Yes bank will auction the assets of Avantha group and Oscar investments of Singh brothers in company with some more individuals to recover the overdues loan of Rs 1000 crore.The sale auction will happen through E-auction/bidding on various dates of July under the Financial Assets and Enforcement of Security Interest Act, 2002.In the sale notice published on July 2 to the public in general and in particular to Avantha Holdings Ltd (the borrower) and Avantha Realty (mortgager), YES Bank said it took constructive possession of the property mortgaged to it on February 10, 2020 for recovery of Rs 548.30 crore which was due on October 31, 2019.“All that office premises bearing Municipal No. B-14 to B-19 on the third (3rd) floor of B-wing of Shangrilla Apartment, Bund Garden Road, Pune - 411 001, admeasuring approx. about 123.56 sq. mtrs. Built-up area, bearing Survey No. 362, Hissa No.3/A and Hissa No. 4(pt), situated at 31 Bund Garden Road, Pune under the name of Shangrila,” the … [Read more...] about Yes Bank puts up assets for sale to recover loans worth Rs 1000 crore
Cal bank financial statements 2016
Edelweiss Financial Services has reported a net loss of Rs 2,281.55 crore for the quarter-ended March as compared to the net profit of Rs 246.32 crore in a year-ago period. This quarterly loss has occurred due to a sharp rise in impairment cost that was approximately Rs 2600 crore after the revision of expected credit loss model and Covid-19 impacts.It is found that the total Covid impact on asset quality in Q4FY20 is at around Rs 900 crore whereas the impact on liquidity was at Rs 4000 crore in H1FY21. The wholesale portfolio also continues to scale down where the wholesale loan book came down by 43% from the peak mainly due to organic repayments and asset sell-down transactions.Under the Edelweiss group, the credit model is observed to have an impact on liquidity and asset quality, which continues to be well capitalised. In the case of wealth and asset management, there has been a continued growth in the last three months for fee revenue, new net money and number of customers. For … [Read more...] about Edelweiss Financial reports a decline in fourth quarter due higher impairment costs
Roach's key argument is that huge US government borrowing is driving the consolidated US savings rate down to unprecedentedly low levels－below 2 percent of GDP. In this situation, the only way to fund investment and government spending in the US will be to sharply increase borrowing from foreign sources－largely China or Japan. But, would China or Japan really be willing to invest more in dangerously over-valued dollar assets? … [Read more...] about With the US dollar wobbly, are financial shocks inevitable?
ICICI Bank has launched a facility that will allow customers to get instant sanction letter for education loans up to Rs 1 crore. This facility enables lakhs of pre-approved customers to take education loans in a fully digital process against their fixed deposits with the bank. The Insta Education Loan facility can be used by the borrower to finance higher studies for themselves or their children, siblings and grand-children in accredited colleges and universities across the world. They can furnish the sanction letter to the educational institute to confirm their admission. "The 'Insta Education Loan' facility significantly improves customer convenience as they can now generate the sanction letter themselves in just a few clicks using the Bank's internet banking platform. Typically, it takes a few working days for a customer to get the sanction letter of an education loan. Also, it does away with the need of having to visit a bank branch and submitting a whole lot of documents," ICICI … [Read more...] about ICICI Bank customers can now take instant education loans against their FDs. Here’s how
Angel Broking has given a buy rating to IDFC First Bank with a target price of Rs 32. The share price moved up by 2.80 per cent from its previous close of Rs 26.75. The stock’s last traded price is Rs 27.50. The brokerage believes efforts to build a liability franchise, fresh capital infusion and provision taken on wholesale book will help the bank to tide over the difficult times. The IDFC First Bank is trading at 0.9 times FY22ABV, a significant discount to historical average valuations. Investment Rationale The ability to raise sufficient liquidity at low cost would be the key criteria for banks to navigate the current situation, as asset side inflow would be limited. The brokerage believes IDFC Fist Bank, post management change has clearly outperformed in building liability franchise and retail lending. Since new management took charge, every quarter, the liability franchise has been strengthened, says the brokerage. CASA ratio improved from 10.4 per cent in Q3FY19 to … [Read more...] about Buy IDFC First Bank, target price Rs 32: Angel Broking