Nitstone Finserv Ropes in New Directors
Nitstone Finserv, a digital lending platform which facilitates quick and hassle-free loans has obtained approval to start operations of NBFC Business in India. The firm has announced appointment of 3 new independent Directors to the Board of Directors; Thomas T. Riley, Alok Kumar Misra and Vishwanath Prasad Singh.
Nitstone Finserv to Commence NBFC Operations
Nitstone Finserv announced today that they got RBI approval to operate NBFC, which will help promote inclusive growth in the country, by catering to the diverse financial needs of various segments of the society. Headquartered in Bengaluru, Nitstone plans to commence business in Bengaluru, followed by branches in Pune, Hyderabad, Chennai during the current financial year and has a nationwide expansion plan in coming years.
It's booming biz for India's NBFCs
Indian banks' struggles with bad loans over the past three years have opened an opportunity to ramp up lending for so-called non-banking financial companies (NBFC's), which are not as strictly regulated as banks. With their share of total credit rising, new players and new investors have piled into the NBFC market.
Big PE's, NBFC's eye low-cost housing
Large private equity firms and non-banking finance companies are now getting interested in affordable housing, thanks to the government’s recent incentives for this segment, including infrastructure status and speedy approvals. This segment was financed by funds with smaller ticket size which specialized only in affordable housing.
Why foreign bankers rush for NBFC jobs?
India may be talking of job creations, but the country's top financial services companies, including Motilal OswalBSE 1.31 %, IIFL, EdelweissBSE 1.14 % and CentrumBSE 1.77 %, have tapped top to mid-level foreign bankers to boost their wealth and asset management businesses this year. The so-called foreign bank jobs are no more the flavour of the day.
RBI issues rules for NBFCs
The Reserve Bank of India has issued 'know your customer' guidelines for non-banking financial companies, which are similar to those for commercial banks. The board of directors of NBFCs have been advised to formulate policies and procedures to operationalize and ensure the observance of these guidelines, which come into immediate effect, in respect of all new customers, the bank said.
RBI tightens norms for NBFCs
In a bid to bring non-banking financial company (NBFC) norms in line with those of banks, the Reserve Bank of India (RBI) on Monday unleashed tighter rules for NBFCs. According to the new guidelines, NBFCs will require higher minimum capital, have less time to declare bad loans, and a board-approved fit and proper criteria for director appointments.