The Aon analysis also showed that overall attrition in the banking segment is 24.7% between January and September, with domestic banks showing 30.6% attrition and foreign banks 16.3%. Fintech players also contributed to high attrition levels of 27.4%. Wealth management players, too, saw a significantly high number of employee departures at 26.4%, while investment banks saw exits at 21.8%. The lowest exits in the BFSI space were recorded with asset management companies at 16.3%.
Torrent sent a protest to administrator Nageswara Rao Y, condemning the attempt to overturn the bidding process. "One of the resolution applicants, in utter disregard to the sanctity of the challenge process, has sought to revise the bid amount quoted by it during the challenge mechanism process, in an attempt to illegally enhance its bid amount beyond the permissible time period," it said in a note.
The winning bidder, Swan Energy - Hazel Mercantile team, offered a staggered payment of ₹2,040 crore, while on the net present value (NPV) basis it was ₹1,218 crore. Of the ₹2,040 crore offered by the duo, a sum of ₹1,640 crore will be paid over the next five years, and the remaining payment will be made from the recovery of certain pending dues. Naveen Jindal owned Jindal Steel and Power was also in the fray to acquire RNEL.
Mail sent to Hinduja Group did not elicit response till filing of the story. Earlier this week, the Ahmedabad-based Torrent group emerged the highest bidder by putting a bid of Rs 8,640 crore to acquire Anil Ambani group's NBFC entity.
"This is of vital importance to retirees in their twilight years. The potential buyers / investors should be made aware that pension and the VHS will have to continue as and when they take over the bank," said Sanat Chakraborty, vice president IDBI Elders Forum.
The company said it expects to significantly step up its focus on connecting more entrepreneurs in the EVs, climate-tech, and other green tech solutions with equity-free funding options. Founded in 2019 by Bhavik Vasa and Amit Srivastava, GetVantage has a portfolio of over 400 new-age businesses while diversifying into more sectors this year including B2B SaaS and cleantech.
Hinduja Group made the second-highest offer, of Rs 8,110 crore, for the core investment company that houses 20 financial services entities, ranging from insurance to broking, the people said.
If fintechs are allowed to carry out similar services without the tighter regulations governing banks like capital adequacy, know your customer (KYC) requirements, leverage and liquidity norms, there is a risk of creating inefficiencies and risks associated with regulatory arbitrage, Sankar said at an event organised by Business Standard.
Reliance Capital is the third large NBFC against which RBI has initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC). The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).