Major Decisions Taken By RBI MPC in October 2023 Meeting

The Reserve Bank of India (RBI), the country’s central bank and banking regulator, today announced major policy decisions taken at its bi-monthly monetary policy review meeting held during 3rd to 5th October. While the RBI’s Monetary Policy Committee (MPC) kept key rates unchanged in its rate setting review, the policy measures announced cover significant areas […]

Shriram Group Merger: 1.55 STFC share for every SCUF share

Shriram Group today said its latest decision to bring together different units under one company will help it realize synergies and benefit each of its businesses. The merged entity will be able to offer a “comprehensive product suite, wider distribution network and increased customer touch points to prove beneficial to customers of both organizations,” the […]

V-Guard founder to enter venture debt, set up NBFC

Kochouseph Chittilappilly, the founder of V-Guard industries, said he has set up a company called K Chittilappilly Capital Pvt Ltd with the purpose of providing venture funding to entrepreneurs. In a letter to V-Guard industries, Chittalappilly — who founded V-Guard Industries as a voltage stabilizer maker four decades ago — said the new NBFC is […]

Liquidity crunch continues to hurt NBFCs, GDP growth – Fitch

Operating conditions for Indian non-banking financial companies/institutions (NBFCs or NBFIs) have improved slightly in the first two months of 2020, however, uncertainty levels continue to be high for certain segments within the sector such as housing finance and wholesale lending, global ratings agency Fitch said in a note today. “The recent fundraising by a number […]

IndoStar buys CV finance business of IIFL

IndoStar Capital Finance Ltd, a lender promoted by private equity fund Everstone Group, announced the completion of its acquisition of the commercial vehicle finance business of India Infoline Finance, a subsidiary of IIFL Holdings. The acquisition includes the entire commercial vehicle finance assets under management of Rs 3,620 crores. Indostar will also acquire a total […]

Edelweiss’ NBFC arm to raise up to Rs 1,000 cr via debentures

ECL Finance Ltd, the NBFC arm of Edelweiss Group, said it plans to raise up to Rs 1,000 cr in the form of non-convertible debentures, a form of debt. The non-convertible debentures have a face value of Rs. 1,000 each, and the company could raise anywhere between Rs 250 cr or Rs. 1,000 cr, depending […]

PNB Housing raises Rs 1,775 cr from banks, mutual funds in a tight market

Even as liquidity remains tight for non-banking finance companies in India, PNB Housing Finance said it has raised Rs 1,775 cr from various mutual funds and banks by issuing commercial paper. Commercial paper refers to short-term loans raised by companies, and are typically used to meet short-term requirements like taking care of inventory and accounts […]

Nucleus Software wins loan software order from Finova Capital NBFC

Nucleus Software, which provides IT solutions for financial services companies, said its loan management solution has been selected by Finova Capital, a Jaipur-based Non-Banking Financial Company (NBFC) to digitise its lending business. Founded in 2015, Finova Capital offers business loans to lower income segments in rural and urban areas. “As a part of their strategic […]

Repco Home Finance raises Rs 100 cr by private placement

Repco Home Finance Ltd said it raised Rs 100 crore through private placement by allotting 1,000 non-convertible debentures. The face value of the secured redeemable non-convertible debentures are Rs 10 lakh each. Repco Home Finance Ltd (RHFL) is a housing finance company headquartered in Chennai, Tamil Nadu. The company was incorporated in April 2000. RHFL […]

Muthoot Finance warns against scamsters and frauds

Muthoot Finance, one of India’s leading gold loan companies, has cautioned people against paying money to so-called agents in return for loan approvals. “In a recent instance, an unidentified organisation has fraudulently attempted to lure customers/investors, through the platform of Muthoot Finance, by sending bogus loan approval letters to unsuspecting people,” the company said. To […]

Manappuram Finance ties up with TTSL unit to offer online repayment for gold loans

MMP Mobi Wallet Payment Systems, a subsidiary of Tata Teleservices, announced a tie up today with Manappuram Finance, one of India‚Äôs leading gold loan NBFCs, for providing online repayment option to its customers. At present, gold loan customers have to physically go to the NBFC’s branches every month to pay interest and keep the loan […]