PE-backed NBFC Magma to apply for India banking license
Non-bank financing company (NBFC) Magma Fincorp, which has several private equity investors, will apply to the Reserve Bank of India (RBI) for a new banking license. IDFC, Religare Enterprises, Reliance Capital and the Aditya Birla Group also plan to submit applications ahead of the July 1 deadline.
The RBI has specified a minimum capital requirement of INR5 billion ($82 million) to start a bank. Unlike NBFCs, banks have to comply with cash reserve ratio and statutory liquidity ratio requirements,...
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.