Loan rangers
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The RBI will soon release draft rules for banks and non-banking financial institutions that will hold them accountable for the
loan apps they partner with. It’s part of a wider effort to reign in unscrupulous loan apps, many from China, that have wreaked havoc in India since the start of the pandemic.
Also in this letter:
IBM chief’s warning on cyberattacks
RBI team to release draft rules on digital lending soon
In January, the
Reserve Bank of India (RBI) put together a team to study “all aspects” of digital lending after a slew of dubious Chinese lending apps played havoc with people’s savings and lives during India’s nationwide lockdown last year.
Groww to acquire Indiabulls’ mutual fund business for Rs 175 crore
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Last Updated: May 11, 2021, 04:02 PM IST
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Synopsis
The acquisition of Indiabulls’ mutual fund business paves the way for Groww to enter the asset management space, sought after by peers such as Zerodha and others.
ETtech
Mumbai: Online investment platform Groww, backed by funds such as Sequoia Capital and Tiger Global, has signed an agreement with
Indiabulls Housing Finance to acquire its asset management company for Rs 175 crore, paving the way for the Bengaluru-based fintech startup to enter the mutual fund business.
The sale of Indiabulls Mutual Fund will be limited to its mutual fund business while its other verticals such as the Alternate Investment Fund (AIF) and Portfolio Management Services (PMS) will be demerged and continue under Indiabulls Housing Finance, the two firms said on Tuesday.
Groww inks deal to acquire Indiabulls’ mutual fund biz for Rs 175cr
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Synopsis
The sale of Indiabulls AMC will be limited only to the Mutual Fund business, while the Alternate Investment Fund (AIF) and Portfolio Management Service (PMS) businesses will be demerged from the existing Indiabulls AMC structure.
Agencies
Online investment platform, Groww will acquire Indiabulls Asset Management Company from Indiabulls Housing Finance for a consideration of Rs 175 crores.
The sale of Indiabulls AMC will be limited only to the Mutual Fund business, while the Alternate Investment Fund (AIF) and Portfolio Management Service (PMS) businesses will be demerged from the existing Indiabulls AMC structure, and remain under Indiabulls Housing Finance, subject to regulatory approvals, Indiabulls Housing Finance said in an exchange filing on Tuesday.
Groww to buy Indiabulls AMC s mutual funds business for Rs 175Cr yourstory.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yourstory.com Daily Mail and Mail on Sunday newspapers.