Page 13 - Banking Finance November 2019

HOUSING

HOUSING

NEWS
NEWS
NEWS
NEWS
NEWS

LIC Housing Finance Vakrangee joins hands with Aadhar Housing Finance

profit grows by 35% in With the aim of distribution of Home Loan & Loan against Property through
Nextgen Vakrangee Kendras, Vakrangee
Q2 declared its partnership with Aadhar
LIC Housing Finance has recorded a Housing Finance.
35% year-on- These Nextgen Vakrangee Kendras pro-
year (YoY) vide a comprehensive range of products
growth in net and services across banking, insurance,
profit to Rs ATM, assisted e-Commerce, e-Gover-
772.20 crore for nance and logistics.
the quarter ended September on the
With 70% of its Nextgen outlets in Tier-5 and 6 towns, Vakrangee will make
back of lower tax expenses.
available Home Loans & Loan against Property at reasonable interest rates to
The company gained a net interest its customers in the most remote and hitherto unserved/underserved parts of
income, the difference between in- the country.
terest earned and interest ex-
pended, of Rs 1213 crore in the quar- IED bomb found in Panthoibi Housing Finance firm in
ter, a growth of 16% compared to
the year-ago period. Manipur
Net interest margin stood at 2.42%, Pandemonium erupted after a bomb suspected to be an improvised explosive
a one basis point rise from last year. device (IED) was found inside the office of
While the total income of the com- Panthoibi Housing Finance Cooperation Lim-
pany came in at Rs 4,979 crore and ited at Uripok Tourangbam Leikai.
recorded an 18% YoY increase, the The bomb detected as a remote-controlled
tax expense came down to Rs 83.66 IED by Manipur Police Bomb Detection Dis-
crore from Rs 230.21 crore in the posal Squad (BDDS) was safely disarmed by
previous quarter. the team.
In July-September period, the total As per the source, the office remained
disbursements came in at Rs 12,173 closed due to the statewide bandh. After receiving the information, the Imphal
crore, a 14.8% decrease compared West District Police team spotted an item suspected to be a bomb wrapped in
to Q2FY19. The disbursal of individual black polythene inside the office premises.
home loans registered a growth of
The BDDS team used a radio frequency jammer vehicle and safely disarmed the
16% to Rs 10,136 crore.
bomb. A case has been registered and an investigation is underway.

BANKING FINANCE | NOVEMBER | 2019 | 13