sheet business – BAYD http://bayd.info/ Fri, 23 Sep 2022 22:19:29 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://bayd.info/wp-content/uploads/2021/10/icon-120x120.jpg sheet business – BAYD http://bayd.info/ 32 32 Rhythm Capital Corp. announces quarterly dividend of $0.25 (NYSE:RITM) https://bayd.info/rhythm-capital-corp-announces-quarterly-dividend-of-0-25-nyseritm/ Fri, 23 Sep 2022 22:19:29 +0000 https://bayd.info/rhythm-capital-corp-announces-quarterly-dividend-of-0-25-nyseritm/ Rhythm Capital Corp. (NYSE: RTM – Get a rating) declared a quarterly dividend on Friday, September 23, the wall street journal reports. Shareholders of record on Tuesday, October 4 will receive a dividend of 0.25 per share from the REIT on Friday, October 28. This represents an annualized dividend of $1.00 and a dividend yield […]]]>

Rhythm Capital Corp. (NYSE: RTM – Get a rating) declared a quarterly dividend on Friday, September 23, the wall street journal reports. Shareholders of record on Tuesday, October 4 will receive a dividend of 0.25 per share from the REIT on Friday, October 28. This represents an annualized dividend of $1.00 and a dividend yield of 12.24%. The ex-dividend date is Monday, October 3.

Rithm Capital has decreased its dividend payout by an average of 23.4% per year over the past three years and has increased its dividend each year for the past 1 years. Rithm Capital has a dividend payout ratio of 63.7%, which means its dividend is sufficiently covered by earnings. Equity research analysts expect Rithm Capital to earn $1.30 per share next year, meaning the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 76.9%.

Rhythm Capital Stock down 2.9%

NYSE RITM traded down $0.24 at midday on Friday, hitting $8.17. The stock recorded a trading volume of 7,529,982 shares, compared to an average volume of 5,367,400 shares. The stock has a market capitalization of $3.81 billion, a PE ratio of 4.07 and a beta of 1.70. Rithm Capital has a 1-year low of $7.97 and a 1-year high of $11.81. The company has a debt ratio of 0.09, a current ratio of 0.52 and a quick ratio of 0.52. The company has a fifty-day moving average price of $9.76 and a 200-day moving average price of $10.19.

Rithm Capital (NYSE: RITM – Get a rating) last reported results on Tuesday, August 2. The real estate investment trust reported earnings per share of $0.31 for the quarter, beating analysts’ consensus estimate of $0.29 by $0.02. Rithm Capital had a return on equity of 13.69% and a net margin of 20.51%. During the same period last year, the company posted earnings per share of $0.31. On average, research analysts expect Rithm Capital to post 1.24 earnings per share for the current year.

Rithm Capital Institutional Trading

Several hedge funds have recently changed their holdings in RITM. Worth Asset Management LLC bought a new stock position in Rithm Capital in Q1 worth approximately $86,000. MetLife Investment Management LLC bought a new stock position from Rithm Capital in Q1 for about $95,000. Eudaimonia Partners LLC bought a new position in Rithm Capital stock during Q1 worth approximately $120,000. PNC Financial Services Group Inc. increased its stake in Rithm Capital by 27.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,824 shares of the real estate investment trust worth $129,000 after purchasing an additional 2,569 shares during the period. Finally, Enlightenment Research LLC purchased a new equity stake from Rithm Capital in Q1 worth approximately $160,000. 46.51% of the shares are held by hedge funds and other institutional investors.

Analysts set new price targets

The RITM has been the subject of several recent research reports. Raymond James cut his price target on Rithm Capital shares from $13.00 to $12.50 and set an “outperform” rating for the company in a Wednesday, Aug. 17 research report. Credit Suisse Group lowered its price target on Rithm Capital to $12.00 in a Friday, July 22 report. Finally, Piper Sandler downgraded Rithm Capital from a “neutral” rating to an “underweight” rating and reduced its price target for the company from $12.00 to $10.00 in a Monday, June 13 report. . One financial analyst gave the stock a sell rating and six gave the company a buy rating. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $11.80.

About Rhythm Capital

(Get a rating)

Rhythm Capital Corp. provides capital and services to the real estate and financial services industries in the United States. Its investment portfolio includes mortgage servicing assets, residential securities and loans, and consumer loans. It is considered a real estate investment trust for federal income tax purposes.

Featured articles

Dividend history for Rithm Capital (NYSE:RITM)

This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to contact@marketbeat.com.

Before you consider Rithm Capital, you’ll want to hear this.

MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Rithm Capital didn’t make the list.

While Rithm Capital currently has a “moderate buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the five actions here

]]>
ServisFirst Bancshares, Inc. plans quarterly dividend of $0.23 (NASDAQ:SFBS) https://bayd.info/servisfirst-bancshares-inc-plans-quarterly-dividend-of-0-23-nasdaqsfbs/ Wed, 21 Sep 2022 21:46:18 +0000 https://bayd.info/servisfirst-bancshares-inc-plans-quarterly-dividend-of-0-23-nasdaqsfbs/ ServisFirst Bancshares, Inc. (NASDAQ:SFBS – Get a rating) declared a quarterly dividend on Wednesday, September 21, the wall street journal reports. Shareholders of record on Monday, October 3 will receive a dividend of 0.23 per share from the financial services provider on Friday, October 7. This represents an annualized dividend of $0.92 and a yield […]]]>

ServisFirst Bancshares, Inc. (NASDAQ:SFBS – Get a rating) declared a quarterly dividend on Wednesday, September 21, the wall street journal reports. Shareholders of record on Monday, October 3 will receive a dividend of 0.23 per share from the financial services provider on Friday, October 7. This represents an annualized dividend of $0.92 and a yield of 1.09%. The ex-date of this dividend is Friday, September 30.

ServisFirst Banc shares down 0.9%

Shares of NASDAQ SFBS were down $0.80 midday Wednesday, hitting $84.38. 122,500 shares of the stock traded in hands, compared to its average volume of 173,680. The company has a market capitalization of $4.58 billion, a PE ratio of 20.53 and a beta of 1.01. ServisFirst Bancshares has a one-year minimum of $72.55 and a one-year maximum of $97.25. The company has a 50-day moving average price of $85.35 and a two-hundred-day moving average price of $84.05. The company has a debt ratio of 0.05, a quick ratio of 0.93 and a current ratio of 0.93.

ServisFirst Bancshares (NASDAQ:SFBS – Get a rating) last released its quarterly earnings data on Monday, July 18. The financial services provider reported EPS of $1.14 for the quarter, beating the consensus estimate of $1.08 by $0.06. ServisFirst Bancshares achieved a return on equity of 19.30% and a net margin of 46.52%. The company had revenue of $125.87 million in the quarter, versus a consensus estimate of $120.00 million. In the same quarter a year earlier, the company posted earnings per share of $0.92. On average, equity analysts expect ServisFirst Bancshares to post 4.63 EPS for the current year.

Insider buying and selling

In other ServisFirst Bancshares news, Chief Financial Officer William M. Foshee sold 3,000 shares of the company in a trade dated Tuesday August 16th. The stock was sold at an average price of $92.89, for a total value of $278,670.00. Following the transaction, the CFO now directly owns 265,747 shares of the company, valued at approximately $24,685,238.83. The sale was disclosed in a filing with the Securities & Exchange Commission, available via this hyperlink. 8.31% of the shares are currently held by insiders.

Hedge funds weigh on ServisFirst Bancshares

Several institutional investors and hedge funds have been buying and selling stocks recently. Point72 Hong Kong Ltd increased its position in ServisFirst Bancshares by 1,043.6% during the 2nd quarter. Point72 Hong Kong Ltd now owns 2,230 shares of the financial services provider valued at $176,000 after buying an additional 2,035 shares last quarter. Jane Street Group LLC increased its equity stake in ServisFirst Bancshares by 17.8% in the second quarter. Jane Street Group LLC now owns 2,973 shares of the financial services provider worth $235,000 after acquiring an additional 449 shares during the period. Advisor Group Holdings Inc. increased its equity stake in ServisFirst Bancshares by 110.2% in the first quarter. Advisor Group Holdings Inc. now owns 2,457 shares of the financial services provider worth $253,000 after acquiring an additional 1,288 shares during the period. Evergreen Capital Management LLC increased its equity stake in ServisFirst Bancshares by 9.1% in the first quarter. Evergreen Capital Management LLC now owns 3,128 shares of the financial services provider worth $298,000 after acquiring an additional 261 shares during the period. Finally, Millennium Management LLC purchased a new position in ServisFirst Bancshares during the second quarter worth approximately $517,000. 64.14% of the shares are currently held by institutional investors.

About ServisFirst Bancshares

(Get a rating)

ServisFirst Bancshares, Inc operates as a bank holding company for ServisFirst Bank which provides various retail and corporate banking services. It accepts demand, time, savings and other deposits; checking, money market and IRA accounts; and certificates of deposit. The Company’s loan products include commercial loan products, such as seasonal, bridging and term loans for working capital, business expansion, acquisition of property, plant and equipment, as well as commercial lines of credit; commercial real estate loans, construction and development loans and residential real estate loans; and consumer loans, such as home equity loans, vehicle financing, deposit-backed loans, and secured and unsecured personal loans.

Featured articles

Dividend history for ServisFirst Bancshares (NASDAQ:SFBS)

This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to contact@marketbeat.com.

Before you consider ServisFirst Bancshares, you’ll want to hear this.

MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes hold…and ServisFirst Bancshares was not on the list.

Although ServisFirst Bancshares currently has a “Hold” rating among analysts, the highest-rated analysts believe these five stocks are better buys.

See the five actions here

]]>
Berkshire Hills Bancorp, Inc. (NYSE:BHLB) Sees Significant Short-Term Interest Growth https://bayd.info/berkshire-hills-bancorp-inc-nysebhlb-sees-significant-short-term-interest-growth/ Tue, 20 Sep 2022 01:32:52 +0000 https://bayd.info/berkshire-hills-bancorp-inc-nysebhlb-sees-significant-short-term-interest-growth/ Berkshire Hills Bancorp, Inc. (NYSE: BHLB – Get a rating) benefited from a significant increase in short-term interest during the month of August. As of August 31, there was short interest totaling 1,600,000 shares, an increase of 9.6% from the total of 1,460,000 shares as of August 15. About 3.6% of the stock’s shares are […]]]>

Berkshire Hills Bancorp, Inc. (NYSE: BHLB – Get a rating) benefited from a significant increase in short-term interest during the month of August. As of August 31, there was short interest totaling 1,600,000 shares, an increase of 9.6% from the total of 1,460,000 shares as of August 15. About 3.6% of the stock’s shares are sold short. Based on an average daily trading volume of 273,900 shares, the day-to-cover ratio is currently 5.8 days.

Institutional investors weigh in on Berkshire Hills Bancorp

Institutional investors have recently changed their stock portfolios. Lazard Asset Management LLC acquired a new equity stake in Berkshire Hills Bancorp in Q1 worth $35,000. Trust Co. of Vermont acquired a new equity stake in Berkshire Hills Bancorp in Q2 for $74,000. Nisa Investment Advisors LLC acquired a new equity stake in Berkshire Hills Bancorp in Q1 worth $87,000. KBC Group NV acquired a new equity stake in Berkshire Hills Bancorp in Q2 worth $96,000. Finally, Federated Hermes Inc. increased its position in Berkshire Hills Bancorp by 10.4% during the 2nd quarter. Federated Hermes Inc. now owns 5,340 shares of the savings and loan company worth $132,000 after acquiring 504 additional shares in the last quarter. Institutional investors and hedge funds hold 80.61% of the company’s shares.

Berkshire Hills Bancorp shares down 0.4%

Shares of NYSE:BHLB traded down $0.12 during Monday’s trading, hitting $29.39. 445,538 shares of the company were traded, against an average volume of 299,587. The company has a fifty-day simple moving average of $28.14 and a 200-day simple moving average of $27.19. The company has a market capitalization of $1.34 billion, a P/E ratio of 11.09 and a beta of 1.04. Berkshire Hills Bancorp has a 1-year minimum of $23.15 and a 1-year maximum of $31.78. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt ratio of 0.20.

Berkshire Hills Bancorp (NYSE: BHLB – Get a rating) last reported results on Wednesday, July 20. The savings and loan company reported earnings per share (EPS) of $0.51 for the quarter, beating consensus analyst estimates of $0.46 by $0.05. The company posted revenue of $97.71 million in the quarter, versus analyst estimates of $96.78 million. Berkshire Hills Bancorp had a net margin of 28.30% and a return on equity of 8.08%. In the same quarter last year, the company posted EPS of $0.44. Analysts expect Berkshire Hills Bancorp to post earnings per share of 2.08 for the current fiscal year.

Berkshire Hills Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 25. Shareholders of record on Thursday, August 11 received a dividend of $0.12 per share. This represents a dividend of $0.48 on an annualized basis and a dividend yield of 1.63%. The ex-dividend date was Wednesday, August 10. Berkshire Hills Bancorp’s dividend payout ratio (DPR) is currently 18.11%.

Analyst upgrades and downgrades

BHLB has been the subject of several recent research reports. StockNews.com downgraded shares of Berkshire Hills Bancorp from a “hold” rating to a “sell” rating in a Tuesday, September 13 research report. The Hovde Group launched a hedge on Berkshire Hills Bancorp shares in a research report on Tuesday, September 13. They set an “outperform” rating and a price target of $33.00 on the stock. Janney Montgomery Scott upgraded Berkshire Hills Bancorp shares from a “neutral” rating to a “buy” rating and set a price target of $31.00 on the stock in a Thursday, July 21 research report. Finally, Piper Sandler raised her price target on Berkshire Hills Bancorp stock to $29.00 in a Friday, July 22 research report. Two investment analysts have assigned a sell rating to the stock, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Berkshire Hills Bancorp has a consensus rating of “Hold” and a consensus price target of $29.60.

Berkshire Hills Bancorp Company Profile

(Get a rating)

Berkshire Hills Bancorp, Inc operates as a banking holding company for Berkshire Bank which provides various banking products and services. It offers various deposit accounts, including demand deposit, NOW, regular savings, money market savings, term deposit certificates and retirement deposit accounts; and loans, such as commercial real estate, commercial and industrial, consumer and residential loans.

Recommended Stories

This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to contact@marketbeat.com.

Before you consider Berkshire Hills Bancorp, you’ll want to hear this.

MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market goes higher…and Berkshire Hills Bancorp was not on the list.

While Berkshire Hills Bancorp currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the five actions here

]]>
How I got my student loans forgiven: Florida Public Defender https://bayd.info/how-i-got-my-student-loans-forgiven-florida-public-defender/ Sat, 17 Sep 2022 19:01:34 +0000 https://bayd.info/how-i-got-my-student-loans-forgiven-florida-public-defender/ (NerdWallet) — Beth Bourdon, an assistant public defender with the Orange County Public Defender’s Office in Orlando, Fla., was used to her student loans not qualifying for relief unlike other federal loans. She had loans from the Federal Family Educational Loans Program, or FFEL. This is an old type of federal student loan that can […]]]>

(NerdWallet) — Beth Bourdon, an assistant public defender with the Orange County Public Defender’s Office in Orlando, Fla., was used to her student loans not qualifying for relief unlike other federal loans.

She had loans from the Federal Family Educational Loans Program, or FFEL. This is an old type of federal student loan that can be owned by the federal government or a private company. This type of loan generally does not qualify for the benefits of federal direct loans. These benefits include income-contingent repayment, loan forgiveness, or more recently, federal student loan payment pausing.

“When everyone’s student loan payments were put on hold for COVID, mine weren’t put on hold. I paid every month,” explains Bourdon. “When everyone’s interest rate went down to zero, mine didn’t go down.”

She eventually took a break with the help of a temporary waiver for the Civil Service Loan Forgiveness Scheme. The waiver, which includes FFEL loans, counts past payments toward the total needed to cancel debt that otherwise would not have qualified.

Through the waiver, Bourdon had his remaining debt of $57,000 in law cleared.

A dismally successful debt forgiveness program

For years, most borrowers who applied Cancellation of civil service loans were rejected. The approval rate since the program’s inception in 2007 has hovered around 2.4%.

A full debt discharge requires 120 qualifying payments made while working full-time for an eligible employer such as a public school, public hospital, qualified nonprofit, or government. But most borrowers had been floundering, sometimes for years, in their attempts to argue for the payments to be considered for forgiveness.

Following public criticism, the Biden administration made temporary changes to fix some of the flaws in the program’s execution. Hence the PSLF waiver, which offers borrowers the option of receiving credit for past payments that did not meet the program’s strict rules. Since the waiver was implemented in October 2021, federal data shows PSLF approvals through June 2022 have climbed nearly 10%.

A short window of forgiveness

Bourdon had about $75,000 in student loans, including $20,000 in undergraduate debt that she used to attend the University of Central Florida. She had already paid off her undergraduate debt when she learned of the PSLF exemption. That left only her debt to law school — originally about $55,000 — which she had held since 2004 when she earned her Juris Doctor degree at Stetson University College of Law in Gulfport, Florida. .

Bourdon says she posted on Twitter last fall that she was not eligible for a rebate because of the type of federal loans she had taken. In response, she received a direct message regarding the waiver from a member of the Debt Collective, a membership-based, non-profit debtors’ syndicate. Discovering that she could see her debt erased prompted her to apply, not without some trepidation.

“I was really afraid of spoiling something,” says Bourdon. “But I thought, ‘This is the only chance I have and it’s just an open window for a year.’ I didn’t know how long the process was going to take.

She does not recommend applying for the PSLF while working on a first-degree murder trial in another county, as she did. But, the most typical aspect of his application process went like this:

First, Bourdon used federal government policy employer search tool for PSLF, a database of all employers eligible for the benefit. But the PSLF Helper Tool proved temperamental and less friendly to Bumblebee, so she dumped him.

Next, Bourdon called for consolidation, a necessary step for borrowers who don’t have direct loans. However, she says she was afraid to consolidate her debt because of the strict rules of civil service loan forgiveness and income-contingent repayment forgiveness – if you consolidate, your countdown to reset is reset.

Bourdon took the leap in good faith. In the process, she opted to have her loans serviced by the only student loan servicer that handles debt for borrowers seeking PSLF (at the time it was FedLoan Servicing, but those loans are going through in MOHELA by the end of the year).

Finally, she submitted the combined PSLF/employer certification form. She initially had two separate waiver forms due to a job lapse. But her employer’s human resources department sent her back a single form and told her that even though she had split work periods, the federal student aid office would process it on one form.

This turned out to be a mistake.

Bourdon submitted the single request in November 2021. However, in early January 2022, she received a letter stating that she only had one eligible payment under the waiver and that she still had to make 119 additional payments.

“I started to panic,” Bourdon said. She was advised by the Debt Collective to submit two forms to certify her employment which accurately indicated the different periods of employment in the civil service in her history.

Then she waited and checked her account every day.

“Nothing seemed to change. I was getting anxious,” says Bourdon. Then she saw an anticlimactic $1,000 drop in her total balance. “It was like, ‘Oh, thank you so much,'” she said.

On February 15, Bourdon logged into her account and saw that her debt was at zero. But, instead of instant relief, she says she was filled with doubt.

“For a second, I was like, ‘That’s a thing,'” Bourdon said.

But two days later, she had a message on her account, a letter from her repairman confirming that her debt had been cleared.

How to obtain the PSLF exemption

More than 146,000 borrowers have seen a collective $9 billion in debt forgiven thanks to the temporary waiver, according to federal data from June. The average balance discharged through the waiver is $61,408. If your employer qualifies you for the PSLF, you must apply even if previous payments have been declined.

The PSLF waiver counts past payments that were not previously eligible, including:

  • Late payments.
  • Payments less than total amount due.
  • Payments made on the incorrect reimbursement plan.
  • Payments made on loans that were not previously eligible, such as FFEL loans or Perkins loans.
  • Payments not made during forbearance periods of 12 consecutive months or more.
  • Months spent in adjournment, other than academic adjournment, before 2013.

Use the PSLF Helper Tool to search for an eligible employer and generate a form. It has been updated to align with the waiver.

To qualify, borrowers must already have direct loans or consolidate their federal debt into a new direct loan. The consolidation step is essential: borrowers can submit a combined PSLF/employer certification form prior to consolidation, but they must consolidate to be eligible for the forgiveness.

To find out if you are entitled to additional payments and to find out more about the exemption, log on to federal student aid website. Be sure to submit it before the waiver expires on October 31.

]]>
Indonesian model can help India fight Chinese loan sharks 2022 https://bayd.info/indonesian-model-can-help-india-fight-chinese-loan-sharks-2022/ Fri, 16 Sep 2022 04:13:21 +0000 https://bayd.info/indonesian-model-can-help-india-fight-chinese-loan-sharks-2022/ Indonesian model can help India fight Chinese loan sharks Today, China is not only encroaching on Indian territory but also integrating deeply into its economy. Indian investors were lured to the Fintech India Expo in 2019 by Chinese software developers. The Indian government is waging a large-scale campaign against apps offering loans at exorbitant rates […]]]>

Indonesian model can help India fight Chinese loan sharks

Today, China is not only encroaching on Indian territory but also integrating deeply into its economy. Indian investors were lured to the Fintech India Expo in 2019 by Chinese software developers. The Indian government is waging a large-scale campaign against apps offering loans at exorbitant rates to vulnerable and tech-illiterate people.

Moreover, these illegal applications involve blackmail and criminal intimidation to recover the loans. In addition, money laundering and tax evasion are possible. RBI and polling agencies have imposed strict restrictions on loan application entities and payment gateways.

Apps that require personal information must be downloaded to work. Aadhaar card, PAN card and live photo upload become mandatory once access to apps is granted. In addition, an hourly password (OTP) is generated for customers. After uploading the information to servers in China and other parts of the world, the data is stored on these servers.

The illegal call centers of these operators give unauthorized access to this personal data. They threaten their friends, relatives and colleagues by calling victims (or clients) to extort money from them. In addition, they are taught to transform images. These apps access the victim’s bank account using their client’s OTP.

AWS and Ali Baba Servers, two American companies, host these applications, which do not comply with Indian rules. In various police stations across India, criminal cases have been filed under sections 384 (extortion), 420 (cheating), 120B (conspiracy) and 465 (false) of the Indian Penal Code.

Illegal Loans and Defunct NBFCS

The RBI must regulate NBFCs and banks as lending companies. The June 2020 RBI order requires banks and NBFCs with such businesses to publish full details on their websites. Customers must sign a consent letter explaining the amount of interest they will pay.

A set of new guidelines was issued by the RBI on August 10, 2022 on how loans should be disbursed and repaid only between the bank account of the borrower and that of the lending service provider. However, former NBFCs with meager capital have done business with Chinese entities. A year after registering PC Financial Services (PCFS) as a company, the RBI revoked its certificate of registration.indonesian model can help india fight chinese loan sharks

The MCA searches were followed by various investigations by the Serious Fraud Investigation Bureau (SFIO). A person has been arrested allegedly involved in setting up front companies with Chinese connections and putting fake directors on their boards.

RBI warning and new guidelines

In 2021, an RBI task force identified 600 illegal loan applications. Additionally, Google India claimed in 2022 that it removed over 2,000 personal loan apps from its Play Store. A third party cannot be involved in the transaction between a borrower and RE under the August RBI guidelines.

However, customers applying for new loans will be eligible for the reduced interest rate. According to the RBI clarification, this is to allow for a smooth transition by allowing REs time until November 30, 2022.picture 20220915 205320

RBI Deputy Governor says regulatory guidelines directly impact regulated entities and need to ensure that their outsourcing partners, such as lending service facilitators and digital lending apps, can work within the regulatory ecosystem in spirit as well as in letter.

Millions of innocent people will be saved from unregistered, unregulated and illegal loan sharks. International criminals will not be able to access Indian payment systems due to the RBI’s decision, argues the President of the Payments Council of India.

IDE, money laundering, crypto and Chinese connection

According to an RBI task force, the number of instant loans increased 12 times between 2017 and 2020. A notice was issued against the Chinese kingpin after an investigation was carried out by Maharashtra Police Cyber ​​Cell over the course of of the past two years.

More than 3,000 crore of cryptocurrency has been funneled into China through these apps, as discovered by Delhi police during their latest operations. Similarly, the Enforcement Branch found that lending apps were using cryptocurrency exchanges to transfer illicit proceeds.picture 20220915 205546

ED searched Razorpay and Payment for money laundering activities. ED claims the entities falsified Indian passports and appointed dummy Indian administrators to avoid regulation. The extorted money was converted into cryptocurrency, fictitious bank accounts were created and several SIM cards were purchased.

Unions have moved their call centers to Pakistan, Nepal and Bangladesh due to a crackdown by emergency services, income tax and police raids.

How to crack this threat?

A lakh of apps had been downloaded in Odisha alone. The RBI has said China-linked digital lending apps backed by unscrupulous Chinese lending entities are against its rules. Finance Minister Nirmala Sitharaman announced last month that the government would take action against dodgy digital loan apps.

The minister said the majority of dubious apps came from a single country. To ensure that only loan apps on the RBI safelist are available for download, MEITY works with RBI and service providers such as Google Play and Apple App Store.

Various technological advancements, such as AI, blockchain, quantum computing, big data, analytics, and 5G, have brought many economic benefits. However, financial institutions will also face significant challenges in the future.indonesian model can help india fight chinese loan sharks

“There were government-certified apps in countries like Indonesia, so the problem of lending apps could be easily solved, says Google Asia-Pacific Senior Director and Head of Trust and Safety .”

According to Cashless Consumer, only 90 applications from the Google Play Store revealed their addresses out of 1,050 available. Out of 750 apps, only 300 provided links to websites, but the connections were fake. This loan application phenomenon can be slowed down by using the Indonesian model. Now the government must prepare its implementing agencies for the future.

Edited by Prakriti Arora

]]>
7 tips to save on interest on your loan repayments https://bayd.info/7-tips-to-save-on-interest-on-your-loan-repayments/ Wed, 14 Sep 2022 12:14:25 +0000 https://bayd.info/7-tips-to-save-on-interest-on-your-loan-repayments/ Sep 14, 2022 Hear 7 tips to save on interest on your loan payments To play Pause Rewind 00:00 00:00 0.5x Mute/Unmute Due to innovations in finance and technology, obtaining loans has become much easier these days compared to a few years ago. Many […]]]>

Sep 14, 2022





Hear 7 tips to save on interest on your loan payments




00:00 00:00







Due to innovations in finance and technology, obtaining loans has become much easier these days compared to a few years ago. Many of us have to take out a college loan to complete our college education, which could be heavy to pay when we start working. Buying your own home is the biggest dream of many. However, it is a huge investment that is possible for most of us without a home loan. Similarly, individuals generally buy cars once or twice in their life and therefore do not hesitate to take out a car loan to buy a car that they would not otherwise be able to afford. Besides these large loans, many people opt for personal loans, durable consumer loans, payday loans, instant loans, etc. which are available for short to medium durations and come with high interest rates. When we start repaying the loan, we realize that we are paying too much interest, which makes monthly repayments a financial burden. This article lists 7 tips to save interest on your loan repayments:

1. Sign up for automatic payment:

Failure to pay your IMEs or dues on time results in accumulation of debt and may result in late payment charges. Accumulated interest and late payment fees can create a huge financial burden for the borrower. Be sure to pay all dues on time to avoid accruing interest and penalties. Additionally, not paying your dues on time can have a negative impact on your credit score. To ensure that you pay all your EMIs on time, it is advisable to take out a debit mandate. A debit mandate is a convenient repayment option that automatically pays your EMI by the due date from the bank account on file.

7 tips to save on interest on your loan repayments

Image sources: www.freepik.com

Join now: PersonalFN is now on Telegram. Sign up for FREE today to get a “Daily Wealth Letter” and exclusive mutual fund updates

2. Reduce the term of the loan:

Many borrowers think they will never be able to change the terms of the loan. But if you have a strong credit history, you can ask your lender to make changes to the terms of the loan. A shorter loan term and higher EMIs allow you to pay off your debt faster. Apart from this, if the loan term is shorter, you end up paying a lower amount on interest. Therefore, if your income has increased since the time you received a loan, it makes sense to reduce the term of the loan and pay higher EMIs. However, you must remember that your EMI burden increases by choosing the shorter loan term. Suppose if you cannot make timely repayments of your EMIs due to some uncertainty, you will be charged for delayed repayments, and it will reflect in your credit report for a long time. Therefore, you must choose and modify the term of the loan wisely.

3. Make partial payments:

Thanks to the partial payment, you can significantly reduce your mortgage. Therefore, instead of splurging on luxuries, it is advisable to make partial home loan repayments whenever you have excess funds, such as a bonus, gift, or other unexpected income. However, you should check the prepayment charge with your lender first, as some lenders charge after a certain amount or number of partial payments and some do not. If it is a home loan, lenders do not charge a certain partial payment amount on variable interest rate home loans.

4. Consider Loan Transfer:

We do extensive research when choosing the right lender by comparing several lenders in terms of interest rates, other fees, eligible amounts, terms and conditions, etc. However, due to increased competition, lenders continue to offer attractive interest rates and other additional fees. If a new lender offers you a good deal for a loan transfer, it is advisable to do a cost-benefit analysis and calculate the expected savings taking into account current and new interest rates, outstanding loan amount, loan transfer fees, prepayment charges, etc. Instead of continuing the high-cost loan, it makes sense to opt for a loan transfer if you realize considerable savings. Since home loans are big loans, a home loan balance transfer can help you save a substantial amount on interest.

5. Opt for debt consolidation:

Debt consolidation consists of taking out a new loan to pay off several debts, usually with a lower interest rate. It helps you manage your debt and reduce your financial burden. The debt consolidation loan refinances your existing debts. So it allows you to take out a new loan to combine all your existing loans with better terms like lower interest rate, longer loan term, etc. Consolidating all of your loans can lower your interest costs, which will help you repay the loan. rapidly. It makes sense to opt for a secured debt consolidation loan as they have comparatively lower interest rates than unsecured debt consolidation loans.

6. Develop banking relationships:

Some major banks offer their old and/or privileged customers preferential interest rates on car loans, personal loans, etc. But if you don’t have a savings/checking account or a banking relationship with them, you can’t take advantage of these offers. Therefore, it is recommended to open a bank account with a leading bank that offers such benefits. However, be sure not to open too many savings accounts as this can make managing them difficult.

7. Claim interest deductions:

Certain loans such as home loans and student loans are eligible for tax deductions on the amount of interest. You can save a considerable amount through tax relief. Therefore, be sure to include deductions on your home loan and student loan when filing your tax returns.

To conclude:

As competition has intensified in the market, you are getting attractive interest rate offers from many lenders, even if you have an average credit score. However, it is necessary to compare different online lenders in terms of interest rates, processing fees, prepayment and partial payment fees, late payment fees and other loan terms and choose the one that offers the highest value. It is important to continue to do your research from time to time, even after taking advantage of the loan, to ensure that you are well informed and take advantage of the best offer available.

Best wishes,
Ketki Jadhav

Content Writer

]]> Brokers set expectations for SoFi Technologies, Inc. earnings for fiscal 2026 (NASDAQ:SOFI) https://bayd.info/brokers-set-expectations-for-sofi-technologies-inc-earnings-for-fiscal-2026-nasdaqsofi/ Mon, 12 Sep 2022 05:59:10 +0000 https://bayd.info/brokers-set-expectations-for-sofi-technologies-inc-earnings-for-fiscal-2026-nasdaqsofi/ SoFi Technologies, Inc. (NASDAQ: SOFI – Get a rating) – Wedbush equity research analysts raised their fiscal 2026 earnings per share estimates for SoFi Technologies in a report released Friday, September 9. Wedbush analyst D. Chiaverini now expects the company to post earnings of $0.65 per share for the year, up from its previous estimate […]]]>

SoFi Technologies, Inc. (NASDAQ: SOFI – Get a rating) – Wedbush equity research analysts raised their fiscal 2026 earnings per share estimates for SoFi Technologies in a report released Friday, September 9. Wedbush analyst D. Chiaverini now expects the company to post earnings of $0.65 per share for the year, up from its previous estimate of $0.55. SoFi Technologies’ current annual earnings consensus estimate is ($0.45) per share.

SoFi Technologies (NASDAQ: SOFI – Get a rating) last released its quarterly earnings data on Tuesday, August 2. The company reported ($0.12) earnings per share for the quarter, meeting analyst consensus estimates of ($0.12). The company posted revenue of $362.53 million for the quarter, versus a consensus estimate of $346.39 million. SoFi Technologies posted a negative return on equity of 7.30% and a negative net margin of 27.19%.

A number of other research companies have also recently weighed in on SOFI. Credit Suisse Group raised its price target on SoFi Technologies from $8.00 to $8.50 and gave the company a “neutral” rating in a Wednesday, August 3 report. Piper Sandler cut its price target on SoFi Technologies from $10.00 to $8.00 and set an “overweight” rating on the stock in a Wednesday, June 29 report. Mizuho raised its target price on SoFi Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a Wednesday, August 3, report. Finally, Morgan Stanley raised its price target on SoFi Technologies from $7.00 to $7.50 and gave the stock an “equal weight” rating in a Thursday, August 25 report. Five equity research analysts gave the stock a hold rating and eight gave the company a buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “moderate buy” and a consensus target price of $13.54.

SoFi Technologies stock up 2.3%

A d Investment trends

Could Biden’s Executive Order 14017 spark a bull run for this little-known industry?

You have never heard of this rare metal. But it is CRITICAL for our fighter planes, our missiles and our military vehicles. The bad news is that communist China has a MONOPOLY on this essential resource…

NASDAQ SOFI opened at $6.33 on Monday. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt ratio of 0.72. The stock’s 50-day moving average is $6.53 and its two-hundred-day moving average is $7.20. The company has a market capitalization of $5.80 billion, a price-earnings ratio of -13.76 and a beta of 1.53. SoFi Technologies has a 1-year low of $4.82 and a 1-year high of $24.65.

Insiders place their bets

In other news from SoFi Technologies, major shareholder Group Corp Softbank sold 5,381,785 shares of the company in a trade on Friday, August 5. The stock was sold at an average price of $7.99, for a total transaction of $43,000,462.15. As a result of the transaction, the insider now owns 89,900,110 shares of the company, valued at approximately $718,301,878.90. The transaction was disclosed in a document filed with the SEC, accessible via this link. In other SoFi Technologies news, EVP Michelle Gil sold 50,000 shares of the company in a trade on Tuesday, June 14. The shares were sold at an average price of $5.48, for a total transaction of $274,000.00. Following the completion of the sale, the executive vice president now owns 1,831,223 shares of the company, valued at approximately $10,035,102.04. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, major shareholder Group Corp Softbank sold 5,381,785 shares of the company in a trade on Friday, August 5. The shares were sold at an average price of $7.99, for a total transaction of $43,000,462.15. Following the sale, the insider now owns 89,900,110 shares of the company, valued at approximately $718,301,878.90. Disclosure of this sale can be found here. During the last quarter, insiders sold 12,114,918 shares of the company valued at $97,875,659. 13.00% of the shares are currently held by insiders.

Institutional trading of SoFi technologies

Institutional investors and hedge funds have recently changed their positions in the company. B. Riley Wealth Management Inc. increased its position in SoFi Technologies shares by 27.3% in the second quarter. B. Riley Wealth Management Inc. now owns 91,283 shares of the company valued at $481,000 after purchasing an additional 19,583 shares last quarter. Verition Fund Management LLC increased its position in SoFi Technologies shares by 206.3% in the second quarter. Verition Fund Management LLC now owns 45,640 shares of the company valued at $241,000 after purchasing an additional 30,742 shares last quarter. Captrust Financial Advisors increased its position in SoFi Technologies shares by 60.8% in the second quarter. Captrust Financial Advisors now owns 47,760 shares of the company valued at $252,000 after buying an additional 18,054 shares last quarter. International Assets Investment Management LLC increased its position in SoFi Technologies shares by 24.7% in the second quarter. International Assets Investment Management LLC now owns 60,300 shares of the company valued at $318,000 after buying an additional 11,950 shares last quarter. Finally, Macquarie Group Ltd. increased its position in SoFi Technologies shares by 10.3% in the 2nd quarter. Macquarie Group Ltd. now owns 24,600 shares of the company valued at $130,000 after purchasing an additional 2,293 shares last quarter. Institutional investors hold 38.19% of the company’s shares.

About SoFi Technologies

(Get a rating)

SoFi Technologies, Inc provides digital financial services. It operates through three segments: lending, technology platform and financial services. The society’s lending and financial services and products allow its members to borrow, save, spend, invest and protect their money. It offers student loans; personal loans for debt consolidation and home improvement projects; and home loans.

Featured Articles

Earnings history and estimates for SoFi Technologies (NASDAQ:SOFI)

This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to contact@marketbeat.com.

Before you consider SoFi Technologies, you’ll want to hear this.

MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and SoFi Technologies didn’t make the list.

While SoFi Technologies currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the five actions here

]]>
ED seizes Rs 7 Crore in raids on mobile gaming company in money laundering case https://bayd.info/ed-seizes-rs-7-crore-in-raids-on-mobile-gaming-company-in-money-laundering-case/ Sat, 10 Sep 2022 13:41:15 +0000 https://bayd.info/ed-seizes-rs-7-crore-in-raids-on-mobile-gaming-company-in-money-laundering-case/ The Law Enforcement (ED) Directorate on Saturday seized more than Rs 7 crore in cash during raids on the promoters of a mobile game company in Kolkata, West Bengal. ED said on Saturday it raided six locations of mobile gaming app E-Nuggets and its promoters Aamir Khan and others. He added that counting of seized […]]]>

The Law Enforcement (ED) Directorate on Saturday seized more than Rs 7 crore in cash during raids on the promoters of a mobile game company in Kolkata, West Bengal.

ED said on Saturday it raided six locations of mobile gaming app E-Nuggets and its promoters Aamir Khan and others. He added that counting of seized money is ongoing and Rs 7 crore has so far been counted.

A photograph released by ED showed wads of Rs 500 notes alongside Rs 2,000 and Rs 200 notes stacked on a bed.

The money laundering case currently being investigated by ED stems from an FIR filed by Kolkata Police against the company and its promoters in February 2021. This FIR was registered at Park Street Police Station based on a complaint filed by the authorities of the Federal Bank in court. in Kolkata, ED said.

The ED alleged that Khan, son of businessman Nesar Ahmed Khan, launched the mobile gambling app E-Nuggets to defraud the public.

“During the initial period, users were rewarded with a commission and the wallet balance could be withdrawn without hassle. This gave users confidence, and they started investing larger sums for a higher commission percentage. high and more POs,” ED said.

ED said that after collecting a “beautiful sum” from the public, the removal of the said application was suddenly stopped under one pretext or another, such as system upgrade and investigation by security forces. order.

Official sources said ED is investigating whether this app and its operators have any ties to other “Chinese-controlled” apps that have provided loans at exorbitant rates to gullible people and in many cases , loan takers committed suicide after being harassed by loan operators.

ED probe in Chinese controlled applications

While no connection between the app under investigation in Kolkata and “Chinese-controlled” loan apps has emerged, the angle is being investigated by ED.

The ED is already investigating Chinese loan applications. He recently visited the premises of payment gateway companies Paytm, Razorpay and Cashfree in Bengaluru in the case.

The ED is investigating instant smartphone loans made by a number of apps and the investigation stems from at least 18 FIRs registered by the Bengaluru Police against “numerous entities/persons in relation to their involvement in the extortion and harassment of the public who had availed small amount of loans via mobile applications operated by these entities/persons”.

These instant loan apps bypass the regulatory framework and lend money in the short term. They charge high interest and high processing fees. Later they harass people to repay the amount. At least two dozen people have died by suicide as a result of the alleged harassment, according to reports.

BJP-TMC’s war of words over ED raids

Although no political association has so far emerged in the matter, the ruling Trinamool Congress (TMC) in Bengal and the Bharatiya Janata Party (BJP) have argued over the raids.

TMC Chief Minister and Mayor of Kolkata, Firhad Hakim, said the raid had no connection to politics and that the TMC had nothing to do with the businessman involved. He, however, questioned whether the ED’s investigations into money laundering cases were limited to states run by non-BJP parties like West Bengal.

Hakim said: “If Rs 7 crore has been discovered, the source of that money should definitely be investigated. But what about Nirav Modi and Mehul Choksi who had defrauded more than Rs 7,000 crore? was it not revealed before their departure (India)?”

There are businessmen in the BJP-ruled states and they might have amassed large sums of money as well, he said.

“Does this mean that the raids will be selectively directed against businessmen from non-BJP ruled states like Bengal? This is to deter investors from coming to Bengal for fear of being harassed by central agencies,” Hakim said.

Reacting to Hakim’s comments, BJP state spokesman Samik Bhattacharya claimed such statements come out of fear as people are aware of the ‘ungodly connection’ between money launderers and the TMC. .

“The ED raid is not directed against business in general. It is only against unscrupulous businessmen. Does the former transport minister have something to hide?” Bhattacharya added.

(With PTI inputs)

]]>
UP set to repeal money lending law https://bayd.info/up-set-to-repeal-money-lending-law/ Mon, 05 Sep 2022 19:28:28 +0000 https://bayd.info/up-set-to-repeal-money-lending-law/ The Uttar Pradesh Regulation of Money-Lending Act, 1976 will very soon cease to exist in the state. The legal department is preparing a bill to repeal the 46-year-old law which the government says has lost its usefulness with the penetration of formal banking services in rural areas. The decision to repeal the law was taken […]]]>

The Uttar Pradesh Regulation of Money-Lending Act, 1976 will very soon cease to exist in the state. The legal department is preparing a bill to repeal the 46-year-old law which the government says has lost its usefulness with the penetration of formal banking services in rural areas.

The decision to repeal the law was taken at a meeting chaired by Chief Secretary Durga Shankar Mishra last month after the Department of Institutional Finance, which initially opposed the proposal, finally came on board.

“The government decided to withdraw the UP Money Lending Regulation Act after it was found to have lost its relevance in modern times when banking services are readily available to village dwellers,” confirmed Sudhir Kumar Garg, Principal Secretary, Revenue.

“We have communicated the decision to the legal department for further necessary legislative action,” he added.

The government, we learn, could introduce a bill in the next monsoon session of the state legislature to repeal the law.

The Act was passed in 1976 “to provide, in the interest of the public at large, for the regulation of money lending transactions and the registration of pawnbrokers”. The law also provided that a person should not engage in the business of lending money unless he held a valid registration certificate and provided for penalties for violation of the provisions, particularly with regard to the interest rate.

“It turned out that there were over 500 active money lending licensees in the state when the government decided to end the money lending law,” another said. responsible.

The government’s decision to repeal the law came after the Board of Revenue put forward a proposal in this regard, arguing that the Money Lending Act had lost its usefulness after the availability of formal banking services in rural areas. . Removing the law, he also argued, would make it easier for the government to act against money lenders (Sahukars) for exploiting people.

The Institutional Finance Department, however, had an opposing view and initially resisted the proposal until it was also put on the same page after rounds of meetings.

“The Department of Institutional Finance was of the opinion that the network of formal banks was still not as strong in the villages, due to which private lenders continued to play a crucial role in the rural economy of the state by granting instant loans to people to meet their emergency needs,” a Board of Revenue official said.

People aware of the whole matter said that despite the fact that the government had decided to repeal the Money Lending Act, it was not yet clear how the repeal would serve or promote the interest of the general public. “The government should have done its homework and consulted with stakeholders and experts before making the final decision on repeal,” the official suggested.


]]>
Paytm says there is no connection to Chinese loan merchants under ED scanner: The Tribune India https://bayd.info/paytm-says-there-is-no-connection-to-chinese-loan-merchants-under-ed-scanner-the-tribune-india/ Sun, 04 Sep 2022 12:46:00 +0000 https://bayd.info/paytm-says-there-is-no-connection-to-chinese-loan-merchants-under-ed-scanner-the-tribune-india/ PTI New Delhi, September 4 Digital financial services company One97 Communications, which operates under the Paytm brand, on Sunday denied any links to merchants who are under the Enforcement Branch’s scanner in the Chinese loan app case. . Paytm said none of the funds frozen by the Enforcement Directorate (ED) belong to it […]]]>


PTI

New Delhi, September 4

Digital financial services company One97 Communications, which operates under the Paytm brand, on Sunday denied any links to merchants who are under the Enforcement Branch’s scanner in the Chinese loan app case. .

Paytm said none of the funds frozen by the Enforcement Directorate (ED) belong to it or any of its group companies.

“As part of ongoing investigations of a specific set of merchants, ED has sought information about those merchants to whom we provide payment processing solutions. We wish to clarify that these merchants are independent entities and that no ‘Them is not an entity of our group,’ Paytm said in a regulatory filing.

ED said on Saturday it had carried out raids on six premises of online payment gateways, such as Razorpay, Paytm and Cashfree in Bangalore, over alleged irregularities in app-based instant lending ‘monitored’ by Chinese people.

The search that began on Friday as part of an ongoing investigation is still ongoing, the agency said.

The Federal Investigative Agency also said that during the raids, it seized funds worth Rs 17 crore kept in “trader IDs and bank accounts of these entities controlled by Chinese persons”.

“It should be noted that the ED has asked us to freeze certain Merchant Identifier (MID) amounts of a specific set of Merchant Entities (as mentioned by the ED in its press release). note that none of the funds ordered to be frozen belong to Paytm or any of our group companies,” Paytm said.

The ED has launched an investigation under the criminal sections of the Prevention of Money Laundering Act (PMLA) after a number of cases of gullible debtors ending their lives emerged in various states, police stating that they were coerced and harassed by them. lending application (app) companies by posting their personal data available on their phones and adopting heavy-handed ways to threaten them.

It has been alleged that the companies obtained all of the loan taker’s personal data when downloading these apps to their phones, even though their interest rates were “usurious”.

The agency had said the alleged proceeds of crime in the case were routed through these payment gateways.

Speaking about the case in question, the ED said the “modus operandi” of these entities was that they used false documents of Indians and turned them into bogus directors leading to the generation of “proceeds of crime”.

“These entities are controlled/operated by Chinese people.”

“The said entities were found to be doing their suspicious/illegal activities through various merchant IDs/accounts held with payment gateways/banks,” the ED had said.

Paytm said it is cooperating fully with the authorities and that all actions in the directive have been duly complied with.

]]>