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n Key issues. The fortnight ending 8 Oct ’10 saw slight improvement in both yoy deposit and credit growth rates compared with the previous fortnight. Banks continue to invest in SLR and other approved securities, with growth in investments at 8.1% yoy.
n Decrease in non-SLR investment. Investment by banks in non-SLR investments slid 30.9% yoy, and 17.6% qoq, for the fortnight ending 24 Sep ’10, as banks withdrew money from MF instruments.
n RBI relaxes loan-recast norms for companies. The RBI relaxed norms governing restructuring of loans given to corporates, granting promoters more time to repay their share of funds to banks. The promoters could be allowed to bring in 50% of their sacrifice (15%) upfront and the balance within a year.
n The State Bank of India raises key lending rates. The State Bank Of India has increased the Benchmark Prime Lending Rate by 25bps to 12.50% p.a. and the base rate by 10 bps to 7.60% p.a. effective 21 Oct ’10.
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