India Money Mart

IndiaMoneyMart launches App to promote P2P Lending and Borrowing

Mumbai-headquartered IndiaMoneyMart (IMM), a digital lending marketplace has launched its App to allow lenders and borrowers to lend and borrow money independently. IMM has the PAN-India operation and has partnered with the number of financial institutions to fulfill the need of loan (personal, home and small business) of an individual.

The app is freely available in android to download. For iPhone users, the facility will be available by late October. The app makes loan application faster and paperless in which lenders can select borrowers to fund and send loan proposals online. The duo are required to download the app, fill the registration form and upload KYC documents such as Aadhar Card, PAN Card for the proprietary underwriting tool to assess the creditworthiness by listing them on loan platform.

BALCOs 1200 MW Thermal Power Plant

CGECB issues notice for closure of BALCO's 1200 MW thermal power plant

The Chhattisgarh Environment Conservation Board, CGECB, has issued notice for the closure of 1200 MW thermal power plant of Bharat Aluminium Company, BALCO, Limited. The Plant located in the state's Korba district has been issued closure notice after a major breach in its ash dam wall recently.

The closure notice mentioned that ash slurry water from the damaged ash dam is polluting water of a Belgiri nullah (canal) passing near the plant that drains into Hasdeo river. Notably, Hasdeo river water is mostly used for irrigation and at some places for drinking purpose in the region.

India Post Payments Bank

All 1.55 lakh post offices to offer payments bank service

India Post Payments Bank is gearing up to provide its financial services through all of 1.55 lakh post offices and 3 lakh employees by the end of 2018, which will create India's second-largest payments bank in terms of reach. 

India Post Payments Bank (IPPB) Chief Executive Officer AP Singh said this at an event organised by United Nations on Financial Inclusion in New Delhi yesterday. He said that India Post will have bank footprint in every district by March 2018.

Retail Inflation Rises

Retail inflation rises to five-month high of 3.36 per cent in August

Retail inflation rose to a five-month high of 3 (point)36 per cent in August due to costlier vegetables and fruits. According to the data released by the Central Statistics Office, the consumer price index (CPI) based inflation stood at 2.36 per cent in the previous month. 

The August inflation number is the highest since March this year, when it was recorded at 3.89 per cent. Overall food inflation in August also moved up, reversing the deflationary trend, to 1.52 per cent.

Banks Credibility

Banks should maintain their credibility: Arun Jaitley

Union Finance Minister Arun Jaitley has said that Banks should maintain their credibility. He was speaking in Pune on the occasion of the centenary year of Pune District Co-operative bank. Jaitley said that Maharashtra has done tremendous progress in the field of co-operatives and finances. If other states in the country follow this example, the whole scenario of rural India will be changed.

Former Union Minister Sharad Pawar presided over the function. Speaking on this occasion, the Chief Minister of Maharashtra Devendra Fadnavis announced that the loan waiver amount will be deposited in farmers account before Diwali.