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Mahindra & Mahindra Financial to expand mortgage business
Mahindra & Mahindra Financial Services plans to expand its mortgage loan business, offering housing finance, top-up loans, and home improvement loans. The Mumbai-based NBFC will also join the government’s affordable housing schemes. The company aims to invest 200-300 million rupees over the next year for this expansion.
Reliance Capital Insolvency: NCLAT notice to IIHL on CoC plea for interest for extended time & forfeiture
The NCLAT has issued a notice to IndusInd International Holdings Ltd over a plea by Reliance Capital’s lenders seeking interest on delayed payments and forfeiture of Rs 2,750 crore in case of default. The lenders want modifications to an NCLT order extending the payment deadline for IIHL’s Rs 9,861-crore resolution plan.
RBI DG asks NaBFID to develop self-sustainable business model, not dependent on government support
RBI Deputy Governor M Rajeshwar Rao urged NaBFID to create a self-sustainable business model without relying on government support. He emphasized the need for agile strategies and higher private sector involvement in infrastructure investments. Rao also highlighted the importance of risk management and project appraisal expertise for NaBFID’s success.
Centre notifies NaBFID as a public financial institution
The government has designated the National Bank for Financing Infrastructure and Development (NaBFID) as a public financial institution under the Companies Act. This move aims to strengthen infrastructure finance in India. Established in 2021, NaBFID focuses on addressing gaps in long-term infrastructure finance and developing bonds and derivatives markets to boost the economy.
Paytm AGM: Vijay Shekhar Sharma repeats intention to reapply for payment aggregator license to RBI in due course
Paytm’s Vijay Shekar Sharma announced during the company’s Annual General Meet that they will reapply for a payment aggregator license to RBI. The fintech firm received approval from the finance ministry to invest in its payment services business, allowing them to resubmit their application for the license.
Satin Creditcare Network to raise $5 million in bonds with 11.32% all-inclusive cost
Satin Creditcare Network plans to raise $5 million through bonds at an all-inclusive cost of 11.32%. The bonds, maturing in 36 months, will be issued on September 25 with a coupon rate of 7.9% linked to SOFR. Interest is payable semi-annually. Last week, the company raised Rs 120 crore in a securitization deal with HSBC India.
Enforcement Directorate conducts searches in Axis Mutual Fund front-running case
India enforcement agency seized 1.29 million rupees ($15,360) during searches at Axis Mutual Fund’s offices in Mumbai and Kolkata related to an ongoing investigation of front-running, the agency said on Wednesday.
Industry credit expected to grow over 12%: FICCI-IBA survey
A survey by FICCI and IBA reveals that 62% of banks expect non-food industry credit growth to exceed 12% in the next six months. The banking sector remains robust, but faces liquidity challenges as credit growth outpaces deposits. Infrastructure, metals, and engineering sectors show strong long-term credit demand.
LGT Wealth India appoints Poonam Mirchandani as MD of wealth planning & family solutions division
LGT Wealth India has appointed Poonam Mirchandani as the managing director of its wealth planning & family solutions division, effective August 2024. She will focus on advising family business owners, promoters, and high-net-worth individuals, expanding the firm’s offerings in succession and estate planning, international wealth management, global mobility, and philanthropy.
NaBFID seeks lower provisioning for credit enhancement players
NaBFID is in talks with the RBI to reduce capital requirements for financial institutions offering credit enhancement. This move aims to make the product more attractive and accessible for corporates. NaBFID also plans to develop securitisation of infrastructure assets and create a data repository for the sector.
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Analjit Singh’s family office clears Rs 5,500-6,000 cr KKR debt by selling 3.2% stake in Max Financial
Analjit Singh’s family office has repaid debts worth ₹5,500-6,000 crore taken from KKR & Co a decade ago for investments in property and hospitality ventures. The final tranche of ₹1,200 crore was cleared last week using funds from a 3.2% stake sale in Max Financial, reducing the family’s holding to 3.2%.
CCI approves Tata Motors Finance merger with Tata Capital
The Competition Commission of India has approved the merger of Tata Motor Finance with Tata Capital. This merger, announced in June, will result in Tata Motors holding a 4.7% stake in the merged entity. The move aligns with Tata Motors’ strategy to exit non-core businesses and focus on emerging technologies and products.
Carlyle, Mizuho, Premji Invest aim for KKR-owned Avendus
Carlyle, Premji Invest, and Mizuho are vying to acquire a controlling stake in Avendus Capital from KKR. The investment bank, valued at Rs 5,500-6,000 crore, is known for its strong presence in M&As and public market transactions. Final offers are expected soon.
Fintech Association for Consumer Empowerment plans to onboard small companies to expand base
The Fintech Association for Consumer Empowerment (FACE) aims to include smaller companies to enhance its representation and effectiveness. Recognized by the Reserve Bank of India as a Self-Regulatory Organisation, FACE plans to expand its membership, set up committees, and work on a fraud repository in collaboration with various authorities.
Former DHFL promoter Dheeraj Wadhawan granted bail in bank loan fraud case
The Delhi High Court has granted bail to Dheeraj Wadhawan, former promoter of Dewan Housing Finance Corp Ltd, in a significant bank loan fraud case. The court’s decision overturns a previous trial court order. The Wadhawan brothers are accused of conspiring to cheat a consortium of 17 banks, resulting in a loss of Rs 34,615 crore. This case marks the largest banking loan fraud in India.
NatWest Group appoints ex-American Express executive Ruchika Panesar to head India operations
In her new role, Panesar will spearhead the design and execution of strategic initiatives in collaboration with senior leaders across the bank.
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