Govt to chalk out entry of sovereign funds from Abu Dhabi, Qatar into such projects.
Days after Citi's global CEO Vikram Pandit said the group planned to reduce head-count by 52,000, there are reports that the financial major will lay off over 1,000 employees in India. The financial services company has around 10,000 employees in India.
At the end of 2018-19, the Tata group had a consolidated debt of Rs 2.77 trillion. Tatas not only plan to avoid big-ticket acquisitions for now, the group's main focus will be on improving key metrics and reduce debt, say Shally Seth Mohile & Dev Chatterjee.
Since November 3, the day the central bank's special window was opened, bids worth Rs 2,775 crore (Rs 27.75 billion) were placed at the auctions against the total outstanding amount of Rs 60,000 crore (Rs 600 billion) at the fixed rate of 7.5 per cent. "It's a commercial decision of banks to lend money to NBFCs. It implies that banks are still cautious about lending to NBFCs and they might take some more time to start lending normally to us," said an NBFC chief.
Axis Bank emerged as the biggest gainer in the Sensex pack, surging 6.62 per cent, followed by SBI at 5.88 per cent.
State Bank of India Chairman O P Bhatt on Sunday said the country's largest lender will take a call on revising interest rates in the second half of the week.
Food and grocery retailer Subhiksha has taken the acquisition route to list its shares on the stock exchanges. The company wants to avoid an initial public offer in view of the turbulence in the capital market.
The exchange, Indian Energy Exchange (IEX), received bids for 13,176 Mwh of power when operation commenced and the transaction took place in the price range between Rs 6.46/kwh and Rs 8.01/kwh. Power will be delivered on Saturday as IEX is trading a day ahead currently.
'We get an overzealous army of tax inspectors pushing the economy too hard,' says Ajay Shah.
In the same quarter a year before, most of them had reported a dismal performance.
State Bank of India alone has extended a majority of the 1,900 loans. The National Housing Bank, which developed the scheme that is meant for people aged above 55 years, feels that the poor show is due to the lack of awareness among senior citizens, who number stands at 76 million according to the 2001 census data, and lack of enthusiasm on the part of the banks.
'MFs have a combined exposure of Rs 3.2 lakh crore to NBFCs, out of which Rs 1.1 lakh crore matures by September 2019.'
Sanjay Kumar Singh speaks to experts to find out if Tata Housings new loan offer should interest you.
Say cost of funds too high to lower lending rates.
'Everyone is still trying to understand the quantum of impact demonetisation will have on the economy.'
In order to help the cash-strapped mutual funds and NBFCs, RBI allowed banks to avail funds up to 1.5 per cent of their deposits by relaxing their SLR. In addition, banks have been tapping the repo window to raise resources as and when the need arises. The latest data released by RBI also said that, on a year-on-year basis, credit flow from the scheduled commercial banks, including regional rural banks, grew 27.7 per cent to (Rs 26,348.93 billion) as on November 7.
Collateral stocks sold at huge losses as defaults mount.
AB Volvo, the Swedish truck and bus major, is planning to launch its financial services subsidiary in India. The new subsidiary is expected to start operations in the next six months, according to Volvo India Managing Director Eric Leblanc.
"The NBFC gives us greater flexibility in functioning. Retail and broking businesses can be affected by the ups and downs in the market, but private banking does not get affected as high networth individuals continue to get high salaries and earn profits. However, on the individual risk profile, the asset class keeps changing," said Nipun Mehta, head and executive director, SG Private Banking India.
Stamp duty, registration to be included in loan calculation
Sahara and Peerless are classified as residuary non-banking finance companies (RNBCs), which are now required to invest 100 per cent of their deposits in approved securities, including government bonds, fixed deposits with banks and mutual funds.The RBI has also asked the two RNBCs to submit alternative business plans.
The Union Cabinet on Thursday gave its approval to establish a special purpose vehicle for funding infrastructure projects
The RBI wants to include shares and options within the variable salary of the CEOs, proposed to be capped at 200 per cent of their fixed salary; the floor for it is 50 per cent.
Nifty could fall to 9,500 levels; not a good time to bottom fish, say experts
"Our target is to disburse at least Rs 2,000 crore this year. Retail business constitutes 94 per cent of our business. Our total disbursal last year was Rs 7,100 crore and we plan to grow by 40 per cent this year," says LIC Housing Finance's new CEO and director, R R Nair.
The sessions court last week began the trial by issuing the process order and then released all the 25 accused present in court on bail. The case will be heard on June 20. All the accused were charged of committing fraud in the initial public offering of the shares of IDFC, which was open for subscription from July 15-July 22 in 2002.
More than 42 per cent of the funds mobilised through initial public offers in the last one year are idling away either in banks or debt schemes.
National Housing Bank, the refinancing and regulatory authority of housing finance companies in India, is of the opinion that reverse mortgage would fall under the tax bracket unless the government clarifies on exempting reverse mortgage.
If you are bullish on the consumption theme, consider specialised mutual funds that focus on this theme. Remember that such sectoral mutual funds should not make up more than 5% to 10% of your equity portfolio.
Low earners, who only months ago were being courted aggressively by private banks and finance companies, have begun returning to him for small loans. The problem of rural debt in India was highlighted last month when the government used the budget to grant a $15bn waiver to indebted farmers. But bankers say the debt troubles in agricultural areas are being matched by rising defaults among urban lower earners.
The Reserve Bank has given an in-principle nod to invest $5 billion of foreign exchange reserves annually in infrastructure projects through two subsidiaries of India Infrastructure Finance Company.India's forex reserves stood at $266.52 billion as on November 2 and experts believe that they should be utilised at least for financing infrastructure projects.
As education loans are given on a floating-rate basis (and not fixed), one needs to account for probable spikes in the EMI while choosing the loan tenure. Loans are available for up to 15 years, which could lower your EMI and ease your repayment burden, advises Mohan Jayaraman.
If you have availed a home loan from an NBFC, you can shift your existing home loan to a bank and benefit from the MCLR regime, suggests Ratan Choudhary, head - home loans, Paisabazaar.com.
Banking industry sources said data has been sought both on the source and deployment of funds by NBFCs, both those that accept deposits and those that don't.
Chartered accountant and Sebi registered investment advisor, Harsh Vardhan Roongta, answers your home loan queries
Standard Life has raised its stake in an Indian life insurance joint venture to 26 per cent ahead of a proposed flotation of the business on the Indian stock exchange in 2009.
Strong demand for housing loans and stable real estate prices augur well for housing finance companies. Though the stocks are not cheap, they make good long-term investments.
The companies will pick up 20 per cent each in PTC Financial Services, a non-banking finance company (NBFC). The total investments could be Rs 50-60 crore (Rs 500-600 million), including a premium of Rs 3-5 on a face value of Rs 10 a share, according to company executives.
The bigger worry is that the miss for FY19 is likely to be significant even after assuming macro factors such as crude oil prices, rupee, input costs, and interest rates, do not worsen from the current levels, reports Vishal Chhabria.
The Aditya Birla group's financial services firm, Birla Global, has seen some top level resignations.
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