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Mumbai, <keyword id="46013" type="General" weightage="50" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword> on Friday said the <keyword id="50847" type="General" weightage="50" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword> has given approval for its Rs 537-crore acquisition of microlender <keyword id="739165" type="General" weightage="80" keywordseo="sonata-finance" source="Orion">Sonata Finance</keyword>. The city-headquartered private sector lender had on February 10 this year announced its intent to acquire Sonata. "<keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> has, vide its letter dated October 19, 2023 received by the Bank on October 19, 2023, conveyed its approval to the Bank, for acquiring 100 per cent of the issued and paid up capital in Sonata," a regulatory filing by <keyword id="39409" type="General" weightage="100" keywordseo="kotak" source="Orion">Kotak</keyword> Mahindra Bank said. The RBI has allowed Kotak to make Sonata as its business correspondent subsidiary and the entity will now be a wholly-owned subsidiary of Kotak Mahindra Bank, it added. In February, Kotak had said that Sonata had Rs 1,903 crore of assets under management and serviced 9 lakh people as of December 2022. The acquisition will help the lender deepen presence in the rural and semi-urban pockets in north India, it had said.

Kotak Bank gets RBI nod for acquisition of microlender Sonata Finance

<ul><li><keyword id="739165" type="General" weightage="20" keywordseo="sonata-finance" source="Orion">Sonata Finance</keyword> will be a wholly owned subsidiary of the bank after receiving regulatory and other approvals. </li><li>As of Dec 31, 2022, SFPL has an Assets Under Management (AUM) of around ₹1,903 crore, servicing 9 lakh customers. </li><li><keyword id="46013" type="General" weightage="20" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword> says that the acquisition provides the potential to scale up operations especially in the rural and semi-urban markets in North India. </li></ul>Kotak Mahindra Bank said on Friday that it has executed a binding share purchase agreement to acquire 100% of equity of Sonata Finance for aggregate all-cash consideration of approximately ₹537 crore. Sonata Finance or SFPL, a microfinance institution will be a wholly owned subsidiary of the bank after receiving regulatory and other approvals. The deal is subject to regulatory and other approvals, including from the Reserve Bank of India. “SFPL provides a strong platform to enable the bank to become a significant player in the financial inclusion segment, catering to economically weaker and underserved households in a commercially viable manner,” Kotak Mahindra Bank said in a press release. As of Dec 31, 2022, SFPL has an Assets Under Management (AUM) of around ₹1,903 crore, servicing 9 lakh customers. It has 502 branches across 10 states. This complements with the Kotak Mahindra Bank’s microfinance network, the latter said in a press release. "Sonata is a leading microfinance player and has built a strong enterprise over the last two decades. We had successfully acquired BSS Microfinance in 2017 and since then have been able to integrate and steadily grow our presence in the financial inclusion segment with an advances book in excess of ₹ 5,300 crore serving around 1.3 million borrowers,” said Manish Kothari, president – commercial banking, Kotak Mahindra Bank. This acquisition also provides Kotak Mahindra Bank with the potential to scale up operations especially in the rural and semi-urban markets in the northern states of India. The bank said that SFPL is an established microfinance player with deep understanding of customers in these markets. The bank will also leverage SFPL’s network to provide a wider suite of banking products to SFPL’s customer base. The bank also believes that the acquisition is expected to be value accretive due to the economies of scale and unlocking of efficiencies. Anup Kumar Singh, CEO and MD of SFPL said that Sonata was started with the objective of providing financing to underserved customer segments. “I believe this mission is best served in a scalable and sustainable manner on a big bank’s platform. I am pleased that current customer households of Sonata will benefit from <keyword id="6407278" type="General" weightage="20" keywordseo="kotak-bank" source="Orion">Kotak Bank</keyword>’s full range of products, and best-in-class digital services,” he added.

Kotak Mahindra Bank acquires microfinance institution Sonata Finance for ₹537 crore

The provisional figures of Direct <keyword id="45031" type="General" weightage="20" keywordseo="tax" source="Orion">Tax</keyword> collections up to February 10, continue to register steady growth. Direct Tax collections up to February 10 showed that gross collections are at ₹15.67 lakh crore which is 24.09 per cent higher than the gross collections for the corresponding period of last year. According to the <keyword id="156153" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="Orion">Ministry of Finance</keyword>, <keyword id="72785" type="General" weightage="20" keywordseo="direct-tax-collection" source="Orion">Direct Tax collection</keyword>, net of refunds, stands at ₹12.98 lakh crore which is 18.40 per cent higher than the net collections for the corresponding period of last year. This collection is 91.39 per cent of the total Budget Estimates of Direct Taxes for F.Y. 2022-23 and 78.65 per cent of the Revised Estimates of Direct Taxes for FY 2022-23. So far, as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 19.33 per cent, while that for PIT (including STT) is 29.63 per cent. After adjustment of refunds, the net growth in CIT collections is 15.84 per cent and that in PIT collections is 21.93 per cent (PIT only)/ 21.23 per cent (PIT including STT). Refunds amounting to ₹2.69 lakh crore have been issued during April 1, 2022 to February 10, 2023, which are 61.58 per cent higher than refunds issued during the same period in the preceding year, said the Ministry. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/kotak-mahindra-bank-acquires-microfinance-institution-sonata-finance-for-537-crore/articleshow/97804274.cms">Kotak Mahindra Bank acquires microfinance institution Sonata Finance for ₹537 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/demand-supply-mismatch-pushes-home-rents-across-india-by-13-5-in-2022-magicbricks/articleshow/97804664.cms">Demand-supply mismatch pushes home rents across India by 13.5% in 2022: Magicbricks</a>

Direct Tax Collections (FY 2022-23) records growth at ₹15.67 lakh cr

<keyword id="70910" type="General" weightage="20" keywordseo="Hyundai-Motor" source="Orion">Hyundai Motor</keyword> said on Monday that its <keyword id="2198852" type="General" weightage="20" keywordseo="first-quarter-net-profit" source="Orion">first-quarter net profit</keyword> rose 17 per cent from a year earlier as an improved product mix and a weak won helped offset the impact of chip shortages. Net profit for the three months ended in March rose to 1.78 trillion won ($1.42 billion) from 1.52 trillion won a year earlier, the company said in a statement. "A combination of increased sales of high-end Genesis and SUV models, friendly exchange rates and low inventory levels helped offset the impact of global <keyword id="10389950" type="General" weightage="20" keywordseo="chip-shortage" source="Orion">chip shortage</keyword> and higher raw materials prices," the statement said. <keyword id="596" type="General" weightage="100" keywordseo="hyundai" source="Orion">Hyundai</keyword> expects parts supply shortages fueled by the lockdown in Shanghai and high raw materials costs driven by the Russia-Ukraine war will remain major woes for carmakers in the second quarter, reports Yonhap news agency. "The company will make efforts to achieve this year's business guidance by taking a variety of measures, despite those global market uncertainties," Seo Gang-hyun, executive vice president in charge of Hyundai's finance and accounting division, said in the company's earnings conference call. In 2022, Hyundai aims to sell 4.32 million vehicles, 10 per cent higher than its sales of 3.89 million units a year ago. The maker of the Sonata sedan and the Palisade SUV plans to focus on expanding sales of Hyundai's independent Genesis brand and Hyundai SUV models in the US and environment-friendly cars in Europe. In the US, the world's most important automobile market, Hyundai plans to gradually launch three fully electric Genesis models -- the GV60 SUV, the G80 sedan and the GV70 SUV -- this year. It sells the G70, G80, G90 sedans and GV70 and GV80 SUV models under the independent Genesis brand. Record-low inventory levels and planned global launches of vehicles built on <keyword id="434999" type="General" weightage="50" keywordseo="hyundai-motor-group" source="Orion">Hyundai Motor Group</keyword>'s EV-only electric-global modular platform (E-GMP) will help prop up the bottom line from the third quarter, analysts said. E-GMP models include the IONIQ 5 launched last year and the IONIQ 6 sedan and IONIQ 7 SUV set to be released this year and in 2024, respectively. But rising prices of lithium, nickel, and cobalt, key materials needed to make car batteries, will push up the manufacturing costs of electric vehicles. Hyundai said it will purchase more car batteries in advance, through partnerships with battery manufacturers, to minimize the impact of growing price volatility on the bottom line. It plans to spend 9.2 trillion won this year mainly on facility investments and research and development activities. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/here-are-the-new-credit-card-rules-effective-from-july-1-2022/articleshow/91071855.cms">From adjusting refunds against amount due to charges for disputes, here are the new credit card rules effective from July 1</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/motorola-launches-the-moto-g52-mobile-in-india/slidelist/91071402.cms">Motorola launches the Moto G52 in India —here are the top 10 highlights</a>

Hyundai Motor's profit up 17%, aims to sell 4.32 million vehicles this year

<ul><li>In an exclusive interview with Business Insider, Triton CEO, Himanshu Patel revealed that the company is looking to invest around $650 million to $1 billion in setting up a manufacturing facility in India.</li><li>Patel believes that the Triton N4 model will differ from what the current carmakers have in India.</li><li>He further explained that the solar panel in their car could generate up to 1.3 kilowatts per hour, which will offset mileage losses. “By just doing this, we’re saving about close to 30% of the battery for being used during traffic times,” he added. </li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>A US-based carmaker Triton is gearing up to enter India with its electric sedan N4, the same year as Elon Musk, and the company’s founder and CEO, Himanshu Patel, got candid in an exclusive interview with Business Insider. “We’ve really talked through every component, like from the grid infrastructure to the conditions of the roads of India. We’re building the car based on every component of India’s infrastructure,” said Patel, who believes that the solar panel atop Triton’s cars give it the edge over its potential competitors in India. <div type="image" title="WhatsApp Image 2021-01-16 at 9.49.51 PM." msid="80442308" hostid="261" caption="&amp;lt;p&amp;gt;Himanshu Patel, Founder and CEO&amp;lt;/p&amp;gt;"></div> The reason for Triton’s entry at this time is pretty evident. From, Elon Musk-led Tesla registering its Indian subsidiary in Bengaluru to Tatas planning a <a href="https://www.businessinsider.in/business/auto/news/checkout-the-new-electric-car-expected-to-launch-in-2021/slidelist/79584123.cms">slew of EV launches in 2021</a> — everyone wants a bite of India’s booming EV industry. But Patel is confident because, according to him, “the Indian carmakers are just trying to make a very cheap price point to enter the market just like Tatas or any other manufacturers of India. I think that’s the wrong approach in my opinion.” SEE ALSO: <a href="https://www.businessinsider.in/budget/news/from-sunglasses-to-smartphones-global-manufacturers-need-to-understand-the-indian-consumer-before-making-asks-from-the-budget/articleshow/80383039.cms">From sunglasses to smartphones, global manufacturers need to understand the Indian consumer before making asks from the budget</a> “In a majority of the cities people are sitting on an average four to five hours a day in traffic and you have extremely high heat during those times, what happens to your power consumption of your battery? It does chew it up because AC uses quite a bit of power. And, we use solar panel technology on the roof of our car to address that issue. I just think that you know a lot of those guys are not considering those things,” Patel said. Triton is looking to invest around $650 million to $1 billion in setting up a manufacturing facility in India. The company is also in final stage discussion with Bharat Electronics Limited (BEL) to assist it in the manufacturing for its battery, as well as our electronic components. The company is also in talks with different state authorities to set up its facility in India. However, the CEO declined to name those. The company is looking to start manufacturing its first vehicle in 3-6 months from now and aims to roll out the first car by the end of this year. The promise of long battery life He further explained that the solar panel in their car could generate up to 1.3 kilowatts per hour, reducing the AC from 3 KW draw to 1.3 KW draw. “This offsets the losses of mileage or kilometers in India. By just doing this, we’re saving about close to 30% of the battery for being used during traffic times.” The use of solar panels is not new to the EV industry, but it would be new for India. The Korean carmaker Hyundai has also used similar solar roofs in its Sonata Hybrid, which is <a href="https://www.zigwheels.com/newcars/Hyundai/sonata">expected </a>to launch in February this year in India. The Sonata Hybrid is already available in the US and other global markets. <div type="image" title="triton 2" msid="80442339" hostid="261"></div> But would solar panels be enough to feed the battery alone? Although the solar panel will reduce the battery’s load, it wouldn’t be enough for the car to operate on the solar panels alone. And, that is the pain point for the EV makers. The idea of going green looks promising, but the Indian EV infrastructure continues to be a big challenge for them. As of the latest data, India had <a href="https://www.deccanherald.com/opinion/panorama/india-s-ev-conundrum-incentives-in-place-but-no-infrastructure-933477.html">650 places</a> where people could charge the EVs. However, Patel revealed that they are in talks with many dealerships in major cities and other cities to set up their dealer facility to carry their EV fast chargers. “And basically you know what our goal is to not only have multiple dealership outlets, but also, have satellite dealership outlets. So the satellite dealership outlets means that you have less infrastructure, but you have charging stations. We feel this is gonna be a very good starting point to get people to be able to get fast charging from ourselves as far as our building goals,” he said. Meanwhile, the company is also tying up with other charging companies in India cities like Delhi, Mumbai, Gujarat, Hyderabad and Karnataka. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2021-may-be-an-opportunity-to-help-indian-electric-vehicles-to-compete-with-elon-musks-tesla/articleshow/80243751.cms" data-type="tilCustomLink">India needs Elon Musk’s Tesla as well as local electric cars to compete⁠ — here’s what Finance Minister’s Budget 2021 may do</a> <a href="https://www.businessinsider.in/budget/news/do-not-panic-when-finance-minister-nirmala-sitharaman-reads-out-the-revised-estimates/articleshow/80400869.cms" data-type="tilCustomLink">Do not panic when Finance Minister Nirmala Sitharaman reads out the revised estimates</a>

You Searched For "sonata finance" and got 5 results

Kotak Bank gets RBI nod for acquisition of microlender Sonata Finance

PTI

Kotak Mahindra Bank acquires microfinance institution Sonata Finance for ₹537 crore

Katya Naidu

Direct Tax Collections (FY 2022-23) records growth at ₹15.67 lakh cr

IANS

Hyundai Motor's profit up 17%, aims to sell 4.32 million vehicles this year

IANS

An American electric car maker explains why it took a different route than Elon Musk’s Tesla, Tata Motors or Mahindra

Navdeep Yadav

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