Bharat Financial Inclusion

Bill for NFIR likely to be introduced in next session, says DEA Secretary

The Bill for setting up a National Financial Information Registry (NFIR) is in the advanced stage of preparation, and it may be introduced in the next session of Parliament, Economic Affairs Secretary Ajay Seth has said. "It is at an advanced stage. It is in the closing stages of inter-ministerial consultation. We will finalise the Bill soon," he told PTI in a post-budget interview. However, he said, it cannot be introduced in the ongoing session of Parliament but may be in the next session. The objective is to build a public infrastructure for credit-related information, and the right information can be made available by the NFIR to lending agencies. A National Financial Information Registry will serve as the central repository of financial and ancillary information. This will facilitate the efficient flow of credit, promote financial inclusion, and foster financial stability. The passage of the Bill will enable in setting up of a registry and thus help in consolidating all finan

Updated On : 28 Jul 2024 | 3:38 PM IST

Bharat Financial top officials resign to join rival Spandana Sphoorthy

Top executives of Bharat Financial Inclusion (BFIL), a fully-owned subsidiary of IndusInd Bank, have resigned from the company last week, the bank said on Monday. The bank said it has appointed an Executive Director and another person to oversee day-to-day operations of the company. Shalabh Saxena, the Managing Director & CEO, and Ashish Damani, the Executive Director & CFO of BFIL, are to join rival microfinance lender Spandana Sphoorty, over which the two companies are apparently at loggerheads. "Shalabh Saxena and Ashish Damani, currently employed with BFIL in the capacity of the Managing Director & CEO and the Executive Director & CFO, respectively, have tendered their resignations pursuant to emails addressed to the Chairman of the board of BFIL on November 25, 2021," IndusInd Bank said in regulatory filing. The bank said, in the interim, it has nominated J Sridharan as Executive Director on the board of BFIL and appointed Srinivas Bonam to oversee the day-to-day

Updated On : 29 Nov 2021 | 4:07 PM IST

IndusInd Bank clarifies on appointment of BFIL executives by SSFL

IndusInd Bank has clarified that Shalabh Saxena and Ashish Damani are currently employed with its wholly owned subsidiary Bharat Financial Inclusion (BFIL) as managing director & CEO, and Chief Financial Officer, respectively, countering that they have been appointed by Spandana Sphoorty Financial Ltd (SFFL). SFFL on Monday had announced the appointment of Saxena as its MD & CEO, and Damani as the President and CFO of the company. In a clarification, IndusInd Bank said that "Shalabh Saxena and Ashish Damani are currently employed with bank's wholly owned subsidiary, Bharat Financial Inclusion (BFFL), in the capacity of the Managing Director & Chief Executive Officer and Executive Director & Chief Financial Officer, respectively". "Neither, Shalabh Saxena nor Ashish Damani have tendered their resignation from the services of BFIL," the bank said. As per the terms of their employment, once the resignation is tendered, it is subject to acceptance by the board of directors

Updated On : 24 Nov 2021 | 1:09 PM IST

2 top Bharat Financial execs can't be relieved till review ends: IndusInd

IndusInd arm says cannot let its two execs join Spandana when the review is ongoing

Updated On : 24 Nov 2021 | 12:27 AM IST

MFI stocks make a comeback in financial landscape after two-year hiatus

Betting on pure-play MFI players such as CreditAccess Grameen and Spandana Sphoothy may be safer compered to MFI-oriented banks

Updated On : 14 Dec 2020 | 10:23 PM IST

Bharat Financial Inclusion: The death of a success story

Some say BFIL should have continued its efforts to secure the small finance bank licence

Updated On : 13 Sep 2017 | 3:56 AM IST

Despite a bad quarter Bharat Financial keeps analysts' hopes high

BS ReporterHyderabad, 9 May: Despite the earnings estimate cuts for this year, the analyst firms continue to hold their expectations on the long term performance of Hyderabad-based microfinance company Bharat Financial Inclusion Limited(BFI) high as they view the the fourth quarter losses more as a one-off event.Earlier this month the micro finance company(previously SKS Microfinance) has reported a Rs 235-crore net less for the quarter ended March, 2017 as it had to provide Rs 335 crore in the balance sheet towards the loan defaults in the aftermath of demonitisation among other factors. While the company said it has chosen to report a net loss of Rs 235 crore as it wanted to remain conservative by following the 8-week NPA classification and provisioning policy, the set back on the recovery front, however, came as a reminder of the troubles it had gone through in the past.On Tuesday the company's scrip fell 1.92 percent to close at Rs 759.60 on Bombay Stock Exchange. "These are ...

Updated On : 09 May 2017 | 9:34 PM IST

Bharat Financial reports Rs 235 cr Q4 loss

Hyderabad, 1 MayHyderabad-based microfinance lender Bharat Financial Inclusion has reported a net loss of Rs 235 crore in January-March quarter this financial year, while it earned a net profit of Rs 84.47 crore in the same quarter last fiscal.The loss is mainly due to the drastic increase in the provisions and write offs at Rs 334.5 crore in the quarter under review when compared to Rs 13.9 crore in the corresponding quarter previous financial year. The Hyderabad-based company's net profit declined 4.4 per cent to Rs 289.69 crore in the financial year 2016-17 from Rs 302.98 crore during the previous fiscal period again due to huge spike in provisions and write offs.However, the overall revenues of the company surged up 10.5 per cent to Rs 409.3 crore in January-March quarter this financial year as against 370.3 crore during the corresponding quarter previous fiscal. Bharat Financial, formerly SKS Microfinance, has witnessed 30.8 per cent growth in business at Rs 1,727.9 crore in ...

Updated On : 01 May 2017 | 8:15 PM IST

Bharat Financial Inclusion reveals stressed loan book

In a call with investors on Monday, the Bharat Financial Inclusion (BFIL) management revealed rising stress on its loan book or asset quality-an indication of a likely surge in non-performance assets (NPAs). And this is unlikely to be taken lightly by markets.To begin with, the cash crunch arising from demonetisation and second, worsening repayment discipline of borrowers in select states of Uttar Pradesh, Maharashtra have started pulling down its asset quality. Notably, with states in election mode, the buzz around possible loan waivers has gathered momentum and led to disruption in repayment cycle at the borrowers' end. Thus, the micro-finance institution, which lends to very small borrowers, now has loans to the tune of about Rs 306 crore or 4.5 per cent of loan book where there have been no payments for more than eight weeks. Though collections have started improving, the BFIL management believes it will take another couple of months for things to normalise from here on. It also ..