Page 39 - Nbfcs

Appoint new CFO for RattanIndia Finance within 60 days, says NCLAT

Appellate tribunal NCLAT on Wednesday set aside an NCLT order and directed to appoint a CFO for non-banking finance company RattanIndia Finance within 60 days. A three-member NCLAT bench said any suggested candidate by the JV partner LSF 10 Rose Investments, under section 140 of the articles of association (AoA) of the company, should be eligible under the provision of section 203 of the Companies Act, which provides for the appointment of Key Managerial Personnel (KMP). The National Company Law Appellate Tribunal (NCLAT) also held that NCLT had "committed error" in inferring that provision in article 140 of the AoA does not contemplate that a person's nomination can be considered to be valid or invalid. "The Impugned Order (of NCLT) is, therefore, set aside and the parties are directed to take necessary action for appointment of CFO of the R-2 company (Rattan India Finance) as per article 140 of the AoA, after making valid nominations, keeping in view section 203 of the Companies .

Reliance Capital hits fifth straight upper limit, soars 27% in one week

The stock was locked in upper circuit for the fifth straight day, up 5 per cent at Rs 17.93 on the BSE in Wednesday's trade in an otherwise weak market.

Banks could consolidate with NBFCs as valuations looking sensible: Girotra

'I feel more positive about the NBFC sector than I did in the last three years', said Manisha Girotra

'Think of the worst': RBI Governor Das nudges banks to raise capital

Inflation has peaked, expect CPI at 5% in April-June, he says

Ahead of festive season, credit offtake remains strong in July 2022

Reserve Bank of India (RBI) data showed that credit to industry grew 10.5 per cent in July 2022 against a mere 0.4 per cent in July 2021

Explained: What are RBI's new norms for digital lending in India?

Digital lending involves giving and recovering loans through web platforms or mobile apps. Here are the new regulations and why they have been introduced

Microfinance loans grow 24% YoY in Q1 of FY23; credit quality stable

Fund flow to the sector has improved but some smaller MFIs still find it difficult to access finance from banks

What is a letter of comfort?

The Reserve Bank of India recently disallowed the use of Letters of Comfort (LoC), which may impact loans worth Rs 35,000 crore. What is this letter of comfort? Let us find out

Bank-NBFC co-lending model yet to take off as more tweaks may be needed

When the live-in arrangement between banks and NBFCs was flagged off on September 21, 2018, it was for co-origination

Reserve Bank directs loan recovery agents not to intimidate borrowers

While issuing instructions to regulated entities including banks, NBFCs and ARCs, RBI said it has observed that recovery agents are deviating from its instructions with regard to recovery of loans

IIBX at GIFT City: A potential gold standard for the bullion trade

IIBX has the potential to ease the hassle involved in importing precious metals

Microfinance loan securitisation grows over two-fold YoY in Q1FY23

Better recoveries, adequate credit enhancements spark investor confidence

Supply-side constraints weigh on retail protection biz for life insurers

Protection segment, overall, has witnessed decent growth, mainly because of strong traction in the credit life business, buoyed by disbursement from banks and NBFCs.

RCap lenders hive off home finance, NBFC into separate trust for resolution

The proceeds of the sale of these two companies in future will flow directly to the lenders of the Reliance Capital which is currently undergoing a bankruptcy process

NBFCs to rely more on funding from banks, cost may rise, says report

Non-bank finance companies (NBFCs) are likely to rely more on banks for their funding requirements as interest rates are hardening in the capital market, says a report. As the sector moves towards banks for meeting its funding requirements, smaller NBFCs could witness a sharp increase in their funding costs, India Ratings and Research said in a report. "The borrowings of non-bank finance companies (NBFCs) could get skewed to banks in FY23, given the hardening of rates in the capital markets," the agency said in a report on Wednesday. The shift in the NBFCs' funding mix in FY23 will be driven by a rise in the proportion of short-term funding by way of commercial papers and debenture funding getting replaced by bank funding to a certain extent. A huge quantum of borrowings to be raised by large NBFCs would lead to a further increase in the banks' exposure to the sector, and small NBFCs thus could face crowding out, the report said. The agency said with the rise in interest rates, ..

NBFCs, HFCs securitisation volume doubled to Rs 33k cr in April-Jun: Report

Securitisation volumes originated by Non-Banking Financial Companies (NBFC)s and Housing Finance Companies (HFC)s have almost doubled to around Rs 33,000 cr in the first quarter of the current year

Fintechs funded by Chinese money generated Rs 950-crore slush funds: ED

Fintech companies brought the funds to be lent to the public, did MoU (memorandum of understanding) with "defunct" NBFCs for their lending licence, it said

Employee costs surge over 12% to a record Rs 10.8 trillion in FY22

Employee costs rose over 12% in FY22, the fastest in 8 years

Employee costs surge over 12% to a record Rs 10.8 trillion in FY22

Employee costs rose over 12% in FY22, the fastest in 8 years

Auditor gave satisfactory report on business operations, says PFS

The forensic audit began after former chairman and outgoing independent directors of PFS raised governance and other issues in January this year