Saturday, April 13

Tag: Bank

Commercial Versus Residential Mortgages: What Are the Differences?
Market

Commercial Versus Residential Mortgages: What Are the Differences?

Owning your own business is a long-standing dream for many, but once you’ve accomplished it, the hard work doesn’t stop. Chances are you’ll want to see your venture grow, and the bigger it becomes, the more there is for you to consider. It may get to a point where you’re looking at purchasing rather than renting suitable business premises. It’s a big step to take, and one you should educate yourself on before going ahead. So what do you need to know? One of the biggest mistakes business owners make pre-purchase is assuming that commercial property mortgages function in much the same way as their residential counterparts. Unfortunately, this is not the case, and it’s something you ought to be aware of. Here are just a few of the ways the two differ. Lending criteria  When y...
Stash Raises $80 Million funding from LendingTree
FUNDING

Stash Raises $80 Million funding from LendingTree

CHARLOTTE, N.C., May 4th, 2020-- LendingTree, a leading online financial services marketplace has made a strategic investment in one of the fastest-growing banking and investing services in the US known as Stash. The investment from LendingTree is part of Stash's Series F funding, which includes funds and accounts advised by T. Rowe Price Associates, Inc. as well as Breyer Capital, Goodwater Capital, Greenspring Associates, Union Square Ventures, and other investors. Since its launch in 2015, Stash has helped over 4.5 million Americans take control of their finances, avoid fees, and achieve their financial goals. Stash offers all-in-one subscriptions that prioritize affordability, accessibility, education and simplicity, and include personal investment accounts, Traditional and Roth...
Indian Payment Apps Hit Amid Yes Bank crisis
INDIA

Indian Payment Apps Hit Amid Yes Bank crisis

As Yes Bank went into moratorium, many Indian digital payment platforms bore the brunt on Friday as transactions were disrupted, including Walmart owned PhonePe facing "long outage". PhonePe, which depends exclusively on Yes Bank as its payment services provider (PSP), was down since the order was imposed and also had to suffer the more-than-friendly barbs of rival Paytm Payments Bank on Twitter. Yes Bank was put under moratorium late Thursday evening, with several caps, including allowing depositors to withdraw only Rs 50,000 per account and a slew of others including not taking fresh liabilities. This resulted in the bank being unable to render the services as a PSP, experts said. Even late in the evening, PhonePe was yet to start the Unified Payments Interface services, for...
4 Startups That Want to Change How We Bank for Good
Story

4 Startups That Want to Change How We Bank for Good

Technology is everywhere, and it's been disrupting various industries including banking. While people used to go to physical banks to manage their finances, request loans and transfer funds, nowadays, all these can be done in just a few clicks. But aside from streamlining the way people deal with their money, fintech startups are effectively changing the way we bank for good. InstaReM highlighted that fintech is third when it comes to having the highest number of unicorns or privately held startup companies valued at over $1 billion following internet software services and e-commerce. Here are some of the startups that are effectively changing the way we bank: Revolut Managing your finances, when every bank account has its own app, can be a little overwhelming and confusing. Hai...
Sachin Bansal’s Chaitanya India applies for Universal Banking License
BUSINESS

Sachin Bansal’s Chaitanya India applies for Universal Banking License

Within four months of Flipkart co-founder Sachin Bansal acquiring majority stake in Chaitanya India Fin Credit, the microlender applied to RBI for a universal bank license. Bansal had acquired Chaitanya in September with an investment commitment of Rs 739 crore. The Reserve Bank, which is very selective about who enters the banking fray, had earlier made universal bank licenses available on tap. If given a license, Chaitanya will be the second microlender after the West Bengal-focused Bandhan to be granted a universal banking license. Other microlenders operate as small finance banks. "Building a universal bank is a reflection of our commitment to provide financial services to those who need them most," Bansal, chief executive, Navi Technologies, which had invested in Chaitany...
Yes bank acquires 18.5% stake of Cox & Kings
ACQUISITION

Yes bank acquires 18.5% stake of Cox & Kings

Global leading bank group Yes Bank has acquired 18.55 percent stake in Cox & Kings by invocation of pledged shares. The bank has invoked pledge on 3.27 crore equity shares having a nominal value of Rs 5 per share, constituting 18.55 percent of the post-issue paid-up share capital, of Cox & Kings, Yes Bank said in a regulatory filing. Cox & Kings Limited has a consolidated turnover revenue of Rs 5,693.5 crore as on March 31. Besides, the bank invoked pledge on 34,080 equity shares having nominal value of Rs 10 per share, constituting 30 percent of an unlisted company Ezeego One Travel & Tours Limited. In another filing it said, the bank in ordinary course of its business continues to explore various means of raising capital or funds through issuance of securitie...
Indian Government Bank will Sell 26% Equity of its Payment Services
INDIA

Indian Government Bank will Sell 26% Equity of its Payment Services

State Bank of India (SBI) Saturday said Hitachi Payment Services (HPY) has agreed to pick up 26 percent stake in SBI Payment Services Private Limited (SPSPL), a card acceptance and digital payment platform. The same deal announcement were also done in 2018 but somehow it didn't happen. After allotment of the shares, SBI shareholding in SPSPL will become 74 per cent from existing 100 per cent, the bank said in a statement. However, it did not disclose the financial details of the deal. The JV will provide various payment options to customers and merchants focusing on areas such as the rollout of a nationwide card acceptance infrastructure, quick response (QR) code acceptance, Unified Payment Interface (UPI), mass transit sector and e-commerce businesses. At the end of FY1...
SBI Increases Interest rates on Fixed Deposits
Market

SBI Increases Interest rates on Fixed Deposits

The largest public lending organisation in the country ,State Bank of India (SBI) has brought in a bundle of good news for investors as it has hiked interest rates on fixed deposits with different maturity tenures starting from 2 to 10 years. The new interest rate bracket for SBI fixed deposits ranges between 6.6 and 6.75 percent.For fixed deposits under Rs. 1 crore subjected for two-three years tenure, the new rate has been changed to 6.60% from earlier 6.50%.On similar lines, term deposits ranging between 3 to 5 years can now be availed at 6.70% interest than existing 6.50% People who are looking for long term investment i.e for 5 to 10 years, will now be able to avail interest rates of 6.75% from 6.50%.However,no change has been made for fixed deposits ranging from 7 days to 2 yea...
Bandhan Bank Shares Up 33% on Market Debut
Market

Bandhan Bank Shares Up 33% on Market Debut

India's Bandhan Bank surging 33 percent against the issue price of Rs 375 on the first day of its debut. At the end of the day, the stock listed at Rs 477 on BSE and 476 on NSE. The stock has a sharp gain of 29.33 and 33 percent from the issue price on BSE & NSE. The Kolkata based company has a market valuation of Rs 56,914.69 crore. The IPO of Bandhan bank was subscribed 14.62 times during its listings. The fixed price of the company share was Rs 370 to 375 during the listing. The issue opened on March 15 and continued till March 19. Goldman Sachs (India) Securities, JM Financial and JP Morgan India, Kotak Mahindra Capital Company and others managed the issue. The bank proposed to raise Rs 4500 crore from the IPO. The network of the bank has grown to 864 bank branches a...
Punjab National Bank Shares Drop After 11400 Crore Fraud Transaction
Market

Punjab National Bank Shares Drop After 11400 Crore Fraud Transaction

Multi-national financial institution, Punjab National Bank on Wednesday quoted that it had detected some unauthorised and fraudulent transactions worth $1.77 billion(11400 crore)  in one of its branches in Mumbai. Because of the incident, the bank's share price slipped to 9.7 percent within a day. India's second biggest state lender and fourth largest by overall assets, PNB has market capitalisation of Rs 36,000 crore and 2.55 percent of total loan book of Rs 4.5 lakh crore. The fraudulent amount transaction is close to its total market capitalisation. The bank however, does not mention the name of the people involved, but have informed about the same to the law enforcing agencies and would evaluate later whether it faces any liability arising out of the transactions. PNB without ...
RBS to Cut Over 400 Jobs in UK, Move Many of Them to India
News

RBS to Cut Over 400 Jobs in UK, Move Many of Them to India

British lender Royal Bank of Scotland said today that it is cutting 443 UK jobs dealing with business loans, and plans to shift many of the roles to India. The UKs largest government-owned bank said it was moving the jobs, which help handle loans for small businesses, as part of an ongoing cost-cutting drive. "As we become a simpler, smaller bank, we are making some changes to the way we serve our customers. Unfortunately, these changes will result in the net reduction of 443 roles in the UK," a spokesperson for the bank said. The bank said it would support staff affected by the "disappointing news", including by moving them into new roles where possible. Workers union Unite said British workers and taxpayers would lose out from the move. "By shipping these jobs to India, RB...