RBI data shows loans to companies and individuals have been growing at a subdued 5.5%-6% in recent months, which is half the pace seen before the pandemic struck.
Bank credit data between March 2020 and May 2021 shows overall loans given by banks decelerated in the second wave. But personal loans grew in double digits.
Credit card debt as a percentage of the total is tiny, but it is expensive credit, and default is usually a sign that personal finances are in trouble.
Credit history only after debt recast would be taken into account for new loans. Banks will allow recast only if income impacted between February and August.
SC's direction came after the Finance Ministry agreed to waive compound interest charged on loans of up to Rs 2 crore for six-month moratorium period announced due to the pandemic.
A bench led by Justice Ashok Bhushan issued the interim order while was hearing a batch of petitions seeking waiver of interest on deferred EMIs during the moratorium period.
Experian Plc told RBI in July that HDFC Bank has been late in providing details of its loans, including repayment status of millions of retail borrowers.
The crisis also puts DGCA’s vacancies in the eye of the storm. Naidu told the Rajya Sabha in July this year that 190 out of 410 DGCA vacancies would be filled this year.
Data shows re-alignment in India’s exports, with Tamil Nadu & Telangana posting strong growth in 2024-25 as traditional heavyweights Gujarat & Maharashtra see declines. Gujarat still leads, though.
Of the total package, $649 million will be utilised for additional hardware, software, and support services, and the remaining for Major Defence Equipment (MDE).
Don’t blame misfortune. This is colossal incompetence and insensitivity. So bad, heads would have rolled even in the old PSU-era Indian Airlines and Air India.
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