The non-banking finance company’s standalone profit after tax (PAT) rose 36 percent on-year to Rs 2,624 crore in the December quarter.
It may help non-bank lenders when cost of funds have increased sharply.
Additionally, unsecured loans, used vehicles financing and the MSME segment are expected to propel growth, CRISIL said on Wednesday
The central bank found that the five NBFCs violated RBI guidelines on outsourcing and Fair Practices Code in their digital lending operations undertaken through third-party apps. This was considered “detrimental to the public interest,” the RBI said.
Non-Banking Finance Companies (NBFCs) cannot lend more than Rs 25,000 in cash against gold, the Reserve Bank said today.
Presenting the Budget for the fourth time in the current government, Finance Minister Arun Jaitley proposed that high net worth NBFCs can also participate in Initial Public Offerings (IPOs), like banks and insurance companies.
Demonetisation has had many unintended consequences: for commercial banks, it has led to a problem of plenty. As people rush to deposit their old Rs 500 and Rs 1,000 notes, deposits have shot up by Rs 5.44 lakh crore.
While the first quarter earnings have been mixed, earnings in second half of FY17 will be driven by monsoon and consumption, says Anup Maheshwari of DSP Blackrock Investment Managers.
In a candid conversation with CNBC-TV18's Anuj Singhal, ace fund manager Sunil Singhania talked about his past investments and shared his views on the various sectors.
With two companies raising Rs 5,000 crore via offshore masala bonds in the last month, global ratings agency Fitch has said it will help diversify funding for India Inc, especially non-banking finance companies.
Reserve Bank of India said last week that it will permanently keep open the window for applying for universal bank licences, ending its practice of allowing licence applications only during specific periods.
According to the financial services major, though private sector banks are leading the charge in retail sector, non-banking finance companies (NBFCs) are quite close on their heels.
Speaking to CNBC-TV18 Jyotivardhan Jaipuria, Founder & MD of Veda Investment Managers said that pharma is a story which will continue to play out in the next few years.
Ambit Investment Advisors has increased hedges in its alpha fund to 55 percent from the average 30 percent in anticipation of a knee-jerk movement in the market, says CEO Andrew Holland.
With expectation of a good monsoon this year and increased consumption due to the 7th Pay Commission and OROP, rural demand is expected to pick up which will benefit NBFCs further.
Further, by financial year 2019-20, the SFBs - the first of the ten banks started functioning last month - will supply between Rs 9,000 crore to Rs 19,000 crore in loans which can be bought by the banks, it said.
For the first nine months of the current fiscal, NBFCs' retail credit stood at Rs 4.7 trillion, registering a growth of 18.8 percent.
Exposures to central government guaranteed claims by NBFCs will have zero risk weight, the RBI said.
The move will help revive the stalled projects in the economy as the Non Banking Finance Companies (NBFC) like IL&FS lend for projects. For the lender, classification as a standard asset helps in lower provisioning.
Non-banking finance companies should be brought under the ambit of the SARFAESI Act to enhance investor confidence and ensure robust growth of the financial services sector, a study has said.
The central bank on Wednesday hiked loan-to-value ratio (LTV) to up to 75 percent for loans against the collateral of gold jewellery from the present limit of 60 percent with immediate effect.
Foreign banks are operating in India by registering their branches, but without establishing subsidiaries.
The Sarada chit fund scam in West Bengal resulted in the erosion of life savings of many, leading some to commit suicide. In view of this, RBI alerted depositors about certain cutomary safeguards. The central bank wants you to take note of some amber alerts...
Nischint Chawathe of Kotak Institutional Securities believes that non banking financial companies (NBFC) have an upside bias owing to the 1 percent decline in the interest rates for AAA rated bulk borrowers.
Shares of non-banking finance companies rallied quite smartly in early trade on Monday after the Reserve Bank of India (RBI) on Friday issued its final guidelines for grant of new banking licences and invited applications from aspirants.