AGRICULTURE LOANS
NABARD partners with Online PSB Loans Ltd to digitalize Jan Suraksha Schemes for regional rural banks
National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited have signed an agreement to promote financial inclusion through regional rural banks. The collaboration seeks to smoothen the process of enrolment and claim settlement under the Jan Suraksha Schemes for all 43 Regional Rural Banks (RRBs) onboarded on one platform through the JanSuraksha Portal.
ESAF Small Finance Bank creates micro banking vertical with 5,200 staff
ESAF Small Finance Bank has absorbed 5,200 employees from ESAF Swasraya Multi-State Agro Co-operative Society Ltd (ESMACO) as part of a strategic business restructuring. The bank will now directly manage the microloan portfolio, which was previously managed by ESMACO through banking outlets. The micro banking vertical will primarily serve the needs of the rural population through micro-loans, agriculture loans, vehicle loans, and home loans.
Retail loans moderate for the 10th straight month
The Reserve Bank of India reported that bank lending to the retail sector moderated for the tenth consecutive month in May, reaching 17.8% from 19.1% a year ago. Corporate loans grew faster at 8.9% compared to 6% in May 2023. Non-food bank credit saw a 16.2% growth in May 2024 compared to 15.5% a year ago.
Farm loan waivers to negatively impact banks' asset quality: Macquarie
Macquarie Capital warned that farm loan waivers could negatively impact banks' asset quality, particularly for public sector banks. States like Telangana, Jharkhand, and Punjab are either implementing or considering such waivers. Macquarie's Suresh Ganapathy highlighted that these waivers create moral hazards and deteriorate credit culture, as even reliable farmers might start defaulting.
Gold loan interest rates in June 2024: Latest gold loan interest rates of 24 banks
A gold loan is a secured loan that allows you to leverage the value of your gold ornaments or jewelry to obtain funds. Latest gold loan interest rates offered by banks in June 2024.
Cut GST on agrochemicals to 5% or at least 12% immediately: MK Dhanuka
MK Dhanuka of Dhanuka Agrotech says that because the monsoon prediction is good, although it is a little delayed in some parts of the country, definitely this year is going to be a bumper year for the agrochem industry because demand is much more and the supply is less, so the prices are also on the rise.
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After Telangana's Rs 31,000 cr farm loan waiver, Punjab farmers reiterate similar demand
The Telangana government has announced a farm loan waiver of up to Rs 2 lakh, benefiting nearly 40 lakh farmers at a cost of around Rs 31,000 crore. Punjab farmers have welcomed this decision and renewed their call for a similar waiver from the central government, arguing that the current cash benefit under PM Kisan is insufficient.
Budget wishlist from agriculture & MSMEs stakeholders: Sops, infra push, easy loans and PLI schemes
Stakeholders from the agricultural sector and MSMEs provided key suggestions to Finance Minister Nirmala Sitharaman during pre-budget consultations. Suggestions included rationalizing fertilizer subsidies, boosting agricultural infrastructure investment, and implementing employee-centric production-linked incentive schemes.
Private banks further consolidate lending market share
These banks including the banking sector leaders such as HDFC Bank and ICICI Bank account for a majority share in service sector credit at 51% in FY24. In retail credit, public and private sector banks account for equal share at 49% each.
Kotak Bank bets big on MSME loan uptick
Kotak Mahindra Bank is optimistic about the MSME segment's demand for working capital and term loans in the second half of the fiscal year, driven by rural development initiatives under PM Modi.
India Inc looking for credit to fund capex, corporate loan worth Rs 5 lakh cr in pipeline: SBI Chief
SBI Chairman Khara stated a growing demand for credit from corporates, with Rs 5 lakh crore loans in the pipeline, signaling a shift towards seeking credit for working capital and capacity expansion.
Samyukt Kisan Morcha protests Shivraj Singh Chouhan's appointment as Agriculture Minister
The Samyukt Kisan Morcha (SKM) protested against the NDA government's decision to allocate the Ministry of Agriculture to Shivraj Singh Chouhan, holding him responsible for the killing of six farmers in Mandsaur in 2017. SKM denounced the government's handling of agrarian crisis, demanding MSP reforms. They plan to unite farmers for further action.
Pakistan missed GDP growth target; achieves 2.38 % against envisaged 3.5 % in FY 2023-24: Economic Survey
The growth remained below the estimated target of 3.5 per cent for the outgoing year and the government failed to achieve it, mainly due to underperformance of industries and services sectors.
Fund released for farmers was due month ago, PM Modi did no special favour to them: Congress
Congress criticizes PM Modi for delayed release of PM-Kisan Samman Nidhi fund, calling it farmers' legitimate entitlement. Demand for legal MSP, farm loan waiver to benefit farmers.
Fund released for farmers was due month ago, PM Modi did no special favour to them: Congress
Taking charge as prime minister in his third term, Modi on Monday signed his first file authorising the release of the 17th instalment of the PM-Kisan Samman Nidhi fund, amounting to nearly Rs 20,000 crore that will benefit around 9.3 crore farmers.
Pakistan and IMF disagree over new income tax rates that will burden salaried class
Pakistan's talks with the IMF ended inconclusively over disagreements on new income tax rates for salaried and non-salaried individuals and the income tax threshold, as reported by the media.
PNB plans to expand its overseas footprint, to open representative office in Dubai
State-owned Punjab National Bank is set to establish a representative office in Dubai, expanding its global presence. With board approval secured, regulatory clearance is underway. The bank aims to enhance profitability by focusing on various portfolios and increasing non-interest income while maintaining credit cost below 1%.
SBI and Muthoot Microfin join forces to support women entrepreneurs
Muthoot Microfin partners with State Bank of India to provide financial services to women in rural and semi-urban areas. The co-lending initiative targets joint liability groups involved in agriculture and other income-generating activities, offering loans ranging from Rs 10,000 to Rs 3 lakh.
BJP-led NDA's narrow majority shifts focus to rural spending and increased private investments
The recent election results in India saw the ruling BJP-led NDA secure a majority, though narrower than expected. A Bernstein report predicts increased focus on direct social schemes, especially in rural areas. Private sector investments are expected to drive the capex cycle, with implications for economic growth and market dynamics. Market volatility is anticipated due to policy uncertainty, while financials remain a key sector.
Credit growth slows in April across major sectors
Bank credit growth is expected to moderate 200 basis points (one bps is 0.01 percent) to 14% this fiscal after an estimated robust growth of 16% in fiscal 2024, according to ratings firm Crisil. Strong economic activity and retail credit demand drove loan growth last fiscal. This fiscal growth will be tempered by a high base effect, a revision in risk weights and a somewhat lower gross domestic product growth, it said.
Financial frauds declined by 46.7 per cent during 2023-24: RBI annual report
The Reserve Bank of India (RBI) reported a 46.7% drop in fraud value for 2023-24 compared to the previous year. Private-sector banks reported the most frauds, mainly small digital payment frauds, while public-sector banks had the highest fraud value, primarily in loans. The report highlights a focus on regulation, supervision, and financial stability for 2024-25, including enhancing cyber response and using AI to prevent fraud. It also notes India's robust economic growth, with strong macroeconomic fundamentals and significant capital expenditure planned. The Pradhan Mantri Garib Kalyan Anna Yojana extension will bolster food security.
Banks' credit growth in FY25 to slow down to 14% on lower GDP uptick, RBI measures: Crisil
Crisil forecasts a 2 percentage point drop in the banking system's credit growth to 14% for the fiscal year 2024-25, citing factors such as lower GDP growth, RBI measures like higher risk weights on unsecured loans, and a high base effect. Slower deposit growth is expected to temper credit expansion, though the fundamental drivers of credit demand remain intact. While corporate segment growth is projected to maintain at 13%, retail growth will slow to 16%.
Karnataka: CM Siddaramaiah asks banks not to adjust drought relief funds against farm loan dues
CM Siddaramaiah emphasized the need for officials to work efficiently amidst higher-than-normal rainfall and the ongoing code of conduct. Siddaramaiah disapproved of the way insurance firms were handling the crop loss insurance claims. Such conduct would bring bad name to the government, he said, and asked officials to discuss with insurance firms and make life easy for farmers.
Gold loan market thriving in Indian states; Unimoni eyes Rs 1,000 crore loan book by FY25
Unimoni Financial Services CEO Krishnan R highlighted that states like Kerala, Telangana, Tamil Nadu, Bihar, Maharashtra, and Punjab are actively participating in the gold loan market. While farmers constitute a significant portion of their clientele, individuals, small businesses, and micro enterprises are increasingly turning to gold loans for various needs like education, weddings, and medical expenses. The surge in gold prices enhances lenders' security, allowing them to maintain favorable loan-to-value ratios.
IMF urges Pakistan to bring reforms to energy sector
IMF presses Pakistan for energy reforms, debt targets, and subsidy cessation. Ongoing talks with IMF for a new loan program and budget plans to address financial challenges and stabilize the energy sector.
BoI Q4 results: Net up 7% on strong retail, farm loans
Net profit increased to ₹1,439 crore in the quarter ended March 2024 from ₹1,350 ₹crore a year earlier despite a 15% fall in operating profit.
BJD promises to spend Rs 1 lakh-crore for youths, free electricity up to 100 units
Additionally, the party pledged to increase scholarships for girls and boys and create two lakh government jobs in the next five years. Patnaik also announced plans for a new skill and entrepreneurship university, state institute of fashion technology, and AI university in Odisha.
Canara Bank Q4 results: Net profit up 18% on retail growth, fall in provisions
CEO K Satyanarayana Raju said the bank expects to deliver 11-12% loan growth in the current fiscal year despite conscious efforts to shed low-yielding corporate loans.
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