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India’s financial capital Mumbai is going one notch ahead to live up to its name and is in the process of creating an international financial district. 
 
This district will draw global business and will also attract them with tax-free norms and other deals. 
 <keyword id="2603637" type="UNKNOWN" weightage="20" keywordseo="Maharashtra-chief-minister-Devendra-Fadnavis">Maharashtra Chief Minister Devendra Fadnavis</keyword> took the charge of creating the much talked about district in Mumbai and a master plan to develop the area is underway. 
 Discussions have been already held with <keyword id="6391015" type="UNKNOWN" weightage="20" keywordseo="Finance-Minister-Arun-Jaitley">finance minister Arun Jaitley</keyword> and the Reserve Bank of India. 
 
The master plan, which is being prepared by a committee headed by Jayant Sinha, is being developed on the lines of financial centre in Gujarat with some necessary changes. 
 
"Singapore, Hong Kong and Dubai have prospered because many Indians prefer to set up their companies there instead of setting up here because of taxation issues. What we are going to do is simply remove those tax hindrances,” said Poonam Mahajan, deputy chairperson of the committee. 
 
The proposed international district will come up on 60 acres of land.

Mumbai has a great plan to attract global businesses and it is going to be huge

Mumbai, <keyword id="3526030" type="General" weightage="20" keywordseo="fino-payments-bank" source="Orion">Fino Payments Bank</keyword> is keen to become a <keyword id="6382595" type="General" weightage="20" keywordseo="small-finance-bank" source="Orion">small finance bank</keyword> after having completed five years of operations, Managing Director <keyword id="1336488" type="General" weightage="50" keywordseo="rishi-gupta" source="Orion">Rishi Gupta</keyword> said. The Navi Mumbai-based company is a subsidiary of Fino Paytech, which is backed by marquee investors such as Bharat Petroleum, ICICI Group, Blackstone, IFC, Intel and LIC, among others. The company started operations in July 2017 with 410 branches to become the fourth payments bank after <keyword id="6385180" type="General" weightage="20" keywordseo="airtel-payments-bank" source="Orion">Airtel Payments Bank</keyword>, <keyword id="3388668" type="General" weightage="20" keywordseo="india-post-payments-bank" source="Orion">India Post Payments Bank</keyword> and <keyword id="3236791" type="General" weightage="20" keywordseo="paytm-payments-bank" source="Orion">Paytm Payments Bank</keyword>. Fino, which was a remittance service provider, has converted most of its Fino Money Mart outlets into bank branches after getting licence from the Reserve Bank. Also, Fino is the only lender in this space being traded on the exchanges. "From regulatory and compliance perspectives we are eligible for an upgrade to a small finance bank, having completed the mandatory five years of operations. Our board also favours such a conversion and soon we'll be moving an application with the RBI in this regard," Gupta told PTI. On why to stop at small finance bank, and not a full service bank, Gupta said, the company is too small to directly convert to a full service commercial bank from capital and capabilities perspectives. He said, till the upgrade happens, the bank will grow the business with a focus on tie-ups with fintechs under the Fino 2.0 initiative on building digital assets and strengthen the digital offerings. Already, it has tied up with the Sequoia Capital-backed Hubble to offer a spending account, offering customers better value on their lifestyle spends. People can park their funds, spend and save up to 10 per cent on all purchases made from the account. "We're looking at more such tie-ups in the fintech space," Gupta said, adding the company is also tying up with NBFCs from retail lending as payments partner and such loan remains on the book of the NBFC. "We've already tied up with two such shadow banks-Kredbee and Myshublaon," he said. In Q4FY23, its revenue rose 13 per cent to Rs 323 crore and net income jumped 25 per cent to Rs 22 crore with net margin rising to 6.8 per cent from 6.2 per cent. Its deposits grew 66 per cent to Rs 1,200 crore in FY23 from Rs 724 crore in FY22 of which 20 per cent are the low-cost Casa deposits. Gupta said the bank has been adding 2.5 lakh customers monthly on an average in FY24, taking the overall customer base to 71 lakh now. Another new service they began is offering recurring deposits, he said, adding the bank is also working on launching a virtual debit card. Also, under the pipeline is gold loans, mutual funds and medical insurance, Gupta said.

Fino Payments Bank has its eyes set on becoming a small finance bank

Mumbai, Jan 6 () Credit to infrastructure sector from banks and non-bank financing companies remained muted at Rs 21.2 lakh crore in April-September period of the current fiscal, says a report.
The infrastructure credit had witnessed a 19 per cent growth in FY19 to Rs 21.1 lakh crore.
The tepidness in the first half of FY20 has been led by de-growth in banking sector credit to infrastructure segment, though infrastructure finance non-bank companies (IFCs) continued to grow at a modest pace of 17 per cent year-on-year, and and 12 per cent sequentially, Icra said in the report.
"Majority of the infrastructure credit growth in FY19 was also back ended. Hence, a pickup in H2 FY20 cannot be ruled out, though the pressure on fiscal position may limit the government's push towards expenditure on infrastructure and hence constrain a major reversal in trend," the rating agency's vice president and head (financial sector ratings), Manushree Saggar.
Overall, the growth in the total infrastructure credit in FY20 is likely to remain lower than last year, he said.
The decline in share of banks during past few years was largely attributable to the conversion of their exposures to state distribution companies (discoms) into bonds and the subdued lending amid asset quality issues and capital constraints, the report said.
The rating agency said the progress on stressed thermal asset resolution is slow, despite the various measures undertaken by the government and the lenders.
"Only about 10 per cent of the stressed capacity has achieved resolution, with another 4 per cent resolved, but remaining under stress," it said.
The positive development is that around 20 per cent affected capacity has recently got admitted to the National Company Law Tribunal (NCLT).
Overall, about 38 per cent stressed capacity is admitted/referred to the NCLT with remaining being under resolution by the lenders.
"While the stress related to thermal power sector has already been recognised by IFCs, any stress build-up in near to medium term from spill over due to headwinds faced by renewable energy sector remains a concern," it said.
Aggregate exposure of IFCs to the renewable energy sector was about Rs 90,000 crore in September 2019.
Icra said while the credit costs have eased during past eighteen months, the profitability of public sector IFCs remains lower than historical average ROA of 2.1 per cent up to FY18.
Saggar said overall, recoveries from stressed assets remain critical for sustained improvement in profitability of IFCs. HV BAL

Credit flow to Infra sector remains muted at Rs 21.2 lakh cr in Apr-Sep: Report

Mumbai, Apr 14 () HDFC Chairman Deepak Parekh on Tuesday said he will discuss with State Bank of India for setting up of a distressed assets fund for the real estate sector.The fund will work in a similar manner in which the public sector and private sector partnered to invest and rescue Yes Bank."It was a joint public-private partnership to ensure that another bank (Yes Bank) doesn't go the IL&amp;FS way. We had to join together and put some money."Similarly, we have to join and try to look for (real estate) stressed fund. I will talk to the SBI chairman and see whether we can come together to put capital and get some overseas player like International Finance Corporation (IFC) to come in and invest in that fund," Parekh told representative of real estate developers via video conferencing organised by real estate developer associations- Naredco and Credai.Last year in November, the government had announced to set up a Rs 25,000 crore alternative investment fund - SWAMIH Investment Fund I to provide debt financing for the completion of stalled housing projects.The investment manager of the fund is SBICAP Ventures. HV BALBAL

Will discuss distressed assets fund for realty with SBI: Parekh

Mumbai, Dec 24 () The non-banking financial company (NBFC) sector, which has been affected by a series of default by IL&amp;FS, reported a sharp jump in gross non-performing assets ratio to 6.1 per cent in FY19 from 5.3 per cent in FY18, says an RBI report.
The net NPA ratio saw a marginal uptick at 3.4 per cent in the fiscal ended March 2019, compared to 3.3 per cent in FY18.
In its report on Trends and Progress 2018-19, the Reserve Bank of India said in FY20, up to September, asset quality of the sector showed deterioration with a slight increase in gross non-performing asset (GNPA) ratio.
However, it did not disclose of the September NPA ratio.
The report said in 2018-19, GNPA ratio of non-deposit NBFCs deteriorated to 6.1 per cent from 5.3 per cent in FY18.
The net NPA ratio for NBFCs-ND-SI edged up marginally, reflecting the maintenance of adequate buffers, especially by microfinance institutions (MFIs) and Infrastructure Finance Companies (IFC).
NBFCs-MFI, however, reported a significant improvement in the GNPA ratio at 4.3 per cent in FY19 compared to 7.5 per cent.
"The improvement in the GNPA ratio of the NBFCs-MFI may be attributed to write offs of aging loans," the report said.
In the case of deposit taking NBFCs, gross NPAs declined to 5.3 per cent in FY19 to 6.1 per cent in FY18.
The report said although the NBFC sector grew in size to Rs 30.9 lakh crore in FY19 from Rs 26.2 lakh crore in FY18, the pace of expansion was lower than in FY18, mainly due to rating downgrades and liquidity stress in a few large NBFCs in the aftermath of the IL&amp;FS event.
Despite liquidity stress faced by the sector, there was expansion in asset size of IFCs.
Balance-sheets of NBFCs-MFI also expanded on the back of strong growth in their loans and advances, especially to the agriculture sector.
In 2018-19, credit extended by NBFCs continued to grow, the report said adding, "industry is the largest recipient of credit provided by the NBFC sector, followed by retail loans and services". HV RUJ BAL
BAL

NBFCs NPA ratio jumps to 6.1 pc: RBI

Mumbai, Retail broking house <keyword id="103837" type="PERSON" weightage="20" keywordseo="Angel-Broking">Angel Broking</keyword> Limited will open its initial public offering (IPO) of equity shares on September 22, 2020. The offer will close on September 24, 2020. The price band of the offer has been fixed at Rs 305 to Rs 306 per equity share. The company plans to raise Rs 600 crore through the offering of equity shares. "The initial public offering consists of the equity shares of the company aggregating up to Rs 6,000 million (600 crore) comprises of a fresh issue company aggregating up to Rs 3,000 (300 crore) and an offer for sale aggregating up to Rs 3,000 million (300 crore)," a company statement said. The offer for sale would consist of Rs 18.33 crore and up to Rs 4.5 crore worth of shares by the promoters Ashok D. Thakkar and Sunita A. Magnani, and up to Rs 120 crore worth of shares by the investor IFC and up to Rs 157.16 crore of shares by the individual shareholders respectively. Bids can be made for a minimum of 49 Equity Shares and in multiples of 49 Equity Shares thereafter. The Equity Shares offered in the offer are proposed to be listed at both BSE Limited and the National Stock Exchange of India Limited. For the purpose of the offer, NSE is the designated stock exchange, the statement added. ICICI Securities Limited, Edelweiss Financial Services Limited and SBI Capital Markets Limited are the book running lead managers to the offer. SEE ALSO: <a href="https://www.businessinsider.in/sports/news/dailyhunt-app-founders-confirm-ipl-2020-associate-sponsorship/articleshow/78169667.cms">EXCLUSIVE: Dailyhunt founders confirm IPL 2020 associate sponsorship — promise new release for Josh ahead of India’s biggest cricket tournament</a> <a href="https://www.businessinsider.in/defense/news/latest-updates-on-india-china-border-issue/articleshow/78162853.cms">Chinese air drills in Lhasa, Chinese propaganda against Rajnath Singh and other latest updates on the India-China border issue</a> <a href="https://www.businessinsider.in/stock-market/markets/news/hcl-tech-enters-the-list-of-top-10-most-valued-companies-in-india/articleshow/78165311.cms">HCL Tech enters the list of top 10 most valued companies in India</a> <a href="https://www.businessinsider.in/science/space/news/jupiters-red-spot-junior-is-ready-to-change-colors-turning-brick-red-yet-again/articleshow/78181222.cms">Jupiter's Red Spot Junior is ready to change colors — turning brick-red yet again</a>

Angel Broking IPO set to open on September 22 — price band fixed at ₹305 to 306

One of the main agendas of the Narendra <keyword id="6360789" type="ORGANIZATION" weightage="80" keywordseo="Modi-Government">Modi government</keyword>, that would complete one year in office tomorrow, was to create conducive environment in India for doing business. But tiresome legal process is still one of the top hurdles to do business in India. 
 
The Modi government's focus on ease of doing business might help India receive some significant points when the new rankings are released. But the government needs to do more as enforcing contracts is one area where it seems to have run up against legal hurdles. 
 
It is shameful that India ranked as low as at 186th position among 189 countries when it comes to enforcing contracts with only Angola, Bangladesh and Timor-Leste placed lower. 
 
According to officials, attitudes have a major role to play but experts reckon that the Indian legal process is long and cumbersome. <keyword id="6354424" type="ORGANIZATION" weightage="80" keywordseo="World-Bank">World Bank</keyword> arm <keyword id="6375559" type="COMPANY" weightage="60" keywordseo="International-Finance-Corp">International Finance Corp</keyword>'s Doing Business report measures the efficiency of the judicial system in resolving commercial disputes based on the time taken, the procedures involved and the cost incurred. 
 
On an average, it costs almost 40% of the claim, involves some 46 procedures and takes almost four years, 1,420 days to be precise, in Mumbai or Delhi. Moreover, the Doing Business report has not recorded a single reform move in India for the last eight years. 
 
As a result, when the government prepared a detailed blueprint for all parameters, eight steps were planned, beginning with commercial courts in Delhi and Mumbai - two centres which are studied by IFC team. 
 But apart from the commercial courts and the recent <keyword id="6354977" type="ORGANIZATION" weightage="80" keywordseo="Supreme-Court">Supreme Court</keyword> order paving the way for the establishment of the <keyword id="6354457" type="ORGANIZATION" weightage="80" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword>, things have moved rather slowly. The moves to be initiated include enabling district courts to completely switch over to e-management of commercial cases, which includes e- filing of complaints, e- service of summons and availability of digitally signed judgments on the web. 
 
The plan also included sensitizing district courts about exploring mediation, arbitration and conciliation under section 89 of the Code of Civil Procedure. 
 
Moreover, there should be a limited number of adjournments so that cases are decided in a shorter span of time. 
 
According to government sources, there has been little progress on several of the proposals that have been discussed during the past one year to improve India's ranking on enforcing contracts. And, it is unlikely that the IFC team misses that, making it tougher for India to make significant gains in the Ease of Doing Business Rankings, sources acknowledged. 
 
(Image: Indiatimes)

Forget startups, just ask established business houses how difficult it is to do business in India. And Modi isn’t doing much to change that

<keyword id="261354" type="COMPANY" weightage="80" keywordseo="Shapoorji-Pallonji-Group">Shapoorji Pallonji Group</keyword> has bagged one of the largest <a href="http://www.businessinsider.in/searchresult.cms?query=foreign+direct+investments+">foreign direct investments</a> worth Rs $200 million or about Rs 1,280 crore in India's affordable housing segment, with Standard Chartered <keyword id="34499" type="POSITION" weightage="60" keywordseo="private-equity">Private Equity</keyword>, <a href="http://www.businessinsider.in/searchresult.cms?query=World+Bank+">World Bank</a> member IFC and the <a href="http://www.businessinsider.in/searchresult.cms?query=Asian+Development+Bank+">Asian Development Bank</a> (ADB). 
 
This will be a <a href="http://www.businessinsider.in/searchresult.cms?query=joint+venture+">joint venture</a> (JV) between the Mumbai-based conglomerate and Standard Chartered Private Equity, IFC and the ADB. They would together hold 70% stake in the JV while the rest will be with Shapoorji Pallonji Group, an official told the Economic Times. 
 
The multi-lateral funding agencies will provide a $50 million (Rs 320 crore) buffer fund which can be used by the JV; this marks the $3.5 billion (Rs 22,400 crore) Shapoorji Pallonji Group's entry into the affordable housing segment. 
 
According to the deal, the JV will develop about 20 million sq. ft. of affordable home space in the next 8 years in Mumbai, Pune, National Capital Region, Chennai, Kolkata, Bengaluru and Ahmedabad. 
 
Venkatesh Gopalkrishnan, chief investment officer and president business development, Shapoorji Pallonji Real Estate, said: "For the last two years, we have been strategising our group's foray into affordable housing segment with a long-term perspective and therefore wanted to join hands with partners with a similar view." 
 The investment assumes significance given its size and tepid <keyword id="44528" type="ORGANIZATION" weightage="80" keywordseo="FDI">FDI</keyword> flow into affordable housing segment even after the government relaxed rules last year to draw overseas capital for real estate. 
 
In October, the government reduced the minimum built-in area required in projects as well as capital requirement and eased the exit norms. It reduced the minimum built-up area to 20,000 sq metres from 50,000 sq metres while halving the minimum capital requirement to $5 million. However, barring a few completed project acquisitions, FDI inflow into real estate, including affordable housing segment, remained weak. 
 According to experts, the FDI inflow will improve in coming days. "Interest for real estate as an asset class is rising globally and this capital will also flow into India. We expect the deal activity to pick up here on and affordable housing will be one of the key beneficiaries as fundamental demand drivers for this segment are robust," said <keyword id="1664149" type="PERSON" weightage="60" keywordseo="Mona-Chhabra">Mona Chhabra</keyword>, executive director, EY. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=Mumbai">Mumbai</a>-based company would be responsible for identifying land parcels, acquisitions, approvals, execution and development. The JV company aims to create 20,000 affordable homes across the country. Its board will have four members from the three foreign investors while Shapoorji Pallonji will get two board seats. "With our group's strong engineering, execution capability and trust the brand enjoys, we are ideally equipped to handle projects like these," said Jai Mavani, executive director, Shapoorji Pallonji Group. 
 "With the government's push to 'Housing For All', we are hopeful that players like us will get support from the government in terms of approval processes as it will serve larger needs." The group has already identified three land parcels for projects under this alliance. Of these, it has already acquired two land parcels which will be financed through the joint <keyword id="6357097" type="COMPANY" weightage="80" keywordseo="venture-capital">venture capital</keyword> following approval from investors. "We will look at five more land acquisitions over the next two years. This is pure equity capital and will be used for acquisition of zoned and aggregated land parcels within municipal limits of cities. Our aim is to complete the land acquisition in two years and execute these projects in eight years from now," Gopalkrishnan said. 
 
The JV company will come up with developments on the outskirts of cities, offering 1BHK apartments of 500-600 sq ft and 2BHK apartments of 800-900 sq ft, priced at Rs 15-50 lakh per unit. The company will focus on tier-1 and tier-2 cities with project sizes in the range of 1.2 million sq ft to 5 million sq ft. 
 
(Image: Indiatimes)

You Searched For "IFC in Mumbai" and got 8 results

Mumbai has a great plan to attract global businesses and it is going to be huge

BI India Bureau

Fino Payments Bank has its eyes set on becoming a small finance bank

PTI

Credit flow to Infra sector remains muted at Rs 21.2 lakh cr in Apr-Sep: Report

PTI

Will discuss distressed assets fund for realty with SBI: Parekh

PTI

NBFCs NPA ratio jumps to 6.1 pc: RBI

PTI

Angel Broking IPO set to open on September 22 — price band fixed at ₹305 to 306

IANS

Forget startups, just ask established business houses how difficult it is to do business in India. And Modi isn’t doing much to change that

BI India Bureau

Shapoorji Pallonji enters the affordable housing segment with a FDI deal worth Rs $200 mn in its kitty

BI India Bureau

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