State Bank of India has filed an application before the Supreme Court seeking clarifications on the apex court's recent directive that banks hear defaulters before they classify a loan account as fraud.
In its plea filed on April 13, SBI has said: "On a purposeful reading of the judgment, this Court has not read any personal hearing. However, it is likely to be misconstrued and a spate of litigation is apprehended on this ground by those defaulters. Their default has substantially contributed to the weakening of the financial position of the banks, affecting the economy of the nation."
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FY25 as weak-earnings year is gradually getting priced in
Even as many blame record foreign portfolio outflows for the market downturn, the real culprit is weak earnings amid rich valuations, says GAUTAM CHHAOCHHARIA, head of global markets, India, UBS. In an interview with Samie Modak in Mumbai ahead of the UBS India Summit, Chhaochharia highlights that 2024-25 (FY25) weak earnings growth is now factoring into market expectations. Investors are shifting their focus to the actions of the Reserve Bank of India (RBI) and the central government, as well as the outcome of upcoming state elections. Edited excerpts:
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Re-examine trade pacts
India must consider entering CPTPP, RCEP
