Latest news with #Sachdeva
Time of India
3 days ago
- Business
- Time of India
Share of high cost deposits double in two years
The share of term deposits earning 7% and above has more than doubled to 72.94% in March, latest central bank data showed. Rates climbed as banks competed for funds amid a cumulative 225 225 basis point increase in the previous cycle of rate hardening, which sought to restrain inflation spawned by the Covid-era policy easing. One basis point is a hundredth of a percentage point. Experts said the trend also marks a shift away from retail to bulk deposits, and despite the start to an easing cycle, deposits would continue to be costly through FY26, potentially crimping margin expansion at mainstream lenders. 'Besides the transmission of rate hikes in the cost of deposits continuing until FY25, the share of pricier bulk deposits had also been rising for the last few years,' said Sachin Sachdeva, vice president, sector head - financial sector ratings, Icra . The flow of funds from retail investors to capital markets (debt or equity) led to a change in the composition of deposits (from retail to wholesale). Live Events 'Consequently, the banking sector witnessed persisting high cost of deposits in FY25,' explained Sachdeva. The number of demat accounts and mutual fund contributions have continued to hit successive records since the pandemic, indicating both financialization of savings and an evident deepening of the equity culture that intensified competition for deposits. With high-cost deposits accounting for close to three fourth of the deposits mobilised by the commercial banks, there could be pressure on the interest income margins even in FY26, as the impact of the recent 50 bps rate easing would impact the deposit costs only with a lag. 'As for the outlook for FY26, even though the rate cycle has reversed…, the transmission of these (cuts) into reduced cost of deposit would happen with a lag unlike in the case of transmission in lending rates, which happens faster, given high share of external benchmark linked loans' said Sachadeva 'Hence, interest margins for banks are likely to compress by around 10 bps in FY26.' Even the central bank's latest Financial Stability Report acknowledges the shift toward high-cost deposits. 'Against the backdrop of the recent monetary policy tightening cycle in India, bank deposits continue to exhibit double digit growth, but their profile has gradually shifted toward schemes offering higher returns,' said the report.
Hans India
5 days ago
- Business
- Hans India
AAP indulging in politics over Jangpura demolition: Delhi BJP chief
New Delhi: Delhi BJP President Virendra Sachdeva on Tuesday hit out at AAP leader and former minister Manish Sisodia for giving a political colour to the court-ordered demolition of a slum built over a major drain in south Delhi's Jangpura area. He said Sisodia, who fled Delhi and settled in Punjab after losing the Assembly election from Jangpura seat following his earlier tenure in Patparganj, has left Delhiites stunned with his statement. Earlier, Sisodia hit out at the BJP government in Delhi for demolishing the Madrasi Colony slums in Jangpura without giving an alternative to the displaced residents. The Delhi BJP President stated that due to the Madrasi Camp located on the Barapullah drain, cleaning work of the drain had been halted for nearly a decade, causing waterlogging not just in the nearby areas but in several colonies and roads several km away from the slum. 'For nearly a year, the issue of relocating the Madrasi Camp was known to the then Arvind Kejriwal and Atishi Marlena-led governments, yet the AAP leaders remained silent and made no plans for rehabilitation through DUSIB. Today, they are shedding crocodile tears,' said Sachdeva. The BJP chief said that while the ruling party remains committed to the declared policy of 'Jahan Jhuggi, Wahan Makaan' (where there's a slum, there should be a home), AAP leaders must explain why their government did not take steps to give the slum dwellers a safe dwelling. 'If people, due to helplessness, had built unsafe jhuggis along or over drains a few years ago, should a sensitive government now provide them with safe and improved housing, or again construct homes over the drains?' asked Sachdeva, dismissing the AAP leaders' insistence on offering alternative dwellings to the residents of Madrasi Camp at the existing site. The Delhi BJP President further added that it is unfortunate that whether it is AAP leaders or Congress leaders, neither has ever worked towards improving the lives of slum dwellers. 'Instead, they have used them as vote banks and forced them to live in inhuman conditions,' he said.
Time of India
27-05-2025
- Politics
- Time of India
CM, Sachdeva seek cues from district chiefs for ‘Viksit Delhi'
New Delhi: Chief Minister Rekha Gupta, along with Delhi BJP president Virendra Sachdeva, chaired a meeting of the 14 newly-elected district presidents on Monday at the party's state office. During the meeting, Gupta outlined the govt's 100-day action plan and invited suggestions from district leaders to further improve and develop Delhi. Sachdeva highlighted the significance of the week, noting that it marks both 11 years of achievements by Prime Minister Narendra Modi's govt and 100 successful days of Rekha Gupta's administration in the capital. He emphasised the party's mission to build a "Developed Delhi", aligning with the broader vision of a "Developed India", and called on the newly-formed district and mandal teams to actively contribute to this goal. He also discussed the upcoming Sankalp Se Siddhi programme, a two-week initiative to commemorate 11 years of the Modi govt. On Monday, the Delhi BJP announced the names of 14 newly-elected district unit presidents as part of its ongoing organisational restructuring. According to Sachdeva, the new appointees represent a blend of experience and diverse social backgrounds. Three leaders—Vijender Dhama (Mayur Vihar), Chandrapal Bakshi (west Delhi), and Deepak Gauba (Shahdara)—were re-elected for a second consecutive term. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo Two women, Raj Sharma Gautam (Najafgarh) and Maya Bisht (south Delhi), were also named as district presidents. Additionally, four appointees—Arvind Garg (Chandni Chowk), Vinod Sahrawat (northwest Delhi), Virendra Babbar (Karol Bagh), and Master Binod Kumar (Naveen Shahdara)—have previously served as district presidents. The names of all 14 district presidents, along with 105 elected members of the BJP Delhi State Council, were announced by BJP leader and Delhi unit organisational election officer Mahendra Nagpal. The party has already appointed presidents for 204 mandal units. The next phase of the reorganisation will involve the selection of state unit office bearers, party leaders said.
Hans India
25-05-2025
- Climate
- Hans India
Delhi L-G hails efforts of Rekha Gupta govt to make drains rain-ready
Delhi Lieutenant Governor (L-G) V.K. Saxena on Sunday commended the efforts of the Rekha Gupta government to desilt drains and focus on preparing the city's drainage system to handle rainwater flow during the advancing monsoon. In a social media post accompanied by videos showing rainwater flowing in large drains, the L-G said, 'The morass set in due to neglect of more than a decade will take considerable time getting fully sorted, but the new government's efforts at governance are indeed gratifying.' In a special appreciation for the Irrigation and Flood Control Department, headed by Minister Parvesh Verma, Saxena said, 'It's encouraging to see the Irrigation & Flood Control Deptt striving to make our drains flow & mitigate waterlogging, amidst heavy unexpected rains. The consistent efforts of Hon'ble CM Smt @gupta rekha vide field visits & monitoring have started showing results.' The L-G's words of praise coincided with Delhi BJP President Virendra Sachdeva lauding the government for preparing the city for monsoon. Sachdeva stated that while sudden storms and monsoon-related waterlogging have been regular occurrences in Delhi every year, the situation till last year was worsened by the negligence of the then-government. However, this situation has significantly improved now. Sachdeva said that when Delhiites woke up this morning, they were faced with multiple complaints of fallen trees and waterlogging due to a storm that hit late last night. Following the instructions of CM Gupta, all BJP MLAs and councillors, along with officials from the Delhi Jal Board and Public Works Department, took to the streets. 'By 9 a.m., most trees had been cleared and much of the waterlogging removed, easing traffic across the city. By noon, the situation had been brought under control,' he said. After every spell of rain, the people of Delhi can clearly see the difference between the former Arvind Kejriwal government and the current BJP-led administration, he said. Sachdeva emphasised that while the Kejriwal government used to blame the L-G and officials for waterlogging and leave citizens in the lurch, the BJP government takes responsibility and, after thunderstorms or rain, works actively with officials and staff to normalise the situation.
Time of India
25-05-2025
- Politics
- Time of India
AAP says rain has exposed collapse of infrastructure, BJP hits back
New Delhi: AAP on Sunday claimed that Saturday night's rain was enough to "expose the complete collapse" of Delhi's infrastructure under BJP's "so-called four-engine" govt. From ITO and Minto Road to Dhaula Kuan, Timarpur and even the airport road, key parts of the capital were waterlogged, leaving cars and buses stranded in flooded streets, it said. "While BJP functionaries pose for photo-ops, Delhi drowns," claimed AAP Delhi state president Saurabh Bharadwaj. AAP released multiple videos on X, showing extensive flooding across the city. In one post from ITO, the party wrote: "When Delhiites woke up this morning, they found the city submerged. Just a little rain, and the roads are flooded. These waterlogged streets reveal the truth of BJP's broken-down four-engine govt." Another video from Delhi Cantonment showed a submerged car and bus. AAP captioned it: "Overnight rain and Delhi is under water. Now, CM Rekha Gupta can visit and take credit for this mess." Bharadwaj also posted visuals of Timarpur Road under water: "This is BJP's four-engine rule: Prime Minister—BJP, LG—BJP, Chief Minister—BJP, MCD Mayor—BJP, NDMC—BJP, and every key official under BJP control. Still, this is the condition of Delhi (sic)." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Killer New Toyota 4Runner Is Utter Perfection (Take A Look) MorninJoy Undo He added, "Floodwater on every road, but Parvesh Verma—who once boasted of suspending 335 officials—is nowhere to be seen." Leader of opposition Atishi posted a video from ITO, noting the flooding occurred right outside PWD headquarters. She also shared visuals from Subroto Park, Ravidas Marg, IGI Airport, Rohtak Road and Delhi Cantonment, sarcastically calling it "the wonder of BJP's four-engine govt." Hitting back, Delhi BJP president Virendra Sachdeva said that sudden storms and monsoon-related waterlogging were not new to the capital, but the situation had improved significantly under the current administration. He claimed that until last year, such issues were worsened by the negligence of the previous govt. "When Delhiites woke up this morning, there were multiple reports of fallen trees and waterlogging following last night's storm," said Sachdeva. "But under CM Rekha Gupta's direction, BJP MLAs, councillors, and officials from Delhi Jal Board and Public Works Department were out on the streets early—even on a Sunday." He added that by 9 am, most fallen trees had been cleared and major waterlogged areas addressed, easing traffic congestion. "By noon, the situation was largely under control," he stated. Sachdeva further claimed that after every monsoon, the public could clearly see the contrast between the previous AAP govt and the current BJP-led administration. "While Kejriwal govt would shift blame to LG and officials, leaving citizens to fend for themselves, BJP takes full responsibility and works proactively to restore normalcy after storms or rain," he added. . MSID:: 121394424 413 |
