The Chennai-based NBFC will utilise the funds to back liquidity needs of its institutional clients and will also lend to small businesses and its individual customers.
The rating agency expects total outstanding supply of corporate bonds to increase from around ₹33 lakh crore in FY20 to ₹65 lakh crore-₹70 lakh crore in FY25, with innovations playing a key role.
Billionaire industrialist Ajay Piramal is in makeover mode. He wants to remould his conglomerate into a well-diversified NBFC and a pharma firm, which would both be giants in their respective spaces.
In India, financial services are still plagued with multiple challenges. A resurgent India needs greater innovation in banking, especially in customer management and retention.
As Piramal and Oaktree lock themselves in a fierce bidding war, one can’t rule out a legal challenge to the first-ever finance company undergoing the IBC process.
The credit rating agency points out that the pandemic will continue to be a spoilsport for the NBFCs it reviewed as funding remains a challenge in the current market.
While gloom prevails across economies, a State Bank of India report says that the Reserve Bank of India has been relatively successful in ensuring financial stability in the market since May.
The extension, which takes the total day-count of the lockdown to 54, will add to the challenges that the economy was already facing before Covid-19 took the shape of a pandemic.
The central bank announces ₹50,000 crore special liquidity facility for mutual funds to help debt funds tide over market disruptions caused by Covid-19.
