Page 3 - Non-banking Finance Companies
NBFCs need to be mindful of rising borrowing costs, says RBI report
'NBFCs need to be wary of rising borrowing costs as financial conditions tighten'
 "NBFCs need to be mindful of rising borrowing costs, says RBI report")
SFBs hope to give large private banks a run for their money: BFSI panelists
When we started five years ago, we thought it would be a marathon but it has turned out to be a steeplechase: Samit Ghosh
 "SFBs hope to give large private banks a run for their money: BFSI panelists")
BS BFSI Insight Summit 2022: NBFC bigshots to speak on prospects ahead
From Ramesh Iyer, VC & MD at Mahindra Financial Services to Rakesh Singh, MD & CEO at Aditya Birla Finance, here is the list of panelists from NBFCs
 "BS BFSI Insight Summit 2022: NBFC bigshots to speak on prospects ahead")
NBFC-MFIs overtake commercial banks in micro loan market share in Q2
One reason for this shift in trend could be that banks faced challenges in managing this asset class, especially after the outbreak of the Covid-19 pandemic and the resultant lockdowns
 "NBFC-MFIs overtake commercial banks in micro loan market share in Q2")
Slippages from restructured NBFC book increased in H1FY23, says Icra
Write-offs remained elevated at 2.1 per cent for NBFCs and 0.5 per cent for HFCs in H1FY23
 "Slippages from restructured NBFC book increased in H1FY23, says Icra")
NBFCs' share in India's lending pie fell to 5-year low of 19.8% in H1FY23
The NBFCs share of the country's lending pie declined to five-year low of 19.8 per cent in the first half of FY23
 "NBFCs' share in India's lending pie fell to 5-year low of 19.8% in H1FY23")
Digital lending apps: RBI received 13,000 complaints against banks, NBFCs
The grievances, filed under RBI's integrated ombudsman scheme of 2021 between April 2021 and Nov 2022, also cite harassment by recovery agents
 "Digital lending apps: RBI received 13,000 complaints against banks, NBFCs")
Curb on securitising short-term maturity loans may hurt micro loan biz
Change required by the central bank could make a certain portion of loan books ineligible for securitisation
 "Curb on securitising short-term maturity loans may hurt micro loan biz")
Govt clarifies foreign funds can own over 51% stake in IDBI Bank
This comes ahead of the December 16 deadline for potential bidders to submit EoIs for picking up majority stake in the private sector lender
 "Govt clarifies foreign funds can own over 51% stake in IDBI Bank")
Shriram Finance turns India's largest retail NBFC after merger: Group
The company has net worth of Rs 40,900 crore and assets under management of Rs 1,71,000 crore
 "Shriram Finance turns India's largest retail NBFC after merger: Group")
KreditBee raises $80 million in Series D from Premji Invest, others
The fintech firm aims to cross an AUM of over $1 billion in the next 6-9 months
 "KreditBee raises $80 million in Series D from Premji Invest, others")
Bajaj Finance raises interest on FDs of up to Rs 5 crore by 25 bps
Revised rates applicable on fresh deposits and renewals
 "Bajaj Finance raises interest on FDs of up to Rs 5 crore by 25 bps")
Regulating NBFCs like banks to impair lending model: FIDC to FM Sitharaman
According to the memorandum, if NBFCs are to be regulated like banks, then the typical NBFC model of lending will suffer which will have an impact lending to the unbanked/ underbanked segment
 "Regulating NBFCs like banks to impair lending model: FIDC to FM Sitharaman")
BFSI's share in India Inc's Q2 profits hits record high of 41.5%
The biggest gains came to banks, which reported a 35.8 per cent YoY growth rate in their combined net profit in Q2 FY23
 "BFSI's share in India Inc's Q2 profits hits record high of 41.5%")
SBFC Finance files Rs 1,600-crore IPO papers with markets regulator Sebi
The IPO comprises a fresh issue of equity shares aggregating to up to Rs 750 crore and an offer-for-sale (OFS) component aggregating up to Rs 850 crore by promoter selling shareholders
 "SBFC Finance files Rs 1,600-crore IPO papers with markets regulator Sebi")
M&M Financial Services surges 9% on healthy business growth in Q2FY23
In October 2022, Mahindra Finance estimates the total disbursement of approximately Rs 5,250 crore, thus delivering 97 per cent growth over October 2021.
 "M&M Financial Services surges 9% on healthy business growth in Q2FY23")
Vehicle finance sector to return to pre-Covid level by Q2 next fiscal: CIFC
Murugappa group's financial services unit says bad loans are down and it expects AUM to grow 25% this financial year
 "Vehicle finance sector to return to pre-Covid level by Q2 next fiscal: CIFC")
Life insurers' retail protection biz down YoY, seen stabilising going ahead
Max Life bucks trend with 11% YoY growth in retail protection APE in Q2
 "Life insurers' retail protection biz down YoY, seen stabilising going ahead")
NBFC Sundaram Finance Ltd revises interest rates on term deposits
Non-banking finance company Sundaram Finance Ltd has revised the interest rates on term deposits for tenures of one to three years with immediate effect, the company said on Sunday. Accordingly, the interest rates for deposits of up to 12 months has been increased to 6.65 per cent, for 24 months it has been hiked to 7 per cent, the company said in a statement. For tenures of up to 36 months, the interest rates have been increased to 7.30 per cent. Senior citizens would get an additional interest of 0.35 per cent for one year at 7 per cent, 7.35 per cent for tenures up to two years and 7.65 per cent for tenures up to three years. The company said its deposit balance stood at Rs 4,219 crore.
After RBI missive, FIDC asks NBFCs to revise codes of conduct
Has asked them to insert penalty cause for repeated breaches
 "After RBI missive, FIDC asks NBFCs to revise codes of conduct")
