Page 20 - Finance Sector

RBI imposes Rs 28.30 lakh penalty on SG Finserve for non-compliance

The Reserve Bank of India on Monday said it has imposed a penalty of Rs 28.30 lakh on SG Finserve Limited, formerly known as Moongipa Securities, for non-compliance with specific conditions under which the company was issued the Certificate of Registration (CoR). The company's financial statements for FY23 revealed inter alia, non-compliance with the specific conditions of the CoR. "The company had accepted public funds and extended loans in violation of the specific conditions of the CoR issued to it," the RBI said in a statement. The RBI has also imposed a penalty of Rs 14 lakh on Arunachal Pradesh Rural Bank for non-compliance with certain directions on 'Strengthening of Prudential Norms - Provisioning Asset Classification and Exposure Limit' and 'Know Your Customer' (KYC). Besides, penalties have been imposed on three other cooperative banks for contravention of certain norms. The banks are Jilla Sahakari Kendriya Bank Maryadit, Bhind, Madhya Pradesh; The Urban Co-operative Ba

China's new lending in September rises less than expected despite stimulus

Top Chinese leaders also pledged to deploy "necessary fiscal spending" to meet this year's growth target of around 5%

Big US banks say consumers are still strong, despite economy fears

Speaking to reporters, Wells Fargo chief financial officer Michael Santomassimo said spending on credit and debit cards, while down a little from earlier this year, was still "quite solid."

LIC reduces entry age for its new endowment plan to 50 years from 55

Endowment is an insurance policy that provides life cover and maturity benefit

HDFC Bank raises MCLR by 5 bps for select tenures, effective October 7

MCLR is the minimum interest rate a financial institution needs to charge for a specific loan. It dictates the lower limit of the interest rate for a loan

Private lenders securitise loans worth Rs 21,000 crore in Q2 FY25

The country's largest private lender, HDFC Bank, securitised new car loans worth Rs 9,063 crore through a PTC transaction where mutual funds were key investors

Lock into attractive SCSS, FD returns before interest rate cuts begin

Investors with a longer time frame will be better off investing in longer-tenured FDs

NBFC loan sanctions rise 12% in Q1FY25, home and auto loans drive growth

Satisfactory monsoon, soft rates to support growth in H2

RBI directs gold loan providers to review policies and practices

Additionally, the RBI, through a circular, instructed these lenders to ensure adequate controls over outsourced activities and third-party service providers

Fintech firm Cred's revenue rises 66%, losses decline to Rs 609 crore

The Bengaluru-based company reported a 66 per cent increase in revenue to Rs 2,473 crore in FY24 from Rs 1,484.6 crore in the previous year

Consumer protection: The complaint not barred if default continues

The National Commission held the failure to repay the principal and interest had kept the cause of action alive, hence the complaint couldn't be regarded as time-barred

SME IPO bet, aerial arts: Top personal finance stories of the week

What risks investors face when they back small and medium enterprises and how aerial art is becoming a popular fitness culture

Banks turn to CD issuances in September amid sluggish deposit growth

Banks have issued Rs 7.78 trillion worth of CDs in the current calendar year until August 2024, compared to Rs 4.9 trillion in the same period of 2023, registering a 59 per cent growth

Shriram Finance raises $500 million from investors via USD Social Bonds

The company plans to tap the USD bond market again when interest rates ease further

Manba Finance IPO subscribed 73.18 times on Day 2 amid heavy demand

The initial public offer of Manba Finance Ltd got subscribed 73.18 times on the second day of share sale on Tuesday. The Rs 151-crore initial share sale received bids for 64,39,20,375 shares against 87,99,000 shares on offer, as per NSE data. The portion for non-institutional investors got subscribed 172.23 times while the category for Retail Individual Investors (RIIs) attracted 70.18 times subscription. The quota for Qualified Institutional Buyers (QIBs) garnered 4.15 times subscription. The initial public offer of Manba Finance Ltd received 23.67 times subscription on the first day of bidding on Monday. The initial public offer (IPO) has a fresh issue of up to 1,25,70,000 equity shares. The price range for the offer is Rs 114-120 per share. The IPO will conclude on September 25. Proceeds from the issues will be utilised to augment the capital base to meet the company's future capital requirements towards onward lending and for general corporate purposes. Hem Securities is the

NBFC loan growth to moderate to 18% in FY25, says S&P Global Ratings

S&P Global Ratings said Indian lenders' strong underwriting will support asset quality. This is reflected in their focus on lending primarily to low-risk customers and generally low loan approval rate

Six years on, NFRA remains key to restoring trust in financial reporting

The primary objective of the NFRA has been to strengthen the financial ecosystem and ensure the credibility of financial statements

Best of BS Opinion: Have the FIIs lost their way, tech monopolies, more

Here is the best of Business Standard's opinion pieces for today

NBFCs diversify funding sources amid increased lending risk weights

The asset quality of government-owned NBFCs and non-government-owned middle layer NBFCs focused on the retail line of business was also higher

Govt notifies Oct 1 as start date for Vivad Se Vishwas 2.0 scheme

The government has notified October 1 as the starting date for direct tax dispute resolution scheme Vivad Se Vishwas 2.0. Vivad Se Vishwas scheme 2.0 was originally announced in Budget 2024-25 presented in July for resolution of certain income tax disputes pending appeal. "The central government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force," the finance ministry said in a notification. Around 2.7 crore direct tax demands totalling about Rs 35 lakh crore are being disputed at various legal foras. Finance Minister Nirmala Sitharaman in her Budget speech had said that the government will continue its efforts to simplify taxes, improve taxpayer services, provide tax certainty and reduce litigation while enhancing revenues. Deloitte India Partner Karishma R Phatarphekar said the rules and forms for VSV 2.0 are expected to be published imminently in the coming week. "Given the limited time window, a