Banking Sector
Neobanking platform Stashfin raises $270 mn to expand global footprint
The new round values Stashfin between $700-$800 million. The platform said it will use the funds to expand its footprint in Southeast and South Asia and upgrade its technology for new products. "The fundraise is a key milestone in this challenging macro environment.
IDBI Bank to sell property owned by Great Indian Tamasha Company
The Great Indian Tamasha Company was the corporate guarantor of the Great Indian Nautanki Company. IDBI Bank is calling for bids under the SARFAESI Act due to default of loans. The guarantors and directors listed are Anumod Sharma, Anu Appaiah, Viraf Sarkari, Sanjay Chaudhary, Great Indian Tamasha Company, SG Investments and Wizcraft International Entertainment.
Bank of England hikes interest rates again
The Bank of England said on Thursday that it would raise the cost of borrowing by 25 basis points to 1.25 per cent despite fears that soaring prices are already squeezing households and weighing on economic growth, CNN reported. "Bank staff now expect GDP to fall by 0.3 per cent in the second quarter as a whole, weaker than anticipated at the time of the May Report," the Bank of England said in a statement.
Bank of Baroda hikes interest rates on term, savings deposits
Interest rates have also been hiked on saving deposits of Rs 100 crore and above to less than Rs 200 crore and Rs 500 crore and above by 5-10 basis points. The upward revision in interest rates comes close on the heels of the RBI's hike in repo rate by 50 basis points at its latest monetary policy review, which was part of the central bank's measures to address rising domestic inflation as well as inflationary expectations.
European Central Bank to raise interest rates for the first time since 2011
Resisting calls for a 0.5 per cent increase next month, the ECB's governing council said the base rate for the 19-member currency bloc would be raised by 0.25 per cent with a further, and possibly larger increase scheduled for September, The Guardian reported. Monthly injections of electronic funds into the economy, known as quantitative easing, will also be stopped in July.
Next emerging trend in fintech sector is Neobanking: Easebuzz CTO
Software-enabled payments collection and payouts platform Easebuzz aims to speed up payment collection and reduce credit periods with a smooth end-user experience, Amit Kumar, CTO, said on Tuesday. According to Kumar, the company helps small businesses to digitise payments without worrying about setting up new tech systems and business processes.
Foreign investors trim Rs 2.5 lakh cr in 8 months, more than it invested in past several yrs
So far in 2022 itself, FPIs sold investments worth over Rs 1.7 lakh crore, as per data available with National Securities Depository Limited (NSDL) showed. With this recent slippage of investments out of India in these consecutive months in a row, FPIs have trimmed an amount over and above their entire portfolio created in the preceding 7-8 years. Overseas investors bought Rs 2.2 lakh crore equities between 2014 and 2020 in the domestic stock market, Moneycontrol reported, quoting NSDL data.
Hike in interest rates by banks may hit housing demand: Realtors
From major banks to even small finance banks, several joined the bandwagon of raising lending and deposits rate. A number of banks raised their external benchmark based lending rates following an increase of 0.40 per cent in the repo rate -- at which the RBI lends short term money to banks.
Punjab National Bank stocks slip over 13% on weak Q4 results
The state-owned lender's standalone net profit dropped 66 per cent year on year to Rs 201 crore in Q4FY22. The bank had posted a profit of Rs 586 crore in the same quarter last year -- Q4FY21. The stock traded at its lowest level since November 2020, as per reports.
SoftBank reports $13 bn loss amid tech sell-off, cuts startup funding
The conglomerate also reported its biggest-ever quarterly net loss, 2.1 trillion yen ($16.2 billion) for the January-March quarter, reports Nikkei Asia. SoftBank also reported a historic $27 billion loss to its Vision Funds for the full year, owing to heavy losses in investments in tech companies like Coupang and Didi Global.
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