Non-banking Finance Companies

BFSI Summit: Industry experts discuss future growth paths for NBFCs, MFIs

Business Standard BFSI Insight Summit 2024: Industry experts share insights into reach, regulatory pressures, growth opportunities for non-banking financial companies, microfinance institutions

FSIB recommends Ashok Chandra as next PNB managing director and CEO

Chandra began his banking career with Erstwhile Corporation Bank in September 1991 as a probationary officer. He holds a master's degree in economics

Centre releases finance commission grant for RLB's in Andhra, Rajasthan

The Union Government has released the first instalment of the 15th Finance Commission grants for 2024-25 to Rural Local Bodies (RLBs) in Andhra Pradesh and Rajasthan, the panchayati raj ministry said in a statement. Andhra Pradesh has received untied grants amounting to Rs 395.50 crore and tied grants totalling Rs 593.26 crore. These funds are for duly elected nine eligible district panchayats, 615 eligible block panchayats, and 12,853 eligible gram panchayats in the state. In Rajasthan, untied grants of Rs 507.11 crore and tied grants of Rs 760.67 crore have been released for the duly elected 22 eligible district panchayats, 287 eligible block panchayats and 9,068 eligible gram panchayats. The untied grants will enable panchayats to address specific local needs across 29 subjects under the 11th Schedule of the Constitution, ranging from agriculture and rural housing to education and sanitation. These funds, however, cannot be used for salaries or establishment costs. The tied gra

NBFC Aye Finance raises $30 million in series G round led by ABC Impact

The latest round of funding comes eight months after the company raised $37 million in a Series F round

Commercial banks credit growth to moderate to 12-14% in FY25: Moody's

Resource mobilisation challenge, regulatory nudge to weigh on growth

Three NBFCs looking to raise funds through dollar bond issue, say bankers

Manappuram Finance, Muthoot Finance and state-run REC are aiming to issue benchmark-sized bonds, which means the issuance will be around $500 million each, the three bankers said

NBCC planning to set up its own NBFC to help save over $100 million

The Indian government owns infrastructure financial institutions but no other state-run company has created a unit to help it finance projects

Poonawalla Fincorp announces appointment of Arvind Kapil as MD & CEO

The current MD & CEO of the company, Abhay Bhutada, has been elevated to a group-level role

Japan's Mizuho Bank acquires 15% in Credit Saison India for Rs 1,200 cr

Digital non-banking finance company Credit Saison (CS) India on Tuesday said Japan's Mizuho Bank has acquired 15 per cent stake in it for Rs 1,200 crore. This is Credit Saison's first investment from an external investor, a statement from CS India said. This strategic investment will enable CS India to continue its journey towards becoming a well-diversified, resilient lending franchise with a focus on growth and profitability, the statement added. CS India received its (Non-banking Finance Company) NBFC licence in September 2019 from the RBI and focussed initial operations in wholesale lending and tech-integrated partnerships with other NBFCs and fintechs. Later, it expanded into retail lending through partnerships. Currently, it has 1.2 million active loans worth over Rs 10,000 crore, Presha Paragash, chief executive of CS India said. Mizuho Bank is the retail and corporate banking unit of Mizuho Financial Group while CS India is the domestic arm of Saison International, one of

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

Bajaj Finance shares soar 4% as Q3 business update shows robust AUM growth

NBFC reported 26% rise in new loans during the December quarter

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

Vehicle loan AUM for NBFCs to cross Rs 8 trillion in 2024-25: CRISIL

The growth in AUMs will be driven by rising demand for commercial vehicles, cars, utility vehicles, and two-/three-wheelers

Financial sector set to see churn in 2024 with major leadership changes

Shaktikanta Das, governor of RBI and the chair of the Monetary Policy Committee (MPC), will complete his six-year term in December 2024. Das, who was first appointed in December 2018 for three years

State-owned REC approves hike in borrowing to Rs 1.5 trillion for FY24

State-owned REC Ltd on Thursday said its board has approved a proposal to increase borrowing to Rs 1.5 lakh crore from Rs 1.2 lakh crore for 2023-24. The Board of Directors of REC Ltd, in its meeting held on November 30, 2023, approved revision in its market borrowing programme under different debt segments with interchangeability among various instruments, including bonds/debentures, term loans, external commercial borrowing, commercial papers etc. on private/public placement basis from Rs 1,20,000 crore to Rs 1,50,000 crore for 2023-24, the company said in a regulatory filing. The funds under the said revised market borrowing programme will be raised, from time to time, during the financial year 2023-24, with the approval of competent authority as per powers delegated in this regard by the Board of Directors, it added. The board also approved the proposal of equity investment in Hindustan Power Exchange Ltd (HPX) for an amount up to Rs 14.25 crore (i.e. up to 19 per cent of the ..

Some NBFCs are bigger than many banks, says CEO Aditya Birla Finance

"There is a harmonisation of policies and regulations for upper-scale NBFCs and banks in terms of capital requirements and asset categorisation," Rakesh Singh of Aditya Birla Finance said

Microfinance sector's disbursements up 30% in Q1FY24, shows data

Lenders raise concern over attempts to harm credit culture

Loan sanctions through NBFCs slip sharply to 5.7% in June quarter

Sequentially, the sanctioned shrunk by 20.3 per cent over the quarter ended March 2023 (Q4FY23), data from Finance Industry Development Council (FIDC)-CRIF showed

RBI allows IDF-NBFCs to raise money via external commercial borrowings

The revised framework envisages withdrawal of the requirement of a sponsor for the IDFs and making tripartite agreement optional for Public Private Partnership (PPP) projects

Shriram Finance, Paytm come together to augment digital financial services

One97 Communications Ltd, owners of the brand Paytm, on Friday said it has partnered with retail non-banking finance company Shriram Finance Ltd to offer financial services to its users, including loan products. Through this joint venture, Shriram Finance products would be made available on the digital platform to further expand Paytm's business to credit services as well, and drive financial inclusion. With its technology-led lending, Paytm has strengthened the credit ecosystem by partnering with marquee financial institutions to digitally distribute loans. "India is witnessing high growth in retail credit demand. It is only likely to increase with greater participation from rural and semi-urban India. A lot of this demand will come from a digitally literate, young generation brought up in the mobile telephone proliferation era and those having comfort in making all their transactions through handheld devices," said Shriram Finance Ltd executive vice chairman Umesh ...