Economy ki raftaar slow? Banks ko badhana hoga credit growth!
Deepak Shenoy, CEO Capitalmind AMC, ka kehna hai ki India ki economy ko ab banks se profit margin ke peeche bhaagne ke bajaye corporate sector mein credit growth badhane ki zaroorat hai. Unhone NDTV Profit ko bataya, “Banks ko margins ke baare mein kam aur volumes ke baare mein zyada sochna hoga. Banks apne NIMs ko protect karna chahte hain. Humare paas 4% NIMs wale banks kyu hain? Yeh kam hona chahiye. Growth society aur bank dono ke liye zyada important hai.”
NIM ka khel kya hai?
Net interest margin (NIM) banks aur financial institutions ke liye ek important profitability metric hai.
Shenoy ne developed countries ke banks ka example diya, jahan funds reserve karne ke liye regulatory requirements kam hain aur woh lower margins par function karte hain.
RBI repo cut aur interest rates
Pichle hafte RBI repo cut ke baad, Shenoy ne kaha ki economy mein real interest rate 1.8% hai. Yeh saal ke liye 3.7% inflation projection aur 5.5% benchmark rate par based hai. Unhone kaha, “Yeh unnecessary hai. Humare desh mein 1% se zyada real rate nahi hona chahiye, jiska aim tezi se grow karna hai.”
Loan lene mein dikkat?
Fund manager ne yeh bhi bataya ki housing loans aur loans against property ke beech interest spread bahut zyada hai. Isliye, agar koi entrepreneur property mortgage karke chota business start karna chahta hai, toh interest expense ek discouragement ban jaata hai.
Shenoy ne kaha ki sirf real interest rates mein hi nahi, credit growth ke liye NIMs mein bhi contraction dekhna hoga. Corporate credit growth 2015 se meaningfully nahi badha hai. Unhe retail se bachi hui borrowing space ko le lena chahiye. Agar banks SME lending ke favour mein apne NIMs ko kam karte hain, toh growth hogi.
Bond market mein mauka
Shenoy ke according, short-term interest rates kuch time tak lower rahenge, jisse Indian companies ko fundraising ke liye ek attractive source ki taraf turn hona chahiye: domestic bond market.
India ka Rs 60 lakh-crore bond market ab funding secure karne ka ek behtar mauka provide karta hai, kyunki mutual funds, insurance companies aur even banks bhi fresh issues ko mop up karne ke liye willing hain.
Unka kehna hai ki bond market mein acche borrowers ki bahut shortage hai jo NBFCs nahi hain. Small- aur mid-cap companies ko bond market ko tap karna chahiye, kam se kam apne working capital needs ke liye aur kuch apne long-term needs ke liye. Developed economies mein corporates bond market mein borrow karte hain, aur MSMEs aur retail banks ke paas jaate hain.
India ke Corporate Bond Funds mein do saal se zyada samay mein sabse zyada inflow dekha gaya.
