The restructuring would be according to the Reserve Bank of India's circular for companies under stress due to the Coronavirus pandemic.
As it prepares to bring to a close the most difficult year in history, the banking industry is gearing up to tackle a fresh bout of bad loans
Not just banking but the entire financial services space is set for disruption over the next 10 years, which will lead to reduction in transaction costs, veteran banker K V Kamath said on Friday. He said technology is transforming the way banking is done and bankers need to internalise this. Citing the first wave of change brought about in the banking space 20 years ago, Kamath said it changed the sector in a positive way. "Unless you internalise it's going to be a digital world...we will see a very quick evolution of this space in the next 10 years. It's not just bank but entire financial services space is set for disruption, not necessarily a negative way, it can be also in a positive way," the former president of New Development Bank said. Speaking at the Times Network India Economic Conclave, he said disruption will bring down transaction costs dramatically. For example, technology has brought down the intermediation cost for micro-credit, Kamath pointed out. He said bankers
Veteran banker K V Kamath on Wednesday expressed optimism that India's sovereign rating would go up on the back of efforts being taken by the government to push economic reforms. Participating in a virtual event organised by India International Centre (IIC), Kamath, former chief of Shanghai-based New Development Bank, further said that he does not think rating agencies can hold India's rating "where it is". "With all the efforts (economic reforms) the government of India is making, I think that sovereign rating itself would go up. Because, I don't think rating agencies can hold India's rating where it is," Kamath said. The Economic Survey had expressed concern over lower sovereign rating assigned by agencies like Fitch, S&P and Moody's to India despite its strong economic fundamentals. Global ratings agencies have the lowest investment-grade rating on India, which is just above the junk status. In June 2020, Fitch Ratings revised India's outlook to 'negative' from 'stable' .
Have sought intervention of Ministry of Civil Aviation for fresh credit lines
The economy floundered, manufacturing contracted and job losses mounted across sectors and skill levels. The urban work force was hit the hardest.
From K V Kamath saying that economy well placed to capitalise on recovery in 2021 to the ongoing Wistron controversy, here are top headlines this morning
In an interview with Abhijit Lele, K V Kamath'said India needs to be mindful of the pain that exists in the self-employed category and those with unsecured loans
Govt's economic advisor stresses there is no demand-driven inflation yet in the economy
Case hearing adjourned to Oct 13 by when Centre and RBI will submit additional affidavits to chalk out steps to bring shape to proposals made on waiver of interest on interest for small borrowers
Creative (and increasingly tech) businesses are said to have an 'ageist' bias
Crisil said it studied its rated portfolio of more than 8,500 companies after sorting them by rating, sector and moratorium availed
The debt restructuring process involves a reduction of the interest rates on loans or an extension of its repayment tenure, or both
From Kamath panel recommendations to rating firms reworking their India FY21 GDP forecasts, here are top headlines this morning
These exclude banks, insurers, and NBFC
In an interview to Abhijit Lele, Kamath said challenges faced by non-banking financial companies (NBFCs) should be dealt separately by the regulator
The committee has identified five key ratios with different limits across sectors
Hospitality firms say banks should be willing to restructure
The new package should not be used to kick the can down the road
30-50% firms don't meet criteria; Analysts say large firms in these segments don't need loan recast due to the efficient manner in which many of them operate