By Nupur Anand
MUMBAI (Reuters) – Indian bankers fear the government’s decision to waive some interest payments on loans under a COVID-19 support plan will create unnecessary work for lenders and lead to more litigation, without providing much of a boost for the sagging economy.
In an Oct. 2 filing with the Supreme Court, seen by Reuters, the government said it is amending a controversial clause in a relief plan that allowed distressed borrowers to skip repayments for six months but then charged them “interest-on-interest” on the delayed payments, putting them deeper in debt.
The change will waive the compounded interest component on small business loans and some personal debts from March to August.
The government will bear the cost, which could be as high as $1 billion, according to analysts.
But for Indian lenders saddled with over $120 billion of bad loans and a coronavirus-induced collapse in demand, the
By Sethuraman N R
BENGALURU (Reuters) – Indian shares rose on Monday, led by banking stocks on hopes that the government may offer support and infuse some capital into the sector, with gains in global markets also aiding investor sentiment.
The broader NSE Nifty 50 index <.NSEI> rose 1.6% to 11,227.55 and the S&P BSE Sensex <.BSESN> climbed 1.6% to 37,981.63.
“Expectations of a stimulus package from the (Indian) government are also helping,” said Aamar Deo Singh, head advisory, Angel Broking.
“Markets have bounced back from important technical levels. 10,800 was an important technical support level and a lot of short covering has also happened,” Singh added.
The public sector bank index <.NIFTYPSU> gained 3.3% and the banking index <.NSEBANK> rose 3.3% after a report said the finance ministry may provide capital support to some public sector banks in the third quarter.
Analysts also said investors were hoping for some
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Chapter 5 of John Steinbeck’s 1939 novel The Grapes of Wrath is the chapter where the men who represent the bank come and tell the tenant farmers that they have to get off the land because the bank has decided that the land is to become more like a factory. They bring in one guy on a tractor who will work all of the land for the price of feeding 100 tenant farmers.
The chapter is interesting for a few reasons. First, I love the way the characters aren’t even delineated. We don’t even hear any of their names here. There is lots of dialogue, but we don’t know the names of any of the speakers. They’re representatives, almost like caricatures. Their identities don’t matter because they just types of people. They’re business people and they’re tenant farmers, not real people with names.
But that’s the point, too. For the … Read More