India's Non-Banking Financial Companies (NBFCs) are moving away from traditional way of bank borrowings and increasingly turning to public deposits and domestic bond markets for substantial capital raising, according to a recent report by Deven Chokesey Research.
Deposit-taking housing finance companies (HFCs) are unlikely to face difficulty in complying with the Reserve Bank of India's (RBI) revised norms for raising public deposits issued on August 12, 2024, said Crisil Ratings.
The Enforcement Directorate (ED) has arrested two close associates of the Chairman of Pincon Group, Manoranjan Roy and sent both of them to judicial custody in connection with the misappropriation of huge public deposits.
The assets were attached under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 which include bank balances worth Rs 0.75 crore and immovable assets worth Rs 6.04 crore.
New Delhi [India], March 10 (ANI): Projects with implementation risks should normally be financed by the capital markets and not by banks using public deposits, N S Vishwanathan, Former Deputy Governor, Reserve Bank of India, said on Thursday.
New Delhi [India], Oct 7 (ANI): The Enforcement Directorate (ED) on Monday attached properties total worth Rs 1,489 crore in connection with a case of embezzlement of public deposits by Adarsh Credit Cooperative Society Ltd. (ACCSL).