Mortgage major HDFC also cut its interest rate offering on Wednesday, making credit cheaper 0.05 per cent to its customers. The 'best customers' having good credit histories will be now able to get new loans at 6.75 per cent after the cut, irrespective of the home loan amounts, officials said. The move comes two days after similar announcements by rivals SBI and Kotak Mahindra Bank, who are now giving home loans at 6.70 per cent and 6.65 per cent, respectively. "HDFC reduces its retail prime lending rate (RPLR) on housing loans, on which its adjustable-rate home loans (ARHL) are benchmarked,…
NPA Watch: Banks wrote off loans worth over Rs 25,500 crore in Q3
State Bank of India (SBI) wrote off loans worth Rs 9,986 crore during Q3FY21.A clutch of banks have together written off loans worth Rs 25,539 crore in the December quarter, even as an interim judicial stay on the recognition of bad loans after August 31 kept slippages in check. Data for 18 banks compiled by FE showed that write-offs remain a key tool for banks to reduce the amount of non-performing assets (NPAs) on their books at a time when the process and timelines for settlement and recovery have become elongated.Banks typically make two categories of write-offs. A technical write-off…
NPA risks easing for largest PSU banks but shortage of funds could hit credit growth
State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, and Union Bank of India, have all reported an improvement in their asset quality in the first nine months of the current fiscal year. Risk of a sharp deterioration in the asset quality of five of the largest PSU banks now seems to be abating with the economic recovery picking up pace, said Moody’s Investors Service in a recent note. However, despite this, the rating agency cautioned that such public sector lenders are likely to remain starved of sufficient capital to absorb unexpected shocks and support credit growth.…
SBI Funds seeks SC nod to distribute Franklin’s Rs 9,122 crore to unitholders
The apex court had on February 2 entrusted the SBI Mutual Funds to carry out the disbursement of money to 3 lakh investors of the six debt MFs in “proportion to their respective interest in the assets of the scheme” within 20 days.SBI Funds Management, an asset management company of SBI MF, on Monday moved the Supreme Court seeking permission to submit the mechanism for distribution of Rs 9,122 crore to the unitholders of the six mutual fund schemes of Franklin Templeton (FT) Trusts Services.The case will come up for hearing on Tuesday. The asset management company also sought protection…
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