The increase in the benchmark lending rates comes weeks ahead of the Reserve Bank of India's (RBI) monetary policy meeting, which is again expected to hike rates to tame inflation. According to the schedule, the next three-day monetary policy meeting will be held from September 28 to September 30.
On August 17, Union Bank issued a tender inviting bids for the power company’s Rs 2,077-crore debt at a reserve price of Rs 919 crore for upfront cash, which was lower than Rs 935 crore reserve price set in mid-July, where it failed to attract any offers. Union Bank’s revised reserve price equated to a recovery of 44 paise on a rupee.
Prior to taking up the new role, Sankarasubramaniam was serving Punjab and Sind Bank as its Managing Director and CEO, a bank statement said.
The bank has filed a personal insolvency case against promoter Kishore Biyani, his elder brother Vijay Biyani and cousin Sunil Biyani with total claims of ₹1,047 crore. All three had given personal guarantees for loans applied by subsidiaries Iskrupa Mall Management, Syntex Trading and Agency and Unique Malls, as per documents seen by ET.
Home loan outstanding stands at Rs 17.7 lakh crore at the end of July 2022. There has been a moderate spike in the home loans segment of banks' overall credit to 14.34% in July 2022 from 14% at the end of July 2021.
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Bank of Maharashtra (BoM) has organised a credit outreach programme under which it has sanctioned loans worth about Rs 1,000 crore. Loan sanction letters were distributed to the beneficiaries by Financial Services Secretary Sanjay Malhotra on Saturday at Pune, BoM said in a statement.
CSB Bank will seek shareholders' nod for Mondal's appointment at the 101th Annual General Meeting (AGM) to be held on September 27, 2022, the private sector lender said in its annual report 2021-22.
According to the MSBEF, no political party assists in the loan recovery process because past experience indicates that borrowers stop repayments for such loans. "...The same political parties demand for waiver of those loans so as to appease voters" during elections, it said, adding that such events vitiate the recovery atmosphere.