Mumbai, Jan 5 (PTI) Public sector lender Union Bank of India on Wednesday said it has started lending in alternate reference rate (ARR), replacing the London Inter-Bank Offered Rate (Libor) in line with regulatory requirement.

Union Bank is among the first few banks to adopt the ARR as the largest lender has already announced the new loan pricing benchmark.

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Libor transition is one of the important events globally as it shall affect all the stakeholders in the international market. The ARR includes secured overnight financing rate for dollar loans, sterling overnight interbank average for British pound loans, etc.

The Union Bank has already concluded deals in ARR through its overseas branches at Hong Kong, DIFC Dubai and Sydney and through its domestic branches from January 1.

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*** *Bank of Baroda signs on cricketer Shafali Verma as brand endorser

Bank of Baroda has roped in cricketer Shafali Verma as its brand endorser in recognition of her 'consistent outstanding performance in the women's cricket.'

Sanjiv Chadha, MD & CEO of Bank of Baroda said, the bank has a history of associating with ace athletes and sportspersons as its brand endorsers and being a crucial part of their journey.

Verma said she is proud of being associated with an institution whose legacy is more than a century old and that she is grateful to the bank for believing in her potential.

Shafali has created various records including the one where she became the youngest woman cricketer to play for the country in her debut game against South Africa. She is also the youngest to top any ICC list. PTI BEN

*** *Tata Capital launches 'Flexi Plus Loans'

Tata Capital on Wednesday said it has unveiled 'Flexi Plus Loans' across product categories, and customers can personalise their loans as per their needs.

Tata Capital is the flagship financial services of Tata Group.

'Flexi Plus Loans' can be availed across product categories including personal loans, business loans, loan against property, two-wheeler loans, used car loans, and home loans.

Each product comes with enhanced flexibility through a number of new features and gives customers an increased ability to personalize the loan as per their needs such as longer tenure, overdraft facility and step-up plan.

*** *FincFriends raises $1 million from Eclear Leasing & Finance

Non-banking finance company FincFriends has raised USD 1 million (about Rs 7.4 crore) in debt funding from Eclear Leasing & Finance.

The company aims to use the debt sanctioned by lenders in tranches for business expansion, growth and effective cashflows, FincFriends said.

FincFriends has its own app and lending platform RupeeRedee.

“As a strategic decision we have decided to raise more funds through debt to build our books. We want to build more credibility in the market by servicing such debt successfully.

"Good credit history will not only help us get lower ROI debts in the future but also help us create a positive reputation enabling better valuations and market perception,” Arjun Passi, VP – Strategy and Business Development, RupeeRedee said.

FincFriends aims to use the debt to build in the loan book further and replace the need for equity infusion at the present stage of business, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)