Page 16 - Banking Finance July 2021

ROUNDUP

US based WorldBusiness Capital, affordable and accessible to customers development and training in various
reaffirms the confidence that leading and ensure they have a hassle-free areas of international products,
lending institutions have in India's ownership experience." offshore fund management,
microfinance sector and its prospects According to Vyomesh Kapasi, international bullion trading among
for growth," Raja Vaidyanathan, MD, others.
managing director, Kotak Mahindra
Asirvad Microfinance was quoted in the
Prime Ltd., "In the backdrop of the "We see ourselves as facilitators of not
release.
pandemic, people are increasingly only financial services but also of
In May 2021, Asirvad raised a $15 opting for the safety of a car as a honing talent for this emerging stream
million loan from US-based means of personal mobility. We are in India," he added.
WorldBusiness Capital Inc. delighted to partner with Tata Motors

The proceeds from the securitised loan to offer easy, customised and Reliance Home Finance
will enable Asirvad to expand its attractive car financing solutions to takes up resolution plan
customers."
business of providing small loans to
low-income women business owners in approved by lenders
rural areas to start and expand their BSE collaborates with GIFT The board of directors at Reliance
income-generating business. SEZ to offer finance, Home Finance (RHF) took note of a
resolution plan approved by lenders
Tata Motors partners with capital markets courses under the Reserve Bank of India's
Kotak Mahindra Prime for BSE Institute, a subsidiary of leading (RBI's) prudential framework for
stock exchange BSE, has joined hands resolution of stressed assets.
easy car financing with GIFT SEZ Ltd to offer courses in The board also appointed a committee
Tata Motors, to make its passenger finance and capital markets. to take further steps in the matter.
vehicles more accessible to consumers GIFT SEZ houses India's first
in these challenging times, has joined International Financial Services Centre Lenders selected Authum Investment
hands with car finance company Kotak (IFSC). and Infrastructure Ltd as the
Mahindra Prime Ltd. for its three successful bidder to acquire all assets
The pact will lead to the development, of RHF through a competitive bidding
financing solutions: Red Carpet, Prime
Vishwas and Low EMI schemes. They launch, and conduct of programmes process after several rounds of
are suitable for both the urban and the related to IFSC at GIFT City and help in negotiations between the bidders and
rural customer groups (salaried, self- the introduction and management of lenders.
employed, no-income proof), with certification programmes for the Authum had reportedly submitted a bid
optional repayment periods, market participants at GIFT IFSC, of Rs 2,911 crore (which includes Rs 24
depending on the model. according to a statement by GIFT City. crore as deferred interest) to financial
The parameters of these schemes Also, the initiative will help in offering creditors.
have been simplified to ease the of courses to prepare candidates for The inter-creditor lenders with Bank of
financial burden on customers during international securities regulations Baroda as the lead bank had received
the ongoing pandemic, the automaker certifications and organizing seminars, initial expression of interest from over
said in a release. knowledge series and conferences for 15 bidders of which four binding bids
creating awareness on IFSC and GIFT were shortlisted and the final successful
Rajan Amba, vice president -- sales,
City. bidder was selected.
marketing and customer care, PVBU,
Tata Motors, said, "We are delighted Tapan Ray, Managing Director and "The implementation of resolution plan
to be partnering with Kotak Mahindra Chief Executive Officer of GIFT City, by successful bidder is subject to
Prime Ltd. for the rollout of these said that GIFT City is committed to approval of inter-creditor lenders,
customised financial solutions for develop an enabling environment for shareholders, regulatory authorities
different customer profiles. With such all aspects of international financial and vacation of existing legal
initiatives, we want to make safe services. An important piece of this injunctions on the company," said RHF
personal mobility solutions more endeavor is to provide avenues for skill in a statement.

16 | 2021 | JULY | BANKING FINANCE