Finally after months of speculation, Axis has formally announced the acquisition. What is Axis acquiring? Consumer banking businesses of Citibank India – credit cards, retail banking, wealth management and consumer loans. Citi’s non-banking financial company, Citicorp Finance (India) Ltd – Commercial Vehicle loans, Construction Equipment Loans and Personal Loans. Access to Citi’s 7 offices, 21 … Read more
Veteran banker Aditya Puri on Tuesday raised questions about Paytm’s business model, saying the recently listed financial services company has earned customers not by rendering services but by way of cashbacks. Puri, who led HDFC Bank from inception and made it into the largest in the private sector space by the time he retired … Read more
Sachin Bansal-led Navi Technologies has filed draft papers for an initial public offering (IPO) with Sebi. The IPO comprises of fresh equity issue of up to ₹3,350 crore, according to the draft offer document. Sachin Bansal’s Navi Technologies is a technology-driven financial products and services company in India focusing on the digitally connected young middle-class … Read more
L&T Finance Holdings (LTFH) as part of the restructuring and consolidation has decided to move out of the wholesale business and focus exclusively on the retail lending. Key points to note – Retail lending for the Company consists of farm equipment, 2 wheelers, consumer loans, micro loans and home loans/ LAP. Wholesale lending comprises of … Read more
India Ratings and Research on Friday maintained a neutral sector outlook and a stable rating outlook for non-banking finance companies (NBFCs) in FY23. It believes that FY23, in absence of any negative event, would see normalization of business activities, after facing challenges in the past few years following the default by Infrastructure Leasing and Financial … Read more
Mahindra and Mahindra Financial Services (MMFS) continues to sound very positive on the asset quality and has predicted big improvements. Key points to note – As at December 31, 2021, its Gross NPA (GNPA) as per IND-AS was 11.30% and as per IRACP at 14-15%. (IND-AS are the accounting norms and IRACP is RBI’s Prudential … Read more
Zomato continues to make more investments into start-ups/ emerging companies. 1. Rs 112.2 crore for 19.48% into Adonmo Private Limited Founded in 2016, Adonmo is focused on outdoor digital advertising. The Company reported a revenue of Rs 3.3 crore in FY 21. Investment by Zomato is cash consideration and values Adonmo at Rs 576 crore. … Read more
All 3 independent directors of PTC Indian Financial Services (PFS) have resigned citing corporate governance concerns. I don’t remember something like this happening before. Key points to note – PFS is the NBFC subsidiary of PTC India (65% ownership) Independent directors have raised corporate governance concerns especially on the MD & CEO of PFS, Pawan … Read more