Indiabulls Housing Finance share price falls 38% on concerns over merger with Lakshmi Vilas Bank

The share price of Indiabulls Housing Finance Ltd (IBHFL) crashed nearly 38% intraday to hit a fresh 52-week low today after Reserve Bank of India put private sector lender Lakshmi Vilas Bank under its prompt corrective action (PCA) plan. The development places the prospects of their prolonged merger into jeopardy. Indiabulls Housing Finance stock opened today with a loss of 6.79% to Rs 363, also its day’s high. Later, the stock crashed 37.8% and touched an intraday low as well as fresh 52-week low of Rs 240.10, against the last…

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SBI Life signs corporate agency pact with Repco Home Finance

Private sector SBI Life Insurance on September 24 said it has signed a corporate agency agreement with city-based Repco Home Finance Ltd to offer the company’s range of products to RHFL customers. According to the agreement, the partnership would see over 148 branches and 27 satellite centres of RHFL spread across the country to offer SBI Life Insurance products to its customers. “The longevity associated with life insurance demands a very high level of consumer trust, which is built with tie-ups with highly credible distribution partners. This tie-up with Repco…

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What are the things that one should consider when buying a business insurance policy?

Introduction Having your business secured is one of the most vital things that every business must be focusing on since the beginning. Often people don’t realize about the importance since they are too indulged in making their business look good. What business must look for is securing their business through insurance. Since businesses are prone to certain risks that might affect the business’ reputation and force them to pay certain financial expenses. Hence, if a business is insured, then they would be safe from such scenarios. Once you have understood…

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RBL Bank-backed microlender Utkarsh SFB plans ₹500 crore IPO

MUMBAI : RBL Bank-backed Utkarsh Small Finance Bank (USFB), which mainly gives microfinance loans in Bihar and Uttar Pradesh, has begun work on its initial public offering (IPO), three people aware of the matter said. “The bank is presently in the process of appointing investment banks for its proposed IPO, which is expected to be around ₹500 crore in size,” said one of the three people, all of whom spoke under condition of anonymity. Established in 2009, USFB is wholly owned by Utkarsh Coreinvest Ltd (erstwhile Utkarsh Micro Finance Ltd) and counts CDC Group Plc, the development…

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Looking for job? IT, finance top providers among listed cos

The information technology (IT) and financial services sectors emerged as the top job providers, jointly accounting for over 50 percent of all hiring in India, says a new study by investment group CLSA, titled ‘Boardroom nectar — distilling the essence of India’s annual reports’. The study, which analysed 250 listed companies, showed that both sectors also topped at hiring women. From the 45 lakh jobs created by companies, finance alone employed 28 percent (13 lakh people) and IT 26 percent. Within financials, the public sector employed 60 percent of all…

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‘Frontier finance’ is scaling up to achieve United Nations goals

In advance of the United Nations General Assembly that begins later this month, a new report released on Wednesday details the present shortcomings and future opportunities in “frontier finance”. That area of impact investment seeks to attract funding for projects consistent with the UN’s Sustainable Development Goals (SDGs). Published by the Global Impact Investing Network (GIIN), the report is the first of its kind to study the financing for efforts to improve the lives of low- to lower-middle-income people in emerging and frontier markets. And it identifies ways to scale the market to reach ambitious targets.…

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15th Finance Commission holds meeting with Rajasthan bodies, industry

The 15th Finance Commission on Sunday held meetings with representatives of Rajasthan’s Panchayati Raj institutions, urban development bodies, trade and industry, and economists as part of its consultation process for making recommendations for the 2020-25 period. According to an official release, the commission headed by chairman NK Singh along with its members and senior officials met with the representatives of Rajasthan Panchayati Raj institutions (PRIs). The Commission expressed concern over issues pertaining to accounting of PRIs, including accountability mechanism and financial reporting of the Panchayati Raj Institutions in the State…

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Introducing Forensic Finance, a podcast exploring how banks can help solve global issues

Ever listened to This American Life, the mother of all storytelling podcasts? If not, you should. If yes, you know it’s a weekly podcast that runs about an hour per episode. It’s made by a team of about 20 people. I’ve always been impressed by the frequency and quality of their output. After creating a podcast for TNW, I’m in complete awe. Turns out: podcast making might be the least time-efficient way to tell a story. At the same time, it was completely worth it. At TNW, we’re proud to…

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Home, vehicle, other retail loans to become cheaper: Finance Minister

The government on Friday announced a slew of measures to ensure that loans for home, vehicles and consumer goods become cheaper and widely available through banking and non-banking finance companies. Addressing the media here, Finance Minister Nirmala Sitharaman also said that banks will pass on RBI rate cut benefits to borrowers through MCLR reduction. She said that banks will launch repo rate and external benchmark-linked loan products that will lead to reduced easy monthly instalments for housing, vehicle and other retail loans. The minister also announced additional liquidity support of Rs…

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SREI Equipment Finance NCDs: Should you subscribe?

SREI Equipment Finance (a wholly owned subsidiary of Srei Infrastructure Finance) is issuing secured Non Convertible Debentures (NCDs) with interest rates (technically called coupons) up to 10.65%. The company’s overall NCD programme as covered by the shelf prospectus is to raise an amount up to Rs1,700 crore. In this tranche however, the company is seeking to raise Rs100 crore from the issue with the option to retain another Rs400 crore in case of over-subscription. Srei Equipment Finance is an NBFC (Non Banking Finance Company) engaged in the financing of equipment used…

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