Technology services provider Infosys said it made an investment of 14.92 mln Danish kroners in Danish startup UNSILO from its innovation fund. UNSILO is a Danish artificial intelligence startup founded in 2012 and focus on advanced text analysis. It uses a combination of machine-learning and natural language processing to analyze large quantities of text and […]
Online Payment platform Razorpay said it launched a new feature –Express Activation– in India that promises one-hour activation of new merchant accounts. Razorpay is a payments platform that allows merchants to receive payments via their websites or mobile apps. It helps businesses accept online payments via credit card, debit card, netbanking and popular wallets including Mobikwik, […]
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 […]
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. […]
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 […]
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 […]
Muthoot Finance, one of India’s largest gold finance company said it has partnered with a Indian electronic payments company TechProcess Payment Services whereby their customers will be able to repay EMI’s through a digital platform. The platform powered by powered by TechProcess will further enable Muthoot Finance to streamline its loan collection process and also […]
Repco Home Finance Ltd said it raised Rs 100 crore through private placement by allotting 1,000 non-convertible debentures. The face value of the secured redeemable non-convertible debentures are Rs 10 lakh each. Repco Home Finance Ltd (RHFL) is a housing finance company headquartered in Chennai, Tamil Nadu. The company was incorporated in April 2000. RHFL […]
Canara bank said it has been chosen as the joint venture partner by the government of India for the establishment of a Higher Education Financing Agency. The Higher Education Financing Agency or HEFA is a not-for-profit agency with initial capital base of Rs. 1000 Crore and was announced in the last budget. It would be […]
Home loan and housing finance company Dewan Housing Finance Co Ltd said it issued 2.12 crore shares to promoter Wadhawan Global Capital Pvt Ltd. as part of conversion of outstanding warrants. The warrants were issued in March after taking a payment of Rs 125 crore. The remaining Rs 375 crore has been paid upon conversion. […]
Automobile manufacturers Mahindra & Mahindra Ltd. said it raised Rs 475 crores via non-convertible debentures on private placement basis with a tenure of 10 years. The face value of the 7.57% debentures are Rs 10,00,000 each. Mahindra & Mahindra is an Indian multinational automobile manufacturing corporation based in Mumbai, Maharashtra. It is one of the […]
Central Bank of India said the ratings on its bonds have been downgraded by Brickwork Ratings due to a deterioration in its financial condition. The bank is among many government-owned lenders that have come under substantial stress in recent quarters due to loan defaults by big borrowers. Many private companies in India are defaulting on […]
National Payments Corporation of India (NPCI), the umbrella organization for all retail payments system in India, launched a pilot bill-payment project. The project, called Bharat Bill Payment System, is an integrated platform connecting banks and non-bank entities in bill aggregation business like billers, payment service providers, retail bill outlets etc.. The system consists of four participants — the consumer, […]
In a survey conducted by Chartered Institute of Management Accountants (CIMA), 29% finance professionals fear job loss due to increase in automation, while 64% finance professionals encourage increasing automation in India. On the impact of artificial intelligence on strategic decision-making only 13% of experts in India conceded that reliance on automation or technology has led […]
The government of India clarified that it had no plans to forcibly take gold from religious or other institutions under its recently launched monetization scheme. It came up with the clarification in the wake of media reports to the contrary. “Some sections of the media have reported that Government will directly intervene to monetize the […]
SKS Microfinance Limited cut its lending rate by 1% to19.75% per year for all future disbursals. “With this, the Company becomes the first micro finance institution to charge a sub-20% interest rate on its core Income Generating Loans (IGL) which are unsecured micro loans. Interest rate of 19.75% is the lowest rate charged by any […]
Multi Commodity Exchange of India Ltd, India’s leading commodity exchange, said it will set up an electronic trading, clearing and settlement platform at GIFT City, Gandhinagar. The move is the biggest expansion by the commodity exchange company after it was taken out of the control of Financial Technologies, which was caught up in a scam […]
