Centrum Group

Valuations are reasonable and the outlook is improving in IT, BFSI and FMCG. Defence, engineering and power are clearly overpriced and some profits can be taken, Nischal Maheshwari of Centrum said

Unity Small Finance Bank, promoted by the Centrum Group, on Monday reported a 79 per cent increase in net income at Rs 110 crore in the December quarter, boosted by all-round good set of numbers. The bottom line was boosted by a Rs 257 crore income on the back of net interest margin that stood at 10.9 per cent, the bank said in a statement. While the bank's deposits crossed Rs 5,000 crore-mark, up 163 per cent year-on-year, its net advances increased 80 per cent to Rs 6,601 crore. The bank saw an improvement in asset quality with net NPAs (non-performing assets) coming down to 0.9 per cent. Its total income rose 208 per cent to Rs 438 crore, of which net income was Rs 328 crore, up 90 per cent, and net interest income rose 71 per cent on-year to Rs 257 crore. Unity Small Finance Bank was created out of the merger of the Centrum Capital of the Centrum group with the then scam-ridden PM Cooperative Bank.

The board of the Mumbai-based firm asked managing directors Ganashyam S. and Arpita Vinay to leave due to a "loss of confidence,"

Unity Small Finance Bank's first leg of journey is integration: Bindra

This is more than two years after PMC went bust and the Reserve Bank of India (RBI) imposed restrictions on the amount the depositors can withdraw

The Budget maintained a fine balance between boosting job creation, supporting start-ups, sunrise and core industries, MSMEs and rural development

In a Q&A Jaspal Bindra, Chairman of Centrum Group says Unity SFB will take some cash assistance from DICGC to meet the liquidity gap

'It has been 25 years since I first played the role of CEO in India', said Bindra

The banking entity aims to be the digital-first bank

The first branch of Unity Small Finance Bank, joint venture between Centrum Group and Bharatpe, will be up and running shorty from city with Rs 1,500 cr growth capital and a Rs 1,300-cr loan book

The proposed business model is one of collaboration and open architecture

Rising commodity prices, he believes, cannot sustainably derail the bullish market momentum

Centrum's role in the small finance bank will be mainly on the asset side and will focus on lending to small and medium business. Bharat Pe will focus on the liabilities side

The takeover of this bankrupt urban cooperative bank by the Centrum-BharatPe combine marks the first instance of NBFCs, high-net worth individuals and fintechs being allowed entry in this space

There was considerable buzz among depositors after RBI gave in-principle nod to Centrum Financial Services and BharatPe to set up an SFB in lieu of a restoration scheme of PMC Bank

The joint venture floated by Centrum Group and digital payments startup Bharatpe for launching a small finance bank will infuse Rs 1,800 crore capital into troubled Punjab & Maharashtra Cooperative Bank (PMC) on its merger with the proposed bank, a top Centrum official has said. Last Friday, the Reserve Bank gave an in-principle approval to Centrum Financial Services, a step-down arm of the diversified financial services group, to set up a small finance bank (SFB) provided it took over the troubled PMC Bank. The in-principle approval has been in specific pursuance to Centrum Financial Services' offer on February 1, 2021 in response to the expression of interest notification dated November 3, 2020 published by the PMC Bank, the RBI said. This paves the way for ending nearly two anxious years for the PMC depositors whose over Rs 10,723 crore are still stuck in the crippled cooperative bank that has been under RBI administrator since September 2019. To launch SFB, the Centrum Group ..

Approval given in accordance with the offer made by Centrum to take over the beleaguered Punjab and Maharashtra Cooperative Bank

In an exclusive interview with Business Standard, Jaspal Bindra, executive chairman of Centrum group said it has committed Rs 1,800 cr capital to the SFB, Rs 900 cr of which will come in first year

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The DFI should play a more dev­elopmental role in building greenfield infra projects, which could help achieve the target of Rs 5 trillion.