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Payment holidays are being offered for up to three months on credit cards and loans under guidelines published by the Financial Conduct Authority, the City watchdog. Mortgage repayment holidays can also be requested up until the end of October, with about 1.8m approved so far. … [Read more...] about UK banks granted 1.5m payment holidays on credit cards and loans

As a result of Covid crisis, the asset quality ratios of the banks may be severely affected and the ratio could rise by 200-600 basis points (bps) depending upon the exposure to the risk and stress that individual banks face as per a Fitch report.This is mainly due to the difference in actual and real results of bank operations and lower loan growth. The report says that impact could be extended not only in the FY 21 but also in FY 22 as the impact of fresh differences in the results will only be reflected meaningfully after regulatory forbearance ends in August 2020.The slowdown will put pressure on asset quality across sectors and segments. Private banks have either better asset quality and/or loan-loss cover than state-run banks. But it will stand exposed due to their large retail books, especially in unsecured loans and credit cards which run a high risk of drastic reduction. The report mentioned that while secured loans such as home and auto are more probable to bounce, they will … [Read more...] about Signs of impending pressure on asset quality of Indian Banks: Fitch

The history of CG and its functioning does give us some lessons. First, we should avoid multiple agencies handling different CGs. Second, the RBI or RBI-governed institutions generally fare better at financial tasks compared to the government and its agencies. The government should closely work with the RBI and heed its advice on not just CGs but other aspects of the fiscal stimulus as well, which relies greatly on the banking system. Third, we should be careful of moral hazard problems. This does not imply that one should not lend, fearing moral hazard. It is just that CG should not result in loan appraisals and follow-up not being done properly. Indian banking is already struggling with high NPAs and banks should take care to avoid any further rise. ​ … [Read more...] about Credit guarantees of 1970s make a comeback

NBFC Home Credit India has laid off 1800 employees, a decision that the company has attributed to the COVID-19 pandemic. As per Home Credit’s website, the NBFC which offers consumer loans had 15000 employees in India before the layoff was initiated.In a statement, the company said “The unprecedented coronavirus pandemic has affected every aspect of our life. It has impacted each one of us, our families, our customers, partners and businesses,” adding “These trying circumstances have compelled us to revisit and re calibrate our business strategy keeping sustainability and business continuity in mind. Unfortunately, this includes reducing the size of our team to meet the demands of these exceptionally challenging times,”Home Credit also added “After careful deliberations, we have taken the difficult decision to reduce our headcount by 1,800 employees in India. It is a tough decision and as an organization we are trying our best to help the impacted … [Read more...] about NBFC Home Credit lays off 1800 employees

NEW YORK (CBSNewYork) — That federal stimulus money you’ve been waiting for may not come in a check or direct deposit, but as a debit card. Many are receiving the card and mistakenly thinking it’s a scam. This, as another 2 million Americans filed for unemployment benefits last week, CBS2’s Andrea Grymes reported Thursday. … [Read more...] about It’s NOT A Scam: Feds Say 4 Million Americans Receiving Stimulus Checks In Form Of Prepaid Debit Card