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Synopsis From an average default rate in collection efficiency at 2-3 per cent in pre-Covid times, non-banking finance companies (NBFCs) are now seeing 6-8 per cent of borrowers missing their payment schedules during the second wave of the pandemic. IIFL Finance has halted fresh disbursements for unsecured loans for micro-businesses & personal loans. Agencies The head of another NBFC in the wholesale lending business said, “Disbursement in Q1 is likely to be lower than that in Q4. (This story originally appeared in on May 24, 2021)Hit with a drop in instalment collections due to the Covid-induced lockdowns across the country, non-bank lenders are slowing fresh disbursements and even halting them for unsecured loans. ....
NBFCs stop lending on fear of rising defaults Top Searches NBFCs stop lending on fear of rising defaults Mamtha Asokan / TNN / Updated: May 24, 2021, 11:17 IST FacebookTwitterLinkedinEMail CHENNAI: Hit with a drop in instalment collections due to the Covid-induced lockdowns across the country, non-bank lenders are slowing fresh disbursements and even halting them for unsecured loans. From an average default rate in collection efficiency at 2-3% in pre-Covid times, non-banking finance companies (NBFCs) are now seeing 6-8% of borrowers missing their payment schedules during the second wave of the pandemic. IIFL Finance has halted fresh disbursements for unsecured loans for micro-businesses & personal loans. ....
Alagappan will assume larger responsibilities within the Group, said Sources. He tendered his resignation as Managing Director and as director of the firm. He will be relieved from the services of the Company on February 14, 2021, said Cholamandalam Investment & Finance. Two months back, the group decided to dismantle its two-decade-old non-statutory Murugappa Corporate Advisory Board. Instead of the board, which was led by a family member and five outsiders, the group and individual companies will now be led by senior family members. The Board was formed in January 2000 as part of a ‘new millennium strategy’ and new corporate governance structure. Senior members earlier said that instead of the advisory (the Murugappa Corporate Advisory Board), they will be playing a direct role in the companies by mentoring youngsters and professionals in the companies. ....