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New India Co-operative Bank shareholders approve conversion to small finance bank

New India Co-operative Bank shareholders approve conversion to small finance bank

Finance
MUMBAI: The New India Co-operative Bank (NICB) on Monday said its shareholders have decided to convert it into a small finance bank. The move comes after a slew of regulatory changes by the RBI following the Rs 4,500-crore PMC Bank fraud and to ensure better regulation of such lenders which are heavily influenced by regional political heavyweights. NICB shareholders passed the resolution at a special general body meeting on Saturday. It will now be approaching the RBI and Central Registrar of Societies for further action, the bank said in a statement. The decision has been taken under Voluntary Transition of Primary (Urban) Co-operative Banks (UCBs) into Small Finance Banks (SFBs) dated September 27, 2018, it said. Its vice chairman Hiren Bhanu said has a networth of Rs 230 crore as compar...
Forensic audit finds no fraud, fund diversion at Reliance Home Finance

Forensic audit finds no fraud, fund diversion at Reliance Home Finance

Finance
NEW DELHI: Reliance Home Finance on Sunday said an independent forensic audit, mandated by lenders, has found no fraud, embezzlement or diversion and siphoning of funds in the company that is seeking debt resolution. In a statement, the company said the audit made "no adverse findings" on the quantum and end-use of lending. As part of the debt resolution process, lenders of the company, which had defaulted on some debt repayment obligation following the crisis in shadow banking industry, appointed Grant Thornton in August 2019 for forensic audit, as required under the RBI guidelines on Prudential Framework for Resolution of Stressed Assets under change of control and management. The forensic auditors were specifically mandated by the lenders, as part of the Terms of Reference, to report on...
M&S seeks stop-gap solution in hunt for finance chief

M&S seeks stop-gap solution in hunt for finance chief

Business
Marks & Spencer (M&S) is scrambling to find a new finance chief less than a week before Humphrey Singer, the incumbent for less than 18 months, leaves the embattled high street chain.Sky News has learnt that M&S is preparing to install an interim chief finance officer in the coming days after concluding that an initial shortlist of permanent replacements had failed to produce an acceptable candidate. City sources said this weekend that M&S's board, led by the retail veteran Archie Norman, has yet to decide whether to bring in an outsider to take the role on a temporary basis.That decision would depend upon the progress of the search for a long-term successor to Mr Singer, they said.An announcement is expected on or before M&S updates the stock market on 9 January. ...
Domino’s Pizza finance boss dies in ‘tragic accident’

Domino’s Pizza finance boss dies in ‘tragic accident’

Business
The finance boss of Domino's Pizza, David Bauernfeind, has died in an apparent drowning tragedy in Mauritius.The 51-year old executive was enjoying a Christmas break with his family when his body was discovered in a lagoon off Belle-Mare on Boxing Day. He had gone snorkelling and is believed to have got into difficulties in strong currents.The company, which he joined just over a year ago from Connect Group, confirmed local police were treating the death as a drowning though it is understood an investigation is underway."Domino's Pizza Group is deeply saddened to announce that our chief financial officer, David Bauernfeind, died in a tragic accident on Thursday 26th December whilst on holiday with his family," it said. Advertisement...
Bajaj Housing Finance reduces home loan interest rates

Bajaj Housing Finance reduces home loan interest rates

Finance
Bajaj Housing Finance announced Monday that it was reduced home loan interest rates. A press release issued by the non-banking housing finance company (NBFC) stated that it has cut interest rates on home loan up to Rs 30 lakh to 8.6 percent from 8.8 percent. The revised rates would be effective from now and would apply to all eligible customers. The press release also stated that those borrowers planning for a home loan balance transfer will get this reduced rate. Bajaj Housing Finance offers home loans for up to Rs 3.5 crore for borrowers purchasing their first house, constructing an own house or renovating the current house. The company also offers its customers a top-up loan of up to Rs 50 lakh, without any extra documentation, to finance key requirements like repairs and renovation. Le...