NBFC

Magma Fincorp announces major change in management; Adar Poonawalla takes over as chairman

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Mumbai-based non-banking company (NBFC), board of Magma Fincorp Limited on May 31 appointed Adar Poonawalla as chairman of the company. Also, the company has announced a series of leadership changes following the Poonawalla-controlled Roona Sun Holdings receiving a stake of $ 3,456 million in May 2021.Abhay Bhutada has taken over as executive director and Vijay …

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Exclusive : RBI to revoke fraudulent license-related license; Show cause notice

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The banking regulator, the Reserve Bank of India (RBI), has issued a show cause notice before canceling the license of fraudulent Sambandh Finserve Pvt Ltd, as it has deteriorated beyond the regulatory minimum and financial condition in recent months Networth has deteriorated, two people directly familiar with the development. One of the individuals quoted above …

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