The transaction, announced in March 2022, has been closed for a cash consideration of 116.03 billion rupees ($1.41 billion).
With this fund infusion, existing financial partner Morgan Stanley has been provided an exit, the company said, without disclosing the name of the private equity firm.
Personal loans remained the dominant product accounting for 96% of the volume. However, given the difference in ticket size across products, it accounted for 66% of the value. Andhra Pradesh, Tamil Nadu, Telangana, Maharashtra and Karnataka accounted for 54% of the total digital lending loans.Personal loans remained the dominant product accounting for 96% of the volume. However, given the difference in ticket size across products, it accounted for 66% of the value. Andhra Pradesh, Tamil Nadu, Telangana, Maharashtra and Karnataka accounted for 54% of the total digital lending loans.
The Securities and Exchange Board of India (Sebi), however, opposed it alleging violation of its circular related to voting process of debenture holders (DHs). A Bench led by Justice BR Gavai - while reserving its judgment on giving approval for AII's resolution process (RP) - asked all parties to file a small note of their submissions.The Securities and Exchange Board of India (Sebi), however, opposed it alleging violation of its circular related to voting process of debenture holders (DHs). A Bench led by Justice BR Gavai - while reserving its judgment on giving approval for AII's resolution process (RP) - asked all parties to file a small note of their submissions.
The government had infused ₹5,000 crore in FY22 into three state-run general insurers, and so far it has pumped in around ₹18,000 crore into these loss-making firms. A large part of this capital was allocated to wage revisions.The government had infused ₹5,000 crore in FY22 into three state-run general insurers, and so far it has pumped in around ₹18,000 crore into these loss-making firms. A large part of this capital was allocated to wage revisions.
Punjab National Bank is offering retail and senior citizens, respectively, at 7.25 per cent and 7.75 per cent on its 666 days bucket, Bank of Baroda's new pricing comes at 7.05 per cent and 7.755 per cent for 399 days; Bank of India is offering the same rate as that of Bank of Baroda for 444 days, while Bank of Maharashtra's new rate is 7 per cent and 7.50 per cent for 200 days.Punjab National Bank is offering retail and senior citizens, respectively, at 7.25 per cent and 7.75 per cent on its 666 days bucket, Bank of Baroda's new pricing comes at 7.05 per cent and 7.755 per cent for 399 days; Bank of India is offering the same rate as that of Bank of Baroda for 444 days, while Bank of Maharashtra's new rate is 7 per cent and 7.50 per cent for 200 days.
Under the new policy that was finalised a few weeks ago, the public-sector bank would give working capital as well as term loans to manufacturers of lab-grown stones against 100% collateral security and high internal rating of the borrower, said a person familiar with the bank's internal circular.Under the new policy that was finalised a few weeks ago, the public-sector bank would give working capital as well as term loans to manufacturers of lab-grown stones against 100% collateral security and high internal rating of the borrower, said a person familiar with the bank's internal circular.
The digital economy -- the digital infrastructure, e-commerce and other digital payments and services segments--can be the country's biggest growth-driver and can contribute as much as 25 per cent of the incremental GDP by the time India becomes a USD 7-trillion economy by FY29. Currently, the share is a low 4 per cent, Kamath told PTI in an interaction over the weekend.The digital economy -- the digital infrastructure, e-commerce and other digital payments and services segments--can be the country's biggest growth-driver and can contribute as much as 25 per cent of the incremental GDP by the time India becomes a USD 7-trillion economy by FY29. Currently, the share is a low 4 per cent, Kamath told PTI in an interaction over the weekend.
The report showed that of all such fake Indian numbers, 80% are still valid and operational, and SIM cards from all private telecom operators are used to create these fake customer care numbers.
The offer from ACRE, an asset reconstruction company, is at the reserve price set by the bank and equates to a recovery of 33 paise on outstanding loans for the country's largest state-run lender by assets, the people said.
The massive jump in their gross portfolio cemented NBFC-MFIs' dominance in the sector with 38.5% market share. Only three months back, NBFC-MFIs regained their leadership in lending to the economically weaker section by overtaking banks. Banks enjoyed 35.7% market share at the end of December, according to a quarterly report published by Sa-Dhan, a microfinance industry body.The massive jump in their gross portfolio cemented NBFC-MFIs' dominance in the sector with 38.5% market share. Only three months back, NBFC-MFIs regained their leadership in lending to the economically weaker section by overtaking banks. Banks enjoyed 35.7% market share at the end of December, according to a quarterly report published by Sa-Dhan, a microfinance industry body.
Guide on SWP and the benefits it offers to an investor
PSU banks have taken the lead in raising deposit rates, offering as high as 8.5% to senior citizens for specific tenures. State Bank of India now offers 7.1% for a 400-day deposit, with senior citizens earning 7.6%. Among other nationalised banks offering attractive rates are Union Bank of India -7.3% for an 800-day deposit, and Central Bank 7.25% - for a 444-day deposit. Punjab and Sind Bank offers 8% for a 221-day deposit if done online, with senior citizens earning 8.5%.
Niva Bupa Health Insurance on Thursday announced the launch of health insurance policy 'ReAssure 2.0'. The first of its kind indemnity plan offers lock-in of entry age until a policyholder makes his/her first claim, thereby helping customers save on premiums.Niva Bupa Health Insurance on Thursday announced the launch of health insurance policy 'ReAssure 2.0'. The first of its kind indemnity plan offers lock-in of entry age until a policyholder makes his/her first claim, thereby helping customers save on premiums.
Indian banks could see an increase in bad loans in the retail and small business segments from its recent low levels, an official with the country's largest lender said on Thursday. While loans to this segment have been growing fast, defaults have thus far been few.Indian banks could see an increase in bad loans in the retail and small business segments from its recent low levels, an official with the country's largest lender said on Thursday. While loans to this segment have been growing fast, defaults have thus far been few.
The Mumbai-based non-banking finance company (NBFC) has also offered an additional upfront payment of ₹250 crore over and above its original amount of ₹3,240 crore in a petition filed before the court. The next date for the hearing is set for February 28.The Mumbai-based non-banking finance company (NBFC) has also offered an additional upfront payment of ₹250 crore over and above its original amount of ₹3,240 crore in a petition filed before the court. The next date for the hearing is set for February 28.
The UPI linkage with Singapore's PayNow for faster and cheaper cross-border fund transfers through mobile apps is a step in that direction. The cost of international money transfer is nearly 5%, which the India-Singapore linkage can cut to less than half.The UPI linkage with Singapore's PayNow for faster and cheaper cross-border fund transfers through mobile apps is a step in that direction. The cost of international money transfer is nearly 5%, which the India-Singapore linkage can cut to less than half.
Through this initiative, the insurance service provider, risk manager and reinsurance broker is providing insurance protection to almost 20,000 delivery partners, insured on a daily basis, while they are active on the platform.Through this initiative, the insurance service provider, risk manager and reinsurance broker is providing insurance protection to almost 20,000 delivery partners, insured on a daily basis, while they are active on the platform.
The settlement terms are unknown but Peninsula Land will have to meet certain payment milestones as the withdrawal of the insolvency petition is conditional. Peninsula Land and ICICI Prudential did not respond to queries until press time.The settlement terms are unknown but Peninsula Land will have to meet certain payment milestones as the withdrawal of the insolvency petition is conditional. Peninsula Land and ICICI Prudential did not respond to queries until press time.
Bank mergers have benefited both the acquirer and the acquired, according to a report by Reserve Bank of India researchers. While the transactions have helped improve the efficiency of the acquirer banks, they have added to shareholder value for banks that have been acquired.Bank mergers have benefited both the acquirer and the acquired, according to a report by Reserve Bank of India researchers. While the transactions have helped improve the efficiency of the acquirer banks, they have added to shareholder value for banks that have been acquired.
Lenders of Anil Ambani-promoted Reliance Capital had moved the NCLAT (National Company Law Appellate Tribunal) challenging an order of the NCLT which restricted further auction of the bankrupt firm.
About 98.4 per cent of the depositors of the co-operative bank are entitled to receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a statement. Consequent to the cancellation of its licence, the bank is prohibited from conducting various activities, including acceptance of deposits and repayment of deposits with immediate effect.About 98.4 per cent of the depositors of the co-operative bank are entitled to receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a statement. Consequent to the cancellation of its licence, the bank is prohibited from conducting various activities, including acceptance of deposits and repayment of deposits with immediate effect.
The comments offer a degree of support for embattled billionaire Gautam Adani after some banks balked at refinancing a $500 million bridge loan due next month. That came after a report in January from short seller Hindenburg Research sent the group’s assets tumbling. More recently, investor sentiment got a boost when the conglomerate said it will address upcoming maturities.The comments offer a degree of support for embattled billionaire Gautam Adani after some banks balked at refinancing a $500 million bridge loan due next month. That came after a report in January from short seller Hindenburg Research sent the group’s assets tumbling. More recently, investor sentiment got a boost when the conglomerate said it will address upcoming maturities.
Net interest income of banks grew by a record 25.5 per cent to Rs 1.78 lakh crore in the December 2022 quarter on-year, driven by a healthy credit off-take and higher yield on advances, according to an analysis. The quarter saw banks booking higher yields on advances as the system-wide core profitability metric net interest margin (NIM) rose by 17 basis points (bps) to 3.28 per cent.Net interest income of banks grew by a record 25.5 per cent to Rs 1.78 lakh crore in the December 2022 quarter on-year, driven by a healthy credit off-take and higher yield on advances, according to an analysis. The quarter saw banks booking higher yields on advances as the system-wide core profitability metric net interest margin (NIM) rose by 17 basis points (bps) to 3.28 per cent.
The bank has maintained the top slot in credit growth in percentage terms consistently for the past 10 quarters despite COVID-19 pressures.
"If you look at our cashless transactions, the UPI, I think we record the largest number of cashless transactions in the world. So there's been a kind of a technology leapfrogging in the psyche of people, and that's been actually a very big difference," Jaishankar said at the Raisina@Sydney Business Breakfast.
