Page 30 - Finance Sector

Andromeda expects 20% growth in loan disbursals, aims for Rs 1 trn in FY25

Loan distributor Andromeda expects around 20 per cent growth in loan disbursals to around Rs 1 lakh crore during the current fiscal, driven primarily by mortgage demand. Loan disbursals have seen a 23 per cent growth to Rs 75,397 crore in FY'24, from Rs 60,000 crore in the previous fiscal, Andromeda Sales and Distribution Pvt Ltd Co-CEO Raoul Kapoor said. Despite the increase in housing prices, the demand for housing loans remains robust, he said, adding, the average ticket size of housing loans has witnessed an increase. In addition, he said, digitalization, faster approvals, and increased availability and flexibility have fueled higher demand for personal loans. The home loan business surged to approximately Rs 33,918 crore in FY24, up by over 22 per cent from Rs 27,798 crore in FY23. In FY24, he said, the loan against property distribution was at Rs 24,776 crore, an increase of 10.33 per cent from the preceding year's Rs 22,456 crore. Meanwhile, business loans experienced a no

Klub and U GRO Capital sign partnership to disburse Rs 150 crore

The allocated fund of Rs 150 crore will facilitate lending activities across the country while offering debt financing of up to Rs 30 crore in a single tranche through Klub's platform

RBI mandates offline payment aggregators to verify KYC for merchants

Payment aggregators will need to conduct Contact Point Verification and verify the bank account where funds of small merchants are settled

IIFL Finance board approves rights issue to raise Rs 1,271.83 crore

The issue price for the rights offer is Rs 300 per share, which is at a 29% discount to closing price of Rs 421.7 per share on Tuesday

RupeeQ aims Rs 300 cr loan disbursement portfolio on rural expansion

Home-grown platform for online loans and credit cards RupeeQ aims to treble digital loan disbursements portfolio to Rs 300 crore by 2027 on the back of government's push towards high-speed internet services in semi-urban and rural areas. Talking to PTI, Neeru Puri, Managing Director and Chief Financial Officer of RupeeQ, said, "It is estimated that total value of digital lending business in India will exceed USD 1 trillion over next 5 years. At RupeeQ, we expect to treble our loan disbursement portfolio by 2027, while in fiscal 2023-24 we clocked about Rs 100 crore." According to reports, India shall have 900 million active internet users by 2025, while 56 per cent of all new internet users will be from rural areas, and 65 per cent of new internet users will be female. Puri opined that the government's push on digitalisation and penetration of high-speed internet even in semi-urban and rural areas will help the company materialise its goal. Puri said the digital lending space in

Bypass MFs' foreign investment limits, access wider product menu via LRS

Consider this route after developing a robust domestic portfolio and if you can invest minimum $50,000 annually

Fada commences dealer satisfaction study with finance, insurance firms

Automotive dealers' body FADA on Monday said it has commenced a dealer satisfaction study with a focus on finance and insurance firms. The Federation of Automobile Dealers Associations (FADA) will undertake the study at dealerships in association with Singapore-based PremonAsia. The study will look at key factors and attributes impacting the business relationship of dealerships with finance and insurance organisations, FADA said in a statement. It is expected that the results of the study will help finance and insurance companies to design newer products, services and processes to help dealers and end-consumers, it added. "The study will focus on key aspects of the relationship between dealers and finance and insurance companies and therefore, provide a platform to understand the nuances of this relationship," FADA President Manish Raj Singhania said.

Terms of contract override sales pitch

The SC said that Monga could not be allowed to question the interest rate after having acquiesced by signing the loan agreement

Economy strong, but market may consolidate in near term

The Narendra Modi-led government has been in power since 2014 and the country has witnessed decisive policies, political stability and economic growth since then

Growth path: Premium of non-life insurance companies grew 12.78% in FY24

Private general insurers gain market share

50% of public service organisations set to use GenAI soon: EY survey

Public organisations recognise that Gen AI will improve the citizen experience and serve as a catalyst to drive innovation

RBI Guv Das for greater participation of banks in rupee derivatives market

Currently, domestic banks primarily interact with global market-makers rather than end clients and have yet to establish themselves as significant market-makers globally

Statsguru: The private sector investment cycle shows revival signs

The current uptick is spread out across multiple sectors. There have been a slew of announcements in the past two months, including the ground-breaking for three semiconductor facilities

Monetary policy: Review of liquidity ratio framework for banks on the cards

Securities that are eligible for the statutory liquidity ratio like central and state government bonds are reckoned as HQLA for the purpose of calculating LCR. Banks have to maintain 100 per cent LCR

Banks' outstanding loans rose 20.2% on year in two weeks to March 22: RBI

Outstanding loans rose 1.21 trillion rupees ($14.54 billion) to 164.35 trillion rupees in the two weeks to March 22

Investors should sync tax savings with goals and cash flow needs

Even ELSS, being an equity fund, should be purchased with minimum seven-year horizon

SFBs securitise loans worth Rs 9,300 crore to generate liquidity

The securitisation volumes in Q4 FY24 witnessed healthy growth of 26 per cent over the preceding quarter, rising to Rs 48,000 crore

Experts suggest to keep low-cost Nifty 50 index fund at core of portfolio

If risk appetite permits, consider active midcap and smallcap funds, and factor funds in satellite portfolio

LeapFrog investments, Aavishkaar infuse $48 mn in Electronica Finance

The fund will pave the way for EFL's expansion, specifically in financing for MSMEs in India's high-growth manufacturing sector

From Federal Bank to L&T Finance, cos see robust disbursements in Q4 FY24

During the quarter under review, the CASA ratio of the lenders continued to remain under pressure