The Reserve Bank of India on Monday said it has cancelled registration of Pune-based Kudos Finance and Investments and Mumbai-based Credit Gate for regulatory lapses in lending practices.
The Reserve Bank of India on Monday said it has cancelled registration of Pune-based Kudos Finance and Investments and Mumbai-based Credit Gate for regulatory lapses in lending practices.
Srei Equipment Finance Ltd and Srei Infrastructure Finance Ltd are currently undergoing insolvency proceedings in NCLT. The RBI has already superseded the respective boards earlier.
This is 100-150 basis points higher than the 10% margin cap these lenders used to follow before deregulation of lending rates for NBFC-MFIs which came into effect from April 2022.
The delinquency levels are lower by 300 basis points (bps) from their peak levels during Covid-19, the rating agency said.
Sundaram Home registered a 51 per cent jump in net profit for the third quarter ending December 31, 2022 at Rs 53 crore on disbursements of Rs 986 crore. On the inauguration of new branch in Coimbatore, he said, "We have a strong presence in the Coimbatore region for our home finance business."
Private lender Kotak Mahindra Bank on Friday said it has acquired micro-finance company Sonata Finance for ₹537 crore in an all-cash deal. Sonata Finance will be a wholly owned subsidiary of the bank after receiving regulatory and other approvals, it said.
Promoters of Srei group, the Kanoria family has proposed to make full payment to lenders in a last-ditch attempt to regain control over the two bankrupt financial services firms that are in the last stage of debt resolution under corporate insolvency.
The proposed combination relates to subscription of compulsorily convertible preference shares of Hero Future Energies Global Ltd (HFE) by Ardor Holdings II Pte Ltd.
