Page 15 - Banking Finance July 2021

ROUNDUP

during the week of June 5, investors suitably." The Tenancy Act will also Maldives and Bhutan, in addition to
were paid Rs 3,205 crore. enable institutionalisation of rental India.
housing by gradually shifting it towards "Sahni has a proven track record of
SEBI puts break on Rs. the formal market. consistently building domestically
4,000 crore Carlyle, PNB "The Model Tenancy Act aims at relevant businesses and cultivating
creating a vibrant, sustainable and mutually beneficial partnerships across
Housing deal
inclusive rental housing market in the the public and private sectors," said Ari
Sebi has effectively put on pause its Rs country. It will enable creation of Sarker, co-president, Asia Pacific,
4,000-crore share allotment to a clutch adequate rental housing stock for all Mastercard.
of companies led by The Carlyle Group. the income groups thereby addressing "His extensive experience in India's
This would have made the US-based the issue of homelessness," the financial services sector will be
private equity giant a majority statement said. instrumental for us as Mastercard
shareholder in the company and
It also plans to enable creation of continues to strategically focus on
brought down the stake of Punjab adequate rental housing stock for all providing the technology,
National Bank in its housing finance the income groups. infrastructure and innovation needed
subsidiary to under 26%.
Union Minister for housing and urban to build a vibrant digital payment
On May 31, PNBHF issued a notice for affairs Hardeep Singh Puri said: "Model ecosystem across South Asia," Sarker
an Extraordinary General Meeting Tenancy Act provides model for urban added.
(EGM) of shareholders to be held on and rural properties and template for Sahni's most recent role was as the
June 22 to approve the issuance of its
residential and commercial properties. senior group president, agriculture,
shares to investors led by Carlyle Will apply to future transactions and government and MNC banking, and
including Aditya Puri, former MD of take people from informal to specific knowledge banking with Yes Bank. He
HDFC Bank and a senior advisor to contract arrangement between was a part of Yes Bank's founding team,
Carlyle.
landlord and tenant." where he spent over 17 years
managing various businesses and
Cabinet gives approval for
Mastercard appoints products, both at a regional and
Model Tenancy Act national level.
Nikhil Sahni as country
The Union Cabinet approved the
Model Tenancy Act to help overhaul corporate officer for India Asirvad microfinance
the rental housing legal framework Mastercard said it has appointed Nikhil
across the country and help spur its Sahni as its new division president, raises Rs. 262 crore worth
overall growth. South Asia and country corporate securitised loans
In an official statement after the officer for India, taking over from Asirvad Microfinance, India's fourth
meeting, the Cabinet said that the Act Porush Singh who will relocate to largest NBFC-MFI and a subsidiary of
will facilitate unlocking of vacant Singapore. Manappuram Finance, has securitised
houses for rental housing purposes. Sahni joins Mastercard with nearly 25 (by direct assignment) microfinance
It is also expected to give a fillip to years of experience across strategy, loans worth Rs. 262 crore in a deal with
private participation in rental housing investment banking, corporate, a leading public sector bank in India.
as a business model for addressing the commercial, SME, retail, branch, and In a press release, the Chennai-based
huge housing shortage. government banking, it said in a MFI said that the transaction comes at
The cabinet, chaired by Prime Minister statement. a time when the microfinance sector
Narendra Modi, stated that the Act In his new role, Sahni will oversee in India has faced higher stress from
will be in "circulation to all states/ Mastercard's operations, and position lockdowns imposed after the onset of
Union Territories for adaptation by the the company's products, solutions and the second wave of the pandemic.
way of enacting fresh legislation or services across the sub-continent, "This deal, following closely on the
amending existing rental laws including Sri Lanka, Bangladesh, Nepal, heels of an ECB transaction with the

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