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Lenders hope that the central bank does not direct a consolidated resolution of all three financial services companies which will mean all the work carried out so far to find a buyer for RCFL and RHFL will be down the drain.
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An income of Rs 700 crore through annuity by the company was distributed to lenders early this year. IL&FS group companies have a total exposure of Rs 1,295 crore in a combination of debt and equity in CNTL while other financial creditors have an exposure of Rs 4159 crore, documents show.
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On the homegrown payments ecosystem, Kotak said UPI payments as well as Aadhaar unique identity basis for transactions are remarkable innovations and they could be exported globally.
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In the Union Budget presented in February, Finance Minister Nirmala Sitharaman had announced the privatisation of two public sector banks (PSBs) as part of its disinvestment plan.
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"In the current fiscal (year-till-date October), our new premium growth has been 20 per cent. We look forward to improving our performance in the rest of the financial year and grow over 20 per cent (for fiscal 2022)," the company's Executive Director and CEO Ashish's Vohra told PTI.
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While November 2016 was due to the demonetisation and the March and April of the same year could be attributed to seasonal year-end bulge, Soumya Kanti Ghosh, the chief economic adviser to the State Bank Group, said in a note on Friday.
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An aspiring home-buyer needs to pay 10 per cent as booking charge and 85 per cent of payment after two years on completion of flooring of the purchased unit. The balance 5 per cent can be payable during the possession of the apartment, the statement said.
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The Supreme Court Friday refused to entertain the bail plea filed on health grounds by jailed businessman Rakesh Wadhawan, accused of money laundering in the multi-crore rupees Punjab and Maharashtra Co-operative (PMC) Bank fraud case, saying that he has been in hospital more than the jail.
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UIDAI CEO Saurabh Garg during a panel discussion with Paytm founder Vijay Shekhar Sharma at the Infinity Forum said the authority is also exploring emerging technology to enhance security and increase the number of transactions that can be done by using Aadhaar.
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Speaking at the InFinity Forum, Modi said technology is bringing a big shift in finance, and mobile payment last year exceeded ATM withdrawals. Fully digital banks without any physical branch offices are already a reality and may become commonplace in less than a decade, he said.
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Shah, an MBA from Harvard and chartered accountant, is credited for establishing India's first and largest housing finance company, HDFC, and ratings firm Crisil.
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Flexi Cap Funds are a new category of mutual funds, which invest a minimum of 65% of its fund corpus in equity. In this fund category, the fund manager has the flexibility to take exposure to Large Cap, Mid Cap, and Small Cap segments without any restrictions.
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State Bank of India (SBI) has signed a master agreement with Adani Capital Private Ltd (Adani Capital), the NBFC arm of Adani Group, for co-lending to farmers for purchase of tractor and farm implements, to increase efficiency in farm operations and productivity of crops, SBI said in a release on Thursday.
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As a practical matter, a company can't be referred to the National Company Law Tribunal (NCLT) within weeks and months of a first default. The promoters should be given a fair chance to revive the company.
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The move is aimed at aligning certain sections of the Banking Regulation Act with the norms stipulated by the banking regulator, Reserve Bank of India.
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Since IFSC is treated as 'foreign territory' from exchange control perspectives, capital infusion for setting up a fund in the IFSC is considered as 'outbound investment' for floating an offshore financial services subsidiary
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Regulators including the Reserve Bank of India (RBI) and Securities and Exchange Board of India (Sebi) have raised concerns before a parliamentary panel about how some individual investors are collecting money in small towns - with business models resembling those of chit funds - for investing in crypto assets.
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The UPI eVoucher enables customers to transfer funds for a specific purpose in real-time to any mobile number, regardless of whether the beneficiary has a bank account, the company said in a statement.
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Weighted average lending rates for outstanding rupee loans of commercial banks fell 96 basis points- bps (one basis point is 0.01 per cent) between March 2020 and October 21, data released by the RBI indicates.
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The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and merged 14 public sector banks in the past four years.
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Among the new hires are Rajasekar Ayyalu who will take over as director in Chennai where he will be responsible for expanding and deepening Deutsche Bank’s presence in South India. Ayyalu was executive director (investments) at Julius Baer.
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As part of the transaction, Fullerton India's board will be reconstituted to comprise Nobuyuki Kawabata, Rajeev Veeravalli Kannan, Hong Ping Yeo, Anindo Mukherjee, Shantanu Mitra, Shirish Moreshwar Apte, Milan Robert Shuster and Sudha Pillai, the release said.
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HDFC and Axis Bank were the only two lenders that had provided term loans to RCap, according to the company's annual report for the financial year March 31, 2021.
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Large institutional investors, including LIC and Employee Provident Fund Organisation (EPFO), collectively own about ₹6,000 crore of RCap bonds. They are also expected to report considerable recoveries.
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Visit Health is engaged in the business of providing healthcare and wellness through website and mobile application.
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From data experience, liquidity criteria and tax point of view we have observed that debt and equity are the best investment opportunities for asset allocation which successfully covers all required aspects of investments.
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Branch Network plays an important role in reaching out to the masses for investments. Where there is a branch whether it’s a category B town, village panchayat, tehsil, gram panchayat the branch is playing its part in promoting the “Mutual Funds Sahi Hai concept”.
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Fintechs are promoting a vision of a world without banks. Blockchains and cryptocurrencies have taken over paper money or credit cards. In short, fintechs are facilitating a fast, seamless, immersive, cross-channel digital experience that customers have always wanted. It is satisfying their needs and bringing to them so much more that they can anticipate.
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“Pickup in activity levels will drive credit growth, with positive effects to asset risks,” the global rating company said in a report on banks in the emerging market.
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The unraveling of Reliance Capital Ltd. shows why the Reserve Bank of India remains reluctant to allow big business groups into mom-and-pop banking, despite facing huge pressure to allow a wave of corporate capital into the industry and reignite credit growth. The financiers’ potential to do harm is lethal even without access to insured deposits.
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The insurance platform will cater to both urban and rural customers and will be a pan-India initiative, offering all kinds of insurance products in the market.
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In their letter to the RBI the industry bodies have argued that the strict day-to-day payments based classification would be hard to implement for the borrowers serviced by them as their cash flows and supplies are haphazard. These borrowers make lump sum payments.
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This tax complication comes at a time when top companies are complaining of high attrition. The ruling in the case of Bharat Oman Refineries is set to result in scrutiny by the tax department in the coming months as there's already confusion over the issue.
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According to CAG, the finance ministry had stated that bank recapitalisation was not fiscally neutral but cash neutral, as issue of securities would get reflected in the total government debt and coupon payments for the special securities when made would be reflected in the deficit of the relevant year.
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Sri Guru Raghavendra Sahakara Bank Niyamitha , located in Surya's Loka Sabha constituency Bengaluru South, received a total of Rs 753.61 crore as deposit insurance from the Deposit Insurance and Credit Guarantee Corporation (DICGC) towards 21,983 claims, he said.
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Impact of the new RBI norms on unsecured loans NPA is expected to be in the range of 1.5-3.0%, for MSME finance it is expected to be in the range of 1.0-3.0% and 1.0-2.0% for vehicle finance. The impact is expected to be muted for Home loans NPA and is estimated between 0.25-1.25%m, 0.25-1% for dold loans and 0.25-1.0% for wholesale finance.
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According to a report by Crisil Ratings, retail loans are expected to see reasonably broad-based growth in the current and next fiscals supported by pick-up in demand and consequently underlying sales.
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Kotak Mahindra Bank informed the exchanges on Monday that the Life Insurance Corporation of India has received the Reserve Bank of India's approval to increase its stake in the company up to 9.99%.
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Top executives of Bharat Financial Inclusion (BFIL), a fully-owned subsidiary of IndusInd Bank, have resigned from the company last week, the bank said on Monday. The bank said it has appointed an Executive Director and another person to oversee the day-to-day operations of the company.
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The insurer's asset under management witnessed a strong growth of 28 per cent and has doubled over the past three years.
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While the RBI must be lauded for its visionary stance of mandating CoFT in the interest of promoting safe and secure digital payments for consumers, there exist implementation challenges, which may bear unintended adverse consequences for consumers and merchants.
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The MF industry is closely regulated and monitored by the regulator, the Securities and Exchange Board of India (SEBI). Regulations put in place by SEBI keep tight reins on the risk profile of investments, concentration of risk in funds, valuation of investments and the compliance of funds with its goals.
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Fedo said that there is a very large and urgent need to simplify and bridge the financing gap between insurance policy coverage and hospitalization expenses. This offering will enhance the value proposition for insurers and banks alike, and more importantly will address the needs of consumers, with empathy.
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Analysts say NBFCs face their own challenges in terms of the rising cost of funds and higher capital requirements and a bank licence is not on the horizon for the next few years.
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Crypto exchanges have recorded a 15-50% drop in new sign-ups in November so far. They have also posted a dip in their monthly transactions after some investors squared off positions and adopted a “wait and watch” mode.
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Post this funding, the Bengaluru-based startup is valued at over $1 billion—a five times increase since its previous funding round six months ago.
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With debt recast at final stages, Religare Finvest Ltd (RFL) is all set to restart its business come new year 2022, Religare Enterprises Ltd Chairperson Rashmi Saluja said. RFL, a NBFC arm of Religare Enterprises Ltd, has been barred from undertaking fresh business as it is under corrective action plan (CAP) of the Reserve Bank of India (RBI) since January 2018, due to its weak financial health.
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State-owned Punjab National Bank (PNB) has put up a Madhya Pradesh-based steel and agriculture company for sale to recover its outstanding of nearly Rs 200 crore. The National Steel and Agro Industries Ltd has a balance outstanding of Rs 199.90 crore to the bank.
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Mastercard Inc has raised similar concerns privately with the USTR. Reuters reported in 2018 that the company had lodged a protest with the USTR that Modi was using nationalism to promote the local network.
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