NBFCs

The Reserve Bank on Wednesday said it has cancelled Certificate of Registration of five NBFCs for violation of norms related to outsourcing and fair practices code in their digital lending operations.

The firms have been accused of charging excessive interest rates and harassing customers for loan recovery, among other things

Government data indicates that less than 40 per cent of MSMEs borrow from the formal financial system

The real estate book of L&T Finance is worth Rs 11,210 crore and infrastructure finance is worth 30,521 crore as on March this year

The RBI on Monday said it has set up a committee to evaluate the efficacy, adequacy and quality of customer service in banks, NBFCs, and other entities regulated by it.

The non-banking finance company said the funds raised through this issue will be utilised primarily for lending activities of the company

Here are the top headlines on Thursday morning

The firms have been accused of charging excessive interest rates and harassing customers for loan recovery, among other things

Non-banking financial companies may have entered a comfort zone years after having been put through the wringer

P N Vasudevan resigned as the managing director and chief executive officer of the Equitas Small Finance Bank for a career in health and education.

The book now pay later (BNPL) payment has been introduced on bookings for travel, flight or hotels, on MakeMyTrip as well as on the Goibibo app

Microfinance industry loan portfolio grew by 5 per cent year-on year to Rs 2,62,598 crore in the fiscal ended March 2022, according to a report by Sa-Dhan released on Tuesday.

Bank credit to NBFCs, including HFCs, will be allowed up to an overall limit of 5% of an individual banks total priority sector lending

So far only eight out of 54 Prospective Resolution Applicants (PRAs) have engaged with lenders of the bankrupt firm.

The top court said it was of the considered opinion that the Kerala Act and the Gujarat Act will have no application to NBFCs registered under the RBI Act and regulated by RBI

The incidence of bank fraud is trending downward, but the broad picture hides many blind spots

The financiers of Indo-Star Capital Finance include State Bank of India, HDFC Bank, and ICICI Bank, according to the Annual Report for FY21

Finance companies need to set up nomination and remuneration committee, which will oversee the framing, review and implementation of compensation policy with board approval

RBI also made it clear that NBFCs will have to take prior approval from the RBI for issuing credit cards to their customers.

New-age banks will increase inclusion