Shares of Dewan Housing Finance Corporation Ltd (DHFL) were locked in the 5 per cent upper circuit band, at Rs 20 apiece, on the BSE after the insolvent housing financier received a no objection from the Reserve Bank with regards to the resolution plan of Piramal Capital & Housing Finance. In comparison, the ben chmark S&P BSE Sensex was down 1,400 points, or 2.7 per cent, at 11:19 am. On Thursday, DHFL said it has received the intimation from the RBI and has filed application with NCLT for submission of the resolution plan of Piramal Capital & Housing Finance. Pursuant to the receipt of no objection from Reserve Bank of India as per Insolvency and Bankruptcy Rules, 2019, the administrator of Dewan Housing Finance Corporation Limited (DHFL) has filed an application for submission of resolution plan of Piramal Capital & Housing Finance Limited (PCHFL) with the adjudicating authority NCLT, Mumbai Bench, DHFL said in a regulatory filing.
Sasakawa-India case on DHFL: Delhi HC issues notices to RBI, Union of India, others
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The RBI’s plan to tighten scrutiny of large NBFCs is critical for financial stability
The RBI has proposed a significant shift in its regulatory approach towards India’s non-banking financial companies (NBFCs), from a general approach of light touch regulation to one that monitors larger players almost as closely as it does banks. If implemented, this could be the biggest overhaul of the regulatory framework for such finance companies (or shadow banks) in over two decades. After multitudes of investors were left high and dry as CRB group firms reneged on high-interest fixed deposits in 1997, Parliament bestowed greater powers over such firms to the central bank to fix the mess. The trigger now is similar though the scale of the problem has changed. The size of NBFC balance sheets is now more than a quarter of that of banks’ balance sheets, from just about 12% in 2010. In absolute terms, their balance sheets have more than doubled, from ₹20.7-lakh crore in 2015 to ₹49.2-la
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