Mahindra Finance said global insurance major XL Group will take a 20% stake in its subsidiary Mahindra Insurance Brokers Ltd, including the 15% currently held by LeapFrog Financial Inclusion Fund. “XL Group will help support MIBL’s endeavours to increase insurance awareness and penetration in underpenetrated markets and across under-served customers in rural India,” the group […]
Net bank deposits by non-resident Indians have fallen by nearly 90% so far this financial year as more and more foreign workers dipped into their bank accounts in the face of a crisis in the Gulf region, industry association ASSOCHAM said. Net bank deposits — the difference between total deposits and not withdrawals — came […]
Karnataka Bank’s second quarter net profit fell to Rs 93.38 crores from 123.82 crores last year. However the operating profit showed a robust growth of 57.35% and improved to Rs 366.24 cr from Rs 232.75 cr. The Net Interest Income rose to 440 cr from 397 cr last year. Gross non-performing assets stood at 1,715.70 […]
The Reserve Bank of India has imposed a monetary penalty of ₹20 lakh on Religare Finvest for the failure to comply with the directions/orders issued by RBI on an assignment transaction. “An inspection of the company was conducted under section 45N of the RBI Act, 1934 during September-October 2015. During the inspection, it was observed […]
Reliance Capital said the IPO of its subsidiary Nippon Life Asset Management will open on Oct 25 and close on Oct 27, with a price band of Rs 247 to Rs 252 per share. The offer will raise about 1,500 cr, out of which about Rs 600 cr will go to the company and the […]
State Bank of India, the country’s largest bank, said Moody’s Analytics will train its employees to source, appraise and monitor loans. SBI employees will be granted the Moody’s Analytics Certificate in Commercial Credit (CICC) as part of the program. The program has been adapted to the India’s banking sector with the help of former SBI […]
Anil Ambani Group’s Reliance Capital Indian Renewable Energy Development Agency Limited (IREDA) will make available Rs 300 cr for lending to renewable energy and energy efficiency projects. IREDA is a Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE). Reliance Commercial Finance Limited, the company subsidiary that operates […]
Mahindra and Mahindra Financial Services said the company board has approved a proposal to raise up to Rs 2,250 cr by selling shares or instruments convertible to shares. It said a Securities Issue Committee has been set up to undertake decisions in relation to the proposed issuance. Mahindra & Mahindra Financial Services Limited (MMFSL) is […]
Five customer accounts belonging to Andhra Bank and Syndicate Bank were subjected to fraudulent withdrawals using the customer’s Aadhaar data, government data indicated. Four of the five Aadhaar fraud cases took place in Andhra Bank, while the remaining one took place in Syndicate bank. The four account holders of Andhra Bank lost a total of […]
Piramal Enterprises Limited said it will invest Rs 280 crore in Puranik Builders’ “Puranik City Reserva” project in Thane. The investment, routed through Piramel Finance, will be modeled on the ‘financial partnership’ model, it said. Puranik City Reserva is a theme-based ongoing project at Ghodbunder Road in Thane and is being developed on 13 acres […]
AU Small Finance Bank has tied up with Aditya Birla Health Insurance to to distribute the latter’s health insurance products. The bank will act as a corporate agent, it said. “This tie up shall be mutually beneficial for ABHICL & AU SMALL FINANCE BANK in terms of business, market penetration and reach,” it said. Aditya […]
The amount of money invested or committed by private equity firms in India reached an all time high in the first nine months of this year, said Venture Intelligence, a research firm tracking unlisted company financials, transactions and valuations. PE firms invested about $17.6 billion in Indian companies as of September, overtaking the previous record […]
Bank of Baroda, one of the largest banks in India, has slashed the base rate and benchmark prime lending rates in keeping with the decline in inflation and loan demand. The company slashed the base rate to 9.15% from 9.5% with effect from Oct 1. Base rate is the minimum rate set by the Reserve […]
The ongoing rollout of Bharat QR and other mobile payment systems could result in some pain for banks as it could make it harder for their card or PoS business to become profitable. According to an estimate by the State Bank of India, card swipe transactions cost significantly more than Bharat QR and mobile transactions, […]
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 […]
Piramal Finance Limited (PFL) has entered the retail housing finance business. It is part of $1.3 bln Piramal Enterprises, one of India’s large diversified companies, with presence in pharmaceuticals, and financial services. The housing finance venture has been floated through a wholly owned subsidiary, Piramal Housing Finance Private Limited. It will offer home loans as […]
Motilal Oswal Real Estate (MORE), the real estate arm of Motilal Oswal Private Equity said it raised Rs 1,030 cr under its India Realty Excellence Fund III. The strong inflow suggests continued investor appetite for investments into companies dealing in this sector despite a slowdown. MORE till date has invested capital in the real estate […]
Pharmaceuticals and specialty chemicals maker Vivimed Labs said investment firm OrbiMed will invest $42.5 mn (Rs 270 cr) into its active pharmaceutical ingredients business. The investment will be into Vivimed Labs Mascarene Ltd, which is in turn the holding entity of the company’s API business, UQUlFA. The proceeds of this fund raise will be utilised […]
Acharya Balkrishna of Patanjali has emerged as the latest addition to the list of the top ten richest people in India, which is still headed by Mukesh Ambani, chairman of Reliance Industries. Haridwar-based Acharya Balkrishna, age 45, rose to 8th position from 25th last year after seeing his wealth grow by 173%. He is now […]
Thomas Cook, the travel services company, said it had purchased the forex business of Tata Capital, Tata Capital Forex, in its entirety. “We would like to inform you that the Board of Directors of the Company at their Meeting held on 25th September, 2017, approved the acquisition and signing of a definitive agreement with TATA […]
