Thursday, November 7

Tag: finance news today

India Shortlists Four Banks for Potential Privatisation – sources
Bank, Business, Finance, news, Politics

India Shortlists Four Banks for Potential Privatisation – sources

India’s government has shortlisted four mid-sized state-run banks for privatisation, under a new push to sell state assets and shore up government revenues, three government sources said. Privatisation of the banking sector, which is dominated by state-run behemoths with hundreds of thousands of employees, is politically risky because it could put jobs at risk but Prime Minister Narendra Modi's administration aims to make a start with second-tier banks. The report said two of these banks will be selected for sale in the next financial year, 2021-22, starting April. Privatisation of these banking behemoths employing thousands may put jobs at risk, but this would let the government test the waters in the first round before moving on to bigger banks, it added. The government, how...
SBI’s Household Loan Cross Rs 10 Lakh Crore Over 5 Years
Business, Finance, news

SBI’s Household Loan Cross Rs 10 Lakh Crore Over 5 Years

Khera said SBI was the country's cheapest home loan provider with an NPA of less than 1 percent, even during COVID. "We will get to the next Rs 5 trillion much faster than the 10 years it took us initially. We are targeting a (home loan) portfolio of Rs 7 lakh crore in three years and Rs 10 lakh crore in five years,” Khara said in a press conference. Despite a massive setback to the real estate sector triggered by the pandemic-induced lockdown, the home loan vertical registered strong growth even in December 2020 with the highest sourcing, sanctions, disbursements, and growth. The bank is now targeting a home loan AUM of Rs 7 lakh crore by 2023-24. SBI is extending builder loans and also approving their projects in anticipation that offtake will improve. When it comes to build...
Govt must keep an eye on the fiscal deficit – FM Nirmala Sitharama
Business, Finance

Govt must keep an eye on the fiscal deficit – FM Nirmala Sitharama

Addressing a virtual event of industry body PHDCCI Sitharaman said careful monitoring and tackling of fiscal deficit was the “mool mantra” of the budget 2021. The Centre's fiscal deficit increased, as it was forced to offer relief packages in the wake of the epidemic, despite a decline in revenue collection. Even though nominal GDP is expected to reverse a contraction in the FY22 and expand at 14.9%, the inevitability of continued spending to continue growth has led the Center to keep the fiscal deficit target elevated at 6.8% for the next fiscal as well. She said that the government has managed to make the Budget transparent. "There is nothing under wraps or swept under the carpet. Whatever the government is borrowing or spending is open for everyone to see," she emphasized. ...