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The company's total obligation is of Rs 200 crore on a 5-year tenure secured term loan at 9.25 per cent per annum from Punjab & Sind Bank, RHFL said in a regulatory filing. The company has net cash (including cash equivalent, liquid mutual fund investments, fixed deposits etc) of more than Rs 1,500 crore.
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Mathai George George Muthoot was born in November 1949 in Kozhencherry in the present day Pathanamthitta district of Kerala as the son of M George Muthoot, who began the finance business and as the grandson of Muthoot Ninan Mathai, the group founder.
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The company, which is undergoing a corporate debt resolution process in the National Company Law Tribunal (NCLT), is being run by an administrator in the aftermath of IL&FS crisis in 2018 and unearthing of massive fraud in the company.
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Gulati is an MA and PhD from Delhi School of Economics and is currently the Infosys Chair Professor for Agriculture at the Indian Council for Research on International Economic Relations (ICRIER), the statement said.
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PNB Housing and Yes Bank will synergise capabilities to provide an efficient and seamless experience to existing and new retail home loan customers, PNB Housing Finance said in a regulatory filing.
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Kotak Mahindra Bank has sold 1,09,48,925 equity shares of Rs 10 each (10 per cent of its stake) of ECA Trading Services Limited to Kotak Securities (a wholly-owned subsidiary of the bank), at a consideration of Rs 1.98 crore, it said in a regulatory filing.
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As part of its Covid relief measures, the government had issued on June 25 a notification to suspend insolvency proceedings by six months. In December, the centre extended the suspension by another three months.
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Bad bank is a great initiative and much needed for the country, with most public sector banks carrying a high level of non-performing loans. This would free up capital for banks saddled with bad assets. It will be helpful for them to concentrate on regular good business.
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The lender expects the number of such customers, who are using the app for instant UPI-based payments and recharges, to double in the next three months, the company said in a statement.
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"Through the Kotak salary account, all personnel of the Indian army will get access to the full range of Kotak's products and services including a zero-balance salary account that earns up to 4% interest per annum with free unlimited ATM transactions on all VISA ATMs and anywhere banking across the bank's network of 1,603 branches and 2,573 ATMs across India," the bank said.
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The deal which involves the preferential allotment of shares worth Rs 3,206 crore, would give RSHPL a controlling stake in the non-banking financial company (NBFC).
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Quoting unnamed RBI officials, a media report earlier this week said the monetary authority is not comfortable with banks owning controlling stake in non-core businesses like insurance ventures which are capital guzzlers and wants banks to cap ownership in insurance arms/ companies at a maximum of 20 per cent.
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The active loans to women borrowers stood at 6,482 in the personal loan segment, as against 4,354 home loans, while auto loans witnessed a 4 per cent de-growth to 1,818 women borrowers, the report released in the run-up to the women's day said.
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The case refers to inter corporate deposits (ICDs) of Rs 200 crore invested by SPG subsidiary Always Remember Properties Pvt Ltd in June 2019 into RHFL which defaulted in its payment obligations. Reliance had promised to pay back the total dues by raising money out of the money raised through its stake sale in its asset management company.
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V Swaminathan, CEO Andromeda & Apnapaisa, said the company's loan disbursal is expected to grow to Rs 25,000 crore this fiscal year from Rs 18,000 crore in the previous year despite the COVID-19 pandemic.
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As per the agency, banks exposure to non-bank finance companies have risen to less that 6% of overall loans in FY15 to nearly 10% in FY20. At the end of September quarter state-run banks alone contributed more than 64% of overall Bank-NBFC funding.
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Zubair Iqbal had served J&K bank for 15 years before moving to HDFC bank in 2004. After serving HDFC bank for about 16 years, he quit in May last year to join the bank as what would have been its first MD&CEO. After his appointment he was supposed to get a clearance from the RBI within 90 days.
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The wide differential among NBFCs' funding costs is likely to push the sector to consolidate, especially in the sectors with a thin margin profile and limited product differentiation, it said, adding the strong regulatory support in FY21 ensured adequate liquidity.
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Some of the country's state-owned banks have long struggled with a pile of bad loans, prompting the government to pump in more funds to shore up their balance sheets.
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Canara Bank said it is taking necessary steps for smooth functioning of bank branches and offices on the days of the proposed strike.
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The new rules notified through an official gazette also pave way for setting up a complaints management system to enable policyholders to track the status of their complaints online.
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With this, the company's total headcount in India will cross 400 by the end of the year, according to a statement.
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HDFC is the second company to cut its home loan rate after Kotak Mahindra Bank which also followed SBI's reduction and cut its rate by 10 basis points on Monday. Kotak is now offering a 6.65% rate till March in a limited period offer.
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Axis Bank said all the services on WhatsApp Banking will be available 24X7, including holidays. To get on-board, customers need to send a Hi to 7036165000 on WhatsApp.
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Micro loan waiver is turning out to be a major political ploy in the northeastern state, derailing the repayment culture for the state's Rs 12,000-crore big microfinance sector. Ujjvan has Rs 364 crore microfinance book in the northeastern state. This is about 3.5% of its total microfinance loans and 2.7% of total loan portfolio of Rs 13,638 crore.
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The companies are part of four consortia preparing to apply for licenses to operate retail payments and settlement systems in the country, people familiar with the matter said. More companies could band together before a March 31 application deadline.
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How the production-linked incentive scheme is galvanising investments into manufacturing
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In a statement the finance ministry noted that under the amended rules, the timeliness and cost-effectiveness of the redressal mechanism has been substantially strengthened.
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SBI, HDFC Bank, IndusInd Bank and Axis Bank are among the institutions that reported climate risks to nonprofit environmental disclosure platform CDP in 2020.
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With the object to strengthen the capital adequacy of the Public Sector Banks (PSBs), the government has decided to infuse capital to the extent of Rs 5,500 crore in the bank. The capital infusion will be by way of creation, issue and allotment of equity shares in favour of government on preferential allotment basis
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A&M’s contract with Altico was terminated more than a year ago in February 2020 as lenders blamed it on a wrong advice in defaulting a paltry sum to Mashreq Bank.
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Reserve Bank of India (RBI) rules allow banks to hold up to 50% stakes in insurers and on a selective basis equity holdings can be higher but must eventually be brought down within a certain period.
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Setting the tone of the interactive webinar, India's Ambassador to Israel, Sanjeev Singla, said, "We have had a landmark budget that marks a directional change and leverages far-reaching reforms that the government is effecting to make our economy more resilient and competitive."
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The Hong Kong-based buyout group that owns 100% of CMS is in discussions with JP Morgan and other investment banks to formally launch a sale process shortly, tapping PE and strategic firms, said at least three people aware of the plan. The company received regulatory approval for an IPO in 2017 but didn't proceed because of the demonetisation impact.
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She has already been selected as member (distribution) in insurance regulator, IRDAI. National, Oriental and United have reported solvency ratio of 0.02, 0.92 and 0.30 times respectively, as on March 31, 2020. The solvency margin – the minimum margin of assets required by an insurer in excess of its liabilities – is like a bank’s capital ratios.
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Microfinance lenders, especially the smaller ones, are facing difficulty in raising resources from banks, which have turned ultra-cautious after the Sambandh Finserve fraud where the promoter has allegedly diverted money into his family-owned entities.
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The accumulated losses as at March 31, 2021, shall be ascertained after the audited financial statements are approved by the bank's board, said the lender, as per the draft scheme addressed to its shareholders for setting off the accumulated losses.
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“Some users have complained about facing difficulties in processing transactions, it’s not a widespread issue, our IT teams are looking into the issue to ensure smooth delivery of our services,” said a bank official. “Meanwhile, we apologise for the inconvenience caused to our customers.”
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Through the alliance, SBI General will offer a range of general insurance solutions and innovative products to IOB customers, SBI General said in a release. Chennai-headquartered IOB has over 3,200 branches across the country and also has overseas presence.
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The central government through a gazette notification on February 26, 2021 has appointed Matam Venkata Rao, Executive Director, Canara Bank, as Managing Director and Chief Executive Officer in Central Bank of India for a period of three years, Canara Bank said in a regulatory filing.
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Mody is a 1982-batch Indian Revenue Service officer, was appointed as the CBDT chief in February 2019.
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Since financial institutions are within the administrative control of the finance ministry, these will no doubt have early implementation. There have also been statements from the Reserve Bank governor of the nature of the ARC that will be set up. These actions portend that GoI will walk the talk.
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The platform was conceptualised based on a research done during the pandemic that small businesses need to digitise their offerings to meet stiff competition from big brands and shopping apps and portals.
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Most health insurance provides no-claim bonus for claim-free years but that usually ranges from 25 per cent to 50 per cent.
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The Union Budget 2021-22 presented in Parliament earlier this month proposed to set up a Development Finance Institution (DFI) with an initial capital of Rs 20,000 crore to fund the Rs 111 lakh crore ambitious National Infrastructure Pipeline (NIP).
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The survey found that most consumers would like to buy life insurance in the next six months as part of their investment plans.
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