Banks, financials tumble; RBL, AU Small Finance, IndusInd Bank dip over 14% – Business Standard

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Shares of banks and financial services companies declined up to 25 per cent on the National Stock Exchange (NSE) on Friday after the government placed YES Bank under moratorium and capped withdrawals for a month, while the Reserve Bank of India (RBI) superseded the private lender’s board, citing a steady decline in its financial position….

Share market update: Nifty Financial Services index down; Indiabulls Housing Finance plunges 13% – Economic Times

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NEW DELHI: The Nifty Financial Services index was down with its components trading lower in Friday’s afternoon session. Shares of Indiabulls Housing Finance Ltd (down​ 13.47 per cent)​, Edelweiss Financial Services (down​ 11.65 per cent)​, Shriram Transport Finance (down​ 7.32 per cent)​, State Bank of India (down​ 6.86 per cent)​, ICICI PRU LIFE (down​ 6.29…

Mobile banking app Empower Finance just closed a $20 million Series A round – TechCrunch

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Another afternoon, another round of funding for a mobile banking app. This time, it’s Empower Finance, a San Francisco-based company that’s headed up by former Sequoia Capital partner Warren Hogarth and which just closed on $20 million in Series A funding from Icon Ventures and Defy Ventures. David Velez, who is the founder and CEO…

Emma, the personal finance tracker, scores $2.5M seed led by Connect Ventures – TechCrunch

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Emma, the personal finance management app that bills itself as your best “financial friend,” has raised $2.5 million in seed funding. Connect Ventures led the round, with participation from Ithaca Investments, Tiny.vc and existing investor, Aglaé Ventures. The fintech previously raised $700,000 in angel funding in June 2018. Launched in the U.K. in early 2018…

India plagued with slowing economy, lack of finance: Blackstone chairman – The Financial Express

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Schwarzman, who is also the chief executive and co-founder of Blackstone, said his company is “bullish” on India, but from a long term perspective. (Reuters) India is plagued with a slowing economy and lack of finance currently, Blackstone’s chairman Stephen Schwarzman said, hinting that the global private equity major may be interested in distressed asset play…

Leap Finance raises $5.5M to democratize financing for foreign-bound Indian students – TechCrunch

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Tens of thousands of Indians move to the United States to pursue higher education each year. But like many others who have arrived from a foreign land, they can’t secure education loans or personal loans from the banks at interest rates on par with those levied on local students. The reason why these students —…

Leap Finance raises $5.5 million led by Sequoia India – Economic Times

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BENGALURU: Leap Finance, a fintech platform for Indian students pursuing higher education overseas, has raised $5.5 million led by Sequoia India. Leading angels including Bhupinder Singh from InCred and Kunal Shah from Cred among others also participated in the funding round. Leap Finance, which has a 25-member team, plans to deploy the cash raised to…

Equitas Small Finance Bank gets Sebi nod for IPO – Economic Times

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1 Equitas Small Finance Bank gets Sebi nod for IPO Antony Waste Handling Cell extends IPO period; issue subscribed 50% on Day 3 Antony Waste Handling IPO subscribed 50% on Day 3 India’s SBI Cards is on track to pull off $1.4 billion IPO SBI Card IPO bids worth 2 lakh crore; issue subscribed 26…

The Next Revolution In Personal Finance: The Financial Feed – Forbes

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Social media feed Getty OBSERVATIONS FROM THE FINTECH SNARK TANK Thank you for pulling yourself away from your Facebook feed, your Twitter feed, your LinkedIn feed, your Instagram feed, your Snapchat feed, and your [what-else-am-I-missing?] feed in order to spend the three minutes it will take to read this. But I’ve got great news for…

Bill to bring cooperative banks under RBI regulation to get Parliament nod during Budget session – Economic Times

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NEW DELHI: In a bid to address weaknesses in cooperative banking sector, the Parliament is likely to clear a Bill to amend Banking Regulation Act to bring multi-state cooperative banks under effective regulation of RBI during the Budget session. The proposed legislation will help prevent a repeat of Punjab and Maharashtra Cooperative Bank-like crisis, sources…