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EXCLUSIVE
HDFC BANK TO BE AMONG GLOBAL TOP 10 AFTER MERGER
HDFC Bank has a market capitalisation of about $108 billion. It has recently
edged past Citigroup (over $100. 5 billion), which was at number 17. HDFC Bank
is worth more than UBS and DBS Group (both valued at around $58 billion). The
country’s largest lender SBI ($57 billion) is at number 32 ahead of BNP Paribas
($55 billion) in terms of valuation.
* TNN
* July 25, 2022, 08:16 IST
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MUMBAI: HDFC Bank will be among the world’s top 10 most valuable banks after its
merger with parent HDFC at current valuations. It will also be the first Indian
bank to make it to the top 10 club.
HDFC Bank has a market capitalisation of about $108 billion. It has recently
edged past Citigroup (over $100. 5 billion), which was at number 17. HDFC Bank
is worth more than UBS and DBS Group (both valued at around $58 billion). The
country’s largest lender SBI ($57 billion) is at number 32 ahead of BNP Paribas
($55 billion) in terms of valuation.
The combined market cap of HDFC Bank and HDFC ($52 billion) would be around $160
billion.
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One of the implications of moving up the ranks in size and valuation is that the
bank’s measure of being systemically important also ri- ses. Such banks are
required to hold more capital compared to those that are not deemed as
systemically important. HDFC Bank is already a systemically important bank in
India, but the increase in size would add to its global significance.
The Financial Stability Board, an international body which makes recommendations
on financial regulation, had termed JP Morgan the most systemically important
bank for 2021 followed by BNP Paribas, Citigroup and HSBC. The board publishes a
list of 30 systemically important banks worldwide. While the 2021 list does not
have any Indian bank, it has four Chinese lenders. China currently has five
banks in the top 10, which is the most for any country. .
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EXCLUSIVE
LONG COVID: RETAIL SLIPPAGES AT PRIVATE BANKS SURGE AGAIN
While HDFC Bank hasn’t given any a breakup of the data on slippages, numbers
from state-run banks that ET looked at did not show such trends. ICICI Bank
reported slippages of Rs 5,037 crore in retail loans, including rural and
business banking loans, in the June quarter, compared with Rs 788 crore for
corporate and SME loans.
* Saloni Shukla
* ET Bureau
Click Here to Read This Story
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Private sector banks have seen high slippages in their retail portfolio as per
their fiscal first-quarter results, as loans restructured during the Covid
period continued to slip into the bad loan category. Top banks including ICICI
Bank, IndusInd and Yes Bank have reported higher slippages in retail books,
contributed by micro loans, credit cards and vehicle loans, but said there was
no cause of worry.
While HDFC Bank hasn’t given any a breakup of the data on slippages, numbers
from state-run banks that ET looked at did not show such trends. ICICI Bank
reported slippages of Rs 5,037 crore in retail loans, including rural and
business banking loans, in the June quarter, compared with Rs 788 crore for
corporate and SME loans.
Though, on the positive side, the bank upgraded a large chunk of loans and said
it wasn’t worried about the higher slippages, which were Rs 3,736 crore for
retail loans in the March quarter. “We added about Rs 5,000 crore (of retail
slippages) to it, and there was another Rs 4,000 crore of upgrade, which also
happened at the same time,” ICICI Bank executive director Sandeep Batra said
during a post-earnings call.
“And this includes rural by the way, which was phenomenal as we had explained
given the billing cycle, there is a little bit of an elevated level which is
therein during this current quarter. But if you see from an overall angle, the
amount that we are talking about is very small and we are holding adequate
provisions against that. Worst come worst, we still have a contingency provision
of Rs 8,000 crore. So, that doesn't really worry us at all.”
At IndusInd Bank, a bulk of the total slippages of Rs 2,250 crore came from the
microfinance segment. Loans worth Rs 1,024 crore from the MFI segment were part
of the bad loan category while commercial vehicle loans were another big
contributor with bad loans of Rs 486 crore. “The gross flows from the standard
book (to NPAs) have gone down, the addition (to bad loans) from the restructured
book is because of the MFI segment, we have taken 100% provisions against that,”
IndusInd Bank managing director Sumant Kathpalia said.
Axis Bank reported retail slippages of Rs 869 crore.
For Yes Bank, out of the Rs 1,072 crore of total slippages for the June quarter,
Rs 368 crore came from the retail segment while the remaining was contributed by
corporate and SME loans.
“The retail and SME Covid structuring pool is behaving very well,” said Prashant
Kumar, MD, Yes Bank.
“The customers are repaying as per the restructured plan and the collections
have been good. There will be definitely some incremental delinquencies out of
the restructured pools, but that would not be meaningful or significant.”
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EXCLUSIVE
UJJIVAN ENTERING GOLD LOAN SEGMENT SHORTLY; TO OFFER AUTO LOANS TO ALL CUSTOMERS
By K J Bennychan Mumbai, Jul 31 (PTI) With an aim to increase its secured asset
portfolio, Ujjivan Small Finance Bank is entering the gold loan segment shortly
and also extending auto loan offerings to non-micro borrowers.
* PTI
Click Here to Read This Story
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By K J Bennychan Mumbai, Jul 31 (PTI) With an aim to increase its secured asset
portfolio, Ujjivan Small Finance Bank is entering the gold loan segment shortly
and also extending auto loan offerings to non-micro borrowers.
Like other small finance banks, currently, as much as 70 per cent of Ujjivan's
assets are unsecured/without collaterals, and a vast majority of its customers
are micro-loan borrowers. The remaining 30 per cent are under secured loan
category. The management has set a target of having half the assets in the
secured segment over the next three years.
The Bengaluru-based microfinancier-turned-small finance bank is also expecting
to hit over 30 per cent this fiscal and take its loan book to around Rs 25,500
crore, buoyed by the sharp spike in disbursals in the June quarter when its
sales jumped over four-fold.
Since the beginning of its journey as a small finance bank in August 2017,
Ujjivan has been facing headwinds on the asset quality front.
However in the April-June 2022 quarter, the lender's net income stood at Rs 203
crore as against a net loss of Rs 233 crore in the Covid-hit June 2021 quarter.
The preceding quarter of January-March 2022 was also profitable with a net
income of Rs 127 crore.
"Over the next fortnight or so we will be offering gold loans to our MFI
customers. We'll pilot it across 24 branches and will extend it gradually and
hope to close the current fiscal with a gold loan book of around Rs 120 crore,
Ittira Davis, managing director & chief executive of Ujjivan, told PTI.
"Similarly, we're planning to extend two-wheeler loan facility, which we resumed
in March quarter for our MFI borrowers, to all customers from the last quarter
of this fiscal, he said.
Currently, this is a Rs 200-crore book and Davis expects it to grow to Rs 350
crore by March 2023.
He said almost 60 per cent of the auto loan customers are existing micro lenders
while the rest are new customers. The bank had stopped auto loans during the
pandemic. Its other secured book includes home loans.
While gold loan is a more-than-fully-secured asset given that the regulator has
capped such loans to 75 per cent of the market price of gold, vehicle loan is
85-90 per cent of the ex-showroom price of the vehicle.
On the loan sales plan, Davis said his optimism comes from the record Rs 4,326
crore disbursals in the first quarter of FY23, as against Rs 1,311 crore a year
ago. This helped it grow the loan book by 38 per cent to Rs 19,409 crore from Rs
14,037 crore in June 2021.
"We are firing on all cylinders. Recovery is fully back as all parts of our
business are normal now and so is the collections. We are on a solid recovery
path and are confident of closing the year with over 30 per cent loan growth and
take the loan book to around Rs 25,500 crore by March 2023," Davis said.
The firs quarter marks a great beginning to the new financial year. This is
because "our stabilisation efforts, began in the December 2021 quarter, is
already bearing fruit as reflected in the turnaround in March 2022 quarter when
we reported Rs 127 crore net income, and the June quarter marks all-round growth
and profitability", he said.
On collections he said it is strong at 99 per cent and this has helped gross
non-performing assets and net non-performing assets declined to 5.9 per cent and
0.1 per cent, respectively from 7.1 per cent and 0.6 per cent in March 2022 and
from 9.8 per cent and 2.6 per cent in June 2021, respectively.
Apart from near total collections, asset quality improvement was also due to
write-offs and recoveries, with Q1 recoveries at Rs 215 crore and write-offs at
Rs 65 crore, Davis said.
Its total income rose 40 per cent to Rs 1,000.42 crore in Q1, of which interest
income was Rs 905.37 crore, up 41.1 per cent, and other income grew to Rs 95.1
crore from Rs 73 crore. The key net interest income, which is the interest
earned after interest payout, rose 56 per cent to Rs 600 crore during the
quarter.
In an interview to PTI in May, Davis had said the bank would be charting out on
a more balanced growth path by increasing the non-microloans/secured loan book
to 50 per cent of assets over the next two-three years, and as a first step
towards this, it has resumed auto loans.
Ujjivan, which began as a microfinancier in 2005, has 66 lakh customers who are
served by its 16,664 employees through 575 branches spread across 248 districts
and 25 states.
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EXCLUSIVE
INDIAN BANK NET PROFIT UP 3% TO RS 1213 CRORE IN Q1
The Indian Bank's operating profit stood at Rs 3,564.4 crore, representing a 4%
rise over Rs 3,415.9 crore. It set aside Rs 2,219 crore as provisions and
contingencies, which were 13% lower than what it did in the year-ago period.
However, the bank made about 15% higher provisions at Rs 2,002 crore to cover
asset quality risk.
* Atmadip Ray
* ET Bureau
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Kolkata: State-owned Indian Bank reported a mere 3% rise in June quarter net
profit at Rs 1213.4 crore against Rs 1181.7 crore in the year-ago period,
largely due to lower provisions. Total income expanded marginally due to lower
other income.
The lender's total income for the period was at Rs 11,758 crore against Rs
11,444 crore. Net interest income rose 13% at Rs 4,534 crore while other income
was 12% lower at Rs 1,605 crore.
The mark-to-market losses were at Rs 236 crore as compared to Rs 56 crore loss
in the year ago period and fall in income from sale of investment to Rs 105
crore from Rs 615 crore were the main reasons behind the muted rise in profit,
Managing Director Shanti Lal Jain told ET. "We are happy that our core income
could offset the treasury losses," he said.
The Indian Bank's operating profit stood at Rs 3,564.4 crore, representing a 4%
rise over Rs 3,415.9 crore. It set aside Rs 2,219 crore as provisions and
contingencies, which were 13% lower than what it did in the year-ago period.
However, the bank made about 15% higher provisions at Rs 2,002 crore to cover
asset quality risk.
Its gross non-performing assets ratio fell to 8.13% at the end of June from
8.47% three months prior to that. Net NPA was at 2.12% against 2.27% over the
same period.
The bank's advance rose 9% year-on-year to Rs 4.25 lakh crore with retail, MSME
and farm loans contributing 61% of it.
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EXCLUSIVE
BANKS LIKELY TO FOLLOW HDFC, INCREASE RATES
The country’s largest housing finance company HDFC increased on Saturday its
retail prime lending rate on home loans by 25 basis points (100bps = 1
percentage point) from August 1. This is the fifth rate hike by the corporation
in two months. This year, the lender has increased its benchmark rates by
115bps.
* TNN
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Mumbai: Most lenders are expected to follow HDFC’s lead in increasing home loan
rates in August. Almost all banks that have announced their first quarter
results so far have reported faster credit growth compared to deposits. Some
have indicated that deposit rates will likely go up in coming weeks. This will
trigger an increase in their cost of funds, thereby raising lending rates. For
banks, the lending rates are directly linked to the RBI’s repo rate, which is
expected to go up this week. The repo is the rate at which the RBI lends to
banks. The country’s largest housing finance company HDFC increased on Saturday
its retail prime lending rate on home loans by 25 basis points (100bps = 1
percentage point) from August 1. This is the fifth rate hike by the corporation
in two months. This year, the lender has increased its benchmark rates by
115bps.
Following this increase, the best home loans from HDFC would be available at
7.8%, the highest in two years but still lower than the pre-pandemic level.
Before the rate hike, the best rates were 7.55%. With this increase, the EMI on
a Rs 1-crore home loan with a 20-year tenure will go up from Rs 80,865 to Rs
82,404.
The HDFC rate hike comes ahead of the RBI monetary policy committee (MPC)
meeting on August 5. The central bank is widely expected to increase rates by
35-50bps to combat inflation. The move would also help keep up with the US
Federal Reserve, which has been on a rate-hiking spree, putting pressure on the
rupee.
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EXCLUSIVE
SHIVALIK SMALL FINANCE BANK REVISES FD, SAVINGS ACCOUNT INTEREST RATES
Shivalik Small Finance Bank (SFB) has increased the interest rate on fixed
deposits. According to the bank's website, the new rates will go into effect on
July 27, 2022.
* Sneha Kulkarni
* ET Online
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Shivalik Small Finance Bank (SFB) has increased the interest rate on fixed
deposits. According to the bank's website, the new rates will go into effect on
July 27, 2022.
Senior citizens will get an additional benefit of 0.50 percent. The bank offers
interest rates ranging from 3.5 percent to 7% for terms ranging from seven to
ten years.
Fixed deposit interest rates
The highest interest rate (amounts up to Rs 25 lakh) offered by the bank,
however, is 7% for regular citizens. Interest rates are calculated on a simple
interest basis for the first six months. All rates for longer than six months
will be compounded quarterly. For tax saver FDs, the bank offers 6.25 and 6.75
percent for regular and senior citizens, respectively.
Recurring deposit interest rate
The bank offers interest rate starting from 5.50 percent- 7 percent and tenure
starting from 6 months to 10 years.
According to the Shivalik Small Finance Bank, "Please note that premature
payment will attract 1% penalty on the interest for the period, which the
deposit has run, or card rate of original deposit whichever is less."
Savings account interest rates
With effect from July 27, 2022, the bank’s savings account interest rates will
range from 3.5% to 7% (depending on the balance in the savings account; amounts
range from up to Rs 1 lakh to Rs 7 crore and above).The interest rate on a
savings account is calculated on the basis of incremental balance slabs.
Interest is calculated on the day-end balances in the savings account and paid
out quarterly.
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EXCLUSIVE
BANKS OFFERING LOWEST INTEREST RATES ON PERSONAL LOAN
A personal loan is also referred to as an unsecured loan because no collateral
is required. A personal loan is a type of financial product that enables you to
access money for a variety of purposes.
* Sneha Kulkarni
* ET Online
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A personal loan is also known as an unsecured loan, where you don't need to
offer any security. Personal loans are popular as there are no limitations on
how the money can be used.
According to the Axis Bank website, “A personal loan is a financial instrument
that helps you avail funds for a multitude of uses. Like any regular loan; when
opting for a Personal Loan you are advanced a specific amount of funds at a set
interest rate and can clear it via a fixed repayment tenure.”
A personal loan application typically entails determining the borrower's need
for money, eligibility for funding, and ability to repay the loan because it
provides an advance without collateral.
As a result, in order to qualify for a personal loan, applicants must typically
be employed people who provide documentation of their personal and employment
information.
5 banks offering cheapest personal loan interest rates
BANKS Personal Loan Amount Tenure RoI (%) IDBI Bank >=25000 and <=5 Lacs 12 - 60
Months 8.90% - 14.00% City Union Bank >=5000 and <=5 Lacs 12 Months >=9.50%
Indian Bank >=50000 and <=5 Lacs 12 - 36 Months 9.40% - 9.90% Karur Vysya Bank
Upto 10 Lacs 12 - 60 Months 9.40% - 19.00% Punjab National Bank Upto 10 Lacs
Upto 60 months 9.35% - 15.35%
Source: Compiled by ETIG; Data as on July 28, 2022
Minimum CIBIL score needed for personal loan
A credit score is a number that you receive from credit bureaus that ranges from
300 to 900 such as CIBIL. The greater the score, the more likely it is that your
loan application will be approved.
According to the Axis Bank website, “If you have a high credit score you may
also get a higher loan amount or lower loan rates. However, a score below 750
may reduce your chance of getting a personal loan or grant you a lower amount or
a higher interest rate. If your score is below 600 it is advisable to try and
find out why your credit score is low. It could be due to past behaviour, such
as consistently missing or delaying past EMIs, excessive purchases made on
credit, or applied for loans or credit cards with many banks, etc.”
Important FAQs on personal loan as per Kotak Mahindra Bank
How is the personal loan processing fee calculated?
The personal loan processing fee is calculated based on the loan amount. For
instance, say you avail of a loan of Rs.1 lakh and the processing fee for a
personal loan is 2.5%, the fee would be Rs.2500 plus GST.
Do I have to pay any additional charges for a Personal Loan?
You would have to pay a processing fee for a personal loan when you apply for
the loan. Other charges would depend on the service requests that you raise on
the loan.
How is the rate of interest, processing fees, pre-closure fees determined on a
personal loan?
The personal loan interest rate is calculated on the outstanding balance of the
loan amount. The pre-closure fee is also charged on the outstanding amount of
the loan on the date of the foreclosure. The processing fee, on the other hand,
is calculated on the amount of loan that you avail of.
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EXCLUSIVE
PNB GETS RBI APPROVAL TO INVEST ₹500 CR IN PNB HOUSING FINANCE RIGHTS ISSUE
"Post rights issue, the holding of the bank would come down below 30% but would
be higher than 26% so that the bank retains promoter status," chief executive AK
Goel said. The state-owned bank currently holds a 32% stake in the housing
finance firm.
* ET Bureau
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Punjab National Bank said on Friday that the Reserve Bank of India had allowed
it to invest ₹500 crore in the upcoming ₹2,500 crore rights issue of PNB Housing
Finance.
"Post rights issue, the holding of the bank would come down below 30% but would
be higher than 26% so that the bank retains promoter status," chief executive AK
Goel said. The state-owned bank currently holds a 32% stake in the housing
finance firm.
"The rights issue process is expected to conclude by December or latest in the
March quarter," added Goel.
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EXCLUSIVE
YES BANK MANAGES USD 1.1 BN COMMITMENT FROM CARLYLE, ADVENT
Adds quotes, details; changes dateline) Mumbai, Jul 29 (PTI) After trials and
tribulations on fundraising that lasted well over three years, Yes Bank on
Friday announced that private equity funds Carlyle and Advent International will
be investing USD 1.
* PTI
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(Eds: Adds quotes, details; changes dateline) Mumbai, Jul 29 (PTI) After trials
and tribulations on fundraising that lasted well over three years, Yes Bank on
Friday announced that private equity funds Carlyle and Advent International will
be investing USD 1.115 billion (around Rs 8,900 crore) to fuel its future
growth.
Both the global PE funds will be acquiring a 10 per cent stake each in the
private sector lender, which had to be bailed out in a RBI and government-led
reconstruction scheme for want of capital buffers and after the then management
failed to sell the bank's story to investors.
In a statement, the bank said USD 640 million or Rs 5,100 crore has been raised
by issuing equity shares and USD 475 million or Rs 3,800 crore through equity
share warrants.
As part of the capital raise, which is the second biggest for any private sector
lender, the bank will issue 370 crore equity shares on a preferential basis at a
price of Rs 13.78 per share, and 257 crore warrants convertible into equity
shares at a price of Rs 14.82 per warrant.
The Yes Bank scrip closed 2.47 per cent up at Rs 14.94 apiece on the BSE, as
against gains of 1.25 per cent on the benchmark Sensex.
The announcement comes within a fortnight of the bank disclosing J C Flowers
Asset Reconstruction Company to be the base bidder for resolving Rs 48,000 crore
of dud assets it carries on its books, transferring which will get its gross
non-performing assets ratio down to under 2 per cent from the present 14 per
cent.
Prashant Kumar, a career SBI executive who was tasked to captain Yes Bank in
March 2020, said the lender is excited about the incremental opportunities for
growth which will open up after the capital raise, which is one of the largest
for any Indian private bank.
Larger rival Axis Bank in 2020 raised Rs 11,000 crore (around USD 1.35 billion).
Kumar had earlier said that the presence of the huge pile of bad assets -
majorly corporate loan bets taken under its co-founder and chief executive Rana
Kapoor who has been now jailed for irregularities - was one of the biggest
challenges faced by the bank to access the growth capital.
Merchant bankers also said that the presence of the large stock of NPAs was a
big impediment faced by the bank, and clarity on the same helped bolster
investor confidence in the deal.
They also said that PEs have been sitting on cash waiting for the right
opportunity, and added that till now, they had been facing challenges like the
inability to have a sizeable holding due to caps imposed by regulators and lack
of right opportunities.
Carlyle's managing director Sunil Kaul said Yes Bank is well placed to capture
the growth opportunities which India presents on its strengths in transaction
banking and digital payments, where it processes a third of all UPI volumes.
He appreciated the work done by the leadership team and the Board during the
challenging times, and added that it is now well-positioned for the next phase
of growth.
"We believe India's banking sector is at an inflexion point where tech-enabled
banks like Yes Bank have an advantage. This investment also demonstrates our
commitment to the country's banking and financial services industry, which is
the core of India's growth story," Advent's managing partner Shweta Jalan said.
The capital raise is subject to shareholders' approval at the extraordinary
general meeting of the lender to be held on August 24 and relevant
regulatory/statutory approvals.
Yes Bank was advised by BofA Securities as an exclusive financial adviser in the
transaction.
It can be noted that after the RBI-prompted exit of Kapoor, the management under
Ranveer Gill tried to raise capital into the lender to cover for the bad loans,
but could not meet success even as many names were speculated as potential
investors.
Eventually, the top management and the board were replaced under the Government
and RBI-led reconstruction scheme, which the bank successfully exited in July.
At present, SBI, which led the reconstruction with a sizeable investment in the
bank, owns 30 per cent in the lender and is mandated to keep it at 26 per cent
till March 2023. PTI AA MR
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EXCLUSIVE
JP MORGAN, DEUTSCHE BANK OPEN GIFT CITY UNITS
JP Morgan and Deutsche Bank on Friday inaugurated their international banking
units (IBUs) in the Gift City in Gandhinagar, which also saw the entry of the
international exchange unit of NSE, Nifty-SGX.
* PTI
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JP Morgan and Deutsche Bank on Friday inaugurated their international banking
units (IBUs) in the Gift City in Gandhinagar, which also saw the entry of the
international exchange unit of NSE, Nifty-SGX. Both the units were inaugurated
by Prime Minister Narendra Modi who also launched the Nifty-SGX.
JP Morgan, which has been doing business in the country for the past 75 years,
said and the newly established IBU will enable it to further deepen its
footprint to facilitate cross-border flows by offering comprehensive fixed
income, forex, commodities, debt and capital market solutions to its offshore
and onshore clients.
In a similar statement Deutsche Bank said it proposes to commence its IBU with
credit facilities for corporate clients and will provide a suite of products
across trade finance, fixed income & currencies initially. In addition it will
also facilitate cash pooling and other deposit propositions for Indian and
international clients.
This is a significant milestone for our franchise as we continue to grow with
India, said Madhav Kalyan, MD & CEO of JPMorgan Chase Bank India and senior
country officer India.
Cross-location and cross-border activity among our clients is increasing and
Gift IFSC is uniquely positioned to act as the country's international financial
gateway. It will provide us with the opportunity to offer a wider range of
products for our clients as they continue to growth their businesses, he added.
On the day of the launch, the Wall Street major also supplied physical gold to
its clients for the inaugural transaction on the India International Bullion
Exchange IFSC. The bank is amongst the largest supplier of physical bullion in
the country.
Alexander von zur Muehlen, CEO of Deutsche Bank, Asia Pacific and member of the
management board said the IBU will provide all approved international financing
products to its clients in India and overseas, thereby facilitating easy access
to innovative solutions that help improve business efficiencies.
Deutsche Bank, which has been in India for the past 42 years, said the IBU will
help provide our clients in India and overseas with access to the best suite of
financial solutions and services that India has to offer. MR MR
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EXCLUSIVE
BANKING CREDIT TO RISE OVER 10 PC THIS FISCAL: REPORT
The Russian invasion of Ukraine has not had a significant impact on the
on-ground sentiments, and the Indian banking system will record a credit growth
of over 10 per cent in FY23, a report said on Friday.
* PTI
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The Russian invasion of Ukraine has not had a significant impact on the
on-ground sentiments, and the Indian banking system will record a credit growth
of over 10 per cent in FY23, a report said on Friday. The capacity utilisation
is nearing 75 per cent levels, which means that investment activity is expected
to strengthen further from here on, the report by economists at the country's
largest lender SBI said.
As per latest official data, the non-food credit growth for the system came at
above 13 per cent for the fortnight ended July 15.
Last week, Reserve Bank of India (RBI) Governor Shaktikanta Das said that as per
the central bank's internal data, the same is hovering above 14 per cent.
"... the evolving war seems to have not significantly impacted sentiments on the
ground," the SBI economists said.
The note said sector-wise credit data for the month of June 2022 indicates that
there is a substantial improvement in incremental credit to each and every
sector.
Credit to MSME (Micro, Small and Medium Enterprise) sector expanded by Rs 52,800
crore in the fortnight ended July 15 in the current fiscal. It was a de-growth
of Rs 61,000 crore in the year-ago period. During the same period, retail loans
expanded by Rs 1.34 lakh crore whereas the segment had recorded a de-growth of
Rs 26,500 crore in the same period a year ago.
"In FY23, we expect both deposits and credit will continue to grow in double
digits, despite the interest rate reversal," it said. PTI AA RAM
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