BANKING
IIFL Finance board to evaluate listing of mortgage, microfinance units: Nirmal Jain
Move is critical to mitigating possible business risks, Jain says, adding 360 One WAM and IIFL Securities did not face any issues when the RBI barred IIFL Finance from taking on new customers for gold loan business
BUSINESS
The system has stood the trial by fire, and confidence has increased: Nirmal Jain of IIFL Finance
There are small loans rated by CARE and the company is immediately repaying those loans so that the CARE rating can be withdrawn, says Jain
BUSINESS
TVS Credit, Baring EQT, Kedaara Capital in race to acquire Indostar Home Finance
Proceeds from stake sale of the housing unit is expected to be utilised by Indostar Capital Finance to meet growth requirements
BANKING
Lenders expect little relief from RBI on project finance norms
According to sources, the central bank may not budge on the demand by the industry to relax the 5 percent provisioning requirement. A few lenders are, however, hopeful that some leeway may come through on existing project loans.
BUSINESS
Northern Arc Capital open to inorganic growth options, says CEO Ashish Mehrotra
Small and medium business is of keen interest to Northern Arc and so is the secured lending segment.
BUSINESS
Swarup Kumar Saha of Punjab & Sind Bank leads race for Bandhan Bank's top job
Saha, Managing Director and CEO of Punjab & Sind Bank, was previously Executive Director at Punjab National Bank
BUSINESS
NaBFID is not looking for equity investment; we are adequately capitalised, says MD Rajkiran Rai
Rai said the company plans to borrow Rs 53,000 crore through bonds in the domestic market this financial year and has already raised Rs 9,000 crore.
BANKING
MC Exclusive: Payments Council, banks to seek RBI okay for entry into small-ticket loans biz
While a similar request was made a year ago, people in the know say this time around the regulator may be more amenable to trying out small-ticket lending through payments banks, as most posted net profits in FY24. Payments banks also seek a wider berth to deploy their liabilities.
BUSINESS
NaBFID's loan sanctions to rise to Rs 3.2 lakh crore by end of FY25, says MD Rajkiran Rai
On the equity investment front, Rai said that the company is not looking for it, but did not ruled out the possibility going ahead.
BUSINESS
Yes Bank's stake sale stuck as RBI concerned with majority ownership by foreign bank
On August 1, Moneycontrol citing sources reported that RBI has asked investors seeking a controlling stake in Yes Bank to reconsider their demands, including acquiring and retaining a majority stake, potentially prolonging the deal process
BUSINESS
TN Govt reaches out to Ford Motor on the fate of Chennai plant
Located in Maraimalar Nagar, following Ford’s decision to exit Indian market in September 2021, the manufacturing plant has been inoperative since June 2022
BANKING
HDB Financial aiming for $9–10 billion listing latest by March
HDFC Bank may offload about 10–15 percent stake through the IPO, which will likely be a combination of secondary sale and fresh capital. Bankers for the process are expected to be shortlisted by the end of September
BUSINESS
Bajaj Housing Finance’s primary capital from IPO will be used for organic growth, says MD Atul Jain
Bajaj Housing Finance’s IPO will open between September 9 and September 11, according to the firm's red herring prospectus (RHP).
BUSINESS
MC Exclusive | 'We want to be the financial life cycle partner to every Indian': Sanjiv Bajaj, Chairman & MD, Bajaj Finserv
Speaking exclusively to Moneycontrol, Sanjiv Bajaj, Chairman & MD, Bajaj Finserv said Bajaj Housing’s ability to go public within seven years from starting the business is reiteration of the level of comfort the company gives to its customers and lenders by being a part of Bajaj group.
BUSINESS
Expect to become an upper layer NBFC soon: Shantanu Mitra, MD & CEO, SMFG India Credit
The company is expected to exceed Rs 60,000 crore of assets under management by end of FY25, according to its management, which could potentially place it in the upper layer as per RBI’s scale based classification of non-banks. Mitra reiterated that as yet the company is not mulling at any listing plans.
BUSINESS
ICICI Bank says no salary or ESOPs paid to Sebi chief Buch since 2017
ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Madhabi Puri Buch after her retirement, other than her retiral benefits. It may be noted that she had opted for superannuation with effect from October 31, 2013, the bank said it a statement to media
BUSINESS
MC Exclusive: Stake sale talks at CreditAccess Grameen hit valuation speed bump
Several suitors, including non-banks and private equity firms, have explored acquiring CreditAccess Grameen, but there has been a valuation mismatch.
BUSINESS
Co-branded cards have advantage in activation over traditional ones: RV Ramanathan
The co-Founder and CEO of Hyperface says as regulations for co-branded cards evolve and customer needs become more sharply defined, the segment will witness faster growth.
BUSINESS
The man who helped tame SBI's bad loan problem takes charge as Chairman; bets on MSMEs
Challa Srinivasalu Setty, SBI's newly appointed Chairman, speaking exclusively to Moneycontrol said he is set to make MSMEs his top priority in his tenure at the corner office and ensure the bank's culture of equal opportunities for all is upheld
BUSINESS
MC Exclusive: Role of banks may diminish in all economies given heightened regulatory pressure: Saurabh Tripathi of BCG
In an exclusive conversation with Moneycontrol, the global leader, financial institutions, at the consultancy cautions that with regulatory oversight increasing across the globe and in India, it might lead to an existential crisis for the banking industry.
BUSINESS
Will look at IPO when we touch Rs 50,000 cr of AUM: Manish Shah, MD & CEO, Godrej Capital
Manish Shah, MD & CEO, spoke exclusively to Moneycontrol. He says being a part of a big conglomerate is a big right to win in an already crowded space.
BUSINESS
MC Exclusive | Alphabet-backed Aye Finance appoints bankers for Rs 2,000-crore IPO
Targeting listing in the next 9–12 months, the company has appointed Axis Capital, JM Financial. Nuvama and IIFL Securities to manage the public issue
BUSINESS
Tech must drive cost efficiency in banking, moving beyond subsidies, says Sukand Ramachandran of BCG
In an exclusive interview to Moneyconytrol, Sukand Ramachandran, Managing Director and Senior Partner, BCG explains why payments need to be self-sustaining business not dependent on incentives.
BUSINESS
News Analysis | India may rightly be going the China way on P2P lending
In 2018, when the Chinese regulator clamped down on the P2P model, many businesses shut shop in a matter of months. Industry observers say norms introduced by the RBI recently may result in a similar situation in India.
