The NBCC's board discussed the proposal to set up a shadow lender in March, the sources said. The final structure of the NBFC will be decided after June, the second source said. NBCC will seek approval for the shadow bank from the new administration that will be elected in June, at the end of the seven-phase national polls that started on Friday.
The full impact of the Reserve Bank of India's (RBI) increase in risk weights on consumer credit for banks and NBFCs, which was announced in November last year, is also likely to be felt this quarter impacting profitability and growth for small-ticket loans for personal consumption.
Rights equity share for every 9 fully paid-up equity shares held by the eligible equity shareholders of the company, as on the record date, it said, application by existing shareholders can be made between April 30 and May 14. Last month, the RBI barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns.
The launch of ABCD marks a pivotal moment in its ambitious journey to drive growth and leadership and become a full-stack financial services provider. Kumar Mangalam Birla highlighted how the app was created in a record time of just 12 months by a team of banks, fintechs and other financial institutions.
The launch of ABCD marks a pivotal moment in its ambitious journey to drive growth and leadership and become a full-stack financial services provider. Kumar Mangalam Birla highlighted how the app was created in a record time of just 12 months by a team of banks, fintechs and other financial institutions.
The report by the Fintech Association for Consumer Empowerment (FACE) showed that digital marketing through social media platforms such as Instagram, Facebook, and YouTube triggers purchases, followed by word of mouth and product ratings. However, female users showed slightly better awareness of the loan product, the report said. Read more:
MUFG in talks to buy 20% stake in HDB Financial Services from HDFC Bank at $9-10B, unlocking value post $60B merger, with $2B investment, IPO preparations per RBI regulations.
FD interest rates: The Fixed Deposits are rated "[ICRA]AA+ (Stable)" by ICRA and "IND AA+/Stable" by India Ratings and Research. Deposits will be accepted in multiples of Rs. 1,000/-, subject to a minimum amount of Rs. 5,000/- . Cumulative deposits can be renewed for maturity value. The revised fixed deposit rates are effective from April 9, 2024.
A study of about 100 NBFCs, accounting for over 90 per cent of the sector's AUM, showed that personal loans alone account for about a third of the AUM, followed by housing loans at 20 per cent and unsecured MSME loans and gold loans each making up 13 per cent of the pie.
REC sanctioned record Rs 3.59 lakh crore loans in 2023-24, focusing on renewable energy. Its loan book reached Rs 5.09 lakh crore by March 31, 2024, with a significant increase in loan disbursements. REC, under Ministry of Power, is a non-banking finance company (NBFC) focusing on power sector financing in India.
Muthoot Microfin, a listed pure-play microfinance lender, reported a 32% year-on-year growth in assets under management (AUM) along with a significant improvement in loan collection efficiency, leading to enhanced profitability. Its AUM reached Rs 12,194 crore by the end of March, with loan disbursement rising by 32% to Rs 10,662 crore in FY24.
Get updates on your preferred social platform
Follow us for the latest news, insider access to events and more.
