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Karuvannur loan scam: CPI(M) vows legal fight after PMLA court issues summons

BJP, Congress demand resignations of A.C. Moideen MLA; K. Radhakrishnan, MP

Loan write-off adalat for Mundakkai-Chooralmala landslide victims

Woman who took Rs 50 lakh loan for master's abroad says biggest return wasn't money

A woman who took a Rs 50 lakh loan for her master's abroad shared her experience, highlighting the brutal London job market and her successful repayment in Dubai. She emphasized that the personal growth and life lessons gained were invaluable, outweighing the financial aspects and encouraging informed decisions beyond just numbers.

Relief for home loan borrowers as RBI holds repo rate

ICICI Bank shares fall 10% in 6 months. Here’s why Motilal Oswal sees 41% upside potential

ICICI Bank is well-positioned to sustain sector leadership with a healthy growth outlook and robust asset quality, said Motilal Oswal Financial Services while naming the heavyweight private lender its top ‘Buy’ within the banking sector even after the stock tumbled 10% in six months.The shares of ICICI Bank gained over 1% on Thursday to trade at Rs 1,258.40 apiece on NSE. The stock has however fallen over 1% in one week and 6% in 2026 so far. The stock has fallen more than 12% in one year.Despite the muted returns, Motilal Oswal maintained its bullish call for the shares of ICICI Bank. The domestic brokerage said that the private lender is well-positioned to sustain its growth momentum while maintaining profitability benchmarks. It expects the bank to deliver a 16% loan CAGR over FY26-FY28, led by strong growth in business banking and PL, while the corporate segment is also expected to witness healthy traction, supported by working capital demand.ICICI Bank’s liability franchise continues to remain best-in-class, supported by diversified acquisition engines and a rapidly expanding physical network, Motilal said. With a domestic CD ratio of 85.5% and LCR of 126%, the brokerage added that the bank is well placed to capitalize on growth opportunities compared to peers.“ICICI Bank is likely to maintain cost leadership despite meaningful investments in technology, customer delivery, analytics, and talent. ICICIBC’s asset quality remains robust, supported by disciplined underwriting, continued monitoring, and strong recoveries, while the bank maintains a healthy contingency buffer (0.9% of loans). The bank currently does not face additional portfolio stress from the West Asia crisis or ECL transition. Credit costs are, thus, expected to remain contained, with GNPA/NNPA improving to ~1.4%/0.3% by FY28E,” Motilal said.Motilal Oswal on ICICI Bank share priceThe brokerage acknowledged that ICICI Bank shares have delivered tepid performance over the past year, reflecting broader derating across large banking stocks amid persistent FII selling. However, with operating performance holding strong and sustained market share gains across key lending segments, Motilal expects a gradual rerating.It maintained its ‘Buy’ call on the stock, with a target price of Rs 1,750 apiece. This implies an upside potential of nearly 41% from the stock’s previous closing price of Rs 1,242 apiece on NSE.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Jefferies initiates coverage on Poonawalla Fincorp with Buy rating. Why are analysts bullish?

International brokerage firm Jefferies started coverage on Poonawalla Fincorp with a Buy rating and a target price of Rs 490, implying an upside of 23% from current market levels, citing positive levers of growth. Jefferies says the company is well positioned to accelerate growth under its revamped leadership team, expanding product portfolio, wider distribution network and sharper underwriting practices. The brokerage expects the company to deliver a 33% AUM CAGR, the fastest among major NBFCs, supported by an improving loan mix, better net interest margins and lower credit costs driven by reduced slippages and a healthier portfolio mix. Analysts also forecast a sharp improvement in profitability, with RoA/RoE expected to expand to 16% by FY29 from 6% in FY26, which it believes should support the stock's premium valuation multiples. The brokerage cited the company's ongoing strategic transformation under CEO Arvind Kapil, former head of retail and mortgage banking at HDFC Bank as a positive. The brokerage highlighted the leadership overhaul, with seven of nine CXOs coming from HDFC Bank, alongside the launch of six new products including prime personal loans, commercial vehicle loans, gold loans and education loans. These new segments have already scaled to 14% of AUM within a year and are expected to contribute 34% of AUM over time. Jefferies expects the company to deliver a 33% AUM CAGR during FY26-29, supported by investments in distribution, collections, technology and AI, as well as its AAA credit rating and backing from the Adar Poonawalla Group.The brokerage expects margins to improve as the company shifts toward higher-yielding products. After contracting by 250 basis points over the past two years due to the run-down of its legacy personal loan portfolio, NIMs are projected to expand by around 70 basis points over FY26-29, aided by growth in products such as prime personal loans and gold loans. At the same time, Jefferies expects cost-to-AUM to improve to 3.9% by FY29 from 4.4% in FY26 on the back of operating leverage.Asset quality trends have also strengthened, with gross NPAs declining to 1.4% from 1.8% in FY25, supported by tighter underwriting and the reduction of the stressed legacy personal loan book. Jefferies noted that delinquency levels in loans originated after September 2024 are running about 50% lower than the previous 12-month cohort. It expects credit costs to moderate to 2.2% over FY26-29 from 2.7% in FY26, driven by better portfolio quality and a growing share of lower-risk products such as gold and education loans.Following a Rs 2,500 crore capital raise in April 2026, the company's Tier-1 capital ratio has risen above 19.5%, providing ample room to fund growth. Jefferies forecasts profit after tax to surge to Rs 2,900 crore by FY29 from Rs 540 crore in FY26, while return on assets and return on equity are expected to improve to 2.3% and 16%, respectively, from 1.1% and 6% in FY26. Despite trading at 2.4x FY27 estimated book value and 25x FY27 estimated earnings, the brokerage believes Poonawalla Fincorp's strong growth trajectory and improving profitability justify premium valuations and could support further re-rating if execution remains robust. Key risks include weaker-than-expected execution, margin pressure and higher credit stress.In Thursday’s session, shares of the company are down 1.5% to Rs 394 on the BSE. Poonawala Fincorp shares are down 18% in 2026. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The ₹ warning: Six actions for biz leaders

The Indian rupee is trading around Rs. 95-96 to the dollar in late May 2026, setting fresh record lows. Markets are openly discussing the Rs. 100 threshold. The rupee has weakened in almost every year since 2014 and has lost approximately half its value against the dollar over that period. The end of this currency depreciation is not in sight. The factors that would stop it are not yet visible.The government is acting. State run oil companies have implemented four fuel price hikes in ten days as of May 25, taking petrol in Delhi past Rs. 102 per litre. This is the right and necessary response to the energy cost reality created by the Iran war. Crucially, the Modi government has also done its part on the macroeconomic front, consistently and aggressively reducing the fiscal deficit as a percentage of GDP to maintain structural stability.Yet, the currency pressure persists. The energy price impact has not yet fully reached Indian consumers and supply chains. It is coming.Uday Kotak said it plainly at the CII Annual Business Summit on May 12: "Be ready for tough times rather than waiting for the shock to hit us." He was right.Also read | Manufactured monopoly: How industrial policy is structuring monopolies in IndiaThis is not a time to panic. But it is a time to act. The leaders who move now will have options. Those who wait will not.The Overriding Factor: The Psychology of the PlayersWhy is the currency declining despite strong domestic fiscal discipline? Because exchange rates are not driven by mathematical models alone. The currency decline is highly affected—and accelerated—by the psychology of all players engaged in this endeavor.Currency movements are deeply behavioral. When a currency visualizes a downward trend, psychology shifts from calculation to self-protection and speculation. Every player in the ecosystem operates under this psychological weight:Corporate CFOs and Treasurers: Instead of hedging normally, they rush to cover future dollar liabilities early, hoarding hard currency and inadvertently worsening the scarcity.Foreign Investors: They begin to judge their returns not by the quality of Indian business operations, but by the eroding value of the conversion rate.Importers and Exporters: Importers advance their payments to avoid paying more tomorrow; exporters delay converting their dollar earnings back into rupees, waiting for a "better" rate. This collective psychology creates a self-fulfilling prophecy.Investors, CFOs, and FDI decision makers extrapolate what is happening now into the future. When they see a currency that has lost approximately half its value since 2014 with no clear floor in sight, their psychological pivot alters market realities.Also read | India tightens checks on overseas flows as currency pressure mounts, sources sayThe cascading timeline of Foreign Portfolio Investor (FPI) equity behavior perfectly mirrors this psychological shift from rational evaluation to systemic risk aversion:2024 (The Calculation Phase): Rupee averages Rs. 83-84. FPI flows remain positive (+$12 billion) as investors trade on strong domestic corporate earnings.2025 (The Self-Protection Phase): Rupee slides past Rs. 89. Collective psychology shifts to risk mitigation. FPIs withdraw a record $18.4 billion from Indian equities—the largest annual equity outflow on record.Early 2026 (The Capitulation Phase): Rupee breaks past Rs. 95. Sentiment turns into an outright exit strategy. In the first four months of 2026 alone, outflows have already reached $19.1 billion, completely bypassing the entire previous year's record loss in a fraction of the time.FDI agreements are being signed, but capital is delayed because players are psychologically hesitant to deploy funds into a depreciating asset.The Trap of Hard Currency Debt: A Broken Business Model There is a highly significant and dangerous phenomenon unfolding in India today that requires immediate exposure. For years, a specific class of Indian corporates adopted a regular strategy of borrowing heavily in hard currency (External Commercial Borrowings, or ECBs). Lured by low nominal global interest rates, several of these companies over borrowed, treating cheap dollar debt as a permanent structural advantage.Today, that strategy has become a trap. The compounding effect of a depreciating rupee, skyrocketing hedging costs, and brutal refinancing realities is fundamentally breaking their business models.Consider the mechanics of this crisis:The Hedging Penalty: Leaving dollar debt unhedged is now corporate roulette. However, buying hedges at current rupee levels has become structurally prohibitive. The cost of protection completely wipes out any interest rate advantage.The Refinancing Wall: Billions in foreign debt are coming due. These over-borrowed companies must now refinance their liabilities at a time when the rupee value has materially deteriorated. They are effectively forced to borrow far more rupees just to pay back the same amount of original dollars.The Crushing Cost of Rupee Capital: As these companies try to pivot back to domestic lenders, they face a severe escalation in their rupee cost of capital.The Growth Verdict: When your cost of capital spikes and your cash flows are consumed by servicing legacy dollar debt, future growth stops. Capital expenditure (CapEx) plans are being frozen. These companies can no longer invest in innovation, capacity, or market expansion. Their business model shifts overnight from aggressive value creation to basic survival. Boards must realize that this is not a temporary treasury headache; it is a structural threat to the company’s future viability.India's forex reserves stand at approximately 10 to 11 months of import cover. Substantial, but being actively deployed to defend the currency. Some imports are non-negotiable: oil, critical inputs, components. These will now cost more. That cost passes through every supply chain.Six Actions for Business Leaders1. Protect your cash and liquidity first. This is the most immediate priority. Map your cash position today. Identify every source of liquidity across the next twelve months. Stress-test it at Rs. 100 and beyond. Which receivables are at risk? Which credit lines are rupee-denominated and which are not? Companies that run into a cash crisis during a currency depreciation cycle lose their options entirely. The CFO must own this analysis and present it to the board within days, not weeks.2. Act now on your foreign currency borrowings, hedging, and refinancing. Do not assume the rupee will recover to Rs. 80. Analyse your full foreign currency exposure across the next three years: every loan, every refinancing date, every hedging contract, every procurement price denominated in foreign currency. Hard currency loans now face refinancing at rupee values that have materially deteriorated. Model every scenario at Rs. 100 and beyond. Your CFO, treasury, and procurement team must be aligned on one instruction: do not run into a liquidity crisis. This analysis must happen now, not at the next quarterly review.3. Build a war room. Most companies have begun thinking about war rooms for supply chain disruptions. Expand the mandate. Currency exposure belongs in the same room. Which of your costs are dollar or euro denominated? Which of your revenues are rupee denominated? Where is the mismatch? What is your break-even exchange rate? If you do not have clear answers today, you are exposed. The war room is not a committee. It is a real-time decision environment with live data, a clear owner, and the authority to act.4. Use the currency depreciation advantage: double your export salesforce. A weaker rupee makes Indian exports more competitive. This window will not stay open indefinitely. Double the salesforce in your export markets now. Use this period to upgrade quality, improve service delivery, and build customer relationships that will last beyond the currency advantage. Indian exporters who invest in capability during this period will emerge stronger regardless of what the rupee does next. Those who simply ride the price advantage without building the underlying business will lose when conditions change.5. Watch your stock and your sector. Banks and financial institutions should already be on high alert. Companies with large foreign currency exposure will see pressure on their financials. Some stock prices are already reflecting this. Go through your sector company by company. Identify who is most exposed. If you are an investor or a lender, this analysis is not optional. The combination of currency depreciation, rising oil prices, and FPI outflows creates a compounding pressure that will surface in earnings before it surfaces in headlines.6. Cut costs aggressively. AI will help. There has never been more urgency to reduce costs than now. And there has never been a better tool to do it. AI can cut most operational costs by as much as 30% across functions: procurement, finance, customer service, logistics, and compliance. McKinsey data confirms companies adopting AI and automation reduce operational costs by 20 to 30 percent. This is not a future opportunity. It is a present imperative. Every rupee of cost removed through AI is a rupee that does not need to be recovered through revenue in a deteriorating currency environment. Start now with your highest-cost functions.The CFO as CaptainCurrency risk is a cash flow risk. Every function that touches foreign currency—procurement, treasury, sales, capex planning— must now report into a single coordinating authority. That authority is the CFO. This is not about hierarchy. It is about clarity. In a currency crisis, fragmented decision-making is as dangerous as wrong decision making. One captain. One consolidated view. Weekly reviews minimum.The Bigger PictureThis currency depreciation is a structural signal, not a cyclical one. India's economy must move from a cheap labour advantage to genuine global value creation.The companies that will survive and thrive are those building products and services that command premium prices in global markets. The rupee's weakness is a reminder that competing on cost alone has limits.The recently concluded trade agreements are a genuine opportunity. Execute them with full force. Build the export pipelines. Add the sales capacity.The businesses that move now, with discipline and clarity, will manage market psychology, navigate the debt trap, and define the next chapter of Indian industry.The shock is coming. Prepare before it arrives.Ram Charan is the author of China’s 90% model. It is restricting India’s industrial progress. Former Director of Hindalco and Muyuan (China).

If Maharashtra can waive farm loans fully, why can’t Tamil Nadu?, asks Anbumani

Steps initiated for expanding fintech-based doorstep banking for Rajasthan villagers

A campaign titled ‘Sahakar Se Samriddhi’ (prosperity through cooperatives) has made new facilities available to the villagers for financial transactions and disbursal of loans.

Planning to get your first loan or credit card? How lenders evaluate new-to-credit customers

Not having any credit accounts is a big disadvantage when looking to access new credit. But what can help is your existing relationship with banks, particularly those that hold your salary or savings account.

Union cabinet approves scheme to replace old trucks, buses to curb air pollution

The scheme offers a 5% interest subvention on loans for five years and monthly fuel vouchers of up to ₹4,800 for vehicle owners

Vodafone Idea shares rally 7% to fresh 52-week high despite market crash. What's behind the surge?

The shares of Vodafone Idea sharply surged nearly 7% to a new 52-week high of Rs 15.09 apiece on the NSE on Wednesday, even as the Sensex and Nifty crashed, as multiple tailwinds boosted investor sentiment for the telecom major.The stock has rallied 46% in one month and a whopping 121% in one year. The company currently has a market capitalisation of more than Rs 1.62 lakh crore.ICRA upgrades Vodafone Idea’s rating, revises outlookRatings agency ICRA upgraded Vodafone Idea’s rating to A- from its earlier BBB rating and revised its outlook on the company’s long-term fund-based loans worth Rs 727 crore to ‘Stable’ from ‘Positive’. ICRA said that the rating upgrade was driven by a change in rating approach for Vodafone Idea to factor in support from promoter Aditya Birla Group, which was further strengthened with the re‑appointment of Kumar Mangalam Birla as the Chairman of the board and with the proposed equity infusion of approximately Rs 4,730 crore through a preferential allotment of warrants to a promoter group entity in May 2026. “These developments reflect strong confidence in Vi’s potential and long-term growth trajectory. The Aditya Birla Group has expressed its continued support to Vodafone Idea to ensure timely debt servicing and to ensure continuity of operations and improvement in its market position. The Aditya Birla Group has been consistent in providing operational and financial support to Vi and will continue to do so going forward. Further, the Group’s brand equity and market position provided Vi with assistance in Government engagement and higher financial flexibility,” it added.ICRA also highlighted the revision of Vodafone Idea’s adjusted gross revenue (AGR) dues. In May, the Department of Telecommunications (DoT) cut Vodafone Idea's AGR dues by 27% to Rs 64,046 crore as of December 31. This revision significantly alleviates the company’s liability burden and enhances cash flow visibility, the ratings agency said, adding that these will provide a push to the telco’s capex plans.Citi removes ‘High Risk’ rating on Vodafone Idea sharesCiti removed its 'High Risk' rating on the stock and raised its target price to Rs 17, implying an upside potential of more than 20% from the previous closing price. In its latest note, Citi Research changed its rating on Vodafone Idea shares to ‘Buy’ from ‘Buy-High Risk’, citing several tailwinds, including the government’s recent reassessment of AGR dues, rating upgrades, equity infusion by the Aditya Birla Group, and other factors into consideration.The brokerage, however, flagged key risks to its bullish view, including delays in bank funding, intensifying competition that could limit future tariff hikes, continued subscriber churn, and slower-than-expected growth in 4G and 5G users.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

'Ab sab chuk jayega': The IPL dream that will free Mukul Choudhary's family from debt

After a breakthrough IPL season with Lucknow Super Giants, Mukul Choudhary is set to fulfil a dream far bigger than cricket: helping his family clear a long-standing bank loan. From overnight bus journeys between Gurugram and Bharatpur to years of living in rented homes, the youngster's rise has been built on sacrifice, hard work and unwavering family support. Now, armed with lessons from Rishabh Pant, Mitchell Marsh and Nicholas Pooran, Mukul believes the IPL has changed his life and opened the road to bigger ambitions.

Retail loan stress is the new growth driver for ARCs

Punjab hikes kisan credit card crop loan limits to assist farmers

Punjab hikes kisan credit card crop loan limits to assist farmers

Maharashtra Cabinet clears farm loan waiver; 56 lakh farmers to benefit

The scheme will cover more than 65 lakh accounts, and loans worth ₹36,585 crore of nearly 56 lakh farmers are expected to be waived

Maha cabinet nod for ₹36,500-cr farm loan waiver; 5.6 million farmers to benefit

The decision was taken at a cabinet meeting chaired by Chief Minister Devendra Fadnavis

Court awards Rs 2.5 lakh compensation as bank loses original land title document

A district consumer commission has ordered the Central Bank of India to pay ₹2.5 lakh compensation for losing a crucial land title document deposited as security for a loan. The bank's negligence prevented the property owner from fully exercising her rights, impacting her ability to secure further loans and realize the property's full value.

Demanding Loan Repayment Not Abetment To Suicide: Bombay High Court

The criminal proceedings have been quashed following the court order (File)

Tata’s crown jewel needs a mega £2-billion loan