Unsecured Loans Are Growing in India

Unsecured Loans Are Growing in India

Unsecured loans are growing even as secured retail advances such as auto loans, loans against property (LAP) and home loans saw moderate rates of balance growth at 10.3%, 11.6% and 10.0%, respectively, according to TransUnion CIBIL’s Q2FY20.

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Reserve Bank of India has announced the simultaneous purchase and sale of government securities worth Rs 10,000 crore each through fourth special open market operation (OMOs) on 23 January 2020. Prior to this, the central bank on 6 January 2020 bought Rs 10,000 crore of 3 long-term securities, while selling the same amount of three short-term bonds in the third special open market operation.

Indian Bank is likely to retain its name after the merger with Allahabad Bank, and the merger team is working on a new logo and tagline to capture the identity of both the partners, people familiar with the development said. “Our name has a pan-India appeal,” Indian Bank MD Padmaja Chunduru said.

Yes Bank has acquired 10.25% stake Sical Logistics, by invoking pledged shares. Yes Bank Ltd has, pursuant to invocation of pledge of shares, acquired 60,00,000 equity shares having nominal value of Rs 10 per share, constituting around 10.25% of the post-issue paid-up share capital of a listed Co, namely, Sical Logistics Ltd.

Paytm is planning to take its online lending business across the country in end of this year as it looks to make it a major income stream. Paytm partnered with Clix Capital  in the last year to offer loans as a deferred payment option for consumers and to merchants as credit lines.

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