Page 10 - Loans

Coffee Day Enterprises' total default rises to Rs 434 cr in Dec quarter

Coffee Day Enterprises Ltd has reported a total default of Rs 433.91 crore on payments of interest and repayment of principal amount on loans from banks, financial institutions, and unlisted debt securities for the December quarter. Coffee Day Enterprises Ltd (CDEL), which is paring its debts through asset resolution, in a regulatory update said "the delay in debt servicing is due to liquidity crisis". CDEL reported a default of Rs 183.36 crore on the payment of the principal amount on loans or revolving facilities like cash credit from banks or financial institutions as on December 31, 2023. Besides, it has also defaulted on the repayment of interest of Rs 5.78 crore on the above. For unlisted debt securities such as Non-Convertible Debentures (NCDs) and Non-Convertible Redeemable Preference Shares (NCRPS), the default amount was Rs 200 crore as on December 31, along with a default in payment of interest of Rs 44.77 crore. "Due to default in repayment of interest and principal...

RBI stays vigilant, committed to early, decisive action: Governor Das

He stated that the recent implementation of macroprudential measures, aimed specifically at tempering lenders' enthusiasm in certain segments of retail loans

Vehicle loan AUM for NBFCs to cross Rs 8 trillion in 2024-25: CRISIL

The growth in AUMs will be driven by rising demand for commercial vehicles, cars, utility vehicles, and two-/three-wheelers

Govt directs digital platforms not to carry ads of fraudulent loan apps

The government has directed social media and online platforms to ensure that they do not host advertisements of fraudulent loan apps, Union Minister Rajeev Chandrasekhar said on Wednesday. Chandrasekhar said the IT ministry has made it clear to the platforms that they cannot carry fraudulent loan apps as those are misleading and exploit people using the internet. "One of the areas we are now cracking down on is advertising of fraudulent loan apps that many platforms are carrying and we have, through yesterday's advisory, made it clear that no intermediary can carry advertisements of fraudulent loan apps because it will be misleading and exploits people who are using the internet," the Minister of State for Electronics and IT said on the sidelines of an event. Jurisprudence and government approach on safe and trusted internet is evolving, he said adding that IT rules clearly specify 11 areas of prohibited content.

Only 18% digital loan borrowers understand data privacy rules: Study

60% of them are worried about how personal data is collected and used by lending apps

Outward FDI halves Y-o-Y to $1.55 billion in November, shows RBI data

Outbound FDI, expressed as a financial commitment, comprises three components - equity, loans, and guarantees

Credit-deposit ratios of Indian banks may weaken, dent margins in 2024: S&P

Asset quality to stay on improvement trajectory

CBI opposes statutory bail granted to DHFL's Wadhawans in loan scam case

The CBI on Tuesday assailed in the Supreme Court the statutory bail granted by courts below to former Dewan Housing Finance Corporation Limited (DHFL) promoters Kapil Wadhawan and his brother Dheeraj in connection with a multi-crore rupees bank loan scam case. A bench comprising Justices Bela M Trivedi and Satish Chandra Sharma was told by Additional Solicitor General (ASG) S V Raju, appearing for the CBI, that the charge sheet in the case was filed well within the 90 days statutory period and yet the statutory bail was granted to the accused. Under the Code of Criminal Procedure (CrPC), an accused becomes entitled for grant of statutory bail if the probe agency fails to file the charge sheet on conclusion of the investigation in a criminal case within 60 or 90 days period. In this case, the CBI filed the charge sheet on the 88th day after registration of the FIR and the trial court granted default bail to the accused and the Delhi High Court upheld the order, the law officer ...

RBI cautions against misleading advertisements on loan waiver offers

The Reserve Bank on Monday cautioned public not to fall prey to misleading advertisements related to loan waiver offers in print media as well as on social media platforms. In a statement, the RBI said it has noticed certain misleading advertisements enticing borrowers by offering loan waivers. These entities, it said, seem to be actively promoting many such campaigns across the print media as well as social media platforms. There are also reports of such entities charging a service/legal fee for issuing 'debt waiver certificates' without any authority. The central bank further said that in certain locations, campaigns related to debt waiver offers are being run by a few persons, which undermine the efforts of banks in enforcing their rights. "Such entities are misrepresenting that dues to financial institutions including banks need not be repaid. Such activities undermine the stability of financial institutions and, above all, the interest of the depositors," the RBI said. RBI .

Unsecured loan concerns: Fintechs explore long-term loans after RBI alert

Meanwhile, for the past few months, the regulator has been cautious about the increase in unsecured personal loans, which can spiral into potential bad loans

RBI to unveil regulatory framework for web aggregators of loan products

Move aimed at increasing transparency and improving lending practices

Sharp downgrades likely to keep Paytm stock under pressure in market

The buy now, pay later (BNPL) business may moderate sharply with disbursements down by 15-18 per cent

'Microfinance loan portfolio stands at Rs 3.76 trn at end of Q2FY24'

Microfinance loan portfolio at the end of the second quarter of the current financial year stood at Rs 3.76 lakh crore, serving 7.1 crore borrowers, an industry body report said. According to the report prepared by Microfinance Institutions Network (MFIN), a self-regulatory body of the NBFC-MFIs, microloan disbursals during the July-September quarter of 2023-24 touched Rs 76,054 crore, as compared to Rs 71,916 crore in the same period of the previous financial year. Gross loan portfolio (GLP) of the microfinance industry stood at Rs 3.76 lakh crore, reflecting a rise of 25 per cent over the year-ago period, the report said. NBFC-MFIs totalling 91 are the largest provider of microfinance, followed by banks, small finance banks and non-banking financial institutions. In terms of regional distribution of GLP, the east, the northeast and the south account for 63 per cent of the total portfolio, the report said. Among the NBFC-MFI members of MFIN, assets under management (AUM) stood at

REC loan disbursements cross Rs 1 lakh mark for the first time in a year

State-owned non-banking finance firm REC on Friday said that the company has crossed loan disbursement of Rs 1 lakh crore during April-November this fiscal against Rs 46,075 crore in the same period a year ago. "For the first time, REC crossed disbursement of Rs 1,00,000 crore in a year. In the corresponding period of eight months of FY 2022-23 the disbursement was Rs 46,075 crore," a regulatory filing stated. The REC, earlier known as Rural Electrification Corporation, is a Maharatna CPSE established in 1969, under the Ministry of Power. The company provides long-term loans and other finance products for power infrastructure sector. More recently REC diversified into the non-power Infrastructure sector comprising of roads & expressways, metro rail, airports, IT communication, social & commercial infrastructure, ports and electro-mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc. The loan book of REC exceeds Rs 4,74,275 crore, a statement

ITC launches app to provide crop advisory, market access to Bengal farmers

ITC Limited on Wednesday launched a mobile application to provide crop advisory, market access and financial services to the farmers of West Bengal. ITC chairman Sanjiv Puri launched the ITCMAARS (Metamarket for Advanced Agriculture and Rural Services) application on the concluding day of the Bengal Global Business Summit (BGBS) here. He said the application, on which services would be available in Bengali, would offer world-class technologies and services to farmers in partnership with a large number of leading players in the agri sector, besides banks, institutes and technology firms. Puri said ITC aims to reach out to five lakh farmers over time. He said that ITC's agri business already has a significant presence in the state, where it works with nearly 1.7 lakh farmers, introducing new crop varieties, promoting crop development for enhancing quality and improvement in yield, besides providing advisory and other services.

Mis-selling trap; air purifier basics: Top personal finance stories

Our pick this week explains when you must say no to your relationship manager and what the best purifiers do

Oyo's loan prepayment: Moody's nearly doubles the EBITDA estimates

Fitch said that the move will improve Oyo's EBITDA and that they may take positive rating action

NBFC assets to grow 25-30% in FY24-25, caution on unsecured loans: Icra

Non-bank lenders are set to report growth of 25-30 per cent in their Assets Under Management (AUMs) in FY24 and FY25, a domestic rating agency said on Thursday. Icra Ratings, which made the growth estimate for Non-Banking Financial Companies (NBFCs) having AUMs of up to Rs 10,000 crore, said unsecured loans need to be monitored going forward. "High growth in the past and the expected AUM expansion going forward, shall keep the portfolio seasoning at low levels, especially for the long-tail loans, namely affordable housing and secured business loans," it said in a report. Its co-group head for financial sector ratings A M Karthik said the agency assessed the performance of about 105 medium and small NBFCs, accounting for about 14 per cent of the NBFC industry AUM as of March this year. On the asset quality front, the agency said the reported Gross Stage 3 (GS3) of the entities it assessed was manageable at 2.6 per cent in March 2023 as against 4.2 per cent in March 2022. The same i

Will do corporate biz only to grow on retail front: PNB Housing Finance CEO

Girish Kousgi, MD & CEO of PNB Housing Finance says the plan is to grow the loan book by 17% and disbursement by 22-23% in the current financial year

Manappuram Finance beats Q2 profit estimates, up 37% on high loan demand

Gold prices hit a record high earlier this year and though it saw some subsequent corrections, prices were up more than 20% year-on-year for the quarter