Govt set to clear another major relief package for NBFCs, HFCs

The Union Cabinet is soon going to clear another set of measures aimed at providing a big relief to the non-banking finance companies (NBFC) and housing finance players (HFC), ETNow reported quoting sources. “There may be a further relaxation in the partial credit guarantee scheme,” the report said, adding that the Finance Ministry is in … Read more Govt set to clear another major relief package for NBFCs, HFCs

View: All NBFCs shouldn’t be painted with the same brush

By Keki Mistry For more than a year, an overwhelming drive seems to be underway to label non-banking financial companies (NBFCs) as anathema to the economy. It’s easy to paint all NBFCs with the same brush, but it can be quite flippant to ignore the contributions they have made in addressing economic demand that has … Read more View: All NBFCs shouldn’t be painted with the same brush

NBFCs/HFCs to soon get Rs 20K-crore under credit guarantee scheme

MUMBAI: Finance secretary Rajiv Kumar on Monday said the government is in the process of approving Rs 20,000-crore of lifeline to the fund-starved NBFCs under the partial credit guarantee scheme announced in the budget. The budget had proposed a partial credit guarantee scheme worth Rs 1 lakh crore under which public sector banks would buy … Read more NBFCs/HFCs to soon get Rs 20K-crore under credit guarantee scheme

How one family rode the housing boom to dizzying heights and now stands accused of a range of financial crimes

Sindhi Colony, Mulund, Mumbai The once-sprawling chawls of Mulund have mostly made way for skyrises. This neighbourhood, however, home to many Punjabi refugee families who came to India in the wake of the bloody Partition of 1947, has remained a quaint middle-class settlement with a clutch of standalone houses. Nearly everyone here has an account … Read more How one family rode the housing boom to dizzying heights and now stands accused of a range of financial crimes

In more bad news,Q1 commercial credit dips by 2.6%: Sidbi data

MUMBAI: Amidst the deepening slowdown across the economy, commercial credit demand has contracted 2.6 percentage points to Rs 63.80 lakh crore in the June quarter over the three months to March period, accompanied by a steep deterioration in asset quality, says a report. The contraction has been across all the four segments of the commercial … Read more In more bad news,Q1 commercial credit dips by 2.6%: Sidbi data

Ahead of festive season, PSBs to go on lending spree

NEW DELHI: In a bid to push credit before the festival season and revive growth, the government has asked state-run banks to hold open houses in 400 districts of the country, tasking them with extending credit to five new customers for every existing borrower. In addition, banks will not declare any stressed assets of MSMEs … Read more Ahead of festive season, PSBs to go on lending spree

PNB puts up for sale 11 NPA accounts to recover dues of Rs 1,234 crore

NEW DELHI: State-owned Punjab National Bank (PNB) has put up for sale nearly a dozen non-performing assets (NPA) to recover dues of more than Rs 1,234 crore. The lender has invited bids from asset reconstruction companies (ARCs)/ NBFCs/ banks/ financial institutions for 11 NPA accounts. The accounts include Visa Steel, which has irrecoverable dues of … Read more PNB puts up for sale 11 NPA accounts to recover dues of Rs 1,234 crore

Over 75% NCD issues of NBFCs went undersubscribed

By Himanshi Lohchab MUMBAI: A crisis of confidence has gripped investors putting money in debt papers of Non-Bank Finance Companies (NBFCs). More than three-fourth of the total 28 Non-Convertible Debenture (NCD) issues by NBFCs in the last 10 months were under-subscribed, despite offering higher yields. Between September 2018 and June 2019, only 6 out of … Read more Over 75% NCD issues of NBFCs went undersubscribed

Shadow bank crackdown accelerates in India amid cash squeeze

By Rahul Satija and Suvashree Ghosh India is stamping out shadow financiers at the fastest pace in recent years, in the latest blow to a beleaguered sector battling a prolonged funding crunch due to rising wariness toward it in the nation’s credit markets. The central bank canceled registrations of 1,851 non-bank finance companies in the … Read more Shadow bank crackdown accelerates in India amid cash squeeze

View: India needs to correct some structural flaws to revive growth

Growth is stalled for want of investment and because the mechanism for mediating savings to investment is broken. Merely cutting lending rates or creating liquidity will not do. Reviving growth calls for spending political capital, to fix structural problems. Tell the farmer and everyone else they have to pay for the power they consume, that … Read more View: India needs to correct some structural flaws to revive growth

Government notifies partial credit guarantee scheme for PSBs

NEW DELHI: The government on Tuesday notified the scheme of partial credit guarantee for PSBs to buy pooled assets of NBFCs up to Rs 1 lakh crore, activating the announcement of the Budget on July this year to boost lendings to the cash strapped NBFCs. “This would provide liquidity to the NBFC sector and, in … Read more Government notifies partial credit guarantee scheme for PSBs

IL&FS says on course to clear Rs 20,000 crore debt

MUMBAI: Infrastructure Leasing & Financial Services (IL&FS), which has an outstanding debt of Rs 94,216 crore, said Wednesday the board has taken various steps to address over Rs 20,000 crore of its debt pile over the past nine months. The government had appointed new board headed by veteran banker Uday Kotak last October. “A critical … Read more IL&FS says on course to clear Rs 20,000 crore debt

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