Thursday, April 15

Month: January 2021

PNB Housing Finance plans tie-ups with banks for co-lending in housing loan sector

PNB Housing Finance plans tie-ups with banks for co-lending in housing loan sector

Finance
New Delhi: is looking at forging tie-ups with some banks for co-lending in the housing loan sector and is hopeful that these partnerships will be win-win for consumers, banks and NBFCs, a top official has said. In November 2020, the RBI had allowed the co-lending scheme for banks under which they can co-lend with the non-banking finance companies (NBFCs), including the housing finance companies (HFCs), based on a prior agreement. "We have got our policy approved on the co-lending and you will shortly be hearing some announcement from the company in terms of some agreement that we will enter with banks," Hardayal Prasad, Managing Director and CEO, PNB Housing Finance, told post company's third quarter earnings last week. Co-lending is a great opportunity for everyone, "for consumers, fo...
Citron Research, short seller caught up in GameStop, is pivoting

Citron Research, short seller caught up in GameStop, is pivoting

investment
Andrew Left, founder and CEO of Citron ResearchAdam Jeffery | CNBCCitron Research, which was forced to close out its short position in GameStop amid a frenzy in retail buying, said Friday it will no longer publish short reports and instead will focus on long positions."After 20 years of publishing Citron will no longer publish 'short reports'," the firm said in a tweet. "We will focus on giving long side multibagger opportunities for individual investors."Short seller and Citron Research founder Andrew Left said earlier this week that after speculative retail traders drove up GameStop's stock, he covered the majority of his short position in the video game retailer at a loss. He previously said GameStop will fall back to $20 a share "fast" and called out attacks from the "angry mob" that
PMLA case: Kochhars, Venugopal Dhoot told to appear in court on February 12

PMLA case: Kochhars, Venugopal Dhoot told to appear in court on February 12

Finance
Mumbai: A special PMLA court in Mumbai on Saturday issued summons to former ICICI Bank managing director Chanda Kochhar and other accused after taking cognizance of the charge sheet filed against them by the Enforcement Directorate in a money laundering case and asked them to appear before court on February 12. The ED filed its first charge sheet against Kochhar, her husband Deepak Kochhar, and Videocon Group promoter Venugopal Dhoot on money laundering charges in November. Special PMLA Judge AA Nandgoankar took cognisance of the complaint filed by ED on Saturday and directed all the accused to remain present before it on February 12. The ED had filed a money laundering case against the Kochhars, Dhoot and others for "illegal sanctioning of loans amounting to Rs 1,875 crore to the Video...
A new breed of activist takes a board seat at Office Depot’s parent company

A new breed of activist takes a board seat at Office Depot’s parent company

investment
An employee works inside an Office Depot Inc.Susana Gonzalez | Bloomberg | Getty ImagesCompany: ODP Corp. (ODP)ODP Corp. is a provider of business services, products and digital workplace technology solutions to small and medium businesses. The company has a fully integrated business-to-business distribution platform of approximately 1,300 stores and online presence. The company, formerly Office Depot, has three different segments: the Business Solutions Division (the largest component of the integrated B2B platform), the Retail Division and the CompuCom Division, which ODP acquired in 2017 for $1 billion. It operates under the brands Office Depot, OfficeMax, CompuCom and Grand & Toy.Stock Market Value: $2.2 billion ($42.69 per share)Activist: HG VoraPercentage Ownership:  9.49%Averag
Rama Mohan Rao Amara takes charge as new MD & CEO of SBI Card

Rama Mohan Rao Amara takes charge as new MD & CEO of SBI Card

Finance
New Delhi: SBI Cards and Payment Services (SBI Card) on Saturday said Rama Mohan Rao Amara has taken charge as the new MD & CEO of the company. His appointment is with effect from January 30, 2021 for a period of two years subject to all the requisite approvals including that of the shareholders. Amara takes over from Ashwini Kumar Tewari, SBI Card said in a release. Amara is a veteran banker, with a successful career spanning over 29 years at (SBI). Prior to taking charge at SBI Card, he was the Chief General Manager, SBI Bhopal Circle, where he managed two key states, Madhya Pradesh and Chhattisgarh. Ashwini Kumar Tewari, Managing Director, SBI welcomed Amara as the MD & CEO of SBI Card. Before Amara, Tewari was heading the country's pure-play credit card player promoted by...
Robinhood is still severely limiting trading, customers can only buy one share of GameStop

Robinhood is still severely limiting trading, customers can only buy one share of GameStop

investment
The Robinhood website home screen on a smartphone.Gabby Jones | Bloomberg | Getty ImagesRestrictions on Robinhood traders got tighter throughout the day on Friday, only allowing clients to buy a single share of GameStop.The stock trading app also expanded its list of restricted stocks from 13 earlier in the day to 50."The table below shows the maximum number of shares and options contracts to which you can increase your positions," Robinhood wrote. CNBC recreated the table.The restricted list tells clients how many shares and options contracts they can buy pertaining to a particular security. Robinhood customers can only buy one share and up to five options contracts of GameStop; however, if a customer already owns one or more share of GameStop, they are not able to buy any more shares.Ro
RBI cancels licence of Kolhapur-based Shivam Sahakari Bank

RBI cancels licence of Kolhapur-based Shivam Sahakari Bank

Finance
MUMBAI: The RBI on Friday said the licence of Maharashtra-based Shivam Sahakari Bank has been cancelled as it does not have adequate capital and earning prospects. "Consequently, the bank ceases to carry on banking business, with effect from the close of business on January 29, 2021," the central bank said in a statement. As per the data submitted by the Kolhapur-based bank, more than 99 per cent of the depositors are fully insured by Deposit Insurance and Credit Guarantee Corporation (DICGC). "On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5,00,000 from the DICGC...," the central bank said. The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been reque...
Competition Commission rejects complaint against General Insurance Corporation of India

Competition Commission rejects complaint against General Insurance Corporation of India

Finance
New Delhi: Competition Commission of India (CCI) has rejected multiple allegations of unfair business practices made against General Insurance Corporation of India (GIC Re), including those relating to premiums. The watchdog considered 'market for provision of reinsurance services in India' as the relevant one for assessing the allegations. One of the primary grievance in the complaint filed by the Automotive Tyres Manufacturers Association was about alleged increase in reinsurance premium charged to general insurance companies. In its 11-page order passed on Wednesday, the regulator said the informant has merely alleged increase in premium rates by GIC Re as "excessive pricing" without providing any basis. "Setting of premium rates for reinsurance policies would be based on many facto...
Robinhood CEO says it limited buying in GameStop to ‘protect the firm and protect our customers’

Robinhood CEO says it limited buying in GameStop to ‘protect the firm and protect our customers’

investment
Robinhood CEO Vlad Tenev said Robinhood's move to stop trading in certain speculative names was in the best interest of the company and its millions of users."In order to protect the firm and protect our customers we had to limit buying in these stocks," Tenev told CNBC's Andrew Ross Sorkin Thursday evening."Robinhood is a brokerage firm, we have lots of financial requirements. We have SEC net capital requirements and clearing house deposits. So that's money that we have to deposit at various clearing houses. Some of these requirements fluctuate quite a bit based on volatility in the market and they can be substantial in the current environment where there's a lot of volatility and a lot of concentrated activity in these names that have been going viral on social media," said Tenev.Tenev ...
ICICI Home Fin offers up to Rs 1 crore loan for purchases in regularised colonies of Delhi-NCR

ICICI Home Fin offers up to Rs 1 crore loan for purchases in regularised colonies of Delhi-NCR

Finance
New Delhi: ICICI Home Finance on Thursday said it has started offering home loans between Rs 10 lakh and Rs 1 crore to customers seeking to purchase homes in Delhi-NCR. The loans can be availed by customers who are seeking to purchase homes in regularised colonies of Delhi-NCR, including Laxmi Nagar, Uttam Nagar, Krishna Nagar and Pitampura, it said in a release. The offering is in line with the government's regularisation bid to create planned urbanisation, and transform the colonies with modern amenities. The regularisation will help achieve the Pradhan Mantri Awas Yojana (PMAY)- Housing for All mission, it said. Home loan seekers can avail subsidy of up to Rs 2.67 lakh under the PMAY, a credit-linked subsidy scheme for middle-income groups (MIG-I and II) and lower-income groups (LIG)...