UTICA — The city of Utica’s fiscal stress score is in a downward spiral.And that is very good news for city officials.Mayor Robert Palmieri declared in a news release Thursday that the city’s fiscal stress score, which can be measured by state Comptroller Thomas DiNapoli’s local authorities tracking system, fell from 40 percent to 20.8 percent in 2016. That’s a fall of 19.2 percent and the 2nd consecutive season that the town’s score has shown progress.
From Rajesh Kumar Singh| NEW DELHI
NEW DELHI Indian banks’ fights with bad loans within the past three years have started an chance to ramp up financing for so-called non-banking financial companies (NBFCs), that aren’t as strictly regulated as banks.
With their share of credit new investors and new players have piled into the NBFC market.
The newest player is Incred. Backed from Deutsche Bank’s (DBKGn.DE) former co-CEO Anshu Jain, it lends to people and small- and midsize enterprises (SMEs) such as start-ups.
Saurabh Jhalaria, that directs Incred’s SME division, says that the company intends to disburse $234 million in credit. As much as 60 percent could be given to SMEs, he said.
“There is excellent need for credit from small entrepreneurs, but provide is very limited,” Jhalaria told Reuters, speaking about this reluctance to contribute among state banks.
Public sector lenders led by State Bank of India (SBI.NS) and Punjab National Bank (PNBK.NS), which as a group accounts for just two third of banking assets, are now saddled with bulk of India’s $150 billion in worried loans.
Criminal investigations into a loan defaults have made of extending new credit bankers cautious. The practice of accepting loans requires a lot of paperwork and has become more lengthy.
Banks are reluctant to lend without matching security. In some cases, they require collateral of the loan.
Because of this, bank card to business shrank by 1.9 percent in the fiscal year that ended in March. By comparison, NBFCs have posted rates of financing growth.
A study by research company Crisil shows NBFCs have doubled their market share in the past five years in fund and SME loans. The Indian unit of rating agency Standard and Poor’s expects their share in loans to rise by 3 percentage points.
Since its launch in February, Incred has given almost $16 million to 1,000 borrowers. It offers loans to SMEs of up to 100 million rupees ($1.56 million) and fees interest rates between 13-19 percent.
While the loans tend to be more costly than those offered they are processed rapidly and require minimal paperwork.
“Our goal is ambitious but achievable,” said Jhalaria. “There’s a requirement that isn’t being met by banks. We’re filling in that gap.”
($1 = 64.0600 Indian rupees)
(Reporting from Rajesh Kumar Singh; Editing by Douglas Busvine and Alex Richardson)
In accord with the new dates for GST inflows, the finance ministry has asked additional ministries/departments to make sure that big releases of Rs 200-2,000 crore are retained between 21st and 25th of a month to “benefit from GST inflows”.
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