Banks hesitant to lend for affordable housing despite infrastructure status

New Delhi: The affordable housing segment, that is the new rage in the true estate sector after it got infrastructure position last year, still suffers from lack of funds from banks. Market participants consider they still have to wait a few more months ahead of banks embrace such projects. Infrastructure position for the segment was declared […]

Twin balance sheet problem nearing resolution: ASSOCHAM

New Delhi: The long-pending problem of twin balance sheets of banks and highly leveraged corporate firms is likely to be resolved reasonably in the forthcoming quarters, the ASSOCHAM stated on Sunday. In addition to this, the chamber opined that the process of resolution of companies under the Insolvency and Bankruptcy Code, 2016, would pick up […]

UCO Bank fraud: CBI registers case from accused

The Central Bureau of Investigation (CBI) has registered a case on a complaint received from UCO Bank from Arun Kaul, past Chairman and Managing Director of UCO Bank, Era Engineering Infra India Ltd. (M/s EEIL) and its Chairman and Managing Director Hem Singh Bharana, Pankaj Jain and Vandana Sharda, Chartered Accountants, Pawan Bansal of Altius […]

Small company funding options are plentiful when you fathom where to look

As a small company owner, you require funds for professional purposes at routine intervals. While you may be tempted to finance these using existing cash reserves or savings, it is important to note that using other sources, such as a company loan from a worthy lender, can help you save your reserves for a rainy […]

Fraud fallout: PNB tightens norms, to separate loan appraisal and monitoring teams

New Delhi: To avert any future fraud, the 124-year-old state-run lender Punjab National Bank stated that it has strengthened internal audit controls by having separate “pre-sanction appraisal and post sanction monitoring” teams for credit disbursal. Besides, the lending major signified to IANS that it will look on a quarterly basis on whatever internal accruals can be […]

ICICI-Videocon: Finance Ministry unaware of BBB member’s role

The Finance Ministry on Friday claimed it was unaware of the involvement Banks Board Bureau (BBB) member P Pradeep Kumar in the ongoing ICICI-Videocon loan case. The ministry’s clarification comes after a leading daily questioned Kumar’s appointment as he is a board member of Singapore-based Avista Advisory, that is under the Central Bureau of Investigation’s […]

ICICI loan case: CBI questions two NuPower directors

New Delhi: The Central Bureau of Investigation (CBI) on Thursday questioned two directors of NuPower Renewables Pvt Ltd in connection with a case related to Rs 3250-crore loan to the Videocon Group in 2012, a CBI official said. The agency questioned Mahesh Chandra Punglia and Umanath Vainkut Nayak at its headquarters here, the official said. […]

Happy Loans acquires NBFC to strengthen its foothold in microlending space

Mumbai: Digital lending platform focusing on micro-credit for the MSME sector Happy Loans, on Thursday stated that it has acquired a Non-Banking Financial Company (NBFC) IFMR Mezzanine Finance Private Limited, to use its own capital to deploy credit. The company will be renamed Arthimpact Digital Loans Private Limited soon. This acquisition will help Happy Loans […]

PNB scam investigation: CBI questions leading SBI officers

The Central Bureau of Investigation (CBI) on Thursday questioned State Bank of India’s two deputy general managers posted in Frankfurt in Germany and Mauritius in connection with the multi-crore Punjab National Bank (PNB) scam. These SBI branches allegedly overlooked several discrepancies in the Letters of Undertaking (LoUs) issued by the PNB although giving credit facilities […]