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☆ India’s push to democratise credit tests limits
  + stars: | 2023-06-30 | by ( Shritama Bose | ) www.reuters.com   time to read: +4 min
Yet barely half of them have active loans and only up to 10% have a credit card. That’s why the regulator is allowing the use of RuPay credit cards, the country’s low-cost answer to Mastercard (MA.N) and Visa (V.N), for UPI payments. Earlier, in June 2022, the central bank had allowed lenders to link RuPay credit cards to UPI accounts. HDFC Bank became the first private bank to go live on UPI with RuPay credit cards in February. Paytm tied up with SBI Cards and Payment Services in May to issue RuPay credit cards to its consumers via UPI, offering cashbacks on small-value payments.
Persons: It’s, Paytm, –, Bernstein, Una Galani, Pranav Kiran, Thomas Shum Organizations: Reuters, UPI, Google, Reuters Graphics Reuters, Mastercard, Visa, Merchants, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank, One97 Communications, Reserve Bank, Tiger, Uni, “, Reserve Bank of India, SBI Cards, Services, Thomson Locations: MUMBAI, India, Punjab
☆ India's Adani tries to allay concerns as lenders step up scrutiny - sources
  + stars: | 2023-02-03 | by ( Nupur Anand Siddhi Nayak | Nupur Anand | Siddhi Nayak | ) www.reuters.com   time to read: +4 min
But the market turmoil led its flagship Adani Enterprises (ADEL.NS) to abandon a $2.5 billion secondary share offering on Wednesday, prompting concerns at lenders. 1 lender, SBI says the bank has about 270 billion rupees ($3.3 billion) in loans to Adani Group. Bank debt forms 38% of the total debt of 2.1 trillion rupees at the top five Adani companies, according to a Jefferies report. Senior executives at six other Indian lenders, with exposure to Adani companies, told Reuters they had also decided to tighten the credit approval process for Adani. India's central bank has asked local banks for details of their exposure to Adani companies, Reuters reported on Thursday, citing government and banking sources.
☆ India’s Vodafone stress test may have ugly results
  + stars: | 2023-01-06 | by ( Una Galani | ) www.reuters.com   time to read: +4 min
Investors cheered, and many customers in its now-234 million-and shrinking subscriber base breathed a sigh of relief. Vodafone, meanwhile, is now calling on the banks for fresh loans, per the Economic Times. That may not have been sufficient, but there was no disclosure by the company stating that the swap was conditional on the existing owners’ financial commitment. India’s politicians are careful to avoid situations where they might be accused of being too generous to foreign multinationals. With so much stress, though, other creditors might find a reason to pull the rug from under the company’s feet sooner.
☆ Diamond magnate Modi loses bid to take extradition fight to UK Supreme Court
  + stars: | 2022-12-15 | by ( ) www.reuters.com   time to read: +1 min
LONDON, Dec 15 (Reuters) - Fugitive Indian diamond magnate Nirav Modi on Thursday lost a bid to take his fight against extradition to India on charges of fraud and money laundering to the UK’s Supreme Court. Modi, 51, has denied any wrongdoing and his lawyer declined to comment. London’s High Court on Thursday refused Modi’s application to certify a “point of law of general public importance” and rejected his application for permission to appeal to the Supreme Court. Judge Jeremy Stuart-Smith last month ruled that Modi could be kept safe at Arthur Road jail in Mumbai, where he is due to be detained. Reporting by Sam Tobin; editing by William James and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.
☆ Indian shares set to rise after Powell hints at slower hikes
  + stars: | 2022-12-01 | by ( ) www.reuters.com   time to read: +2 min
BENGALURU, Dec 1 (Reuters) - Indian shares are set to open higher on Thursday, tracking the sharp uptick in global equities after Federal Reserve Chair Jerome Powell hinted at slowing the pace of interest rate hikes "as soon as December." India's NSE stock futures listed on the Singapore exchange were up 0.40% at 18,991.50 as of 07:30 a.m IST. Data on Wednesday showed the Indian economy logged 6.2% annual growth rate in July-September after double-digit expansion in the previous quarter. Foreign institutional investors bought net of 90.10 billion Indian rupees ($1.11 billion) equities on Wednesday, while domestic investors sold 40.56 billion rupees worth of shares, as per provisional NSE data. Stocks To Watch:** Apollo Hospitals (APLH.NS): Company approved issue of non-convertible debentures worth 1.05 billion rupees.
☆ Billionaire jeweller Nirav Modi loses extradition appeal in UK court
  + stars: | 2022-11-09 | by ( Sam Tobin | ) www.reuters.com   time to read: +1 min
LONDON, Nov 9 (Reuters) - Fugitive Indian diamond tycoon Nirav Modi faces extradition to India to face charges of fraud and money laundering after a London court dismissed his appeal on Wednesday. Modi has denied any wrongdoing and his lawyer declined to comment. But London’s High Court ruled on Wednesday that Modi, 51, could be kept safe at Arthur Road jail in Mumbai, where he is due to be detained. Modi, whose diamonds have adorned Hollywood stars such as Kate Winslet and Dakota Johnson, can challenge the ruling at the UK Supreme Court. Reporting by Shilpa Jamkhandikar in Mumbai; Editing by Andrew Heavens and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.
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