[Source: SightsInPlus]NBFCs seek an extension of the MSME restructuring scheme till March 2022 Non-banking finance companies (NBFCs) have requested the Reserve Bank to extend the one-time restructuring scheme of MSME advances till March 31, 2022, as these players are unable to revive their businesses. In February last year, the Reserve Bank had permitted one-time restructuring of existing MSME advances, classified as ‘standard’ without downgrade in the asset classification subject to certain additional provisioning and other compliances. The time limit for implementation of the scheme was till December 31, 2020.
[Source: Economic Times]Quess Corp to acquire remaining 30 per cent stake in Conneqt from Tata Sons for Rs 208 crore Business services provider Quess Corp on Friday said it will acquire the remaining 30 per cent equity stake in Conneqt Business Solutions Ltd from Tata Sons for Rs 208 crore. Quess had acquired 51 per cent of Conneqt in November 2017, and further increased its stake in Conneqt from 51 per cent to 70 per cent in May 2019, via infusion of primary capital, which was used to fund the acquisition of Allsec Technologies Ltd.
[Source: Indian Express]Piramal Retail Finance to foray into used-car, consumer and education finance Piramal Retail Finance, a business entity under Piramal Capital and Housing Finance, on Thursday said it has made a foray into used-car financing and digital unsecured lending. The company is targeting to grow the share of retail loans to about two-thirds of the book from 11% at present, and will also add other loan categories such as education loans and small business loans. The lender is entering into partnerships with various participants in the tech ecosystem.
[Source: Financial Express]US lawmakers welcome India’s move to increase FDI in the insurance sector to 74% Two influential US lawmakers have applauded the Indian government’s move to increase foreign direct investment in the insurance sector from the existing 49 per cent to 74 per cent, saying it will further deepen bilateral trade and investment. In a letter to the Indian Ambassador to the US, Taranjit Singh Sandhu, the two lawmakers said that such a move proposed in the recent annual budget would also increase the availability of capital to support India’s ambitious infrastructure goals.
[Source: Hindustan Times]A great employee is like a four-leaf cover, hard to find and lucky to have. -Tammy Cohen (Author and Freelance Journalist)