Canadian firm Manulife and Mahindra & Mahindra (M&M), an Indian automaker with interests in financial services, have signed an agreement to form a 50:50 life insurance joint venture (JV) with a total capital commitment of up to Rs 3,600 crore each totalling Rs 7,200 crore.
Banks and NBFCs are launching festival offers, including lower loan rates, cashback, EMI schemes and GST-linked benefits to tap rising demand ahead of Diwali
The financing arm of the $4.5 billion Mahindra Group, Mahindra and Mahindra Financial Services Limited, is now looking to tap overseas markets with possible ventures in the US and South Africa.
Why did the company zero in on RBL Bank to understand the business of banking? While the M&M investors heaved a sigh of relief, one gentleman must have been all smiles after this, RBL Bank MD and CEO R Subramaniakumar, notes Tamal Bandyopadhyay.
But the industry's chief executives remain confident of the long-term growth potential of NBFCs in India, given their specialised lending on the asset side, last-mile reach, and a well-capitalised balance sheet. "Over the years, NBFCs have faced many crises.
India's largest carmaker, Maruti Suzuki India (MSIL), is focused on getting 50 per cent of its customers' car-financing transactions executed through its Smart Finance platform by next year. Shashank Srivastava, executive director-sales, MSIL, said this will help the company turn its website into a single-window channel through which customers can select their models, find dealers, and arrange financing. He said there is a likelihood that 100 per cent of its customers availing of financing will take it through Smart Finance. To date, the company has disbursed Rs 6,500-crore loans via Smart Finance to around 100,000 customers, accounting for 28 per cent of all finance-based car-purchase transactions for the company.
Telecom companies (Airtel, Vodafone, ABNL-via Idea Cellular), which enjoy larger reach, appear to be better placed among the key companies bagging payments bank licences.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
Applicants have also in the past expressed fear about higher capital requirements, stringent priority sector lending norms and rules on promoter shareholding as key deterrents.
Maruti is not an online outlier, of course; other heavyweights have rolled out similar services. But as an analyst pointed out, Maruti's all-India roll-out has significant impact given that it accounts for over half of all cars sold, reports, reports Pavan Lall.
Kotak Mahindra Finance Ltd said it received a license to carry on banking business by Reserve Bank of India.
Mahindra & Mahindra, the diversified business group with significant interest in automotive and information technology, is looking at setting up an aircraft financing arm in Australia
For smaller MFIs, resuming operations is more difficult because they haven't got any fresh bank credit sanctioned from their lenders.
Mahindra MF, which began operations in July 2016, is currently a bit-player and placed 31 among 42 fund houses, with assets under management of about Rs 4000 crore
Investors in the 10% and 20% slabs can get better post-tax returns compared to a bank fixed deposit
Kotak Mahindra Finance Ltd has posted a net profit of Rs 112.92 million for the quarter ended December 31, 2002 as compared to a net profit of Rs 108.34 million in the corresponding period last fiscal.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Loan rates may go up if interest rates go up by another 100 bps.\n
Washington-based International Finance Corporation is likely to invest in more private banks in India, including Kotak Mahindra Bank, although it has cut exposure in Centurion Bank and Global Trust Bank.
Look at those offering 100-300 bps more and have good rating; it will improve your portfolio's returns.
Unlike bank FDs that are considered risk-free investments, NCDs do carry a certain amount of risk, primary among them is the risk of default, either servicing the interest payment or meeting their principal repayment obligations.
Asset financing firms are still witnessing subdued demand and meaningful recovery is likely only in FY16, the report said.
An increase in sales across all categories in the automobile industry, has made need for higher working capital inevitable.
Through the newly created business vertical Happinest, MLDL will launch two such housing projects in Boisar near Mumbai and Avadi in Chennai.
Experts say investors need not tinker with their debt portfolio as shifting won't be tax-efficient.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
The wheels turn for bicycles, as manufacturers go back to the basics. After motorised two-wheelers overtook cycle sales in the country, manufacturers are focusing on commuter segment again and reviving entry-level cycles.
E-mobility is only one among the several fronts on which Mahindra is waging a battle of aspirations, to future-proof the $19-billion tractor-to-technology conglomerate, says Nikhil Inamdar.
Drivezy is helping people share their vehicles.
Combined net profit up 7.4% over a year ago, versus 11.2% in Q2.
The estimated cost breakdown is one of the most important forms in the construction loan package.
EduBridge is emerging as a strong player in training unemployed youth.
A day after applying for a bank licence, Aditya Birla Group chairman Kumar Mangalam Birla on Wednesday said the new bank licence norms announced by the Reserve Bank are not discriminatory towards large corporate houses.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
A customer wanting to buy a car would have to wait a long time for delivery.
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