Finance Minister Nirmala Sitharaman said the country's regulators are very experienced and are seized of the matter relating to the Adani Group crisis.
Punjab National Bank and Bank of Baroda have raised their lending rates by up to 25 basis points following the interest rate hike by RBI earlier this week.
RBI slows rate hike to 25 basis points but indicates no pause yet; loans to get costlier.
The strength, size and resilience of Indian banking system is now much larger and much stronger to be affected by an individual incident or a case like this," RBI Governor Shaktikanta Das said.
Reserve Bank of India hikes repo rate by 25 basis points, taking it to 6.50%. Here is a list of the policy’s other key highlights.
Satyanarayana Raju replaces LV Prabhakar as MD & CEO of Canara Bank; Hardeep Singh Ahluwalia takes over as ED.
Axis Bank’s exposure to Adani Group entities stands at 0.94% of its net advances; lender says it remains comfortable with its exposure to the group.
State Bank of India has exposure of Rs 27,000 crore to Adani Group, there are no concerns so far on this loan book and any further lending to conglomerate’s projects would be evaluated on its own merit, says chairman Dinesh Khara.
Bank of Baroda’s exposure to Adani group companies has reduced over last two years and there are no concerns on asset quality issues with the conglomerate, said chairman Sanjiv Chadha
SBI’s loan exposure of $2.6 billion to Adani group includes $200 million from its overseas units; chairman Dinesh Khara says he doesn’t see an “immediate challenge" to whatever the bank has lent so far.
The last full budget before the general election is laced with income tax reductions, heavy capital expenditure, measures for farmers and a new savings scheme for women.
Economic Survey 2023 banks on government spending, incipient signs of private capex, stronger corporate balance sheets, healthier banks and reining in inflation.
Punjab National Bank is closely monitoring developments following Hindenburg’s research report; CEO Atul Goel says currently no worry pertaining to those accounts amounting to Rs 7,000 crore.
No change in offering price or schedule of FPO of Adani Enterprises is being considered, group CFO Jugeshinder Singh said; shares of Adani group companies take a beating.
After discovering ‘material supervisory concerns’, RBI orders SBM Bank to stop all transactions under liberalised remittance scheme with immediate effect.
