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EXCLUSIVE


NBFCS EYE EXTENDING RS 50,000 CRORE LOANS UNDER CO-LENDING MODEL WITH BANKS

Co-lending allows NBFCs to go for off-balance-sheet funding, which raises their
return ratios, while banks get customers that they would not necessarily target,
experts said at ETBFSI Converge Summit 2022.

 * ETBFSI
 * November 29, 2022, 07:28 IST

 * 
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 * 
 * 
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Non-banking finance companies (NBFCs) and banks are looking at extending loans
of about Rs 50,000 crore through the co-lending model, according to NBFC
honchos.

Lending, which is a balance-sheet activity, will converge into a service
activity through the co-lending model, said

Shachindra Nath, VC & MD, U GRO Capital at a panel discussion at ETBFSI Converge
Summit 2022.



Co-lending is similar to the story of a Bollywood movie '2 States', where you
have to bring together two different backgrounds together, he said, adding,
however, the regulatory force and policy push will have to make the marriage
work.

PSL push
Vikrant Narang, Deputy CEO, Ambit Finvest said banks could not fulfil the
priority sector lending (PSL) target last year

He said due to this trading of PSL certificates, which banks have to obtain from
those who have done excess PSL, was about Rs 86.5 lakh crore last year. If they
cannot meet the PSL target banks have to invest in rural infrastructure
development bonds (RIDP) at 200 basis points below the repo rate. The current
RIDP outstanding was about Rs 2.5 lakh crore, he said, adding that the
co-lending model can help banks in meeting the PSL targets.

For NBFCs, co-lending allows off-balance sheet funding, who otherwise have to
raise funds from banks. NBFCs can leverage 3-4 times their balance sheets after
which they need to raise capital to maximise returns on equity and investment.
He said co-lending allows 1-2 times of off-balance-sheet lending, optimising
returns.

"We are at the cusp of co-lending strategy, which will open up and become broad
as we go," he said.



NBFCs also have to put in 25 per cent capital so there is a risk too, while
NBFCs are bringing customers whom banks may not target, he said.

Liability providers
Mehernosh Tata, CEO, Edelweiss Retail Finance said most of the banks are
liability providers. "When you are signing with the lending partner there is an
agreed credit cost, and if we are within that it would be fine," he said.

About 96 per cent of Indian MSMEs are micro while 85 per cent of these have
shown us that if we give capital to them they're responsible, which makes
co-lending an appropriate proposition, he said.

"If synergies between banks and NBFCs work well we're going to see a much better
reach to the unserved and underserved," he said. Co-lending is in its honeymoon
period right now where everybody is happy. That is because we have started
strong and hopefully the portfolio will continue to grow," he said.

The regulator, he said, is very progressive and turned the initial
co-orinigination circular and gave the co-lending journey a start in true
spirit.

K V Srinivasan, ED and CEO, Profectus Capital said, "Banks are excellent in
taking deposits but not in credit. So a handshake with NBFCs becomes very
relevant." Co-lending in India is at its nascent stage, he said, adding it will
have its ripples before it becomes a vibrant and efficient engine.

"If there's a deficiency in banks, co-lending automatically becomes a potent
model," he said.



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NBFC

 * 2 hrs ago
   
   RULES FOR INDIAN FINANCIAL SECTOR NEED TO BE REVIEWED TO REALISE ECONOMY'S
   GROWTH POTENTIAL, SAYS UDAY KOTAK

 * 20 hrs ago
   
   CENTRUM HOUSING FINANCE TO PAY RS 112 CRORE TO BUY NATRUST'S BUSINESS

 * 3 days ago
   
   SENSING MAJOR OPPORTUNITY, NBFCS STEP-IN TO PROVIDE SHORT-TERM WORKING
   CAPITAL LOANS FOR HOSPITALS

 * 3 days ago
   
   INDEPENDENT VALUERS GIVE RS 13,000 CRORE LIQUIDATION VALUE FOR RELIANCE
   CAPITAL

View More


EDITOR'S PICK

 * 2 hrs ago
   
   HOW UPI BUSINESS MAKES MONEY, WHAT PROFIT MARGIN DO THEY HAVE?

 * 2 hrs ago
   
   CONSISTENCY OF SERVICE, MAINTAINING TRUST CAN HELP BANKS THRIVE IN THE WORLD
   OF DIGITAL: BANKERS

 * 2 hrs ago
   
   HOW UPI BUSINESS MAKES MONEY, WHAT PROFIT MARGIN DO THEY HAVE?

 * 2 hrs ago
   
   WAKE-UP CALL: POST DELHI AIIMS CYBER ATTACK, EXPERTS REITERATE IMPORTANCE OF
   CYBER INSURANCE

 * 16 hrs ago
   
   THE FINTECH SECTOR SEES CRYPTOCURRENCY CURRENCIES AS A MEANS OF ESTABLISHING
   A SECURE AND TRACEABLE WAY OF TRANSFERRING ASSETS.


BFSI VIDEOS


 * ‘TRANSITIONING FROM LEGACY TO DIGITAL SYSTEM, NOT A CHALLENGE FOR BANKS’: IBA
   CHIEF
   
   Sunil Mehta, CEO, Indian Banks' Association sharing his expert commentary on
   several buzzing industry topics at the 3rd Edition of the 2 day ETBFSI
   Converge 2022.

 * 5 days ago
   
   BANKS NEED 360 DEGREE MIGRATION FROM ONE TECH TO OTHER, NOT IN PIECEMEAL: ED,
   BOM

 * 6 days ago
   
   FINTECH DIARY WITH ASHISH KASHYAP, FOUNDER AND CEO, INDMONEY

 * 16 days ago
   
   FINTECH DIARY WITH SURJENDU KUILA, CO-FOUNDER & CEO, ZOPPER.

View More




EXCLUSIVE


RULES FOR INDIAN FINANCIAL SECTOR NEED TO BE REVIEWED TO REALISE ECONOMY'S
GROWTH POTENTIAL, SAYS UDAY KOTAK

Reserve Bank of India (RBI) rules restrict Indian banks from lending to
companies for takeovers. The Indian central bank always viewed lending against
shares as a risky activity because a sudden collapse in stock prices could leave
banks holding worthless paper. They can lend only up to Rs 20 lakh, a rule that
was set after the so-called Harshad Mehta scam of 1992.

 * MC Govardhana Rangan
   ,
 * Saloni Shukla
   &
 * Bodhisatva Ganguli
 * ET Bureau

Click Here to Read This Story
 * 
 * 
 * 
 * 
 * 
 * 
 * 
 * 

Rules governing the Indian financial sector need to be rewritten to realise the
economy's growth potential, said Kotak Mahindra Bank managing director Uday
Kotak. Domestic banks are losing out to global rivals without the leeway to
build scale and the inability to underwrite riskier credit due to poor
recoveries from bankrupt companies, he said in an interview.

India is well placed to upstage China on the global platform with the banking
industry at a "Cinderella" moment that provides scope for expanding loans to
deleveraged corporates, he said.

"Indian banks are losing big time to international banks," Kotak said. "As a
banker, with adequate margin, I would have been very comfortable to lend against
the security of Ambuja Cements and ACC shares," he said, referring to Adani's
buyout of the companies from Holcim. "But in this case, foreign banks have lent
the money. It had to be an offshore transaction because no bidder in India could
get money from Indian banks."



Reserve Bank of India (RBI) rules restrict Indian banks from lending to
companies for takeovers. The Indian central bank always viewed lending against
shares as a risky activity because a sudden collapse in stock prices could leave
banks holding worthless paper. They can lend only up to Rs 20 lakh, a rule that
was set after the so-called Harshad Mehta scam of 1992.

Kotak, who was tasked with the recovery of money from the nation's biggest
bankruptcy in 2018 - the blow-up of Infrastructure Leasing & Financial Services
- said the insolvency code is fine in principle. But signs of meagre recoveries
from the insolvencies of conglomerates and non-banking finance companies (NBFCs)
such as Reliance Capital and Srei call for a review, apart from a public
interest board for large defaults.

Also Read: Corporate India should really get the animal spirits back: Uday Kotak

"I am not saying we need to junk the IBC (Insolvency and Bankruptcy Code)
option," said Kotak. "There has to be a policy think on this. We have to figure
out that for large national assets, we must think about the public interest
route. The objective of the public interest board is to optimise value for
stakeholders, which we have demonstrated in IL&FS. And IBC may not be the only
route. It needs to be relooked at even for NBFC resolutions."



India's investment cycle has to return and the entrepreneurial spirit has to
blossom, he said. Initial public offering (IPO) hype and excessive valuations in
the secondary market can't be taken for granted as gravity can't be defied.

India with its economic foundations is a strategic play for global investors.
But it could be losing out in the short term as the battered valuations of
Chinese stocks make them a short-term option.

"One positive thing is, on a strategic basis, people are concerned about
long-term China," said Kotak. "On a strategic basis, India should get higher
percentage allocations. But on a tactical basis, a trader might say I would have
a quick hit and run in China. Tactically, traders may take a short-term view,
which could be different. And I think this is a game you need to watch closer
every one to three months before taking a one-year view at this stage.''



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NBFC
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Bankruptcy
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kotak mahindra bank
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reliance capital
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EXCLUSIVE


CENTRUM HOUSING FINANCE TO PAY RS 112 CRORE TO BUY NATRUST'S BUSINESS

Centrum Housing will acquire the housing finance business including the loan
portfolio, branches and employees, the Centrum group said in a regulatory filing
to stock exchanges. Natrust's loan book was over Rs 300 crore.

 * Atmadip Ray
 * ET Bureau

Click Here to Read This Story
 * 
 * 
 * 
 * 
 * 
 * 
 * 
 * 

Centrum Housing Finance will pay Rs 112 crore to buy the business of National
Trust Housing Finance (Natrust). Both the companies have entered into a binding
business transfer agreement on Saturday.

Centrum Housing will acquire the housing finance business including the loan
portfolio, branches and employees, the Centrum group said in a regulatory filing
to stock exchanges. Natrust's loan book was over Rs 300 crore.

ET had on Friday reported the possibility of the deal.



Centrum had its loan portfolio at around Rs 700 crore at the end of September.

"The acquisition consolidates our presence in South India, and will help us
further increase our penetration across our chosen geographies,” Centrum Group
executive chairman Jaspal Bindra was quoted as saying in a statement issued by
it.

“There is a growing demand for affordable housing in India, beyond metros and
tier 1 cities too. Small cities are witnessing a higher demand driven by greater
urbanisation, digitisation, better infrastructure and connectivity," Bindra
said.

Natrust is a Chennai based affordable housing finance company with a presence in
17 locations across four states in South India. Centrum Housing is present in
nine states -- Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh, Telangana,
Karnataka, Rajasthan, Uttar Pradesh, Uttarakhand, Rajasthan; and in Delhi.


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EXCLUSIVE


INDEPENDENT VALUERS GIVE RS 13,000 CRORE LIQUIDATION VALUE FOR RELIANCE CAPITAL

As per the valuation report by Duff and Phelps, the liquidation value of
Reliance Capital is estimated at Rs 12,500 crore, while the liquidation value
arrived at by RBSA is Rs 13,200 crore. In comparison, the highest bid value
received by the lenders of Reliance Capital is Rs 5,231 crore from the
consortium of Cosmea Financial and Piramal Group.

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Independent valuers have given a liquidation value of up to Rs 13,000 crore for
Reliance Capital, sources said. The Reliance Capital administrator, in the
Committee of Creditors (CoC) meeting held on Wednesday, presented the valuation
reports of the independent valuers - Duff & Phelps and RBSA, to the lenders.

According to sources, Independent Valuers Dufff & Phelps and RBSA have given a
liquidation value of around Rs 13,000 crore for Reliance Capital (RCAP).

In comparison, four bidders have quoted merely 30 to 40 per cent of the
liquidation value in their bids.



As per the valuation report by Duff and Phelps, the liquidation value of
Reliance Capital is estimated at Rs 12,500 crore, while the liquidation value
arrived at by RBSA is Rs 13,200 crore.

In comparison, the highest bid value received by the lenders of Reliance Capital
is Rs 5,231 crore from the consortium of Cosmea Financial and Piramal Group.

Hinduja, with a bid value of Rs 5,060 crore, is the second highest bidder for
RCAP. The size of Torrent and Oaktree bids is Rs 4,500 crore and Rs 4,200 crore,
respectively.

Hence, the bids received by the RCAP lenders are almost 30 per cent of the
liquidation value fixed by the two independent valuers.

The low bid value compared to the liquidation value fixed by the independent
valuers makes it imminent for the company to be referred for liquidation.

In addition to the RCAP, both the independent valuers have assigned a
liquidation value to RCAP's life and general insurance businesses too.

According to Duff and Phelps' valuation report, the liquidation value of
Reliance General Insurance is Rs 7,000 crore, and Reliance Life Insurance is Rs
4,000 crore.

On the other hand, RBSA has given a liquidation value of Rs 7,500 crore and Rs
4,300 crore for Reliance General Insurance and Reliance Life Insurance,
respectively.



The RCAP lenders have not received any bids for these two businesses (general
and life insurance) of the company, which account for over 90 per cent of the
total valuation.

The lenders have received three bids for the rest of the businesses/clusters
like securities, real estate, ARC, etc. of Reliance Capital. The combined bid
value of these businesses is Rs 120 crore, but as per the valuation reports of
Duff & Phelps and RBSA, the liquidation value of these businesses is estimated
at Rs 280 crore and Rs 240 crore, respectively.

Keeping in mind the huge gap between the liquidation value and the actual bid
values, the COC is likely to ask the bidders to revise their bids, sources said.

If the revised bids are still far below the liquidation value, the lenders may
consider referring the company for liquidation.

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EXCLUSIVE


SENSING MAJOR OPPORTUNITY, NBFCS STEP-IN TO PROVIDE SHORT-TERM WORKING CAPITAL
LOANS FOR HOSPITALS

Post pandemic, the need for medical establishments was at peak, specially at the
tier II, tier III cities. The need for short-term working capital has been a key
challenge for these establishments to meet, that has now been catered by the
NBFCs. Here’s how these financers are performing in this area and how do they
see this as an opportunity in disguise:

 * Vikas Kumar
 * ETBFSI

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Post Covid menace, the hospitals and medical establishments have witnessed a
significant demand with more facilities coming up even at the small levels.

With the unhygiene prevailing at the rural areas or the packed establishments,
the need for hospitals have been on-demand. Post the pandemic had hit the
country, hygiene has become a aware topic at every level with the people
bringing in masks, and hand sanitisers in practice.

Not only the change in habits, people also prefer to visit hospitals for even
small ailments rather than working on it at home. With this, the hospitals and
nursing homes are coming into practice rapidly.



But the question that follows is how they are meeting their financial needs?
Establishing a complete set-up involves a good cost which is a big challenge for
these entities, especially operating at the lower levels.

NBFCs sense a major opportunity

The healthcare infrastructure segment has become a key focus area for new-age
financiers, especially post-COVID. NBFCs sense a major opportunity in financing
the upgradation of existing hospitals, further expansion of smaller local
healthcare brands, especially in Tier 2-4 cities across India and the associated
working capital needs as an outcome of the pandemic, shared Karan Desai, Founder
of Interface Ventures.

“Some lenders have quite simply adapted their plain vanilla Unsecured Business
Loan product and have tailored the underwriting criteria to customize it for
hospital business. Digitally savvy lenders are offering lines of credit, where
interest is charged only on the funds used, with instant drawdowns
post-approval,” he added.

“These loans are typically used to fund the cash flow gaps in the working
capital cycle of smaller hospitals. More specialized financiers like operating
lease companies extensively fund the medical equipment installed in hospitals
which is more capital expenditure in nature,” he added.



“A lot of small hospitals & nursing homes (sub 25 beds) in Tier 3 & 4 cities in
particular, now prefer borrowing from nimbler NBFCs where they can have the loan
processed quickly and the ability to draw down funds as and when they need,” he
said.

Short-term working capital loans required to stay afloat
Amid these developments, the new age NBFCs are providing short-term working
capital to small time hospitals/nursing homes to run their operations.

While speaking with ETBFSI, Aditya Damani, Founder & CEO of Credit Fair said,
"Hospitals are capital intensive and require large amounts of financial
resources to grow. With the working capital cycle stretched, as many small and
new hospitals aren't covered under cashless by leading insurance companies,
financially weaker hospitals may have to resort to short-term working capital
loans to stay afloat.”

“Given our depth of understanding of the healthcare and insurance industry, we
are able to underwrite hospitals that have visibility on receivables from
insurance companies and are on the path to be added to cashless,” he said.

“Hence our short-term working capital loans help the hospitals to improve
utilization and grow the number of patients impacted by accessing credit at the
right time,” he added.

The hospitals and nursing homes need capital for Asset / medical equipment,
Infrastructure, merchant establishment as well as the working capital to fund
day-to-day operational requirements.

PSUs, private banks and other financial institutions have been aggressively
working towards the financing of the healthcare setup, but the intervention of
NBFCs was a key requirement as it has a grip over the lower-end of the pyramid.



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EXCLUSIVE


SUNDARAM FINANCE AIMS TO REDUCE DEPENDENCE ON CV LOANS, LOOKS AT SMES

Lochan said Sundaram Finance will continue to diversify across asset classes and
geographies while keeping asset quality in check. Net stage stage 3 loans had
spiked above 2% post Covid but have since come down to 1.37% at the end of
September. Lochan said he expects the net stage 3 accounts to come down below 1%
which is Sundaram's historic average.

 * Joel Rebello
 * ET Bureau

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Chennai based non banking finance company (NBFC) Sundaram Finance plans to
reduce its dependence on commercial vehicle financing and expand outside South
India as it looks to dersik its loan book. The company expects to build its
exposure to small and medium enterprises (SMEs) and increase its loan book to
above Rs 50,000 crore from about Rs 32,000 crore currently, managing director
Rajiv Lochan said.

Medium and heavy commercial vehicles make up about a quarter of the company's
loans currently which is expected to come down to about 20% even as the company
increases its exposure to SMEs to 8% to 10% in the next five years. Loans to
SMEs now make up about 2% of the company's loan book.

"We have a list of around 1600 companies in non metro cities around the country
to which we are targeting to lend between Rs 25 lakh to Rs 3 crore. We also want
to derisk from the volatilities of the commercial vehicle business and its share
in our book will come down," Lochan said.



The company has disbursed more than Rs 10,000 crore of loans in the current
fiscal and is on track to overhaul its 2019 record of Rs 17,170 crore Lochan
said.



The company has 640 branches, 51% of which are in South India. Going forward the
company expects the majority of its new branches to come in north India and
western states like Maharadhtra and Gujarat.

Lochan said Sundaram Finance will continue to diversify across asset classes and
geographies while keeping asset quality in check. Net stage stage 3 loans had
spiked above 2% post Covid but have since come down to 1.37% at the end of
September. Lochan said he expects the net stage 3 accounts to come down below 1%
which is Sundaram's historic average.

The company expects to increase its branch strength to 800 branches in next
three years with an expectation of increasing net profit at a compounded annual
rate of close to 20%.

"We expect to keep our market share in the states and geographies we dominate.
98% of our loans are secured, though we are alsi experimenting with some
unsecured loans to known customers," Lochan said.
Two months ago the company started offering extended credit lines to existing
customers as a test for a foray into unsecured loans.


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EXCLUSIVE


LENDERS NOT IN FAVOUR OF ALL BIDS OFFERED FOR RELIANCE CAPITAL

The Committee of Creditors (CoC) of debt-ridden Reliance Capital is not in the
favour of all binding bids that it received from the bidders, sources said on
Wednesday.

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New Delhi, The Committee of Creditors (CoC) of debt-ridden Reliance Capital is
not in the favour of all binding bids that it received from the bidders, sources
said on Wednesday.

According to the sources, the lenders are of the opinion that the bid value
offered by the bidders is too low.

The CoC is likely to ask the bidders to revise their bids, and in case the
revised bids are still below expectations, then the lenders may consider sending
Reliance Capital to liquidation, under the newly introduced regulation 6(A) of
the IBC, whereby each individual business can be sold separately, they added.



Notably, Reliance Capital Limited (RCL) received five bids under the option 1
for the Reliance Capital Core Investment Company (CIC), as the deadline to
submit binding bids ended on November 28 (Monday).

The option 1 bidders are Hinduja, Torrent, Oaktree, Cosmea Financial and Piramal
combined, and UAVRCL. Out of these five bidders, UVARCL has bid on a fee basis,
which means that it has not submitted any resolution plan for RCAP. It will
further sell RCAP assets and make payments to lenders, as and when the sale
happens.

No separate bids were received for Reliance General Insurance Company (RGIC) and
Reliance Nippon Life Insurance Company (RNLIC).

RCL had offered two options to all the bidders. Under the first option,
companies could bid for Reliance Capital Ltd, including its eight subsidiaries
or clusters. The second option gave the bidders the freedom to bid for its
subsidiaries individually or in a combination.

RCL has eight businesses that are on the block. These include general insurance,
life insurance, health insurance, securities business and asset reconstruction,
among others.

Cosmea-Piramal has offered Rs 5,231 crore for RCAP, while Hinduja's bid is Rs
5,060 crore. The size of Torrent and Oaktree's bids is Rs 4,500 crore and Rs
4,200 crore, respectively.



Out of these four, the Cosmea-Piramal consortium has offered Rs 4,250 crore as
the upfront payment, while Hinduja offered Rs 4,100 crore upfront to the
lenders.

For the financial services business, the Reserve Bank of India (RBI) has special
powers under section 227 of the IBC to refer companies to insolvency for debt
resolution. Reliance Capital was the third financial services company that had
been referred by the RBI for insolvency. The other two are DHFL and SREI.

DHFL was sold to Piramal at 50 per cent of its liquidation value, while SREI's
resolution process is still in progress.

The proceedings of Reliance Capital bids prove that the use of section 227 by
the RBI has not worked in favour of the lenders of the financial services
companies. PTI ANZ JD SHW MR

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EXCLUSIVE


GOVT ENVISIONS DOUBLING MSME SECTOR'S CONTRIBUTION TO INDIA'S ECONOMY: MINISTER

'Our vision is to double the contribution of MSME sector to India's economy by
realising its full potential. We will resolve internal bottlenecks towards this
objective,' Verma said while addressing the Global MSME Summit here.

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New Delhi, The government envisages doubling the contribution of India's micro,
small and medium enterprises sector to the economy by realising its full
potential, Union Minister Bhanu Pratap Singh Verma said on Wednesday. The Micro,
Small and Medium Enterprises (MSME) sector contributes one-third to India's
gross domestic product (GDP).

The Minister of State for MSME said the Ministry is working towards this
objective by resolving bottlenecks.

"Our vision is to double the contribution of MSME sector to India's economy by
realising its full potential. We will resolve internal bottlenecks towards this
objective," Verma said while addressing the Global MSME Summit here.



The Global MSME Summit is being organised by CII in partnership with the
Ministry of Micro, Small and Medium Enterprises to promote the visibility of
Indian MSMEs and encourage international market linkages. PTI RSN MR

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EXCLUSIVE


NBFCS WELL POISED TO TAP GROWTH OPPORTUNITIES DESPITE COMPETITION FROM BANKS,
SAYS CRISIL

In home loans, structural factors driving end-user housing demand are intact
despite the impact of rising real estate prices and interest rates. Demand for
consumer loans is high across durables, travel and other personal consumption
activities, while business loans have benefited from macroeconomic tailwinds.
Here’s what the report said:

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Non-banking financial companies (NBFCs) are expected to grow their assets under
management (AUM) 13-14% next fiscal, or twice the ~7% pace logged last fiscal as
robust credit demand piggybacks the ongoing economic rebound, Crisil said in a
report on Wednesday.

In-home loans, the biggest segment comprising 40-45% of the NBFC AUM, structural
factors driving end-user housing demand are intact despite the impact of rising
real estate prices and interest rates. That should drive 13-15% growth in the
segment next fiscal, it said.

But housing finance companies could keep losing market share to banks amid
intense competition on interest rates, especially in the urban and the formal
salaried segments. Rising rates will also lift the borrowing cost of NBFCs and
lower their competitiveness versus banks, which have access to lower cost funds.



Gurpreet Chhatwal, Managing Director of CRISIL Ratings said, “Stronger balance
sheets with higher provisioning and lower leverage, receding asset-quality
concerns and steadily normalising funding access provide a solid foundation for
NBFCs to capitalise on credit demand.”

“Competition from banks will remain intense and the rising interest rate
environment will exert pressure on margins and limit competitive ability,
especially in the largest traditional segments of home loans and new vehicle
finance. Hence, diversification into higher-yielding segments such as unsecured
loans, used-vehicle loans, and secured SME2 loans will be the focus areas for
the larger NBFCs,” he added.

Consequently, NBFCs are expected to capitalise on their core strengths of
last-mile connectivity, customer relationships, innovativeness and strong
understanding of micro markets to sharpen focus on used-vehicle financing, which
offers higher yields and better profitability from a risk-adjusted return
perspective.

Krishnan Sitaraman, Senior Director and Deputy Chief Ratings Officer, CRISIL
Ratings said, “As large NBFCs turn towards non-traditional segments to enhance
yields, we are likely to see more partnerships such as colending with emerging
NBFCs focusing on specific asset classes, especially unsecured loans.:



“This allows the large NBFCs to expand to newer domains in a more cost-efficient
manner while reducing time-to-market. For emerging NBFCs, this supports
capital-efficient AUM growth,” he added.

Unsecured loan cynosure for many large NBFCs

The report further said the unsecured loan (8-10% of NBFC AUM) is the cynosure
for many large NBFCs. A CRISIL Ratings analysis indicates disbursements doubled
on-year last fiscal and grew further by ~50% annualised in the first half of
this fiscal.

Demand for consumer loans is high across durables, travel and other personal
consumption activities, while business loans have benefited from macroeconomic
tailwinds. The AUM in this segment is seen growing 20-22% next fiscal, it said.

How the Real estate, vehicle segment will grow?

In real estate finance, some large NBFCs may look at a calibrated re-alignment
of exposure to construction finance for large developers, lease rental
discounting loans, and last-mile financing as these carry relatively lesser risk
and potential for higher returns.

Most others are expected to reduce their wholesale loan book as chunkiness of
exposure and higher delinquencies in the past have impacted the confidence of
lenders to NBFCs. Consequently, the share of wholesale lending in overall AUM is
expected to steadily reduce for most NBFCs. These would largely move to
alternative investment funds given their access to patient pools of capital.

Vehicle finance, the second-largest segment (20-25% of NBFC AUM), will grow
13-14% next fiscal compared with an estimated ~12% this fiscal on the back of
solid underlying-asset sales. Strong pent-up demand and new launches will
continue to drive car and utility vehicle sales, the report said.

The ongoing rebound in economic activity, demand for fleet replacement, and
focus on last-mile connectivity will support commercial vehicle sales. In the
new-vehicle finance segment, especially cars, interest-rate sensitivity of
borrowers is high so competition from banks remains tough given their ability to
offer finer pricing.

The report said overall, the NBFC sector is well poised to tap growth
opportunities in the medium term despite competition from banks. However,
geopolitical issues, sharper-than-expected increase in interest rates, and
inflation will bear watching.



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EXCLUSIVE


SHRIRAM GROUP’S MERGER LIKELY NEXT WEEK, SFVPL TO BE PROMOTER COMPANY OF
FINANCIAL SERVICES

The merger was awaiting approvals from the NCLT while the Shriram Group board
had approved the merger on December 13, last year. SFVPL is jointly owned by
Shriram Ownership Trust (SOT) and Sanlam Group of South Africa. Here are the
details:

 * ETBFSI

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In a much-anticipated development, Shriram Capital Limited (SCL), the holding
company for the Shriram Group, and Shriram City Union Finance will soon merge
with Shriram Transport Finance.

Shriram Financial Ventures (Chennai) Private Limited (SFVPL) gave an update last
week saying that it would support the growth and development of each of the
Group's investee companies while also looking for newer business opportunities
in the financial services industry.

After the merger, SFVPL will become the promoter and holding company of the
financial services and insurance businesses of the group.



SFVPL is jointly owned by Shriram Ownership Trust (SOT) and Sanlam Group of
South Africa.

It further said the main objective would be to stimulate growth using both
technology and finance.

The merger was awaiting approvals from the National Company Law Tribunal (NCLT)
while the Shriram Group board had approved the merger on December 13, last year.

As per the reports, DV Ravi will be the Vice Chairman and Managing Director of
SFVPL while Subhasri Sriram, who was the Executive Director and CFO of Shriram
Capital, and N S Nanda Kishore Director and CEO of Novac Technology Solutions
will be the Joint Managing Directors.

The board will comprise of Nominee Directors, Whole Time Directors, and
Independent Directors.

For Q2FY23, Shriram Transport Finance reported net Sales at Rs 5,347.57 crore
while net profit at Rs 1,069.52 crore.

The overall customer base of Shriram Group has in excess of 2.34 crore, over
1,00,000 employees across 4,150 branches and AUM of more than Rs 2.25 trillion.



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EXCLUSIVE


GREEN RETAIL LENDER ECOFY GETS NBFC LICENCE

Eversource promoted Accretive Cleantech Finance Private Ltd, operating as
‘Ecofy’, has received RBI approval to operate as a non-deposit taking
non-banking financial company (NBFC). This makes Ecofy among the early green
retail NBFCs.

 * Mayur Shetty
 * TNN

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MUMBAI: Eversource promoted Accretive Cleantech Finance Private Ltd, operating
as ‘Ecofy’, has received RBI approval to operate as a non-deposit taking
non-banking financial company (NBFC). This makes Ecofy among the early green
retail NBFCs.

Eversource Capital, is a climate impact investors. The company founders are NBFC
industry veterans Rajashree Nambiar (former MD & CEO, Fullerton India Credit
Company Ltd.) and Govind Sankaranarayanan (former Group COO and CFO, Tata
Capital Ltd).

Ecofy will lend to individuals and small businesses to enable transition to a
reduced carbon emission.



The company will finance electric vehicles (2 and 3-wheelers), rooftop solar and
energy-efficiency SMEs.

Ecofy’s offerings include loans, leases, insurance, warranties, and buybacks for
all green needs. The company will operate with a digital-first strategy.

Speaking on the launch, Rajashree Nambiar, Co-Founder and CEO of Ecofy, said,
“Finance is a critical input that can catalyse the much-needed green transition
for a net zero emission future. Our goal with this NBFC is to provide the
products and seamless experience that address customer needs.”

Dhanpal Jhaveri, Vice Chairman, Everstone Group and CEO, Eversource Capital,
said, “Today, green assets and businesses are not only climate positive but are
also value accretive. Ecofy will help in accelerating the adoption of green
assets and support businesses in their green transition through innovative and
accessible financing.”



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