Page 20 - Finance Sector

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

RBI unlikely to cut rates in 2024 amid food inflation uncertainty: SBI

The Reserve Bank is unlikely to ease the benchmark policy rate during 2024 given the uncertainty over food inflation, State Bank of India (SBI) chairman C S Setty has said. The US Federal Reserve's first cut in interest rates in more than four years is expected soon, triggering central banks in other economies to follow suit. "On the rate front, a lot of central banks are taking independent calls. While Fed rate cut would influence everyone, RBI would be mindful of the food inflation before taking a call on interest rate cut," Setty, who took over the reins of the bank recently, told PTI in an interview. "That is what our view is, and our view is also that the rate cut during the current calendar year may not happen, probably we may have to wait for Q4 (January-March 2025) unless there is a good improvement in terms of food inflation," he said. The Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das is scheduled to meet during October 7-9 and take a call on inter

India's financial prospects not fully explored globally: Smriti Irani

Observing that there is a lack of information about how much progress India has made, former Indian minister Smriti Irani on Monday said the financial prospects of the country have not been fully explored internationally. "I don't think the financial prospects of our country are fully explored internationally. India as an economy is looked upon from the myopia of the lens, let's say that gets discussed at Davos or that gets discussed at the (World) bank, but operationally, we create opportunities in so many layers that are not visible," Irani said in response to a question during her appearance at the Observer Research Foundation America. Irani, who is currently on an unofficial trip to the US, said there is a lack of information about how much India has progressed. "There isn't much information about the climate action that has been undertaken by India. Similarly, let's say in precision manufacturing, in agro-based industry, the misconception is that our economy is open only for bi

Private sector needs to step up infrastructure investment: DFS secy

India needs to spend 8-10 per cent of Gross Domestic Product (GDP) on infrastructure for sustaining high single digit growth rate over next couple of decades

Banks plan to ring in festival-season offers with a note of caution

Regulator's action, signs of stress, liquidity pressures to shape business

RBI's push for deposit growth: Examining the real issues facing banks

Some analysts contend that the deposit problem is entirely imaginary, but slow retail deposit growth and shifts in savings trends reveal valid concerns for banks' lending capacity

FlexiLoans secures Rs 290 crore from global, domestic investors

The firm is targeting to disburse around Rs 5,000 crore in loans in FY25

Conundrum of the credit-deposit ratio: Understanding RBI's concerns

The RBI is also concerned that the banks have turned to bulk deposits and certificates of deposit to mobilise funds, as retail deposits (both savings and term deposits) have become stagnant