"From a portfolio size of Rs 6,000 crore in 2018, the corporate book is down to Rs 2,500 crore as of date, which is a reduction of around 60 per cent (We have collected Rs 3,500 crore). By March 2022, the wholesale and corporate book will become zero," executive vice-chairman and chief executive R Sridhar said. The company will continue to focus on and expand its retail segment, he said.
The Adani Group, which had initially bid only for DHFL's wholesale and Slum Rehabilitation Authority (SRA) portfolio, in the revised offer submitted on November 17 bid for the entire book, offering a total of Rs 30,000 crore plus interest of Rs 3,000 crore, a source in lenders consortia said.
Adani Group, which had initially bid only for DHFL's wholesale and Slum Rehabilitation Authority (SRA) portfolio, in the revised offer submitted on November 17 bid for the entire book, offering a total of Rs 30,000 crore plus interest of Rs 3,000 crore, a lending source said.
Sathvik Vishwanath and Harish BV, cofounders of a then five-year-old startup, were arrested in late 2018. No, they hadn’t pulled off a shady initial coin offering. Their “crime” was that they put up a kiosk in a mall in Bangalore where customers could swap Bitcoin, Ether or Ripple for cash or vice versa. That was the whole point of Unocoin, their crypto token exchange. But the police were suspicious of the new-fangled “ATM.”
Hong Kong-based SC Lowy informed the committee of creditors and the RBI-appointed administrator of DHFL that it would not pursue the transaction and sought a refund of the ₹100 crore “earnest deposit money” or bid bond guarantee it had submitted earlier.
A Reserve Bank of India working group, set up for reviewing private bank ownership, said that well run large NBFCs with minimum asset size of Rs 50,000 crore, including those which are owned by a corporate house, may be considered for conversion into banks.
IDBI Bank, which was planning to sell its mutual fund business for Rs 215 crore to comply with regulations, will now have to find a new buyer. IDBI Bank, which is a subsidiary of Life Insurance Corporation, has to divest its share in the AMC since LIC already has a mutual fund unit.
Even though the four bidders – Oaktree Capital, Adani Properties, Piramal Enterprises and SC Lowy — are yet to receive any official communication from the administrator appointed by the Reserve Bank of India (RBI), sources close to them said this had been conveyed informally by a section of lenders.
The report forecasted that nearly 420 billion transactions worth USD 7 trillion, globally are expected to shift from cash to cards and digital payments by 2023 - and increase to USD 48 trillion by 2030. "In India, 66.6 billion transactions worth USD 270.7 billion are expected to shift from cash to cards and digital payments by 2023 - and increase to USD 856.6 billion by 2030," it said.
At the peak of Covid pandemic beginning April this year, NBFCs were asked to provision over and above what was mandated by the Reserve Bank of India (RBI), based on Indian accounting standards (Ind-AS) regulations.
Industry watchers said despite the presence of more first-time homebuyers in the market than a year earlier, most large banks grew their books by luring NBFC clients to transfer their existing home loans to them with record low interest rates.
During the pandemic, Axis Bank, HDFC Bank and State Bank of India were most helpful in helping their clients mitigate the impact of COVID-19 on trade finance, according to a survey by Greenwich Associates, the analytics arm of ratings firm Crisil. "Battered by the COVID-19 crisis, large Indian companies are looking to their banks for digital solutions that can make their supply chains more resilient to pandemic-related disruptions" said the report released by Crisil.
At leading brick-and-mortar retail chains including Reliance Retail, Tata-owned Croma, Vijay Sales and Sangeetha Mobiles, too, debit and credit cards, wallets, UPI and consumer finance together have become the choice for payment by consumers.
The banking regulator said in a notice that UVARCL had flouted norms laid down by the Sarfaesi Act and wilfully violated the RBI's guidelines, people aware of the matter said. According to the Sarfaesi Act, asset reconstruction companies cannot infuse equity into an insolvent company at the resolution stage.