Many bank branches are seeing unprecedented queues of people waiting to exchange their currency notes on Day 1 of the program, despite clear instructions that they can do so at any time over the next 50 days. Many people are waiting outside bank branches worried that if they don’t exchange their old notes today, it […]
Former finance minister P Chidambaram said the previous Congress governments had also considered attacking black money by swapping currency notes, but decided against it as it was considered too costly. Talking to mediapersons, Chidambaram said the cost of swapping the notes would be between Rs 15,000-20,000 cr and the benefit should at least be equal […]
[polldaddy poll=9575194] Expect the unexpected is the case what we see in gold price today. The country saw a sudden hike in the gold price today as Rs 30,820 for 10 grams from yesterdays price of Rs 30,024. The price for 10 grams has rose by 796 rupees from yesterday in India. UPDATE: As of […]
US-based Morgan Stanley has given its thumbs up to Narendra Modi’s bold and unprecedented move to curb illegal funds by swapping currency notes. The government announced on late yesterday night that it will demonetise the high denomination currency — Rs. 500 and Rs. 1000 notes. A new series of the Rs 500 note and a […]
The Reserve Bank of India has released the following question and answers to alleviate citizens’ doubts about the new ban on 500 and 1000 rupee notes.We are reproducing the entire FAQ below for readers’ convenience. Why is this scheme? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the […]
[polldaddy poll=9574508] One of the most interesting aspects of the new move to ‘churn’ high-value currency notes will be its impact on real estate prices. The real estate sector was already reeling from high interest rates, slow economic growth and a fatigue due to the constant rise in prices. However, the new move to churn […]
Axis Bank said it added an augmented reality-based feature on its Mobile App that will enable home seekers to search and locate properties which are pre-approved by the bank for financing. Jagdeep Mallareddy, Head Retail Lending, Axis Bank, said, “The new augmented reality feature will help users to easily identify any property that is available […]
KEC International Ltd, the infrastructure unit of RPG Group, reported a 22.5% rise in EBITDA to Rs 185 cr for its second quarter of FY17. EBITDA margin, which shows how profitable the company’s operations are, increased by 140 bps to 8.7% from 7.3%, reflecting a 28.11% growth in EBITDA to Rs 154.79 cr. “We have consistently […]
Wipro Limited launched its offerings that use Open Banking API technological platform. Open Banking platform is a Europe-based standard that lets third party developers build applications and services that tap into a bank’s core services and infrastructure. For example, one can build a billing or ticket booking or payment service that can then ‘talk’ to […]
Wallet provider Freecharge, one of the first to support the new UPI platform, has now tied up with Indian Oil to let customers make payments for gas deliveries via a PIN number. Once the pin number is provided to the gas delivery boy, the amount will be deducted from your Freecharge account. The pilot project […]
United Bank of India said it is allotting equity worth up to Rs 300 cr to Life Insurance Corporation of India. United Bank of India is an Indian government-owned financial services company headquartered in Kolkata, West Bengal, India. Life Insurance Corporation of India is an Indian state-owned insurance group and investment company headquartered in Mumbai. […]
Paynimo, an advanced retail payment platform from Techprocess, has tied up with Book Your Game, which allows users to discover workouts and group exercises near their location for a subscription fee. Paynimo’s big advantage, compared with other payment gateways, is that it supports sending users text messages with links for making their payment. “It has […]
Angel Broking said it believes that the US Federal Reserve is likely to raise policy interest rates starting from December this year. The broking house was responding to the latest move by the US central bank to keep rates steady at its last policy decision before next week’s US Presidential election. “The Federal Reserve has […]
Speciality Chemicals company Aarti Industries Ltd said it will buy back12 lakh equity shares at Rs 800 each, aggregating to Rs 96 cr. The company´s Board of Directors approved the equity shares — representing up to 1.44% of the company’s base. “The public announcement setting out the process, timelines and other requisite detail will be released […]
Lypsa Gems and Jewellery Ltd said it reduced its secured debt by 25% by repaying a loan of Rs 75 mn to Bank of India. As of today, its debt stands at Rs 235 mn, down from Rs 31O mn as of 31st March 2016, it said. Debt Equity Ratio has dropped from 1.03x to […]
Yes Bank has introduced a new billing machine for small businesses tying together Card & UPI payments, Aadhaar E-KYC and Aadhaar E-signing on a ready-to-use basis. This will help small and medium businesses to do their billing and accept payments and also disburse small loans completely electronically at any time to participating merchants, said the […]
United Bank of India has cut its benchmark interest rate by 5 basis points across all tenures. With this, the marginal cost of funds-based lending rate for one year loan has been cut to 9.4%. The MCLR for one month is 9.25%. The new rate will be applicable to all new loans of the bank […]
RBL Bank and NeoGrowth Credit Pvt will provide loans to small and medium enterprises in the Indian retail segment that are excluded from mainstream funding and financing with the help of a US government agency. The funding will be backed by the Overseas Private Investment Corporation (OPIC) — a US Government organization that mobilizes private […]
Fortis Healthcare said it´s Mauritius subsidiary Fortis Healthcare international Ltd, has will take a loan of SGD 165 mln (Rs 77.6 crore) from Singapore-based Consortium of Bankers. “Fortis Healthcare Ltd has being holding the company, is giving guarantee on behalf of FHIL securing the payment of principle and interest thereon.,” said the Indian company. Fortis […]
DHFL, one of India’s leading non-banking housing finance companies, cut home loan interest rates by 0.2 percentage points to 9.35% for its new customers with effect from October 11. The Company will offer the interest rate of 9.35% for loans upto Rs 30 lakhs which is categorized under affordable housing. The cut has come in […]
