Page 29 - Nbfcs

Sebi may allow AIFs to 'exclude' investors from certain investments

Proposal will help address concerns about evergreening of loans

Spandana Sphoorty Financial net profit jumps 79% to Rs 127 crore

Microlender Spandana Sphoorty Financial on Monday reported a 79 per cent jump in net profit at Rs 127 crore in the October-December quarter of current fiscal on improved asset quality, loan growth and higher interest income. The Hyderabad-based lender said its income jumped to Rs 657 crore, up 75 per cent, in the quarter under review from Rs 375 crore registered during the same period of last fiscal. Its net interest income also grew by 60 per cent to Rs 407 crore in October-December period. Loan book grew 52 per cent to Rs 10,404 crore at the end of the reporting period from Rs 6,852 crore a year ago, while net disbursement went up 8 per cent to Rs 2,543 crore on addition of 3.4 lakh customers. The lender's total borrower count rose to 29.6 lakh. Asset quality improved with gross bad loan ratio declining to 1.51 from 5.31 and net bad loans ratio to 48 basis points from 2.52, Shalabh Saxena, managing director of the company said in a statement. He further said the company's provi

Nifty50 may see one change, Next50 seven in March rejig, shows data

The cutoff date for calculating the changes to various Nifty indices is January 31. The index provider typically announces the outcome of the rebalancing exercise during the second half of February

Sebi mulling exemptions in AIF norms, may allow pledging of infra assets

Sebi has been consulting with the Reserve Bank of India (RBI) too, he added, to discuss the potential 'financial stability ramifications'

Lenders retain AIF holdings even as Reserve Bank of India deadline nears

Industry is awaiting certain relaxations or extensions based on their recommendations

Reserve Bank of India likely to withdraw relief to govt-owned NBFCs

Substantial time has elapsed since Government owned NBFCs were brought within the ambit of prudential regulations in May 2018

Revised norms on fair lending practice effective from April 1, says RBI

The revised fair lending practice, which prohibits banks and NBFCs from using penal charges on loan defaults as a revenue enhancement tool, will come into effect from April 1, the Reserve Bank said on Monday. Concerned over the practice of banks and non-banking financial companies (NBFCs) using penal interest as a revenue enhancement tool, the RBI on August 18 last year had modified norms, under which lenders would be able to levy only "reasonable" penal charges in case of default in repayment of loans. Banks, NBFCs, and other entities regulated by the RBI were given an extension of three months till April to implement the revised norms. In a set of frequently asked questions (FAQs), the RBI on Monday said that in the case of existing loans as well, the instructions shall come into effect from April 1, 2024, and the switchover to the new penal charges regime shall be ensured on the next review/ renewal date falling on or after April 1, 2024, but not later than June 30, 2024. On ...

CredAble records a two-fold increase in loan disbursements in 2023

The company plans to raise $50-75 million by June this year in its series C round

P2P lending: Barking up the wrong tree?

Around 15 P2P platforms went live, but one-third of them have shut up shop. Analysts say four of them have more than 90 per cent of the market share

Cybersecurity threat to banking system a major challenge: RBI Governor

Regulator has dedicated team to check IT systems of banks and NBFCs, says Shaktikanta Das

Five NBFCs look to raise Rs 2,750 crore via public issue this month

The proceeds from the issue will be used for interest payment of existing borrowings, further lending, business operations and expansion plans

IRDAI eases norms for insurer investment in infrastructure debt funds

New regulation by IRDAI allows greater flexibility for insurers in IDF-NBFC investments

Poonawalla Fincorp's AUM rises 57% to around Rs 21,850 cr in Q3FY24

Sequentially, Poonawalla Fincorp's AUM expanded by 8 per cent over in the second quarter ended September 2023

Home loans' share of retail segment decline to 47.2% in Nov, shows data

Unsecured loans extended by banks at Rs 15.35 trillion

Brookfield-backed Indostar Capital sells stressed SME loans worth Rs 292 cr

NBFC says in filing it is making efforts to sell nearly 50% of its stressed assets

2024 set to be eventful for North Block, RBI in pursuit of $5 trn goal

A bank licence for industrial houses looks unlikely; the IWG itself had referred to concerns over connected lending and exposure between banks and other financial and non-financial group entitie

Bank credit to industry slows to 6.1%, services sector sees growth: RBI

The retail loans growth decelerated to 18.6 per cent in November 2023 from 19.9 per cent a year ago due to moderation in credit growth to housing

Not mandatory for banks, NBFCs to raise green funds, RBI clarifies

The Reserve Bank of India (RBI) on Friday said it is not mandatory for banks and NBFCs to raise green funds, but in case they intend to do so they must follow the prescribed framework. The central bank has issued a set of Frequently Asked Questions (FAQs) on the 'Framework for Acceptance of Green Deposits'. In April 2023, it had issued detailed guidelines for acceptance of "green deposits" by banks and Non-Banking Financial Companies (NBFCs) wherein the funds could be used for financing activities like renewable energy, green transport and green buildings. The framework came into effect from June 1, 2023. According to the FAQs, the RBI-regulated entities (REs) should pay interest on green deposits to their customers as per agreed terms and conditions and prescribed directions irrespective of allocation/utilisation of proceeds. Also, "there is no restriction on premature withdrawal of green deposits, however, the REs shall adhere to the extant guidelines referred to above". Premat

RBI extends Payments Infrastructure Development Fund scheme till 2025

Apart from physical and digital devices, Soundbox devices and Aadhaar-enabled biometric devices have been made eligible for subsidy under the PIDF scheme

Banking for growth

Financing of NBFCs must be monitored