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An Account Aggregator (AA), a RBI-regulated Non-Banking Finance Company (NBFC), helps an individual securely and digitally access and share information from one financial institution they have an account with to any other regulated financial institution in the AA network.
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Reserve Bank Governor Shaktikanta Das asked NBFCs, including housing finance companies, to strengthen governance standards and assurance mechanisms.
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Hyderabad: Avanse Financial Services Limited, an education-focused NBFC, launched its new workspace at Somajiguda in Hyderabad. Member of Parliament Joginapally Santosh Kumar inaugurated the new office. Telangana and Andhra Pradesh have been important markets for Avanse. As of March 2022, Hyderabad contributed over 11% to the organisation’s overall assets under management (AUM) of Rs 4,836 […]
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By Seela Subba Rao Microfinance institutions (MFIs) have evolved into a vibrant industry exhibiting a variety of business models. In India, they exist as NGOs (registered as societies or trusts), Section 25 companies, NBFC-MFIs and other NBFCs. Commercial banks, regional rural banks, cooperative banks and other large lenders have played an important role in financing […]
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By B Sambamurthy Real GDP hit a decadal high of 8.2% during 2016-17. Since then, it has been on a downward slide and declined to about 4% during 2019-20. Covid-19 inflicted significant damage to economic growth and growth hurtled to a negative 6.5% in FY 2021. Keeping the impact of Covid-19 aside, the deceleration of […]
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There is a steep rise in legal mobile lending in India. This however, has become a blessing in disguise for apps from scammers. The extent of fake loan apps is so high that Google’s Play Store had to remove over 200 of them since the last quarter of 2021 due to policy violations. But they […]
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By V Thiagarajan Most marriages in an Indian family or mergers in Indian corporate groups normally evolve in three phases — Early Hesitancy, Intermediate Exuberance and Final Realisation. The merger of HDFC-HDFC Bank, which hogged the headlines last week, has followed the script of the first two phases so far. In the first Hesitancy Phase, […]
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The merger of mortgage firm HDFC Ltd with its progeny HDFC Bank, the biggest merger in India’s corporate history, signals consolidation in the private banking and NBFC space and also demonstrates the success of regulatory changes over the past few years. It is a win-win situation as the combined and bigger balance sheet also means […]
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Mumbai: The sensational Rs 22,842 crore mega loan fraud allegedly perpetrated by the Gujarat-based ABG Shipyard Ltd (ABGSL) did not spare the IPO-bound Life Insurance Corporation of India (LIC) while the ICICI Bank and the IDBI Bank took the worst-hit among other government, private, foreign banks, NBFCs, as per official data. The State Bank of […]
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New Delhi: The Enforcement Directorate (ED) on Saturday said it has arrested the CEO of a non-banking financial company (NBFC) in connection with a money laundering investigation against fintech firms backed by Chinese funds. Pavitra Pradip Walvekar, promoter, Director and CEO, Kudos Finance and Investment Private Limited, an NBFC, was taken into custody on Friday. […]
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By issuing secured debentures to family offices and high net worth individuals on a private placement basis.
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The 71-year-old Muthoot was instrumental in making the gold loan finance into an organised business.
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First-of-its-kind initiative will take into consideration various factors that are likely to induce stress in a unit to help the sector hit by pandemic
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The move is intended to make the process of redress of grievances easier by enabling the customers of the banks
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Use of technology will make transactions more transparent
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Writes to FM saying these SMEs face liquidity challenges
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"Banks will focus on cash flow based lending in times to come and this has already been started by SBI," Ajay Vyas, Executive Director, UCO Bank said
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The police asked people not to download any loan-based application as most of them were exploitative
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Permitting large NBFCs to convert into banks is a well-thought move to increase the size and presence of banking system
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The funds were mopped up to strengthen balance sheets, retire existing debt and support working capital requirements