Finance Ministry ready to do more for NBFCs, says Nirmala Sitharaman

Will seek details from PSBs on funding to NBFCs, retail customers on Oct 14 Finance Minister Nirmala Sitharaman, on Thursday, said she is “not sitting back” after the recent spate of measures, and will take more steps if required for non-banking finance companies and other sectors. The minister will be meeting the chiefs of public sector banks on October 14, and she said will seek details of funding to NBFCs and retail customers. “I am not sitting back saying I have given some solutions for NBFCs. There may be more…

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Finance Minister Nirmala Sitharaman to Meet CEOs of Public Sector Banks on October 14

New Delhi: Finance Minister Nirmala Sitharaman will hold a review meeting with CEOs of public sector banks (PSBs) next week to discuss various issues, including progress on credit offtake. The meeting, scheduled to be held on October 14, is expected to review fund flow to stressed NBFC and MSME (micro, small and medium enterprises) sectors, sources said. Banks are expected to present report card on partial credit guarantee scheme and fund raising from market to enhance their capital base. The Centre in August issued guidelines on operationalising Rs 1 lakh crore…

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Citroen partners with Axis Bank for auto finance in India

New Delhi: French automaker Citroen on Wednesday has entered into a white-label arrangement with Axis Bank, as a preferred Banking partner, to introduce Citroen Finance in India. Citroen Finance will provide retail finance and mobility solutions including value added products to its customers and customised credit solutions to its dealers in India, the company said in a statement. Roland Bouchara, Senior Vice President Sales and Marketing, Citroen India said, “This partnership with Axis Bank is in line with our commitment towards providing the best experience to our customers not only at our dealer showrooms but…

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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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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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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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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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Ujjivan Financial files prospectus for small finance bank IPO, stock plunges 8%

Shares of Ujjivan Financial Services fell nearly 8 percent on Monday after the company filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) to list its subsidiary Ujjivan Small Finance Bank (USFB). The stock fell as much as 7.8 percent to Rs 261.70 per share on BSE. At 9:25 am, the stock was trading 4.4 percent lower at Rs 271.7 compared with 0.63 percent (236 points) gain in BSE Sensex at 37,586. USFB plans to launch an initial public offering (IPO) at a face value…

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Ujjivan Small Finance Bank files Rs 1,200 cr IPO papers

Ujjivan Small Finance Bank is planning an initial public offering to raise Rs 1,200 crore. The company on August 16 filed a draft red herring prospectus with SEBI. “Ujjivan Small Finance Bank is proposing to undertake an initial public offering of equity shares of face value of Rs 10 each, comprising a fresh issue of equity shares by bank aggregating up to around Rs 1,200 crore,” Ujjivan Financial Services said in its BSE filing. The price band for public issue may be determined by bank in consultation with the book running lead managers…

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