licence | Common News Update

Dec242020 by adminNo Comments

RBI cancels licence of Subhadra Local Area Bank, Kolhapur

Finance

The RBI on Thursday said it has cancelled the licence of Subhadra Local Area Bank, Kolhapur, as its affairs were conducted in a "manner detrimental" to the interests of its present and future depositors. The bank had breached the minimum net worth requirement for two quarters in the financial year 2019-20, the RBI said in a statement. However, Subhadra Local Area Bank has enough liquidity to pay all its depositors, it added. "Public interest would be adversely affected if it is allowed to continue to do the business in the manner in which it is functioning", the RBI said, adding that the general character of the management is considered prejudicial to the interest of the present and future depositors. The licence issued to Subhadra Local Area Bank stands cancelled to carry out banking b...

Dec12019 by adminNo Comments

Zopa close to securing banking licence lifeline

Business

The peer-to-peer lender Zopa Group is this weekend finalising a £130m capital injection that will allow it to cling onto its ambition of becoming a challenger to Britain's biggest banks.Sky News has learnt that Zopa is in advanced talks about securing the funding from an entity connected to IAG Capital Partners, a US-based private investment firm, and Silverstripe, its UK vehicle. Sources said on Saturday that a deal was expected to be signed at the beginning of next week.If completed, it would come just before Zopa's banking licence-with-restrictions expires a year after it was granted.The additional funding is essential to the company's ability to fulfil regulatory capital requirements overseen by the banking and City regulators. ...

Nov232019 by adminNo Comments

Uber in crisis talks to avert loss of London licence

Business

Uber Technologies is this weekend fighting a desperate battle to avoid losing its London licence after fresh concerns were raised by regulators about the company’s ability to identify its drivers.Sky News has learnt that Transport for London (TfL) is contemplating the "nuclear option" of denying a permit for Uber to operate in the capital for the second time in little more than two years. Sources said on Saturday that a formal decision, which will be announced on Monday before a two-month probationary licence expires, remained in the balance but said TfL was now "actively considering" a ban.They cautioned, however, that Uber - the world's biggest ride-hailing app - could yet secure another short-term extension to its private-hire operator's licence following further talks this weekend. ...

May202019 by adminNo Comments

Google deals Huawei major blow by cutting Android licence

Business

Google is set to revoke Huawei's access to its Android mobile operating system, dealing the Chinese company a major blow in accordance with US sanctions.Other than Apple devices which run on iOS, smartphones makers including Samsung and LG are almost all dependent on the Google-developed Android operating system to power their devices. According to reports by Reuters and The Verge, Google has suspended business with Huawei and in doing so hugely undermined its lineup of smartphones and tablets which run on Android. Image: Huawei has become one of the world's leading smartphone manufacturers Google has confirmed it is complying with the sanctions issued by the White House last week, although it is unclear what that will involve.T...

Jun262018 by adminNo Comments

Uber wins short-term licence for London

Business

Uber has been granted a 15-month licence to operate in London in a decision which reverses a block placed on its service last year. Transport for London (TfL) refused to give the Uber a five-year operating licence last September, blaming failings in its approach to reporting serious criminal offences and to background checks on drivers.But Westminster Magistrates' Court has now accepted the firm's assertions that its corporate culture had improved since its license was revoked.Uber told the court there had been a "wholesale change" and it had appointed three non-executive board members.Chief magistrate Emma Arbuthnot granted the reduced licence but criticised the firm for attempting to "grow the business, come what may".Ms Arbuthnot previously indicated the 18-month provisi...