RBI has capped lending rates of NBFC-MFIs at 10% over their cost of funds or 2.75 times the average base rate of five large banks, whichever is less.
The largest private sector lender said that it received anonymous complaint against the treatment of these 31 accounts in March.
Private banks such as IndusInd, IDFC and RBL are increasing their exposure to the bottom of the pyramid customers while industrial credit demand is yet to show momentum.
Bhandari said the India-fund would focus on investing in financial services, food and agricultural sector with 50-70% contribution from international investors.
Incofin has about 4.13 per cent stake and the sale of the shares will fetch it about Rs 30 crore.
Mittal, an Indian Administrative Service officer of 1977 batch from UP cadre will be the independent chairman to Arohan's board.
The 1.82 per cent fall in crude prices in Asian trade buoyed forex market sentiment.
Even though price rise has broadly been under check, the present scenario of a rise in crude could be a testing one.
APAC Housing Finance, as part of APAC Financial Services, will be headed by Harpreet Singh, who had experience in setting up housing finance business in India.
Many exposed vulnerabilities such as the oil shock, a rise in global interest rates, a loosening fiscal policy and sluggish exports are beginning to bite.
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