The RBI had announced a three-month moratorium on repayments in March to help borrowers tackle the impact, especially lockdown, of the Covid-19 pandemic.
Total income during the quarter rose to Rs 26,066 crore from Rs 21,405.50 crore a year earlier, the bank said.
According to the RBI, nearly 50 per cent of the customers, accounting for around half of outstanding bank loans, opted to avail the benefit of the relief measures — loan moratorium — to tackle the lockdown impact.
The Reserve Bank of India (RBI) released its Financial Stability Report today where it warned the gross nonperforming assets (GNPA) ratio of all scheduled commercial banks could rise to 14.7 per cent under very severe stress.
In a book released Friday, Patel -- who headed the RBI between September 2016 and his unexpected resignation in December 2018 -- said the government seemed to lose enthusiasm for the legislation in the middle of the year he left the central bank.
Bank managements and unions have agreed to introduce the system of performance-linked incentive (PLI) in public sector banks for the first time.
The SBI report said as per the regulatory requirement, banks in the country need to have a regulatory capital of 9 per cent of risk weighted assets (RWA) along with additional Capital Conservation Buffer (CCB) of 1.875 per cent, which was slated to increase to 2.5 per cent by March 20.
Under monetisation, the Centre can raise funds directly from the RBI via issuance of “COVID perpetual bonds” or such instruments.
The consortium is set to move the court under Section 8 (8) of the Prevention of Money Laundering Act (PMLA) to stake its claim on the mortgaged assets attached by the ED, said sources.
“Rural economy seems to have been relatively isolated from the virus. There was too much pessimism around. In response to high frequency indicators… there was marked improvement in May which sustained in June,” Aditya Puri said.
Some of the members have sought details about the expenditure under the PM Garib Kalyan Yojana and whether the expenses have been reimbursed by the government to the EPFO.
“The measure is expected to save Rs 1,000 crore through cost optimisation and will be a key component of our business continuity during the times of COVID-19,” SBI Chairman Rajnish Kumar said at SBI’s virtual annual general meeting.
The data compiled by the RBI shows banks deployed Rs 5,522 crore from their own resources under the Special Liquidity Facility for Mutual Funds (SLF-MF) scheme for Rs 50,000 crore announced by the regulator.
According to RBI Governor Shaktikanta Das, the liquidity measures announced by the RBI since February 2020 aggregate to about Rs 9.57 lakh crore — equivalent to about 4.7 per cent of 2019-20 nominal GDP.
Reserve Bank of India (RBI) Governor Shaktikanta Das on Saturday had said that “building buffers and raising capital will be crucial not only to ensure credit flow but also to build resilience in the financial system” in the wake of the pandemic-induced stress.
SBI Chairman Rajnish Kumar said borrowers in general are cutting their liabilities and that SBI has been seeing loan repayments even from those accounts that were overdue.
In April, the Centre tightened rules on investments in companies from neighbouring nations including China in a bid to reduce the risk of takeovers in the wake of a fall in share prices.
It was the first time in 10 months that banks have not tapped the Fed for this key source of short-term funding.
The revised one-year MCLR stands at 7.40 per cent against 7.60 per cent earlier, Union Bank of India said in a release.
“A fraud of Rs 3,688.58 crore is being reported by the bank to the RBI in the accounts of the company (DHFL). The bank has already made provisions amounting to Rs 1,246.58 crore, as per prescribed prudential norms,” PNB said in a stock exchange filing.
The regulator has set up a nine-member committee headed by IRDAI Executive Director Suresh Mathur to recommend the structure and operating model for the pool and submit its report within eight weeks.
The Department of Financial Services, in a letter to chief secretary of states, said that incidences of unruly behaviour of anti-social elements against the bankers needs to be responded with stern action taken against such elements, sources said.
With this revision, the bank's MCLR up to three months tenor has come down to 6.65 per cent per annum, which is at par with its external benchmark based lending rate (EBLR).
In the worst-case scenario, corporate stress could increase further by Rs 1.68 lakh crore.
On June 22, Sebi eased its preferential allotment rules to help stressed companies raise capital, changed the pricing formula to reflect recent prices and exempted such companies from the open offer requirement.