Registrations for external commercial borrowing (ECB) by corporates fell to $26.6bn in the last fiscal year due to rising global interest rates. After gradually increasing during the first three quarters of 2022-23, registrations dropped in Q4. ECB inflows for the year totalled $23.8bn, only marginally higher than outflows.
Avijit Saha will be joining the company as the CEO and will be co-investing in partnership with Warburg Pincus. Warburg Pincus, the US-based private equity firm, has acquired a controlling stake in Vistaar Finance, an NBFC lending to MSMEs in India in partnership with ICICI Bank veteran Avijit Saha. The PE fund and Saha acquired about 95% stake in Vistaar for Rs 2,500 crore
Banks including the country's largest microfinance lender, Bandhan Bank, account for about 45% of the sectoral bad loans, industry sources said. Banks account for about 34% of the microfinance loan outstanding of Rs 3.52 lakh crore. "There has been a substantial reduction of NPAs in the overall microfinance portfolio during the quarter. The reduction seems to be due to improved collection of past dues and bad loans write-off," Sa-Dhan executive director Jiji Mammen told ET.
The majority of Reliance Capital lenders Monday agreed on equitable distribution of proceeds among assenting and dissenting creditors, a move aimed to discourage negative voting on the plan, said people aware of the development. Lenders expect a recovery of about Rs 10,090 crore from the sale of Anil Ambani promoted financial services company, which is below the liquidation value pegged at Rs 12,500-13,000 crore.
Crypto exchanges in India are planning to introduce a rule that will only allow a transfer of cryptocurrencies after the sender discloses the identity of the persons behind the private wallet receiving the cryptos. While there is a standard procedure to get to know the identity of buyers and sellers as part of the know-your-customer process, there is no way to know the identity of a private wallet owner. Transfers to private or unknown wallets have been a problem in the crypto ecosystem, leading to the new proposal to track transfers to private wallets and enhance security.
Ma-Money offers a wide range of loans, including personal loans, business loans, consumer durables' loans, loans for the healthcare industry, food industry, small-scale industries, car loans, home repair loans, among others.
Banks have reached out to the Reserve Bank about fixing a threshold for reporting of fraud transactions on its advanced supervisory management system, Daksh. A senior bank executive told ET that lenders had approached the RBI highlighting the challenge posed by large volume of data thrown up in the absence of any threshold. As per lenders, reporting of all data may not lead to any meaningful outcome.
Aditya Birla Group is set to pump in Rs 1,250 crore into its financial services arm Aditya Birla Capital Ltd. The board of Aditya Birla Capital Ltd (ABCL), which is into lending, asset management and insurance, on Thursday approved a preferential issuance of Rs 1,250 crore to its promoter and promoter group entity, according to a statement on Thursday.
This is the biggest private credit fund till date for the asset manager and is twice the size of its previous funds. The previous private credit fund was Rs 1,000 crore in size.