JM Financial shares plunge 19% after RBI action
The RBI on Tuesday barred JM Financial Products from giving loans against shares and debentures, including sanction and disbursal of loans against IPO of shares, with immediate effect.
The RBI on Tuesday barred JM Financial Products from giving loans against shares and debentures, including sanction and disbursal of loans against IPO of shares, with immediate effect.
There are reports of some entities charging a service or legal fee for issuing 'debt waiver certificates' without any authority, says RBI.
In the past two years, personal loans grew around 24% and credit card loans grew 28% compared with the overall banking sector's credit growth of around 15%.
This excludes housing loans, education loans, vehicle loans, loans secured by gold and gold jewellery, and microfinance loans
The central bank says non-adherence of Bajaj Finance to the extant provisions of digital lending guidelines of the Reserve Bank of India necessitated this action.
EBITDA without ESOP costs improved to ₹153 crore as compared to a loss of ₹166 crore in Q2 FY23.
ICICI Bank sanctioned loans to companies in which two of its directors were also directors, says RBI.
The share price of SBFC Finance listed at ₹82 on the NSE, a premium of 43.8% against the IPO price of ₹57 apiece.
Heavy concentration of retail loans is adding risk to bank books. It's time to move with caution.
The billionaire banker is known for his conservatism, a strategy that has worked very well for Kotak Mahindra Bank.