- By Varun HudlikarVehicles manufactured and sold after December 1, 2017, already comes pre-fitted with FASTag. But if your vehicle is older than that, you must get the FASTag with a linked payment method to it — either NHAI tags or bank-specific tags.Along with 22 banks, the tag can be purchased online through Amazon and on Paytm. ETBFSI spoke to some industry players to understand how will FASTag boost the businesses of FinTechs and Banks. Opportunity lurking FinTechs and banks have pounced upon to match the surging demand of FASTag. Several banks such as SBI, HDFC, Axis, and ICICI have directed their resources into aggressively marketing the sale of FASTag. Most banks allow registration for free with a Rs 100 re-issuance charge. Navtej Singh, CEO-Digital Hitachi Payment Services said, “While the overall toll collection in India is about Rs 400 crore per month, the ETC program was successful in taking up nearly 22% of this share in a very short span of time.The total … [Read more...] about Can a car sticker be game-changer for FinTechs & banks?
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NEW DELHI: The Rs 750 crore initial public offering (IPO) of Ujjivan Small Finance Bank, which attracted heavy investor demand of the final day of bidding, will make its stock market debut on Thursday. The IPO received bids for 2,053 crore shares against the total issue size of 12.39 crore shares, as per NSE data. Shares of Ujjivan Small Finance Bank will be listed on the BSE and NSE, the microfinance lender said. The IPO, which was open for subscription during December 2-4, was subscribed more than 165 times at a price band of Rs 36-37 per share. The category meant for qualified institutional buyers (QIBs) was subscribed 113.80 times, that for non-institutional investors (NIIs) was subscribed 486.14 times, while the retail investor category was subscribed 50.16 times. Kotak Mahindra Capital Company, JM Financial and IIFL Securities managed the offer. Microfinance lender Ujjivan Financial Services is the holding company of Ujjivan Small Finance Bank. … [Read more...] about Ujjivan Small Finance Bank to make stock market debut on December 12
Jayesh Bhanushali of IIFL has a buy call on City Union Bank Ltd. with a target price of Rs 242.0 . The current price of City Union Bank Ltd. is Rs 234.4 . Jayesh Bhanushali recommended to keep a stoploss at Rs 228 . City Union Bank Ltd., incorporated in the year 1904, is a banking company (having a market cap of Rs 17247.48 Crore). City Union Bank Ltd. key Products/Revenue Segments include Interest & Discount on Advances & Bills which contributed Rs 3177.66 Crore to Sales Value (84.35 % of Total Sales), Income From Investment which contributed Rs 553.60 Crore to Sales Value (14.69 % of Total Sales), Interest On Balances with RBI and Other Inter-Bank Funds which contributed Rs 23.31 Crore to Sales Value (0.61 % of Total Sales) and Interest which contributed Rs 12.60 Crore to Sales Value (0.33 % of Total Sales)for the year ending 31-Mar-2019. The Bank has reported a Gross Non Performing Assets (Gross NPAs) of Rs 1135.44 Crore (3.41 % of total assets) and Net Non Performing … [Read more...] about Buy City Union Bank, price target Rs 242: Jayesh Bhanushali
Elara Capital has given a buy recommendation on DCB Bank with a target price of Rs 276. Shares of DCB Bank traded at Rs 241.6 around 1:05 pm on 12 July, 2019. The brokerage has set a one-year horizon for the stock to hit the target price. "We estimate ROAA at 1-1.1 per cent and ROAE at 12.2-13.8 per cent over FY20-21E. We initiate coverage on DCBB with a buy rating and a target price of Rs 276 based on 2.3 times September FY20E P/ABV. Our target price implies upside of 20 per cent," said the brokerage. Investment rationale: Rs 20,00,000 crore credit opportunity to be tapped As per the brokerage, DCB Bank (DCBB IN), a prudent lender in SME & MSME space, has about Rs 20,00,000 crore credit opportunity to tap. As on end-March 2018, total MSME credit demand was assessed at Rs 45,00,000 crore, of which SCBs & NBFCs were to fulfill Rs 15,00,000 crore credit demand, Rs 10,00,000 crore was to be funded directly to personal proprietor and the rest was to remain unattended. … [Read more...] about Buy DCB Bank, target Rs 276: Elara Capital
After spending 50 days in captivity, Chaitanya Hari, an engineer with IL&FS Transportation Network Ltd (ITNL) in Ethiopia, was hoping to be released on Tuesday to be home in time for his sister’s wedding next week. What had raised expectations for Hari and his three colleagues was Exim Bank’s move to lift the freeze on ITNL’s bank account. But Ethiopian Commercial Bank executives have refused to lift the freeze, further delaying the departure of the employees who are now left with no money to even buy food and are living without electricity as their employer is refusing to transfer any funds. Initially, Sukhvinder Singh, Bishnu Nagaraju, Khurram Imam and Hari were held hostage in a camp as the local workers demanded ITNL clear their dues. When this was done, they demanded severance pay for 10 months, which has now been reduced to four months. That puts the bill at less than $200,000, which IL&FS has failed to pay up for over a month now. Around 450 km away … [Read more...] about IL&FS staffers stay captive in Ethiopia as bank raises hurdle