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Incoming boss of India's SBI says bad debt numbers “will look better”

Incoming boss of India's SBI says bad debt numbers “will look better”

Finance
MUMBAI: Tackling bad loans will be a priority for India's largest bank, said the newly appointed chairman of State Bank of India, Rajnish Kumar, addressing his first press conference since the appointment was announced late on Wednesday. SBI, which accounts for more than a fifth of India's banking assets, has seen bad loans rise after it absorbed five subsidiary banks earlier this year. Kumar said SBI had tackled issues that came as a result of that deal and would see asset quality numbers "looking much better". Kumar replaces Arundhati Bhattacharya, who implemented major reforms during her four years at the helm and became one of India's most high-profile executives. Let's block ads! (Why?) Banking/Finance-Industry-The Economic Times
Carillion lenders prepare £800m debt deal

Carillion lenders prepare £800m debt deal

Business
A pack of UK banks have drafted in advisers to steer them through a financial restructuring at Carillion, the troubled support services group.Sky News has learnt that lenders including Barclays, HSBC and Royal Bank of Scotland have appointed FTI Consulting ahead of a crucial set of results that Carillion is due to announce next week.FTI is said to have been hired in the last few days by the banks, which have lent hundreds of millions of pounds to Carillion.The future of the construction company, which has a key role in major public infrastructure projects such as the HS2 high-speed rail link, was plunged into doubt by a huge profit warning in July.The alert, which Carillion blamed partly on big writedowns on a number of projects, sent its shares crashing.Since then, it has ousted its chief...
Here is why Indians are retiring poor with more debt and no pension

Here is why Indians are retiring poor with more debt and no pension

Finance
NEW DELHI: Indian families borrow and invest in very different ways than families in the US, UK or Germany, and even those in China. The depth of these differences, across all ages and economic levels, is revealed in a recent report on household finances prepared by the RBI. It shows that a major proportion of household wealth in Indian families is kept as real estate or gold, even among younger families, and even by the poorest 40 per cent of population. This is not the case in other countries. Institutional borrowings by Indian families are low in early life and go on increasing leaving many retired persons with a debt overhang, unlike advanced countries where mortgages reduce after retirement. And, pensions are virtually absent in India while in most Western countries they are a...
If you have student loan debt, you might also need life insurance

If you have student loan debt, you might also need life insurance

Finance
Taking out a life insurance policy as a new college graduate may not be top of mind, but it's worth exploring if you have student loans. Some of that debt can live on, even if you die."That's not something that college-age students and their parents tend to think about," said Betsy Mayotte, director of consumer outreach and compliance for American Student Assistance, a nonprofit focused on higher education financing.Four in 10 student borrowers now owe at least $ 20,000 at graduation, double the share from a decade ago, according to a new report from the Consumer Financial Protection Bureau. Over the same period, the number of those owing at least $ 50,000 has more than tripled, from 5 percent to 16 percent of borrowers.If a relative or friend has co-signed on a student loan for you, and y...
Percentage of college graduates owing $20,000 in student loan debt doubles in 10 years

Percentage of college graduates owing $20,000 in student loan debt doubles in 10 years

Finance
As college costs rise and incomes fail to keep pace, the problem of student loan debt has become exponentially worse.Now, nearly half of student loan borrowers owe at least $ 20,000 when they graduate, double the share a decade ago, according to a recent report by the Consumer Financial Protection Bureau. Meanwhile, the percentage of borrowers who owe $ 50,000 or more has tripled over the same time period.More from College Game Plan:The first steps to repaying your student debtThree ways to avoid the financial death spiral of defaulting on your student loansThis student debt strategy can save you more than $ 18,600Fewer are also paying down their debt within five years, the report said."People are taking on more student debt later in life, and having a tougher time paying it back," CFPB di...