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Home Loans of credit card defaulters will be as non-performing loans : Axis Bank

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3 years ago

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Axis Bank will classify home loans of credit card defaulters as non-performing loans. The bank said that this is being done as a part of its prudent provisioning practice to tackle with troubled loans.

From the bank perspective, bank would have to take a hit on its earning as it is classified as non-performing assed (NPA). This is because it has to provide for such a loan and, at the same time, any interest payments that it has already received will cease to be regarded as income. On the other side, for the borrower, the bank can now initiate recovery proceedings at some point and may recall the entire loan.

Loans are usually classified as an NPAs when it is overdue for 90 days.

The report noted that, while Axis bank was making provisions from its earnings, proceedings might yet not be initiated due to the Supreme Court order. The RBI allowed banks to go in for one-time restructuring, but the las date for the applications ended on December 31.

This was confirmed by the bank’s MD & CEO Amitabh Chaudhary while announcing the bank’s results for the quarter ended December 2020, The bank reported that profits were “adversely impacted due to prudent expense and provisioning charge of Rs 1,050 crore”.

The bank said that profits slumped 36 percent to Rs 1,116 crore in December 2020 from Rs 1,757 crore, while in third quarter Rs 6,736 crore worth of additional loans slipped into default.

Chaudhry said, “We re in the risk-taking business. We have to make prudent provisions. We have provided as though the Supreme Court dispensation (barring lenders from classifying loans as NPA) is not there. We have reversed interest earnings and fees from our income on these loans.

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Apple is giving a huge discount on its gadgets: Details inside

Published

2 years ago

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May 5, 2022

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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