"Under the Pradhan Mantri Mudra Yojana (PMMY), 20.84 crore loan accounts totalling an amount of Rs 10.24 lac crore have been sanctioned up to November 1, 2019," Minister of State (IC) for Labour and Employment Santosh Kumar Gangwar said in a written reply to the Lok Sabha.
RIL is in talks with State Bank of India, HDFC Bank and ICICI Bank for financing. RIL won the right to buy Alok Industries in the Insolvency and Bankruptcy Code process in March this year. The Ahmedabad bench of the NCLT had approved the sole RIL bid, made together with JM Financial Asset Reconstruction Co, which had promised to pay Rs 5,050 crore to take over Alok.
The Cabinet is likely to approve relevant changes to the three-year-old Insolvency and Bankruptcy Code at the earliest. This will bring much-needed confidence to buyers of distressed assets, acquirers who were otherwise wary about the over-reach of the investigative authorities. Amendments to the IBC, which came into effect in December 2016, will require eventual parliamentary approval.
Central bank’s watching the top 50 NBFCs much more closely and is making deep dive into their books, their balance sheets and other numbers wherever necessary, says Governor Shaktikanta Das. He said that RBI has a fairly good idea of where the vulnerabilities lie. It is holding periodic discussions with the management and promoters of NBFCs.
Das said the top-50 NBFCs are being regularly monitored by the RBI as it has a fairly good idea on which of the NBFCs are "vulnerable" and made it clear that "RBI will not allow any large NBFC to collapse."
“Private debt can be a good opportunity as we see some interesting situations in the country,” said Mark Machin, president and chief executive officer CPPIB. Many private equity global funds including KKR, Apollo Global Management, Blackstone and Baring have specialized debt platforms.
The National Consumer Disputes Redressal Commission (NCDRC) has directed the company, which entered into a legal battle with an insurance firm over payment of the claim amount under the policy, to settle its dispute without troubling the nominees of the deceased investors.
AePS facilitates cashless transactions through biometric authentication. According to NPCI, which runs the platform, biometric-based transactions grew by 10% to 208 million transactions in October 2019 from 189 million in April. October usually sees high transactions because of the festive season and higher remittance from urban to rural areas.
The move came in after the Reserve Bank last Friday made an application for bankruptcy proceedings to resolve the credit and liquidity crisis at the company, which became the first financial sector player being sent for bankruptcy. dmitting the petition, an NCLT bench said the petition deserves admission."
MFIN wanted a heavyweight for this CRL project, which is a self-regulatory step for a diverse set of lenders engaged in microfinance such as banks, small finance banks, non-banking financial companies (NBFC), NBFC-MFIs and not-for-profit firms.
Indian finance and leasing companies are likely to grow at a slower pace in the year 2020 than in prior years, amid weaker economic growth and liquidity constraints, the rating agency said. Fitch added that its 2020 sector outlook is underpinned by challenging operating environments, lower growth prospects, and rising funding pressure.