A surge in bad debt is set to worsen India’s NBFCs crisis
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. Updated: 20 Jan 2021, 08:37 AM IST Bloomberg
Recent days have brought more reminders of strains, as creditors to bankrupt shadow lender Dewan Housing Finance Corp. voted on a takeover plan
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India’s troubled shadow banks face mounting challenges to a nascent recovery from the pandemic, with their asset quality set to deteriorate further as flagged recently by the financial regulator.
Non-performing assets already swelled in the most recent data to the highest in at least five years, at 6.3% as of March 2020 even before the worst of the pandemic impact, the Reserve Bank of India said in a report last week. That’s up 100 basis points from the year earlier, and the RBI forecasts it’s headed higher.
Harmoney beats loan forecasts as volumes return to pre-Covid levels
20 Jan, 2021 04:32 AM
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Harmoney chief executive David Stevens. Photo / Twitter
NZ Herald
Auckland-based non-bank lender Harmoney issued 2 per cent more loans in the six months to December than forecast in its prospectus, the company said in a market update.
Strong second quarter demand saw New Zealand loans increase 44 per cent to $62 million and Australian loans 69 per cent to $27m, bringing the total current loan book to $469m.
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Managing director David Stevens said the improved quarter saw a return to pre-Covid lending volumes. This is a volume recovery which we expect to sustain into the second half, as consumers demand more agile, flexible and convenient online borrowing experiences, he said.
The Globe and Mail Published January 20, 2021 Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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