ICICI Pru MF new issue closes on 2nd September
ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 57-3 Year Plan A, a close-ended income scheme.
The investment objective of the scheme is to generate regular returns by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the plan. The tenure of the scheme is three years.
The new issue closes on 2nd September. The minimum investment amount is Rs5,000.
CRISIL Composite Bond Fund Index is the benchmark index. Chaitanya Pande is the fund manager.
BNP Paribas MF new issue closes on 7th September
BNP Paribas Mutual Fund has launched BNP Paribas Fixed Term Fund-Series 22 D, a close-ended income scheme.
The investment objective of the scheme would be to achieve growth of capital through investments made in a basket of fixed income securities maturing on or before the maturity of the scheme. The tenure of the scheme is 369 days.
The new issue closes on 7th September. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Fund Index is the benchmark index. Alok Singh is the fund manager.
At the post-policy interaction with the media RBI governor D Subbarao had also said that the bankers had told him that there were no systemic risks as of now for banks, as the interest rate gets tightened
Mumbai: Reserve Bank of India (RBI) deputy governor Anand Sinha today said though bad loans are rising in the system, the central bank does not see it a systemic risk as yet, reports PTI.
Talking to reporters on the sidelines of the Ficci-IBA summit here, the deputy governor said, "We don't see any systemic risks from the current trend of rising non-performing assets. But, there could be some sectoral risks going forward."
He was responding to a question in the wake of the rising interest regime as the central bank has jacked up its key lending rate by a whopping 425 basis points in the past 15 months to batten down inflation and the result measures by banks to pass on the cost to consumers.
He further said, "I would not say we are particularly worried about retail loan segment, but yes, the retail segment is the one that is likely to feel the pressure."
Banks have been witnessing rising risks from small and medium scale industries as well as in their unsecured portfolios, which primarily consist of personal loans and credit cards business apart from the home loans front.
At the post-policy interaction with the media RBI governor D Subbarao had also said that the bankers had told him that there were no systemic risks as of now for banks, as the interest rate gets tightened.
Yesterday, the chief financial officer of the nation's largest lender Diwakar Gupta had said that his bank's Rs7,000 crore education loan has been witnessing pressure and the level of the stressed assets have reached 4% of this exposure.
The Kolkata-based United Bank chairman and managing director Bhaskar Sen, too, said that there are rising risks to his assets, especially from the small and medium enterprises (SMEs) and the retail sector and that he may look at increasing in the tenor of the loan than increasing the equated monthly instalments (EMIs).
On the impact of the Basel III on the domestic banks, especially on the state-run banks, which control over 70% of the banking assets in the domestic system, Sinha said, the government will have to infuse funds into the banks to ensure that they are adequately capitalised so that banks can continue to fuel the economy.
Meanwhile Crisil Ratings director Ramaraj Pai said the 26 public sector banks would need a whopping Rs8 trillion in core capital by 2019, when the Basel III norms will be implemented. As of FY09-10, these banks had a core (Tier I) of capital of only Rs70,000 crore, which is well above the Basel II requirement.