banks to expand the scope of financial inclusion to migrant labourers who come into cities from rural areas in search of jobs. HT reports.
Finance minister Pranab Mukherjee may have some good news for home-loan borrowers in the 2012-13 budget. The government is considering a proposal to double the tax deduction limit on interest on home loans to
Rs. 3 lakh per annum.
HT reports.
Welcome measureFew would grudge Mario Draghi his boast last week that he and the European Central Bank (ECB) had prevented a disastrous credit crisis by showering banks with cheap loans in December.
India's largest bank State Bank of India reported an unexpected rise in bad loans during the quarter ended December, taking the shine off healthy growth in loan demand and interest income that helped it post a 15% year-on-year rise in net profit at Rs. 3,263 crore for the quarter.
The National Housing Bank (NHB) has initiated measures with banks and home finance companies to chalk out a new credit appraisal method to help small-ticket borrowers who need loans in the Rs. 5 -Rs 15 lakh category. HT reports.
Kingfisher Airlines (KFA) has plunged into a fresh crisis with the income tax department freezing its bank accounts last week. This was after it failed to deposit the tax deducted from employees’ salaries and vendors with the income tax authorities for close to two years.
Swiss banks could be forced to carry out checks on the tax status of foreign assets they hold under a new "clean money" strategy being proposed by the finance minister, it was reported today.
With the capital infusion, the government stake would go up to about 65%. At present, the government of India holds 59.4% stake in country's largest lender SBI.