Growth guidance intact, but core portfolio stress needs to be watched
These small financial banks (SFBs) are likely to submit their comments on draft norms by Tuesday and final guidelines on the same are expected soon.
Samit Ghosh, the founder of the micro finance institution says that the firm is already working on a strategy to bring down the foreign holding to 74 percent as prescribed by the RBI.
For term deposits, the maximum interest rate has been fixed at 8.5 percent for one to three years and senior citizens would get an additional 0.25 percent.
Micro finance institution (MFI) Bandhan has got fresh equity infusion of Rs 1,020 crore with GIC Sovereign Fund of Singapore becoming a new shareholder.
Non-banking finance company SKS Microfinance fell nearly 4 percent in initial trade on Thursday after Insurance regulator IRDA imposed Rs 50 lakh penalty on the company.