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Banks’ bad loans’ status improved over H1 2018-19: RBI
Mumbai, Dec 31 (IANS) The asset quality of banks improved over the first-half of this fiscal with the gross non-performing assets (GNPAs or bad loans) ratio declining to 10.8 per cent in September, from 11.5 per cent in March, the Reserve Bank of India (RBI) said on Monday.
In its Financial Stability Report (FSR) released on the final day of 2018, the RBI also said that the net NPAs’ ratio also fell over the period in consideration to 5.3 per cent in September, as against 6.2 per cent in March.
“The asset quality of banks showed an improvement with the GNPA ratio of SCBs (scheduled commercial banks) declining from 11.5 per cent in March 2018 to 10.8 per cent in September 2018. Under the baseline scenario, GNPA ratio may decline from 10.8 per cent in September 2018 to 10.3 per cent in March 2019,” an RBI statement said.
“In a sign of possible recovery from the impaired asset load, the GNPA ratio of both public and private sector banks showed a half-yearly decline, for the first time since March 2015, the financial year-end prior to the launch of asset quality review (AQR),” the report said.
GNPAs of state-run banks have also improved to 14.8 per cent in September 2018 from 15.2 per cent in March, it said.
According to the report, private sector banks saw their gross NPAs falling during April-September from 4 to 3.8 per cent in September 2018 in March 2018.
The FSR reflects the assessment on risks to financial stability, as also the resilience of the financial system.
“Overall assessment of systemic risks India’s financial system remains stable, and the banking sector shows signs of improvement, even though the global economic environment and the emerging trends in financial sector pose challenges,” the statement said.
“Spill-over risk to emerging economies engendered by tightening of financial conditions in advanced economies, protectionist trade policies and global geopolitical tension have significantly increased.”
In his foreword to the FSR, new RBI Governor Shaktikanta Das said the banking sector is on course to recovery vis-a-vis the NPAs, but state-run banks need reforms in governance.
“After a prolonged period of stress, the banking sector appears to be on course to recovery as the load of impaired assets recedes,” Das said.
The weaker banks among the state-run ones need to be supported through recapitalisation, he said.
Although current NPA levels remain high, the Governor said that stress tests done by the RBI have pointed to an improvement in the ratio in future.
“The immense effort put in by the stakeholders so far is required to be buttressed with substantive reforms in governance and oversight regime, supported by recapitalisation of weak PSBs (public sector banks),” he said.
Earlier this month, the government committed an additional Rs 41,000 crore in the current fiscal for recapitalisation of PSBs.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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