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The lender said it has been dealing with Reliance Home Finance since 2015 and with Reliance Commercial Finance since 2014.
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Saturday was the last date for the voting which started on May 31 and creditors which included private and public sector banks and bondholders selected Authum to take over the company.
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The purchase is to happen at a price determined on an independent evaluation report, subject to receipt of necessary approvals including regulatory approvals and approval from shareholders of the bank, a statement said.
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"The strategic coordination committee, chaired by an independent director, will evaluate the said offer and make recommendation of the board to the company," SEFL said.
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The RBI has granted Centrum 120 days to convert itself into a bank with fintech player BharatPe as an investor who will merge its payment business with the bank.
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In the petition to the court, the company said it was merely a service provider with no actual role in generating fake Covid test reports as it only signed a contract with the ICMR-accredited laboratories.
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"IDBI Bank intends to sell 6,23,23,800 equity shares, constituting approximately 19.18 percent of the total equity share capital of Asset Reconstruction Company (India) Ltd held by IDBI Bank," it said.
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“The RBI would consider granting a licence for commencement of banking business on being satisfied that the applicant has complied with the requisite conditions laid down by RBI as part of “inprinciple” approval,” the central bank said in a notification Friday.
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The bank had red-flagged the account to the Reserve Bank of India (RBI) after the Thapar group company defaulted on a loan that it had obtained from the bank when Rana Kapoor was helming its affairs.
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The combination contemplates an acquisition of an effective combined interest of less than 25 per cent, on a fully diluted basis, of the share capital of Magma HDI by IAF S4 I and DIF, acting through SPV-I. Besides, NTH would buy an effective combined interest of less than 10 per cent, on a fully diluted basis, of the company's share capital.
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This is RenewBuy's third round of equity raising. The company plans to upgrade its technology capabilities to expand its customer base 10 times to around 25 million in the next five years. Policybazaar currently has over 11 million customers.
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The sector was hit as borrowers-generally small sized loans from the bottom of the pyramid were adversely impacted in their ability to repay loans. This was due to job and income losses arising out of pandemic induced lockdown throughout the country creating economic disruptions.
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The company gives small-ticket fully unsecured loans averaging at Rs 75,000 to its merchant members. It disbursed Rs 1,600 crore in 2020-21 to 1.8 lakh merchant customers, which was only Rs 150 crore in 2019-20, BharatPe Group President Suhail Sameer told PTI on Thursday.
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The city-headquartered lender announced the refund in a public notice published in newspapers. "HDFC Bank will be refunding the GPS device commission to auto loan customers who availed of such device as a part of the auto loan funding during the period FY 2013-14 to FY 2019-20," the notice read.
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HDFC Bank, which issues nearly 150,000 credit cards a month, was directed by the RBI in December to stop issuing fresh cards until it had sorted out its tech problems.
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The appointment is coming at a time, when M&A volumes jumped 33 percent in 2020 compared to a slump in deal activity a year ago. Cross border M&A deal value jumped two folds in 2020 to $ 21 billion compared to 2019, according to data compiled by Grant Thornton.
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The bank said it plans to raise additional tier-1 (AT-1) capital by way of issuance of Basel III compliant debt instruments in US dollar or Indian rupee through a public offer or private placement to overseas and/or Indian investors during FY22.
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Bank deposits -- having a share of around 55 per cent in total assets of households -- decelerated by 0.1 per cent at end-April 2021 on a m-o-m (month-on-month) basis as against a growth of 1.1 per cent in April 2020.
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The company also stressed that the price was arrived at after due consideration and weighing of various relevant factors, and hence the pricing for the said preferential issue has been determined in compliance with the applicable law.
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The supplementary chargesheet, filed more than three years after the first chargesheet in the case against Choksi and his companies, coincides with the legal proceedings against the fugitive diamantaire in a court of Dominica, where he was arrested for "illegal entry" on May 24 after his mysterious disappearance from neighbouring Antigua and Barbuda.
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"If you look at the quarter-wise performance, Q4 of the last financial year was the best in the company in the past three decades."
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Executive director Vishakha Mulye said the bank expects corporate demand also to pick up in the next economic cycle. "For India to grow faster post the pandemic both investment as well as consumption demand will have to fire. We 100% believe that corporate demand will pick up," Mulye said without elaborating how much she expects the growth to pick up.
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The second-largest private sector lender also said that the corporates are slower in adopting digital solutions as compared to the retail segment, and added that the solution focuses on tech-based new age offerings.
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"I saw people my own age dying, which prompted me to get life insurance immediately," says Coutinho, a 24-year-old senior executive at a public relations agency in Mumbai.
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The company introduced the 'Jeeto Apna Ghar' (Win your home) incentive programme in April last year. The top 25% performers of FY2019-20 were eligible for entering the programme and the winners were chosen based on their performance in FY2020-21.
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Differentiated lending rates and new product development is likely to drive India’s microfinance market going forward with the Reserve Bank of India planning to create an open architecture for all lenders and deregulating the loan pricing.
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Bankers said that the new system will verify data using invoices on goods and services tax (GST) and e-way bills which will quicken transactions and also eliminate risk of frauds.
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The private sector insurer said its claim settlement ratio also touched an all-time high at 99.35 per cent during the year. It represents the ratio of the number of claims paid against the number of claims filed during a particular time frame.
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Bharti AXA General Insurance reported a nominal growth of 0.82 per cent in its gross written premium (GWP) at Rs 3,183 crore in the fiscal 2020-21, as against Rs 3,157 crore in FY20.
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The central bank on April 27, 2021, had issued a circular on 'Guidelines for appointment of statutory central auditors (SCAs)/statutory auditors (SAs) of commercial banks (excluding RRBs), UCBs and NBFCs (including HFCs)'.
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The bank reported Rs 831 crore of annual profit against Rs 8,527 crore loss in the preceding fiscal. ROA for the full year was 0.31% as against a negative 2.95% a year back.
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concerns of minority shareholders, corporate governance and others regulatory aspects would be looked into by RBI and Sebi.
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The funding will be delivered in a phased manner, covering treatment management at healthcare facilities and support a vaccine deployment program for needy communities that will also raise greater awareness of vaccination and COVID-19 prevention practices.
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This time the disruption is short. We started opening up in June, so April and May should not matter to business, but it depends on how long it takes to come back. If businesses take three months, it will have an impact but if we can get back to normal in June-end or July, things can recover quickly.
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Regulator Irdai is looking for an agency to manage its multi-media grievance redressal centre with a view to address complaints of the insured public against insurance companies.
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"Among others, as part of this scheme we are waiving employee loans as families will have to bear the burden otherwise. If an employee has taken a personal loan, car loan, two-wheeler loan or education loan, etc, that is 100 per cent waived by the bank. Housing loan waiver is up to Rs 25 lakh (before June 30, 2021)," Vaidyanathan said.
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"Axis Bank is to increase to 19.99 per cent in tranches. Thirteen per cent is already done over the next two quarters, we will seek approval for the balance seven per cent. So, it will reach about 20 per cent and that will be the ownership of Axis Bank," Tripathy told.
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Millions of withdrawal claims — both Covid-related and non-Covid — have been pouring in since the outbreak of the Covid-19 pandemic last year, as EFPO subscribers dug into their retirement savings to meet their financial requirements.
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