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<ul class="summary-list"><li>Indian Prime Minister Narendra Modi seemed to divert some attention from the lavish Ambani wedding in Mumbai.</li><li>Posters bearing the PM's face lined the route to the ceremony for Anant Ambani and Radhika Merchant's wedding.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6">Indian Prime Minister Narendra Modi</a> has seemingly stolen some of the attention away from the lavish Ambani wedding in Mumbai this weekend.While guests on the star-studded wedding invitation list — which includes names such as Kim Kardashian, Mike Tyson, and John Cena — make their way to the ceremony, they will be greeted by posters bearing the face of the prime minister, who is in the area to kick off a project."Heartfelt welcome to India's beloved and respected Prime Minister Narendra Modi in Mumbai," the posters lining the way to the event read, per Reuters.Keshav Upadhye, the chief spokesperson for Modi's ruling Bharatiya Janata Party in the state of Maharashtra, said the posters had been put up by some "excited party workers," not the party itself, per Reuters.<div type="image" title="People walk past posters of India's Prime Minister Narendra Modi outside Jio World Convention Centre, the wedding venue of Anant Ambani, son of Indian billionaire Mukesh Ambani, in Mumbai, India, July 12, 2024." height="1702" width="2552" msid="111717560" hostid="261" sizebytes="729868"></div>After months of headline-making pre-wedding celebrations, <a target="_blank" href="https://www.businessinsider.in/india/news/anant-ambani-and-radhika-merchant-to-wed-at-the-jio-world-convention-centre-in-mumbai-on-july-12/articleshow/110562426.cms">Anant Ambani</a> — the son of Asia's richest man <a target="_blank" href="https://www.businessinsider.com/how-rich-mukesh-ambanis-india-2020-1">Mukesh Ambani</a> — and <a target="_blank" href="https://www.businessinsider.in/india/news/anant-ambani-and-radhika-merchant-to-wed-at-the-jio-world-convention-centre-in-mumbai-on-july-12/articleshow/110562426.cms">Radhika Merchant were</a> married early Saturday at the Jio World Convention Centre.While it's not certain whether Modi will attend the wedding celebrations, it is thought he may briefly make an appearance.Activities are scheduled for July 13, and the reception is set to take place on July 14.Modi's potential presence at the event, which has <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/ambani-billionaire-lavish-wedding-angers-locals-road-closures-traffic-mumbai-2024-7">drawn criticism from locals</a>, could cause backlash from the opposition and the public, as the 73-year-old leader has previously been accused of being too close to business tycoons like the Ambanis.Modi, who was recently <a target="_blank" class="" href="https://www.businessinsider.com/narendra-modi-sworn-in-third-term-indias-prime-minister-photos-2024-6">reelected for a third term in office</a>, has denied such allegations.<div type="image" title="Mukesh Ambani, the Chairman of Reliance Industries, his wife Nita Ambani and their son Anant Ambani pose during the pre-wedding celebrations of Anant and Radhika Merchant, daughter of industrialist Viren Merchant, in Jamnagar, Gujarat, India, March 2, 2024" height="853" width="1280" msid="111717567" hostid="261" sizebytes="73150"></div><a target="_blank" class="" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">Mukesh Ambani is the 11th richest person in the world</a>, with a net worth of $121 billion, according to the <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/profiles/mukesh-d-ambani/">Bloomberg Billionaires Index</a>.He's the chairman and managing director of Reliance Industries, a conglomerate with interests in a variety of sectors, including petrochemicals, telecom, and energy.The Ambanis made headlines in 2018 for throwing another huge celebration for the wedding of Isha Ambani and Anand Piramal. It included a private Beyoncé concert and high-profile guests such as Nick Jonas and Hillary Clinton.Earlier this year, the family also hosted an extravagant three-day pre-wedding celebration for Anant's wedding. Tech heavyweights such as Bill Gates and Mark Zuckerberg were just two of the 1,200 guests invited.

Indian PM Modi steals limelight at lavish Ambani wedding as route to the ceremony lined with posters

<ul class="summary-list"><li>Radhika Merchant and Anant Ambani are slated to get married on Friday in Mumbai.</li><li>Four Indian event planners shared what it's like to plan a big celebrity wedding.</li></ul>The wedding of the year is upon us.After rounds of opulent pre-wedding festivities, <a target="_blank" rel=" nofollow" class="editor-rtfLink" href="https://www.businessinsider.in/india/news/anant-ambani-and-radhika-merchant-to-wed-at-the-jio-world-convention-centre-in-mumbai-on-july-12/articleshow/110562426.cms">Radhika Merchant and Anant Ambani</a>, the youngest son of <a target="_blank" rel="" href="https://africa.businessinsider.com/local/markets/indian-billionaire-ambani-targets-african-telecom-market-with-new-venture/vwmsmgn">Asia's richest man</a>, are slated to get married on Friday in Mumbai.Their guests, who have so far included <a target="_blank" href="https://www.businessinsider.com/ambani-pre-wedding-celebration-with-justin-bieber-performance-2024-7">Bollywood actors, Indian cricketers,</a> and <a target="_blank" href="https://www.businessinsider.com/bill-gates-mark-zuckerberg-among-expected-attendees-at-indian-wedding-2024-2">international business leaders</a>, will also attend events on Saturday and a reception on Sunday.During a pre-wedding event in March, Ambani said his mom worked 18 hours a day for the four months leading up to the parties."All this is created by my mother and no one else, and my mother has gone all out for the last four months," Ambani said, per a <a target="_blank" rel=" nofollow" href="https://www.youtube.com/watch?v=mmMh8KtrGaY&amp;ab_channel=BusinessToday">video</a> of the speech uploaded in March.Planning such an event takes a village, according to four wedding planners who spoke to Business Insider about what goes into organizing a multi-day Indian celebrity wedding.<h2 id="d3a9cac7-58b4-42c9-888b-817200ed450e">The biggest cost is the venue</h2>The planners BI spoke to said a typical multi-day wedding that they plan costs between five to 10 crore Indian Rupees, or about $1.2 million.Crore is an Indian term for 10 million; 1 crore rupees is around $120,000.Whether it's a big-ticket <a target="_blank" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">wedding like the Ambani's</a> or the wedding of an upper-middle-class family, the breakdown of major costs in an Indian wedding look about the same, one event planner told BI.About 40% to 50% of the budget goes to the venue, which includes catering and rooms for the guests, said Nishita Aggarwal, the founder of The Event Designer, a Delhi-based wedding planning company.Next, 25% to 30% of costs go toward decorations, which include elaborate backdrops, tents, and floor-to-ceiling floral arrangements.<div type="image" title="pink backdrop at Indian wedding" height="3508" width="5262" msid="111674066" hostid="261"></div>About 10% is spent on entertainment. The Ambanis have hired Rihanna, <a target="_blank" href="https://www.businessinsider.com/ambani-pre-wedding-celebration-with-justin-bieber-performance-2024-7">Justin Bieber, </a><a target="_blank" href="https://www.businessinsider.com/anant-ambani-katy-perry-backstreet-boys-pre-wedding-party-2024-6">Katy Perry, The Backstreet Boys</a>, and Pitbull for pre-wedding functions in recent months.Other families spend a lot on artists including singers and celebrity DJs, said Purvi Modgil, a destination wedding planner based in Mumbai."If you plan to call three or four of them in different core functions, that can also add up to a good cost," she said.The remaining 10% usually goes into wedding gifts and logistics for the family and guests."Now, when it comes to a high-net-worth wedding or a celebrity wedding, everything becomes 10 times or hundred times" of that cost, Aggarwal said. "There is no bar on the budget."Planners' cost estimates of the Ambani wedding varied widely, from tens of millions of dollars to hundreds of millions of dollars.Anant's older sister <a target="_blank" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">Isha Ambani</a> got married in 2018 in a similarly lavish wedding, including a Beyoncé performance. While media outlets speculated about a $100 million price tag, a spokesperson for the Ambani-owned company, Reliance, said that it cost less than $15 million, <a target="_blank" href="https://www.forbes.com/sites/naazneenkarmali/2018/12/11/the-big-fat-ambani-wedding-celebrates-a-match-among-indias-billionaire-elite/#7cb474465992">per a Forbes article</a> at the time.A spokesperson for the family did not respond to a request for comment about the costs for Anant Ambani's wedding.The pre-wedding events have grabbed <a target="_blank" href="https://www.businessinsider.com/ambanis-throwing-another-pre-wedding-party-cruise-ship-2024-5">headlines</a> for months. With so many celebrities and business leaders angling for an invitation, the nuptials are also a business networking event, Aggarwal said.<h2 id="7190f45a-3ee9-4e5a-bf2a-0fef8f5de89f">Each main family member is assigned a 'shadow'</h2>Many couples don't want to host their weddings at venues where other high-profile families have already held nuptials, Aggarwal said."They want everything to be exclusive," she said. "The decor has to be something else that no one else has ever thought of. It is almost like a big movie set."For a big celebrity wedding, planners divide their staff into teams and hire hundreds of additional people leading up to and on the day of the ceremony.With chefs, waiters, light and audio teams, and decorators, about 500 people often work the event, Modgil said.The planners also assign butlers to each main family member. These staffers, called "shadows," hold their phones and gifts and ensure they stay hydrated and have everything they need."There are over 70 suppliers and vendors who we work with for each wedding," said Darshan Shroff, a Mumbai-based wedding planner. "I like to describe wedding planners in India as circus masters."<h2 id="07e84198-c3b3-4ae5-b860-565eaa82e3bd">Privacy and security are top concerns</h2>Many celebrity or influencer couples are particular about how their wedding is portrayed on the news and on social media.Planners have strict instructions that restrict posts from vendors about outfits, decor, or flowers before a set date. Most big weddings also collect the phones of their guests for privacy, and couples have teams that work with the media."You can't have too many people hanging out taking their pictures. It makes them very uncomfortable," Modgil said about celebrity guests and couples.Top security firms and even local authorities may sketch out safety plans."The minute there are some kind of celebrities, whether it's politicians or Bollywood, security becomes very important," Modgil said. "We've had separate people escorting them and even taking them back because sometimes they even get mobbed."The families and their guests are not always easy to please.Aggarwal said she has planned weddings where celebrity attendees call to confirm what type of hotel suite they will be staying in and what kind of car is coming to pick them up. Everything must match their lifestyle standard.<h2 id="f2b6f12d-16c9-4226-9b64-e59a5aa60374">Setting a blueprint for other weddings</h2>The Ambani wedding is already influencing how other Indians are envisioning and planning their own nuptials.The planners told BI that brides are asking them for the same designers that Radhika Merchant wore in her pre-wedding events, like the custom lehengas designed by Abu Jani Sandeep Khosla and Tarun Tahiliani.<div type="image" title="Radhika Merchant wore a Swarovski crystal lehenga designed by Abu Jani and Sandeep Khosla" height="691" width="1024" msid="111674067" hostid="261"></div>Planners expect the main wedding to leave an even bigger mark."Given the immense influence celebrities have, their weddings often become blueprints for future celebrations worldwide," said Bharat Jagasia, a Delhi-based wedding planner."For the Ambani wedding, I am particularly excited to see how they differentiate the main event from their pre-wedding functions," he said.The festivities are slated to kick off Friday at the Jio World Convention Centre, which is owned by the Ambani family. It can accommodate over 16,000 guests.July 12, 2024 — An earlier version of this story misstated Nishita Aggarwal's location. She is based in Delhi, not in Mumbai.

Behind the scenes of billionaire Indian weddings: Hired 'shadows,' phone bans, and a circus master to lead the chaos

<ul class="summary-list"><li>Lelian Chew is the founder of The Atelier &amp; Co, a Singapore-based luxury wedding planning company.</li><li>She has handled luxury weddings with extravagant destinations and million-dollar gowns.</li></ul>This as-told-to essay is based on a conversation with Lelian Chew, a luxury wedding planner in Asia. It has been edited for length and clarity.I launched my events planning business,<a target="_blank" class="" href="https://www.businessinsider.com/luxury-wedding-planner-lelian-chew-the-atelier-co-tips-rules-2024-9"> The Atelier &amp; Co</a>, in 2013, planning luxury events and weddings for some of the biggest families in Asia.As the scale of our weddings grew, they became more than just about the bride and groom, but also about the entire family and their social circles.It's almost like marrying two conglomerates. We only get one shot at perfecting it, and the stakes are incredibly high.<h2 id="819d86c3-d4e7-46a4-919b-e348a9c4e78b">Transforming spaces</h2>Many think that when planning million-dollar weddings, the expenses are all about luxury items like gowns or over-the-top decorations, although we do get those occasionally.For example, we once planned a wedding in which a bride wore a gown that cost over a million dollars. The dress was encrusted with jewels, making it akin to a piece of jewelry.However, the decorations that go into elevating the space and the experience take up a large part of the budget.<a target="_blank" class="" href="https://www.harpersbazaar.com/wedding/planning/g6965/best-wedding-planners/">Harper's Bazaar</a> once described our weddings as "cinematic," which I think is an apt description because when our guests walk into the venue, we want to ensure they feel like they've entered another world.This requires meticulous attention to detail, from floral arrangements to the color of the decorations that match the couple's vision.<div type="image" title="Wedding in China" height="1200" width="1800" msid="113889837" hostid="261" sizebytes="761582"></div>The logistical challenges and costs can mount quickly for destination weddings on remote islands. We once planned a wedding in the Maldives and had to fly or ship all our logistics, from furniture to cranes.We also once had a Coachella-type party at the <a target="_blank" class="" href="https://www.businessinsider.com/hikes-to-take-in-your-lifetime-2015-9">Jade Dragon Snow Mountain</a> in Yunnan, China, where we had to fly all our guests in and build tents in the middle of a snowcapped mountaintop.Entertainment is another key expense. It's not uncommon for clients to request a performance from world-renowned artists, like in the recent <a target="_blank" class="" href="https://www.businessinsider.com/ambani-pre-wedding-celebration-with-justin-bieber-performance-2024-7">Ambani</a> wedding. Whether it's a singer, a band, or even a magician, these acts can cost up a significant sum for just a few hours of entertainment.<h2 id="d66b8393-8c83-45eb-9f16-fba029eb465a">Satisfying personal tastes</h2>Then there are food and beverage costs, which can vary greatly depending on the client. Not every wealthy family wants to serve the most expensive wines in the world. For some, it's about sentimental value.I've had clients who preferred to fly in chefs from their favorite restaurant or home country to prepare a familiar meal rather than going for extravagance.We've also helped a client — a <a target="_blank" class="" href="https://www.businessinsider.com/us-states-with-best-wineries-vineyards-from-a-sommelier">wine</a> aficionado — locate and purchase a vineyard so he could serve wine with his own label at the wedding.When we get uncommon requests like this, it's important that we don't flinch and help our clients however we can.<h2 id="30090f0d-6b08-4ebb-8fda-b93314d90a4f">Younger generation's focus</h2>Multiple generations are also involved, each with their own expectations for the wedding day. For the older generation, upholding traditions is essential.For example, some traditional Chinese weddings have six different tea ceremonies to honor the family's elders.<div type="image" title="Chinese betrothal gifts" height="398" width="840" msid="113889839" hostid="261" sizebytes="63826"></div>On the other hand, the younger generation is more focused on creating intimate, personalized experiences.Many of my clients opt for multiple events — a massive celebration at home to honor family traditions, followed by a smaller, more intimate destination wedding for their close friends and loved ones.In recent years, I've noticed a shift in Asian weddings whereby younger generations emphasize upholding traditions in their weddings.It's no longer just about the Western-style white gown and vow exchanges. Couples incorporate traditional touches, unique to their own cultural roots, into the grand event.For example, it's common for the bride to have several wardrobe changes besides the standard white gown. For different events, she might wear other gowns reflective of her culture.It's been inspiring to see this because it differentiates the weddings we do here in Asia from those happening worldwide.We've had the opportunity to incorporate cultural aspects into weddings, from traditional Indian ceremonies to Moroccan and Bangladeshi elements, making these events stand out and celebrate the rich traditions of Asia.Many would flock to Lake Como or France for <a target="_blank" class="" href="https://www.businessinsider.com/overrated-wedding-traditions-according-to-wedding-planners-2024-5">destination weddings</a>, but I've always believed that choosing a location tied to one's culture makes the experience even more special.For example, the wedding we planned on the top of the Snow Jade Dragon Mountain in China was for a bride with deep cultural ties to the region. We involved local villagers in preparing a traditional feast, creating handmade furniture, and performing local songs, making the event beautiful, deeply meaningful, and authentic to the bride's heritage.Do you have a story to share about working around high-net-worth individuals? Email this reporter at <a target="_blank" href="mailto:lwee@insider.com">lwee@insider.com</a>.

I've planned weddings on mountains and seen million-dollar gowns, but that's not what young couples are spending more on

As 2024 wraps up, YouTube has unveiled its year-end trends, offering a window into the moments, creators, and events that captivated audiences across India. From cricketing showdowns to viral music tracks, the platform once again reflected the nation’s pulse, where billions of views transformed fleeting topics into lasting cultural highlights. The year’s biggest digital trends featured an eclectic mix of events and personalities. Dominating the conversation were global sporting spectacles like the ICC Men’s T20 World Cup, the Indian Premier League, and the Paris 2024 Olympics. These events amassed billions of views, cementing cricket and sports as evergreen passions for Indian audiences. Cultural moments also had their share of the spotlight. The Ambani wedding, a topic of unmatched intrigue, garnered over 6.5 billion views on videos that included “Ambani” and “Wedding” in their titles. Meanwhile, phrases like “moye moye” became internet sensations, accumulating 4.5 billion views. Iconic figures like Diljit Dosanjh and Ratan Tata inspired millions, with Dosanjh’s name linked to videos generating nearly 4 billion views. YouTube’s end-of-year report also shed light on India’s top content creators, whose innovative storytelling captured audiences worldwide. While global powerhouse MrBeast led the charge with 332 million subscribers, homegrown creators like Filmy Suraj Actor (32.5M) and Sujal Thakral (33.5M) proved the power of local content. Others such as Cristiano, Box of Vengeance, and the Stokes Twins further added to the platform’s diverse creator ecosystem. Indian creators made waves on Shorts, with hyperlocal music in languages like Marathi and Garhwali crossing borders to reach global audiences. Priyal Kukreja championed women’s voices, while creators turned memes, cricket moments, and celebrity weddings into engaging, bite-sized stories that resonated deeply with fans. Music continued to play a pivotal role in shaping YouTube trends. Songs like “Kurchi Madathapetti” by Sahithi Chaganti and Sri Krishna, “Jale 2” by Shiva Chaudhary, and “Aaj Ki Raat” by Madhubanti Bagchi and Divya Kumar defined 2024’s soundtrack. On YouTube Shorts, hits such as “Dhana” by Priyanka Meher and Rongpaz and “Tauba Tauba” by Karan Aujla kept audiences grooving. These tracks not only became fan favourites but also helped drive the platform’s engagement, with users creating endless remixes, dance challenges, and covers that extended the lifespan of each hit. One of the most striking trends of 2024 was the rise of active fan participation. Viewers weren’t just consuming content—they were shaping it. From cricket memes and music edits to reactions to celebrity weddings, fans co-created content that amplified the original stories, making them even more impactful.

YouTube unveils year-end trends, here is what India watched in 2024

<div type="image" title="The RBI has cracked the regulatory whip on NBFCs and banks, who&amp;#39;ve been pushing microfinance and unsecured loans aggressively to grow their loan books." agency="ANI" msid="114778648" hostid="261" caption="&amp;lt;p&amp;gt;The RBI has cracked the regulatory whip on NBFCs and banks, who&amp;#39;ve been pushing microfinance and unsecured loans aggressively to grow their loan books.&amp;lt;/p&amp;gt;"></div> Imagine this. You have a younger sibling you’re mighty envious of. And why not? Unlike you, they seem to enjoy all the freedom and money in the world. They party like there’s no tomorrow, and here you are, stuck in a boring, ultra-disciplined but responsible routine that feels completely devoid of any independence, and mostly, funds. But of late, things are changing. This sibling is in massive trouble and just cannot escape the parent’s wrath anymore. Long story short, the party is over, and it is time to go back home. The rising defaults on this sibling’s part have now begun pulling the entire house down, thereby attracting the regulator’s ire. <h2>The Wild West of <keyword id="113684" type="General" weightage="20" keywordseo="microfinance" source="Orion">microfinance</keyword> and unsecured loans</h2>It's hard to ignore the issues with microfinance and unsecured loans in India. Many saw them as a small gamble and ignored the rising defaults much like the younger siblings’ tantrums, and now they find themselves in hot waters. The skyrocketing instances of non-payments aren't a micro-issue anymore and are threatening the stability of the entire banking system. In the quarter ended September 30, 2024, 5 of India’s 8 largest private sector <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword> reported a steep rise in their bad loan book, mostly thanks to microfinance loans. Some banks, in a bid to strengthen their fortress against these <keyword id="142154" type="General" weightage="100" keywordseo="bad-loans" source="Orion">bad loans</keyword>, have significantly upped their provisions. For instance, IndusInd Bank set aside Rs 525 crore during July and September 2024 to battle the menace of defaults on microfinance loans, which make up about 9% of its total loan book. See, banks rely heavily on their interest income, which they earn from advancing loans. Any loan where the borrower has not paid interest to the bank or defaulted for 90 days or more becomes bad, i.e. an NPA, or non-performing asset for the bank. And who likes things going bad? Simply put, there has been a steep rise in three areas, much to the dislike of banks and MFIs (micro-finance institutions). But hey, it's mostly their doing! <ol><li>GNPA ratio (gross net performing assets): The quantum of non-performing assets a bank has in proportion to its total assets.</li><li>Provision: The amount banks set aside to take care of such NPAs.</li><li>Slippage ratio: The rate at which good girls go bad, or the speed at which good loans turn into NPAs</li></ol>But how are these plaguing the Indian banking sector? And what does the road ahead look like? We decode it for you. <h2> Microfinance: A not-so-micro-menace</h2>Microfinance loans were initially brought forth for low-income households and individuals i.e. for those who might not generally have access to traditional ways of credit, like bank loans and more. They don’t require collateral or an asset to be pledged in lieu of the loan, making it a tad bit easier for borrowers. As of June 2024, the amount of outstanding loans in the microfinance industry stood at a staggering Rs 4,20,256 crore. Of this, NBFC-MFIs accounted for 40% and banks made for 33% of these. In 2022, RBI, in a bid to inspire some competition in this space, did something radical-they did away with the ceiling on how much interest MFIs could charge their customers. Previously, MFIs could add up to 12% to their cost of acquiring funds to determine the final interest rate chargeable to the consumer. So, assuming that Bank A incurs a 5% cost to acquire funds for further loaning, A could charge up to 17% interest from the end consumer. So, interest rates were in the hands of MFIs, and boy, did they have a gala time with it. Instead of spurring some healthy competition, as RBI expected, MFIs and banks went rogue and all guns blazing, competing for the title of “Who will charge the highest interest?” Recently, RBI banned 4 microfinance institutions (MFIs), namely Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited, and <keyword id="20117932" type="General" weightage="20" keywordseo="navi-finserv" source="keywords">Navi Finserv</keyword> from disbursing loans effective October 21, 2024. Why? Because they were charging 14% extra interest over their original cost of funds. To maintain their loan books (and pockets), banks and NBFCs resorted to shady practices like netting off loans, which RBI has now advised MFIs against. Here, lenders allow borrowers to settle a previous outstanding loan by issuing them a new loan! As crazy as it sounds, it helped banks to report less of their total assets as NPAs, since the new credit would cover pending instalments of the borrower’s previous loan. Then there was the issue of borrowers overleveraging, i.e. taking multiple loans using different IDs from various lenders and then failing to honour any of them. The consequence? Banks and NBFCs end up with massive NPAs. Data from credit bureaus suggests that over the last quarter, there was a 17.2% rise in the number of borrowers who had 5 or more active loans at the same time. <h2>Growth &gt; Caution</h2>It's an age-old tale unfolding yet again in India’s banking sector- Icarus flew too close to the sun and eventually, fell to its death. Between April and June 2024, NBFCs microfinance portfolio jumped by 2.7%. If you see this in terms of loan sources, microfinance loans issued by banks grew by 11.2% in Q1FY25. But the same portfolio in NBFCs swelled by almost double-23.9%. While most of these loans had an average ticket size between Rs 30,000-50,000, there was a sharp spike in the number of loans that had a ticket size of Rs 80,000 or more. Data suggests that as of March 2024, more than 12% of all microfinance borrowers had over 4 or more active loans. In dating parlance, this is a classic case of borrowers going polyamorous, minus the honesty and transparency. Not the best of situations, you'd agree! <h2>Will banks and NBFCs stand up to this stress?</h2>If their results for Q2FY25 are to be believed, NBFCs are not handling the pressure all that well. Or even slightly well. Only a few banks like Bank of Baroda (BoB), ICICI, and Indian Bank were up for the battle, even witnessing a decline in their loan delinquencies. Some others, like IndusInd Bank, saw their stock dip by a massive 16.2% over the last 5 days. Its slippages in the previous quarter burgeoned from Rs 15.3 billion in Q1FY25 to Rs 17.9 billion in Q2. As a result, the bank pushed a staggeringly high amount of money to create an NPA cushion for itself. While its management has highlighted its preference for secured lending, that was hardly reflected in its actions during the quarter, where growth in unsecured personal loans remained exceptionally high at over 7% on a QoQ basis. Turns out, only 44% of customers in IndusInd Banks’ microfinance loan portfolio were exclusive to it. The rest 47% were, you guessed it right-polyamorous! 27% had borrowed from another lender as well, apart from IndusInd Bank, while 20% were those who had outstanding loans with two other lenders, apart from IndusInd Bank. IndusInd Bank’s credit card segment did not miss the NPA bus and accounted for 7-8% of its GNPAs. Canara Bank’s total slippages during the previous quarter jumped to Rs 11.1 billion, up by 24.7% QoQ, and making up for 3.6% of its total loans. As for Bandhan Bank, its gross NPA for Q2FY25 inched up on a QoQ basis, up from 4.23% in Q1, to 4.68% in the second quarter. IDFC Bank’s heavy provisioning for its NPAs marred its profits significantly, causing its PAT (profit after tax) to dip by 73% on a YoY basis. Data from ICRA Analytics suggest that the AUM (asset under management) growth in microfinance loans and unsecured (personal and business) loans by the NBFCs will moderate to 10-12% and 19-21%, respectively, in FY2025 compared to 30% and 38%, in FY2024. Says A M Karthik, Senior Vice President &amp; Co-Group Head, Financial Sector Ratings, ICRA, “As bank funds constitute a larger share in the overall funding of NBFCs, a slower credit flow from banks to the NBFCs will compress their AUM growth. The NBFCs in unsecured and digital lending businesses shall face a higher squeeze in funding compared to others, and the unsecured lending space will continue to be a source of stress in the near term.” There has been uninhibited growth in <keyword id="6051027" type="General" weightage="20" keywordseo="Unsecured-loan" source="Orion">unsecured loan</keyword>s, apart from just the microfinance segment. For instance, Axis Bank’s gross slippages jumped by Rs 4,443 crore, largely thanks to its unsecured business. The same is the case with Yes Bank, which saw 35–40% of its retail slippages emerging from the unsecured loan portfolio. <keyword id="6376194" type="General" weightage="20" keywordseo="kotak-mahindra" source="Orion">Kotak Mahindra</keyword> Bank was also quick to follow Yes Bank’s suit, with around 35%-40% of its slippages coming from credit cards. <h2>How is the road ahead?</h2>While RBI has just cracked its whip and served a warning at the moment, experts at Morgan Stanley believe that more changes (read regulatory lashes) are underway. Moreover, with both festive and wedding seasons underway in our country, unsecured lending might pick up momentum, much to the disdain of the calibrated approach banks have been taking towards it so far. But if the situation doesn't improve, RBI will not waste any time in becoming the typical tyrannical <keyword id="19897820" type="General" weightage="20" keywordseo="bollywood" source="keywords">Bollywood</keyword> headmaster who runs his dominion with an iron fist. However, that's a story for another day. Do you have a topic in mind you'd want a simpler explanation for, or insights or personal experience to share on personal finance and more? Contact us at businessinsider@timesinternet.in.

Simply Put: Is the lending party over? The dangerous tango of Indian banks with microfinance and unsecured loans

Anant Ambani and Radhika Merchant's wedding is set to be one of the most iconic wedding bashes of the year. After two luxurious pre-wedding events, the main wedding celebrations will finally happen this week from July 12th to July 14th at the Jio Convention Centre in BKC, Mumbai. The events start on Friday, July 12th, with the main wedding ceremony called Shubh Vivah. On Saturday, July 13th, there will be a ceremony called Shubh Aashirwad to seek blessings for the couple. The celebrations will end on Sunday, July 14th, with a big wedding reception known as the Mangal Utsav. Here’s everything you need to know about the Radhika merchant and Anant <keyword id="6508014" type="General" weightage="20" keywordseo="Ambani-wedding" source="Orion">Ambani wedding</keyword>: <h2>Expected performances</h2>From Rihanna performing at the pre-wedding event in March to Justin Bieber at the Sangeet ceremony, everyone is curious about who will perform at the main wedding festivities. According to media reports, <a href="https://www.businessinsider.in/entertainment/news/adele-drake-and-lana-line-up-to-perform-at-anant-ambani-and-radhika-merchants-wedding-in-mumbai/articleshow/111480856.cms">Adele, Drake, and Lana Del Rey will perform in Mumbai</a> from July 12th to 14th. Additionally, as per Hindustan Times, Indian singers like Sonu Nigam, Shankar Mahadevan, Hariharan, Shreya Ghoshal, and Kaushiki Chakraborty are also expected to perform live at the wedding. They will sing some devotional songs and shlokas as well, including "Shri Krishna Govind Hare Murari" by Sonu Nigam. <h2>Guests list</h2>Mukesh Ambani and family have reportedly invited hundreds of prominent personalities from national and international business, political, and entertainment spaces, including politicians like Mohan Bhagwat, Rahul Gandhi, Sonia Gandhi, Eknath Shinde, the Thackeray family, and Fadnavis; Bollywood stars such as Salman Khan, Shah Rukh Khan, Aamir Khan, Amitabh Bachchan, Ranbir Kapoor, Alia Bhatt, Arjun Kapoor, Janhvi Kapoor, Sidharth Malhotra, Kiara Advani, Shahid Kapoor, Vicky Kaushal, among others. <h2>Food Menu</h2>At the pre-wedding celebrations in Jamnagar, many international dishes were also featured, and they are expected to be part of the wedding menu as well. The wedding menu has a special twist, as Nita Ambani personally chose delicacies from the famous Kaashi Chaat Bhandaar during a recent visit to Varanasi. Guests can look forward to street food favourites like tikki, tomato chaat, palak chaat, chana kachori, and kulfi for dessert. This is just one example of the delicious food. <h2>Traffic advisory issued by Mumbai Police ahead of Wedding</h2>The Mumbai Traffic Police has issued a traffic advisory for those travelling to BKC during the high-profile wedding of Anant Ambani and Radhika Merchant. <div type="twitter" handle="MTPHereToHelp" handlename="MTPHereToHelp" favoritecount="0" retweetcount="0" id="1809236631905247702"></div>“On July 5, 12th to 15th, a social program is being organised at the Jio World Convention Centre, BKC in the Bandra area of Mumbai. In order to avoid inconvenience to the people, vehicular traffic on the road leading towards the Jio Convention Centre needs to be diverted,” Mumbai Traffic Police said in a notification on social media. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/a-closer-look-at-mosalu-and-mameru-ceremonies-before-anant-and-radhikas-wedding/articleshow/111510666.cms" data-type="tilCustomLink" target="_blank">A closer look at Mosalu and Mameru ceremonies before Anant and Radhika’s wedding</a>

Anant Ambani - Radhika Merchant wedding: Key details on performances, menu, guest list, and yes, the traffic advisory

I saved more than $10,000 on my Indian wedding by skipping some traditions and using fake flowers

<ul class="summary-list"><li>The pre-wedding festivities for Anant Ambani and Radhika Merchant cost many millions of dollars.</li><li>Critics say the big spending highlights the wealth disparity in India, where many live in poverty.</li></ul>The lavish <a target="_blank" href="https://www.businessinsider.com/ambani-wedding-guests-celebrities-performance-dress-code-party-billionaire-2024-3?r=US&amp;IR=T#the-couple-hosted-a-communal-dinner-for-51-000-people-1">pre-wedding festivities for Anant Ambani,</a> the son of <a target="_blank" href="https://www.businessinsider.com/how-rich-mukesh-ambanis-india-2020-1">Asia's richest person,</a> and Radhika Merchant, also the child of a billionaire, made headlines worldwide for their extravagance.But critics say it showed a telling disregard for the struggles of the many millions of Indians living in poverty.Spanning three days, the <a target="_blank" href="https://www.businessinsider.com/anant-ambani-mom-nita-worked-hours-months-pre-wedding-reliance-2024-3">pre-nuptial event</a> included a <a target="_blank" href="https://www.businessinsider.com/rihanna-ambani-wedding-performance-india-lazy-pregnant-first-show-years-2024-3">private performance by Rihanna,</a> which <a target="_blank" href="https://www.businessinsider.com/how-much-costs-music-star-rihanna-beyonce-ambani-wedding-performance-2024-3?r=US&amp;IR=T">estimates suggest cost up to $9 million</a>. There was a trail featuring live animals and a nine-page dress code.The mother of the groom-to-be, Nita Ambani, wore a necklace worth valued at some $60 million, which Business Insider noted was perhaps one of the <a target="_blank" href="https://www.businessinsider.com/nita-ambani-jewelry-at-anant-ambani-pre-wedding-celebration-2024-3?r=US&amp;IR=T">biggest shows of wealth.</a>Almost half of the 1.4 billion people in India live below the median poverty line of $3.65 a day, per the <a target="_blank" href="https://pip.worldbank.org/country-profiles/IND">World Bank,</a> and activists say the ostentatious displays of wealth are an affront to the country's poor.<h3>'It feels unfair'</h3>"There is so much poverty all around," said Shyam Bihari, a Delhi fruit seller and social worker, in a conversation with BI."It feels unfair to see this amount of money being spent on a wedding when so many people are still unable to access basic necessities like food and water," he said.Large swathes of India's population have long grappled with food insecurity and water scarcity.According to the <a target="_blank" href="https://www.wfp.org/countries/india">World Food Programme,</a> a quarter of the world's undernourished people live in India. <a target="_blank" href="https://www.wateraid.org/in/stories/the-daily-struggle-for-water-in-bundelkhand#:~:text=India%20is%20home%20to%2063.4,make%20such%20challenges%20more%20acute.">WaterAid says</a> that around 35 million Indians lack access to safe water.Rajni Haldia, a Delhi-based cleaner who earns $25 a month, told BI that she felt "very bad" watching the coverage of the lavish pre-wedding festivities while knowing the extent of poverty in India.Haldia said: "I hope all the rich people who came to India for the wedding are seeing the difference between the rich and poor, and I hope the government can do more to tackle this."Rakhi Tripathi, a peace activist and associate professor at New Delhi's FORE School of Management, told BI that the extravagant celebrations show a "disconnect" between India's elite and the rest of the population.Tripathi pointed out that <a target="_blank" href="https://www.bnnbloomberg.ca/india-allots-142-billion-for-free-grains-to-800-million-people-1.2004794">800 million of India's 1.4 billion population receive monthly food rations</a> of wheat or rice.She said: "In a country like this, when we have such a huge event, spending crores of rupees, yeah, lack of empathy is the correct word."(Crore is an Indian term for 10 million; 1 crore rupees is around $120,000.)Sohini Kar, an associate professor at the London School of Economics, whose work focuses on urban India, told BI she agrees."I certainly think there's a lack of empathy, awareness," she said.(A representative for the Ambanis did not immediately respond to a request for comment from BI.)Kar also said the festivities were emblematic of the troubling levels of wealth disparity in India.According to <a target="_blank" href="https://bi.slack.com/archives/D06089ABVLM/p1709898345719679">Oxfam International</a>, the top 10% of the Indian population holds 77% of the total national wealth.In the US, the St Louis Fed says <a target="_blank" href="https://www.stlouisfed.org/institute-for-economic-equity/the-state-of-us-wealth-inequality">the figure is 66.6%</a>.The groom-to-be's father, <a target="_blank" href="https://www.businessinsider.com/how-rich-mukesh-ambanis-india-2020-1">Mukesh Ambani</a>, has an estimated net worth of $113 billion, making him the richest person in Asia and the 11th richest person globally, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/?embedded-checkout=true">Bloomberg Billionaires Index</a>.Kar noted that the family is known in India for its extravagance, and lives in a skyscraper.She said: "Their house itself in Mumbai is a stark reminder of the kind of disparity of wealth, where you can sort of visually see this massive house for one family over the slums around their area."According to Architectural Digest India, the 27-story property cost an estimated <a target="_blank" href="https://www.businessinsider.com/ambani-house-photos-altamount-road-mumbai-spa-parking-amenities-art-2024-3?r=US&amp;IR=T#:~:text=The%20Ambani%20family%20owns%20the,contains%20a%20168%2Dcar%20garage.">$1 billion to build</a>. It towers over <a target="_blank" href="https://www.bloomberg.com/billionaires/?embedded-checkout=true">Mumbai's Golibar slum.</a>In 2011, Ratan Tata, another of India's richest men, told <a target="_blank" href="https://timesofindia.indiatimes.com/city/mumbai/Antilla-Mukesh-Ambanis-house-shows-lack-of-empathy-for-poor-Ratan-Tata/articleshow/8506287.cms">The Times of India:</a> "It's sad because this country needs people to allocate some of their enormous wealth to finding ways of mitigating the hardship that people have."The Ambani family does donate to charitable efforts through the Reliance Foundation. That body, founded by Nita and Mukesh Ambani, is one of the largest nonprofits in the country.<div type="image" title="Anant Ambani, son of Mukesh Ambani, Chairman of Reliance Industries, and Radhika Merchant, daughter of industrialist Viren Merchant, serve traditional Gujarati food to villagers ahead of their pre-wedding celebrations on the outskirts of Jamnagar, Gujarat, India, February 28, 2024." height="2812" width="4251" msid="108333407" hostid="261" sizebytes="852730"></div>The wedding also featured a communal dinner that fed some 51,000 local residents in Gujarat, <a target="_blank" rel=" nofollow" href="https://www.thehindu.com/news/national/anant-ambani-radhika-merchants-pre-wedding-celebrations-begin-with-anna-seva/article67898600.ece">The Hindu</a> reported.But, still, Kar suggested that the tens of millions spent on the festivities could have been spent on charitable initiatives, like addressing child malnutrition.She said: "The amount of spending they had on one event could certainly go toward a much larger program for that kind of thing."

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