NEW DELHI: IIFL Finance Ltd and JM Financial Products Ltd (JMFPL) will undergo a special audit to further probe their regulatory breaches, as the Reserve Bank has initiated the process for the appointment of auditors. The Reserve Bank has floated two separate tenders for the appointment of auditors for special audits of these two non-banking … Read more
RBI’s scrutiny on credit cards: The Reserve Bank of India (RBI) has intensified its scrutiny on co-branded credit cards, a sector that has witnessed significant growth recently. This aims to prevent unauthorised entry into the tightly regulated credit card industry, informed sources told ET.They mentioned that the central bank aims to tighten regulations on co-branded … Read more
Hurt by new rules, the alternative investment funds (AIFs) in India have turned down ‘early exit’ requests from banks and finance companies, and are now exploring ways to deal with these investors as they default on ‘capital calls’ from funds. Will AIFs impose a penalty on banks and non-banking finance companies (NBFCs) which, following the … Read more
MUMBAI: Key among the changes is the requirement that HFCs raise deposits for only up to 1.5 times their net owned funds, which is half the current limit of three times. “Deposit-taking HFCs holding deposits over the revised limit shall not accept fresh public deposits or renew existing deposits until the quantum of public deposits … Read more
The Reserve Bank of India is planning to make the deposit mobilisation rules more stringent for housing finance companies such as PNB Housing Finance or LIC Housing Finance in a bid to put them on the same regulatory platform as other non-banking finance companies. At the same time, the central bank may allow all HFCs … Read more