AIF-II cheer as bank taps open

The Reserve Bank of India (RBI) has allowed banks to resume investing in AIF-II or Category-II Alternate Investment Funds (AIFs). It means that banks can again invest in equity and debt funds of private equity (PE) firms. This follows a master risk circular by the RBI on Monday which provides a cap on every type… Continue reading AIF-II cheer as bank taps open

Vikram Akula back into microfinance biz through Vaya Finserv

Hyderabad-based Vaya Finserv is set to launch microfinance operations, also marking the comeback of Vikram Akula into the sector he’d substantially influenced not long before. Debuting as a banking correspondent (BC) in 2015, Vaya is opening its first set of 15 microfinance branches this week in Bihar, a state where it sees a big need… Continue reading Vikram Akula back into microfinance biz through Vaya Finserv

Banks play ‘mind games’ to woo customers

Pradipta Sarkar, 37, is saving Rs 10,000 every month, one-fifth of his take-home salary, in a fixed income-linked systematic investment fund (SIP) to build his retirement corpus. But being a soccer fan, his dream is to cheer for his favourite team, Germany, from stadia in the World Cup matches some day. Would Sarkar, an information… Continue reading Banks play ‘mind games’ to woo customers

Janalakshmi Financial Services raises Rs 1,030 cr equity from TPG, others

Janalakshmi Financial Services (JFS), Bengaluru-based microfinance company which will morph into a small finance bank (SFB), has raised new equity capital of Rs 1,030 crores. Private equity player TPG is leading the current round of equity funding by investing a significant amount. Other current investors participating in this round are Morgan Stanley Asia managed PE… Continue reading Janalakshmi Financial Services raises Rs 1,030 cr equity from TPG, others

Modi govt freezes over 200,000 bank accounts of suspected shell companies

The bank accounts of 209,032 suspected shell companies have been frozen, the government said on Tuesday, while advising banks to be cautious about active ones not filing statutory returns. The Registrar of Companies (RoCs) of 24 jurisdictions have deregistered these firms and because of that “the existing directors and authorised signatories of these companies will… Continue reading Modi govt freezes over 200,000 bank accounts of suspected shell companies

Govt changes banking regulations to authorise RBI for recovery of bad loans

The government has notified the Banking Regulation (Amendment) Act under which it can authorise the RBI to issue directions to banks to initiate insolvency resolution process to recover bad loans. The banking sector is saddled with non-performing assets (NPAs) of over Rs 8 lakh crore, of which Rs 6 lakh crore is with public sector… Continue reading Govt changes banking regulations to authorise RBI for recovery of bad loans