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7 Financial Mistakes To Be Avoided By Small Business. Below are the common financial mistakes that the small businesses tend to make and their potential solutions: Paying more to Government than they need – TAXES Paying taxes is a legal and moral responsibility of every entrepreneur.
But, most of the times small businesses end up paying more taxes than required, due to lack of knowledge of taxation. Solution: Hire a financial planner who can guide your firm and save your taxes. Keep a track of all small receipts and put it to the administration/ finance department so that you can claim appropriate deductions from taxes.
Adopting “Me Too” Approach Often small businesses adopt a “Me too” approach in adopting new technologies and strategies from their competitors, without considering the consequences. Solution: If you are an “Orange” then don’t try to adopt features of “Apple”, because “Apple” is an established company and its features might not suit “Orange”, which is just a small company. How Working Capital Analysis improves ROI From Business. What is Working Capital?
Working capital is a measure of both a company’s efficiency and its short-term financial health. It is calculated as current assets minus current liabilities. E.g. LOANS: FRIEND OR FOE ? Switch to MCLR from Base Rate: Things to know about Loan Transfer. Along with the digital transition of the banking system in India, post 1st April 2016, all banks have moved on to a new lending rate regime.
The new regime is based on the marginal cost of funds – (MCLR). For those who had taken loans after July 1, 2010, but before the shift to the new regime, their loans are linked to the lending bank’s base rate. A number of loans fall under the base rate regime consisting of around 85% of home loans that still are under the base rate (Financial Express). Under this regime, banks were either reluctant to cut the lending rates or did so with a huge time lag. 5 Best Tips for Getting your Personal Loan Approved.
Quite often we hear loan seekers complain about the cumbersome process of loan application.
With the plethora of options available and a pool of information, how does one gather the relevant process details? Keeping these tips in mind will ensure, the often considered, the tricky business of loan approval is smoothened for the fund seekers. 1. Understand your requirement: Growing Interest in No Interest Banking. Lending Rate System in Indian Banking. The primary concern of financial institutions (FI) is to provide liquidity into the system and maintain the economic growth.
One of the ways to accomplish this is by offering credit.All Institutions are there in the market to earn money while providing this facility and the major part of the income is the lending rate. In Indian Banking system, lending rate is based on the MCLR (Marginal Cost of Funds Based Lending Rate) system. From April 2016 onwards Reserve Bank of India replaced the base rate system and introduced MCLR (Marginal Cost of Funds Based Lending Rate) system. MCLR is an internal benchmark rate for the bank to decide the minimum interest rate for the loans on the basis of the marginal cost or the additional cost of arranging an extra rupee.
Predictive Analytics In Banking. I was facing a cash crunch in this month so decided to promote my saving henceforth started making deposits in the bank.
With excitement and enthusiasm finally started with my 1st deposit of Rs 4000 and keep on depositing the same amount for 2 months than in 3rd Month some penny was less so deposited only Rs 3000 then the same continued for 4 months than in 7th month I wanted to ignore and thought who will go and deposit it but still made my mind hard and deposited Rs 2000 but after a year completely ignored it and no deposits at all. Same happened with my friend in case of loan taken by him. He repaid first 6 installments but later he did not repay so that became NPA for the bank. Alternative Ways to Raise Fund. Next Frontier in Indian Banking. No doubt banks are the backbone of any economy, they rise or fall with it.
But many of us don’t know that this sector has experimented the most with the innovations. Indian Banking system is going through a revolution called “Digitalization”. The new demand for modern banking services in India is to be the strongest in the world. In the next decade, over 500 new billion-dollar companies are going to be created. To avoid missing the “digital bus”, numerous banks are rushing towards the technologies like cloud, mobile banking, mobile wallets, POS transactions, social media and business analytics. Next Frontier in Indian Banking. Boost in Banking Operations with Assistance of FinTech Players. Globally once banks operated under a striking rule of 3-6-3 which describes how bankers would give 3% interest on depositors’ accounts, lend the depositors money at 6% interest and then be playing golf at 3 pm.
Now all of us know that sand timer has reversed and the same industry work under complex environment dealing with the present (daily work) and future (predictions) for efficient growth of their business. Who can be a helping hand to them? Can anyone save their time? Can anyone manage their future risk? Fintech platform is taking a lead role everywhere. Let’s forget about white collar professional getting adopted to cloud, mobile technologies and apps, wearable devices, intelligent/smart networks and systems, it’s not a big thing but a taxi driver also feels handicapped without them. Customer acquisition Customers are used to digital platform especially for financial services to gain a low cost advantage. Encouragement of Angel Fund By SEBI. How SEBI encourages Angel fund!
How it makes Angel investors to invest more in Angel Fund? Are you thinking to invest your money? What is Angel Fund? Angel Fund is a scheme under alternative investment fund that receives funds from angel investors and invests as per the provisions of Alternative Investment Fund regulations. Role of Schemes for Small Businesses. MSME sector plays a major role in contributing to the growth of Indian economy.
The primary factors assisting this growth being: 45% of the industrial output,40% of exports,Creating one million jobs every year,Producing more than 8000 quality products for the Indian and international markets. MSMEs are today exposed to greater opportunities for expansion and diversification across the sectors. MUDRA Yojana Objective To develop the MICRO enterprise sector by “Funding the unfunded”. Purpose Providing Business loan for vendors, traders, shopkeeper etc., Working capital loan, Equipment finance, Transport vehicle loans. Capitalogy Quote1 CapitaWorld. Credit Appraisal System in Banking Sector. Business means profits, every single effort here is made only to earn something from it. The banking business is no different. When our local grocer supplies any material to us on credit, before supplying the materials he usually checks our credibility and our relations with him, even if the credit is for a day or a week.
Machine Learning Applications in Telecom & Education. Telecommunication now uses various technological innovations to bolster better network quality, fraud detection and analysing customer behaviour. Various User Behavioural Analytics tools help telecom companies tailor market campaigns and products as per needs of the customers. ML applications also help them better assess customer information, service information, usage information and location details.
Blockchain Application. The concept of Blockchain was first unveiled as the foundational mathematical framework using which some intractable problems such as ‘double count’ and ‘economical crypto framework’ were solved. Today blockchain has found applications and acceptance in a much larger context in a wide spectrum of industries. For example – Blockchain is used in the world of finance as a distributed ledger which stores financial transactions including but not limited to cross-border currency transactions and money remittance, storing smart contracts for real estate or any other financial asset sale purchase, storing smart insurance contracts and public blockchains are used to store custom crypto currencies which are mathematical and philosophical descendants of Bitcoin. Blockchain was first coined by Santoshi Nakamoto in 2008. Blockchain in future will be used as a standard database.