Institutional promoters reduce stake in Aptus

Westbridge sold off 4.96% stake reducing it’s stake to 29.5% in the Company JIH II LLC sold it’s entire 2.03% stake Shares were sold at around Rs 294/ share Total promoters’ stake now stand reduced to 54.1% from 61.1% earlier Buyers included SBI MF and Luxembourg-based Eastbridge Group amongst others. Whether it’s a cause of … Read more

Piramal Enterprises to merge with unlisted subsidiary and renamed

Piramal Enterprises (PEL ) has approved it’s merger with wholly owned subsidiary Piramal Capital & Housing Finance (PCHFL). Post merger the the resultant entity will be renamed as Piramal Finance (PFL). Current businesses of PEL and PCHFL PEL is a non-deposit taking Non-Banking Finance Company – Investment and Credit Company (NBFC- ICC), engaged in the … Read more

NBFCs: RBI updates guidance note on operational risk management, extends it to NBFCs

The Reserve Bank of India on Tuesday updated its “guidance note” on operational risk management for the financial sector, and also extended it to the NBFCs, including housing finance companies. The 2005 ‘Guidance Note on Management of Operational Risk’ covered only commercial banks. The Reserve Bank of India (RBI) said an operational disruption can threaten … Read more

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