Banks (Finance)
Acme Solar Technologies (Gujarat) Private Limited, a prominent player in the solar energy sector, has faced a significant rating downgrade. ICRA, a leading credit rating agency, has suspended the BB- rating assigned to the company's Rs. 149.0 crores term loans. This decision follows ICRA's inability
Banks (Finance)
ICRA, a rating agency, has reaffirmed the short-term rating of ICRA A1(SO) for the fund-based facilities of Sudarshan North America, Inc. (SNA), aggregating to USD 1.5 million. The rating is credit-enhanced by an unconditional and irrevocable corporate guarantee issued by Sudarshan Chemical Industries Limited (SCIL). SNA's
Banks (Finance)
ICRA Limited has reaffirmed the long-term rating of Kamala Ginning & Oil Industries Private Limited (KGOIPL) at [ICRA]B, following a review of the company's financial risk profile. The rating reflects the company's weak financial position, characterized by low profitability and high gearing. Despite these challenges,
Banks (Finance)
Srinivasa Rice Industry, a leading player in the rice milling industry, has been reaffirmed with a long-term rating of ICRA B+ (pronounced ICRA B plus) by ICRA, a leading credit rating agency in India. The rating reaffirmation continues to factor in the company's weak financial profile, characterized by
Banks (Finance)
Bangkok Bank has launched a new initiative to provide financial support to individuals and businesses affected by the floods in Thailand. The bank is offering special personal loans to customers who receive their salaries via a Bangkok Bank account, with interest rates ranging from 10% to 16% per annum. The
Banks (Finance)
Youths in Kenya, particularly those in Nyeri County, are increasingly turning to farming as a means to overcome the challenge of accessing bank loans for small enterprises. By forming self-help groups and relying on cash flow from their produce, these groups have managed to accumulate wealth and gain access to
Banks (Finance)
The Reserve Bank of India (RBI) has recently issued a notification announcing a change in the capital requirement for banks' investments in financial entities. As per the new guidelines, investments in paid-up equity of financial entities, even those exempted from capital market exposure norms, will now attract a 125%
Banks (Finance)
The depreciation of the rupee has led to a surge in non-resident Indians (NRIs) remitting funds back to India, prompting domestic banks to increase interest rates on non-resident rupee (NRE) term deposits. The Reserve Bank of India deregulated NRE term deposit rates on December 16, allowing banks to offer higher
Banks (Finance)
Bank of America's recent amendments to interest rate hedge agreements on several mortgage-backed securities will not lead to a downgrade or withdrawal of their ratings, according to Moody's Investors Service. The changes, which would allow the use of guarantees from third-party entities to mitigate "Ratings
Banks (Finance)
U.S. stocks fell sharply on Monday due to ongoing concerns over the European debt crisis and its potential impact on the global banking system. The Dow Jones industrial average, the S&P 500, and the Nasdaq all experienced significant losses. The banking sector was particularly affected, with Bank
Banks (Finance)
The Madurai Bench of the Madras High Court has issued a judgment that may restrict access to education loans for students who have poor academic records. In a case involving A Kasinathan, a second-year MBA student, the court held that banks cannot sanction loans to students who have poor performance
Banks (Finance)
Regulators and politicians were outwitted by financial traders, who spotted the dangers within Royal Bank of Scotland's (RBS) loan book long before the bank's collapse in autumn 2008. Traders suspected that RBS's vast loan book, valued at £32 billion, was hiding significant losses. Their
