Quick Car Loan from Federal Bank
Federal Bank launched a new facility for quick sanction of auto loans on 17 August 2019. This is a platform where loan application and other supporting documents are collected, verified, transmitted and sanctioned online in a few hours. The solution has several tools which help real-time verification of documents and credit history of customers. This helps the Bank to reduce the transit time thereby making the loan sanction quicker and accurate. All the verifications like analyzing loan application and creditworthiness of the customer, which were previously done offline, are now done in the platform using artificial intelligence. This solution is available currently in Mumbai and Ernakulam, which will later be extended to other locations.
Ujjivan Small Finance Bank files DRHP for Rs 1200 cr IPO
Ujjivan Small Finance Bank (USFB), which caters to the unbanked urban poor and young middle class customers, filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its IPO. The bank seeks to raise Rs 1200 crore including reservation of equity shares of up to Rs 120 crore by eligible UFSL shareholders. The equity shares being offered are at a face value of Rs 10 each. The mass focused SFB is committed to building financial inclusion in the country and is among the leading SFBs in terms of deposits, advances, branch count and Geographic Spread as of March 31, 2019. Ujjivan has served 4.72 million customers from its 474 banking outlets, which include the 120 unbanked rural centers as of June, 2019. In FY-19, the SFB operationalized 287 banking outlets and has a network of 387 ATMs.
Flipkart introduces ‘Flipkart Ideas’
Flipkart has introduced the ‘Flipkart Ideas’, a curated selection of content on its platform, to make consumers’ shopping experience more meaningful by guiding them through their eCommerce purchase journey. Integrated on the Flipkart platform, ‘Flipkart Ideas’ aims to inspire users by helping them discover new products and brands through credible information and bring forth ideas that help consumers add new purchases seamlessly into their lives. This launch plays a crucial role in bringing the next 200 million consumers online who are primarily from tier-II and III cities, enabling them to narrow down specific products suitable for their needs. With the current purchase journey being fragmented across platforms with no single platform being able to serve the combined purpose, ‘Flipkart Ideas’ will play a significant role in delivering inspiration and ideas with a seamless commerce experience. OnFlipkart Ideas, content from brands and influencers will be showcased with associated products from Flipkart, in all multimedia formats such as videos, GIFs, images, stories, quizzes and polls. The user-savvy content will enable consumers to know more about products and brands, while aiding them in understanding ongoing trends across categories, thus, ensuring better brand recall.
