Neobank partnerships driving hyper-personalised financial products, AI-driven efficiency in digital lending services and wealth tech for everyone. These three trends will enable fintech innovation in India and retain its position as the global fintech leader in 2023.
"The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures due on December 19, 2022," it said.
The planned e-auction for RCL, as approved by the committee of creditors (CoC), is scheduled to be held on December 21, and the exit of the highest bidder on the eve of the auction has come as a big jolt to the lenders.
Earlier this month NARCL had matched Gujarat-based NBFC Raj Radhe Finance's ₹130 crore challenge to its ₹100 crore offer to take over the ₹2,623 crore outstanding dues of the company, ET reported in its December 5 edition. It is now learnt that the offer is on a full cash basis.
According to the MFIN Micrometer Q2 FY2022-23 report, the country's microfinance loan portfolio stood at over Rs 3 lakh crore at end-September 2022, serving 6.2 crore unique borrowers with 12 crore loan accounts.
This translates into Rs 36,418 crore on gross non-performing assets, an all-time high. This is despite significant write-off of very sticky loans by lenders as a balance sheet cleaning tool.
While growth will be broad-based across various sub-sectors, microfinance and personal loans will be leading the growth chart. On the other hand, vehicle financing loans (commercial vehicle finance, passenger vehicle finance), which has remained significantly subdued since FY20, are also expected to report higher growth numbers, following an improvement in the operating environment.
IL&FS had defaulted on payments in 2018. The financial crisis at the non-bank finance group came to light in July that year, when its roads subsidiary ITNL reported difficulties in making repayments due on bonds. The government then replaced the company's board with members nominated by it. The companies are facing probes over alleged financial irregularities by their past management and executives.
The decision was in line with the company's plan to focus on consumer & MSME financing. The Poonawalla Fincorp board approved the deal Wednesday.