IN BRIEF: RM Secured Direct to change name and investment strategy
Wed, 12th May 2021 15:29
RM Secured Direct Lending PLC - closed-ended investment trust - Plans to change name to RM Social & Environmental Infrastructure Income PLC to match revised investment strategy.
Company is making required filings at Registrar of Company to effect the name change, but expects a delay in Companies House.
All new lending is to be allocated to Social & Environmental Infrastructure assets across six target sectors: Accommodation, Healthcare, Childcare & Education, Clean Energy & Renewables, Waste Management and Energy Efficiency & Carbon Reduction.
Looking ahead, investment manager believes that over 50% of portfolio will be invested in the target sectors by the end of 2021.
The fake loan app scandal is not going away anytime soon
April 30, 2021
It has become a game of cat-and-mouse game between law enforcement and predatory or fake lending apps in the country. Even as various police departments in the country are cracking down on these apps which mushroomed during the pandemic some of these apps are re-branding themselves and restarting operations. The Reserve Bank of India (RBI), which has been actively monitoring the issue, believes that these apps will continue to operate
for at least a year, if not more.
Over the last year, a number of unauthorised digital lending apps popped up on Google’s Play Store and other Android app store. But these apps charge exorbitant fees and interest rates, and resort to extortion and blackmail tactics to collect payments from borrowers. As a result, a number of borrowers have committed suicide beginning in October last year.