Showing posts with label NBFC. Show all posts
Showing posts with label NBFC. Show all posts

Bajaj Finserv announces Fixed Deposits for NRI; offers guaranteed returns



·         Bajaj Finance Ltd NRI FD comes with a high interest rate, safe investment, multiple deposits among other attractive features


·         Offers  flexible tenor options between 12 and 36 months


Pune, August 19, 2019: Bajaj Finance Ltd, a deposit accepting Non-Banking Financial Institution (‘NBFC’) and a lending arm of Bajaj Finserv group, has announced its new offering of Fixed Deposit to NRIs enabling them to benefit from high returns of up to 8.95%.  Bajaj Finance Fixed Deposit for NRIs offers flexible tenor options between 12 months and 36 months, along with multi-deposit and easy renewal facilities. NRIs can easily invest in a Bajaj Finance Fixed Deposit by making a deposit from their NRO account.

Commenting on the launch, Mr Sachin Sikka, Chief Business Officer – Retail & Corporate Liabilities said, “We aim to cater the NRI investors seeking to invest in Indian market to generate higher returns. Fixed deposit are the safest investment option and regulatory environment is fairly conducive for NRIs to make such investments. Bajaj Finance Fixed deposit has the highest stability ratings which indicates safety of investments.”

As per reports by the World Bank, India has remained the top receiver of remittances in 2018 with $79 billion. An amount of INR 800 billion is parked in NRO accounts, in the form of savings account balances, earning very low returns. With volatility in global markets, NRIs could consider traditional investment avenues like Fixed Deposits back home.


Key feature of Bajaj Finance Fixed Deposit 

High FD interest rates

Bajaj Finance Fixed Deposit offers high returns, which are unaffected by market fluctuations. For new NRI customers investing for 36 months in a cumulative fixed deposit, interest rate can go up to 8.60%; interest rates for existing customers can go up to 8.85% and up to 8.95% for senior citizens.



Highest safety of investment

Bajaj Finance Limited was assigned a long-term rating of ‘BBB-/Stable’, which is equivalent to India’s sovereign rating, and a short-term rating of ‘A-3’ by S&P Global Ratings this year. Bajaj Finance Fixed Deposit also has the highest stability ratings of FAAA by CRISIL and MAAA by ICRA, which indicates the highest safety of the investment.



Flexible Tenor

NRIs planning to invest in a Bajaj Finance Fixed Deposit, can choose a tenor of 1 to 3 years. Those willing to invest for a longer time frame can consider laddering fixed deposits to get higher returns, along with intermittent liquidity.

Investors can also consider forecasting their returns, using the handy fixed deposit calculator before they start investing. It could help plan their investments, so that they can choose tenor and invest as per their convenience.


Multi-deposit

NRIs can invest in multiple NRI fixed deposits at the same time, with a single cheque. This helps them doing away with the hassle of filling separate application forms, and making different payments.


Renewal

Savvy investors, wishing to stay invested in a Bajaj Finance FD for a longer period, can opt for the renewal option, at the time of investment itself.  Subsequently, they can also get 0.10% renewal benefit.

Taxation of investment

While investors may be able to reap several benefits by investing in a fixed deposit, investors must also consider taxation of their investments.  Here’s a look at the TDS rates applicable for NRI fixed deposit in India.

If annual interest on deposit is less than Rs.50 lacs

If annual interest on deposit is more than Rs.50 lacs, but less than 1 Cr

If annual interest on deposit is more than Rs.1 Cr

31.2%



34.32%

35.88%


Investing in a Bajaj Finance Fixed Deposit is convenient and investors can pay through their cheque or an RTGS/NEFT from their NRO bank account. They simply need to fill in a few details online and start investing with just Rs. 25,000.  Bajaj Finance Limited NRI Fixed Deposit offers high returns with lower risk. More than 1,39,000 customers have invested in Bajaj Finance Fixed Deposit, contributing towards a deposit book amount of more than Rs. 15000 crore.

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TAB Capital, the non-deposit taking NBFC registered with RBI crossed 101 crores of Loan disbursement.

TAB Capital, the non-deposit taking NBFC registered with RBI crossed 101 crores of Loan disbursement.

Having already disbursed over 450 loans, the NBFC is eyeing AUM of 500 Crores in next 2 years

New Delhi, August 16, 2017: TAB Capital, one amongst the fastest growing and award-winning NBFC based out of Pune, announced reaching the AUM of 101 crores, as of 31 July 2017. As a Non-deposit taking NBFC registered with the RBI and founded by CA Abhay Bhutada, TAB Capital escalates the entire loan application process and promises loan disbursement within 2 business days. Driven with its growing popularity and an affirmative response, the NBFC is now eyeing reaching the AUM of 500 crores in the next two years. 

Commenting on this significant development, CA Abhay Bhutada, Chairperson & Managing Director of TAB Capital said, “We have been pleased to meet the AUM of 101 crores. The achievement not only consolidates our position as one of the emerging and fastest growing NBFCs in India, but gives us a further impetus to implement our expansion plans and reach out to more MSMEs, Professionals and Service Sector enterprise that require financing. In the next two years, I envision TAB Capital touching the AUM of 500 crores, along with more number of branches and financial experts associated with the brand.”

Headquartered in Pune, TAB Capital is present across Delhi, Bangalore, Chennai and Hyderabad. The enterprise plans to augment its pan-India presence by opening 10 new branches and beefing up its existing talent pool by acquiring the right talent from the banking and financial domain. 

About TAB Capital:
TAB Capital Limited is one of the fastest growing and Award-winning NBFCs in India. Based out of Pune and founded by CA Abhay Bhutada, the NBFC is present across multiple geographies with its branches in Delhi, Bangalore, Chennai and Hyderabad. Registered with the RBI as a Non-Deposit taking NBFC, the enterprise endeavours is revolutionizing Digital Lending for SME Finance.

The USP of TAB Capital lies in not following the conventional route and making funding quicker and hassle-free. The platform has commissioned an advanced proprietary algorithm that leverages big data and analytics to simplify and accelerate loan application, verification, approval and disbursement. As a consequence, TAB Capital promises a turnaround time of only 2 business days for collateral free business loans, an exemplary feat in the MSME lending space.

TAB Capital was recognized as the “Emerging Tech Savvy NBFC” at the MSME Banking Excellence Awards instituted by CIMSME. Following the same, TAB Capital emerged as the “Best Start-Up Profit Making NBFC” at the hands of Suresh Prabhu, the Hon’ble Railways minister of India. Recently, the company was awarded the ‘Fastest Growing Digital Lending NBFC of India’ at Digital India Summit 2017 at the hands of Ravi Shankar Prasad, Hon’ble Minister for Information Technology.

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Fusion Microfinance reduces interest rate to 24.5%

Fusion Microfinance reduces interest rate to 24.5%

Chandigarh, November 08, 2016
: Fusion Microfinance Pvt Ltd, a leading NBFC-MFI in India, has reduced its rate of interest by 100 basis points to 24.5 %. The new rate of interest is effective from 1st November 2016.  Company had last reduced its rate in early 2016 by 50 basis points.

This reduction is in line with the company’s mission to pass on the advantage of operational efficiencies and reduction in the cost of borrowing to its clients. Speaking on the announcement, Devesh Sachdev, CEO of Fusion Microfinance said, “Our gradual focus on digitization, improvement in processes and scale is leading to operational efficiencies on the one side. Strong capital base, profitability, track record and confidence among lenders on the other hand are leading to lower cost of borrowing”.


Supporting Fusion Microfinance’s move to reduce lending rates, Ratna Vishwanathan, CEO, Microfinance Institutions Network (MFIN) said, “We welcome Fusion Microfinance’s move to reduce its lending rate. As the government’s financial inclusion agenda takes centre stage, microfinance companies have emerged as important partners in achieving this goal. NBFC-MFIs’ extensive reach at the grassroots level, stricter regulations in place and NPAs at under 1% have generated a positive outlook for the industry. It has been our collective effort as an industry to provide loans at affordable rates to MFI beneficiaries while balancing it with healthy growth rate.”


Fusion Microfinance Pvt Ltd is an NBFC – MFI which provides financial services to the underprivileged/underserved women entrepreneurs living in the rural and semi-urban areas. As on September 2016, the company has asset under management of INR 827 and operations in 11 states namely Madhya Pradesh, Uttarakhand, Uttar Pradesh, Haryana, Delhi, Bihar, Jharkhand, Orissa, Punjab, Chhattisgarh and Maharashtra through 236 branches with more than 6,00,000 active loan clients.

In the last six years, Fusion Microfinance has become a trusted name for the microfinance clients. It has found its place amongst India’s 20 leading microfinance players with a strong presence in the underserved states. Recently, the company successfully closed Series D Equity round of Rs. 162 Crore. 


Non-banking financial company - micro finance institutions (NBFC-MFIs) have continuously worked towards ensuring access to easy finance to the needy customer in a responsible and inclusive way. Microfinance Institutions Network (MFIN), the premier industry association and Self-Regulatory Organisation (SRO) for the microfinance industry in India works towards ensuring fulfilling of these twin responsibilities of client protection and responsible lending by its member NBFC-MFIs.

About Microfinance Institutions Network


Microfinance Institutions Network (MFIN) is the premier industry association and Self-Regulatory Organisation (SRO) for the microfinance industry in India and its current membership consists of 53 leading NBFC (Non-banking Financial Company) Microfinance Institutions (MFIs) in the country. The aggregate business of MFIN members constitutes over 85 per cent of the Indian microfinance industry (excluding SHGs). MFIN seeks to work closely with regulators and other key stakeholders to achieve larger financial inclusions goals through microfinance.

About Fusion


Fusion Microfinance, headquartered in Delhi, is a microfinance company registered with RBI as an NBFC-MFI. One of the leading MFIs in North Central India, Fusion had a Gross Loan Portfolio of INR 700 Crores as of 30th June 2016 across 185 branches and 11 states. For more information, please visit: www.fusionmicrofinance.com
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Manappuram Finance adopts eco-friendly technology


•Launches e-Learning Platform for Employees
•Launches paperless Workflow Management System

 June 2 2016,  17.19 PM IST || Pocket News Alert

Chandigarh June 02, 2016: In line with its commitment towards implementing sustainable practices, Manappuram Finance Ltd., a leading NBFC based in Thrissur (Kerala), launched two services; a paperless Workflow Management System and an e-Learning platform for self-learning of its employees.

Mr. V. P. Nandakumar, MD & CEO launching the e-learning facility

Inaugurated by Mr. V. P. Nandakumar, MD & CEO, at a function held at the company’s head office, the launch of paperless Workflow Management System is designed to replace the time consuming and cumbersome physical filing system with process efficiencies, in addition to being environmentally friendly by reducing paperwork and overall carbon footprint.

The system will offer better data storage, data retrieval and detailed reporting systems to keep track of important official matters. To begin with, the Operations and Auction Departments of the company have switched over to this paperless system where all new intra departmental notes for approval will be routed through the system. The service will be soon implemented across all the Manappuram branches in India.

Additionally, the e-learning platform enables employees to access latest learning material from anywhere and anytime. It incorporates game-based interactive courses to make learning a fun exercise for employees and hopes to spark their interest in continued learning to keep their knowledge and skills up-to-date.

Speaking at the launch, Mr. Sooraj Nandan, SVP, Operations said, "A shift from conventional learning methods to e-learning will make learning more interactive and fun to learn. Also, the shift to a paperless work environment will cut costs for the company and will be good for the environment too.”

The company expects that the easy access to learning material will contribute to increased employee productivity. Manappuram’s Online Learning platform employs the Moodle Learning Management System (LMS) for effective delivery, tracking and management of learning. It is supported by Hurix Systems Private Limited.


About Manappuram Finance Ltd.

Manappuram Finance Ltd. is one of India’s leading gold loans NBFCs engaged in providing finance against used household gold ornaments. Incorporated in 1992, the company has been promoted by Mr. V.P. Nandakumar (current MD & CEO) whose family has been involved in gold loans since 1949. It is headquartered at Valapad in the Thrissur District of Kerala.  The company went public in August 1995 and its shares are listed on the stock exchanges of Mumbai, Chennai, and Kochi.  

As of March 31, 2016, Manappuram Finance Ltd. had 3,293 branches across 24 states and 4 UTs with Assets under management (AUM) of Rs.114.3 billion. The company’s net worth stood at Rs.27.58 billion.
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RBI working towards simplifying registration process of new NBFCs: R. Gandhi, deputy governor



April 25,  17.45 PM IST || Pocket News Alert

RBI concept note on P2P lending to be shortly put up on website for public comments


Chandigarh, 25th April, 2016: In order to improve ease of doing business and make the process of registration of new non-banking finance companies smoother and hassle free, the Reserve Bank of India (RBI) is simplifying and rationalising the registration process, a top official said at an ASSOCHAM event held in Mumbai today.

RBI working towards simplifying registration process of new NBFCs: R. Gandhi, deputy governor


“The new application forms will be simpler and the number of documents required to be submitted will be reduced and the entire process could be made online for ease, speed and transparency,” said Mr R. Gandhi, deputy governor, RBI while inaugurating an ASSOCHAM summit on ‘NBFCs: The Changing Landscape.’

He also said that RBI will soon put up a concept note on peer to peer lending (P2P) on its website for public comments and the contours of regulating P2P lending will be decided in consultation with markets regulator Securities Exchange Board of India (SEBI).

Mr Gandhi said that considering the developmental needs of the economy, the RBI will continue to approve new types of NBFCs.

Highlighting that small NBFCs cannot be totally exempted from regulation, he said “They do deal with customers and customer protection issue will remain and that will need regulation, that is why we have simplified the regulatory framework for these small NBFCs.”

Talking about harmonisation of regulations for NBFC sector with commercial banking, Mr Gandhi said that RBI’s stance is to harmonise, not equalise the regulations. “Similar activities should be subject to similar regulation; this is driven primarily to remove arbitrage.”

 Sunil Kanoria, President, ASSOCHAM:


"NBFCs have been complementing and supplementing the banking sector in reaching out credit to the unbanked segments of the society thus promoting financial inclusion, and over the years their gamut of activity has kept on expanding, so much so, that the exclusiveness between the banks and NBFCs has somewhat blurred. Expanding into areas like infrastructure financing and housing financing, NBFCs now actively contribute in nation building too. The biggest contribution of NBFCs is their ability to cater to the needs of the Micro, Small & Medium Enterprises (MSMEs) which form the cradle of entrepreneurship and innovation in India.


NBFCs need to grow in India at least for the sake of the MSMEs. We, from ASSOCHAM and FIDC, will continue to share our inputs on policies and trends with the government and regulatory agencies so that we can jointly evolve a policy regime conducive for a healthy growth of NBFCs."

On the issue of allowing deposit taking activity of NBFCs, he said that it is a specious argument because maturity transformation automatically runs the risk of asset liability mismatches, and a non-bank runs a much higher liquidity risk, hence it will be prudent to let only banks accept deposits.

Mr Gandhi also said that NBFCs lending for infrastructure will have greater scope in coming years, as economic growth will bring forth new projects.

He added that ‘Make in India’ and ‘Start Up’ businesses could offer fresh opportunities for the NBFCs to grow.

He concluded by saying that non-bank channels play an important role in financing the real economy but is also a source of systemic risk especially when highly interconnected with the banking system

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