Tag Archives: Notes

China’s used-car marketplace Uxin to raise $230M via convertible notes

Uxin,  a Chinese second-hand car dealer with Leonardo DiCaprio as its latest brand ambassador, is tipped to get a bag of new funding less than a year after it raised $225 million from its public offering on the Nasdaq. The company announced on Wednesday that it’s selling $230 million worth of convertible notes to 58.com  — China’s answer to Craigslist, Warburg Pincus, TPG and other investors. ... Read More »

Notes Ban Impact: EMIs To Fall As SBI, Other Banks Cut Lending Rates

New Delhi: Top PSU lenders State Bank of India, PNB and Union Bank on Sunday slashed their benchmark lending rates by up to 90 basis points, a day after Prime Minister Narendra Modi asked banks to priorities their lending towards the poor and middle class. The country’s largest lender, SBI, has reduced marginal cost of funds based lending rate (MCLR) ... Read More »

Banks Must Keep Deposits Record Of Scrapped, Valid Notes, Says Government

s New Delhi: To avoid any malpractices, the government has asked all public sector banks to strictly maintain a record of deposits made through both old Rs. 500 and Rs. 1,000 notes and other valid currencies. In a letter written to chief executive officers of public sector banks, the Finance Ministry asked that “maintenance of records regarding deposit of Specified Bank Note (SBN) and Non-SBN, as ... Read More »

Banks Receive Rs 12.44 Lakh Crore Of Old, Invalid Notes So Far, Says RBI

Mumbai: Banks have taken back Rs 12.44 lakh crore ($184.24 billion) of high-value currency that the government abruptly abolished last month, Reserve Bank of India Deputy Governor R Gandhi said on Tuesday. That represents about 80 percent of the Rs 15.44 lakh crore in 500- and 1,000-rupee notes that were circulating before Prime Minister Narendra Modi abolished them on Nov. ... Read More »

No Regulatory Obstacles For NRIs Depositing Banned Notes: Bank Of England

London: In a relief to British Indians and NRIs, the Bank of England has said that it does not foresee any regulatory obstacles to people wanting to deposit or exchange banned Rs. 500 and Rs. 1,000 notes at the UK branches of Indian banks. The banking authority’s chief stressed the issue was a matter for the Indian government, who must ... Read More »

Demonetisation: Rs. 500, 1000 Notes Should Be Allowed for Purchase of Mobiles, Says ICA

Mobile phone industry body Indian Cellular Association has asked the government to allow use of old Rs. 500 and Rs. 1000 notes for the purchase of handsets and claimed that their sales have come down by 50 percent due to cash crunch post demonetisation. In a letter to Finance Minister Arun Jaitley, the association said, “The mobile handset sales have ... Read More »