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Industrias Bachoco, Mexico’s largest poultry producer, reported a 21.1% increase in sales during the fourth quarter of fiscal year 2020. For the full year, net sales were up 11.6%.
CELAYA, GUANAJUATO, Mexico--(BUSINESS WIRE)--INDUSTRIAS BACHOCO ANNOUNCES FOURTH QUARTER 2020 RESULTS AND FULL YEAR 2020 RESULTS.
CELAYA, Mexico, July 27, 2020 /PRNewswire/ -- Industrias Bachoco, S.A.B. de C.V., "Bachoco" or "the Company", (NYSE:IBA, BMV: Bachoco)) …
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India's banks are freezing credit lines to shadow lenders as the coronavirus crisis shuts down commerce in Asia's third-largest economy, but leaving this sector in the lurch risks wider financial contagion. All major state-owned and private banks have stopped lending to non-banking financial companies (NBFCs) due to concerns about their financial health as businesses they lend to reel from the impact of the pandemic, four industry executives, who asked not to be named due to the sensitivity of the situation, told Reuters. This has led to a working capital squeeze for many NBFCs who account for nearly a fifth of overall lending as they struggle to meet operating costs. Their debt collections have dried up amid a 40-day nationwide lockdown to rein in the respiratory illness that has claimed over 500 lives. "For now, we've taken salary cuts of up to 75% across the board so that we can stretch the capital for a couple more months, but if things continue like this we are considering winding up our operations, the founder of a small NBFC that lends to small and medium enterprises said.
Mumbai: Staring at a double blow of rising delinquences and falling loan demand, banks are all set to request the Reserve Bank of India (RBI) for extraordinary relaxations in accounting of non performing assets (NPAs) and could also ask government gaurantees for loans to small and medium enterprises (SMEs).These proposals are set to be okayed at the managing committee meeting of the Indian Banks' Association (IBA) on Saturday and will then be forwarded for the considerstion of the RBI.On the table is a relaxation of the NPA recognition timeline to 180 days from 90 days, which would give banks more time to assess damage and cushion impact on their financial metrics, especially capital and provision coverage, three persons familiar with the deliberations said.The suggestions also include a possible government guarantee of first loss for funding SMEs to provide relief to those that have shuttered without cash flows and a separate liquidity window for lower rated non-banking finance companies (NBFCs) through which RBI can directly buy bonds of these companies, which are finding it difficult to attract funds."The focus is to ensure we push credit flow where it is most needed whenever the lockdown is lifted.
New Delhi; As the corona pandemic turns multifaceted, concerns are arising over the use of currency notes and banks have been advised not to recycle inward currencies and do so only after 48 hours. As a per a circular issued to banks in Kerala, all member banks of the SLBC that the inward currencies at branches should not be recycled. The inward currencies are to be separately wrapped in packets with date and to be recycled only after 48 hours. "We infer that currency notes are a probable threat for spread of coronavirus. Health Department has also opined that coronavirus could sustain on infected currency notes for about 12 hours." Canara Bank has issued a circular today to the SLBC member banks in Kerala. The staff in the branches have been asked to take precautions including wearing masks, gloves, using sanitisers and ensuring social distancing. Earlier, Indian Banks' Association (IBA) has made an appeal to people to wash their hands after touching or counting currency. IBA had also asked customers to use online and mobile banking channels for making their transactions and avoid visiting bank branches. "Wash your hands with soap for at least 20 seconds before and after physical banking/currency counting/AEPS (Aadhaar-enabled payments)," IBA had said in a public appeal.
Here, the Indian Banks Association clarifies a few frequently asked questions on the matter:
Kolkata: The Centre is making sure that banking services are up while the country goes into a lockdown to combat the spread of coronavirus. The Department of Financial Services has told the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) to ensure that all electronic and digital payment modes and channels function unhindered. It has directed Indian Banks’ Association (IBA) to coordinate with banks to ensure cash availability in ATMs. The department has also written to every state to ensure the mobility of bank employees to overcome the difficulties they face in reaching the branches. Several bank employees could not make it to offices as public transport came to a halt. In a letter dated March 24 to chief secretaries of states and union territories, it has requested to permit bank staff, RBI staff, NPCI staff and cash logistics companies to travel during the lockdown. ET has seen a copy of the letter. Several banks are keeping bank branches open cluster-wise and rotating staff to keep the risk of spreading the virus under check.
Kolkata: The Centre is making sure that banking services are up and running while the country goes into a lockdown to combat the spread of coronavirus.The Department of Financial Services has told the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) to ensure that all electronic and digital payment modes and channels function unhindered. It has directed Indian Banks' Association (IBA) to coordinate with banks to ensure cash availability in ATMs.The department has also written to every state to ensure the mobility of bank employees to overcome the difficulties they face in reaching the branches. Several bank employees could not make it to offices as public transport came to a halt.In a letter dated March 24 to chief secretaries of states and union territories, it has requested to permit bank staff, RBI staff, NPCI staff and cash logistics companies to travel during the lockdown. ET has seen a copy of the letter.Several banks are keeping bank branches open cluster-wise and rotating staff to keep the risk of spreading the virus under check.
The Indian Banks' Association (IBA) has asked banks to open only selective branches to carry out basic essential transactions in areas that have been placed under lockdown across the country in view of the coronavirus pandemic. Earlier, the IBA has informed
The Indian Banks' Association (IBA) has announced that effective Monday banks will undertake only essential services like cash deposit and withdrawal, cheque clearances, remittances and government transactions.
Two big unions in the banking sector, All India Bank Employees' Association (AIBEA) and All India Bank Officers Association (AIBOA) will go on strike on March 27th to oppose the mega bank mergers approved by the Union Cabinet on Wednesday.This comes days after bank unions called off a three-day bank strike which was scheduled from March 11. The strike had been called after talks over wage revision failed to initiate with the Indian Banks’ Association (IBA). The Cabinet on Wednesday approved merger of 10 public sector banks, including Allahabad Bank, Andhra Bank and OBC, to create large four state-owned lenders with effect from April 1.In one of the biggest consolidation exercises in the banking industry, the government last year announced amalgamation of the Oriental Bank of Commerce and the United Bank of India with the Punjab National Bank, of the Syndicate Bank into the Canara Bank, of the Andhra Bank and the Corporation Bank into the Union Bank of India, and of the Allahabad Bank into the Indian Bank.
The three-day bank strike that would have left banks closed for six days in March has been called off by the unions. The Indian Banks’ Association (IBA)
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