Like every NBFC, housing finances are too now mandated to create a reserve fund and transfer minimum 20% of its net profit every year to the fund before any dividend is declared.
Nordic Microfinance Initiative (NMI) has raised its investment in Mumbai-based Svasti Microfinance while Michael & Susan Dell Foundation and Bamboo Capital Partners have exited in a $10 million share sale which includes both primary and secondary deals. The fresh investment has raised Mumbai-based microfinance’s net worth to Rs 100 crore.
Uco's operating profit grew 139% to Rs 1207 crore, the highest in 16 quarters.
PNB Housing so far mobilised nearly Rs 27,000 crore through long-term sources.
The group has also recommended formation of board level committees for audit and remuneration for CICs as well as group risk management committees to address the concerns over corporate governance that were compromised over the years with opaque ownership structures in large conglomerates.
Bigger microfinance firms have shown steady growth and profit numbers during the second quarter.
RBI said that at higher levels of responsibility, the proportion of variable pay should be higher.
UBI’s net interest income for the quarter under review grew 75% at Rs 773 crore as against Rs 443 crore in the corresponding period last year.
It is learnt that the mortgage lender will opt for 'limited preference' route whereby a maximum of five investors can participate. The company has hired Kotak Mahindra Capital Co and JM Financial to manage the issue.
NRI deposits between April & August saw an inflow of $4 billion, compared with $5.7 billion in the same period last year. NRIs in the Gulf, who contribute the maximum to the deposit chunk, are showing preference towards mutual funds.
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