Finance

Cholamandalam Investment and Finance Q4 net profit declines 85% to Rs 43 crore

Cholamandalam Investment and Finance Co Ltd (CIFCL) on Wednesday reported a 85 per cent decline in net profit to Rs 43 crore in the fourth quarter ended March, due to higher provision of Rs 504 crore related to the COVID-19 pandemic and the possible macroeconomic threats. The diversified financial services company had reported a net profit of Rs 292 crore ... Read More »

Covid-19 poses serious threat to global financial system: FSDC

New Delhi: The Financial Stability and Development Council (FSDC) chaired by Finance Minister Nirmala Sitharaman on Thursday cautioned that the Covid-19 poses a serious threat to the stability of the global financial system as the ultimate impact of the crisis and the timing of recovery, is uncertain at this point of time. “While decisive monetary and fiscal policy actions aimed ... Read More »

Google suspended a popular Android podcast app because it catalogs COVID-19 content

Podcast Addict, an Android podcast app with millions of users, was briefly suspended over the weekend because it lists COVID-19 content. The app’s creator, Xavier Guillemane, tells The Verge that on Saturday, Google suspended and removed the ads from his nine-year-old app because it violated a new policy for developers that requires any app with a reference to COVID-19 to ... Read More »

Personal Finance Lessons From Bollywood

Bollywood and cricket, not necessarily in that order, are the two passions of Indians. Give us a good cricket match or a wholesome Bollywood entertainer and we are well set. Now, Bollywood is a vast industry generating scores of movies every year. Pot boilers, mysteries, family entertainers, romcoms and multiple other genres are belted out by this reigning industry. Interestingly, ... Read More »

Buy AU Small Finance Bank; target of Rs 675: Motilal Oswal

AU Small Finance Bank (AUBANK) reported subdued earnings, impacted by higher provisions (INR1.4b) toward SMA accounts. Overdue loans stood at INR23b (8.5% of loans) as of April’20 v/s INR36b as of 1st Mar’20. 29% of customers (25% of the loan book) availed moratorium, which would be the key monitorable in the near term. On the business front, loan growth moderated, ... Read More »

6 Lessons Oracle Learned When Moving Its Finance Organization To The Cloud

Finance leaders are looking for ways to cut costs, including fast-tracking investments in technologies that automate business processes and improve insights into company operations. That analysis applies to their own organization’s systems and processes as much as to anyone else’s. As CFOs consider a timeline for moving to a modern, cloud-based finance system, among their biggest questions is how to ... Read More »

Veritas Finance raises Rs 350 crore from Kedaara Cap, others

Veritas Finance has created a loan book of Rs 1,308 crore as February 29, 2020, with a customer base of 48,638 across eight states and one union territory Veritas Finance, the Chennai-based non-banking financial company (NBFC) focused on lending to micro, small, medium enterprise (MSME), on Thursday announced that it has raised Rs 350 crore through a Series E investment ... Read More »

Approaching Trade Finance From The Payables Side

Trade finance is a critical tool in supporting global trade for both buyers and sellers, particularly smaller businesses. Yet these financing products aren’t without their risks and drawbacks, and today, criticism continues to mount for certain invoice financing tactics in particular. High-profile corporate collapses and questionable invoice discounting programs run by major conglomerates has led financial officials in the U.K., U.S., Australia and beyond to take ... Read More »

Airbnb Is Giving Away $1 Million To Help Finance Your Dream Home

In an announcement made by Airbnb Tuesday, the home sharing company has unveiled a new contest to help ten lucky winners finance and build the home of their dreams. Called the Unique Airbnb Fund, Airbnb will be gifting a total of $1 million dollars to find and finance the most “unconventional, creative and unique livable spaces on the planet.” The fund—which is meant to empower anyone ... Read More »

Millennial-Focused Digital Bank Empower Finance Raises $20M

San Francisco-based Empower Finance, a mobile banking app aimed at helping millennials save wealth, has raised $20 million in a Series A funding round led by Defy Ventures and Icon Ventures, according to a report. The Founder and CEO of Nubank David Velez also participated in the funding round. The company, which was founded in 2017, is run by a former Sequoia Capital ... Read More »