NBFCS

rec-organizes-session-on-insolvency-and-bankruptcy-code

REC organizes session on Insolvency and Bankruptcy Code

New Delhi: The Rural Electrification Corporation (REC) Limited organized a virtual session on Insolvency and Bankruptcy Code (IBC) taken by Anoop Rawat, a senior partner from Shardul Amarchand Mangaldas for its employees. Insolvency and Bankruptcy Code, 2016 (IBC) has been touted as one of the most important reforms in present times and has been a major factor in promoting ease of doing business in India. It’s a mechanism that focuses on time-bound resolution of debt while putting the creditors in the decision-making seat and is very effective and necessary legislation in the present times, especially in the lending business.

REC Limited, being one of the biggest NBFCs in the country, has an exhaustive loan book and thus it was of utmost importance that every member of REC has a basic understanding of IBC. The highly informative and engaging session saw a large turnout of the employees who had displayed great curiosity on the subject and remained inquisitive throughout the session.

27 Aug 2020
pfc-pays-rs-1404-crore-dividend-to-union-government

PFC pays Rs 1404 crore dividend to Union Government

Power Finance Corporation, a Navratna Central Public Sector Enterprise (CPSE) and India’s leading NBFC for the Power Sector, has paid an interim dividend of Rs 1404.37 crore to the Government of India for the financial year 2019-20 as on March 12, 2020.
The RTGS intimation bank advice of the interim dividend was presented to R K Singh, Union Minister of State (Independent Charge), Power and New & Renewable Energy by Rajeev Sharma (CMD, PFC) in the presence of Ashish Upadhyaya (IAS:1989:MP), Additional Secretary, Ministry of Power;  Mritunjay Kumar Narayan (IAS:1995:UP), Joint Secretary, Ministry of Power and N B Gupta, Director (Finance) PFC; P K Singh, Director (Commercial) PFC and R S Dhillon, Director (Projects) PFC.

12 Mar 2020
rec-organizes-session-on-insolvency-and-bankruptcy-code

REC organizes session on Insolvency and Bankruptcy Code

By IndianMandarins 27 Aug 2020

New Delhi: The Rural Electrification Corporation (REC) Limited organized a virtual session on Insolvency and Bankruptcy Code (IBC) taken by Anoop Rawat, a senior partner from Shardul Amarchand Mangaldas for its employees. Insolvency and Bankruptcy Code, 2016 (IBC) has been touted as one of the most important reforms in present times and has been a major factor in promoting ease of doing business in India. It’s a mechanism that focuses on time-bound resolution of debt while putting the creditors in the decision-making seat and is very effective and necessary legislation in the present times, especially in the lending business.

REC Limited, being one of the biggest NBFCs in the country, has an exhaustive loan book and thus it was of utmost importance that every member of REC has a basic understanding of IBC. The highly informative and engaging session saw a large turnout of the employees who had displayed great curiosity on the subject and remained inquisitive throughout the session.

pfc-pays-rs-1404-crore-dividend-to-union-government

PFC pays Rs 1404 crore dividend to Union Government

By IndianMandarins 12 Mar 2020

Power Finance Corporation, a Navratna Central Public Sector Enterprise (CPSE) and India’s leading NBFC for the Power Sector, has paid an interim dividend of Rs 1404.37 crore to the Government of India for the financial year 2019-20 as on March 12, 2020.
The RTGS intimation bank advice of the interim dividend was presented to R K Singh, Union Minister of State (Independent Charge), Power and New & Renewable Energy by Rajeev Sharma (CMD, PFC) in the presence of Ashish Upadhyaya (IAS:1989:MP), Additional Secretary, Ministry of Power;  Mritunjay Kumar Narayan (IAS:1995:UP), Joint Secretary, Ministry of Power and N B Gupta, Director (Finance) PFC; P K Singh, Director (Commercial) PFC and R S Dhillon, Director (Projects) PFC.

rec-runs-selfie-contest-to-promote-integrity

REC Runs Selfie Contest to Promote Integrity

By IndianMandarins 13 Nov 2019

REC Ltd, a Navratna NBFC focusing on Power Sector Financing and Development across, ran a selfie contest on social media to observe ‘Vigilance Awareness Week 2019’. The campaign started by REC #RECIntegrityChallenge on Twitter, Facebook and Instagram encouraged contestants to upload selfies of their “Integrity Deed of the Day”. The objective was to promote integrity amongst individuals through the consistent practice of choosing the right act over the convenient. Around 400 people participated in the contest.

Entries were evaluated by an eminent jury and the winner will be awarded a cash prize of Rs 10,000 followed by runner ups and consolation prizes. REC Ltd, formerly Rural Electrification Corporation Limited, provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities.

j&k-sets-up-mechanism-to-protect-investors

J&K sets up mechanism to protect investors

By IndianMandarins 12 Jan 2019

The J&K government has decided that a Committee of officers drawn from Crime Branch, RBI, SEBI, and RoC will meet on a fortnightly basis and exchange information on the activities of non-banking finance companies in the state.

 

This decision was taken at the 30th meeting of the State Level Coordination Committee (SLCC) on Non-Banking Financial Companies (NBFCs) and Un-incorporated Bodies (UIBs) convened by the Reserve Bank of India (RBI).


The meeting was chaired by Chief Secretary B V R Subrahmanyam and attended by Regional Director RBI Jammu, Principal Secretary Home, ADGP CID, IGP (CIV), PHQ and senior officers from RBI, SEBI and Government.

 

The SLCC reviewed the progress regarding notification of the rules in terms of the Jammu and Kashmir Chit Funds Act, 2016, appointment of nodal officer under the Jammu and Kashmir Protection of Interests of Depositors (in Financial Establishment) Act, 2018, sharing of Market Intelligence (MI) on NBFI activities, SOP for dealing with public complaint, issuance of notification under Section 45 T and 58 E of the RBI Act, 1934 and other issues.

garg-favours-better-regulations-for-nbfcs

Garg favours better regulations for NBFCs

By IndianMandarins 06 Jan 2019

Economic affairs secretary Subhash Chandra Garg has said that the lack of timely data is responsible for the current crisis in the shadow banking sector. He called for sound regulations to help develop the sector.

 

The secretary said that the government is trying to work with the Reserve Bank (of India) to create a system for more information about the NBFC sector.

 

The NBFC sector is going through a crisis, particularly related to liquidity, following the liquidity crisis in NBFC major IL&FS since August last year.

 

Post IL&FS crisis, other large NBFCs such as DHFL and Indiabulls had tough times that led to a huge drop in their stock prices.

pmo-suspects-political-cartel-behind-sept-oct-stock-market-crash

PMO suspects political cartel behind Sept-Oct stock market crash

By IndianMandarins 21 Nov 2018

Was there a bear cartel associated with some of the opposition parties that planned and triggered the September-October stock market crash?

 

The Prime Minister’s Office (PMO) has reportedly advised the Securities and Exchange Board of India (SEBI) to probe into the stock market crash in September and October, which it suspects was perpetrated by a politically-aligned bear cartel to severely dent the image of the PM among the voters.

 

The PMO is said to have advised the SEBI to examine the causes to the fire sale of Dewan Housing Finance’s (DHFL’s) AAA-rated debt paper by DSP Mutual Fund timed just days ahead of September series derivative expiry, and the subsequent 60 percent crash in the company’s share price.

 

On September 21, both BSE and NSE crashed as DHFL shares were badly hammered along with the shares of the other NBFCs.

 

DHFL's thrashing was so bad that the -30 share BSE Index Sensex plummeted 1,100-point before recovering on clarifications by the company.

 

Market intelligence shows that although the IL&FS financial mess had already come to light in late August, key equity indices were near record highs then and the markets were hit only after the crash in DHFL and other NBFC stocks. This piece of intelligence has made the PMO suspect a 'political conspiracy' against Narendra Modi.

former-sbi-chairperson-joins-chryscapital-as-advisor

Former SBI chairperson joins ChrysCapital as advisor

By IndianMandarins 09 Oct 2018

The largest home grown private equity firm ChrysCapital Advisors LLP has hired former SBI chairperson Arundhati Bhattacharya as an advisor. Bhattacharya will advise on firm's strategy and investments and will be working with ChrysCapital managing partner Kunal Shroff and other partners.

 

Established in 1999, ChrysCapital manages approximately $3 billion worth assets across seven funds - raised from sovereign wealth funds, endowments, pension funds and fund of funds.

 

On Tuesday, it was reported that Ms Bhattacharya, who has completed her cooling-off period last week, might join the board of Piramal Enterprises. Vineet Nayar, former Vice Chairman and CEO of HCL Technologies, also serves ChrysCap board as a senior advisor.

 

ChrysCapital has a wide exposure in financial services space in India with investments in NBFCs such as Magma Fincorp Ltd, Hero FinCorp Ltd, and AU Small Finance Bank, and Varthana and other firms such as South Indian Bank and NSE. ChrysCap's past investments include Axis Bank, Centurion Bank of Punjab, City Union Bank, ING Vysya Bank, Federal Bank, Karur Vysya Bank and Yes Bank.

free stat counter