Tag: axis bank

IndustryLatest Stories

Gang and Builders Collude in ₹100 Crore Noida Loan Fraud

Representative AI image NOIDA: A gang was dismantled for colluding with builders to withdraw Rs 100 crore from banks through fraudulent loans. Eight members were arrested in connection with the scheme. Rajkumar Mishra, the additional superintendent of police at Noida STF, reported that the arrests stemmed from a tip-off by an HDFC Bank official who detected unusual loan activities. Investigations revealed that the gang forged property documents and identities to obtain home and personal loans from various banks. These fabricated identities were used to purchase property, with the funds laundered through a network of shell companies and accounts. The gang’s…

IndustryLatest Stories

Axis Bank to Sell ₹511-Crore Lavasa Corp Debt

Axis Bank has become the first creditor to seek buyers for its outstanding exposure to the financially troubled Lavasa Corp, while other lenders are still evaluating their options due to the ongoing litigation issues tied to the resolution process. On Monday, Axis Bank listed its ₹511 crore claims for sale with a reserve price of ₹80 crore, available on an all-cash basis. As the fifth-largest creditor to the distressed private hill city, Axis is actively soliciting expressions of interest (EoIs) from asset reconstruction companies (ARCs), non-banking finance companies (NBFCs), and other financial institutions. The deadline for submitting documents is November…

Housing FinanceLatest Stories

Grihum Housing Finance to Appoint Ex-Citi Banker as CEO

MUMBAI: TPG-backed mortgage lender Grihum Housing Finance is preparing to appoint Arjun Chowdhry, a former Citibanker, as its new Managing Director and CEO, according to insider sources. He is anticipated to join the firm next month. Chowdhry, who has over two years of experience as the head of retail lending and credit cards at Axis Bank, resigned last month to embark on an entrepreneurial journey. “TPG and the board believe Arjun’s expertise in underwriting credit card customers will greatly benefit strategies aimed at low-income clients, often perceived as higher risk,” noted a knowledgeable official. Messages sent to Chowdhry and Grihum…

Housing FinanceLatest Stories

SBI Raises Home Loan Rates by 25 Basis Points: A Signal?

MUMBAI: India’s largest mortgage lender, State Bank of India (SBI), has raised home loan rates by 25 basis points for new borrowers, indicating a potential shift towards higher interest rates in the housing market. This increase mainly impacts applicants with lower credit scores, as SBI adjusts the upper band of its loan rates. Union Bank of India has also raised its rates, and other public sector lenders may follow. As of late July, SBI’s mortgage rates were between 7.5% and 8.45%. Post-adjustment, new borrowers will face rates between 7.5% and 8.70%. Union Bank of India has upped its rate to…

IndustryLatest Stories

Lavasa’s Rebids Approved as Creditors Extend Timeline

Creditors of the financially troubled Lavasa Corporation have opted to prolong the resolution timeline, allowing bidders another opportunity to enhance their bids for the real estate project. This extension was prompted by Valor Estate, which submitted an improved proposal after the initial deadline, according to sources familiar with the situation. Lenders plan to reconvene on Friday to determine the new deadline for all bidders, likely extending it by two months from the original August 29 deadline, they indicated. “Following extensive discussions, the lenders have agreed that the Valor bid should be considered, necessitating another chance for other bidders to adjust…