Month: July 2019

Mumbai:Distressed funds that have bought sticky loans of BMM Ispat for half the value, as banks sought for immediate realisation of the receivables, have brought about a turnaround at the steel products maker. Edelweiss Asset Reconstruction Company, along with IndoStar Capital, bought the loans at about Rs 1,500 crore. With the company’s main plant in Karnataka’s Bellari resuming operations, they are now expecting at least 50% returns on the investment. All stakeholders have benefited out of this, said RK Bansal, the managing director at Edelweiss ARC. “Banks have recovered money faster and at optimal prices, and the ARC has helped to turnaround the business," Bansal said. “We are in talks with three banks to buy out the residual debt,” he said. There were about a dozen banks that had len

The gross non-performing assets (NPAs) of public sector banks (PSBs) have declined by Rs 89,189 crore from a peak of more than Rs 8.95 lakh crore in March 2018 to over Rs 8.06 lakh crore in March this year, the government told the Rajya Sabha. In a written reply to Congress member B K Hariprasad, Finance Minister Nirmala Sitharaman said, "As per Reserve Bank of India (RBI) data on global operations (provisional data for the financial year ending March 2019), gross NPAs of PSBs have declined by Rs 89,189 crore from the peak of Rs 8,95,601 crore in March 2018 to Rs 8,06,412 crore in March 2019 (provisional data)." According to the data, aggregate gross advances of PSBs increased from over Rs 18.19 lakh crore as on March 31, 2008 to more than Rs 52.15 lakh crore as on March 31, 2014. "As per...

NEW DELHI: Union Home Minister Amit Shah on Thursday received a dividend cheque of Rs 15.26 crore from the representatives of the Repco Bank, a multi state cooperative finance and development bank controlled by the Home Ministry. The Repco Bank is a multi state cooperative society established in 1969 by the central government for rehabilitation of repatriates from Myanmar and Sri Lanka, an official statement said. As on March 31 this year, the government of India held 49.15 per cent of the share capital, four southern state governments held 6.24 per cent and the remaining 45 per cent was held by individual repatriates. For the 2018-19, the total business mix of the bank was Rs 15,230 crore. The bank posted net profit of Rs 107 crore and declared a dividend of 20 per cent for its stakehold...