Finance Minister Nirmala Sitharaman, while presenting the Union Budget, said that the housing projects have been allotted Rs 48,000 crore for FY23.
Budget for 2022-23 estimates fiscal deficit at higher than expected 6.4%, triggering expectations of a rise in yields on bonds and interest rates to stay elevated.
India’s GDP to grow 9.2% in 2021-22 after contracting in the earlier year; Economic Survey warned about risks from global inflation and pandemic-related disruptions.
As per the Economic Survey 2021-22, 49.1% of the bank deposits, amounting to Rs 73.5 lakh crore, are without the DICGC insurance cover.
These depositors can choose to either withdraw or retain this amount with Unity Bank; or make additional deposits, and earn interest rate up to 7%, being offered on savings accounts.
CSB Bank’s advances grew 27% to Rs 14,438 crore in the December quarter, mainly contributed by gold loan which rose 61%.
Kotak Mahindra Bank reported 15% year-on-year growth in its net profit for the December quarter to Rs 2,131 crore on account of retail loan growth and better asset quality.
IndusInd Bank reported 50% YoY growth in consolidated net profit for December quarter to Rs 1,241.55 crore compared to Rs 830.41 crore a year ago.
“While there were some challenges on deposit front in last week of December, bank has seen stability return and is now clocking deposit accretion at higher-than-December levels. We continue to remain well capitalised with sufficient liquidity buffers,” interim CEO Rajeev Ahuja said.
India’s bad bank is set to roll out operations after receiving all regulatory approvals; lenders readying to transfer Rs 50,000 crore of toxic assets to NARCL by 31 March.
“During the quarter, we concentrated on net interest income as treasury income was to be impacted due to hardening of yields, " Canara Bank chief executive LV Prabhakar said.
Federal Bank has reported 29% rise in net profit to Rs 521.7 crore for quarter ended December on account of lower provisions with improvement in asset quality.
Axis Bank reported a 224% jump in Q3 net profit to Rs 3,614 crore, helped by a robust growth in government business, refinance opportunities and lower provisioning.
Due to Covid-19 and regulatory approvals, the work of setting up an ARC may get pushed to the first quarter of FY23, says Yes Bank chief Prashant Kumar.
IDBI Bank is looking to sharply bring down its non-performing loans over the next one-year period while working on ramping up its credit growth.
