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Summary
One of the key drivers of economic recovery in India will be the efficient movement of capital from inefficient firms to efficient ones. The economic downturn caused by the coronavirus pandemic has been severe, and India’s economy was one of the worst affected in 2020–2021. Though the economy is recovering faster than initial estimates, sustained economic recovery will not take place if stressed businesses cannot restructure their debts properly or if failing firms cannot be resolved efficiently. India’s bankruptcy law is key to solving these challenges.
In 2016 India enacted the Insolvency and Bankruptcy Code, 2016 (IBC), which was a landmark reform to the nation’s financial system and the first comprehensive law to regulate insolvency.
›Federal Bank gross advances up by 9% at Rs 1.35 lakh crore by March 2021, deposits up 13%
Federal Bank gross advances up by 9% at Rs 1.35 lakh crore by March 2021, deposits up 13%
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Federal Bank gross advances up by 9% at Rs 1.35 lakh crore by March 2021, deposits up 13%PTI
Last Updated: Apr 05, 2021, 03:12 PM IST
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Synopsis
The CASA (current account and savings account) deposits of the south-based lender witnessed a 26 per cent growth year on year at Rs 58,381 crore as of March 31, 2021, as against Rs 46,450 crore a year ago.
Private sector lender
Federal Bank on Monday reported a 9 per cent increase in its gross advances to nearly Rs 1.35 lakh crore (Rs 1,34,876 crore) by the end of March 31, 2021.
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The individual loan business continued to see strong improvements during the quarter ended Match 31, 2021. During the quarter, pursuant to the buyback option embedded in the home loan arrangement between the Corporation and HDFC Bank, the Corporation assigned loans to the bank amounting to Rs 7,503 crore, HDFC said in a regulatory filing. In the year ago same quarter ended March 2020, such loan assigned to HDFC Bank stood at Rs 5,479 crore. The individual loans sold in the preceding 12 months (April-March) amounted to Rs 18,980 crore (previous year Rs 24,127 crore), it said. Besides, the Corporation s gross income from dividend for the March quarter was Rs 110 crore as against Rs 2 crore in the year-ago quarter. There was no sale of investments in subsidiary/associate companies during January-March, as also in the year ago period, it added.