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HDFC Bank loans grow 14% in FY21 - Times of India


HDFC Bank loans grow 14% in FY21
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HDFC Bank loans grow 14% in FY21
TNN / Updated: Apr 6, 2021, 09:12 IST
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MUMBAI: HDFC Bank has reported 16.3% growth in deposits and 14% in advances during the year 2020-21. Yes Bank and IndusInd Bank too have reported high deposit growth of 54.7% and 27.7% respectively, indicating a gain in market share after a turbulent fourth quarter in FY20.
Although industry business figures for the banking sector will be known only in the coming weeks, RBI data up to mid-March indicates that banking sector growth in deposits will be below 11% and advances at below 6%.
In a statement to the exchanges, HDFC Bank said that its deposits stood at Rs 13.4 lakh crore at the end of March 2021 an increase of 5% over the previous quarter and a 16.3% increase for the financial year. ....

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Hiring, wage hikes likely as outlook for IT appears 'bright'


Hiring, wage hikes likely as outlook for IT appears ‘bright’
April 05, 2021
Analysts peg revenue growth of tier-I firms at 2.5-3.4 per cent in Q4
The IT industry is likely to report a modest growth in revenues in the fourth quarter of 2020-21 and a double-digit growth in 2021-22. The tier-I IT companies are likely to close the quarter with a growth rate of 2.5-3.4 per cent in revenues in the quarter over the previous quarter.
A projected double-digit growth in the current financial year would also mean a sharp increase in hiring to meet the growing demand for IT services and solutions. ....

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India's rising number of loan defaulters has added to the non-banking lenders' woes


Reuters
The nightmare for India’s beleaguered non-banking finance companies seems to have no end.
After the economic slowdown and liquidity crunch, now the impact of the Covid-19 pandemic is weighing heavily on the balance sheet of Indian NBFCs. A key indicator of this pressure is the rising number of stage-3 assets, which are accounts that have defaulted on repayment of loans for more than 90 days. The number of such accounts went up during the October-December period for most of the leading NBFCs in India.
As part of a Covid-19 relief package, the Reserve Bank of India had allowed borrowers to halt repayment of loans without impacting their credit history between March and August. But with the moratorium now lifted, borrowers still do not seem to have the ability to repay. ....

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