With Citibank’s credit card spends share falling to 3.9% in June from 4.8% a year ago, analysts said may have overpaid for the Citi retail assets deal. During the same period, Axis Bank’s market share has increased to 9.3% from 8.3%, according to Reserve Bank of India data. “We remain concerned about the steady decline … Read more
Macquarie Group, one of the largest foreign infrastructure investors in India, is in talks with commercial investors to raise $205 million to set up an electric vehicle (EV) leasing and finance company, said two people aware of the development. The India-focused e-mobility financing platform will be managed by Macquarie Asset Management, which has assets of … Read more
The government has declared the IT resources of ICICI Bank, HDFC Bank and UPI managing entity NPCI as ‘critical information infrastructure’, implying any harm to them can have an impact on national security and any unauthorised person accessing these resources may be jailed for up to 10 years, according to an official notification. The Ministry … Read more
IIFL Home Finance (IHFL) is raising Rs 2,200 crore from Abu Dhabi Investment Authority (ADIA) for 20% stake. Key points to note –Â IHFL is currently a 100% ‘unlisted’ subsidiary of IIFL Finance Limited (IFL) It is in the business of small-ticket (affordable) home loans, loan against property and construction finance. The subject fund raise … Read more
Non-banking financial companies (NBFCs) are seeing a rise in demand for used vehicle financing amid Covid. The pandemicdriven preference for owning second and third cars in households, upgrades by two-wheeler owners to preowned cars and lower cost of used vehicles are some primary reasons for the spike in demand for used vehicles. NBFCs offering loans … Read more
SEBI noted that these persons were front running the trades of six entities of IIFL Group, including IIFL Asset Management, also called Big ‘Clients’. SEBI noted that these persons were front running the trades of six entities of IIFL Group, including IIFL Asset Management, also called Big ‘Clients’. The Securities and Exchange Board of India … Read more
Brokerage businesses handle significant client money and hence are supposed to be managed with extreme discipline. Regulations are well laid out in that regard. However, time and again we come across cases that raise doubt on this underlying presumption. Today, SEBI passed an adjudication order against IIFL Securities Limited (IIFL) for some serious violations – … Read more