YES BANK launches Click OD facility for MSME customers

YES BANK announced the launch of Click OD (over draft) facility for the Bank’s existing Micro, Small and Medium Enterprises (MSME) customers. Through this, an MSME can avail unsecured OD up to Rs. 10 lakh digitally, without any documentation. This unique proposition will be offered to select customers basis their account conduct and credit history.

Rajan Pental, Senior Group President and Group Head – Branch and Retail Banking, YES BANK said “YES BANK has been supporting MSMEs in their growth story through various initiatives such as YES MSME portal and YES GST. Further, through the launch of this product, the Bank hopes to complement its efforts to address MSME’s need for timely and hassle free access to working capital finance without documentation, thereby supporting them in their endeavour to be sustainable and competitive.”

The bank is targeting a disbursement of Rs 100 crore for FY 2019-20 through the YES MSME portal. YES BANK’s total exposure to MSMEs as on March 31, 2019 has crossed ~Rs 42,000 crore.

Kotak Mutual Fund launches Equity Fund

Kotak Asset Management Company (Kotak Mutual Fund) announced the launch of Kotak Focused Equity Fund. The New Fund Offering (NFO) opens for subscription on 25th June, 2019 and closes on 09th July, 2019. This open-ended scheme will invest in a focused portfolio of up to 30 stocks across large-cap, mid-cap and small-cap categories.

The fund, which will follow Nifty 200TRI benchmark, aims to generate long term capital appreciation by investing in equity & equity related instruments across market capitalization. Kotak Focused Equity Fund will be managed by Shibani Kurian and Harish Krishnan.

Shibani Kurian, Senior Vice President and Head of Equity Research said ‘Kotak Focused Equity Fund integrates corporate governance with risk/reward-based selections. The fund will follow a thematic approach of bottom up stock picking using the Business, Management and Valuation (BMV) model. We will evaluate the business environment that a company operates in, the capability of the management to execute and scale up the business and valuation of the company based on fundamentals like discounted cash flows and P/E ratios’.

The Red Pen expands to East Africa

The Red Pen an independent, niche education consulting company, has announced its expansion plan to provide university counselling services in Nairobi, East Africa.

In Nairobi, The Red Pen will help college-bound students identify their individuality and stand out in the competitive admissions process. Services will include end-to-end guidance throughout the admissions process, from identifying colleges and majors to assistance with applications and interview preparation. Standalone guidance will also be offered for students who require assistance with only specific aspects of their applications. The Red Pen will also offer comprehensive services for families pursuing boarding and/or day schooling options for their children. In addition, throughout the year, information sessions will be held on various education-related topics that will help families understand their options, make informed choices and plan ahead.

‘Having established the values that drive the professionalism and bespoke nature of our services In India, we now recognise the opportunity to reinforce our mission of empowering students to access high-quality education globally through this partnership’ informs Dr. Kimberly Wright Dixit, CEO and Co-Founder, The Red Pen.

FIA Tech achieves 20 million customers milestone

FIA Tech, the leading fintech company in digital payment & distribution systems, has crossed milestone 20 million customers in June 2019 with maximum number of subscribers from states such as West Bengal, Chhattisgarh, Bihar, UP and Rajasthan who have opted for financial services through wider network of FIA tech.

‘Reaching a 20 million customer base is a milestone achievement for us and is a testimony of customers having faith in FIA. With the industry showing upward trend, we are hopeful to see a large base getting added into Indian financial inclusion system enabled by FIA’s cutting edge technology’ informed Seema Prem, CEO of FIA Tech.

To further increase the customer base, company is also planning to cross sell key products through their innovative technology platform besides focusing on deepening their presence and adding new customers in the next 2 years.