Indusind bank has announced its target to double its business size by the year 2020 as measured in terms of its clients, loans and profits. The bank has recorded a net profit at Rs. 2,868 crore in FY17. The bank stated that it plans to rebalance its loan book by expanding the non- vehicle retail portfolio which includes loan against property, credit cards, personal, rural, gold and business loans segment from 18 per cent to 30 per cent of the total book by the year 2020.
AU Financiers India, a non-banking finance company (NBFC), has converted into a small finance bank by the name of AU small finance bank. AuFin has obtained a fresh certificate of incorporation from the Ministry of Corporate Affairs (MCA) on April 13, 2017 and Reserve Bank of India has notified the commencement of this small finance bank on April 19, 2017.
The government has notified about launching of the next tranche of sovereign bold bonds on April 24, 2017. The proposed gold bond scheme will offer a 2.5 per cent tax free annual interest to the investors. The issue price of the gold bonds will be Rs. 50 per gram and the applications for the scheme will be accepted from April 24 to April 28, 2017.
The government is planning to implement a policy plan to reduce shortage of housing in the urban areas by encouraging renting of vacant homes lying across the country. M. Venkaiah Naidu, minister of urban development, housing and poverty alleviation said that the draft for national urban rental housing policy is ready and it will go the union cabinet soon for its approval.
ESAF small finance bank plans to raise Rs. 200 crore via Tier-II bonds. The small finance bank which was launched on March, 2017 has a net capital worth of Rs. 284 crore. MD and CEO, K Paul Thomas, ESAF bank, said that they intend to use the funds for financing its business growth and manage its capital adequacy.
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