KreditBee partners with Mswipe to offer ‘cardless EMI’ at retail stores

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Fintech lending platform KreditBee on Thursday announced its partnership with Mswipe to offer fully digital ‘cardless EMI’ at leading retail stores. Through this partnership, KreditBee aims to expand its offline presence and enable purchases of more than ₹5 crore per month.

Under ‘cardless EMI’, KreditBee will provide ‘pay later’ options for purchases of up to ₹100,000, which can be converted into EMI ranging from 3 to 12 months. Customers can shop at over two lakh merchant stores associated with Mswipe. Additionally, KreditBee aims to partner with over five lakh retail stores across India by the end of financial year 2022.

Festive season preparation

The partnership comes ahead of the festive season with Christmas and New Year’s approaching and will significantly benefit Mswipe’s partners too.

Madhusudan Ekambaram, Co-founder and CEO, KreditBee said, “We are delighted to have partnered with Mswipe to offer a distinctive financing option in the form of cardless EMI. We, at KreditBee, continue to strive to address customers’ credit needs by providing effective and convenient financing solutions. Considering the Indian consumers’ increased focus on ease and convenience in services, the idea is to have an integrated 360-degree checkout flow to render their transactions accessible and hassle-free. In our partnership with Mswipe, we plan to jointly extend effective credit solutions to a larger consumer base, including the underserved individuals.”

Ketan Patel, CEO, Mswipe added, “While BNPL offers customers the ability to make instant purchases even when they lack funds at that moment, it is also helping small businesses to increase footfalls which in turn boosts overall sales. EMI transactions on Mswipe terminals are 3x compared to last year, with merchants enjoying services at affordable rates on POS machines and pay by link. We are excited to partner with KreditBee as this partnership will help in improving the checkout process significantly and reduce the time taken to complete the purchase.”

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Yes Bank collaborates with Amazon Pay and AWS to offer UPI payment services

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Yes Bank on Thursday announced its collaboration with Amazon Pay and Amazon Web Services (AWS) to offer customers an instant real-time payment system through a UPI transaction facility.

“The integration enables Amazon Pay to issue UPI IDs with the @yapl handle, allowing customers to make secure, fast, and convenient payments,” it said in a statement.

Based on a multi-bank model, this collaboration allows Yes Bank to acquire merchants through the Amazon Pay platform, further extending the lender’s presence in the UPI merchant business segment.

Cloud-native UPI processing platform

The private sector lender said it has developed a cloud-native UPI processing platform to optimally handle the high traffic of transactions observed during surge periods like festivals or annual sales. It is hosting its UPI processing platform on AWS.

“With AWS, the bank will have more flexibility to scale with the exponential growth in UPI volumes driven by high customer demand,” it further said.

Yes Bank is one of the market leaders in UPI payments. In fiscal 2020-21, it recorded a market share of around 40 per cent by volume in the UPI ecosystem and around 30 per cent by volume in the UPI merchant acquiring business.

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Healthy growth in home loans, may consider extending festive offer: Kotak Mahindra Bank

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Private sector lender Kotak Mahindra Bank has seen robust growth in home loan demand and said it may consider extending the festive season rates depending on the interest rates and demand.

The bank had with effect from September 10 reduced home loan rates by 15 basis points to 6.5 per cent per annum. The offer is scheduled to end on November 8.

“Overall, growth has been healthy in the home loan segment. If the demand momentum continues and depending on how the interest rates behave, we may consider extending it,” said Dipak Gupta, Joint Managing Director, Kotak Mahindra Bank on Tuesday in a media call after the lender’s second quarter results.

Gupta said a third of the portfolio is from balance transfer.

“It is difficult to say how much is coming from rate cut and how much is organic. In general, the demand for homes and home loans have gone up. There is an element of balance transfer also in this, which probably is driven by 6.5 per cent interest rate,” he said.

The bank’s home loans and loan against property segment grew by 28.8 per cent to ₹61,479 crore in the second quarter of the fiscal from ₹47,732 crore a year ago. On a sequential basis, it grew by 10.5 per cent from ₹55,623 crore as on June 30, 2021.

Overall, the bank’s customer assets, which includes advances and credit substitutes, increased by 17 per cent to ₹2,56,353 crore as at September 30, 2021 from ₹2,18,790 crore as at September 30, 2020.

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LIC Housing Finance to offer home loans up to ₹2 crore at interest rates starting from 6.66%

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LIC Housing Finance (LICHFL) on Thursday said it will offer home loans up to ₹2 crore at interest rates starting from 6.66 per cent to borrowers, irrespective of whether they are salaried or professional/self-employed, having a CIBIL score of 700 and more.

Hitherto, the company was offering home loans up to ₹50 lakh at interest rates starting from 6.66 per cent.

Offer period

The company, in a statement, said its offer is available for home loans sanctioned from September 22 to November 30, 2021, provided the first disbursement is availed on or before December 31, 2021.

This interest rate offer is available across all home loan products, it added.

MD & CEO, Y Viswanatha Gowd, said: “By segmenting borrowers with CIBIL score of 700 and more for special rates, irrespective of category of employment, LICHFL aims to cater to a larger base of borrowers.

“This move is in tune with the demand for larger spaces and affordability. We also see a good traction of home loans in this ticket range,” he said.

The company has pegged its processing fee at a maximum of ₹10,000 or 0.25 per cent of the loan amount, whichever is lower for loans up to ₹2 crore.

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Allcargo retreats from delisting plan as public shareholders vote against the offer

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Allcargo Logistics has dropped plans to delist the company after public shareholders voted against the offer to take the company private.

The firm led by Shashi Kiran Shetty said it will continue to drive its ambitious growth plans as a listed entity, multiple sources briefed on the plan said.

This comes against the backdrop of a strong economic revival and significant growth in the logistics sector over the last one year.

“We respect the decision by the shareholders. A lot has changed in the last 12 months, since we launched the delisting offer. The primary purpose of delisting was to facilitate growth of various businesses. It would have been challenging to raise funds for growth one year ago, without restructuring and going private. However, in the current environment, we are confident of driving the company’s growth as a listed entity,” company sources said.

“Allcargo will explore the right steps forward to pursue its growth ambitions so that all stakeholders will benefit from it. We don’t have any plans to reinitiate the process for delisting any of our listed entities,” the source said, asking not to be named.

Strong performance

The process for delisting was announced in August 2020 after the pandemic hit the entire economy and the promoters felt the need to restructure and infuse funds for its growth and investment plans. After changes in regulations, shareholder approval had to be re-initiated and the promoters sought the approval post getting the nod from the board.

“All businesses in the group are now undergoing a holistic transformation, with focus on asset-light model and increased stress on digitalisation. The improved performance, driven by strong management across the board, has helped the company efficiently manage its working capital challenges during the crisis period, as well as the funds for acquisitions. The company continues to demonstrate strong performance,” he added.

Allcargo informed the BSE on Monday that the special resolution for delisting its shares was not passed by public shareholders with the requisite majority till September 10, the last date set for remote e-voting.

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HDFC Bank signs MoU with NSIC to offer credit support to MSMEs

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HDFC Bank signed a memorandum of understanding with National Small Industries Corporation (NSIC) to offer credit support to micro, small and medium enterprises (MSMEs) across the country.

“HDFC Bank will provide MSMEs with set of specially tailored schemes to enhance their competitiveness. Under this financing arrangement HDFC Bank branches will extend support to MSME projects in the areas they are located or other important industrial sectors across the country,” the private sector lender said in a statement on Tuesday.

It will also accept loan applications forwarded by NSIC and consider sanctioning loans on merit basis and as per its lending norms.

“We believe this partnership with NSIC will help expedite the MSME Sector growth which is the backbone of the country both in terms of economic development and job creation,” said Rahul Shukla, Group Head – Commercial and Rural Banking, HDFC Bank.

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