Sector: NBFCs
Poonawalla hires a veteran MD & CEO
Poonawalla Fincorp (PFL) has announced hiring of HDFC veteran, Mr. Arvind Kapil as MD & CEO of the Company. Arvind is currently the Country Head Mortgages at HDFC Bank and has been with the group for 25+ years. He played a key role in HDFC’s mega merger and now handles a mortgage book of over … Read more
Aditya Birla Finance is merging into Aditya Birla Capital
Aditya Birla Finance (ABFL) is a 100% subsidiary of Aditya Birla Capital (ABCL). ABFL is a non-listed NBFC whereas ABCL is a listed holding company. The proposed merger is to ensure compliance with with Scale Based Regulations of RBI which require mandatory listing of ABFL by September 30, 2025. There is not much else to … Read more
Regulators take restrictive actions against JM Financial
RBI barred JM Financial Products (a subsidiary of JM Financial) from extending loans against shares, including financing subscriptions to IPOs of shares and debentures, with immediate effect over irregularities and corporate governance issues. An RBI statement said the “action is necessitated due to certain serious deficiencies observed with respect to loans sanctioned by the company … Read more
RBI halts IIFL Finance’s gold loan business
Reserve Bank of India (RBI) has found various significant lapses in IIFL Finance‘s (IFL) Gold Loan business. It has consequently, directed the Company to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans. (The Company can continue to service its existing gold loan … Read more
RBI takes stringent action against Paytm Payments Bank
Paytm group is not new to RBI’s penal actions. Check Paytm’s track for details. Earlier in March 2022, RBI had stopped Paytm Payments Bank (PPB) from onboarding new customers due to certain material supervisory concerns. The regulator had then directed the bank to appoint a reputed external auditor to conduct a comprehensive audit of it’s … Read more
Jio Financial shifting focus from unsecured to secured
Jio Financial Service (JFS) had earlier planned to concentrate on unsecured lending. Now it has decided to shift focus towards secured loans, including leasing. (It has also set up a 100% leasing subsidiary to undertake lease operations) “Large opportunity in the secured lending space. Noticeable market reaction vis-à -vis unsecured lending leading to calibrated approach towards … Read more
RBI reviews regulatory structure for HFCs
The Reserve Bank of India (RBI) on Monday took another step to harmonize regulations applicable to mortgage financiers and other non-bank lenders, proposing higher liquid assets to back deposits at housing finance companies, smaller aggregate deposits as a proportion of their own capital, and allowing them to issue co-branded credit cards. These are part of … Read more
Rural fintech firm Navadhan raises $5 mn from Prime Venture Partners, others
Rural fintech firm Navadhan has raised $5 million (about ₹40 crore) in a pre-Series A round led by Prime Venture Partners. Existing investors Gemba Capital and Varanium NexGen Fintech Fund also participated. The new funds will be used to enhance the company’s AceN tech platform, which connects small, rural businesses with NBFCs and banks, and … Read more