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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
IndusInd parts with some business loans to build up liquidity
IndusInd Bank has done multiple deals with peer banks, transferring highly rated corporate loans in an attempt to shore up liquidity amid a likely flight of deposits, following the ongoing investigation into accounting lapses that could erode its net worth by ₹2,000 crore, said people familiar with the matter.
ICICI Bank and Federal Bank have provided liquidity support to IndusInd by acquiring highly rated loans at an interest rate of 7.5-8% through the traditional Inter-Bank Participation Certificate (IBPC) market, they said.
«The bank has been in the market to do these deals for the last 10 days or so,» said one of the persons, who did not wish to be identified. «Some estimate the amount of these loan transfers at more than ₹10,000 crore, but since it's a bilateral trade between two banks, which does not have to be reported, it is difficult to ascertain the exact number.»
Spokespersons at IndusInd Bank, ICICI Bank and Federal Bank did not respond to ET's queries emailed on Saturday.
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IBPC is a traditional market through which banks borrow and lend with loans as collateral for a temporary period. Such deals are usually done for a six-month period, during which the loan is transferred to the acquiring bank and the selling bank receives 40% of the loan amount as a borrowing, which can be used to retire deposits, if need be. The loan transfer means the bank's asset book shrinks temporarily by a similar extent.
In this case, if IndusInd Bank transferred Rs 1,000 crore of highly rated loans, it will
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