Finzy raises $2 mn bridge to Series A

Banking & Finance

[ad_1]

Read More/Less


Finzy, a P2P lending platform, has raised $2 million as a bridge to $10 million Series A round.

The company will use the funding to strengthen its technology and enhance product offerings for its lenders and borrowers. Finzy was launched in June 2017 and offers personal unsecured loans with interest rates starting at 7.99 per cent per annum.

Commenting on the development, Amit More, CEO and Founder, Finzy said “We have raised this bridge round from our existing investors. We are in the documentation stage with a Silicon Valley-based technology fund and expect our Series A to close within a couple of months. To save excessive dilution at an early stage, we would limit our Series A raise to $10 million though we have demand for a much higher investment number.”

Finzy claims to have more than 1 lakh customers and the largest outstanding loan book amongst all P2P platforms in India. In 2018, the company has raised $2.3 million pre-series A funding from a clutch of senior professionals from the BFSI industry.

Some of the existing players in the P2P lending space include Faircent, LenDenClub, Paisa Dukan, and RupeeCircle, among others. Fintech unicorns like BharatPe and Cred have also recently entered the P2P lending space in India by launching ‘12% Club’ and ‘Cred Mint’, respectively.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

Reserve Bank of India – Notifications

Notifications

[ad_1]

Read More/Less




April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


Next

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Tenders

Tenders

[ad_1]

Read More/Less


E-Tender No. RBI/Bengaluru/Estate/169/21-22/ET/228

E-tenders were invited for Empanelment of suppliers for Officers’ Lounge and Dining Room at Main Office Building, RBI, Bengaluru after publishing the NIT in MSTC Portal and on the Bank’s website. As per the schedule, pre-bid meeting was scheduled to be conducted at 11.00 am on October 28, 2021 at HRMD, 3rd Floor, Reserve Bank of India, Bengaluru.

No bidder came forward for the meeting. Hence, the meeting was not conducted.

The terms and conditions and specifications of the tender document shall continue to remain same.

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Sundaram Finance Holdings seeks to consolidate foundry business

Banking & Finance

[ad_1]

Read More/Less


Sundaram Finance Holdings Ltd (SF Holdings) said it has taken steps to consolidate investments in the foundry business.

Increased shareholding

The company has increased its shareholding in Flometallic India. Flometallic has, in turn, filed a scheme of arrangement with the NCLT to merge its operations with those of Brakes India. Along with Dunes Oman (a subsidiary of Brakes India), the merger will create a combined foundry capacity of 1,75,000 tonnes operating at four locations — Sholingur, Naidupeta, Jagadia and the Sultanate of Oman.

“This will create one of the largest ferrous casting businesses in the country and will increase the competitiveness of the foundry business as a whole,” according to a statement.

Portfolio investment

SF Holdings will also make an additional investment of up to €2 million in its portfolio company, Italy-based Mind S.r.l, which focuses on carbon fiber components for the automotive industry in Europe. A year-ago, SF Holdings had invested about ₹24 crore in the company for a 40.6 per cent stake.

The additional investment is to augment working capital needs and invest in further growth, it added.

Profits rise

SF Holdings reported a standalone net profit of ₹11.09 crore for the quarter ended September 30 compared to ₹3.78 crore for the corresponding period of the previous year.

SF Holdings is engaged in the business of making investments — primarily companies in the automotive space — many of them co-promoted with the TVS group. It holds significant investments in companies such as Sundaram Clayton, Wheels India and IMPAL (all listed), and Brakes India and Turbo Energy (both unlisted).

Also see: Sundaram Finance Holdings: Why you should accumulate this oft-ignored small-cap stock

As a result, dividends from portfolio companies form a substantial part of the financial results, according to a statement.

For the half year ended September 30, consolidated net profit was ₹50.86 crore compared to ₹9.41 crore in the year-ago period.

Automotive holdings

Supported by a strong recovery in the automobile sector, the dividend received from portfolio companies was at ₹29.13 crore for the half-year period, already exceeding the full year’s dividend received for FY21 (₹14.13 crore).

“We continue to use the automotive industry down-turn to consolidate our portfolio, investing further into our companies and undertaking business restructuring to unlock synergies in our foundry business,” said Harsha Viji, Director, SF Holdings.

The company’s performance is also an extension of its long-term strategy of consolidating its automotive holdings.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

Reserve Bank of India – Tenders

Tenders

[ad_1]

Read More/Less


The pre-bid meeting for the captioned work was conducted through WebEx meeting on 28.10.2021 at 11.00 AM in presence of the following:

For Reserve Bank of India:

  1. Shri. P S V Sudhakar, AGM (Estate)

  2. Shri. Sunil Shantaram Phadke, A.M (Tech Elect)

  3. Shri. Ram Prasad Malle, A.M (Estate)

Tenderers:

  1. Shri. Sohail Khan, M/s M K Enterprises, Nagpur.

Various points were discussed and clarified by the Bank. Clarification given by the Bank is given as follows:

  1. In case of fault in UV lamp/any item of the system, the same should be replaced within 48 hours during the defect liability period and within one week from the date of Work order / email during the AMC period.

  2. There is no as such specific make of the UV lamp etc. given but it should be ensured that the same should be having UL certified.

  3. Firm needs to submit client certificate in the format given by the Bank. Client certificate in other format which covers all the points of the Bank’s format will also be accepted.

  4. Measurement of intensity / dose of the system shall be done by the contractor after completion of the work at site in the presence of Bank’s Engineer.

  5. Individual Lamp on/off indicator, lamp failure, individual lamp usage meter and main power on/off switch shall be provided in the control panel.

  6. For operational safety, firm has to comply with ISHRAE guidelines UL-1995 and for fire & smoke safety UL-2043 standard to be complied with for the safety of the UVGI system to be installed.

  7. Firm has to ensure that the average acceptable life of the UV lamp is 9000 hours. For any fault in the lamp before completion of its useful life, firm should have to replace the same free of cost.

  8. Bank has provided power supply at certain location in each Air Handling Unit. Firm has to take the power supply required for UVGI assembly from that source by supply and laying of suitable size copper cable.

  9. Firm has to comply with ISHRAE guidelines for UVGI system having exposure time of 15 minutes with irradiation intensity of 4016 μW/cm2 and also to ensure minimum average intensity of 100 μW/cm2 on the surface of cooling coil.

Above minutes will be the part of the tender. All other terms and conditions of the tender remain same.

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Notifications

Notifications

[ad_1]

Read More/Less




April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


Next

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


The Governor, Reserve Bank of India held separate meetings with the MD&CEOs of Public Sector Banks and certain Private Sector Banks on November 2, 2021 through video conference. The meetings were attended by Deputy Governors Shri M. K. Jain, Shri M. Rajeshwar Rao and Shri T. Rabi Sankar.

In his opening remarks, the Governor acknowledged the improved financial and operational resilience of the banking sector which impart strength to financial stability. He emphasised the need for banks to continue providing necessary support in the revival of economic activity. He also advised the banks to remain vigilant to any emerging signs of vulnerabilities and take timely remedial measures to mitigate the risks and maintain the stability of not only the institutions themselves but also of the overall financial system.

Among other matters, the following issues were discussed in the meetings:

1. Credit flows, especially to micro and small enterprises;

2. Outlook for stressed assets and measures for mitigation;

3. Pricing of risks;

4. Collection efficiencies;

5. Engagement of banks with fin-tech entities;

6. Implementation of certain regulatory measures for ensuring consumer protection.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1139

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Rupee gains 19 paise to end at 74.68 against US dollar, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


Mumbai, Nov 2 : The rupee gained 19 paise to close at 74.68 (provisional) against the US dollar on Tuesday, as IPO related inflows supported the local unit amid a lacklustre trend in the domestic equity market. At the interbank forex market, the domestic unit opened at 74.83 against the greenback and witnessed an intra-day high of 74.66 and a low of 74.86 during the day’s trade. It finally ended at 74.68 a dollar.

On Monday, the rupee had settled at 74.87 against the US dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.06 per cent to 93.94.

“After two days of lacklustre movements, the rupee has appreciated quarter percentage points backed by inflows from IPOs. While overseas markets traded sideways ahead of the US Fed and Bank of England policy meeting this week,” said Dilip Parmar, Research Analyst, HDFC Securities.

Dollar supply remained high on the back of IPOs, while traders may remain light in holiday truncated weeks, Parmar said, adding “Spot USD/INR is expected to trade in a tight range of 74.50 to 75”.

On the domestic equity market front, the BSE Sensex fell 109.40 points or 1.18 per cent to end at 60,029.06, while the broader NSE Nifty declined 40.70 points or 0.23 per cent to 17,888.95.

Brent crude futures, the global oil benchmark, rose 0.27 per cent to USD 84.94 per barrel.

Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 202.13 crore, as per exchange data.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

BSE joins hand with HDFC Bank to promote startup, SME listing, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


New Delhi, Leading stock exchange BSE on Tuesday said it has collaborated with private sector lender HDFC Bank to further encourage and promote the listing of startups and small and medium enterprises (SMEs) across India. Through this pact, HDFC Bank and BSE will evaluate banking and lending solutions for startups, undergoing listing process on startups and SME platform, the exchange said in a statement.

HDFC Bank will identify potential startups as well as SMEs and help them to partner with intermediaries like merchant bankers, chartered accountants and lawyers to list on BSE.

Both the parties have agreed to conduct and participate in joint outreach activities and contribute to each other’s publications on the startup ecosystem in India.

“Through this MoU (Memorandum of Understanding), we aim to resolve funding constraints for startups and SMEs in India. BSE along with HDFC Bank shall work together to create a sustainable ecosystem for startups and SMEs,” Ajay Thakur, Head, BSE SME and startups, said.

“Startups are reimagining and reshaping the world we live in. At HDFC Bank, we are committed to developing, strengthening and collaborating with the startup community and ecosystem in the country,” said Iqbal Singh Guilani, SVP, Retail Branch Banking, HDFC Bank.

BSE became the first stock exchange to get approval from markets regulator Sebi and had launched its SME platform in March 2012.

So far, 353 companies listed on the BSE SME Platform have raised Rs 3,732 crore from the market, and the total market capitalisation of such firms stood at Rs 38,538 crore. Out of 353 companies, 117 have migrated to BSE Main Board.

BSE is the market leader in this segment, with a market share of 61 per cent.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Finacle’s digital banking solution suite to be available on Red Hat OpenShift and IBM Cloud

Banking & Finance

[ad_1]

Read More/Less


Infosys’s Finacle division and IBM have announced that Finacle’s digital banking solution suite will be available on Red Hat OpenShift and IBM Cloud for financial services. This collaboration will help banks scale business transformation, become more agile, and power their growth with an on-demand portfolio of products and services, the companies said. It will also help banks achieve seamless ecosystem connectivity and provide a world-class banking experience for their customers, and enable them to meet required compliance and security requirements, they stated in a press release.

Easy customer onboarding

The Finacle solution suite deployment with fully managed Red Hat OpenShift on IBM Cloud for financial services is designed to provide several benefits, including, a significant reduction in the total infrastructure readiness timelines, resulting in a shorter time period for customer onboarding, it added.

Stating that banks can leverage the elastic infrastructure of the cloud deployment for Finacle applications to scale on-demand – significantly improving provisioning efficiency – it claimed that the operations teams’ dependencies on the need for special skills will reduce due to the unified container and cloud management capabilities.

Venkatramana Gosavi, Senior Vice-President and Global Head of Sales and Alliances, Infosys Finacle, said, “The Cloud has evolved from a technical transformation enabler to a business transformation enabler that provides an agile, resilient, and scalable platform for innovation and growth. Given the benefits, cloud adoption is a necessity for financial institutions that aspire to lead the digital transformation race and achieve significant business performance improvements.”

Gaurav Sharma, Vice-President, IBM Cloud and Cognitive Software, said, “At IBM, our mission is to de-risk the financial services industry. With more mission-critical workloads moving to the cloud, the IBM Cloud for Financial Services is designed to help institutions accelerate hybrid cloud adoption and drive revenue growth while addressing the need for security, open innovation, and compliance. With this collaboration, Infosys Finacle joins a growing ecosystem of more than 100 Independent Software Vendors (ISVs), SaaS providers, Global Systems Integrators (GSIs), and Fintechs leveraging the IBM Cloud for financial services.”

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,
1 … 131 132 133 134 135 … 16,279