Record low credit growth: 1,000 cos borrowed Rs 1 lakh cr less in FY17

Financial News The record low bank credit growth of 5.1 per cent in FY17 was led by the top 1,000 listed corporates which saw their net loan outstanding decline by a whopping Rs 1 trillion in the reporting year, said a report. One-third of this massive contraction was led by just 10 companies, which cumulatively… Continue reading Record low credit growth: 1,000 cos borrowed Rs 1 lakh cr less in FY17

Huge haircut needed on largest NPAs, says CRISIL

Financial News Rating agency CRISIL said the banks in question would need to find an extra Rs 40,000 crore as bad loan provisioning for the 12 big-size cases being referred, on Reserve Bank of India (RBI) order, to the National Company Law Tribunal (NCLT) for resolution. These 12 large accounts had become non-performing assets (NPAs)… Continue reading Huge haircut needed on largest NPAs, says CRISIL

Bank mergers will happen but no point doing it only for size: Arun Tiwari

Financial News Arun Tiwari, about to complete 42 months as chairman and managing director of government-owned Union Bank of India, to Abhijit Lele on current challenges. Edited excerpts: Union Bank has been able to report net profit for all quarters during and after the Asset Quality Review in 2015-16. Beside handling of stressed accounts, did… Continue reading Bank mergers will happen but no point doing it only for size: Arun Tiwari

RBI lifts restriction on foreign investment in IDFC

The Reserve Bank of India (RBI) has removed the restriction on foreign investment in IDFC Ltd after the shareholding of overseas investors fell below the prescribed level. “The foreign shareholding by foreign institutional investors/foreign portfolio investors in IDFC have gone below the prescribed FII/FPI investment limit. Hence, the restrictions placed on the purchase of shares… Continue reading RBI lifts restriction on foreign investment in IDFC

Govt loosens norms for auditor rotation at unlisted companies

The government has relaxed conditions for unlisted companies that do not have loans, from banks, financial institutions or deposits from the public, of more than Rs50 crore on rotation of auditors. Currently, these companies can’t appoint individual auditors for five consecutive years and auditor firms for two straight terms of five years, if their paid… Continue reading Govt loosens norms for auditor rotation at unlisted companies

Sonam Kapoor’s fashion label wins PETA award

Actress Sonam Kapoor and her producer-sister Rhea Kapoor’s fashion label — Rheson has bagged the Compassionate Business Award from the People for the Ethical Treatment of Animals (PETA) India for a line of bags made exclusively of vegan materials. “Shoppers’ demand for cruelty-free fashion is on the rise — and thanks to compassionate companies like… Continue reading Sonam Kapoor’s fashion label wins PETA award

Prabhas is really cool, down to earth: Varun Dhawan

Actor Varun Dhawan has praised Southern star Prabhas and has labelled him as a “cool and down to earth” individual. Varun on Tuesday shared a photograph of himself along with the “Baahubali: The Conclusion” star. In the image it can be seen that the “Main Tera Hero” actor is seen doing the iconic pose, where… Continue reading Prabhas is really cool, down to earth: Varun Dhawan