IndusInd Bank signed a strategic partnership with Asian Development Bank (ADB) to support and promote supply chain finance solutions in India, the bank said in a stock exchange filing on Friday. It has entered into a partial guarantee programme with ADB with an initial outlay of Rs 560 crore, exclusively towards promoting supply chain finance solutions in India.
FY22, the bank registered a profit of Rs 2.36 crore despite the impacts of two Corona waves and their continuing after effects, its chairman Zeeshan Mehdi told shareholders at the bank's annual general meeting on Friday.
The benchmark one-year tenor MCLR, which is used to price most consumer loans such as car, auto and personal, will be at 7.70 per cent against the existing 7.65 per cent, PNB said in a regulatory filing on Wednesday. The three-year MCLR stands at 8 per cent, up by 0.05 per cent.
Though asset quality of banks has continued to improve 67% of those surveyed reporting a drop in NPAs over the last six months, some sectors like textiles, infrastructure, retail, food processing, metals and iron and steel continue to show high level of NPAs.
"There is no definite timeline for setting up of the fraud registry. At present, we are talking to different stakeholders including different departments like payments and settlement and supervision of RBI," RBI executive director Anil Kumar Sharma revealed.
The NPA rate at 4.8% for borrowers who availed ECLGS facility is also lower than that of the borrowers who were eligible but did not avail the facility (6.1%), according to a report published by TransUnion CIBIL.
A penalty of Rs 10 lakh has been imposed on Bharat Heavy Electricals Employees' Co-operative Bank, Kailasapuram, Tiruchirappalli, Tamil Nadu; Rs 5 lakh on The Ottapalam Co-operative Urban Bank Ltd, No.F. 1647, Ottapalam, Palakkad District, Kerala; and Rs 10 lakh on The Darussalam Co-operative Urban Bank, Hyderabad, Telangana.
The Non Performing Assets (NPAs) are higher in the services and infrastructure sectors, which are largely driven by Covid like their contact intensiveness and reliance on movement of people, the report by credit information company Transunion Cibil said.
The deal was announced in March this year. Despite Citi losing market share on credit cards in India, Axis Bank says attrition of employees and customers in the business it was acquiring was within manageable limits.