REC records its highest 9-month profit in FY24 at over Rs 10,000 crore
Public sector Non-Banking Finance Company (NBFC), REC, on Tuesday registered its highest ever nine-month profit of Rs 10,003 crore.
Public sector Non-Banking Finance Company (NBFC), REC, on Tuesday registered its highest ever nine-month profit of Rs 10,003 crore.
Comments on the draft circular are invited from NBFCs, HFCs and other stakeholders by February 29, 2024.
Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday expressed grave concern over the high “concentration” of credit that NBFCs were availing from banks to finance their lending operations and said this has emerged as “a risk” in the system.
It was revealed that the ownership documents as well as particulars of borrowers were false, forged & manipulated. The complainant NBFC company, suffered a huge loss due to this act of cheating and fraud.
With this the firm will be one of the top-40 Indian companies by market capitalisation. The list is headed by Reliance at $233 billion.
The Capital Adequacy Ratio of the company stands at a comfortable 25.78 per cent as on March 31, 2023, implying ample opportunity to support future growth.
The accused Mrs. Amrita Kindo, Managing Director of Diya Diary Agro Processor Pvt. Limited had availed the loan by resorting to fraudulent practice from another Bhubaneswar-based NBFC Annapurna Finance Private Limited.
The US Agency for International Development (USAID) is an international development agency of the US government and works towards uplifting lives
However, non-deposit taking NBFCs with asset size below Rs 1,000 crore have the option to continue with their extant procedure.
BlackSoil Capital’s portfolio includes OYO, LetsTransport, Purplle, Furlenco among other firms.