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How financing is turning out to be a bigger roadblock for EVs
Electric vehicle financing presents varying rates across different vehicle types, with banks and NBFCs playing a crucial role in offering competitive options. Understanding the evolving landscape of interest rates and the influence of factors like EV batteries is essential for customers looking to finance their electric vehicles effectively.
Big US banks withstand Fed's commercial real estate shock scenario
Amid economic uncertainties, the Federal Reserve's stress tests revealed big U.S. banks' resilience to a 40% drop in commercial real estate values. The tests underscored the challenges faced by regional banks and the need for robust risk assessment in the banking sector.
Farm loan waivers to negatively impact banks' asset quality: Macquarie
Macquarie Capital warned that farm loan waivers could negatively impact banks' asset quality, particularly for public sector banks. States like Telangana, Jharkhand, and Punjab are either implementing or considering such waivers. Macquarie's Suresh Ganapathy highlighted that these waivers create moral hazards and deteriorate credit culture, as even reliable farmers might start defaulting.
Northern Arc Capital raises $75 million from Dutch development bank
A non-bank lender with Rs 10,081 crore in assets plans to deploy funds from newly issued five-year non-convertible debentures to expand retail microloans, SME loans, and green projects. Managing Director Ashish Mehrotra aims to stimulate sustainable economic growth and financial inclusion through these initiatives, supported by impact investor FMO.
NARCL receives four bids for debt takeover of Sion Panvel Tollways in Mumbai
National Asset Reconstruction Co (NARCL) has received four expressions of interest for a second round of bidding to take over the debt of Sion Panvel Tollways linking Mumbai and Pune. The initial three bids were rejected for being undervalued. NARCL aims to recover bad debt and has acquired 18 stressed accounts worth Rs 92,510 crore. Bidders have until July 18 to submit new proposals. BoB Capital Markets is advising creditors on the sale.
Step-by-step process for a home loan balance transfer
Transfer your home loan wisely by comparing offers, verifying eligibility, submitting required documents, negotiating terms, and finalizing the balance transfer for reduced EMIs and long-term savings.
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Muthoot Microfin to stay on the radar with a few tailwinds
A part of Muthoot Pappachan Group, the company provides micro loans to women with a focus on rural areas. It had 1,508 branches in 353 districts across 18 states of India as of March 2024. Its AUM grew by 32.4% year-on-year to ₹12,193.5 crore in FY24.
Ireda sanctions Rs 37,354 cr loan in FY24
State-owned Ireda sanctioned Rs 37,354 crore loan and disbursed Rs 25,089 crore in FY24, CMD PK Das announced. The net worth was Rs 8,559 crore by March quarter end.
Gold loan interest rates in June 2024: Latest gold loan interest rates of 24 banks
A gold loan is a secured loan that allows you to leverage the value of your gold ornaments or jewelry to obtain funds. Latest gold loan interest rates offered by banks in June 2024.
After Telangana's Rs 31,000 cr farm loan waiver, Punjab farmers reiterate similar demand
The Telangana government has announced a farm loan waiver of up to Rs 2 lakh, benefiting nearly 40 lakh farmers at a cost of around Rs 31,000 crore. Punjab farmers have welcomed this decision and renewed their call for a similar waiver from the central government, arguing that the current cash benefit under PM Kisan is insufficient.
Kirloskar's NBFC turns focus to MSME loans to reduce risks
Arka Fincap, a Kirloskar Group-owned NBFC, is shifting its focus towards MSME loans to reduce wholesale credit risk. They aim for MSME loans to constitute 70% of their total portfolio, up from the current 50%, with a target to increase this to 75%. The NBFC, which has doubled its total loan book to ₹5,300 crore, plans to grow it further to ₹7,500 crore by FY25, with a significant portion from MSME lending.
Power Finance Corporation board okays Rs 15,000 crore loan to Shapoorji Pallonji Group companies
The board of Power Finance Corporation (PFC), a state-owned entity, has approved a loan of Rs 15,000 crore to companies within the Shapoorji Pallonji group, according to sources familiar with the matter. This decision represents a significant development for the Mistry family, who hold 18.37% stake in Tata Sons. The loan is intended to assist in settling promoter debts and fulfilling financial obligations owed by their operational firms to creditors. Security for the loan will be provided by the cash flows from SP Group's real estate operations and the Mistry family's shares in Tata Sons.
Digital loans up 49% in FY24 by value, Rs 1.46 lakh cr disbursed: Industry body
The digital lending sector, represented by FACE, saw a significant increase in disbursements and loan numbers in FY23-24, with member entities disbursing Rs 1.46 lakh crore, marking a 49% surge. Over 10 crore loans were issued, up 35% from the previous year. Despite regulatory concerns, the sector emphasizes customer-centricity, compliance, and sustainable practices.
Bad loan restructuring emerges to be a better option for ARCs
In FY24, asset reconstruction companies saw a shift towards prioritising loan restructuring over asset sales, focusing on value maximisation and revival potential. This strategic change reflects the evolving role of ARCs in the resolution of bad loans, as they adapt to new credit loss provisioning standards and offer more flexible repayment options.
IIFL Finance subsidiary raises Rs 216 crore through public bond issue
IIFL Finance's microfinance subsidiary IIFL Samasta Finance has garnered Rs 216 crore through its second public bond issue against a Rs 1,000-crore target despite higher interest rates, as investors were likely concerned over the regulatory scrutiny on IIFL Finance's gold loan business.
Personal loan interest rates June 2024:Which bank is offering the lowest interest rate on personal loans
Personal loan interest rates June 2024: The interest rate on a personal loan varies across lenders and is determined by several criteria, such as the borrower's credit score, loan amount, and loan duration. Here is a list of banks' personal loan interest rates on different amounts.
SBI launches digital business loans for small and medium cos
SBI launches SME digital loans programme using data from tax and GST returns for quick credit assessment and loan approval up to ₹50 lakh in 10 seconds without human intervention.
Microlenders’ books up 24.5%, asset quality improves
The microfinance market expanded by a fourth in FY24 with improved asset quality, driven by better loan recovery. Data from the Microfinance Institutions Network (MFIN) shows a 24.5% growth in the gross loan portfolio to ₹4.34 lakh crore.
RBI to come out with norms for securitising stressed loans
RBI is set to release final guidelines for securitisation of stressed assets, potentially initiating a junk bond market in India.
Macro risks might lead to valuation derating for SBI, says JM Financial
JM Financial believes that there could be de-rating of SBI's valuations due to macro risks. In view of recent market volatility, SBI gives the analysts confidence on the back of its strong liability franchise.
SBI board to consider $3-billion fundraise
SBI's board of directors to meet on June 11 to consider raising up to $3 billion through foreign currency bonds issued abroad.
Shriram Finance raises USD 468-mn multi-currency social loan
Shriram Finance Limited raised USD 468 million in multi-currency for business growth through a social loan structured by leading banks, marking the largest syndicated transaction by a private NBFC.
US equity funds hit by outflows on rising yields, rates uncertainty
U.S. equity funds saw outflows for the first time four weeks in the seven days ended May 29, hit by rising bond yields and uncertainty over the timing and extent of Federal Reserve interest rate cuts.
Muthoot Finance shares rally 4% post Q4 results. Should you invest?
Muthoot Finance Share Price: Muthoot Finance shares surged by 4.3% on Friday on the BSE, reaching a day's high of Rs 1,745. This uptick followed the company's announcement of a profit after tax of Rs 1,056 crore, marking a 17% year-on-year (YoY) increase compared to Rs 903 crore reported for the corresponding period last year.
IDFC First Bank to raise Rs 3,200 cr via preferential issue to LIC, others
IDFC First Bank will allot around 39.68 crore shares to some of India's biggest institutional investors, including LIC, HDFC Life, ABSL Insurance, Bajaj Allianz Life, ICICI Lombard, and SBI General Insurance.
Faced with RBI audit, IIFL Finance delays Board meet for earnings release
IIFL Finance extends announcement of quarterly earnings beyond May 30 due to RBI audit, anticipates releasing results by June 30.
RBI's Swaminathan cautions NBFCs on poor data, unsecured loans
"While automation can enhance efficiency and scalability, NBFCs should not allow themselves to be blinded by these models. It is crucial to recognise that rule-based credit engines are only as effective as the data and criteria upon which they are built. Over-reliance on historical data or algorithms may lead to oversights or inaccuracies in credit assessment, particularly in dynamic or evolving market conditions," Swaminathan said.
Improving asset quality, reach to keep Jana SFB on growth path
JSFB provides micro financing, secured business loans, loans against property, micro, small and medium enterprises loans, loans against deposits and gold, and loans to finance companies. The bank strives to reduce reliance on unsecured loans by expanding the portfolio of secured loans. At the end of March 2024, its total loan book was worth Rs 24,746 crore.
Paying off your home loan vs investing: What's best in a bull market?
Decide between home loan prepayment and equity investments in a bull market by evaluating risk, financial stability, and personal goals. Balance debt reduction with potential returns for a decision aligned with your financial well-being.
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