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દ્રારા ક્રમબધ્ધ કરો:   
17 Jun 2018 11:59

Market View

દ્રારા પોસ્ટેડ : anibillon

Days after the Reserve Bank of India ( RBI) hiked the repo rate for the first time in four years by 25 basis points to contain inflation, bad news is pouring in from all sides. Here are the four key developments.

i) Higher inflation numbers - Retail inflation or consumer price index (CPI ) has seen a jump, from 4.58 per cent in April to 4.87 per cent in May. Similarly, the wholesale price index (WPI) has shot up, from 3.18 per cent in April to 4.43 per cent in May. The CPI figure is way above the 4 per cent target ( -2 per cent ) of the RBI.

ii) Fed Rate - The US Federal Reserve has also increased the fed rate by 25 basis points. After almost keeping the rates at near zero level post 2008, the world`s largest economy has been raising interest rates. There is more to come as the Fed will also start unwinding or trimming its balance sheet as they have accumulated huge stock of bonds through buyback programmes. This will also push up interest rates.

iii) European Union to halt easy money regime - The European Central Bank has also decided to halt the easy money regime by the end of this year. They will soon be back to normalisation of monetary policy. Interest rates eventually will go up.

iv) Higher current account deficit in India - The latest figures for current account deficit (CAD) are not very encouraging,. The CAD has reached 1.9 per cent of GDP in 2017/18. This is way above the 0.6 per cent of 2015/16. The projection for the next year is 2.5 per cent of GDP. A higher CAD will impact the rupee value against the US dollar as the equity market inflows are also slowing down in the last few months....

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17 Jun 2018 11:57

Market View

દ્રારા પોસ્ટેડ : anibillon

Leaving no doubt that India`s public sector banks are in a big mess, an official data claims these struggling PSBs collectively wrote-off bad loans worth Rs 1.2-lakh crore in 2017-18 alone. In a double whammy to the PSBs, this was the same year when they posted losses of over Rs 85,370 crore. As per the data, this has happened for the first time in a decade that PSBs wrote-off loans worth over Rs 1 lakh crore. The overall write-offs have jumped four-times in the past five years. The NPA write-offs for 2017-18 alone stand at around 13 per cent of total non-performing assets in the banking sector.

As many as 21 state-owned banks made a combined profit of Rs 473.72 crore in 2016-17 and wrote-off NPAs worth Rs 81, 683 crore the same year. In 2015-16, the PSBs wrote-off NPAs worth Rs 57,585 crore Rs 49,018 crore in 2014-15 and Rs 34,409 crore in 2013-14.

Of the total NPA write-offs in 2017-18, India`s biggest public sector bank SBI alone wrote-off around 25 per cent of the total bad loans at Rs 40,196 crore. Other public sector lenders following the State Bank of India included Canara Bank (Rs 8,310 crore), Punjab National Bank (Rs 7,407 crore) and Bank of Baroda (Rs 4,948 crore), a PTI report said.

Among 11 banks of the total 21 PSBs that have been put under the Prompt Corrective Action framework of the Reserve Bank of India, Indian Overseas Bank wrote-off NPAs worth Rs 10,307 crore, followed by Bank of India (Rs 9,093 crore), IDBI Bank (Rs 6,632 crore) and Allahabad Bank (Rs 3,648 crore).

Write-off in banking parlance means the bank provided full provision from its earnings against the non-performing asset. NPAs not only cause huge losses to banks but also affect their balance sheets and overall capacity to invest in companies.

Interestingly, 2017-18 was the year when many PSBs reported banking frauds worth thousands of crores of rupees. Prominent among those is Rs 14,000-crore fraud at Punjab National Bank`s Brady House nch in Mumbai, which involved diamond merchants Nirav Modi and Mehul Choksi.

To address the biggest issue ailing the banking sector, the government is planning to bring in stringent norms, including the idea of a `bad bank` which can provide a parallel and robust mechanism along with Insolvency and Bankruptcy Code. On May 8, Interim Finance Minister Piyush Goyal said the centre has set up a committee of bankers to look into the possibility of forming a similar entity. Goyal said the panel, to be headed by the Punjab National Bank (PNB) Chief Sunil Mehta, would first find out if it`s a viable option for the Indian banking system and then suggest ways to set up an Asset Reconstruction Company (ARC) or Asset Management Company (AMC).

Once a bad bank is formed, banks divide its assets into two categories -- one with non-performing assets and other risky liabilities and the other with healthy assets, which can help banks grow financially....

Rating :      
17 Jun 2018 11:57

Market View

દ્રારા પોસ્ટેડ : anibillon

Days after repo rate hike, bad news is pouring in
Days after the Reserve Bank of India ( RBI) hiked the repo rate for the first time in four years by 25 basis points to contain inflation, bad news is pouring in from all sides. Here are the four key developments....

Rating :      
17 Jun 2018 11:48

Market View

દ્રારા પોસ્ટેડ : anibillon

In India`s case, close to Rs 14 lakh crore of the nearly Rs 80 lakh crore worth of loans are stressed. These loans can be transferred to the bad bank. But a bad bank is barely a partial solution to India`s current banking problems. Because it only tries to deal with bad loans and bad loans are a symptom, not the disease, of what ails our banking system. Especially, the public sector banks.

Of India`s 21 public sector banks, 19 reported a total net loss of Rs 87,357 crore in 2017-18. Only two-Indian Bank and Vijaya Bank-reported profits in 2017-18. The previous year they had barely made profits (Rs 474 crore, all put together).
A bad bank will not solve the rot in the banking system and it`s a bad idea in India`s context right now. Else, we`ll need a bad bank every 10 years. We need to inherently change the way loans are given, monitored and ever-greened. India needs to rid its government-owned banks from political interference and patronage. Once that is done, India needs to hold the lenders accountable for their actions.

We may need a bad bank to deal with the remaining bad loans once most of these issues are dealt with. Not right now. If we can resolve these, perhaps, we will never need a bad bank. Moreover, the new Insolvency and Bankruptcy Code is already operational, which is also a tool to resolve bad loans. In fact, we are already seeing resolution in some large cases.

Also, the banks have been making large provisioning in their balance sheet for these bad loans. The clean up exercise should end this year. As far as the resolution is concerned, the banks are now taking these assets to IBC.

The concern is that instead of dealing with these core issues in the system, we`re aiming to hive off all the problems. That won`t resolve what`s plaguing the system.

If it`s going to be business as usual in the public sector banks even after setting up a bad bank, we`ll need a bad bank every 10 years. The choice is ours....

17 Jun 2018 11:48

Market View

દ્રારા પોસ્ટેડ : anibillon

In general, there are four major objectives of a bad bank:

To clean up the balance sheet of the embattled bank by hiving off non-performing assets.
To maximise the value of bad loans through focused action and lessen the burden on the profit and loss account.
To insulate the management from bad loans.
To rebuild trust of investors and restore confidence among rating agencies....

17 Jun 2018 11:47

Market View

દ્રારા પોસ્ટેડ : anibillon

The idea of creating a `bad bank` is back on the table, but it`s a bad idea under the circumstances. Not because it won`t work. Bad banks have worked in several countries around the world, including South Korea and the US. But it`s a little different in India. Far from a bad bank, India currently needs a solution to bad lending.

A bad bank absorbs bad loans and stressed assets for focused resolution. So that the `good` banks can sport healthier balance sheets and can continue their business without getting distracted by the painful bad loan recovery....

17 Jun 2018 11:47

Market View

દ્રારા પોસ્ટેડ : anibillon

A bad bank will not solve the rot in the banking system and it`s a bad idea in India`s context right now. Else, we`ll need a bad bank every 10 years...

17 Jun 2018 01:01

Market View

દ્રારા પોસ્ટેડ : anibillon

Deutsche Bank closed 0.6 percent lower at 10.90 euros in Frankfurt on Wednesday. The stock has lost about 31 percent this year, making it the worst-performing major European bank.

There has been increasing evidence in recent weeks that the pace of job cuts is picking up, with the investment bank bearing the brunt. Deutsche Bank has said it will move to smaller premises in New York and will close its Houston office entirely due to a withdrawal from advisory services for the oil and gas sector.

A number of senior executives from the investment bank have left since Sewing first hinted at the restructuring to come when he discussed the bank s first-quarter results in April. They included its top securities executive in the U.S., Barry Bausano, as well as global M&A head Thomas Piquemal.

Among others to leave the bank are London-based head of CEEMEA equity sales Darren Veenhuis, the people said. Veenhuis declined to comment to Bloomberg Wednesday. Pascal Moura, who runs equity research for the region from Dubai, is also leaving the bank, the people said. Moura didn t immediately respond to requests for comment....

17 Jun 2018 01:01

Market View

દ્રારા પોસ્ટેડ : anibillon

The cuts could represent about 10 percent of the Frankfurt-based bank s workforce. Under Sewing s predecessor, John Cryan, the bank had a previous target of 9,000 cuts by 2020, though the Frankfurt-based lender may have made less than a third of those cuts.

Sewing is accelerating a push to refocus the lender on its European home market and reverse a two-decade effort to compete head-to-head with the large Wall Street firms that dominate volatile securities trading. The future of the investment bank had been a key factor in the tumultuous management shakeup that saw him take over from Cryan last month.

The new target for job reductions was reported earlier by the Wall Street Journal. Germany s biggest lender is expected to announce a range of restructuring measures to coincide with its annual shareholder meeting Thursday. The lender is working on sharply reducing its presence in the U.S. equities market and has also started cutting activity in the Central Europe, Middle East and Africa region, according to another person with knowledge of the matter.

Sewing has promised a large-scale restructuring of the investment bank to focus on areas that have more direct links with European companies. Deutsche Bank has also signaled that its scaling back U.S. rates sales and trading, its corporate finance business in the U.S. and Asia and reviewing global equities. Those measures, the bank said last month, will lead to a significant reduction in employees, without giving more information....

17 Jun 2018 01:00

Market View

દ્રારા પોસ્ટેડ : anibillon

Deutsche Bank AG is considering 10,000 job cuts and retreating from equities markets across the world as part of a sweeping overhaul by Chief Executive Officer Christian Sewing, people familiar with the matter said....

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