Explained: What are Flexi-cap funds?

Explained: What are Flexi-cap funds?

from Finance - ET NOW - Economic Times https://ift.tt/rjgCUE0

Mahindra Finance stops repossessions through third-party agents

"In light of the recent tragic incident, we have stopped third-party repossessions and will further examine whether and how third-party agents will be used in the future," Ramesh Iyer, Vice Chairman and Managing Director, Mahindra Finance, said in the statement.

from Banking/Finance-Industry-Economic Times https://ift.tt/ey4FLBu

Out of PCA, Central Bank aims for below 10% NPA in three months

The state-owned bank is carrying a gross NPA burden of ₹29,000 crore, which is 14.9% of its outstanding loan portfolio. The Reserve Bank of India (RBI) lifted business restrictions on the bank under the prompt corrective action (PCA) framework Tuesday, prompting the stock to surge nearly 10% the next day.

from Banking/Finance-Industry-Economic Times https://ift.tt/OuSTyWm

RBI restrains Mahindra Finance from using recovery agents after accident

from Banking/Finance-Industry-Economic Times https://ift.tt/GV4aJIK

RBI asks Mahindra Finance to stop loan recovery via external agents after Hazaribagh incident

The directive comes days after loan recovery agents of Mahindra Finance allegedly crushed a 27-year-old pregnant woman in Hazaribagh district in Jharkhand to death under a tractor. The agent was was forcibly taking the vehicle away for non-payment of dues, a senior police official had told PTI.

from Banking/Finance-Industry-Economic Times https://ift.tt/gtE3Fz5

Axis Bank starts digital lending through Account Aggregator Framework

Axis Bank is already live on multiple Account Aggregators like Anumati-AA, OneMoney-AA, FinViu–AA, covering retail and SME customers. The Bank’s loan disbursals have increased more than 30% month-on-month since Go–Live on the Account Aggregator framework, it said.

from Banking/Finance-Industry-Economic Times https://ift.tt/NXjxB3C

Central Bank of India sets a target of reducing bad loans to the tune of Rs 6,000 crore in next three months

"We are aiming to reduce gross NPA below 10% by December this year," managing director MV Rao told ET, barely two days after Reserve Bank of India lifted the business restrictions on the bank under the prompt corrective action framework.

from Banking/Finance-Industry-Economic Times https://ift.tt/0fmW4BE

Mastercard Payments Summit 2022: A watershed event to discuss key trends in India’s payments sector and drive futuristic innovations

The Mastercard Payments Summit will see thought leaders talk about futuristic solutions that can drive innovation in the industry and pave the path for a stronger digital economy.

from Banking/Finance-Industry-Economic Times https://ift.tt/ut19Z2O

NPA sales to NARCL expected to help contain NPAs by at least 50 bps, says report

Crisil expects slippages to trend 50 bps ( one bps os 0.03 percent) lower at 2.0% for fiscal 2024 versus 2.5% last fiscal as the economy stabilises. This should support asset quality metrics even as the pace of write-offs, which contributed almost 60% to the reduction in gross NPAs in the past three fiscals, and large-ticket resolutions decelerate.

from Banking/Finance-Industry-Economic Times https://ift.tt/IJzG7e3

Govt norms ensure no one makes money in payments space, says Axis Bank head Amitabh Chaudhry

Private sector lender Axis Bank on Wednesday said government mandates on the payments space ensure that no one can make money in the segment. The bank's chief executive and managing director Amitabh Chaudhry feared that smaller entities will not be able to survive amid such diktats.

from Banking/Finance-Industry-Economic Times https://ift.tt/iNUhXmE

British International Investment and others to pump in $25 million in Light Microfinance

British International Investment, the development financial institution of the UK government, will be investing $9.2 million in the NBFC-MFI. In parallel, NMI will raise its holding by another $7.9 million investment while Triple Jump will put in $5.4 million and Incofin $2 million, people familiar with the development said.

from Banking/Finance-Industry-Economic Times https://ift.tt/9SZRX5u

HDFC Bank signs multi-year data and technology deal with Refinitiv

HDFC-BANK-DEAL-India's HDFC Bank signs multi-year data and technology deal with Refinitiv

from Banking/Finance-Industry-Economic Times https://ift.tt/FtAoMLb

Bad loans falling to decade low of 4% by FY24: Report

Indian banks are expected to witness a 90 basis points fall in gross non-performing assets (NPAs) to 5% in this fiscal year to March and further improve to 4% by end of March 2024, said rating agency Crisil on Wednesday.

from Banking/Finance-Industry-Economic Times https://ift.tt/21QjW8n