The Indian regulatory framework forced Citi to hibernate -- contrary to the claim that it never sleeps!
PSBs have been requested to reach out to MSMEs to provide bill discounting to them against their dues since they suffer the most from shortage of cash.
Pawan Ruia has finally done it, a beaming Buddhadeb Bhattacharjee, then West Bengal chief minister, had said at the reopening of the 70-year-old Sahagunj factory owned by Dunlop in 2005. But with the Calcutta high court passing a winding-up order in 2013 and the Trinamool Congress-led state government passing a Bill to take over the company in 2016, the once-upon-a-time undisputed leader in the Indian tyre industry looks vastly undone. But that can hardly be a deterrent for Ruia, who has a penchant for making headlines one way or the other.
The disruptions caused by COVID-19 have more severely impacted small and mid-sized corporates, including NBFCs and MFIs, in terms of access to liquidity.
The biggest challenge with public sector banks is the processing time, which is why starting early helps.
In three separate but similarly-worded orders, Sebi said the default by IL&FS occurred due to "lethargic indifference and needless procrastination and laxity" of the rating agencies.
The central bank's tough new rules spell major changes in the competitive landscape for financial services audits.
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A discount on the product may make a credit card loan seem cheaper than a consumer durable loan. But missing a payment in case of the former will mean exorbitant charges.
As per a Knight Frank FICCI Naredco report, a majority 69% of the stakeholders say that the residential sales will remain tepid or may even go down further in the coming six months.
The probe agency found irregularities in loans amounting Rs 3,642 crore sanctioned by Yes Bank to the travel firm.
Gold loan companies offer loans to financially-excluded customers and MSMEs by enabling them to monetise their gold without the need for documentary proof of income
During the meeting with Finance Minister Nirmala Sitharaman, it was also suggested that employees' provident fund should increase its exposure in the stock market, which in turn would improve liquidity.
The brokerage said the consolidated fiscal deficit, including that of the Union (3.6 per cent), the states (2.6 per cent) and the off-budget borrowings which are being resorted to increasingly is a worry.
Sector-wise, the study revealed that the core industries have witnessed virtually negative growth in headcount, with crude oil just about maintaining the employment level.
Stocks of most non-banking finance companies (NBFCs) were on a crash course on Wednesday, with the Reserve Bank of India excluding loans given to the sector from the priority sector list.
'The variables to watch include the monsoon, resolution of NBFC liquidity issues, GST collections, and NPA resolution.'
'Our preference remains for the less-expensive industrial stocks, which are showing good earnings momentum.'
German luxury car maker BMW on Tuesday launched its financing arm in India with an investment of $50 million (about Rs 230 crore) to serve the credit needs of retail customers, fleet owners and dealers.
'I suggest a cut in the GST rates and an infusion of Rs 1.2 trillion into the economy in six months.'
'In the short-term, the markets may be affected' by the review but 'it will help address what they are worried about which is why we need transparency,' says former chief economic advisor.
Owing to the risk perception attached with the segment by banks, the residential realty segment has been increasingly relying on non-banking financial companies and housing finance companies to raise debt financing, reports Abhijit Lele.
The RBI governor, who made a presentation about the state of the economy as well about the world economy to the 31-member Parliamentary Standing Committee on Finance, stayed clear of controversial questions like government invoking special powers.
On a net basis, foreign portfolio investors bought Rs 446 crore worth of domestic stocks on Thursday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 49.68 crore, provisional data available with BSE suggested.
In 2009, the UPA government, had announced a slew of measures to boost liquidity in NBFCs. These included a scheme for providing liquidity support to NBFCs having assets size of over Rs 100 crore through a SPV.
In the backdrop of Finance Minister Pranab Mukherji offering banking licences to NBFCs (Non-Banking Financial Companies), rediff.com spoke to T T Srinivasaraghavan, managing director, Sundaram Finance Ltd, the oldest NBFC in the country (founded in 1954).
Five to six issues may hit the market if Chalet Hotels's IPO is successful and if there are no negative surprises in the Union Budget on February 1.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
Experts say that the lockdown and its aftermath will further quicken the consolidation in the real estate sector, which has been taking place since 2012, with more small players going out of the business and bigger, branded players dominating the market.
For non-banks, the IL&FS crisis was nothing short of India's Lehman moment, which has for a foreseeable future reset the sector on multiple grounds.
Bandhan financial Services will raise funds via internal accruals.
The NSE Nifty gained 77.85 points, or 0.71 per cent, to finish at 11,008.30. Intra-day, it shuttled between 10,821.55 and 11,035.65.
Given that there are hundreds of players in the shadow banking space, it's hard to make a credible estimate of potential NPAs. That creates more scope for panic, says Devangshu Datta.
The SBI report, however, said the economic growth rate will pick up pace in 2020-21 to 6.2 per cent.
NBFCs seek level playing field with banks in terms of treatment of NPAs, TDS on deposits, removal of service tax on HP and lease transactions, refinance mechanism akin to NHB etc
Housing finance companies step in to provide loan to customers turned away by banks.
Co-founders of India's latest unicorn expected Covid-19 to be a speed breaker; instead it accelerated sales. Cars24 now enjoys more than 90 per cent market share among all other similar online transaction platforms. Dhruv Munjal traces the birth of this used-cars platform.
The exit of the big movers has meant more opportunities for local players such as Nambiar Finance, which is just one of the 1,465 non-deposit-taking NBFCs registered with the Mumbai office of the Reserve Bank of India.
Vishal Kampani said one of the important lessons he learnt from his father was to be humble.
For FY21, CSB is looking at growth of around 25 per cent and is confident of doubling it in two years. And it is also exploring options to acquire a mid-size bank with a good client base and branches in the north to acquire an all-India presence.
Anil Ambani Group firm Reliance Capital on Wednesday said it is planning to enter the housing finance and non-banking finance businesses, for which it has already filed applications with the concerned regulatory authorities.
