PNB Housing Finance, the fourth-largest housing finance company by loan assets and second-largest by deposits, has raised $100 million from International Finance Corporation (IFC), a member of the World Bank group, to fund small- and medium-ticket home loans.

Non-banking financial companies (NBFCs) have been facing a liquidity crunch since late last year.

More than 36 per cent (680,000) of registered companies in India have “closed” down as per the latest numbers provided by the ministry of corporate affairs (MCA) in Parliament. There are around 1.9 million companies registered with the government, the data shows.

While the percentage has moved up only marginally since 2017-18, it is a big jump from the 20 per cent share that closed companies occupied in earlier periods.

The continued losses at Vodafone Idea are spilling over into other AB Birla group firms, led by Chairman Kumar Mangalam Birla. The combined m-cap of the AB Birla group firms was down 6.2 per cent on Monday, led by losses at Vodafone Idea. In all, group firms lost nearly Rs 18,000 crore m-cap on Monday. The telecom major has lost 44.3 per cent of its m-cap in July, wiping out most of the gains it made after it raised Rs 25,000 crore by way of a rights issue in May this year.

The government’s move to amend the Insolvency and Bankruptcy Code (IBC) was largely to clear its legislative intent and not to encroach on the Supreme Court’s domain, Finance Minister Nirmala Sitharaman said on Monday.

She was replying to a debate on the amendments to the code in the Rajya Sabha.

State Bank of India (SBI) has tightened lending terms dramatically for auto dealerships, according to a source and an internal memo seen by Reuters, seeking to reduce its exposure to risk from a sector in the midst of a sharp downturn.

The shadow banking crisis that began to unfold in India during mid-2018 has deepened this year.

Improvement in asset quality led ICICI Bank to report a consolidated net profit of Rs 2,513.69 crore for the June quarter on Saturday, against Rs 4.93 crore profit in the year-ago period.

On a standalone basis, the second largest private sector bank by assets reported a net profit of Rs 1,908 crore against a Rs 119 crore loss for June 2018.

New Delhi: Yes Bank on Friday said it has has acquired 18.55 per cent stake in Cox & Kings by invocation of pledged shares.

The bank has invoked pledge on 3.27 crore equity shares having nominal value of Rs 5 per share, constituting 18.55 per cent of the post-issue paid-up share capital, of Cox & Kings, Yes Bank said in a regulatory filing.

A unit of Reliance Communications Ltd., tycoon Anil Ambani’s distressed telecom firm, is seeking an extension from holders of its dollar-denominated bonds maturing Aug. 1, the company’s spokesman said.

Global Cloud Xchange is in discussions with holders of its 7% $350 million notes for a deal that would provide the issuer more time to discuss options on the maturity of the senior secured notes, the spokesman said in a statement.

US President Donald Trump on Friday ruled out a tariff waiver for Apple products made in China.

“I want Apple to build their plants in the United States. I do not want them to build them in China,” he told reporters in his Oval Office at the White House.

New Delhi: The high-powered GST Council on Saturday decided to reduce the tax rate on electric vehicles (EVs) to 5 per cent from the existing 12 per cent, a move aimed at accelerating the adoption of eco-friendly mobility solutions.

The new Goods and Services Tax (GST) rate on EVs will be effective from August 1, the finance ministry said in a statement after the 36th meeting of the GST Council.

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