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Govt increases loss coverage for micro loan defaults to 75% from 50% earlier Apr 17, 2020, 11:35 PM IST “It will incentivise lending institutions to give credit as their losses from defaults on loans will be protected to the extent of 75%,” said Anil Gupta, head of financial sector ratings […]

Govt increases loss coverage for micro loan defaults to 75% from 50% earlier

Govt increases loss coverage for micro loan defaults to 75% from 50% earlier

“It will incentivise lending institutions to give credit as their losses from defaults on loans will be protected to the extent of 75%,” said Anil Gupta, head of financial sector ratings at ICRA. The CGFMU scheme, announced in April 2016, covers micro loans up to Rs 10 lakh extended under the Pradhan Mantri Mudra Yojana.

Indian Banks Association may approve 90-day moratorium for all NBFCs

Indian Banks Association may approve 90-day moratorium for all NBFCs

NBFCs and housing finance companies had shot off an urgent SOS to the RBI claiming that they will run out of cash by May-June if they don’t get the benefit of the moratorium on repayments applicable to other borrowers. NBFCs have claimed that while they would have nil cash by June, housing finance cos will have only 4.5% cash reserves remaining.

Money in the time of coronavirus

Money in the time of coronavirus

As the COVID-19 pandemic spreads across the globe, cash-in-hand has become important again. This is because myriad investments across sectors now lie in uncertain terrain. Adding to everyday woes is the fact that many companies are considering layoffs or delayed salaries. Access to one’s own savings has become a luxury. Here’s how you can get your moolah in these dire times.

OctaFX is donating 25,000 USD to COVID-19 relief

OctaFX is donating 25,000 USD to COVID-19 relief

OctaFX is a Forex broker implementing online trading services globally since 2011. It offers a state-of-the-art trading experience to over one million users….

Muthoot Finance to reopen all branches across the country on April 20

Muthoot Finance to reopen all branches across the country on April 20

The branches of Muthoot Finance will function in their regular timings and will adhere to all instructions set out by the state governments for corporates resuming services from April 20, 2020.

NBFCs seek exclusive relief package

NBFCs seek exclusive relief package

“Banks have shared their feedback with the RBI showing liquidity requirements for NBFCs,” said the top executive at a large non-banking finance company. “The RBI is likely working on a dedicated NBFC package to help ease their funds crunch.



Fintech lenders turn tap off to new customers, conserve cash

Fintech lenders turn tap off to new customers, conserve cash

EarlySalary, KreditBee and LoanTap are focusing only on servicing their existing clients and collect the loans back, in a bid to survive the economic downturn. Fintech lenders charge 1.4-2.5% per month.

More than 8 lakh PACL investors get back their money

More than 8 lakh PACL investors get back their money

PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected more than Rs 60,000 crore through illegal collective investment schemes (CISs) over a period of 18 years.

Growth may slip into negative in Q1: Rangarajan on lockdown

Growth may slip into negative in Q1: Rangarajan on lockdown

“The most important thing is that the hardship of the lockdown is being borne very severely by the vulnerable sections.” Because of the closure of the factories, the daily wage earner including the migrant labourer has been severely affected, he said.

Corporates utilising all sanctioned loans, liquidity limits: SBI

Corporates utilising all sanctioned loans, liquidity limits: SBI

Most corporates are using available working capital facilities and drawing down on term loans presumably to conserve adequate liquidity, according to State Bank of India’s deputy managing director for corporate accounts, Sujit Varma.

Microfinance industry groups seek PM Modi’s help to secure repayment moratoriums on term loans

Microfinance industry groups seek PM Modi’s help to secure repayment moratoriums on term loans

Both Sa-dhan, India’s largest microfinance industry body with 212 members, and Microfinance Institutions Network (MFIN), the industry grouping for NBFC-MFIs, have separately urged the prime minister to take action.

Does moratorium cover loans to NBFCs, Sidbi queries RBI

Does moratorium cover loans to NBFCs, Sidbi queries RBI

Sidbi’s query follows a Delhi High Court decision on a plea by Indiabulls Commercial Credit (ICC) seeking benefit of the moratorium that had been announced by the RBI on March 27 as part of reliefs for borrowers on account of the Covid-19 pandemic.

Preparing financially for a recession

Preparing financially for a recession

An age old solution to money problems – budget, budget, budget – lay out all your expenses and figure out how much it costs to run your house and keep yourself fed.

Top NBFCs may not get RBI reprieve

Top NBFCs may not get RBI reprieve

The country’s top NBFCs that are actively monitored by the RBI have around Rs 65,000 crore of bank debt maturing in three months and may not get any reprieve via a moratorium on loans.

More than 4/5th of NBFCs sufficiently liquid, hints RBI monitoring mechanism

More than 4/5th of NBFCs sufficiently liquid, hints RBI monitoring mechanism

About 100 top NBFCs, which account for almost 80% of the total assets of the shadow banking system, are comfortably positioned to meet their payment obligations, and qualify to get funding from banks if they face stress, said those people who did not want to be identified.

India Posts extends insurance premium payment deadline till June 30

India Posts extends insurance premium payment deadline till June 30

The postal department said there is complete lockdown across the country in view of the threat posed by the outbreak of Corona Virus (COVID-19) and central/state governments have issued several advisories and imposed restrictions on the movement of general public.

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