BlackOpal group gets RBI’s nod to start NBFC

BlackOpal group gets RBI’s nod to start NBFC

BlackOpal is an Asset Management company, announced that it received a license from the Federal Reserve System Bank of India to start out NBFC operations. There is a proposal, proposed by the company to figure the financial operations under a separate SPV of the group BlackOpal Financial Services Pvt Ltd.

During a press release they said, company has already raised $1.5 million for minority stake dilution and to start NBFC and It plans to use 50% of funds in retail and another half in land projects.

The company is additionally getting to raise $5-7 million within the next one year and is targeting a book size of $15-17 million by the top of 2022.

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Malabar Gold goes to take a position Rs 1,600 cr to open 56 stores in FY22

Malabar Gold & Diamonds is on an expansion by investing of Rs 1,600 crore in next financial year to add 56 more stores. The Kozhikode, Kerala-based gold retailer said of the 56 new stores, 40 would be within the country and therefore the rest 16 overseas. The company expects to get 1,750 new jobs with this next year.

Company chairperson MP Ahammed said, "Expansion of our presence by 56 more stores make us investing Rs 1,600 crore and it shall generate 1,750 new jobs."

Most of the expansion in domestically are in Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, Bengal, UP, Odisha and Kerala, he said.

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The further plan is to expand the business international strengthen its position in Singapore, Malaysia, Oman, Qatar, Bahrain and thus the UAE, he said, adding this is in line with our ambitious plan to treble our retail network from over 250 showrooms this year to 750 outlets by 2023.

Of the entire planned expansion, 12 stores will come up within the half-moon of FY22 as in some places sit is already secured retail spaces.

This company was started in 1993 in Kozhikode, it has come an extended because of become the world's fifth largest jewellery retailer with over 250 showrooms which covers 10 geographies and having annual turnover of around Rs 30,000 crore.

It has 13 cluster-manufacturing units within the country and within the GCC and has 12 jewellery brands.

India’s March gold imports surge 471% to a record of 160 tonnes

MUMBAI: India's gold imports in March surged 471% from a year earlier to a record 160 tonnes, a government source told Reuters on Thursday, as a reduction in import taxes and a correction in prices from record highs drew retail buyers and jewellers.

Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices, which have corrected nearly 17% from an all-time high of $2,072 in August 2020.

The surge in imports could increase India's trade deficit and pressure the rupee. India imported a record 321 tonnes in the March quarter, up from 124 tonnes a year ago.

In value terms, March imports surged to $8.4 billion from $1.23 billion a year ago and In February, India slashed import duties on gold to 10.75% tax from 12.5% to boost retail demand and curtail smuggling into the South Asian country.

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RBI adds glitter to gold, allows 90% loans against jewellery till Mar 2021
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The Federal Reserve Bank of India on Thursday added additional shine to gold ornaments and jewellery by allowing banks to offer loans up to 90 per cent of the worth of such items pledged by borrowers.

At present, loans sanctioned by banks against pledge of gold ornaments and jewellery is up to 75 per cent of the worth of such items.

The additional loan against jewellery is predicted to mitigate the economic impact of the Covid-19 pandemic on households, entrepreneurs and tiny businesses and help them bridge over their temporary liquidity mismatches.

With a view to further mitigate the economic impact of the Covid-19 pandemic on households, entrepreneurs and tiny businesses, it's been decided to extend the permissible loan to value ratio (LTV) for loans against pledge of gold ornaments and jewellery for non-agricultural purposes from 75 per cent to 90 per cent, the RBI said in its circular sent to all or any or any or any or any commercial banks.

The enhanced LTV ratio are going to be applicable up to March 31, 2021. Accordingly, fresh gold loans sanctioned on and after April 1, 2021 shall attract LTV ratio of 75 per cent.

Consortium to invest Rs. 1700 Cr in Five Star Business Finance

A consortium of leading global and Indian investment firms have decided to wish an edge ₹1,700 crore in Chennai-headquartered NBFC Five Star Business Finance Ltd. The small business lender will use the capital to expand its lending business.

current round of funding came from the prevailing investors led by Sequoia Capital India and Norwest Venture Partners and new investors like KKR and TVS Capital. A definite agreement was signed with the investors on this Thursday, said Five Star Business Finance chief officer K. Rangarajan.

The investment are becoming to be made through a mixture of primary infusion within the company and secondary shares sold by existing investor Morgan Stanley Private Equity. The company is other existing investors — Matrix Partners and TPG Capital will still stay invested.

As of December 2020, the company’s assets under management stood at ₹4,030 crore and gross non-performing assets at 1.29%.

NBFCs seek relaxation to new rules proposed by RBI

Non-banking finance companies (NBFCs) have asked for the same benefits as banks while the central bank looks to harmonize regulations for all lending institutions. These lenders have also sought relaxations to new norms for NBFCs proposed by the Reserve Bank of India (RBI) last month in a discussion paper.

In a letter to RBI on the paper, the industry body for NBFCs, Finance Industry Development Council (FIDC), said that there is a need for uniformity in regulation since these companies perform the same credit function as banks.

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The FIDC said RBI should allow NBFCs 3-4 years to shift from 180 to a 90-day bad loan recognition rule. This was one of the recommendations made in the discussion paper for NBFC Base Layer (BL) category.

The discussion paper proposed classifying NBFCs into four categories based on their size and risk perception—NBFC BL, NBFC Middle Layer (ML), NBFC Upper Layer (UL) and NBFC Top Layer (TL).

NBFCs with assets of up to ₹1,000 crore will fall under the BL category. MLs will consist of non-deposit taking NBFCs that are systemically important and deposit-taking NBFCs. The ULs could include as many as 30 systemically significant NBFCs, which will be regulated like banks.

The industry body has also requested RBI to relax the new rules proposing net owned fund (NOF) requirement of ₹20 crore to ₹10 crore for NBFCs. FIDC has sought a five-year time frame to increase their NOF requirement.

The RBI discussion paper had suggested raising NOF requirements for NBFC BL category to ₹20 crore from ₹2 crore earlier.

FIDC has also sought relaxation in the risk weights to be kept for different NBFCs depending on the asset class. For instance, the risk weight on all NBFCs, both secured and unsecured, currently stands at 100%. While the industry body has sought 50% risk weights for NBFCs into financing commercial vehicles, construction, gold loans, loans for plant & machinery for SMEs, it has sought 75% risk weight for NBFCs into two- and three-wheeler financing.

FIDC has also sought a refinance arrangement to ensure funding for small and medium-sized NBFCs.

While RBI has sought to increase the scrutiny of shadow banks, it has also assured them that the proposed changes will continue to allow those engaged in niche sectors and markets to have flexibility in business operations.

SEBI approves Paytm UPI handle for IPO applications

Digital payments firm Paytm Payments Bank on Monday said Securities and Exchange Board of India has approved Paytm UPI handle to enable fast and seamless payment mandates for IPO applications.

Paytm Payments Bank (PPBL) has also entered into a partnership with Paytm Money to enable payment mandates for IPO applications. Paytm Money has the aim to bring 10 million Indians to equity markets by the financial year 2022.

As per the latest NPCI report, it registers the lowest technical decline rate of 0.02 per cent compared to all UPI remitter banks, and 0.04 per cent against all UPI beneficiary banks, the company said in a statement.

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Paytm's stockbroking platform aims to open over 3.5 lakh Demat accounts by year-end and expects 60 per cent of users to be from small cities.

Besides Paytm Money, @paytm UPI will activated soon across all brokerage platforms. The ease of making payments seamlessly in a secure manner will help in promoting IPOs as a wealth product and encouraging more users that are new to begin their journey in building a healthy portfolio.

From the financial year 2021, the country's stock exchanges witnessed around 24 IPOs and raised proceeds worth Rs 48,493 crore from the capital markets.

"The IPO market is expecting to have many big names come to the retail market for new offers like Zomato, LIC, Kalyan Jewelers and many more," the statement said