Non-banking financial companies (NBFCs) are stepping up the funding of used cars, seeing it as a growth driver over the next two-three years, especially with electric vehicles (EVs) gaining traction in the Indian market. Mahindra Finance, Shriram Finance, Poonawalla Fincorp, Cholamandalam Finance and others expect wider acceptance in the metros for used EVs. Finance penetration […]
Electric vehicle financing industry to be worth Rs 3.7 lakh cr by 2030: Report
New Delhi: India”s electric vehicle (EV) financing industry is projected to be worth Rs 3.7 lakh crore in 2030, about 80 per cent of the current retail vehicle finance industry, according to a new report. The report titled ”Mobilising Electric Vehicle Financing in India”, prepared by Niti Aayog and Rocky Mountain Institute (RMI) India […]
Power Package: ₹45,000 cr liquidity for NBFCs; ₹90,000 cr for discoms
FM Sitharaman announced ₹30,000 cr liquidity facility for NBFCs, housing finance companies and MFIs Among other big bang announements, Finance Minister Nirmala Sitharaman on Wednesday announced collateral free automatic loans for businesses, including MSMEs, up to ₹3 lakh crore. She also said ₹45,000 crore liquidity will be infused into NBFCs through partial credit guarantee […]
SBI Agrees To Extend Moratorium To NBFCs
India’s largest lender State Bank of India will allow non-banking financial companies to avail the benefits of a three-month repayment moratorium permitted by the Reserve Bank of India, a senior bank official told BloombergQuint on condition of anonymity. On March 27, RBI had allowed banks to offer the moratorium to term loan borrowers, among others. […]
Punjab National Bank extends moratorium to NBFC
Summary RBI on Saturday had conveyed to top banks that even NBFCs including microfinance firms and housing finance companies are covered under `borrowers’ to be eligible for moratorium. The central bank also told them they could use their discretion to decide the eligibility of firms based on their credit and liquidity profile. Kolkata: Punjab […]