India Financial Services Correspondent, Mumbai
Devidutta's Feed
Mar 31, 2015

Stock options, new blood as India’s state banks ready for change

MUMBAI, April 1, (Reuters) – State Bank of India,
the country’s largest lender, may offer employee share options,
recruit specialists and promote faster – radical changes that
promise to shake up a bloated, debt-heavy sector.

India’s state banks are under pressure to improve
profitability and slash bad loans, creating a more agile sector
to help fuel economic growth. For the government and the banks,
that has put the focus firmly on one issue: people.

Mar 25, 2015

IL&FS aims to more than triple power generation capacity

MUMBAI (Reuters) – Infrastructure Leasing & Financial Services Ltd (IL&FS) plans to more than triple its power generation capacity in five years, betting on demand for renewable energy sources such as wind and solar in Asia’s third-largest economy.

Prime Minister Narendra Modi has made renewable energy a priority as he looks to address the country’s chronic power shortages and fulfil an election promise of round-the-clock power to all Indians by 2022.

Mar 25, 2015

India’s IL&FS aims to more than triple power generation capacity

MUMBAI, March 25 (Reuters) – India’s Infrastructure Leasing
& Financial Services Ltd (IL&FS) plans to more than triple its
power generation capacity in five years, betting on demand for
renewable energy sources such as wind and solar in Asia’s
third-largest economy.

Prime Minister Narendra Modi has made renewable energy a
priority as he looks to address the country’s chronic power
shortages and fulfil an election promise of round-the-clock
power to all Indians by 2022.

Mar 24, 2015

SBI sees lending growth accelerating

MUMBAI (Reuters) – State Bank of India (SBI), the country’s largest lender, expects credit growth to accelerate in the year beginning in April to as much as 15 percent, helped by firms seeking funds to bid for coal concessions and mobile airwaves.

Arundhati Bhattacharya, SBI chairman, told Reuters in an interview that the pick up in lending compares to a “very very low” loan growth of below 10 percent in the year just ending. The bank, she said, had come through a period of consolidation and was comfortable with the current pace.

Mar 24, 2015

State Bank of India sees lending growth accelerating

MUMBAI, March 24 (Reuters) – State Bank of India,
the country’s largest lender, expects credit growth to
accelerate in the year beginning in April to as much as 15
percent, helped by firms seeking funds to bid for coal
concessions and mobile airwaves.

Arundhati Bhattacharya, SBI chairman, told Reuters in an
interview that the pick up in lending compares to a “very very
low” loan growth of below 10 percent in the year just ending.
The bank, she said, had come through a period of consolidation
and was comfortable with the current pace.

Mar 17, 2015

Yes Bank targets larger share of retail market

MUMBAI (Reuters) – Yes Bank(YESB.NS: Quote, Profile, Research), India’s fourth-largest private sector lender by assets, aims to increase the proportion of retail deposits on its books to 60 percent in three years as it expands its appeal to consumers to take on its bigger rivals.

The bank, one of India’s newest, has previously focused on providing loans and deposits for wholesale clients and businesses. But a senior executive said that would change as it expands its branch network and launches new products.

Mar 17, 2015

India’s Yes Bank targets larger share of retail market

MUMBAI, March 17 (Reuters) – Yes Bank, India’s
fourth-largest private sector lender by assets, aims to increase
the proportion of retail deposits on its books to 60 percent in
three years as it expands its appeal to consumers to take on its
bigger rivals.

The bank, one of India’s newest, has previously focused on
providing loans and deposits for wholesale clients and
businesses. But a senior executive said that would change as it
expands its branch network and launches new products.

Mar 13, 2015

SBI to turn down Adani’s $1 billion Australian loan request – sources

SINGAPORE/MUMBAI (Reuters) – State Bank of India (SBI)is preparing to turn down a $1 billion loan request from Adani Enterprises intended for a $7 billion coal project in Australia, scrapping a preliminary deal signed last year, sources with direct knowledge of the move said.

The sources said India’s largest bank had not yet given Adani official notice of the internal ruling, but said that was now due to be communicated to the group.

Mar 13, 2015

India’s SBI to turn down Adani’s $1 bln Australian loan request – sources

SINGAPORE/MUMBAI, March 13 (Reuters) – State Bank of India
is preparing to turn down a $1 billion loan request
from Adani Enterprises intended for a $7 billion coal
project in Australia, scrapping a preliminary deal signed last
year, sources with direct knowledge of the move said.

The sources said India’s largest bank had not yet given
Adani official notice of the internal ruling, but said that was
now due to be communicated to the group.

Mar 12, 2015

SBI aims to cut bad debt with huge online property auction

MUMBAI (Reuters) – India’s largest bank, the State Bank of India (SBI), will hold a record online auction this weekend to sell repossessed flats, warehouses and offices worth a total of nearly $200 million as the state lender seeks to chip away at its $10 billion mountain of bad debt.

The SBI auction will be the biggest nationwide online sale to date and is a rare public move to turn distressed loans into ready cash.