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MCA clears appointment of Hitesh Kumar Sethia as Jio Financial MD for 3 yrs

Jio Financial Services on Monday said the Ministry of Corporate Affairs has accorded its approval for the appointment of Hitesh Kumar Sethia as managing director and chief executive officer of the company. The appointment effective from November 15, 2023, is valid for three years, Jio Financial Services said in a regulatory filing. The approval letter was received by the company on April 24, 2024, it said.

Poonawalla Fincorp Q4 results: Net profit rises 67% to Rs 332 crore

FY24 PAT up 146 per cent year-on-year to Rs 1,683 crore; AUM crosses Rs 25,000 crore

RBI cancels Acemoney (India's) NBFC licence citing violation of guidelines

The development follows a series of actions on other players in the industry on account of non-compliance

REC gets 60.5 bn yen green loan from Italian export credit agency SACE

The arrangement between SACE and REC is a breakthrough and a first-of-its-kind collaboration between an Indian government entity and SACE

Special audit starts at IIFL Fin after RBI restricted gold loan sanction

RBI's inspection had indicated a lack of adherence to the standard auction process and a lack of transparency in charges being levied on customer accounts

NBCC planning to set up its own NBFC to help save over $100 million

The Indian government owns infrastructure financial institutions but no other state-run company has created a unit to help it finance projects

Tata Group seeks regulatory approval to avoid listing NBFC, says report

The Reserve Bank of India's (RBI) revised regulations in October 2021 require that large non-banking finance companies (NBFCs) list their shares within three years

At Rs 3.55 trillion, REC clocks highest ever loan sanctions in FY24

The NBFC, which has widened its scope beyond pure play power sector, now lends to green energy, infrastructure, and new age energy transition projects as well

Co-lending book of NBFCs likely to touch Rs 1 trillion mark by June

The partners may increase their focus on other asset classes such as loans to micro, small and medium enterprises (MSME) and home loans, given higher risk weights for personal loans

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

Banks, NBFCs must uphold standards with Fintechs: RBI Dy Governor D G Rao

This change could affect the degree of market concentration and competition, giving rise to new challenges

ABCL gains over 10% as Macquarie initiates coverage with 'outperform' call

In its note, Macquarie said ABCL's lending non-banking finance (NBFC), housing finance company (HFC), and life insurance portfolio makes it an attractive proposition

Avanse raises Rs 1,000 cr from investors led by Mubadala Investment Company

Avanse Financial Services, an education-focused non-banking financial company (NBFC), on Tuesday announced that it has raised primary capital of Rs 1,000 crore to fund business growth. This round of funding was led by Mubadala Investment Company (Mubadala), the Abu Dhabi-based investment company, with participation from Avendus PE Investment Advisors Private Ltd via its fund Avendus Future Leaders Fund II, the NBFC said in a statement. The fund infusion will enable Avanse to strengthen its position in the rapidly evolving education financing segment by focusing on creating unique customer experiences and achieving sustained profitable growth, it said. The company has also provided growth and working capital to Indian educational institutions. As of December 2023, the company's assets under management (AUM) stands at Rs 12,147 crore.

Hemendra Kothari's DSP group to enter NBFC space, awaits RBI approval

Kothari is chairman of DSP Asset Managers, an asset management company (AMC) with a wide range of active and passive funds managed across the risk-reward spectrum

PHF Leasing to hire 200 employees over next 2 quarters across sectors

PHF Leasing Ltd, a deposit accepting NBFC, on Tuesday said the company is targeting to hire another 200 people across sectors over the next two quarters, keeping up with its growth plans and new office openings. The Jalandhar-headquartered NBFC has over 400 employees. PHF Leasing is a category 'A' Deposit taking Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India since 1998. "In the immediate future, we hope to increase our staff strength substantially and PHF will become a force to reckon with in our areas of operations. We hope to recruit around 200 people across all functions by September/October of this year," said Shalya Gupta, CEO, PHF Leasing Ltd. The company has clocked over 100 per cent growth over the last three years, by opening new segments, like loan against property and new geographies. The NBFC has presence in several states, including, Punjab, Haryana, Rajasthan, Delhi NCR, and Uttar Pradesh.

Fintechs lead small-ticket loans' volume with 77% market share: Study

On the value front, fintechs cornered 29 per cent of small ticket loans disbursed in FY18, which rose to 51 per cent in FY24 (till September 2023)

L&T Finance, L&T Infra Credit, 5 NBFCs surrender registration certificates

L&T Finance, L&T Infra Credit, and five other non-banking financial companies (NBFCs) have surrendered their certificates of registration to the Reserve Bank of India. Following this, the central bank cancelled their Certificate of Registration (CoR) as they ceased to be a legal entity after amalgamation, merger, dissolution or voluntary strike-off. In December last year, L&T Finance Holdings (LTFH) had announced the completion of merger of subsidiaries L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee, with itself. The other five NBFCs which surrendered their CoR are Marudhar Food & Credit Ltd, Creative Intra Ltd, Jinvani Trading & Investment Company, Manjushree Fincap, and Shruti Financial Services. In another statement, the RBI said it has cancelled CoR of four NBFCs -- Nimisha Finance India, R.M.B. Finance Company, Suyash Finovest, and Kamdhar Leasing and Finance Ltd. These four companies cannot transact the business of a non-banking ...

Tata Sons can fetch Rs 7.8 trillion market valuation on listing: Report

A little-known equity market research firm has pegged Rs 7.8 lakh crore valuation for the Tata group's NBFC holding company Tata Sons on listing going by the current market cap of the group firms. Being an upper-layer non-banking finance company, Tata Sons has to go public over the next 18 months as per the RBI norms. Tata Sons could list within the next 1.5 years as the Reserve Bank classified Tata Sons as an upper-layer NBFC last year, which makes it mandatory for it to list itself by September 2025, Spark Capital said in a note on Tuesday. The report stated that the listing can lead to the simplification of the complicated group-holding structure of the group. Recent news reports indicated that the company can fetch a valuation of Rs 11 lakh crore and the IPO size will likely be around Rs 55,000 crore. We believe that 80 per cent of Tata Sons' holdings may not be monetisable but the process of restructuring can trigger a re-rating. "There are multiple levers of value available f

NBFC major Shriram Finance to replace agro chemicals firm UPL in Nifty50

Meanwhile, Adani Power, IRFC, Jio Financial Services, PFC and REC have got included in the Nifty Next 50 index

RBI should look favourably to allow NBFCs access deposits: Experts

At the Business Standard BFSI Insight Summit 2023, the chiefs shared their views during a panel discussion on 'Catch-22 - To be or Not To Be A Bank'