RBI Archives - PuneDiary.Com https://punediary.com/tag/rbi/ Each & Everything About Pune Fri, 23 Jul 2021 05:22:48 +0000 en-GB hourly 1 https://wordpress.org/?v=6.2.5 https://punediary.com/wp-content/uploads/2018/12/cropped-pen-32x32.png RBI Archives - PuneDiary.Com https://punediary.com/tag/rbi/ 32 32 Magma Fincorp Limited announces name change to Poonawalla Fincorp Limited https://punediary.com/magma-fincorp-limited-announces-name-change-to-poonawalla-fincorp-limited/ https://punediary.com/magma-fincorp-limited-announces-name-change-to-poonawalla-fincorp-limited/#respond Fri, 23 Jul 2021 05:21:22 +0000 https://punediary.com/?p=5073 Adar-Poonawalla

Pune, 22nd July 2021:  Magma Fincorp Limited, an RBI-registered non-banking finance company (NBFC) has been rechristened as Poonawalla Fincorp Limited and has initiated rebranding activity, following the acquisition of controlling stake by Adar Poonawalla led Rising Sun Holdings Private Limited on 21st May 2021.  Along with this, its fully owned housing finance subsidiary Magma Housing Finance Limited is […]

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Adar-Poonawalla

Pune, 22nd July 2021:  Magma Fincorp Limited, an RBI-registered non-banking finance company (NBFC) has been rechristened as Poonawalla Fincorp Limited and has initiated rebranding activity, following the acquisition of controlling stake by Adar Poonawalla led Rising Sun Holdings Private Limited on 21st May 2021.  Along with this, its fully owned housing finance subsidiary Magma Housing Finance Limited is also renamed Poonawalla Housing Finance Limited.

In its new avatar under the Poonawalla brand, the group will be focusing on the consumer and MSME segments. As a part of the new strategy, the company will expand its product range to include Personal Loans, Loans to Professionals, Merchant Cash advances, Loans against Property, Consumer Finance, and Machinery Loans along with existing products of Business Loan, Pre-Owned Car Loans, and Home Loans. Earlier this month the board had approved a proposal to enter a co-branded credit card arrangement for issuance of co-branded credit cards, subject to obtaining necessary approvals from the regulatory authority(ies). The company offers complete transparency in its offerings with no hidden charges and a fully customer-centric approach.

Mr. Adar Poonawalla, Chairman, Poonawalla Fincorp Limited said, “We are delighted to announce the rebranding of Magma Fincorp under the Poonawalla brand as “Poonawalla Fincorp”. This marks the beginning of not only a change of brand but the fundamental way in which we will do business. From new products to new geographic locations across India; we hope to serve every citizen, helping them in fulfilling their personal and professional aspirations.”

About Poonawalla Fincorp Limited

Poonawalla Fincorp Limited (Formerly known as Magma Fincorp Limited) is a non-deposit-taking non-banking Finance Company (NBFC), registered with the Reserve Bank of India (RBI). The Company started operations nearly three decades back and is listed on the BSE Limited and the National Stock Exchange in India. Consequent to the capital raise of Rs 3,456 Crore in May ‘21, the Company is now part of Poonawalla Group with a majority stake owned by Rising Sun Holdings Private Limited, a Company-owned and controlled by Mr. Adar Poonawalla.

The Company’s new identity “P” stands for Passion, Principles, Purpose, People, and Possibilities. Poonawalla Fincorp Limited (“PFL”) has a widespread coverage and presence across 21 States, 297 Branches, and the customer base stands at approximately 5.4 million with a loan book of more than Rs. 14,000 crores. The Company offers a bouquet of financial products including SME finance, mortgage finance, unsecured loans, and general insurance.

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Quotes from multiple clients on RBI increasing the limit for contactless payments in India. (M-Swipe, ICICI Securities, NPCI, BOI) https://punediary.com/quotes-from-multiple-clients-on-rbi-increasing-the-limit-for-contactless-payments-in-india-m-swipe-icici-securities-npci-boi/ https://punediary.com/quotes-from-multiple-clients-on-rbi-increasing-the-limit-for-contactless-payments-in-india-m-swipe-icici-securities-npci-boi/#respond Mon, 07 Dec 2020 07:39:17 +0000 https://punediary.com/?p=3618

Bank of India : Shri A. K. Das, Managing Director & CEO, Bank of India- A pragmatic policy to nurture growth and contain inflation post-COVID-1. The Policy while maintaining an accommodative stance and keeping benchmark rates steady, aims towards financial stability. Acknowledging transiently elevated inflation, the policy has adopted a balanced approach. Overall, a pragmatic policy to […]

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Bank of India :

Shri A. K. Das, Managing Director & CEO, Bank of India- A pragmatic policy to nurture growth and contain inflation post-COVID-1.

The Policy while maintaining an accommodative stance and keeping benchmark rates steady, aims towards financial stability. Acknowledging transiently elevated inflation, the policy has adopted a balanced approach. Overall, a pragmatic policy to nurture growth and contain inflation post-COVID-19.

ICICI SECURITIES:

Ms. Anagha Deodhar – Economist

Ms. Anagha Deodhar – Economist, ICICI Securities on the RBI Monetary policy

Today’s monetary policy review was largely a non-event. In line with our expectation, the MPC kept rates unchanged and vowed to keep the stance accommodative at least during the current financial year and into the next financial year. It noted that inflation is likely to remain elevated despite some possible softening during the winter months. Accordingly, it upped its inflation forecast to 6.8% in Q3 and 5.8% in Q4FY21. Given the positive growth impulses, the committee also upped its growth forecast to -7.5% during FY21 from -9.5% in the Oct review. Given the expected inflation and growth trajectory, we believe the committee may stay put on rates through 2021.

M – SWIPE:

Manish Patel, Founder and CEO

Manish Patel, Founder, and CEO, Mswipe said,

“At Mswipe, contactless payments have spiraled from 13% of total transactions in January 2020 to 30% of total transactions in November 2020. While the initial push this year was obviously the social distancing phenomena and minimal touching of surfaces to avoid contracting the virus, the convenience and quickness that contactless payments bring to end consumer and merchants during check out stage was the real driving factor that saw a continuous growth in contactless payments, especially QR month on month this year. RBI’s move of increasing the limit to Rs.5,000 will unlock the true potential of contactless payments and allow SMEs to accept digital payments for larger ticket size transactions. Be it a monthly Kirana bill, spa service, or a course fee, the spectrum of products and service that can be paid through contactless payments will definitely expand with this new move.”

(Mswipe is the only player that has a complete range of digital payment solutions for SMEs in India including UPI QR, NFC based Tap and Pay, POS and Payment Link. The largest POS acquirer in India with 6.75 lakh POS and 1.1 million QR merchants, Mswipe is also the fastest-growing issuer with its prepaid Moneyback Card.)

NPCI:

Mr. Dilip Asbe – MD & CEO, NPCI

This is a welcome step by RBI to increase transactions and e-mandate limit. The increased limit will also help to boost the average value of transactions and push the adoption of digital payments. This step reaffirms the commitment of the country to become a less-cash economy.

The announcement will help RuPay cardholders to make secured contactless transactions of up to Rs. 5000 on the go thereby facilitating them with a hassle-free transaction experience. Similarly, this will be a major boost to the users of recently launched UPI AutoPay functionality for the customers to execute their high ticket recurring payments like utility bills, investments, two-wheeler EMIs, consumer durable EMIs, etc. seamlessly. The move will also help customers to on-board into BHIM UPI for performing easy and convenient P2P and P2M transactions.

NPCI continues to play a pivotal role in driving the digital India mission through constant innovation, spreading awareness and deploying robust technology and infrastructure for a seamless, secure and convenient payment experience.

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