by admin | May 25, 2021 | Banking, Economy, Finance, Investing, News, Retirement Plans, Venture Capital
Kolkata : Leading private insurer SBI Life Insurance on Monday said it has signed a ‘bancassurance’ pact, with state-run Allahabad Bank to offer a financial planning solution to consumers.
One of the largest bancassurance partnerships in the country will see 3,238 branches of the bank across the country offering the insurer’s a range of protection, wealth creation and savings products to its customers.
This will empower the consumer to address their complete financial needs under one roof.
The public sector bank’s MD and CEO Mallikarjuna Rao highlighted the bank’s objective of offering wider choices of life insurance products to the customers and also augmenting non-interest income of the bank.
“Consumers will now have a direct access to our range of products, providing a holistic financial planning solution. We believe strengthening our distribution network will go a long way in making insurance more accessible to the general public and our partnership with the bank is a step in that direction” the insurer’s MD and CEO Sanjeev Nautiyal added.
—IANS
by admin | May 25, 2021 | Banking, Corporate, Corporate Buzz, Economy, News
Kolkata : State-run Allahabad Bank, which referred 65 stressed accounts involving around Rs 12,566 crore to the NCLT for IBC resolution during last fiscal, is focusing on recovery and rebalancing its loan book with emphasis on small, micro, agriculture and retail advances.
The lender also said the number of “wilful defaulters” declared by the bank stood at 257, a two-and half-fold jump from March 2017 figure of 101.
“Taking into account the optimistic outlook of the economy and its different sectors, the bank will align its business objective to maximise its gains.
“The bank shall primarily focus on aggressive recovery drive, further build-up in CASA (current account and savings account), rebalancing of loan book with focus on SMARt (small, micro, agriculture and retail) loans thereby increasing its share to the loan book supported by technology,” its latest annual report said.
The Kolkata-headquartered lender would also look at different avenues to raise capital with simultaneous reduction in risk weighted assets.
“Bank has referred 65 Non-Performing Assets borrowal cases involving an amount of Rs 12,566.11 crore to the National Company Law Tribunal (NCLT) for resolution under Insolvency and Bankruptcy Code (IBC) during FY18.
“A separate — NCLT Cell — at Head Office for exclusive monitoring of NCLT referred cases is being formed,” it said in the report.
At the end of the 2017-18, gross NPA of the bank stood at Rs 26,562.76 crore as compared to Rs 20,687.83 crore in FY 17 (2016-17) and Net NPA remained at Rs 12,229.13 crore as on March 31 as against Rs 13,433.51 crore in FY17.
According to it, FY18 was a challenging year for the Indian banking industry due to continued stress faced in asset quality on account of various macroeconomic and other factors.
The lender has nine Asset Recovery Management Branches (ARMBs) which function exclusively for resolving NPAs and it organised 12 recovery camps in the previous year (one camp in each month) involving all the branches.
“This step was very successful in terms of recovery that amounted to Rs 3564.55 crore,” it said.
According to lender, it sold 216 stressed accounts and assets worth Rs 2,539.21 crore to asset reconstruction companies (ARCs) during the last financial year.
—IANS
by admin | May 25, 2021 | Banking, Corporate, Corporate finance, Finance, Investing, News
Kolkata : State-run Allahabad Bank on Wednesday said it has sanctioned Rs 1,003 crore in loans to 8,289 beneficiaries for micro, small and medium enterprises (MSME) through a special drive.
“The bank organised a mega camp for MSME loans on Monday. Through the said camp, MSME loans aggregating Rs 1,003 crore were sanctioned to 8,289 beneficiaries, which included Rs 55.42 crore (1,794 beneficiaries) under Pradhan Mantri Mudra Yojana (MUDRA) and Rs 35.04 crore (160 beneficiaries) under Stand-Up India Scheme,” the lender said in a statement.
The lender claimed it has been offering “competitive rate of interest for MSME and retail loans” and has always endeavoured to offer its customers various products at attractive rates, adding in the process more than 5 million new customers during the last one year.
Total outstanding under retail credit as on December 31, 2017 stood at Rs 19,849 crore registering a year-on-year growth of 20.50 per cent from Rs 16,473 crore year-ago.
However, the bank posted a net loss of Rs 1,263.79 crore in the third quarter of 2017-18 due to higher provisions made for aging NPAs (non-performing assets) and NCLT (National Company Law Tribunal) referred accounts and also losses incurred in treasury operations during the quarter.
—IANS
