PM Narendra Modi, in his address on the 78th Independence Day from the ramparts of the iconic Red Fort hailed the reforms in the banking sector that have strengthened the banking system of India and said that Indian banks now count among strongest in world.
Indian banks and non-bank finance companies (NBFCs) are well placed to seize opportunities from the country's strong economic prospects through lending growth in sectors such as infrastructure, energy transition, manufacturing, small businesses and retail, a Moody’s report said on Wednesday.
Intolerance of economic crimes is not unique to India; Bernard Madoff the mastermind of the largest known Ponzi scheme, worth an estimated $18 billion, was sentenced by a US court to 150 years in prison, making people wonder if financial fraud was worse than violent crimes like rape and murder.
In 2021, 72 per cent of online Indian adult customers said they used a mobile banking app for their banking activities in the past month.
According to a report by Kotak Institutional Equities, net NPLs for banks are now closer to FY2014 levels.
The agency expects growth to rebound to 11 per cent in FY22, but there are downside risks.
SBI is 57.9 per cent state-owned and has a much broader policy role than peers.
The American credit agency estimates that the impact on impaired-loan ratios could be anywhere between 200bp-600bp.
The labour ministry issued the notification on April 17 against the backdrop of the coronavirus pandemic
As per the reports, the fresh proposal comprises an assessment on how the debt-ridden firm can sustainably recast.
