Paytm's non-bank lending partners include companies such as Aditya Birla Finance, Hero Fincorp, Piramal Capital, Poonawalla Fincorp, Shriram Finance, SMFG India Credit, and Tata Capital
Standard asset provision suggested at 5 per cent in a phased manner
Pakistan Prime Minister Shehbaz Sharif has met IMF chief Kristalina Georgieva and discussed a new loan programme for the cash-strapped country to put the economy back on track. In a meeting on the sidelines of the World Economic Forum (WEF) Special Meeting in Riyadh, the premier thanked Georgieva, the International Monetary Fund (IMF) Managing Director, for her support to Pakistan in securing the USD 3 billion standby arrangement (SBA) from IMF last year that was now nearing its completion. Pakistan secured the USD 3 billion IMF programme in June last year, which helped it avert a sovereign default. Pakistan is seeking a new long-term Extended Fund Facility (EFF) after the current SBA expires this month. Both sides also discussed Pakistan entering into another IMF program to ensure that the gains made in the past year were consolidated and its economic growth trajectory remained positive, according to a statement issued by the PM Office on Sunday. Sharif reiterated his government'
May tap into overseas market for fundraising in H2FY25
The report from the Commerce Department on Tuesday also showed permits for future construction of single-family houses fell to a five-month low
The share of bank loans bearing over 8 per cent interest rates increased from 47.2 per cent in March 2022 to 78.9 per cent in March 2023, and further to 83.7 per cent in December 2023
The one-year MCLR has risen to 8.85%, while the six-month and three-month MCLR rates have been increased to 8.65% and 8.45%, respectively
Government-endorsed scheme is easier to access for small credit amounts
Debt higher than many BRICS peers, at lower per capita GDP
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
Our top stories this week tell you about the pros and cons of using your life policy as collateral and what it takes to be mentally fit
State-owned Canara Bank on Wednesday launched a slew of new products, including a loan scheme to meet shortfall of hospital expenditure. A healthcare-focused loan product called Canara Heal is aimed at meeting the shortfall of hospitalisation expenditure while settling through TPA healthcare insurance claims of self and/or dependents, the bank said in a statement. The loan for meeting hospital expenses will be available at 11.55 per cent per annum on a floating basis and 12.30 per cent at fixed interest rate basis. The healthcare loan facility is available for customers whose treatment bill exceeds the insurance limit. The bank also introduced a customised savings account for women called Canara Angel with unique features such as cancer care policy, pre-approved personal loan Canara ReadyCash and online loan against term deposit product Canara MyMoney, it said. It is free of cost for women at the time of opening a savings account, it said, adding that existing women customers can
Microlending portfolio across lenders of all categories grew 30.9 per cent to Rs 4.02 lakh crore during the December quarter. When compared with the preceding September quarter-end, the overall portfolio showed a 6 per cent growth, the report by a credit information company said. Non-banking finance company-microfinance institutions (NBFCs-MFI) continue to dominate the sector, with a market share of 38.3 per cent, followed by 33.4 per cent for banks, 17.4 per cent for small finance banks and 9.4 per cent with NBFCs, it said. From an asset quality perspective, the loans that are not serviced for over 30 days were stable at 2 per cent, while the same for over 90 days was also stable at 0.9 per cent. The average balance per borrower inched up to Rs 48,900 during the December quarter, as against Rs 48,200 in the quarter-ago period and Rs 46,900 in the year-ago period, the data said. A bulk 83.4 per cent of the borrowers had exposure to less than 2 lenders in December, with Tamil Nadu
L&T Finance Holdings on Tuesday said it will borrow USD 125 million (about Rs 1,038 crore) from the Japan International Cooperation Agency for on-lending to women and other segments. The two entities have signed a financing pact, under which 40 per cent of the money will be allocated to women borrowers, while the rest will support farmers, micro, small and medium-sized enterprises (MSMEs) and loans to purchase new two-wheeler vehicles, including electric two-wheelers. The loan is being raised from JICA as part of a co-financing agreement with Asian Development Bank (ADB) in addition to USD 125 million it had raised from ADB in November last year. LTFH's chief financial officer Sachinn Joshi said the agreement with JICA is a substantial step toward driving sustainability and positive business impact. "This long-term loan also helps us take forward our ongoing strategy of diversifying funding sources for the company," Joshi added. JICA said poverty alleviation is a "pressing issue"
IFFCO has moved the NCLT against Swan Energy Ltd (SEL) and their joint venture Triumph Offshore to restrain their JV firm from passing any resolution without its approval and issuing any share/security to the lenders against loans. Seeking an injunction against any such proposal, IFFCO, in its petition filed before the Ahmedabad bench of the NCLT, alleged that Triumph Offshore is pre-paying the debt, which may result in dilution of its shareholding in the joint venture firm and is detrimental to its interest. IFFCO has moved the NCLT under sections 241 and 242 of the Companies Act 2013, alleging oppression and mismanagement. It has prayed to restrain Swan Energy and Triumph Offshore "from passing any board resolution without the prior written approval of petitioner (IFFCO), with reference to the substitution of the bank term loan with promoters loan or from issuing any shares/security or any instrument convertible into equity in favour of R2 (SEL) or any third party, which may resul
The personal loan segment grew 21 per cent year-on-year (Y-o-Y) in January, compared to the 22.3 per cent Y-o-Y growth registered in October 2023
Many gullible borrowers are often defrauded of their money by fraudulent loan apps
The corporate affairs ministry is probing various Chinese companies, especially those with links to loan apps, for alleged violations and some of the investigations are at an advanced stage, according to a senior official. In recent times, Indian authorities have been cracking down on entities that are operating loan apps illegally and the ministry has also been acting against companies and related individuals for hiding beneficial ownership. The senior official told PTI that enquiries by the ministry are going on against various Chinese companies, especially those linked to loan apps, and some of the enquiries are at an advanced stage. The ministry, which is implementing the companies law, is mainly looking at whether frauds have been committed at these companies and some of the cases are being probed by the Serious Fraud Investigation Office (SFIO), the official said. Further, the official said that the ministry receives complaints from the Reserve Bank of India (RBI) and the ...
The Mumbai-based public sector lender also offers a fixed rate of interest option on Baroda Car Loans, starting at 8.85 per cent per annum
Global bond investors keen to invest in Indian infrastructure sector