Business Standard

Monday, December 23, 2024 | 06:47 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

IDFC gains on receiving RBI nod to use Rs 2,500 crore reserve as provision

RBI gave nod to the firm to use Rs 2,500 crore non-distributable reserves for provisions against bad loans to clean its book

IDFC gains on receiving RBI nod to use Rs 2,500 crore reserve as provision

SI Reporter Mumbai
Shares of IDFC have climbed 2% to Rs 136.55 on the BSE after the RBI gave nod to the Infrastructure finance firm to use Rs 2,500 crore non-distributable reserves for provisions against bad loans, as part of an exercise to clean its book before venturing into universal banking.

The RBI now granted approval to utilize non-distributable statutory reserves up to Rs 2,500 crore for creation of specific provisions against stressed assets, IDFC said in a BSE filing.

"These additional provisions are being created after a careful examination of the stressed assets portfolio and in accordance with our philosophy of prudent risk management and transparency," the company added.
 

The stock opened at Rs 134.40 and touched a high of Rs 137.30 on the BSE. A total of 543,661 shares changed hands on the BSE so far. 


Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Sep 21 2015 | 11:59 AM IST

Explore News