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STARTUPS

Scaler Acquires AppliedRoots For $50 Million

Scaler has acquired the online learning platform AppliedRoots for $50 million in a cash and stock deal. The deal will allow it to strengthen its data science, Artificial Intelligence (AI) and Machine Learning (ML) capabilities, a senior company executive said. “This acquisition will help us grow faster in the AI and ML space. We have a long way, and the funds raised will grow business further through organic and inorganic ways,” Abhimanyu Saxena, Founder of Scaler, said.


AppliedRoots offers an online diploma course in AI and ML. The platform also provides GATE CS preparation and applied coding tracks. It has served over 40,000 learners in the last four years, the company said. “Our goal is to support the efforts and projects being done in the Data Science & ML team. We will also include a separate Data Analyst Sub track in the Data Science program,” Srikanth Varma Chekuri, co-founder of AppliedRoots, said.

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BUSINESSFINANCIALS

SBI Raises $500 Million Via Three-Year Syndicated Loan at Fine Pricing

Nilesh

The State Bank of India (SBI) has raised $500 million through a three-year syndicated loan at affordable pricing. This is the first offshore Secured Overnight Financing Rate-linked loan by SBI through its IFSC Gift City branch. SBI said that its substantial presence in international markets helped it to get very fair pricing amid the ongoing turbulence in financial markets due to geopolitical tensions and rate hike predictions by the US Federal Reserve and other central banks across the globe.


The managing director of SBI, Ashwini Kumar Tewari, said, “The successful launch of the syndicated loan at such a fine pricing displays the reputation SBI has created for itself in offshore financial markets.” In a statement, the bank said that this was another step toward IFSC Gift City being an international financial centre and that SBI’s Gift City branch had become the largest in the IFSC. SBI’s advances in foreign offices rose by 21.35 per cent on a year-on-year (YoY) basis to Rs 4.0 trillion at the end of December 2021, while deposits increased by 16.54 per cent YoY Rs 1.29 trillion.

FINANCIALS

LIC Housing Finance Approaches SAT to Preferential Shares Allotment

Neha Verma

LIC Housing Finance Ltd has approached the Securities Appellate Tribunal (SAT) concerning its proposal of allotting over 4.5 crore preferential shares to its parent company LIC. The company was asked to explain how it decided to fix the issue price for the preference shares at Rs 514.25 apiece for allotting 4,54,00,000 equity shares to LIC.

On Saturday, LIC Housing Finance had informed that stock exchanges are BSE and NSE was examining the proposed Rs 2,334.70 crore capital infusion into the company by giving additional stake to LIC through an issue of preference shares.

Stock exchanges had asked the company regarding compliance with the provisions of the Articles of Association (AOA) about the methodology for computation of price of preferential issue of equity shares to LIC. LIC Housing Finance told BSE and NSE that it was in compliance with relevant provisions under AOA for deciding the issue price.

Stock Covered in the news

LIC Housing Finance Ltd-View Detailed Analysis

FINANCIALS

Central Bank of India Launches Contactless ‘RuPay Select’ Debit Card

Amrita Chakravorty

Central Bank of India on Tuesday said that it has launched contactless ‘RuPay Select’ debit card focusing on customers’ lifestyle, fitness, rejuvenation, nutrition and personal care. The commercial ank has launched the new card in association with the National Payments Corporation of India (NPCI).
The card was launched by Central Bank of India MD and CEO Pallav Mohapatra in the presence of NPCI MD and CEO Dilip Asbe, at a virtual event on the bank’s Foundation Day. Mohapatra said, “Central Bank of India is launching two customer utility products on the occasion of 110th foundation day of the bank.”
The state-owned bank said users of ‘RuPay Select’ debit card can avail complementary membership and concessional access to golf courses, spas, gyms and restaurants. The users will also be entitled for discounts on health check-ups with this National Common Mobility Debit Card (NCMC), which has the unique feature to carry out offline transactions in both transit and retail purchases. The card will also offer access to over 20 domestic and 500+ international airport lounges along with the accidental and permanent disability insurance covering up to Rs 10 lakh.

FINANCIALS

NPCI Strengthens RuPay Contactless with New Features

Amrita Chakravorty

The National Payments Corporation of India (NPCI) said that it has introduced the RuPay Contactless feature.
These additional features will augment the overall transaction experience for the RuPay cardholders and revolutionize the overall card payment ecosystem.
This RuPay card comes with a reloadable wallet feature where customers can store money to ensure quick and seamless transactions without any irregularities even if they witness poor connectivity at the POS machines.
The RuPay NCMC (National Common Mobility Card) offline wallet can be used to make ticket payments in transit including metros, bus tickets, cab fares enabling automatic quick cashless payments.
Nalin Bansal, Head of RuPay & NFS, NPCI said, “We are delighted to unveil the new RuPay Contactless feature which is aimed at transforming the transaction experience for customers by deploying enhanced NFC technology and innovative card payment solutions. We are confident that with the advent of the stellar RuPay contactless feature, the acceptance infrastructure for RuPay will increase exponentially and will result in the rapid onboarding of both merchants and consumers in various geographies across the nation. With the recent announcement to increase the transaction limit on contactless payments, customers are set to witness an all-new level of security, convenience, and safety. We, at NPCI, believe that the RuPay Contactless Offline feature will strengthen the digital payments ecosystem by furthering financial inclusion and help realize the dream of a less-cash economy.”

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