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Tag: lending

Banking sector was hurt in the name of aggressive lending a decade back: PM Modi

Banking sector was hurt in the name of aggressive lending a decade back: PM Modi

Finance
PM Narendra Modi on Friday said the government has a clear vision for the financial services sector and is taking steps to make it vibrant, proactive and strong and the top priority is to ensure trust and transparency for both the depositor and investor. PM Modi said the sector was hurt 10-12 years back due to aggressive lending and steps been taken under the current regime to take the country out of non-transparent credit culture. "Today instead of brushing NPAs under the carpet, we have made it mandatory to report even NPA of one day," he added. The Prime Minister was addressing a webinar on Budget 2021 announcements regarding the financial services sector. Watch now. (Text: PTI)Let's block ads! (Why?) Banking/Finance-Industry-Economic Times
Volkswagen Finance acquires majority stake in digital lending platform KUWY

Volkswagen Finance acquires majority stake in digital lending platform KUWY

Finance
Mumbai: Volkswagen Finance India on Monday said that it has acquired a majority stake in automotive fintech company KUWY Technology for an undisclosed amount to leverage the latter’s network to grow its new and used car financing business. The Volkswagen Group’s financing arm had first bought a 25% equity stake in the latter in September 2019. KUWY Technology is an instant lending platform that digitally connects borrowers to lenders. “Our investment in KUWY is strategic in nature as we intend to make KUWY an important part of our India strategy. With this acquisition, we aim to enhance the synergies with KUWY Technology and make KUWY the face of Volkswagen Finance Private Limited (‘VWFPL’) in India for retail financing business,” Aashish Deshpande, managing director of VWFPL, said in a st...
Reserve Bank of India cautions against unauthorised digital lending platforms, mobile apps

Reserve Bank of India cautions against unauthorised digital lending platforms, mobile apps

Finance
MUMBAI: The Reserve Bank of India (RBI) on Wednesday cautioned individuals and small businesses against falling prey to growing number of unauthorised digital lending platforms and mobile apps on promises of getting loans in quick and hassle-free manner. These platforms charge excessive rates of interest and additional hidden charges, adopt unacceptable and high-handed recovery methods and misuse agreements to access data on mobile phones of borrowers. "Members of public are hereby cautioned not to fall prey to such unscrupulous activities and verify the antecedents of the company/firm offering loans online or through mobile apps," said the central bank. Moreover, consumers should never share copies of KYC documents with unidentified persons, unverified/unauthorised apps and should report ...
IndoStar Capital to exit corporate lending business by March 2022

IndoStar Capital to exit corporate lending business by March 2022

Finance
Mumbai: Alternative asset manager Brookfield and private equity player Everstone promoted non-banking finance company IndoStar Capital Finance is looking to fully exit from corporate lending business by March 2022, its executive vice-chairman and chief executive R Sridhar said. The company has been reducing its corporate book over the last two years, and has brought down the portfolio by close to Rs 3,500 crore. "From a portfolio size of Rs 6,000 crore in 2018, the corporate book is down to Rs 2,500 crore as of date, which is a reduction of around 60 per cent (We have collected Rs 3,500 crore). By March 2022, the wholesale and corporate book will become zero," Sridhar said. The company will continue to focus on and expand its retail segment, he said. Currently, retail segment contribute...
Bank of Baroda reduces lending rate by 15 bps to 6.85%

Bank of Baroda reduces lending rate by 15 bps to 6.85%

Finance
NEW DELHI: Bank of Baroda, India's third largest public sector bank, announced a reduction in Baroda Repo Linked Lending Rate (BRLLR) from seven per cent to 6.85 per cent. The rate cut would be effective from November 1, 2020. With the cut in the external benchmark repo linked rate, all retail loans of the bank would get automatically adjusted. The customers availing home loan, mortgage loan, car loan, education loan, personal loan and all other retail loan products could avail of this benefit. Earlier, ahead of the festive season, the bank had announced a concession in interest rates on home loans and car loans. Now with the revision of BRLLR, home loan rates start at 6.85 per cent, car loan rates at 7.1 per cent, mortgage loan rates at 8.05 per cent and education loan rates at 6.85 per c...