Citroen partners with Axis Bank for auto finance in India

New Delhi: French automaker Citroen on Wednesday has entered into a white-label arrangement with Axis Bank, as a preferred Banking partner, to introduce Citroen Finance in India. Citroen Finance will provide retail finance and mobility solutions including value added products to its customers and customised credit solutions to its dealers in India, the company said in a statement. Roland Bouchara, Senior Vice President Sales and Marketing, Citroen India said, “This partnership with Axis Bank is in line with our commitment towards providing the best experience to our customers not only at our dealer showrooms but…

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Ujjivan Financial files prospectus for small finance bank IPO, stock plunges 8%

Shares of Ujjivan Financial Services fell nearly 8 percent on Monday after the company filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) to list its subsidiary Ujjivan Small Finance Bank (USFB). The stock fell as much as 7.8 percent to Rs 261.70 per share on BSE. At 9:25 am, the stock was trading 4.4 percent lower at Rs 271.7 compared with 0.63 percent (236 points) gain in BSE Sensex at 37,586. USFB plans to launch an initial public offering (IPO) at a face value…

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Ujjivan Small Finance Bank files Rs 1,200 cr IPO papers

Ujjivan Small Finance Bank is planning an initial public offering to raise Rs 1,200 crore. The company on August 16 filed a draft red herring prospectus with SEBI. “Ujjivan Small Finance Bank is proposing to undertake an initial public offering of equity shares of face value of Rs 10 each, comprising a fresh issue of equity shares by bank aggregating up to around Rs 1,200 crore,” Ujjivan Financial Services said in its BSE filing. The price band for public issue may be determined by bank in consultation with the book running lead managers…

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AU Small Finance Bank gains as Edelweiss initiates coverage, sees 24% upside

Edelweiss Securities has initiated coverage on AU Small Finance Bank with a buy rating and target price of Rs 880 apiece, implying 24 percent potential upside from current levels. At 0916 hours IST, it was quoting at Rs 712, up Rs 3.85, or 0.54 percent on the BSE. The non-banking finance company continues to deliver high loan growth without any asset quality incident and 30 percent-plus asset CAGR remains plausible for an extended period, the brokerage said. It feels operating and financial leverage will continue to play through and return on average…

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Sensex rallies 250 points, Nifty near 10,700 at close, Axis Bank rises 9%

Equity benchmark BSE Sensex rallied over 250 points to close only 30 points short of the 35,000 mark on Friday, amid positive global cues and strong corporate earnings announced this week. At close, the 30-share strong gauge was256.10 points or 0.74% higher at 34,969.70. The broader NSE Nifty 50 too rose 74.50 points or 0.70% to end at 10,692.30. Gains in the Sensex pack were led by Axis Bank, SBI, ICICI Bank, Reliance Industries, Maruti Suzuki and Yes Bank, rising as much as 8.97%. Axis Bank shares had fallen 3%…

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Denial of education loan repayment support: Convene meeting of bank authorities, Chennithala to govt

Photo: mathrubhumi library. Thiruvananthapuram: Opposition leader Ramesh Chennithala on Thursday submitted a letter to chief minister Pinarayi Vijayan urging him to take initiative to resolve the issue of denial of financial aid announced by government to students who have taken education loan from erstwhile SBT. In the letter, Chennithala asked the CM to convene a meeting of SBI bank authorities urgently to solve the issue. Chennithala said that the present crisis happened not because of any lapse on the part of students. “The crisis happened due to the merger of…

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Schools failing to educate students to succeed in life in countries like India: World Bank

Washington The World Bank has warned of a learning crisis in global education, particularly in low and middle-income countries like India, underlining that schooling without learning is not just a wasted development opportunity, but also a great injustice to children worldwide. The Bank in its latest report has noted that millions of young students in these countries face the prospect of lost opportunity and lower wages in later life because their primary and secondary schools are failing to educate them to succeed in life. According to the World Development Report 2018: Learning to…

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Bank at the center of US inquiry projects Russian ‘soft power’

  Grigory Dukor | Reuters Sergei Gorkov, Chairman of State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)”, speaks with participants during the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. It has offices in a sleek Manhattan skyscraper. Its bonds are accessible to millions of American investors. And it holds ties to some of New York’s biggest banks. Despite this presence on Wall Street, detailed in previously unreported financial records, Vnesheconombank, or VEB, is no normal bank. It is wholly owned by the Russian state. It…

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India: agencies predict 30% drop in students going to Aus due to bank back up

Implementation of the new policy and introducing new ₹500 and ₹2,000 bank notes into circulation has put a strain on banks resulting in delays in processing education bank loans for overseas study. The backlog on granting loans affects students who are planning to enrol in an Australian university next month, according to AAERI. According to the association, up to three quarters of students choosing to study in Australia take out education loans to pay for the first semester’s tuition fees. “This has slowed down the process for bank loan sanctioning” In each intake, there…

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Bank of England sticks with rate cut signal despite Brexit bounce

The Bank of England said on Thursday it was still likely to cut interest rates to just above zero later this year, even though the initial Brexit hit to Britain’s economy was proving less severe than it had predicted only last month. The BoE’s rate-setters voted unanimously to keep Bank Rate at 0.25 percent, the lowest level in the BoE’s 322-year history, after cutting it in August for the first time since 2009 to tackle the shock of Britain’s vote to leave the European Union. Policymakers also voted 9-0 to…

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