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NBFC co SMFG India gets €91 million loan from Deutsche Bank

YourStory

YourStory · 8m ago

NBFC co SMFG India gets €91 million loan from Deutsche Bank

Deutsche Bank has provided a loan of 91 million euros to SMFG India Credit, a non-banking financial company. The three-year loan is aimed at supporting small businesses and women borrowers in underserved semi-urban areas. SMFG India Credit's CFO, Pankaj Malik, stated that the loan aligns with the company's commitment to sustainable growth and financial inclusion. Deutsche Bank's Head of Cash Management and Trade Finance, Rajesh Thakur, emphasized the bank's dedication to promoting sustainable finance in India.

Related News

Japan's SMFG infuses $350 mn into Indian NBFC arm via rights issue

VCCircle

VCCircle · 8m ago

Japan's SMFG infuses $350 mn into Indian NBFC arm via rights issue

Sumitomo Mitsui Financial Group (SMFG) has invested $350 million in its Indian NBFC arm, SMFG India Credit, through a rights issue. This follows a previous infusion of $165 million in April this year. The capital infusion will help SMFG India Credit expand its operations and offer innovative financial solutions to its diverse customer base. SMFG acquired a 74.9% stake in SMFG India Credit (formerly Fullerton India Credit) in 2021 and plans to eventually acquire the remaining 25.1% stake. The company offers various lending services such as working capital loans, vehicle loans, home improvement loans, and personal loans.

Shantanu Mitra to step down as SMFG India's CEO and MD

Economic Times

Economic Times · 2m ago

Shantanu Mitra to step down as SMFG India's CEO and MD

Shantanu Mitra, CEO and managing director of SMFG India Credit, will step down at the end of the month. This decision coincides with Sumitomo Mitsui Financial Group's plan to acquire a 20% stake in Yes Bank for ₹13,483 crore, pending Reserve Bank of India approval. SMFG India Credit, a 100% SMFG subsidiary, has yet to find a replacement for Mitra, whose tenure was set to end in September. Mitra served in the position since 2021.

Student loan fintech startup Kuhoo Finance secures RBI approval for NBFC licence

Economic Times

Economic Times · 5m ago

Student loan fintech startup Kuhoo Finance secures RBI approval for NBFC licence

Kuhoo Finance, a WestBridge Capital-backed student loan fintech startup, has secured an NBFC licence from the Reserve Bank of India, permitting loans up to Rs 2 crore for various educational programs. Kuhoo, founded in 2021, utilizes AI-driven models for responsible lending. This approval enhances its capacity to innovate and cater to diverse academic financing needs, competing with other education loan providers like Eduvanz. It raised $20 million in funding in March 2022.

Paytm Inks FLDG Pact To Boost Lending Play For Merchants

Inc42 · 10m ago

Paytm Inks FLDG Pact To Boost Lending Play For Merchants

Paytm has entered into a first loss default guarantee (FLDG) agreement with SMFG India Credit and gained approval from its board to provide a default loss guarantee of up to INR 225 Cr on loans disbursed by lending partners to merchants. This represents a shift in role for Paytm from loan distributor to providing a guarantee against defaults.

Shapoorji gets RBI waiver averting higher yield on private debt

Economic Times

Economic Times · 1m ago

Shapoorji gets RBI waiver averting higher yield on private debt

Shapoorji Pallonji Group received a crucial waiver from the Reserve Bank of India, alleviating pressure on its $3.4 billion private credit deal and preventing increased borrowing costs. The group's non-banking finance unit, Sterling Investment Corp., gained a three-year extension to meet capital adequacy norms. This prevents a potential interest rate hike and possible default on a major deal that pledged a 9.2% Tata Sons stake as collateral. Major global investors participated in the bond placed by Deutsche Bank.

RBI strengthens P2P lending regulations to enhance transparency and reduce risk

YourStory

YourStory · 1y ago

RBI strengthens P2P lending regulations to enhance transparency and reduce risk

The Reserve Bank of India (RBI) has introduced new regulations for non-banking financial companies facilitating peer-to-peer lending (NBFC-P2P) to tackle malpractice and enhance transparency. The updated guidelines prohibit NBFC-P2Ps from assuming any credit risk and require them to disclose loan portfolio performance and lenders' losses. In addition, all transactions on P2P platforms must go through escrow accounts operated by a bank-promoted trustee, with funds needing to be transferred to borrower's or lender's bank accounts within a day. These measures aim to protect lenders and borrowers from potential risks and prevent misuse of funds.

Supply chain finance startup Vayana bags NBFC licence, set to raise $20 million

Economic Times

Economic Times · 5m ago

Supply chain finance startup Vayana bags NBFC licence, set to raise $20 million

Vayana, a Pune-based supply chain finance startup, has acquired an NBFC license from the Reserve Bank of India, allowing it to enter co-lending partnerships with larger lenders. This move aims to bolster its operations in invoice discounting and trade financing. Backed by SMBC Asia Rising Fund and others, Vayana is set to raise an additional $20 million to capitalize its NBFC business. Founded in 2017, it processes significant financing volumes monthly, serving numerous enterprises.

India’s renewable energy expansion gets $240.5 million boost from ADB | Mint

Livemint

Livemint · 1y ago

India’s renewable energy expansion gets $240.5 million boost from ADB | Mint

The Asian Development Bank (ADB) has approved a loan of $240.5 million to support the expansion of rooftop solar systems in India. The financing will be allocated to the State Bank of India and the National Bank for Agriculture and Rural Development, which will provide loans to developers and end-users across the country. The initiative aligns with India's goal of obtaining 50% of its installed power capacity from non-fossil fuel sources by 2030 and supports the Prime Minister's Surya Ghar program, promoting the adoption of rooftop solar installations nationwide.

SBI set to borrow $1.25 billion, India’s largest dollar-denominated bank loan in 2024

Livemint

Livemint · 9m ago

SBI set to borrow $1.25 billion, India’s largest dollar-denominated bank loan in 2024

The State Bank of India (SBI) is planning to raise up to $1.25 billion in a five-year loan for its branch in Gujarat International Finance Tec-City, making it the largest dollar-denominated loan in India's financial sector. The loan, arranged by CTBC Bank, HSBC Holdings, and Taipei Fubon Bank, will have an interest margin of 92.5 basis points at the Secured Overnight Financing Rate. SBI has not confirmed the loan yet. Dollar loan volume in India has declined 27% this year, but other financial institutions like Cholamandalam Investment & Finance Co and Union Bank of India are also seeking loans.

SMFG said to eye $1.1 billion additional deal for Yes Bank

Livemint

Livemint · 1m ago

SMFG said to eye $1.1 billion additional deal for Yes Bank

Sumitomo Mitsui Financial Group (SMFG) is reportedly planning to make an additional $1.1 billion investment in Yes Bank, following a prior investment two months ago. This would bring SMFG's total investment to $2.7 billion, granting them a 25% stake in the Indian bank. The Japanese bank aims to acquire around 5% of Yes Bank shares from Carlyle Group and other minority shareholders, as well as $680 million in convertible bonds, supporting Yes Bank’s growth.

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