RBI said that banks based in India could sell all types of derivative and forward products to help companies based here hedge their foreign exchange risks.
Market participants say while bigger and well known names such HDFC or NHAI manage to find investors at single digit coupon rates, lesser known companies find it difficult to get investors unless they fork out double digit coupon rates.
The group extended the rest towards support for healthcare assistance to counter the pandemic. The amount would be raised from the group’s CSR fund and contributions from Nimesh Kampani.
State Bank of India, Bank of Baroda, IDBI Bank, Bank of India, HDFC Bank, Union Bank of India, Allahabad Bank, and L&T Finance are some of the lenders that put up assets for sale, dealers said. Individual lenders could not be contacted immediately for comments.
CRISIL cut the creditworthiness to AA+ with negative outlook from triple-A/negative on long term bank credit facilities up to Rs 1,500 crore.
These sectors are now prone to defaults as business has come to a near standstill during the lockdown, said experts.
Citi Bank has arranged the fund-raising for Cholamandalam and PNB Housing.
“There is a significant difference not only between public sector and private sector banks’ interest rates but also between our repo-linked lending rate and MCLR rate,” said CS Setty, managing director at State Bank of India.
RIL announcement comes a day before the second instalment of TLTRO scheduled today.
“At this point of time, one can do nothing except curtail costs and postpone capex plans. Those are the only immediate solutions we have. We are watching the markets closely and taking stock,” said a top official at a leading Indian conglomerate based in Mumbai.
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