Category: Banking

Why Planet Fitness Stock Fell 18% in September

What happened Shares of Planet Fitness (NYSE:PLNT) weren’t looking so fit last month. The discount gym’s stock dropped 18%, according to data from S&P Global Market Intelligence. There was no company-specific news out on Planet Fitness. Rather, the stock seemed to drop as investor sentiment turned after the stock peaked over the summer. Meanwhile, investors seemed to be moving

RBI rebuts social media rumours on closure of 9 banks

MUMBAI: Rebutting social media rumours swiftly, the Reserve Bank of India on Wednesday said no commercial banks are going to be shut. Finance secretary Rajiv Kumar discribed such social media messages as “mischievous” saying the government was in process of strengthening public sector banks by infusing capital in them. “Reports appearing in some sections of social media about the RBI closing

RBI puts Mumbai-based PMC Bank under directions

The Reserve Bank of India has put limits on amount that can be withdrawn by depositors from the urban co-operative bank. The Reserve Bank of India has placed Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) under directions for six months from the close of business of the bank on September 23, 2019. The depositors

Gig Economy Banking Is Booming (And Banks Are Missing The Boat)

OBSERVATIONS FROM THE FINTECH SNARK TANK Established banks are finally waking up to the opportunity to bank the gig economy. No wait, that’s not true. They’re not waking up to it–they’re getting hit upside the head with it. Recent articles on the topic include: Fixing the Banking and Payment Needs of the Gig Economy. According to

The roadmap for real banking reforms

Bengaluru: The announcement of the merger of ten banks into four large banks has been touted over the past three weeks as a banking sector reform, based on the recommendations of the Narasimham Committee report (1991). The Narasimham Committee recommendations were forward looking and are still relevant. But if we examine the recommendations to see which

‘Selfish’ private-sector bank triggered Altico crisis: SBI chief

Says its reckless act could imperil whole financial system State Bank of India Chairman Rajnish Kumar has slammed a private sector lender for the crisis at Altico Capital, as its unilateral move to secure its own money can potentially cause troubles to the wider financial system. The realty-focussed non-banking lender Altico, which owes over ₹4,500 crore

PSB merger ‘a hidden agenda to deprive Bengal’s banking sector’

West Bengal Chief Minister urges PM to do a re-think on the proposed merger of two Kolkata banks with PNB and Indian Bank Taking exception to the Centre’s big-bang public sector bank merger plan, West Bengal Chief Minister Mamata Banerjee has written to Prime Minister Narendra Modi, seeking a re-think of the proposed merger of

Bank of Baroda expects Rs 10,000 crore capital from government

State-run lender, Bank of Baroda has requested the government to inject Rs 10,000 crore equity from its recapitalisation plan in the current financial year, the bank’s Executive Director Papia Sengupta said on August 26. Bankers are expecting capital infusion as early as September after Finance Minister Nirmala Sitharaman last week said public sector lenders will receive upfront