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SBI sanctions Rs 300 crore term loan to PFS

The loan has a tenor of three years including a moratorium of six months, an official statement said.

Rural play keeps payment, fintech companies in good shape

Bumper harvests, record sowing, good monsoons, robust farm income and high demand for goods will likely buttress the initiatives to bring the economy back on the rails. Tractor sales are already witnessing revival in rural pockets while other consumption activity has reached over 80% of pre-Covid levels, experts say.

Frustration, fear and family: Investment bankers bear the brunt of lockdown

Stuck at home, armed only with a phone and a laptop, financial advisors are finding out just how strong their relationships with clients really are while frustrated juniors are left to crunch numbers in the shadows, deprived of the personal access to the rainmakers who could give their careers a boost.With the dreaded "doughnut" – or zero bonus – almost a given this year, and some banks looking to cut jobs to weather the health crisis, the strains on bankers watching multi-billion dollar pre-pandemic deals go up in smoke is taking its toll.

Deepak Parekh backs RBI moratorium, calls for real estate loan restructuring

In a letter to shareholders in the mortgage financier's annual report for fiscal 2019-20, Parekh called for easier financing, loan restructuring and also end to end approval and disbursment of mortgage loans.

HFCs better placed than other NBFCs in terms of asset quality: Report

“Portfolio under moratorium for some large NBFCs is as high as 70- 80%, with the sectoral average of about 52%, while for HFCs the average is about 28% " said A M Karthik, Vice President and Sector Head, Financial Sector Ratings ICRA "The additional covid-19 -related provision carried by NBFCs is about 0.7% (of the AUM), while for HFCs is about 0.2%."

Niti Aayog plans to hire chief economist

The post will attract remuneration of up to Rs 3,30,000 a month. The appointment would initially be for three years, and can be extended up to five years, depending on the requirements or till the age of 60 years, whichever is earlier.

Investing and Forecasting by Anand Vardarjan, Business Head, Tata MF

In 1906 famous statistician Francis Galton attended a fair in Plymouth where participants had to guess the weight of an ox and the one who guessed it right, ...

Parminder Chopra takes over as Power Finance Corporation Director (Finance)

Chopra was working as Executive Director (Finance) at Power Finance Corporation (PFC) before assuming charge as Director (Finance), PFC. With over 32 years of experience, she specialises in handling core finance functions such as fund mobilisation, corporate accounts, banking and treasury, asset-liability management and stressed asset resolution.

Dvara KGFS announces transactions worth Rs 7 crore through Aadhaar-enabled payment system

Villagers, especially those living in the remote rural areas were greatly encumbered to draw cash from the beginning of the lockdown for daily use as there was scarce or no access to banks or ATMs, the company elaborated while addressing the media.

Convergent Finance invests $14 mn in Jyoti Foods

Jyoti serves a wide range of customers within the food services, quick-service restaurants (QSRs), cloud kitchens and cinemas. Set up in 2005, the company has clientele including Subway, Rebel Foods, Cinepolis, Chili's, Holiday Inn among others, across 150 plus cities in 25 states across the country.

Ransomware allegedly hits Indiabulls Group: Cyble

The current data leak includes snapshots of highly sensitive bank-related documents of the company such as account transaction details, vouchers, letters sent to bank managers, and much more.

Google Pay not a payment system operator: RBI to HC

Google Pay not a payment system operator: RBI to HC

The RBI's submissions came in response to a PIL by financial economist Abhijit Mishra who has alleged that Google's mobile payment app, Google Pay or GPay in short, was facilitating financial transactions without the requisite authorisation from RBI.

Microfinance sector surges about 30% in fiscal FY20

Microfinance sector surges about 30% in fiscal FY20

India's microfinance sector had surged about 30 percent in the fiscal FY20 with loan outstanding reaching to Rs 2.32 lakh crore before Covid-19 and lockdown started making its impact.

Covid impact: Job losses, pay cuts leading to surge in home loan defaults

Covid impact: Job losses, pay cuts leading to surge in home loan defaults

IMGC guarantees 20% of the loan amount which covers EMIs for nearly two years. Once an account becomes a non-performing asset, the guarantee company pays the EMIs to the lender on the borrower’s behalf. IMGC has 15 lender clients, including ICICI Bank, Axis Bank, LIC Housing Finance, HDFC and SBI.

Reserve Bank of India proposes tougher rules for housing finance companies

Reserve Bank of India proposes tougher rules for housing finance companies

The central bank said that HFCs can either take exposure on the group company in real estate business or lend to retail individual home buyers in the projects of group entities, but not do both.

Spike in gold loans could not enthuse individuals to pledge household gold with gold loan NBFC

Spike in gold loans could not enthuse individuals to pledge household gold with gold loan NBFC

In April and May the increase in business volumes came more from existing customers taking advantage of higher loan-to-value (LTV) due to a spike in gold prices to increase their borrowings against existing pledges. But absolute footfalls have not increased and acquisition of new customers has not picked up.

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