Banking & Finance

LIC Housing Finance Ltd has set a target of disbursing over Rs. 50,000 crore during the current financial year, a top official said today. The company recorded a total disbursement of Rs. 41,541 crore, up by 15 per cent, in last financial year, LIC Housing Finance Ltd, Managing Director and CEO, Vinay Sah said. http://indiatoday.intoday.in/story/lic-housing-finance-eyes-to-disburse-rs-50000-cr-in-fy17-18/1/1048614.html

Microfinance company Janalakshmi Financial Services, which has received final approval to set up a small finance bank, today said it has raised equity capital of Rs. 1,030 crore. Microfinancer raised the funds through its existing investors — TPG, Morgan Stanley Asia managed PE fund (NHPEA), Treeline, QRG Enterprises and Vallabh Bhansali. Bajaj Allianz Life Insurance […]

HSBC has entered into an agreement with microfinance industry association Sa-Dhan to develop digital ecosystem for India’s unbanked segment. Bank will provide technology expertise to train and educate microfinance consumers at grassroots level and introduce digital banking to promote easier and time-efficient financial transaction among the so-called bottom-of-the-pyramid customer. http://economictimes.indiatimes.com/industry/banking/finance/hsbc-in-tie-up-with-sa-dhan-to-develop-digital-ecosystem-for-indias-unbanked-segment/articleshow/60512689.cms

Religare Enterprise sold its entire stake in Cerestra Advisors to a team led by the managing partner of the firm that manages its `600-crore private equity fund, for `5.73 crore. Last year, Religare had agreed to sell Cerestra Advisors to a consortium led by Dubai-based Capital Partnership Group for over $3 million (about `20 crore), […]

Private sector lender IndusInd BankBSE 5.69 % and India’s second largest Microfinance company Bharat Financial Inclusion have signed an confidentiality agreement for the proposed merger between them. The Hinduja Group controlled bank has informed the exchanges about an ‘exclusivity agreement’ with the micro lender to explore merger or expansion plans.Deal between the two companies may […]

Vini Cosmetics that makes Fogg deodorants will see fresh round of funding worth Rs. 1,000 crore from West-Bridge Capital Partners and Sequoia Capital that would be used to foray into personal hygiene space in addition to growing the company, Vini promoter Darshan Patel said. “The funds would be infused over next 10 days and would […]

DBS Bank India, part of Singapore-based financial services group DBS Group Holdings, has received in-principle approval from the RBI to convert its India operations into a wholly owned subsidiary. DBS India, thus, becomes the second foreign lender after the State Bank of Mauritius to get the approval. DBS was the first Singapore bank to set […]

ICICI Prudential Asset Management Co. (AMC) Ltd, the asset management joint venture of ICICI Bank Ltd and UK’s Prudential Plc., is looking to set up a real estate investment platform with a corpus of almost $400 million, said two people aware of the development. The AMC already has significant assets under management (AUM) in the […]

Billionaire Mukesh Ambani’s Reliance Industries has bought over distressed bank assets of Vadodara-based Kemrock Industries and Exports Ltd, a plastics and composites maker, through an e-auction. The company was put up for sale by Allahabad Bank, the leader of a consortium of 11 banks.While RIL did not disclose its winning bid’s size, the auction notice […]

NTPC has inked a term loan agreement with ICICI Bank to partially fund its capital expenditure. Term loan agreement is for Rs 3,000 crore. The loan has a door-to-door tenure of 15 years and will be used to part finance the capital expenditure of NTPC. http://www.projectstoday.com/News/NTPC-inks-term-loan-agreement-with-ICICI-bank