Read more about FPIs hike exposure to banking and financial stocks, exit in IT in May on Business Standard. The month saw a sharp turnaround in fortunes with overseas investors selling shares worth nearly $900 million during the first half and pumping in close to $500 million during the second
Read more about Muthoot Finance fourth quarter net profit up 22% at Rs 1,024 crore on Business Standard. The company had posted a net profit of Rs 835.75 crore during the corresponding January-March period of 2019-20.
Non-banking finance companies (NBFC) had opposed the RBI move on changing auditors mid-way in the financial year, and had asked the central bank to set up an expert committee instead, with representations from NBFCs and audit firms before coming with rules on audit. The RBI had said in its guidelines that all banks and NBFCs, except non-deposit taking ones below Rs 1,000 crore, should change their auditors. A minimum of two audit firms should conduct the audit, the RBI had said in its guidelines released on April 27. However, NBFCs had the flexibility to change their auditors from the second half of the current fiscal. Prior approval of the RBI was needed for such change in banks, but NBFCs could do with just notifying such change.
Read more about HFCs loan book to grow 8-10% in FY22, stress levels to stay elevated: Icra on Business Standard. While HFCs are expected to regain their profitability and growth trajectory in FY22, rising Covid-19 infections and localised lockdowns remain a concern area
LIC Housing Finance on Friday said it has disbursed Rs 1,331 crore worth loans through its mobile banking app in the last one year. It said the Homy app facilitated 14,155 customer home loan applications since its launch on February 14. More than 7,300 of these customers have had their home loans sanctioned. Of these, loans were disbursed to 6,884 customers amounting to Rs 1,331 crore so far, it said in a release. We are thrilled with the massive customer response received over the past year and aim to work towards the ultimate objective of organizing and automating every facet of customer interaction under Project RED (Reimagining Excellence through Digital transformation), LIC Housing Finance MD and CEO Y Viswanatha Gowd said.