Industry
PM Modi offers to share with world India’s expertise on using Digital tech, AI, ET BFSI
Rio de Janeiro, Prime Minister Narendra Modi has offered to share with the world India's expertise in using the power of digital technology and artificial intelligence to improve the lives of people.Speaking on Tuesday at an event organised by India at the G20 Summit...
India uniquely positioned to capture 35-50% of global CIH market: BCG, ET BFSI
Capability and innovation hubs (CIHs) have an expanded portfolio of services today and India has an opportunity to capture a big share of this market, says Boston Consulting Group.CIHs are centres that provide access to high quality talent and advanced technology to...
Rupee resilient despite FII outflows, India’s contribution to world market cap grows, ET BFSI
Mumbai, India's strong macroeconomic fundamentals - robust GDP growth, controlled inflation, managed twin deficits and record foreign reserves - have kept the rupee resilient despite foreign institutional investor (FII) outflows, a report showed on Wednesday.Most of...
RBI Governor Das, Industry leaders cast votes in Maharashtra Assembly Polls, ET BFSI
Mumbai, Reserve Bank Governor Shaktikanta Das and leading captains of industry cast their vote in the financial capital for the Maharashtra Assembly elections on Wednesday. Das went to exercise his franchise with his wife at a booth near his official residence in...
Economic Affairs Secretary, ET BFSI
New Delhi [India], November 20 (ANI): Secretary to the Department of Economic Affairs, Ajay Seth, on Wednesday asserted that the government doesn't see any significant downside risks on economic growth, despite a slight slowdown and an uptick in inflation. Indian...
Gen Z and Millennials lean towards Index Funds for better returns and liquidity: Report, ET BFSI
Motilal Oswal on Wednesday released a report highlighting the behavior of young investors, especially Gen Z and Millennials, in the market. Gen Z and Millennials are increasingly favoring index funds over ETFs due to better returns and liquidity.In comparison to older...
BUSINESSNEXT Introduces India’s First AI Agent Platform named AGENTNEXT, ET BFSI
BUSINESSNEXT, a global leader in composable cloud solutions for financial services, has launched India’s first AI agent platform to modernize the banking, financial services, and insurance (BFSI) sector named AGENTNEXT, This innovative platform allows AI assistants to...
Bitcoin, cryptocurrencies not legal in India, BFSI News, ET BFSI
New Delhi, Bitcoin and cryptocurrency are in news again after allegations were levelled against Congress's Maharashtra president Nana Patole and NCP (SP)'s Supriya Sule of being involved in "illegal bitcoin activities" to fund their poll campaign. Here is a look at...
Why MSMEs should prioritise cybersecurity, financial stability, employee management, ET BFSI
India’s MSMEs are expanding their presence and are playing a critical role in the country’s economic growth. But the sector still battles challenges in cybersecurity, supply chain and cash flow, and there is an urgent need for MSMEs to prioritise investments in these...
Cybersecurity in healthcare to grow from reactive to proactive measures, ET BFSI
The healthcare industry is expected to step up spending on cybersecurity, with hospitals currently allocating 8–10% of their IT budgets for hiring experts and deploying tools to prevent cyberattacks. According to a Deloitte India analysis, this will increase to 12–15%...
Vertex Global partners with MSME Business Forum to provide omnichannel customer experience, ET BFSI
Founder & CEO of Vertex Group, Gagan Arora and Director of Development at MSME Business Forum India, Ravi Nandan Sinha, during a partnership event.NEW DELHI: PM Narendra Modi government's various initiatives and schemes for MSMEs and SMEs sector including ASPIRE,...
Piyush Goyal, BFSI News, ET BFSI
Representative imageNew Delhi: Commerce and Industry Piyush Goyal On Tuesday said the country's foreign direct investment (FDI) norms are clear for the e-commerce retail and the companies in this segment should respect the law of the land. Recently, the minister...
FSIB to interview CEO candidates for four PSU banks, ET BFSI
Mumbai | New Delhi: The government agency for selecting candidates to the top echelons at public sector financial institutions will hold interviews later this week for the position of managing director and chief executive for four banks including Indian Bank - thus...
India must elevate R&D focus; build products, jobs for higher GDP: Nasscom president, ET BFSI
India needs to elevate its research and development (R&D) focus, build pioneering products adding newer markets and leverage technology for jobs to push the gross domestic product (GDP), said industry body Nasscom’s senior executive.At a keynote speech at the...
India sees surge in online shopping scams during October festive season: McAfee, ET BFSI
As the Diwali celebrations come to an end, a troubling trend has emerged: a sharp rise in online scams aimed at festive shoppers. McAfee, a global leader in online protection, has uncovered a significant increase in cybercrime activities targeting consumers during the...
India to lead global Open Finance adoption, contribute 47% of users by 2030: GoFar Report, ET BFSI
India is set to emerge as the largest contributor to the global Open Finance user base, accounting for 47% of the projected 1 billion users by 2030, according to the Global Open Finance Adoption Report (GoFar) 2024-2030. The report, covering 48 countries, highlights...
Creditors claw back over Rs 7,500 crore as avoidance transactions surge, ET BFSI
As of September 2024, the Insolvency and Bankruptcy Code (IBC) has seen a significant rise in avoidance transaction applications, with 1,326 applications totaling Rs 3.76 lakh crore filed before the Hon’ble Adjudicating Authority (AA). These transactions, involving...
Economy likely to grow 6.7% in FY25 due to weaker Q2 performance: Report, ET BFSI
The firm estimates a growth of 6.3% in the second quarter, with a potential rebound of 6.7-6.8% in the second half of the financial year. This recovery is expected to be driven by a pickup in agricultural growth and government spending.New Delhi: The Indian economy is...
Over 3.4 million MSMEs suffer due to persistent smog, ET BFSI
Delhi AQI: Over 3.4 million MSMEs suffer due to persistent smogThe prevailing smog in the Delhi-NCR region worsening the Air Quality Index (AQI) has raised an alarming situation for businesses as it has disrupted factory operations, delayed supply chains, and reduced...
Rupee eyes breathing room as dollar rally stalls, importers may cap gains, ET BFSI
Overseas investors have pulled out USD 3.3 billion from Indian stocks and bonds on a net basis over November so far, adding to the USD 11.4 billion outflow in the previous month.The Indian rupee is likely to open steady on Tuesday and may look to make mild gains...
BFSI, flex spaces key demand drivers for office spaces in India: Report, ET BFSI
New Delhi, The banking, financial services and insurance (BFSI) and Flex Spaces emerged as key demand drivers for office spaces in India in the July-September period, accounting for 39 per cent of the pan-India absorption and an increase of 20 per cent from the...
FSIB to interview CEO candidates for four PSU banks, ET BFSI
Mumbai | New Delhi: The government agency for selecting candidates to the top echelons at public sector financial institutions will hold interviews later this week for the position of managing director and chief executive for four banks including Indian Bank - thus...
Can ‘BRICS Clear’ dent dollar dependency?, BFSI News, ET BFSI
The BRICS nations (Brazil, Russia, India, China, and South Africa) are progressing toward establishing an independent financial infrastructure, with a proposed system called 'BRICS Clear' at its core. Announced during the recent Kazan Summit, this cross-border...
India rated fastest growing G20 economy with GDP growth projected at 7 pc for 2024, ET BFSI
New Delhi, India is projected to be the fastest growing economy among the G20 countries with a 7 per cent GDP growth rate for 2024, followed by Indonesia in the second spot with 5 per cent while China is ranked third with an economic growth rate of 4.8 per cent....
Morgan Stanley lowers India’s growth for FY25; economy may expect a better Q3 show with wedding season, ET BFSI
Morgan Stanley on Monday lowered India's growth forecast in FY25 from 7 per cent to 6.7 per cent, on the back of weaker-than-expected high-frequency growth data for the second quarter, which is anticipated to grow at a slower pace of 6.3 per cent. Despite this dip,...
What’s in store for India in 2025?, ET BFSI
As the global economy continues to grapple with geopolitical tensions and financial market volatility, India stands at a critical juncture in its growth story. DBS Bank's latest report offers a nuanced perspective on the challenges and opportunities awaiting the...
How macroeconomic indicators performed in October 2024?, ET BFSI
-Samriddhi Singh Mahar & Suhani Prakash In October 2024, India's economy showed mixed performance across key macroeconomic indicators.GST revenue increased significantly and the tax revenue stood at Rs 1.87 Lakh Crore, highest GST revenue recorded since April,...
Bank of Baroda, ET BFSI
New Delhi [India], November 18 (ANI): Foreign portfolio investment (FPI) inflows into India are projected to remain positive in FY25, with an expected inflow of USD 20-25 billion, according to a report by Bank of Baroda. Despite recent outflows from the Indian...
CM Stalin at 16th Finance Commission meeting, ET BFSI
Chennai (Tamil Nadu) [India], November 18 (ANI): Tamil Nadu Chief Minister MK Stalin on Monday morning held a meeting with the 16th Finance Commission at the Secretariat, welcoming the commission's chairman and its members. He said that the recommendations made by the...
Fintech, insurtech firms dissatisfied with cloud services globally: Capgemini, ET BFSI
A report by Capgemini reveals widespread dissatisfaction with cloud services among financial services firms, with fewer than 40% of executives expressing high satisfaction with their outcomes. The findings are based on a survey of 600 executives and 120 fintechs and...
India’s forex reserves decline for sixth week to its lowest in nearly 3 months, ET BFSI
- India's foreign exchange reserves dropped for a sixth consecutive week to a near 3-month low of $675.65 billion as of Nov. 8, data from the Reserve Bank of India (RBI) showed on Friday.The reserves fell by $6.5 billion in the reporting week and are down $29.2...
Quick commerce a challenge to retailers, will become political issue: Kotak, ET BFSI
KotakFinancial services industry veteran Uday Kotak on Thursday said the successful quick commerce (Q-Com) trade poses a challenge to retailers and will become a political issue. Speaking at an event organised by CNBC TV18, Kotak also pitched for Indian businesses...
Mormugao port in World Bank’s green spotlight, BFSI News, ET BFSI
PANAJI: Mormugao Port has been chosen by the World Bank (WB) as one of three Indian ports to undergo a study aimed at promoting environmentally sustainable operations. The study, conducted in partnership with Royal Haskoning DHV, will assess the port's current...
Moody’s report highlights robust economic growth momentum amid inflation challenges, ET BFSI
India’s economy is in a “sweet spot” from a macroeconomic standpoint, blending strong growth with easing inflation, according to a recent report by Moody’s. The ratings agency projected India’s Gross Domestic Product (GDP) to grow by 7.2% in 2024, followed by 6.6% in...
Exclusive-Fragile countries make $20 billion climate finance push at COP29, letter says, ET BFSI
By Gloria Dickie and Simon JessopBAKU - A group of conflict-affected countries is pushing at COP29 to double financial aid to more than $20 billion a year to combat the natural disaster and security crises facing their populations, a letter seen by Reuters showed.The...
India’s October exports soar 19.1%; up 7.3% in Apr-Oct of 2024-25, ET BFSI
New Delhi [India], November 14 (ANI): India's overall exports, merchandise and services combined, in October were to the tune of USD 73.21 billion, a 19.07 rise on a yearly basis, Commerce Ministry data showed on Thursday. Same month last year it was USD 61.48...
S&P projects 6.5-7% annual growth for Indian economy through 2027, ET BFSI
NEW DELHI: S&P Global Ratings on Thursday projected the Indian economy to grow between 6.5-7 per cent annually in the three fiscal years till March 2027 as infrastructure spending and private consumption drive growth momentum. In its global bank outlook report,...
Are banks open or closed on Friday, November 15? Check state-wise list, ET BFSI
Banks in some states will be closed on Friday, i.e., November 15, 2024 on the occasion of Guru Nanak Jayanti/Karthika Purnima, according to the Reserve Bank of India (RBI) holiday list.The Reserve Bank of India publishes regional and national holidays state wise on...
Uday Kotak underscores three areas where India can find firepower for a transformative change, ET BFSI
Billionaire banker Uday Kotak, speaking at the CNBC TV18 Leadership Summit on November 14, dwelt upon the key factors India needs in order to get moving on the path towards a transformative change.The Founder & Director of Kotak Mahindra Bank pointed out three...
Banking and finance sector holds promise for absolute positive returns: Vetri Subramaniam, ET BFSI
"Here the two are getting combined, so they are in a sense counterbalancing each other and as I said again, risk adjusted this is one of the factor strategies which has very strong outcomes," says Vetri Subramaniam, CIO, UTI AMC.Volatility and momentum, I mean, are...
10 most climate-vulnerable countries got less than $1 year climate finance: Report, ET BFSI
Baku, As world leaders meet at the 2024 UN climate conference (COP29) in Azerbaijan, a new report by an international development agency on Thursday said people living in 10 most climate-vulnerable countries received less than $1 a year in climate finance.It warned...
Asia’s richest banker Uday Kotak reveals why, ET BFSI
Asia's richest banker, Uday Kotak, has said that the India needs good thin rotis and not Paranthas and Kulchas to become developed and rich in the next two decades. Speaking at the CNBC TV18 Leadership Summit today, Founder and non-executive Director of Kotak Mahindra...
Economies like India set to drive next wave of Asia’s growth, China’s contribution to decline: Morgan Stanley, ET BFSI
New Delhi [India], November 14 (ANI): Economies like India are set to drive the next wave of Asia's growth as the China's contribution to the region's growth is set to decline, highlighted a report by Morgan Stanley.The report noted that India, along with other...
High-Level Group on Climate Finance, ET BFSI
New Delhi, Negotiators at the UN climate conference in Azerbaijan should focus on mobilising USD 1 trillion per year by 2030 to help developing countries cope with the warming world, a new report the Independent High-Level Expert Group on Climate Finance said on...
Wholesale Inflation rises to 2.36% in October on soaring food prices, ET BFSI
Wholesale inflation, measured by the Wholesale Price Index (WPI), surged to 2.36% in October, up from 1.84% in September, according to data released by the Ministry of Commerce and Industry on Thursday.The rise in October's WPI was primarily driven by higher costs of...
Are banks open or closed on Friday, November 15? Check state-wise list, ET BFSI
Banks in some states will be closed on Friday, i.e., November 15, 2024 on the occasion of Guru Nanak Jayanti/Karthika Purnima, according to the Reserve Bank of India (RBI) holiday list.The Reserve Bank of India publishes regional and national holidays state wise on...
Bail Granted to Yes Bank-DHFL Fraud Developer Sanjay Chhabria Amid Concerns Over Trial Delays, ET BFSI
Observing that there are no chances of the immediate commencement of the trial and no time frame can be decided for its conclusion, considering the voluminous records and witnesses to be examined, a special court on Tuesday granted bail to developer Sanjay Chhabria of...
COP29 gets momentum with consensus on creation of carbon credits standards, India wants to conclude work on carbon market, ET BFSI
BAKU: With countries reaching a consensus on the standards for creation of carbon credits for the larger issue of setting up carbon markets, India on Tuesday expressed that it expects to conclude the work on the issue at the ongoing COP29 and pitched for "adequate,...
Gold rises from two-month low ahead of US inflation data, ET BFSI
By Rahul Paswan- Gold prices edged higher on Wednesday on some bargain buying after the metal dropped to its lowest in nearly two months in the previous session and as the dollar paused ahead of upcoming U.S. inflation data and remarks from Federal Reserve...
DBS Bank nominates Rajat Verma to be next India CEO, sources say, ET BFSI
NEW DELHI/HONG KONG, Nov 12 (Reuters): DBS Bank's India unit has nominated its head of institutional banking, Rajat Verma, to be the bank's new chief executive officer, two people familiar with the matter said.He is slated to replace Surojit Shome, who plans to retire...
Nifty Bank bids farewell to weekly expiries from today. So no more F&O losses?, ET BFSI
India's largest options contract Nifty Bank, which was being treated by many retail F&O traders as a lottery ticket, will have its last weekly expiry today as Sebi's new regulations come into force from next week.The markets regulator had asked both stock...
India and South Africa Join Forces to Establish Chamber of Commerce, Strengthening Bilateral Economic Ties, ET BFSI
New Delhi [India] November 13: In 2024, India and South Africa celebrate the 30th anniversary of their diplomatic relations, marking three decades of deep-rooted historical ties and cooperation. This milestone year has also seen a significant economic achievement- a...
Expanding supply capacity will contain inflationary pressure, RBI’s inflation target credible: S&P, ET BFSI
New Delhi, S&P Global Ratings on Wednesday said supply capacity in India is continuing to expand pretty quickly which will help contain inflationary pressure. S&P Senior Economist Asia Pacific Vishrut Rana said the central bank's monetary policy and inflation...
Sensex crashes 984 points, loses 1,795 points in 3 trading sessions, ET BFSI
Mumbai, The Indian stock market closed on a bearish note on Wednesday with significant declines across major indices.The Sensex fell by 984 points or 1.25 per cent to settle at 77,690, while the Nifty dropped 324 points or 1.36 per cent to close at 23,559.This week so...
BlueGreen eyeing $75 million fund for early-stage companies, ET BFSI
Anup Jain and Rajeev SuriAnup Jain and Rajeev Suri, who left early-stage venture firm Orios Venture Partners as managing partners in September 2023, have floated a new investment firm – BlueGreen Ventures, the duo told ET in an interaction.The firm is looking to raise...
Trump’s economic agenda risks global economy, return of inflation, ET BFSI
U.S. President-elect Donald Trump's economic agenda risks returning inflation to the United States and hurting economic growth worldwide, Bank of France head and European Central Bank (ECB) member Francois Villeroy de Galhau said on Wednesday."The programme risks...
Banking and finance sector holds promise for absolute positive returns: Vetri Subramaniam, ET BFSI
"Here the two are getting combined, so they are in a sense counterbalancing each other and as I said again, risk adjusted this is one of the factor strategies which has very strong outcomes," says Vetri Subramaniam, CIO, UTI AMC.Volatility and momentum, I mean, are...
Dogecoin surges over 10% after Trump names Musk, Ramaswamy to lead newly formed Department of Government Efficiency (DOGE), ET BFSI
Dogecoin surged over 10% to $0.3869 in the early Asian trading hours on Wednesday after U.S. President-elect Donald Trump said on Tuesday Elon Musk and former Republican presidential candidate Vivek Ramaswamy will lead the newly created Department of Government...
NSE inks pact with Zomato to empower delivery partners with financial literacy, ET BFSI
New Delhi, The National Stock Exchange of India (NSE) on Tuesday said it has inked a pact with online food delivery platform Zomato to promote financial literacy and investor awareness programmes among the gig economy workers. This partnership aims to launch an...
CPI surges to 10-month-high at 6.21% in Oct; IIP improves to 3.1% for Sept, ET BFSI
October's Retail Inflation at 6.21% breaches RBI's tolerance band of 2-6%India’s retail inflation rose to 6.21% in September, up from 5.49% in September, according to data from the Ministry of Statistics and Programme Implementation (MoSPI) released on Tuesday. In...
Rajeev Misra to step down from co-CEO role at SoftBank Vision Fund, ET BFSI
Rajeev Misra, the top Indian dealmaker at SoftBank, is stepping down from his leadership roles at the Japanese fund’s flagship investment vehicles. The announcement marks the end of Misra’s influential tenure, during which he steered the $100-billion Vision Fund...
Why Ambani the hydrocarbon king is betting on a humble business, ET BFSI
Dhirubhai Ambani, the founder of Reliance Industries (RIL), India's biggest conglomerate, started out with textiles and built an oil-refining and petrochemicals behemoth. His son, Mukesh Ambani, the RIL Chairman, has transitioned the conglomerate from hydrocarbons to...
UBI report, BFSI News, ET BFSI
New Delhi [India], November 10 (ANI): The continued spurt in food prices and fading of the high base effect likely led to a spike in October retail inflation figures. According to a report by the Union Bank of India, retail inflation based on the Consumer Price Index...
Bitcoin rises above $80,000 for first time, BFSI News, ET BFSI
- Bitcoin was trading near record $80,000 on Sunday after hitting it earlier in the session.Bitcoin, the world's biggest and best-known cryptocurrency, is up 65.4% from the year's low of $38,505 it hit on Jan. 23. (Reporting by Shivani Tanna in Bengaluru Editing by...
FDIs may shift to US under Trump 2.0 but it won’t impact FDIs inflow to India: SBI Report, ET BFSI
New Delhi [India], November 11 (ANI): India could see a shift in foreign direct investment (FDI) trends in the second term of Donald Trump (Trump 2.0) as President of the United States, says a research report by State Bank of India.The report highlighted that under...
FIIs won’t be rushing back unless Indian economy re-accelerates soon: Arvind Sanger, ET BFSI
Arvind Sanger, Founder & Managing Partner, Geosphere Capital Management, says the Indian economy is going through a mid-cycle slowdown. India's fate is in its own hands to the extent that the China trade at least partly the repositioning has played out to a...
Why India Isn’t Nervous About Donald Trump’s Return? EAM Jaishankar Explains, ET BFSI
EAM JaishankarMumbai: Asserting that India is not among the nations nervous about Donald Trump's return to the White House, India's External Affairs Minister Dr S Jaishankar underscored that the emerging trend is more diverse and focuses on a multi-polar world. S...
Star India to make web series on Reserve Bank, BFSI News, ET BFSI
Star India will make a web series on the Reserve Bank of India's 90-year-long journey to help people have a better understanding about the central bank's vital role in the country's fast-growing economy. The Reserve Bank of India (RBI), which was set up in 1935,...
USD 100 billion bilateral trade with Russia by 2030 is realistic, says EAM Jaishankar, ET BFSI
Mumbai (Maharashtra) [India], November 11 (ANI): Speaking at the India-Russia Business Forum in Mumbai, Indian Minister of External Affairs Dr S Jaishankar said by 2030 India-Russia bilateral trade will cross USD 100 billion. He said, "Our bilateral trade is today at...
Govt may raise EPFO wage ceiling and lower employee threshold for enhanced social security for workers, ET BFSI
New Delhi: The Centre may soon raise the wage ceiling and lower the headcount threshold under the Employees' Provident Fund Organisation (EPFO) as it aims to enhance and widen coverage for bolstering social security for workers.The current wage ceiling under the EPFO...
India to focus on climate finance, accountability, protection for vulnerable communities at COP29, ET BFSI
NEW DELHI: As world leaders and climate negotiators converge on Baku for COP29, beginning Monday, India is set to bring renewed focus to the urgent need for climate finance, accountability, and protection for vulnerable communities. Prime Minister Narendra Modi will...
USD 100 billion bilateral trade with Russia by 2030 is realistic, says EAM Jaishankar, ET BFSI
Mumbai (Maharashtra) [India], November 11 (ANI): Speaking at the India-Russia Business Forum in Mumbai, Indian Minister of External Affairs Dr S Jaishankar said by 2030 India-Russia bilateral trade will cross USD 100 billion. He said, "Our bilateral trade is today at...
IT spending revives on AI, BFSI gets growth and hiring surges, ET BFSI
After witnessing a hazy macro environment for five straight quarters, India-centric IT services firms saw green shoots in the first quarter of this fiscal. While experts were still uncertain about the continuity of tech spending, Q2 (July to September) earnings belied...
How has outlook for gold changed after US elections?, ET BFSI
A resounding victory of Donald Trump in the US Presidential elections led to a sharp decline in gold prices as traders booked profit and some selling emerged on concerns over a possible rise in the US fiscal deficit on his stance of stimulating US growth, which would...
Public digital infrastructure helped micro level players grow in India: FM, ET BFSI
Public digital infrastructure helped micro level players grow in India: FMBengaluru (Karnataka) [India], November 9 (ANI): India's approach to spreading digital infrastructure networks by country's "public money" instead of choosing private players, unlike other...
Foreign funds withdraw from Indian markets at fastest pace since 2022, trigger investor concerns, ET BFSI
Foreign institutional investors (FIIs), especially US-based funds, are pulling out of Indian markets at the swiftest pace since January 2022, with redemptions accelerating over the past five weeks. According to an analyst note from Elara Securities, India-dedicated...
India’s consumer price inflation to rise further to 5.81% on skyrocketing food costs: Reuters poll, ET BFSI
The government's decision to raise import taxes on edible oils by 20 percentage points in mid-September also likely helped to drive prices up faster, further straining household budgets.BENGALURU: Consumer price inflation in India climbed to a 14-month high of 5.81%...
India’s forex reserves fall to $682.13 billion, down $2.6 billion as of Nov 1, ET BFSI
India's foreign exchange reserves dipped by $2.6 billion to $682.13 billion as of Nov 1, according to data shared by the Reserve Bank of India (RBI) on Friday.For the previous week, the country's dipped by $3.4 billion to $684.8 billion as of October 25.The Weekly...
PRECIOUS-Gold on track for worst week in over five months, ET BFSI
Fed cuts interest rate by 25 bps on Thursday * Bullion down 1.7% for the week * Silver, platinum and palladium head for weekly decline * Gold demand in India falters this week (Recasts as of 0917 GMT) By Anushree MukherjeeGold prices retreated on Friday and were on...
India gets Trump-ready, draws up new policy briefs, ET BFSI
Senior Indian government officials are preparing fresh policy briefs, especially on trade and investment, following the election of Donald Trump as the next US president, two officials told ET. During his campaign, Trump had threatened to impose tariffs on imports to...
How about government giving ‘consumption vouchers’ to boost Indian economy?, ET BFSI
CII also suggests boosting rural income by increasing daily wages under the MGNREGA program by 40% and raising payments to PM-KISAN beneficiaries by 33%. Further recommendations include raising the unit cost under the PM Aawas Yojana housing scheme and modifying the...
How Donald Trump’s return as US President may impact India’s economy, trade, ET BFSI
The victory of Donald Trump in the 2024 US Presidential elections has sparked a fresh wave of optimism in India, particularly among market analysts and investors. With Trump set to return to the Oval Office, the focus now shifts to the potential economic and...
84.50 would be the key level to watch out for Rupee vis-a-vis dollar: Naveen Mathur, ET BFSI
Naveen Mathur, Director - Commodities and Currencies, Anand Rathi Shares & Stock Brokers, says if the rupee depreciates to around 84.50 or so, we might see RBI intervening. The rupee depreciation, although good for exports, is not good for the imports to the...
PHDCCI submits pre-Budget suggestions to Finance Ministry, ET BFSI
A delegation of PHD Chamber of Commerce and Industry (PHDCCI) met the officials of the Finance Ministry on Thursday. In its interaction with Sanjay Malhotra, Revenue Secretary and officials of Department of Revenue, Ministry of Finance, PHDCCI submitted suggestions...
Among 900 Mln transactions, Health, Fashion, and Travel lead festive spending: Razorpay, ET BFSI
The festive season in India, which typically kicks off around September, has historically fueled a surge in consumer spending. This trend was clearly reflected in October’s UPI activity, which soared to a new record with 16.58 billion transactions amounting to Rs 23.5...
Niti Aayog CEO, BFSI News, ET BFSI
New Delhi, India should be a part of the Regional Comprehensive Economic Partnership and Comprehensive and Progressive Agreement for Trans-Pacific Partnership, Niti Aayog CEO BVR Subrahmanyam said on Thursday. India pulled out of the RCEP in 2019 after entering...
Foreign outflows of $3.1 bln from Indian financials drive record monthly sales in October, data shows, ET BFSI
Foreign portfolio investors (FPIs) pulled out about $3.1 billion from Indian financial stocks in October, the second-highest amount ever from the sector and accounting for 30% of the record overall withdrawal for the month, data showed on Thursday.The 260.42...
KPMG in India names Hemant Jhajhria as Head of Consulting, BFSI News, ET BFSI
KPMG in India has named Hemant Jhajhria as Partner and Head of Consulting, who will supervise Business, Technology and Risk Consulting practices. Operating from Mumbai, he will join the India Leadership Team (ILT) and direct the firm's initiatives to combine its...
Rupee opened at 84.26 against the US dollar, after dropping to 84.1725, ET BFSI
On Wednesday, the rupee fell by 22 paise, ending at a record low of 84.31 against the US dollar. The rupee fell following Donald Trump’s victory in the US Presidential Elections 2024.The rupee dropped to 84.1725 against the US dollar, registering a 0.07% decline from...
More money may venture into Indian startups, BFSI News, ET BFSI
The Indian startup and venture investor ecosystem is looking forward to better business ties and stronger fund flow between India and the US as Donald Trump becomes the 47th US president.Startup industry executives are watching out for Trump’s policies and their...
India, US ties set to remain strong under Trump administration, ET BFSI
Washington, The India-US relationship is set to expand under the Donald Trump administration, but there could be some unease on issues like imports, tariffs and immigration, strategic affairs experts have said after the Republican leader won the fiercely contested...
Rupee hits record low as Trump claims victory, regional currencies drop, ET BFSI
The Indian rupee fell to a record low on Wednesday, hurt by a sharp rise in the dollar and U.S. bond yields as Republican Donald Trump claimed victory in the U.S. presidential election.The rupee closed at 84.28, down 0.2% from its previous close, in what was its worst...
FinMin asks PSU banks to take steps to meet loan targets for agri-allied sector, ET BFSI
New Delhi, Nov 6 (IANS) The Finance Ministry has asked public sector banks to increase credit availability for animal husbandry, dairying, and fisheries to ensure that targets are met for the current financial year.New Delhi, The finance ministry has asked public...
BFSI sector drives office space demand, Mumbai emerges hub for leasing by domestic financial institutions, ET BFSI
The banking, financial services, and insurance (BFSI) sector has seen substantial growth in office space demand, emerging as the second-largest office space lessee in India, just behind the IT/ITeS sector, according to a recent report by realty consultancy JLL. This...
Govt plans key insurance, IBC bills in upcoming Winter Session of Parliament, ET BFSI
In the upcoming winter session of Parliament, the central government is set to propose significant legislative reforms to strengthen the economy. Among these are amendments to the Insolvency and Bankruptcy Code (IBC), expected to introduce an out-of-court settlement...
Finance ministry asks banks to focus on cybersecurity and accelerating pace of lending to agriculture & MSMEs, ET BFSI
Concerned over the growing instances of cyber frauds, the finance ministry on Tuesday asked public sector banks (PSBs) to align their digital and cybersecurity frameworks with industry best practices and ensure customer protection and operational continuity as top...
India economic activity remains strong, cenbank governor says, amid rising growth concerns, ET BFSI
(Adds comments, context)MUMBAI, - Economic activity in India remains strong, with the agriculture and services sectors doing well, India's central bank governor said on Wednesday, commenting on fears the Indian economy is slowing."Data which is coming in is mixed. But...
Resurgent India says it received SEBI certificate to operate as ESG rating provider, ET BFSI
New Delhi [India], November 5 (ANI): Wholly-owned subsidiary of financial advisory firm Resurgent India, Resurgent ESG Services Pvt. Ltd (RESPL) received capital markets regulator Securities and Exchange Board of India (SEBI) approval as an Environmental, Social, and...
How US elections outcome may impact Indian economy, markets, ET BFSI
The upcoming US presidential election on November 5 carries significant implications for global markets, including India’s economic landscape. With Americans set to vote in a tightly contested race, the result could bring notable shifts in international trade,...
Until FII outflows stop, Indian market unlikely to form a bottom: Ajay Bagga, ET BFSI
Ajay Bagga, Market Expert, says the markets have discounted a lot of weakness for the corporate earnings. Most of the disappointments of the second quarter are now reflected in the share price. Now, does it go down from here? Markets are always excessive. Until we see...
Bank of Baroda, ET BFSI
New Delhi [India], November 5 (ANI): The Indian Rupee depreciated marginally in October by 0.3 per cent compared to the bloodbath witnessed in other major currencies, highlighted a report by Bank of Baroda.The report also noted that while the rupee dipped to its...
Can the proposed BRICS currency challenge the US dollar’s hegemony?, ET BFSI
In a bid to reshape the global financial landscape and reduce dependency on the US dollar, the BRICS bloc—comprising Brazil, Russia, India, China, and South Africa—has advanced its discussions on establishing a new reserve currency. During the recent BRICS Summit held...
Growth may have slipped in rainy Q2 but forecast for fiscal is sunny, ET BFSI
India’s economic growth likely moderated in July-September, primarily due to a slowdown in consumption and investment amid heavy monsoon rains in several parts of the country, according to an ET poll of 10 economists. The poll’s median estimate for gross domestic...
Rupee moves in narrow range against US dollar in early trade, BFSI News, ET BFSI
The rupee witnessed range-bound trade and appreciated by just 1 paisa to 84.06 against the US dollar in initial deals on Monday, weighed down by persistent foreign fund outflows and a muted trend in domestic equities. Forex traders said the rupee is likely to trade in...
Growth may have slipped in rainy Q2 but forecast for fiscal is sunny, ET BFSI
India’s economic growth likely moderated in July-September, primarily due to a slowdown in consumption and investment amid heavy monsoon rains in several parts of the country, according to an ET poll of 10 economists. The poll’s median estimate for gross domestic...
Indian central bank likely selling dollars to support rupee amid equity outflows, traders say, ET BFSI
MUMBAI - The Indian central bank was likely selling U.S. dollars to support the rupee after the currency declined to an all-time low, pressured by outflows from local equities, four traders told Reuters on Monday. The rupee slipped to a record low of 84.11 per U.S....
BFSI office leasing continues to surge as digital growth points to new record in 2024, ET BFSI
MUMBAI: The Banking, Financial Services, and Insurance (BFSI) sector in India has rapidly increased its demand for office spaces driven by technological advancements, digital penetration, a skilled workforce, and evolving market dynamics, with 2024 leasing activity...
Krishna Srinivasan, IMF Asia-Pacific Department, ET BFSI
India will need to undertake a lot of very serious structural reforms to meet the aspiration of being an advanced economy by 2047, Krishna Srinivasan, director of the Asia and Pacific Department (APD) at the International Monetary Fund tells Deepshikha Sikarwar in an...
Sensex crashes 1300 pts, Nifty at four-month low, ET BFSI
Mumbai, The Indian stock market was trading deep in the red on Monday's mid-session as heavy selling was seen in the auto, metal, realty and energy stocks. At 12 p.m., BSE Sensex was trading at 78,609, down 1,317 points or 1.65 per cent. On the other hand, NSE Nifty...
India’s 7%+ FY25 growth target relies on robust investment, inflation control: EY report, ET BFSI
Recent reports indicate a mixed outlook, with the Reserve Bank of India (RBI) maintaining a cautious stance on monetary policy amid rising inflation.Optimistic GDP growth projections for FY25 depend on strong government investment and effective inflation control for...
FPIs withdraw record Rs 94,000 cr from Indian equities in Oct on attractive Chinese valuations, ET BFSI
New Delhi, Foreign investors pulled out a massive Rs 94,000 crore (around USD 11.2 billion) from the Indian stock market in October, making it the worst-ever month in terms of outflows, triggered by the elevated valuation of domestic equities and attractive valuations...
India’s 7%+ FY25 growth target relies on robust investment, inflation control: EY report, ET BFSI
NEW DELHI: Optimistic GDP growth projections for FY25 depend on strong government investment and effective inflation control for India to reach over 7 per cent growth, according to Ernst & Young (EY) report.Recent reports indicate a mixed outlook, with the Reserve...
IMF sees India driving growth in Asia-Pacific region, BFSI News, ET BFSI
New Delhi, India remains the world's fastest-growing economy with investment and private consumption driving growth, according to the IMF's latest Regional Economic Outlook for Asia-Pacific. The IMF, in its World Economic Outlook report released on October 2, had...
Sebi proposes doubling the threshold for ‘high value debt listed entities’ to Rs 1,000 crore, ET BFSI
NEW DELHI: Markets regulator Sebi has proposed raising the threshold for identifying High Value Debt Listed Entities (HVDLEs) to Rs 1,000 crore from Rs 500 crore at present to reduce compliance burdens. Currently, an entity having outstanding value of listed...
Bibek Debroy, economist and Chairman of PM’s Economic Advisory Council, passes away, ET BFSI
Renowned economist and Chairman of the Prime Minister’s Economic Advisory Council (EAC-PM), Dr. Bibek Debroy, passed away at the age of 69, on Friday.Known for his profound understanding of economic theory and policy, Debroy was instrumental in shaping key economic...
Investors’ wealth surges by Rs 128 lakh cr in Samvat 2080, Gold gives 32 pc return, ET BFSI
Mumbai, As the Indian stock market ended Samvat year 2080, investors' wealth surged by a whopping Rs 128 lakh crore (about $1.5 trillion at current exchange rate) to Rs 453 lakh crore in just one year.This made Samvat 2080 the biggest wealth-creating year on record,...
India needs to create 10 million jobs/year, BFSI News, ET BFSI
NEW DELHI: India needs to create 10 million jobs annually to maintain an average 6.5% gross value-added growth, investment bank Goldman Sachs has estimated and suggested three policy focus areas to raise the country's employment rate.The suggested three areas of focus...
Fiscal deficit in 1st Half of FY25 drops to 29.4% of annual target, ET BFSI
The central government's fiscal deficit in the first half of 2024-25 touched 29.4% of the annual target, compared with 39.3% a year before, as it kept a lid on expenditure, showed official data released on Wednesday. The lower deficit, experts said, will enable the...
India’s April-September fiscal deficit at Rs 4.75 lakh crore, narrows on-year to 29.4% of FY25 aim, ET BFSI
India's fiscal deficit for the first half of this fiscal year through September stood at 4.75 lakh crore rupees, or 29.4% of annual estimates, government data showed today.The fiscal deficit widened from 39.3% reported in the comparable year-earlier period.Total...
Group of ministers propose raising affordable housing threshold to Rs 55 lakh, ET BFSI
Representative image NEW DELHI: The group of ministers (GoM) tasked by the Goods and Services Tax Council to look into application of GST for real estate is of the view that the definition of affordable housing be extended to Rs 55 lakh from the current Rs 45 lakh,...
Mid-career roles are emerging in banking and financial services, ET BFSI
Wider use of technologies such as UPI has led to accelerated adoption of digital means in financial services. This has also broadened the scope of roles in the sector, especially in the mid-career space. Dhriti Prasanna Mahanta, VP and Business Head, TeamLease Degree...
Home ministry warns against illegal digital payment gateways used by cybercriminals, ET BFSI
The Ministry of Home Affairs (MHA) on Monday warned against illegal digital payment gateways being used for money laundering operations. The ministry in a notification said the illegal payment gateways are being created using mule and rented bank accounts....
What is ‘Digital Arrest Fraud’? How to protect yourself?, BFSI News, ET BFSI
“Digital Arrest Fraud”, a new scam has emerged in the market resulting in significant financial losses for individuals and businesses. The seriousness of the scam can be understood from the fact that it became the talk point even for the Prime Minister Narendra Modi...
India remains a shining star with $3.6 bn inflows as global VC investment hits seven-year low: KPMG, ET BFSI
Global venture capital (VC) investment plummeted to $70.1 billion in Q3 2024, marking a seven-year low from a high of $95.5 billion in Q2, as highlighted by KPMG Private Enterprise’s latest Venture Pulse report.This steep decline is attributed to geopolitical...
Demand conditions in economy need to be watched: Finance ministry, ET BFSI
NEW DELHI: The outlook for the Indian economy is good, underpinned by a stable external sector, positive agricultural scenario, expected improvements in demand supported by the festive season, a finance ministry report said on Monday but cautioned that demand...
India has entered cyclical growth slowdown, RBI’s 7.2 pc estimate ‘overly optimistic’: Nomura, ET BFSI
Mumbai: Japanese brokerage Nomura on Monday said the Indian economy has entered a phase of "cyclical growth slowdown" and the Reserve Bank's estimate of 7.2 per cent GDP expansion is "overly optimistic". The brokerage said it sees "rising downside risks" to its GDP...
Indians lost Rs 120 crore in first 3 months of 2024 to the fraud that PM Narendra Modi warned about in Mann ki Baat, ET BFSI
Prime Minister Narendra Modi warned the nation about the rise in digital arrest scams during his recent Mann ki Baat address. In a shocking revelation, Indians lost Rs 120.3 crore in the digital arrest fraud during the first quarter of 2024. According to the National...
Despite record high prices, volatile market and geo-political challenges, Gold continues to shine, ET BFSI
New Delhi [India], October 29 (ANI): Gold continues to shine despite the record-high prices. The yellow metal prices saw an increase of 24 per cent this year but buying interest is still high amid volatile markets and geopolitical challenges, according to a report by...
Renewable energy projects need debt financing over grants: IREDA CMD, ET BFSI
New Delhi: Emphasizing the need for competitive debt financing over grants, Pradip Kumar Das, Chairman and Managing Director of Indian Renewable Energy Development Agency Limited (IREDA), highlighted the importance of strategic funding mechanisms for renewable energy...
CAG, RBI Governor, CEA, and SEBI Chairperson, ET BFSI
The Union Government is preparing to make critical decisions on four significant appointments over the next four months, starting with the selection of a new Comptroller and Auditor General (CAG). G S Murmu's term as the CAG is set to conclude in November, and a...
FM Nirmala Sitharaman, ET BFSI
New Delhi: Finance minister Nirmala Sitharaman called for enhanced support by multilateral development banks to poor and developing nations, especially from Africa, to realise their sustainable development goals.At a G7 African ministerial roundtable in Washington DC,...
RBI injects funds to rein in bank funding costs amid forex outflows, ET BFSI
Mumbai: The Reserve Bank of India's move on Friday to inject funds into the banking system despite the prevalence of a headline liquidity surplus reflects an adroit strategy by the central bank to ensure that recent overseas outflows from local capital markets and...
FM Nirmala Sitharaman bats for new collective climate action goal, ET BFSI
NEW DELHI: Finance minister Nirmala Sitharaman called for a "new collective quantified goal" in climate action that caters for the needs of developing countries without subjecting them to "growth-inhibiting" financing provisions.Speaking at the G20 joint meeting of...
Nirmala Sitharaman highlights Global South’s contributions to foundations of multilateral development banks, ET BFSI
Union Finance Minister Nirmala Sitharaman highlighted the contributions of the Global South to the foundations of multilateral development banks at the 1944 Bretton Woods conference and emphasized on embedding diverse voices in decision-making to ensure a truly...
IMF, World Bank need to give emerging economies prominent role in decision-making processes: Shaktikanta Das, ET BFSI
Reserve Bank of India (RBI) Governor Shaktikanta Das highlightwhile addressing the Macro Week 2024 event in Washington called on global organisations such as World Bank and International Monetary Fund (IMF) to provide prominent role in decision-making processes to...
Job creation, redefining skills most pressing issue globally amid rapid tech changes: Nirmala Sitharaman, ET BFSI
Union Finance Minister Nirmala Sitharaman has stressed that job creation is the most critical issue worldwide, particularly given the persistent economic challenges and rapid technological advancements that are reshaping the labor market.Sitharaman highlighted the...
Is recession on the cards in US? World’s largest alternative asset management firm CEO says…, ET BFSI
The high-stake US Presidential elections is around the corner. The crucial elections is set to be one of the most impactful events for global markets and economies this year going into next. Donald Trump has reiterated commitment to tweaking US immigration policies,...
Reliance forge partnership with NVIDIA to propel India into AI age, ET BFSI
Mumbai (Maharashtra) [India], October 24 (ANI): NVIDIA CEO Jensen Huang and Reliance Industries Chairman Mukesh Ambannounced a strategic partnership to build state-of-the-art AI infrastructure in India at the NVIDIA Summit in Mumbai. The collaboration aims to...
World Bank set to double agriculture funding to $9 billion, BFSI News, ET BFSI
The World Bank is set to double farming investments as it seeks to transform the agriculture sector amid climate risks and emerging job gaps in the developing world.The Washington-based lender will increase its agricultural finance and agribusiness commitments to $9...
India wouldn’t be fastest-growing economy without people utilizing digital infrastructure: FM Sitharaman, ET BFSI
Sitharaman was speaking at the Wharton Business School, University of Pennsylvania, on Tuesday.NEW YORK (US): Finance Minister Nirmala Sitharaman stated that India wouldn't have been the fastest-growing economy if the people hadn't utilized the digital...
India to retain investment curbs on border nations despite China deal, ET BFSI
India will retain investment curbs on bordering nations, the finance minister said, days after it struck a pact with China on patrols along their disputed Himalayan frontier, with the leaders of both countries expected to meet on Wednesday.The deal paves the way to...
FM meets Citibank CEO, discusses way forward for banking system in India, ET BFSI
New York, Finance Minister Nirmala Sitharaman on Monday met Citibank CEO Jane Fraser here and discussed the banking sector in view of the decadal reforms and the way forward for India. "The two discussed the use of #AI in important sectors such as #agriculture and...
Deloitte projects Indian economy to grow 7-7.2% in FY25, BFSI News, ET BFSI
The Indian economy could grow between 7-7.2 per cent in the current fiscal on strong government spending, and higher manufacturing investments, but a tempered global growth will impact the outlook for the next fiscal, Deloitte India said on Tuesday. In its 'India...
S&P Global Market Intelligence, ET BFSI
New Delhi [India], October 22 (ANI): India's growth, although moderating, remains strong with a forecasted average of 6.8 per cent for the fiscal year 2024-25 and 6.6 per cent for 2025-26, according to S&P Global Market Intelligence.Despite a slowdown in economic...
Nirmala Sitharaman highlights India’s process, governance reforms for more investor-friendly engagements, ET BFSI
New York [US], October 22 (ANI): Union Finance Minister Nirmala Sitharaman has said that India has undertaken a host of process and governance reforms over the last 10 years for more investor-friendly engagement. While addressing the Roundtable on Investment...
India’s growth story remains intact, real GDP likely to grow at 7.2 pc in FY25: RBI Guv, ET BFSI
Representative image India's growth story remains intact as its fundamental drivers - consumption and investment demand - are gaining momentum, the RBI Governor Shaktikanta Das has stressed, adding that the country is likely to see real GDP growth at 7.2 per cent for...
Bitcoin at 3-month high, nears $70,000 mark after $2.4 bln ETF inflows, ET BFSI
At 11:45 AM IST today, Bitcoin was up 1.2% at $69,045, briefly hitting the $69,450 mark.Bitcoin stood at a three-month high in early Asian trading on Monday. The world's top cryptocurrency gained 9.6% last week and is up more than 8% for the month so far.The moving...
Continued selling by FPIs negatively impacted oil, gas and auto sectors, ET BFSI
The oil, gas, and consumable fuels sector also suffered significant outflows, with FPIs withdrawing Rs 12,371 crore. Foreign portfolio investors (FPIs) have significantly impacted key sectors such as financial services, oil & gas, and automobiles with continued...
EPFO net new member additions rise 9.07% to 18.53 lakh in August, ET BFSI
NEW DELHI: Retirement fund body EPFO's net new member additions increased 9.07 per cent to 18.53 lakh in August, compared to a year ago, according to payroll data released on Sunday. EPFO enrolled around 9.30 lakh new members in August 2024, representing an increase...
China rolls out $112 billion funding schemes to bolster stock market, ET BFSI
China's central bank kicked off two funding schemes on Friday, that will initially pump as much as 800 billion yuan ($112.38 billion) into the stock market through newly-created monetary policy tools.The People's Bank of China (PBOC) spelt out operational details of...
FM Nirmala Sitharaman bats for ‘responsible capitalism’, BFSI News, ET BFSI
New Delhi: Finance minister Nirmala Sitharaman has underscored the need for "responsible capitalism", stating that challenges for large economies are not just to achieve and sustain high growth but also to bridge gaps and create opportunities for all.Addressing a tech...
How macroeconomic indicators performed in September 2024?, ET BFSI
-Samriddhi SIngh Mahar & Suhani PrakashThe Composite PMI dropped from 60.7 in August to 58.3, with the manufacturing PMI dropping to an eight month low, indicating fierce competition and deceleration in output.Unemployment dropped to 7.8%, however, the decline in...
‘India’s growth rate is among the shiniest parts in the world economy’: Ajay Banga, ET BFSI
Washington, India's growth rate is among the shiniest parts in the world economy, World Bank president Ajay Banga said on Thursday, noting that a lot of this is driven by the domestic market. "There is no doubt that India's growth rate is among the shiniest parts in...
5 States in India with the highest FDI, BFSI News, ET BFSI
-Suhani Prakash1991 saw the introduction of some major economic reforms in India. The country adopted Liberalization, Privatisation and Globalization due to which the Foreign Direct Investments in India witnessed a drastic rise. However, the post-pandemic period saw a...
World Bank, ADB commit $1.6bn for Andhra capital Amaravati, funds to come from Jan 2025, ET BFSI
Amaravati, The World Bank along with the Asian Development Bank in principle has committed to fund USD 1600 million (Rs 13,600 crore) for Amaravati capital city phase-I development and will start releasing the amount from January next year, a senior official of the...
Full Schedule and Key Meetings, ET BFSI
Union finance minister Nirmala Sitharaman began her official visit to Mexico and the USA on Thursday. She arrived at Guadalajara Airport, also known as Miguel Hidalgo y Costilla International Airport (GDL), where she was welcomed by India’s ambassador to Mexico,...
UN climate chief, ET BFSI
At the UN climate conference in Baku, countries must agree on a new goal for international climate finance that truly meets the needs of developing nations, with public finance at its core, UN Climate Change Executive Secretary Simon Stiell said on Thursday. He said...
India poised to be third largest global economy by 2030, rising population presents challenges, says S&P, ET BFSI
India is poised to be the third largest global economy by 2030 but rising population presents mounting challenges in basic service coverage and growing investment needs to maintain productivity, S&P Global Ratings said on Thursday. It said emerging economies have...
Increase MSMEs limit to Rs 100 mn under CGTMSE to compete globally: WTCA, ET BFSI
As India steadily approaches the threshold of becoming a $5 trillion economy by 2026-27, interest in the MSME sector is soaring. With over 51 million registered MSMEs, the sector face a credit gap of Rs. 20 trillion, in spite of them contributing more than 29% to the...
FM Nirmala Sitharaman to visit US to attend meets of World Bank, IMF, ET BFSI
New Delhi: Finance minister Nirmala Sitharaman will visit the US from October 20 to 26 to attend the annual meetings of the World Bank Group and the International Monetary Fund (IMF), along with crucial huddles of the G20 nations.Sitharaman will take part in the...
World Bank Chief Economist, ET BFSI
Chief Economist for South Asia at World Bank, Franziska OhnsorgeHailing India’s economic growth journey, the Chief Economist for South Asia at World Bank, Franziska Ohnsorge, citied two assumptions for women and said if these come true, then India’s GDP could be one...
India’s rate-cut calls at risk after inflation picks up sharply, ET BFSI
Representative imageEconomists are reviewing their forecasts for interest rate cuts in India after inflation accelerated faster than expected last month, fueled by surging food prices.Several economists, including Upasna Bhardwaj of Kotak Mahindra Bank Ltd. and Gaura...
Snap Inc. and BCG’s latest report, ET BFSI
Collective spending power of Gen Z has reached $860 billion and is expected to surge to $2 trillion by 2035 with this cohort's direct spends amounting to $250 billion in 2025, a new report has shown. The report titled, "The $2 trillion opportunity: how Gen Z is...
FM Nirmala Sitharaman meets USISPF Chairman John Chambers to boost investment prospects in India, ET BFSI
New Delhi [India], October 15 (ANI): Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, interacted with members of the U.S.-India Strategic Partnership Forum (USISPF), led by Chairman John T. Chambers, in New Delhi on Tuesday. The meeting...
India among top targets for email, ransomware, malware attacks; banking, govt at risk: Report, ET BFSI
Major ransomware attack impacted multiple cooperative regional rural banks in India in August 2024.MUMBAI: Cybersecurity provider Trend Micro Incorporated recently unveiled its Trend Micro 2024 Midyear Cybersecurity Threat Report outlining India's heightened...
India’s retail inflation accelerates to 5.49%, exceeds RBI’s 4% target, ET BFSI
India's retail inflation accelerated to a 9-month high of 5.49 per cent on an annual basis in September, driven by a persistent rise in vegetable prices and a lower year-ago base. This is higher than the 5-year low of 3.65% registered in the previous month and marks...
World Bank says 26 poorest countries in worst financial shape since 2006, ET BFSI
The world's 26 poorest countries, home to 40% of the most poverty-stricken people, are more in debt than at any time since 2006 and increasingly vulnerable to natural disasters and other shocks, a new World Bank report showed on Sunday.The report finds that these...
Imported inflation edges up after months in the negative zone, ET BFSI
After remaining in the negative zone for several months, imported inflation or cost of imports is slowly edging up since the beginning of the fiscal.Contribution of imported inflation in headline the consumer price index (CPI) inflation has increased by 0.5 percentage...
Hyundai India IPO can open doors for multinationals, but will it sail smoothly?, ET BFSI
Hyundai Motor India Limited (HMIL) is set to float India's biggest initial public offering (IPO) on Tuesday aiming to garner Rs 27,856 crore. however, the grey market premium is said to be slipping.The IPO is priced in the range of Rs 1,865-1,960 per share, however,...
Top BFSI mergers & acquisitions, PE deals in Q3 CY24, BFSI News, ET BFSI
The Indian BFSI sector witnessed a significant surge in deal activity in the third quarter of CY24, with 64 transactions valued at USD 3.2 billion. According to a report by Grant Thornton, the sector saw stable growth in mergers and acquisitions (M&A) and private...
Wholesale Inflation soars to 1.84% in September on surging food prices, ET BFSI
Wholesale inflation, measured by the Wholesale Price Index (WPI), surged to 1.84% in September, up from 1.31% in August, according to data released by the Ministry of Commerce and Industry on Monday. The rise is mainly attributed to increasing food prices and select...
These NPS equity funds have given more than one year benchmark return of over 40%: Check details, ET BFSI
National Pension System (NPS) is an investment cum pension scheme initiated by the Government of India to provide old age security and pension to all citizens of India. The Scheme is regulated by Pension Fund Regulatory and Development Authority (PFRDA).Under NPS,...
Indian conglomerates set to spend $800 bn on growth, new businesses in focus, ET BFSI
New Delhi, Indian conglomerates are likely to spend about $800 billion on growth over the next 10 years, almost triple of what they spent over the prior decade, a report showed on Monday."About 40 per cent of Indian conglomerates' spending over the coming decade will...
193 companies list over 90,800 opportunities on PM internship portal, ET BFSI
The portal was opened on October 3 for companies to post the opportunities New Delhi: More than 90,800 internship opportunities have been offered by 193 companies so far on the portal for the Prime Minister Internship Scheme ahead of the commencement of registration...
US continues to be largest source of FDI in India: RBI census, ET BFSI
The US continued to be the largest source of FDI in India, followed by Mauritius, Singapore and the UK, according to an annual census of the Reserve Bank of India. Out of the 41,653 entities, which responded in the latest census, 37,407 reported foreign direct...
60% of Indian unicorn founders achieved $1-billion valuation in maiden attempt: report, ET BFSI
About 60% of the 261 unicorn founders in India who built a startup valued at over $1 billion did so in their first attempt, while 29% took two attempts to reach that milestone, a report by research analytics firm PrivateCircle said. India’s startup ecosystem has grown...
When Mukund Rajan reminisced about Ratan Tata’s vision, humility and foresight, ET BFSI
At the ETCFO Leadership Summit last year, Mukund Rajan, former chief ethics officer of Tata Group, in a fireside chat with Amol Dethe, shared valuable insights about the visionary leadership of Tata Group's Chairman Emeritus Ratan Tata. Drawing from his 12 years of...
India 10-yr bond yield to drop to 3-yr low of 6.3% by March, TT International’s executive says, ET BFSI
India's benchmark bond yield may drop to levels last in November 2021 by the end of this financial year, on strong foreign inflows and central bank rate cuts, a fixed income official from TT International Asset Management said."While foreigners have been highly active...
NSE to discontinue three weekly options contracts including Bank Nifty, ET BFSI
New Delhi, National Stock Exchange (NSE) has announced that weekly index derivatives contracts on Bank Nifty, Nifty Midcap Select, and Nifty Financial Services will be discontinued effective from November 13, November 18 and November 19, respectively.This decision by...
GDP for FY25 to hover between 7.5-8%, bank credit growth spikes: PHDCCI, ET BFSI
GDP for FY25 to hover between 7.5-8%, bank credit growth spikes: PHDCCI The PHD Chamber of Commerce and Industry (PHDCCI) on Thursday released Economic Monitor Report for October 2024 projecting India's GDP growth for 2024-25 to exceed previous forecasts. It is likely...
Ratan Tata, a philanthropic icon, passes away in Mumbai, ET BFSI
Ratan Tata, the chairman emeritus of one of India’s biggest conglomerates, Tata Sons, has passed away. "It is with a profound sense of loss that we bid farewell to Mr. Ratan Naval Tata, a truly uncommon leader whose immeasurable contributions have shaped not only the...
BSE on Ratan Tata’s death, ET BFSI
Leading stock exchange BSE on Thursday acknowledged Ratan Tata's lasting influence on the nation's business landscape, saying "India has lost a pioneer, but not his legacy." In its condolence message on the death of Tata, BSE highlighted the industrialist's...
A timeline of the business tycoon’s life, ET BFSI
Ratan Tata, chairman emeritus of Tata Sons, passed away on Wednesday night at the Breach Candy Hospital in Mumbai. He was 86 years old.Ratan Tata's remarkable life was a testament to his unwavering commitment to excellence, innovation, and philanthropy. As the head of...
FM Sitharaman condoles Rata Tata’s demise, ET BFSI
New Delhi [India], October 10 (ANI): Union Finance Minister Nirmala Sitharaman condoled the demise of industrialist Ratan Tata who passed away on Wednesday, and said that his strong commitment to innovation, ethical business practices, and social responsibility...
EPFO announces Productivity Linked Bonus for eligible employees; check who can take advance on PLB, ET BFSI
The Employees' Provident Fund Organization (EPFO) has announced an advance payment of the Productivity Linked Bonus (PLB) for eligible employees for the year 2023-24.Advance against productivity linked bonusThe Competent Authority has announced that for the year...
World Bank ups India’s growth forecast for FY25 to 7% due to rising private consumption, ET BFSI
The World Bank on Thursday uped India's economic growth forecast for the current fiscal year, ending in March 2025, to 7% year-on-year, up from April's estimate of 6.6%, helped by a rebound in agricultural output and increased private consumption."You have an emerging...
Monthly income of rural households increased by 57.6% in 5 yrs: NABARD survey, ET BFSI
A recent survey by the National Bank for Agriculture and Rural Development (NABARD) has revealed that average monthly income of rural household grew by 57.6 per cent in 5 years.The second 'All India Rural Financial Inclusion Survey (NAFIS) 2021-22 found that the the...
India’s rural household income jumps 57.6% over five years, debt rises too: NABARD survey, ET BFSI
The average monthly income of rural households in India has surged by 57.6% over five years, increasing from Rs 8,059 in 2016-17 to Rs 12,698 in 2021-22, according to NABARD’s latest All India Rural Financial Inclusion Survey (NAFIS) 2021-22. This growth corresponds...
Remembering Ratan Tata’s legacy, BFSI News, ET BFSI
Ratan TataBY: Amol Dethe Ratan Naval Tata, one of India’s most revered industrialists and a paragon of leadership, passed away at the age of 86. His demise marks the close of a remarkable chapter in the annals of global business. A towering figure in Indian industry,...
India mourns Ratan Tata’s demise, BFSI News, ET BFSI
India loses a visionary business leader, and an iconic philanthropist – Ratan Naval Tata – on late night of Wednesday, a loss that shook the entire nation.He was hospitalised in Mumbai's Beach Candy, and on October 7, Tata issued a statement to dispel rumours about...
India calls for concerted effort to reform international financial architecture for debt free Global South, ET BFSI
United Nations, India has called for a concerted global effort to reform the international financial architecture to ensure debt sustainability and prevent debt traps for the Global South that has been disproportionately impacted by multiple crises. India's Permanent...
CREDAI on RBI interest rate policy, ET BFSI
New Delhi, The RBI should have cut key interest rates to boost growth in the real estate sector and the overall economy as any reduction in mortgage rates would have further accelerated housing demand in the current festive quarter, according to industry players. The...
BFSI sector witnessed 64 deals, 18 M&A and 2 IPOs in Q3 CY24: Report, ET BFSI
The BFSI (Banking, Financial Services, and Insurance) sector witnessed a significant increase in deal activity in the third quarter of CY24, marking the highest quarterly volumes and the second-highest quarterly values since Q2 CY22.Q3 CY24 saw as many as 64 deals in...
Why hasn’t the wealth effect kicked in yet in India?, BFSI News, ET BFSI
India's household financial net worth (HHFNW) has significantly improved in the post-pandemic period, driven primarily by gains in equity and investment funds (E&IFs). However, according to a report by Motilal Oswal Financial Services, this increase has not yet...
Atal Pension Yojana surpasses 7 Cr enrollments with 56 Lakh new subscribers in FY25, ET BFSI
Atal Pension Yojana, the Government of India’s social security scheme, has crossed the 7 crore mark for gross enrollments, the Pension Fund Regulatory and Development Authority (PFRDA) said on Tuesday.The financial year FY25 saw over 56 lakh new enrollments,...
BFSI sees significant employment verification discrepancies amid 44% increase across major sectors, ET BFSI
As companies increasingly focus on trust and transparency in their hiring processes, the demand for thorough employment verification is surging. AuthBridge, a provider of digital-first background verification and authentication solutions, has reported a significant...
The coming 21st ASEAN-India summit and way forward, BFSI News, ET BFSI
The 44th ASEAN summit and the 21st ASEAN-India summit are going to take place this week in Vientiane. Started in 2002 in Cambodia, the ASEAN-India annual summit process has entered into the third decade of partnership. ASEAN-India relations have grown from strength to...
Asian Development Bank approves $42 mn loan for coastal protection in Maharashtra, ET BFSI
The Asian Development Bank (ADB) has approved a USD 42 million loan to provide coastal and riverbank protection ecosystems in Maharashtra. As per an official statement by ADB, the approved loan will help to increase resilience of local communities and natural...
Deloitte, BFSI News, ET BFSI
RepresentationalThe Indian e-commerce market is projected to grow at a compound annual growth rate (CAGR) of 21% and reach $ 325 billion in 2030, as per Deloitte’s report released on Monday.The report said that the retail sector is expected to grow at 8%, e-commerce...
Indian startups raised $10 bln across 229 deals, BFSI top funded sector: Report, ET BFSI
Startups in India raised USD 10 billion across 229 deals in Q3 CY24, signaling a decline in total funding ( approximately 15 per cent) on a QoQ basis. The deal volumealso decreased from 318 to 229 deals (about 30 per cent) compared to Q2 CY24, revealed a latest report...
RBI interest rate decision, Middle East conflict, FII trading activity to decide fate of Indian markets this week: Analysts, ET BFSI
NEW DELHI: This week, investors' sentiments would hugely be impacted by the RBI’s interest rate decision, Middle East conflict and trading activity of foreign investors, according to analysts.Furthermore, market trends would also be influenced by quarterly earnings...
Private capital expenditure to improve in first half of FY 25: CII Survey, ET BFSI
New Delhi [India], October 6 (ANI): The private capital expenditure is expected to improve in the first half of FY 25 as compared to the second half of FY 24, highlighted a survey report by the Confederation of Indian Industry (CII).It noted that more than half (59...
Why are Mudra loan disbursements falling?, BFSI News, ET BFSI
For the first time since the Covid-19 pandemic, loan disbursals under the Pradhan Mantri Mudra Yojana (PMMY) have seen a slight dip in the first half of the current financial year. As of September 2024, disbursements stood at Rs 1,86,284 crore, compared to Rs 1,91,863...
India, UAE investment promotion, protection treaty comes into effect from Aug 31: FinMin, ET BFSI
New Delhi, The government on Monday said bilateral investment treaty (BIT) signed between India and the UAE has been enforced from August 31 this year. The BIT was signed on February 13 this year at Abu Dhabi, UAE, and it entered into force with effect from August 31,...
India poised for 7%+ growth despite global uncertainty, says PM Modi at Kautilya Economic Conclave, ET BFSI
India will continue with its programme of structural reforms on its way to becoming a developed nation, Prime Minister Narendra Modi said, describing the country as a “sweet spot” amid global uncertainty. “The government is following the mantra of Reform, Perform and...
Finance Minister Nirmala Sitharaman calls for faster cap investment rollout by states, ET BFSI
Finance minister Nirmala Sitharaman on Friday asked expenditure secretary Manoj Govil to coordinate with states to expedite the submission and approval of project proposals and ensure that they undertake capital investments in a timely and efficient manner.Under the...
Asia-Pacific’s private credit market poised for growth, says Moody’s amid economic upsurge, ET BFSI
Private credit markets in the Asia-Pacific region have experienced rapid growth over the past decade and are expected to continue expanding, according to Moody’s Ratings. The rating agency attributes this growth to increasing economic activity and financing needs in...
TDS and STT among key tax and financial changes from this month, ET BFSI
Several significant tax and financial proposals outlined in the Union Budget 2024 have come into effect as of October 1, following their ratification in the Finance Bill. These changes impact various areas, including Tax Deducted at Source (TDS) rates, buybacks of...
Employment in India up 36% with 17 mn jobs between 2016-17 and 2022-23: Centre, ET BFSI
Employment data from the Reserve Bank of India's KLEMS database, which relies on surveys like the Employment and Unemployment Survey (EUS) and Periodic Labour Force Survey (PLFS), indicates a steady rise in employment since the 1980s, according to the Ministry of...
Unsecured business loans showing early signs of stress: India Ratings, ET BFSI
The unsecured business loan segment has started showing early signs of stress in asset quality, possibly due to the increasing competitive intensity among lenders, domestic rating agency India Ratings has said.The agency is seeing continuing pressure on cash flows in...
Tax on several mass-use products may be reduced, ET BFSI
Representative imageA ministerial panel on GST rate rationalisation is considering lowering GST rates on several mass-use items, including medicines and tractors, to 5%. However, the tax on products like cement is likely to remain unchanged. Tractors currently face a...
India’s forex kitty jumps USD 12.588 bln to hit record high of USD 704.885 bln, ET BFSI
Mumbai, India's forex reserves jumped by USD 12.588 billion to a new all-time high of USD 704.885 billion for the week ended September 27, the Reserve Bank said on Friday. The overall kitty had swelled by USD 2.838 billion to USD 692.296 billion in the previous...
PM internship scheme will focus on economically weaker sections, ET BFSI
">Alembic Pharmaceuticals, Mahindra & Mahindra and Max Life Insurance were among the first batch of 111 companies that have already "come on board" to roll out this voluntary scheme, said the functionary.New Delhi: The PM internship scheme will be aimed at...
RBI Retail Direct Scheme sees 80.49% surge in user registrations since launch of the app, ET BFSI
~Samriddhi Singh MaharRBI’s retail direct scheme has seen an increase of 80.49% in user registrations since after the launch of RBI’s Retail Direct App. The app was launched to support RBI’s Retail Direct Scheme, which allows individual retail investors to open a...
Indian economy in sweet spot for next 20 years but learn lessons from recent market crash: Anurag Singh, ET BFSI
Anurag Singh, Managing Partner, Ansid Capital, says the Indian economy persistently is in such a sweet spot for the next 20 years, that no other country can match it. There is no stopping India demographics for the next 20 years. But markets can price in too much at...
India to take five years to almost achieve an income feat that earlier took 75 years: Nirmala Sitharaman, ET BFSI
Finance Minister Nirmala Sitharaman expressed optimism about India's economic growth, projecting that per capita income will increase by $2,000 over the next five years. During her address at the Kautilya Economic Conclave, she highlighted that it took 75 years to...
67% business leaders believe GenAI improves credit risk assessment: Report, ET BFSI
A recent survey has revealed that nearly 67 per cent of global business leaders believe that Generative Artificial Intelligence (GenAI) will significantly improve credit risk assessment. It also highlighted that a majority of respondents, around 68 per cent consider...
India’s Services PMI falls to 57.7, slowest expansion since November 2023, ET BFSI
India’s Services PMI for the month of September followed the trend in Manufacturing PMI, dips to 57.7 from 60.9 in August, the report by S&P Global showed on Friday. India's services sector witnessed a slower rate of expansion in September 2024, according to the...
Survey, BFSI News, ET BFSI
Artificial Intelligence (AI) continues to shape the wealth management industry, with 62% of wealth management firms acknowledging that it will significantly transform their operations, according to a report by London Stock Exchange Group. This will need to meet the...
How TRAI’s new whitelisting rules for commercial messages impact bank, insurance firms’ customers, ET BFSI
Representative image.As the Telecom Regulatory Authority of India’s (TRAI) new whitelisting regulations for commercial messages come into effect from October 1, 2024, businesses across sectors including banks and insurance companies are adjusting to the changes. The...
NITI Aayog launches Women Entrepreneurship Platform state chapter in Telangana, ET BFSI
BVR Subrahmanyam, CEO, NITI Aayog, Co-chair of WEP and Joint Managing Director of Apollo Hospitals Group Dr Sangeetha Reddy, Anna Roy, IES, Principal Economic Advisor, NITI Aayog & Mission Director, WEP, Jayesh Ranjan, Special Chief Secretary for IT, I&C...
Raghuram Rajan warns taking food off inflation table will be the wrong recipe, ET BFSI
Amid rising debate over how to handle India's persistent food inflation, Raghuram Rajan, former Reserve Bank of India (RBI) Governor, has cautioned against excluding food prices from inflation calculations. As inflation remains a key concern for the central bank,...
Rs 11 lakh crore wiped out as Sensex plunges over 1,800 points; 4 key factors behind today’s market crash, ET BFSI
Benchmark equity indices were trading sharply lower on Thursday, with the Sensex dropping over 1,800 points and the Nifty50 slipping below the 25,250 mark. The decline was in line with losses in other Asian markets as investors curbed their risk appetite amid the...
Indian households now directly own 21.5% of India’s listed equities, ET BFSI
The long-held belief that Indian households are conservative in their exposure to the capital markets is being challenged, according to a report from Motilal Oswal Financial Services. The report, which replicates the Reserve Bank of India’s (RBI) quarterly estimates...
62pc of Indian professionals believe AI is key for growth at work: Report, ET BFSI
New Delhi, About 62 per cent of professionals in India are convinced that getting ahead in their career now depends on their comfort with Artificial Intelligence (AI), according to a new report on Thursday.The report from networking platform LinkedIn showed that as...
India’s financial ecosystem booms, to become $1 trillion digital economy by 2028, ET BFSI
NEW DELHI: India is set to become a $1 trillion digital economy by 2028 with deep internet penetration, efficient and cheap 4G and 5G services combined with the government's digital initiatives, a recent report by Ask Capital has said.India's financial ecosystem has...
DGGI sends 300 notices to cos’ top brass over input tax credit, ET BFSI
The Directorate General of Goods and Services Tax Intelligence (DGGI) has sent out over 300 show-cause notices to promoters, directors and top management of companies. It has also sought to impose penalties, as high as 100%, for wrongfully availing input tax...
Lawrence Summers, BFSI News, ET BFSI
Global economic growth is set for a transformative shift, driven by artificial intelligence (AI) and technological advancements, American economist Lawrence H Summers said while cautioning against leaving technology unchecked.Speaking at the diamond jubilee event of...
Mahatma Gandhi wasn’t the first choice for currency notes, BFSI News, ET BFSI
A nation’s currency quietly tells the story of its history, culture and heritage through symbols and images it carries. Around the world, many countries honour their founding leaders on their notes: George Washington in the US, Mohammad Ali Jinnah in Pakistan, and Mao...
Seven finance lessons to learn from Mahatma Gandhi on his birth anniversary, ET BFSI
As India celebrates the 155th birth anniversary of Mahatma Gandhi today, we reflect on his enduring legacy, not just in social and political movements but also in everyday life. Gandhi’s teachings and principles hold significant value in a variety of fields, including...
FM Sitharaman hails rise in credit-driven consumption in rural India, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman has lauded the meteoric rise in credit-driven consumption in small cities and towns, calling it a "revolutionary shift" that has been made possible due to the Pradhan Mantri Jan Dhan Yojana (PMJDY).A definitive surge has...
No new anti-profiteering investigations under GST from April 1, 2025, ET BFSI
Tax authorities will not accept any new investigation for anti profiteering cases under goods and services tax (GST) from the next financial year (2025-26). The centre on Tuesday notified April 1, 2025 as a cut off date after which no new anti-profiteering...
52% of Women Entrepreneurs adopt sustainability practices, only 14% access Green Finance: Report, ET BFSI
According to the Women and Finance report by DBS Bank India and CRISIL, 52% of self-employed women in Indian metros have implemented sustainability policies in their businesses. However, only 14% have approached banks for sustainability-linked finance.Traditional...
India’s current account deficit widens marginally to 1.1 pc of GDP in April-June, ET BFSI
Mumbai, The country's current account deficit widened marginally to USD 9.7 billion or 1.1 per cent of GDP in April-June 2024, as against USD 8.9 billion or 1 per cent in the year-ago period, Reserve Bank of India said on Monday. The crucial number representing the...
FM to Northeast RRBs, ET BFSI
Itanagar, Union Finance Minister Nirmala Sitharaman on Monday directed the Regional Rural Banks (RRBs) of the Northeast to increase their share in ground-level agriculture credit disbursement with a special focus on horticulture and allied agriculture activities such...
India’s Manufacturing PMI drops to 8-month low at 56.5 in September, ET BFSI
India’s seasonally adjusted Manufacturing Purchasing Managers’ Index (PMI) fell to an eight-month low of 56.5 in September, according to data released by S&P Global on Tuesday.The index was down from 57.5 in August, marking the slowest pace of expansion in 2024,...
Date, features, eligibility, eKYC and more, ET BFSI
~Samriddhi Singh MaharThe government has announced that the 18th Installment of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme will be released on 5th October 2024. It is one of the largest DBT schemes in the world. Under this scheme, farmers will get a...
Credit-led consumption helps companies boost sales in rural India, ET BFSI
India’s traditionally cash-dominated smaller towns and rural areas are witnessing an increase in credit-driven consumption, spurred by deeper penetration of consumer financing and new bank account openings under the government's Pradhan Mantri Jan Dhan Yojana...
Labour-intensive industries need to be promoted to generate more jobs: Raghuram Rajan, ET BFSI
Reserve Bank of India’s former governor Raghuram Rajan said that India was creating enough jobs as reflected by the number of applicants for vacant posts in some states with 7 per cent economic growth. Rajan suggested that the focus must be on promoting...
Market capitalization of 8 of top-10 most valued companies soars Rs 1.21 lakh crore, ET BFSI
The combined market capitalization of eight out of the top-10 most valued companies increased Rs 1,21,270.83 crore last week, aligning with the outstanding rally in benchmark equity indices, with the BSE Sensex surging 1,027.54 points or 1.21 per cent. The benchmark...
India bond yield curve steepens as short-duration supply set to fall in second half, ET BFSI
By Dharamraj DhutiaMUMBAI, Sept 27 - The India government bond yield curve steepened with long-end rates seeing a small uptick on Friday after the government's borrowing plan for the October-March period saw a reduction in the shorter end and higher supply of...
How long will the BFSI stock rally last?, BFSI News, ET BFSI
The rally in the Banking, Financial Services, and Insurance (BFSI) sector is expected to be short-lived, driven primarily by a potential recovery in deposit growth as the Reserve Bank of India (RBI) embarks on its easing cycle. According to a note from Emkay Global...
Telangana launches skill training programme for jobs in BFSI sector, ET BFSI
Telangana Chief Minister A. Revanth ReddyHyderabad, Telangana Chief Minister A. Revanth Reddy said on Wednesday launched skill training for Banking Financial Services & Insurance (BFSI) sector and stated that his government is focussing on skill development to...
Rupee will remain stable with positive momentum supported by FPI inflows: Union Bank, ET BFSI
New Delhi [India], September 26 (ANI): As the fed rate cuts have increased the liquidity in the Indian markets, the Indian rupee will get support against the dollar and will trade around Rs 83.57, highlighted a research report by the Union Bank of India.The report...
ADB retains India’s growth forecast at 7%, ET BFSI
The Asian Development Bank (ADB) on Thursday retained India’s GDP growth projections at 7% for FY25.A day before, S&P Global ratings too maintained India’s growth forecast at 6.8% for the ongoing financial year.The report by ADB highlighted that an above-average...
MoSPI consults economists for base revision to GDP, CPI, ET BFSI
The Ministry of Statistics and Programme Implementation (MoSPI) held a meeting on Tuesday with its officials, economists and forecasters to address delays and propose improvements in key macroeconomic data, focusing on growth and inflation metrics.Saurabh Garg,...
Hyundai IPO to cement India as global destination for raising capital, ET BFSI
The proposed initial public offer (IPO) by Hyundai, with its Korean parent offering to sell a 17.5% stake in the Indian subsidiary, has reportedly got the nod of the Securities and Exchange Board of India. The $3 billion IPO is set to cement India's growing appeal as...
Govt’s plan to ramp up its flagship health insurance scheme
The Indian government is preparing to expand its flagship health insurance program, Ayushman Bharat, as it marks six years since its launch. A key focus is on revising the package rates for over 1,900 medical procedures covered under the scheme and considering...
Report, BFSI News, ET BFSI
The company's report reveals insights into the regional concentration of GCCs and the industries driving their growthBengaluru is the most prominent hub for global capability centres (GCCs) in India, according to a report by tech staffing and learning solutions...
Gold records new high of Rs 76,000 over Fed rate cut, geopolitical tensions, ET BFSI
Gold prices in the international markets reached an all-time high today. The price of 24-carat gold in India reached a record high of Rs 75,280 for 10 grams, equaling to Rs 7,528 per gram.The rate for 22-carat gold on the other hand was recorded at Rs 69,007 for 10...
Leading the Future of Fund Administration Amid Market Challenges, ET BFSI
Technology, talent, and a great work environment are crucial for success in the rapidly evolving fund administration sector. As the industry grows with the rise of hedge funds and private equity—driven by increased capital and low interest rates—more firms are...
How macroeconomic indicators performed in August 2024?, ET BFSI
India’s GDP growth for Q1 FY25 (April-June) slowed to 6.7%, marking a 15-month low, largely due to reduced government spending. Recently, the Reserve Bank of India’s Governor said that the country's growth story remains intact, backed by strong fundamentals. Both the...
JPMorgan CEO Jamie Dimon, ET BFSI
Geopolitics, rather than finance itself, would determine the direction of the global economy in the immediate future, says Jamie Dimon, Chairman & CEO, JPMorgan. The US dollar will remain the dominant monetary unit, Dimon tells Sangita Mehta, MC Govardhana Rangan...
Sebi investigates 6 local investment banks over handling of small IPOs: Report, ET BFSI
India's securities regulator, worried about malpractice in a frothy IPO market, is investigating six domestic investment banks that have worked on offerings by small businesses, two sources with direct knowledge of the matter said.The probes by the Securities and...
S&P Global retains India’s FY25 GDP forecast at 6.8%, BFSI News, ET BFSI
S&P Global Ratings has maintained its projection for India’s GDP growth at 6.8% for the current fiscal year.The report also said that the Reserve Bank of India (RBI) may begin cutting interest rates in its October 7-9 Monetary Policy Committee Review. In its Asia...
India Sept business growth at nine-month low as demand eases, PMI shows, ET BFSI
Growth in India's business activity slowed to a nine-month low in September amid a slight cooling in demand and an uptick in costs, according to a survey that also showed services sector jobs rose at the fastest pace in two years.HSBC's flash India Composite...
Aspirational India fuels auto loan surge as private consumption rises, ET BFSI
">The consumers in the country are engaging in informed auto finance decisions by conducting broader searches, using general terms like "car loan interest rates"or "auto loan eligibility".New Delhi: As private consumption rises across the country, there has been a...
Disagree with Hindenberg charges on SEBI, can’t blame regulators for delaying decision, says Aswath Damodaran, ET BFSI
">"Indian Regulators get no upside from making decisions, they get a downside when you they take the decision and it goes wrong," said Prof. Aswath DamodaranDamodaran shared his insights on the evolving landscape of startups, banks, and the stock market, and delved...
Congress’ Manickam Tagore writes to Union FM Nirmala Sitharaman addressing “shortage of currency notes”, ET BFSI
Madurai (Tamil Nadu) [India], September 21 (ANI): Congress MP Manickam Tagore wrote a letter to Union Finance Minister Nirmala Sitharaman to bring her attention towards the "severe shortage" of lower denomination currency notes and said that the situation is causing...
36 Indian startups secure massive $628 mn in funding this week, a 174 pc surge, ET BFSI
New Delhi, The Indian startup ecosystem saw massive funding flow this week at more than $628.24 million raised by 36 startups -- a whopping 174.5 per cent surge from last week.The funding momentum was led by edtech company Physics Wallah (PW) which secured $210...
FII single-day buying hits 3-year high of Rs 14,000 crore. Is Fed turning foreigners ferocious buyers?, ET BFSI
Encouraged by Fed's jumbo rate cut of 50 basis points, fall in US weekly jobless claims and FTSE rejig, foreign investors made their largest single-day shopping in the last 3 years on Friday when they bought stocks worth Rs 14,064 crore in the cash market.Friday's...
Nirmala Sitharaman urges banks to leverage UPI for growth, BFSI News, ET BFSI
Finance Minister Nirmala Sitharaman has urged banks to utilise digital footprints generated by UPI to expand their balance sheets. She made these remarks during a Bank of Maharashtra event on Thursday."I would like to think that the potential of the Indian banking...
Climate finance from multilateral banks up to $125 billion in 2023, ET BFSI
By Marcela AyresBRASILIA, Sept 20 - Global climate finance from multilateral development banks grew by 25% in 2023 to a record $125 billion, according to a report on Friday, with the fastest growth coming in richer countries.According to the report, climate finance...
ED grills ex-CFO of Religare Enterprises in money laundering probe, ET BFSI
The Enforcement Directorate (ED) on Thursday recorded the statement of Religare Enterprises' former finance chief Nitin Aggarwal in connection with a money-laundering probe, people in the know told ET.Aggarwal was questioned on the employee stock option plan (Esop) of...
Banks unable to keep up; pension, insurance & capital markets to replace bank deposits: BFSI Honchos, ET BFSI
Top BFSI leaders highlighted how banks are unable to keep up with the digital data and services and how, soon, pension, insurance and capital markets will take the market share of bank deposits. "Pension, insurance and capital markets are playing out well and somewhat...
How will US Fed rate cut impact India?, BFSI News, ET BFSI
The US Federal Reserve’s recent decision to cut its benchmark interest rate by 50 basis points has sparked discussions on its potential ripple effects across global markets, including India. While the move marks a shift in the Fed’s stance from curbing inflation to...
ED grills ex-CFO of Religare Enterprises in money laundering probe, ET BFSI
MUMBAI: The Enforcement Directorate (ED) on Thursday recorded the statement of Religare Enterprises' former finance chief Nitin Aggarwal in connection with a money-laundering probe, people in the know told ET.Aggarwal was questioned on the employee stock option plan...
ICAI launches AQMM 2.0 to elevate audit standards for listed entities, banks, and insurance firms, ET BFSI
The Institute of Chartered Accountants of India (ICAI) has officially rolled out the Audit Quality Maturity Model (AQMM) 2.0, which applies to firms auditing listed entities, banks (excluding co-operative banks), and insurance companies.This new model follows the...
Constant innovation needed to remain competitive for BFSI players, says SBI MD, ET BFSI
Top banking and financial industry leaders feel innovation is the way forward, but it must be balanced with effective risk management and an understanding of evolving customer needs. By leveraging technology, forging partnerships, and focusing on customisation,...
Rescues for large defaulters may strike an informal note, ET BFSI
The Centre would soon put in place a creditor-led insolvency resolution mechanism, largely involving out-of-court arrangements for even big loan default accounts, to ease the bankruptcy court burden and quicken recoveries for lenders, people aware of the development...
India’s wholesale inflation eases to 1.31% in August as fuel prices turn negative, ET BFSI
India's wholesale inflation eased to a four-month low at 1.31 per cent on an annual basis in August from 2.04 per cent in July, as fuel prices turned negative and the pace of rise in food prices slowed.In August 2023, wholesale inflation was recorded at (-)0.46 per...
ICAI launches AQMM 2.0 to elevate audit standards for listed entities, banks, and insurance firms, ET BFSI
The Institute of Chartered Accountants of India (ICAI) has officially rolled out the Audit Quality Maturity Model (AQMM) 2.0, which applies to firms auditing listed entities, banks (excluding co-operative banks), and insurance companies.This new model follows the...
FM Nirmala Sitaraman to launch National Pension Scheme variant for children; check details, ET BFSI
NPS Vatsalya launch today: Nirmala Sitharaman, the Union Minister for Finance and Corporate Affairs, is set to launch the NPS Vatsalya scheme today, following the announcement made in the Union Budget 2024-25. The NPS Vatsalya launch will include the introduction of...
India’s trade deficit expands to USD 29.7 Bn in August as exports retard, ET BFSI
India’s trade deficit in August expanded at USD 29.65 Billion, driven by a combination of declining exports and rising imports, as the data by the Ministry of Commerce and Industry showed on Wednesday. The total exports for August 2024 amounted to USD 65.40 billion,...
Rupee climbs to highest in over a month with Fed rate cut in sight, ET BFSI
The Indian rupee climbed to its highest level in over one month on Tuesday, lifted by rising expectations that the U.S. Federal Reserve will kick off policy easing with a 50 basis points rate cut this week.The rupee closed at 83.75 against the U.S. dollar, up 0.1%...
BFSI leaders on encashing digital economy, ET BFSI
For the BFSI companies 10% of their operations cost is dedicated to digital as nobody wants to stay away from the digital. But building digital rails and investing is only part, how to derive value out of it is the biggest question? How will CXOs convince the...
Gaming, BFSI top GST evading sectors as DGGI detects Rs 2 lakh crore evasion, ET BFSI
The Directorate General of GST Intelligence (DGGI) uncovered an unprecedented Rs 81,875 crore in Goods and Services Tax (GST) evasion by the online gaming industry in FY24. This marks the highest evasion detected in a single sector, part of the record-breaking Rs 2.01...
Rupee ends flat; forward premiums climb on Fed rate cut hopes, ET BFSI
The Indian rupee ended unchanged on Monday while dollar-rupee forward premiums rose on heightened chances of an outsized 50-basis-point rate cut by the U.S. Federal Reserve this week.The rupee ended at 83.8875 against the U.S. dollar, the same as its closing level on...
Government has a ‘safety tip’ for mobile users, ET BFSI
India is facing a growing wave of financial fraud, according to a recent data by Reserve Bank of India (RBI). Even with various safeguards in place, scammers continue to trick individuals into revealing personal information, leading to substantial financial losses....
PwC India report, ET BFSI
New Delhi, Ninety% of Indian financial institutions are focusing on artificial intelligence (AI) and GenAI (Generative Artificial Intelligence) as the primary technology enablers of innovation, according to a PwC India report. As per the PwC India report titled,...
MoS Finance likely to be convenor of GoM on GST compensation cess, ET BFSI
NEW DELHI: The Group of Ministers on reworking the nomenclature for GST compensation cess is likely to be convened by Union Minister of State for Finance Pankaj Chaudhary and include members from states, an official has said. The official further said the Terms of...
Healthcare, manufacturing sector to benefit most from Fed rate cuts: Motilal Oswal, ET BFSI
New Delhi: As the date for the U.S. Federal Reserve's anticipated rate cut draws near (September 18), investors remain cautiously optimistic about its potential effects on various sectors.According to a report by Motilal Oswal, the healthcare and manufacturing sectors...
Indian parents risk retirement savings for children’s overseas education: Report, ET BFSI
Here is how your earnings will be split across your budget according to the 30-30-30-10 rule.i) The first Rs 15,000 will be spent on housing costs such as rent or home loan EMI.ii) Next Rs 15,000 will be used for essential expenses such as groceries, paying multiple...
India projected to see 10 lakh jobs this festive season, gig jobs surge, ET BFSI
The upcoming festive season in India is likely to see the creation of up to 10 lakh jobs with a notable surge in gig and female workforce participation, a report showed on Thursday.The upcoming festive season in India is likely to see the creation of up to 10 lakh...
Finance Minister Defends Different Gst Rates For Different Products, ET BFSI
COIMBATORE: Union finance minister Nirmala Sitharaman defended different GST rates imposed on different products, stating that the rates were fixed by consensus in the GST council which has representatives from all states."How can a value-added product and a raw...
Retail inflation rises marginally to 3.65% in August, still second lowest in 5 years, ET BFSI
The Consumer Price Index for August 2024 at 3.65% showed a slight uptick from the record low of 3.54% in July, which remains the lowest inflation rate seen in the past five years, as per the data released by Ministry of Statistics and Programme Implementation on...
India handled inflation much better than US, Germany and France: SBI Report, ET BFSI
India has demonstrated a largely successful inflation targeting regime compared to advanced economies such as the USA, Germany, and France, according to a research report by the State Bank of India (SBI).The report credits government initiatives, the RBI, and banks...
India leads in crypto adoption for second straight year, report shows, ET BFSI
Sept 11 -India led the way in global adoption of cryptocurrencies for the second straight year as investors braved the country's tough regulatory stance and steep trading taxes, a report from blockchain analytics company Chainalysis showed on Wednesday.The report,...
Accel to invest $1 mln in early-stage AI and Bharat focussed startups, ET BFSI
The fund focuses on two areas: AI and Bharat. Bharat includes middle-income households in Tier 2, Tier 3, and rural India. For the AI cohort, Accel is looking for startups by visionary Indian-origin founders based anywhere in the world building companies that are...
BFSI GCCs are a $20-billion business, and growing at over 16%, ET BFSI
Global capability centres (GCCs) in the BFSI (banking, financial services & insurance) vertical in India may be much bigger and growing much faster than previously thought. They are also bringing in lots of jobs, but some of it may also be a replacement of jobs...
Telangana CM urges 16th Finance Commission to increase states’ share in Central taxes to 50%, ET BFSI
Hyderabad, Telangana Chief Minister A Revanth Reddy on Tuesday urged the 16th Finance Commission to increase the share of states in Central taxes from the existing 41 per cent to 50 per cent. Highlighting that Telangana's debt mounted to over Rs 6.85 lakh crore, as of...
From medical insurance premium to rate rationalisation, here’s what Sitharaman & Co decided, ET BFSI
The 54th meeting of the Goods and Services Tax (GST) Council, chaired by union Finance Minister Nirmala Sitharaman, concluded at the Sushma Swaraj Bhawan, New Delhi on Monday. Key decisions taken by the Finance Minister-led council included new GoM for GST rate...
GST Council defers announcement on insurance premiums, matter to be taken up in next meeting, ET BFSI
The much-anticipated announcement regarding a potential reduction in the Goods and Services Tax (GST) on health insurance premiums has been postponed, reported PTI, citing sources. In its 54th meeting on Monday, the GST Council decided to defer any decision on...
India’s $2 lakh crore export ambition wants top boss to rescue it from bank credit crunch, ET BFSI
India’s exporters are grappling with a significant credit crunch despite a surge in overall lending across the economy. Over the past two years, credit available to exporters has dropped by 5%, a troubling trend that contrasts sharply with the growth seen in other...
DIPAM Secy Tuhin Kanta Pandey appointed as Finance Secretary, BFSI News, ET BFSI
Amid vacancy, senior bureaucrat Tuhin Kanta Pandey was on Saturday designated as the new finance secretary, according to an official order. Pandey is currently the secretary of the Department of Investment and Public Asset Management (DIPAM)."The Appointments...
Exporters fret over dip in credit as costs soar, BFSI News, ET BFSI
NEW DELHI: Credit to exporters has fallen 5% over the last two years, despite the rapid growth in lending to almost all sectors of the economy. The priority sector lending for exports crashed 41%, from Rs 19,861 crore to Rs 11,721 crore, prompting the commerce...
FPIs invest Rs 11,000 crore in India in first week of September. Will US jobs data increase flows?, ET BFSI
Foreign Portfolio Investors (FPIs) invested a total of Rs 9,642 crores in equity through exchanges and an additional Rs 1,388 crores in the 'primary market and others' category in early September.The FPIs showed strong interest in the Indian market, reflecting its...
Financial services sector must grow 20x for India to reach $30 trillion GDP, says report, ET BFSI
India's ambition to achieve a $30 trillion GDP by 2047 will require a 20 times growth in the financial services sector, with banks playing a pivotal role, a report released by Boston Consulting Group (BCG) in association with FICCI and Indian Banks’ Association has...
Lack of data a regulatory hurdle, says NaBFID, BFSI News, ET BFSI
Infra lender National Bank for Financing Infrastructure and Development (NaBFID) has said that lack of data on the sector is making it difficult for them to convince the regulator about the need for higher provisioning for project loans in the sector."For retail,...
No friction between Centre and states over GST, says FM Sitharaman, ET BFSI
Union finance minister Nirmala Sitharaman Thursday said there was no "friction" in the ties between the Centre and states over Goods and Services Tax and emphasised that the federal structure in this economic reform should be respected."I completely deny that there's...
Reverse Flipping Startups Take Centre Stage in India’s Innovation Ecosystem, ET BFSI
NewsVoirBengaluru (Karnataka) [India], September 6: The Indian Venture & Alternate Capital Association (IVCA), the apex industry body for the alternate capital ecosystem in India, successfully hosted the Bharat Vapsi: Navigating Regulatory and Investment...
The role of L&D in modern BFSI hiring strategies, ET BFSI
The Banking, Financial Services, and Insurance (BFSI) sector has been a crucial driver of economic growth and financial inclusion in India. Through initiatives like the Pradhan Mantri Jan Dhan Yojana (PMJDY), the sector has successfully brought 230 million people...
India’s forex reserves jump $ 2.3 bn to hit new all-time high of $ 683.99 billion, ET BFSI
India's forex reserves jumped $2.3 billion to a fresh all-time high of $ 683.99 billion for the week ended August 30, the Reserve Bank of India (RBI) on Friday.Earlier, reserves expanded by $7.02 billion to an all-time high of $681.69 billion for the week ending on...
Large startup funding back in India as investors deploy dry powder, ET BFSI
After a prolonged slump in late-stage investments among Indian startups, large funding rounds valued at over $100 million are witnessing a resurgence in 2024. Investors are increasingly placing their bets on companies demonstrating growth with a clear path to...
No friction between Centre and states over GST, says FM Sitharaman, ET BFSI
Union finance minister Nirmala Sitharaman Thursday said there was no "friction" in the ties between the Centre and states over Goods and Services Tax and emphasised that the federal structure in this economic reform should be respected."I completely deny that there's...
Cybercriminals target SMEs as large companies beef up security, ET BFSI
Cybercriminals are turning their focus to small and medium enterprises (SMEs) as large organisations bolster their cybersecurity infrastructure, maintain data redundancy, invest in cyber insurance, and refuse to pay ransom.Hacker groups like Lockbit, BlackCat and...
RBI Governor Shaktikanta Das, ET BFSI
India's robust growth prospects and consumption demand are unhurt despite June's first sub-7% expansion rate in five quarters that central bank governor Shaktikanta Das Thursday said perhaps reflects the customary - and temporary - drop in government spending through...
Public Accounts Committee to look into allegations against Sebi Chief Madhabi Puri Buch, ET BFSI
The parliamentary Public Accounts Committee (PAC) is set to look into allegations against Securities and Exchange Board of India (Sebi) chief Madhabi Puri Buch and may summon her later this month, said people with knowledge of the matter.The matter was added to the...
MeitY launches 2nd cohort of startup accelerators to support product innovation, ET BFSI
In the first cohort of SAMRIDH, 22 accelerators from 12 states were selected through open calls for proposals. The Ministry of Electronics and Information Technology (MeitY) on Wednesday launched the second cohort of SAMRIDH. Secretary, MeitY S. Krishnan, launched the...
UKIIFB and NITI Aayog to strengthen financial partnership with new infrastructure financing bridge, ET BFSI
New Delhi [India], September 5 (ANI): The United Kingdom-India Infrastructure Financing Bridge (UKIIFB) has been agreed upon between the City of London Corporation and the National Institution for Transforming India (NITI Aayog), it can be announced today, marking the...
RBI Guv to banks, ET BFSI
Mumbai, Reserve Bank Governor Shaktikanta Das on Thursday said the financial sector can help in bridging the gender gap by providing more employment opportunities to women and creating tailored schemes for businesses promoted by them. Highlighting the importance of...
World Bank’s advice to India to reconsider RCEP stance flawed: GTRI, ET BFSI
Think tank Global Trade Research Initiative (GTRI) Wednesday said that the World Bank’s suggestion for India to reconsider joining Regional Comprehensive Economic Partnership (RCEP) is based on flawed assumptions and outdated projections.For developing countries like...
Finmin relaxes norms for expenditure exceeding Rs 500 cr to give boost capex, ET BFSI
The finance ministry has relaxed norms for expenditure exceeding Rs 500 crore to accelerate capex (capital expenditure) that is pegged at Rs 11.11 lakh crore for the current fiscal. This will give a push to government spending which suffered a slowdown for a couple of...
India Inc extends gender diversity push to temporary hiring for festive season, ET BFSI
Representative ImageIndia Inc’s big gender diversity push is increasingly getting extended to temporary hiring during peak periods such as the festive season.Ecommerce, logistics, retail, hospitality, manufacturing, consumer durables, banking, financial services and...
India’s Services PMI rises to 60.9 in August; Finance & Insurance lead performance, ET BFSI
Defying the trend seen in the manufacturing sector, India's Services PMI saw an uptick, reaching 60.9 in August, a better performance following July's 60.3. This increase indicates the most significant expansion since March, substantially surpassing the long-term...
World Bank urges India to boost labour-intensive exports for jobs, ET BFSI
By Manoj KumarNEW DELHI -India should focus on labour-intensive exports to boost employment, The World Bank said on Tuesday, noting that the country's manufacturing industry has not fully seized opportunities from China's exit from these sectors."India should also try...
PFRDA Chairperson at CII Finance 3.0 summit, ET BFSI
New Delhi [India], September 3 (ANI): Deepak Mohanty, Chairperson, Pension Fund Regulatory and Development Authority (PFRDA) on Tuesday said that the transition under way from a nation of savers to investors marks a paradigm shift in our economic and financial...
Companies, banks struggle to implement Trai’s URL whitelisting norms, ET BFSI
MUMBAI: Large enterprises and banks are finding it challenging to register unique, dynamic weblinks and shortened URLs-under the telecom regulator's mandate-which are generated in real-time and cannot be pre-registered on the SMS filtering platform deployed by telecom...
India needs to avoid financialization as it marches towards Viksit Bharat goal, says Nageswaran, ET BFSI
Mumbai, India has one of the brightest global economic growth prospects, Chief Economic Advisor (CEA) V Anantha Nageswaran said on Monday as he cautioned against 'financialization', which refers to the dominance of the role of financial markets in public policy, as...
World Bank upgrades India’s FY25 GDP, projects at 7%, BFSI News, ET BFSI
The World Bank announced on Tuesday an upgraded GDP forecast for India, raising it to 7% from an earlier projection of 6.6%, depicting an increase of 40 basis points.This follows the International Monetary Fund's (IMF) recent revision in July, where India’s GDP growth...
Inflation eases in US and Europe, ET BFSI
(Bloomberg) --Inflation cooled in the US and Europe, setting the stage for policymakers in both regions to lower interest rates in September.On a three-month annualized basis, the Federal Reserve’s preferred measure of underlying US inflation advanced 1.7% in July,...
V Anantha Nageswaran, CEA, ET BFSI
New Delhi [India] September 2(ANI): Policy autonomy and managing global capital outflows effectively will safeguard India's growth momentum says V Anantha Nageswaran, Chief Economic Advisor to the Government of India.Addressing the inaugural session on 'Is India's...
PM Modi to visit Singapore as China deepens ties with ASEAN, BFSI News, ET BFSI
New Delhi: Prime Minister Narendra Modi will visit Singapore on September 4-5 at the invitation of Prime Minister Lawrence Wong, with a goal to play a bigger role in the region where China has major influence, stepping up engagement with Southeast Asia after hosting...
Congress’s fresh charge at Sebi chief, ET BFSI
NEW DELHI: The Congress party has accused Sebi chairperson Madhabi Puri Buch of engaging in office for profit, and urged Prime Minister Narendra Modi to provide clarity on her appointment as the head of the cabinet's appointments committee.Addressing a press...
India’s Manufacturing PMI dips to 57.5 in August, output and sales lowest since Jan, ET BFSI
New export orders grew at the weakest pace since the beginning of 2024The seasonally adjusted PMI for August stood at 57.5, down from July's 58.1, the data released by S&P Global showed on Monday.In August 2023, the seasonally adjusted HSBC Index for manufacturing...
ET World Leaders Forum | Bullish on anything that’s internet first within India: Balaji Srinivasan, ET BFSI
Tech investor and author Balaji Srinivasan, who was a venture capitalist at Andreessen Horowitz, said he’s bullish on anything that is internet first within India. “I am moderately optimistic in India and extremely optimistic in Indians,” he said. “I think the Indian...
how small ticket loans can get affected, ET BFSI
The current times present us several challenges where the term ‘poly-crisis’ has come to represent the intertwined challenges from climate, geopolitics, etc. Amongst all these issues, the issue of climate change is all pervasive and is most likely to impact every...
India’s GDP growth rate for Q1 FY25 at 6.7% surpasses decadal average: SBI, ET BFSI
NEW DELHI: The State Bank of India (SBI) recently reported that India's GDP growth moderation for the first quarter (Q1) of the financial year 2024-25 (FY25) surpasses the average decadal growth of 6.4 per cent for Q1."Though the growth for Q1 has reduced to 6.7 per...
Indian economy grew 6.7% in April-June quarter, lower than RBI’s 7.1% forecast, ET BFSI
New Delhi [India], August 30 (ANI): The Indian economy grew by 6.7 per cent in real terms in the April-June quarter of the current financial year 2024-25, Ministry of Statistics and Programme Implementation's official data showed on Friday.Last year same quarter,...
RBI cautions public, lists ways fraudsters scam victim using the regulator’s name, ET BFSI
The Reserve Bank of India has said that unscrupulous elements are using various methods to defraud members of the public by using the name of RBI in some capacity and listed a various modus operandi employed by such fraudstersEnticing tacticsThe RBI said fraudsters...
RBI permits foreign investors in IFSC to invest in sovereign green bonds, ET BFSI
Mumbai, The Reserve Bank on Thursday introduced a scheme to permit foreign investors in the International Financial Services Centre (IFSC) to invest in sovereign green bonds to facilitate wider non-resident participation in such instruments. The government issued...
Moody’s boosts GDP forecast to 7.2% for 2024, ET BFSI
Moody's has raised its real GDP growth projections for India on Thursday expecting a robust 7.2% growth in 2024 (up from 6.8%) and 6.6% in 2025 (up from 6.4%). This revision reflects strong, broad-based growth, driven by resilient private consumption and improved...
Moody’s boosts GDP forecast to 7.2% for 2024, ET BFSI
Moody's has raised its real GDP growth projections for India on Thursday expecting a robust 7.2% growth in 2024 (up from 6.8%) and 6.6% in 2025 (up from 6.4%). This revision reflects strong, broad-based growth, driven by resilient private consumption and improved...
1 bonus shares; big focus on AI, ET BFSI
RIL AGM 2024 Live: Mukesh Ambani, the Reliance Industries Chairman, began his address to shareholders at the RIL AGM by congratulating PM Narendra Modi for securing a record third term. Ambani said that a notice has been sent to the stock exchange that the Board of...
Indian economy remains resilient amid global uncertainties: NCAER, ET BFSI
Amid global geo-political uncertainties, the Indian economy has remained resilient but the outlook seems softer due to moderation in a couple of high-frequency indicators, according to the Monthly Economic Review for August. The review was released by the National...
India poised to become 3rd largest economy in the world: Ashwini Vaishnaw, ET BFSI
New Delhi, India would soon become the third largest economy in the world, Union Information and Broadcasting, Railways, and Electronics and Information Technology Minister Ashwini Vaishnaw said on Tuesday.The minister reeled out the growth rates compiled in the IMF's...
How gold affects foreign exchange reserves in India, ET BFSI
- Suhani PrakashWhat are Foreign Exchange Reserves? Foreign Exchange Reserves are holdings of foreign currencies managed by The Reserve Bank of India (RBI) that are used for international transactions, including trade and settlement of debts, and supporting the Indian...
Finance Minister meets Singapore President & PM to accelerate bilateral pact, ET BFSI
Finance minister Nirmala Sitharaman Monday met Singapore President Tharman Shanmugaratnam and Prime Minister Lawrence Wong to take forward bilateral strategic partnership.She was joined by external affairs minister S Jaishankar, commerce minister Piyush Goyal and...
PM Modi, FM Sitharaman lauds financial inclusion scheme, ET BFSI
The Pradhan Mantri Jan Dhan Yojana (PMJDY) on August 28, 2024, completed ten years of its implementation. The scheme launched in 2014, has proven to be the foundation stone in bringing over 80 per cent of Indian women under the ambit of financial inclusion, reported...
Maharashtra AAR rules no GST on RBI’s penalties, late fees, and fines, ET BFSI
In a significant ruling, the Maharashtra Authority for Advance Rulings (AAR) has determined that penalties, late fees, penal interest, and fines imposed by the Reserve Bank of India (RBI) are not subject to Goods and Services Tax (GST). The decision, outlined in Order...
Govt capex boosts GDP growth by 3.4 pc from 1.6 pc over last 10 years: Moody’s, ET BFSI
New Delhi [India], August 27 (ANI): Over the last ten years, the government has escalated its capital spending on infrastructure from Rs 1.97 trillion (1.6 per cent of GDP) in FY2014-15 to Rs 11.1 trillion (3.4 per cent of GDP) in FY2024-25, according to Moody's.This...
Insolvency resolution time increases as 21,000 cases pile up before 15 NCLTs, ET BFSI
The average time taken to conclude the corporate insolvency resolution process (CIRP) has increased to 680 days as of March 2024, up from 611 days a year ago, according to official data.Currently, nearly 21,000 cases are pending before the 15 NCLT benches, with...
Ministers panel on GST reviews rates of several categories, ET BFSI
Representative ImageThe group of ministers (GoM) on GST rate rationalisation may have deferred a plan to rework slabs but it is undertaking a thorough review of rates across several categories, including items in the 12% and 18% brackets and will take a call on...
Review going on, a rate reset may come by September end, ET BFSI
The keenly-watched plan to rework the GST rates may have been pushed a bit down the road, but a lot has been going on in the background, ToI reported on August 27. The Group of Ministers (GoM) tasked with resetting rates is conducting a thorough review of various...
EAM Jaishankar hails ‘productive’ India-Singapore Ministerial Roundtable, ET BFSI
Singapore, India and Singapore explored enhanced cooperation in digital, skill development, sustainability, healthcare, connectivity and advanced manufacturing areas during the 2nd India-Singapore Ministerial Roundtable (ISMR) held in Singapore on Monday. External...
AI integration in finance sector unlocks new opportunities: Shaktikanta Das, ET BFSI
AI integration in finance sector unlocks new opportunities: Shaktikanta DasIntegration of artificial intelligence (AI) into financial services brings significant opportunities for all stakeholders, the Reserve Bank of India (RBI) Governor Shaktikanta Das on...
NABARD issues admit cards for Grade A Recruitment Exam 2024
NABARD has released admit card for Prelims Exam which can be downloaded from its official website.
Ministers panel on GST reviews rates of several categories, ET BFSI
The group of ministers (GoM) on GST rate rationalisation may have deferred a plan to rework slabs but it is undertaking a thorough review of rates across several categories, including items in the 12% and 18% brackets and will take a call on several products and...
Rupee slips but state-run banks’ dollar sales cap losses, BFSI News, ET BFSI
By Jaspreet KalraMUMBAI - The Indian rupee weakened slightly on Tuesday, tracking a decline in its Asian peers, but its losses were limited by mild dollar sales by state-run banks, traders said.The rupee was at 83.9325 as of 10:10 a.m. IST, against a close of 83.90 in...
SBI Research anticipates Q1 GDP growth at 7.1%, in line with RBI forecast, ET BFSI
The Indian economy is expected to grow at 7.0-7.1 per cent in the April-June period, the first quarter of 2024-25, according to a report by SBI Research, released just days before the government is set to publish the official data.However, this growth forecast comes...
Connecting India’s Businesses, Entrepreneurs and Innovators”, ET BFSI
Favfairs is hosting the Business Expo and Summit 2024 (Mumbai Edition) alongside the Excellency Awards at World Trade Center Mumbai on 26th & 27th October,2024. The Exhibition will be showcasing India's burgeoning business ecosystem and fostering a culture of...
Anil Ambani reviewing Sebi order, to take appropriate steps as legally advised, ET BFSI
NEW DELHI: Anil Ambani is reviewing a Sebi order that imposed a monetary penalty and banned him from participating in the securities market for five years in connection with an alleged fund diversion case and will take appropriate next steps based on legal advice,...
Piyush Goyal meets Singaporean company DBS Group CEO, discusses investments, ET BFSI
New Delhi: Commerce Minister Piyush Goyal met CEO and Director of Singapore-based DBS Group Piyush Gupta. In a post on X on Sunday, after the meeting, Goyal said that they discussed the group's plans to "scale up investments in India," including increasing engagement...
Why Sebi banned Anil Ambani from the securities market for 5 years?, ET BFSI
The Securities and Exchange Board of India (Sebi) has barred Anil Ambani, the former chairman of Reliance Home Finance (RHFL), and 24 other entities from the securities market for five years. This decision follows allegations of fund diversion from RHFL, where Ambani...
No ‘hard approach’ with taxpayers in initial stage, Finance Minister advises officials, ET BFSI
Finance minister Nirmala Sitharaman Friday asked tax officials not to opt for a "hard approach" at an early stage with taxpayers and instead communicate and explain tax liabilities to them.She told the officials to prioritise solving problems at the stage where they...
India’s Forex reserves increase by $4.54 billion to $674.66 billion as of August 16, ET BFSI
India's Forex reserves increased by $4.54 billion to $674.66 billion as of August 16, as per data released by the Reserve Bank of India on Friday. Preciously, the reserves had dipped by $4.8 billion to $670.12 billion for the week ending August 9. According to the...
India should retain headline inflation as target, external rate panel members say, ET BFSI
By Swati BhatMUMBAI - Headline inflation impacts Indians directly and should be retained as the target for monetary policy rather than switching to core inflation, external members of the central bank's rate panel told Reuters.A suggestion was made in the government's...
Goldman Sachs cuts India’s 2024 and 2025 GDP growth forecasts, ET BFSI
Goldman Sachs Group Inc. has lowered India’s growth forecast by 20 basis points each for this year and the next, citing a contraction in central government expenditure. The bank now expects the nation’s economy to expand at 6.7% in calendar 2024, and 6.4% in 2025. The...
FM Sitharaman opens new GST Bhawan in Udaipur, to serve 13 districts, ET BFSI
Jaipur, Union Finance Minister Nirmala Sitharaman on Friday inaugurated the new GST Bhavan in Udaipur located in the Hiran Magri area of the city. The Finance Minister performed an Aarti amid Vedic chanting before unveiling the plaque to throw open the GST Bhawan."The...
Favourable US inflation and likely rate cut in September to impact policy rates in India: S&P, ET BFSI
The easing inflation and weakening job market trends in the US, as revealed in the recent figures will push the Federal Reserve to cut interest rates which will lead to lower rates in developing countries like India, indicates S&P Global on Friday.The year-on-year...
Go First bankers hire Burford Capital for litigation against Pratt & Whitney, ET BFSI
New Delhi: Lenders to bankrupt airline Go First have appointed Burford Capital, a US-based litigation finance firm, to bankroll the arbitration case against engine maker Pratt & Whitney (P&W).People aware of the development said the creditors committee has...
Finance Ministry, BFSI News, ET BFSI
India's economic momentum remains "intact" on the back of expansion in manufacturing and services sectors, the finance ministry said in its monthly economic report, while exuding hope of food inflation cooling down with monsoons replenishing water levels in...
Rupee’s record lows mask currency’s trade-weighted overvaluation, ET BFSI
The rupee is hovering near 84 to a dollar, and is down 0.9% so far this year, but on a REER basis, it’s up 3.6% in seven months to July.A gauge showing the Indian rupee’s value against its key trading partners rose to the highest in more than six years in July, even...
SEBI imposes 5-year ban on Anil Ambani, 24 others from participating in securities market, ET BFSI
Coming as a big move, the Securities and Exchange Board of India (SEBI) has imposed a five-year ban on industrialist Anil Ambani and 24 other parties from participating in the securities market. This includes former senior executives of Reliance Home Finance as well....
Piyush Goyal accuses e-com players of predatory pricing, FDI violation, ET BFSI
NEW DELHI: Commerce and industry minister Piyush Goyal on Wednesday accused large e-commerce players, such as Amazon, of indulging in predatory pricing to grab a bigger share and violating FDI rules, while calling for a review of policies to ensure that small shops...
FM Sitharaman urges RRBs to ensure credit to MSMEs, BFSI News, ET BFSI
Udaipur, The review meeting focused on business performance, upgrading digital technology services, fostering business growth in MSME clusters, and deepening of financial inclusion in rural areas. The finance minister urged RRBs to generate awareness of Government...
Foreign Portfolio Investors turn net buyers, with debt segment still attracting FPI inflows, ET BFSI
New Delhi [India], August 22 (ANI): Following outflows in the first two months of Financial Year (FY) 25, Foreign Portfolio Investors (FPIs) became net buyers in the Indian financial markets, with net inflows of USD 10.8 billion in June and July 2024, according to the...
Finance Ministry’s monthly economic review sees food inflation falling in coming months on rain bounty, ET BFSI
Food inflation in India is expected to fall in the coming months as plentiful monsoon rains have replenished water levels in reservoirs, FinMin's Department of Economic Affairs said in its monthly economic review on August 22.As per latest data, retail inflation in...
India economic momentum remains intact, set to achieve 6.5-7 pc growth: Finmin Report, ET BFSI
New Delhi, India's economic momentum remains intact despite a somewhat erratic monsoon, and real GDP growth of 6.5-7 per cent projected in the Economic Survey seems appropriate, a finance ministry report said on Thursday. According to the Monthly Economic Review for...
India retained its growth momentum in Q1 of FY25, says RBI’s monthly economic review, ET BFSI
The Indian economy retained its growth momentum in the opening quarter (April-July) of the current financial year, the RBI said in its monthly economic review released on August 22.As highlighted by the report, India's key economic indicators present a positive...
IMF ED KV Subramanian, ET BFSI
IMF executive director Krishnamurthy V. Subramanian speaks at a media event in New Delhi on TuesdayIndia’s economy is projected to grow to $55 trillion by 2047 if the country is able to register an average real growth rate of 8 per cent in the coming years which is an...
Sebi board likely to have new faces as Anshuman, Govil exit, BFSI News, ET BFSI
The board of the capital markets regulator, the Securities and Exchange Board of India (Sebi) will have a new look as two members exit after the end of their respective terms to make way for two incoming candidates. The Sebi chief, while also a full-time member of the...
Inter-ministerial group to draw up MSME scheme, BFSI News, ET BFSI
NEW DELHI: The government has set up an inter-ministerial group to firm up the contours of the credit guarantee scheme for micro, small and medium enterprises (MSMEs) announced in the budget, officials said. The MSME ministry will move the scheme for the expenditure...
IMF executive director, ET BFSI
India's private sector needs to play its part to ensure a sustainable 8% real GDP growth, which would be key to achieve a $55 trillion economy by 2047, International Monetary Fund executive director Krishnamurthy Subramanian said.The economist has projected the Indian...
How macroeconomic indicators performed in July 2024?, ET BFSI
The full Union Budget 2024 was released on 22nd July, and the day before India’s Economic Survey forecasted the GDP growth at 6.5-7 per cent. Retail Inflation in India decreased to 5.4 per cent in FY24 to 6.7 per cent in FY23, the current account deficit also improved...
GST sleuths tracking merchants skipping tax via digital payments, ET BFSI
The rapid growth of digital payments has also increased the scrutiny of online merchants due to a spike in cases of tax evasion, people aware of the development told ET.The Directorate General of Goods and Service Tax Intelligence (DGGI) is working closely with...
Japan joins India in calling out cross-border terror & terror finance, ET BFSI
India and Japan on Tuesday explored the possibility of coordinating respective security strategies and development assistance where mutual interests converge for “free, open and rules-based Indo-Pacific” and emphasised that both are resolute in their opposition to...
Indians may need to get over a tax headache to secure their health, ET BFSI
New Delhi: When Indian parliamentarians from opposition parties demanded Finance Minister Nirmala Sitharaman to consider waiving off the Goods and Services Tax imposed on life and health insurance policies, she raised some factors associated with the taxes."I want to...
No plan to probe Madhabi Puri Buch over Hindenburg row, says FinMin official, ET BFSI
New Delhi: The finance ministry has no plan as of now to set up any panel to look into US-based short-seller Hindenburg Research's allegations against Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch, an official said.Earlier this month,...
Corporate capex to increase led by infra financing, says RBI study, ET BFSI
Rising domestic demand and capacity utilisation, improved profitability of corporates, sustained credit demand, business optimism and government’s thrust on infrastructure development, is likely to increase the pipeline for project finance. An article in the Reserve...
Revival in overseas fundraising by Indian companies reflects shifting domestic credit market dynamics: RBI Bulletin, ET BFSI
Indian companies are increasingly turning to overseas markets for fundraising, driven by heightened international investor interest, improving liquidity conditions, and reduced hedging costs, the Reseve Bank of India (RBI) said in its monthly bulletin on Monday. This...
India a bright spot, to remain fastest-growing major economy this year: Report, ET BFSI
Mumbai, Despite global macro-economic conditions, India continues to remain a bright spot and is expected to be the fastest-growing major economy this year, a report showed on Tuesday.The country has become the fifth-largest economy in the world, and is set to be...
India records 26 pc jump in FDI flows in first quarter, BFSI News, ET BFSI
Mumbai, The gross foreign direct investment (FDI) flowing into the Indian economy has surged by 26.4 per cent to $22.5 billion during the April-June quarter of the current financial year compared to the same quarter of the previous year, according to the RBI's latest...
RRBs must devise suitable products aligning with MSME clusters: FM, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Monday asked Regional Rural Banks (RRBs) to devise suitable products aligning with MSME clusters to increase banking penetration. During a review meeting with chairpersons of RRBs and CEOs of their sponsored bank, the...
Rupee worst Asia performer over August despite mild rise, BFSI News, ET BFSI
By Jaspreet KalraMUMBAI - The Indian rupee rose slightly on Tuesday but continued to underperform its Asian peers which have rallied to multi-month highs in anticipation of a U.S. rate cut next month. The rupee is the worst performing Asian currency so far this month,...
Investors can pick assets purely on merit rather than to optimise tax outgo, ET BFSI
The overhaul of the capital gains tax framework in the recent Budget has upset many. Equity investors are fretting that they must now shell out more tax on their gains. Real estate owners are livid that indexation benefits will be taken away. Taxpayers still holding...
India should remove food from its inflation target, BFSI News, ET BFSI
Representative ImageOne of India’s problems is that, even as it grows richer, it struggles to change policies to match. Economic frameworks designed for when it was a much poorer country constrain and limit growth. This is particularly true of food pricing and...
Finance Minister meets heads of PSBs, exhorts banks to improve deposit growth, ET BFSI
New Delhi, According to sources, the finance minister reviewed the financial performance of banks and progress made in the implementation of various flagship schemes of the government, including PM Awas Yojana, PM Surya Ghar and PM Vishwakarma Yojana. Sitharman also...
Indian govt needs to trim citizens’ waist size for the sake of economy, ET BFSI
New Delhi: India’s achievement of its long-term goal to become a developed economy also hinges on its population losing weight, the Economic Survey 2023-24 had indicated. As India is posed to capitalise on its demographic dividend—a large youth population—it is...
All that glitters is…in great demand, BFSI News, ET BFSI
Central banks, led by the People's Bank of China, have been buying gold at unprecedented rates following the Russia-Ukraine war in order to de-dollarise their foreign exchange reserves. The purchases were spurred by Western sanctions on Russia that stranded half its...
ED investigates Indian links of foreign gambling apps, suspects over Rs 1 lakh cr bets, ET BFSI
The Mahadev scam, which exposed the dark underbelly of India’s illegal online betting apps, did not end with the closure of the shady application, few arrests, and tracing a money trail from Chhattisgarh to Dubai. More than two dozen offshore gaming applications are...
At 5.9%, Bihar records highest inflation in July, BFSI News, ET BFSI
NEW DELHI: Bihar recorded the highest inflation rate at 5.9% among states and Union territories in July, followed by Assam at 5.1%, while Jharkhand had the lowest rate at 1.7% during the month, latest retail inflation data showed.Odisha, which had been witnessing...
Who will receive tax refunds quicker, filers of ITR-1, ITR-2 or ITR-3?, ET BFSI
Many individuals who have submitted their income tax returns (ITR) for the fiscal year 2023-24 (assessment year 2024-25) and are entitled to refunds have not yet received the funds in their bank accounts. If you have submitted ITR-2 or ITR-3 for the fiscal year...
Finance Ministry should identify high risk taxpayers in GST composition scheme: CAG, ET BFSI
The Comptroller and Auditor General (CAG) has asked the Finance Ministry to identify high risk taxpayers in the GST composition scheme on a periodical basis and verify from other sources, including third parties, their declared value of sales to check tax evasion....
IMF’s Gita Gopinath, ET BFSI
India needs to create an additional 60 to 148 million jobs by 2030 given its population growth while revamping its education to improve skills of its workforce, according to International Monetary Fund first deputy managing director Gita Gopinath.The country should...
Investors can pick assets purely on merit rather than to optimise tax outgo, ET BFSI
The overhaul of the capital gains tax framework in the recent Budget has upset many. Equity investors are fretting that they must now shell out more tax on their gains. Real estate owners are livid that indexation benefits will be taken away. Taxpayers still holding...
Are banks open or closed on Monday, August 19?, ET BFSI
Banks in some states will be closed on Monday, August 19, for Raksha Bandhan, Jhulana Purnima, and Bir Bikram Kishore Manikya Bahadur's birthday. Throughout August, both public and private sector banks in India will be closed for up to 13 days.August 2024 bank...
Finance Minister Nirmala Sitharaman, ET BFSI
India is open to exploring more ways to increase its collaboration with the International Monetary Fund (IMF), Finance Minister Nirmala Sitharaman said during a meeting with IMF's First Deputy Managing Director Gita Gopinath on Saturday. During the meeting, Gopinath...
Sebi proposes expansion of sustainable fin framework in securities market, ET BFSI
New Delhi, Markets regulator Sebi has proposed expansion of the sustainable finance framework in the securities market by introducing a new category of financial instruments. This category will include Social Bonds, Sustainable Bonds, and Sustainability-linked Bonds...
FPIs remain net sellers at Rs 21,201 crore in first fortnight of August. Here’s why, ET BFSI
Foreign portfolio investors (FPIs) were net sellers of Indian equities in the first fortnight in August, offloading shares worth Rs 21,201 crore. The total investments by them now stand at Rs 14,365 crore, so far this year.In July, FPIs bought domestic shares worth Rs...
Apple opens NFC technology to developers for in-app contactless transactions, ET BFSI
Apple is starting with iOS 18.1, developers will gain access to its near-field communication (NFC) technology, allowing them to integrate contactless transactions directly into their apps. This move marks a significant shift from the company’s previous policy of...
RBI’s forex reserves fall $4.8 bn to $670 bn in week ended August 9, ET BFSI
The Reserve Bank of India’s foreign exchange reserves declined by $4.8 billion to $670.12 billion in the week ended August 9, with the central bank likely selling dollars in order to prevent excessive volatility in the exchange rate amid global market volatility.The...
Recovery via IBC up in June quarter at 31.12%, BFSI News, ET BFSI
Recovery from defaulters under the insolvency law rose to 31.12% of the creditors' claims in the June quarter from 25% in the previous three months, showed the data released by the bankruptcy regulator.However, it's marginally lower than the longer-term recovery rate...
Finance ministry permits 15 securities firms to undertake Aadhaar-based verification of clients, ET BFSI
The finance ministry has permitted 15 securities firms, including SBICAP Securities, IIFL Securities, and Angel One, to conduct Aadhaar authentication of their customers. The Revenue Department under the finance ministry has issued a notification under the Prevention...
Indian firms and the impact of Japan’s positive interest rates policy shift, ET BFSI
The move to positive rates, even if minimal, is likely to trigger a gradual repatriation of Japanese capital.In a significant shift that reverberated across global financial markets, the Bank of Japan (BOJ) recently ended its eight-year experiment with negative...
Bangladesh turmoil may slow financial reform, weaken banks, S&P says, ET BFSI
NEW DELHI/DHAKA -Political turmoil in Bangladesh is likely to slow planned financial reforms and has already added to weakness in the banking sector, S&P Global Ratings said on Wednesday.Prime Minister Sheikh Hasina quit and fled to India last week after...
India set to be among top 3 world economies soon: Droupadi Murmu, ET BFSI
New Delhi, President Droupadi Murmu on Wednesday said that India is among the fastest-growing major economies, adding it was a matter of pride for everyone that the country has become the fifth-largest economy in the world, and is set to be among the top 3 global...
Bangladesh turmoil may slow financial reform, weaken banks, S&P says, ET BFSI
NEW DELHI/DHAKA -Political turmoil in Bangladesh is likely to slow planned financial reforms and has already added to weakness in the banking sector, S&P Global Ratings said on Wednesday.Prime Minister Sheikh Hasina quit and fled to India last week after...
PM Modi unfurls national flag at Red Fort on 78th Independence Day, pays tribute to ‘Azaadi ke deewane’: Key takeaways, ET BFSI
NEW DELHI: Prime Minister Narendra Modi on Thursday addressed the nation from the Red Fort for the 11th consecutive time as India celebrated 77 years of Independence, making him the third PM after Jawaharlal Nehru and Indira Gandhi to do so.The theme for this year's...
PM Modi lays road to Viksit Bharat, announces 75k new medical seats, wishes to implement UCC, ET BFSI
Prime Minister Narendra Modi on Thursday delivered his 11th speech from the Red Fort on Independence Day. He covered a wide range of topics the in address that lasted for more than 90 minutes. Keeping up with the theme of Viksit Bharat 2047, the PM mentioned the road...
India’s Trade Deficit widens to USD 23.5 Bn after narrowing in June, ET BFSI
Exports and imports in services stood at USD 28.43 billion and USD 14.55 billion respectively this month.India's trade deficit expanded in July 2024 at USD 23.5 Billion, driven by a combination of declining merchandise exports and rising imports, as released by the...
Insolvency Board mandates unique identification number for valuation reports, ET BFSI
The Insolvency and Bankruptcy Board of India will provide a unique identification number for each valuation report prepared under the insolvency law to ensure authenticity, the board said in a circular on Monday. IBBI is the designated authority for registration,...
Mauritius banking regulator denies ‘tax haven’ allegation, ET BFSI
NEW DELHI: The Financial Services Commission (FSC) of Mauritius on Tuesday issued a statement in response to the allegations made in the Hindenburg Research report regarding the use of Mauritian shell companies and the country being labeled as a "tax haven." The FSC,...
India’s WPI moderates to 2.04% in July from 3.36% in June, ET BFSI
India’s Wholesale Inflation for the month of July is recorded at 2.04%, as announced by the Ministry of Commerce and Industry on Wednesday. Previous month, June’s Wholesale Inflation stood at 3.36%, largely driven by the costlier vegetables, the month on month basis...
Taxpayers getting faster refunds this year? FM says ITR processing time reduced to 10 days from 93 days, ET BFSI
Last week in Parliament, the finance minister Nirmala Sitharaman stated that the average time taken to process income tax returns (ITR) has decreased from 93 days in FY 2013-14 to 10 days in FY 2023-24. While this is a commendable achievement for the government, does...
BFSI ranks second highest in preference to lease green-certified buildings, ET BFSI
Representational imageA recent trend has been highlighted where the the occupiers’ preference to lease green-certified buildings has been seeing an uptick in India.According to a report by real estate consultancy Colliers, during the April-June quarter this year, 12.9...
Will Madhabi Puri Buch get a clean chit like former SEBI chairman C B Bhave?, ET BFSI
Hindenburg Research has accused Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (SEBI), of holding stakes in offshore entities allegedly linked to the Adani Group. The research firm has raised concerns about potential conflicts of interest...
Pathways for achieving 10-fold growth in next 25 years, ET BFSI
">"While this is ambitious, China did something similar during 1980 – 2000, and there is no reason why India cannot achieve this large growth if it gets its mind into doing so. Ambitious targets get us somewhere, even if not all the way there. Unambitious ones get...
India and Russia eye dynamic rupee-rouble rate, vostro balance to bypass dollar trade barriers, ET BFSI
India and Russia are exploring the idea of a dynamic reference rate to start a rupee-rouble market, along with allowing greater deployment of the rupee balance that has accumulated in course of trade between the two countries since outbreak of the Ukraine war.A...
CPI inflation down, but road ahead could be bumpy: SBI Report, ET BFSI
New Delhi [India], August 13 (ANI): India's Consumer Price Index (CPI) inflation dropped to 3.54 per cent in July 2024, its lowest in nearly five years, largely driven by a decline in vegetable prices. However, despite this positive development, the State Bank of...
Retail Inflation for July at 3.54%, lowest in nearly 5 years, BFSI News, ET BFSI
India’s Consumer Price Index recorded a 59 month low at 3.54%, as released by the Ministry of Statistics and Programme Implementation on Monday.Previous month in June, India’s retail inflation stood at 5.08%, alongwith the food inflation at another high at 9.36%. The...
From Citi to 3i to Hindenburg’s crosshairs, the many lives of banker turned investor Anil Ahuja, ET BFSI
Mumbai: As a “small, hidden, obscure,” Mauritius investment vehicle, IPE Plus Fund, finds itself in the crosshairs of Hindenburg Research, its New Delhi-born, Singapore-based, founder and chief investment officer (CIO) Anil Ahuja finds himself in the news yet...
How yen carry trade unwinding may impact Indian markets, BFSI News, ET BFSI
The potential unwinding of the yen carry trade poses a significant threat to Indian markets, especially as yen-denominated investments in the country have surged 251% since January 2023, reaching $21 billion. This rapid increase in yen-driven inflows highlights the...
Hindenburg Research on SEBI Chairman is not credible but self-serving speculation, says Supreme Court Advocate, ET BFSI
While corporate governance issues in India must certainly be scrutinized, the authenticity and motives behind such opaque reports by random foreign entities such as Hindenburg Research are questionable. Despite dressing up their claims in a gloss of research, the...
Sensationalism or cause for concern? What experts and Opposition say on Hindenburg vs SEBI issue, ET BFSI
Hindenburg Research's recent allegations against SEBI Chairperson Madhabi Puri Buch have sparked significant debate. While many experts dismiss the claims as baseless and sensationalist, with notable figures like former Infosys CFO Mohandas Pai and Deepak Shenoy...
Markets unfazed by Hindenburg report, trade in green, BFSI News, ET BFSI
Mumbai (Maharashtra) [India], August 12 (ANI): The stock markets showed resilience on Monday during mid-trading, shrugging off concerns raised by the recent Hindenburg report.Despite opening with a slight dip, both the BSE Sensex and Nifty 50 indices managed to...
PayNearby’s Jayatri Dasgupta, ET BFSI
Economies grow when more women join the workforce, says a UN report. So if India wants to grow faster, the women in the country — who make up about 50% of the population — must get employment opportunities, says Jayatri Dasgupta, Program Director, Digital Naari,...
Surge in number of new firms being set up in 2024-25, BFSI News, ET BFSI
New Delhi, The number of new company and LLP (limited liability partnership) incorporations increased by nearly 5 per cent so far during the current financial year to touch the 91,578 mark compared to 87,379 in the same four-month period last year, according to...
SEBI chief replies over 2015 investment, two companies allegation, ET BFSI
Hitting bank on the report by US-based research firm, Hindenburg, SEBI chief Madhabi Puri Buch and her husband Dhaval Buch released a joint statement countering the allegations.Over the investment made in 2015, Buchs said, “The investment in the fund referred to in...
Over 1.4 lakh startups recognized in India; 67,499 have women directors, ET BFSI
India's startup ecosystem continues to thrive, with a significant milestone of over 1.4 lakh entities recognized as startups by the Department for Promotion of Industry and Internal Trade (DPIIT) as of June 30, 2024. Among these, an encouraging 67,499 startups have at...
Sebi chief, husband denies Hindenburg allegations as baseless, ET BFSI
New Delhi, Capital markets regulator Sebi Chairman Madhabi Puri Buch and her husband on Saturday denied allegations levelled against them by short seller Hindenburg as baseless and asserted that their finances are an open book. In a statement, Madhabi Puri Buch and...
What are the allegations levied by Hindenburg against SEBI chief?, ET BFSI
SEBI Chairperson Madhabi Puri BuchHindenburg Research on late Saturday post has said that the SEBI Chairperson Madhabi Buch and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested...
Hindenburg alleges SEBI chief’s stake in obscure offshore entities used in Adani scandal, ET BFSI
SEBI chairperson Madhabi Puri BuchHindenburg Research launched scathing attack on the SEBI chief Madhabi Buch on Saturday night alleging her and husband to have a stake in the obscure offshore entities used in the Adani money siphoning scandal."We had previously noted...
Who after Adani? Hindenburg Research says something ‘big’ soon India, ET BFSI
After Adani bombshell last year, Hindenburg Research has hinted at another 'big' India reveal. The US short seller on Saturday, in a post on X (formerly Twitter), said, "Something big soon India."On January 24 last year, Hindenburg Research published a report sharply...
18-month DA, DR arrears for central govt employees, pensioners now? Know what Finance Ministry says, ET BFSI
Is the Union government planning to release the arrears for Dearness Allowance (DA) and Dearness Relief (DR) that were suspended for 18 months during the COVID-19 pandemic for the central government employees? Following numerous representations and letters from...
SC Garg, BFSI News, ET BFSI
Subhash Chandra Garg, Former Finance Secretary of India, recently shared his insights while delivering the keynote address at the fourth edition of annual CFO conference - ETCFO Turning Point event, detailing the factors that could drive India's growth in the coming...
Nirmala Sitharaman to introduce new bills to amend banking laws in Lok Sabha today, ET BFSI
New Delhi [India], August 9 (ANI): As the Parliament convenes for the ongoing Budget Session on Friday, Union Finance Minister Nirmala Sitharaman will introduce new Bills including the Banking Laws (Amendment) Bill, 2024 to amend the Reserve Bank of India Act, the...
SBI projects GDP growth of 7 pc in FY25, lower than RBIs forecast of 7.2 pc due to global headwinds, ET BFSI
New Delhi [India], August 9 (ANI): The State Bank of India in a report projects that India's real GDP will grow by 7.0 per cent year-on-year in FY25, which is slightly lower than the RBI's forecast of 7.2 per cent.The report noted that the slight downgrade by 20 basis...
Steady repo rate, indexation benefits booster dose for housing industry, ET BFSI
New Delhi, The Central Bank's decision to keep repo rates unchanged at 6.5 per cent for the ninth consecutive time aligns well with the government's indexation benefits, industry experts said on Thursday, adding that this will further help aspiring homebuyers.RBI...
Kinara Capital announces Parthasarathy N.S. as new Independent Director, ET BFSI
Parthasarathy N. S, known as the Co-founder of Mindtree which he took from its startup phase to crossing the $1 billion revenue, is appointed as a new Independent Director on Kinara Capital’s’s Board of Directors.He has over 35 years of experience in the field of...
Finance Commission chairman Arvind Panagariya, ET BFSI
India needs to open its economy further, privatise banks and introduce factor market reforms to lift its growth beyond 6.5-7% levels, 16th Finance Commission chairman Arvind Panagariya said."The main reform we need is the privatisation of banks, " he said, adding that...
India mulls major cut to food weighting in new CPI basket, ET BFSI
Representative imageAn Indian government panel tasked with revising the nation’s consumer price index is considering a substantial cut in the weighting of food, according to a person familiar with the matter, a move that could curb inflation spikes in the South Asian...
Lok Sabha passes Finance Bill, amends LTCG tax provision on immovable properties, ET BFSI
The Lok Sabha on Wednesday passed the Finance Bill 2024 after the central government relaxed the freshly-introduced new capital gains tax on real estate, allowing taxpayers an option to switch to a new lower tax rate or stay with the old regime that had higher rate...
SFIO probe into Sahara group companies ongoing: Finance minister, ET BFSI
Nirmala SitharamanNEW DELHI: The Serious Fraud Investigation Office (SFIO) is carrying out a detailed probe into the matter related to the Sahara group companies and further action will be taken after its report, Union Finance Minister Nirmala Sitharaman said in the...
COP29 only chance to bridge climate action, finance gaps: Commonwealth Secretary-General, ET BFSI
New Delhi: The COP29 climate talks in Azerbaijan's Baku is the world's only chance to bridge the gaps in climate action and finance which is crucial to "rebuild trust" among countries and protect lives and livelihoods, Commonwealth Secretary-General Patricia Scotland...
Govt willing to hear cases of harassment for loan recovery: Nirmala Sitharaman, ET BFSI
Finance minister Nirmala Sitharaman on Monday told the Lok Sabha that the government is closely monitoring any harassment of borrowers during loan recovery and is willing to hear any cases that come up.The finance minister made this observation in her reply on the...
Bangladesh unrest not likely to impact India’s overall trade balance: S&P, ET BFSI
India is a well diversified exporter and a blip in its exports to Bangladesh is unlikely to have any meaningful impact on India's overall trade position for the full year, S&P Global Ratings said on Tuesday. Bangladesh is facing its worst political crisis since...
Contours of three jobs schemes being finalised, BFSI News, ET BFSI
New Delhi: The Ministry of Labour and Employment is finalising three employment-linked incentive schemes announced in the budget before forwarding them to the expenditure finance committee for approval later this month. The committee's nod is necessary for rolling out...
India will lower rates by 100 bps by March 2026, Bank of America official says, ET BFSI
India's central bank could cut interest rates by 100 basis points in a monetary easing cycle that is likely to start in December as inflation eases towards its 4% target, a fixed income official at Bank of America, India said. "Once inflation reaches 4%, and based on...
Nirmala Sitharaman to move Finance Bill for consideration and passing in Lok Sabha, ET BFSI
Finance Minister Nirmala Sitharaman on Tuesday will propose in the Lok Sabha that Finance Bill for the financial year 2024-2025, be taken into consideration and passing, as per Lok Sabha's agenda for the day.The Finance Bill needs to be approved by both houses of the...
You can still pay lower or zero TDS with this certificate, ET BFSI
In Budget 2024, it was announced that starting from October 1, 2024, tax deducted at source (TDS) will be deducted at a 10% rate from specified central and state government bonds, including floating rate bonds."In the Union Budget 2024, the Government has proposed a...
World Bank B-Ready index groundwork kicks off, ET BFSI
India has begun the groundwork for the Business-Ready or B-Ready index, the World Bank's new flagship report benchmarking the business environment and investment climate in economies worldwide. B-Ready is replacing the World Bank's Doing Business index that ranked...
Go First creditors vote to liquidate airline, ET BFSI
Mumbai: Creditors to Go First Airlines have unanimously voted to liquidate the carrier after almost a year of trying to find a buyer for the Wadia group-promoted company.A liquidation plea has been e-filed with the Delhi National Company Law Tribunal (NCLT) on Sunday...
Govt offers tech aid to account aggregators as they targeted by fraudsters, ET BFSI
From digital lending startups to payment companies, cyber criminals are targeting almost every facet of the fintech industry to gain access to critical customer data.Non-banking finance companies - account aggregators (NBFC-AAs), which has just started to take off,...
Taxman widens horizons of realty checks on HNIs, BFSI News, ET BFSI
Mumbai: After foreign bank accounts, stock holdings and trusts in tax havens, it's the turn of offshore property deals of wealthy Indians to come under the taxman's lens.At least half a dozen resident Indians were, last week, confounded by summons from the Income Tax...
Deloitte, BFSI News, ET BFSI
Representative imageNew Delhi: India's economy is expected to grow at 7-7.2 per cent in the current fiscal year driven by robust economic fundamentals and continuity in domestic policy reforms, Deloitte India said on Monday. The August update of Deloitte's India...
MF, retail investors’ share in NSE stocks surges to all-time high, FII-DII gap smallest ever: Primeinfobase, ET BFSI
The share of domestic Mutual Funds (MFs) in companies listed on NSE rose to yet another all-time high of 9.17% QoQ as on June 30, 2024, from 8.93%, powered by strong net inflows of Rs 1.09 lakh crore during the quarter, according to data compiled by primeinfobase.The...
Why unwinding of Yen carry trades can rattle global financial markets, ET BFSI
The so-called Yen carry trade has been in focus in the past few trading sessions in the wake of the selloff in shares of US technology giants. A look at what is Yen carry trade and what it means for the financial markets worldwide:What is a Carry Trade?A carry trade...
Nifty fear gauge India VIX jumps over 60%, biggest surge since 2015, ET BFSI
The India Volatility Index (VIX) spiked over 60% on Monday, marking its largest increase since 2015 and reflecting the intensifying market sell-off in line with global trends.The India VIX has crossed levels of 23 with a significant jump of 61.7% on Monday.Indian...
Indian rupee is worst Asian currency in U-turn as yuan carry trades unwind, ET BFSI
By Jaspreet Kalra and Nimesh VoraMUMBAI, - The Indian rupee is now the worst-performing Asian currency -- a U-turn from being the leader in the first half of the year -- pressured by the unwinding of trades that used the Chinese yuan to fund long bets on the local...
India’s BFSI sector to see significant employment surge in H1 FY25: TeamLease, ET BFSI
India's BFSI (Banking, Financial Services, and Insurance) sector is poised for a significant increase in net employment in the first half of FY25, according to a report by staffing firm TeamLease Services. The banking sector is expected to lead this growth, with a...
Inflation to remain around 5 per cent this fiscal: SBI report, ET BFSI
New Delhi [India], August 5 (ANI): The Consumer Price Inflation in India is expected to remain around 5 per cent in the financial year 2024-25 except for September and October month, according to a research report by SBI.The report also noted that the inflation...
RBI approves extension of Unity Small Finance Bank MD, BFSI News, ET BFSI
Kolkata: The Reserve Bank of India has approved the re-appointment of Inderjit Camotra as managing director & chief executive officer of Unity Small Finance Bank.The central bank approved his extension for another two years.Unity Small Finance Bank was promoted by...
India may take 75 years to reach 1/4th of US income per capita: World Bank, ET BFSI
NEW DELHI: India may take nearly 75 years just to achieve one-fourth of US income per capita, as per a recent World Bank report that offers the first extensive blueprint for developing countries to overcome the "middle-income trap."More than 100 countries, including...
About 72% of taxpayers opt for new tax regime for AY 2024-25, BFSI News, ET BFSI
A substantial 72% of taxpayers who filed income tax returns for the assessment year 2024-25 (April-March) have opted for the new tax regime, according to the finance ministry. In contrast, only 28% chose to remain with the old tax regime.As of July 31, the deadline...
SEBI, BFSI News, ET BFSI
The Securities and Exchange Board of India will soon notify the regulations on finfluencers, Madhabi Puri Buch, Chairperson of SEBI, said during an event held at NSE on Tuesday.During the event, SEBI Chairperson said, "We recently had a regulation which we will be...
Sebi targets reduction in fundraising time, BFSI News, ET BFSI
India's markets regulator is working to streamline the fundraising process for companies and simplifying public offer documents for investors, Chairperson Madhabi Puri Buch said on Friday.The Securities and Exchange Board of India (SEBI) is working to merge rights...
Number of ITRs filed surges to record 7.28 crore in 2024-25, first timers add up to 58.6 lakh, ET BFSI
New Delhi, The total number of ITRs (income tax returns) for the assessment year (AY) 2024-25, filed till July 31, has surged to a record high of 7.28 crore, according to figures released by the Finance Ministry on Friday. This represents a 7.5 per cent jump over the...
India top nation in number of IPOs and issuances globally: SEBI Chairperson, ET BFSI
Mumbai, Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch said on Friday that India is the top country when it comes to the total number of initial public offerings (IPOs) and issuances globally.Addressing a FICCI conference in Mumbai, she...
BFSI sector to witness spike in net employment in H1FY25; NBFCs to lead, ET BFSI
Representational ImageThe BFSI sector in India is on a hiring spree as a latest report by TeamLease Services reveals that the sector is set to witness jump in the net employment in the first half of the fiscal year 2025.Banking sector is poised to experience the most...
Rupee averts record low on likely RBI intervention as local equities slide, ET BFSI
By Jaspreet KalraMUMBAI - The Indian rupee was nearly flat on Friday as likely intervention from the Reserve Bank of India helped the currency hold above its all-time low amid pressure from weakness in local equities, which declined tracking a sell-off in global...
Govt weighing proposals to tweak its big tax move in Budget, ET BFSI
New Delhi:India Inc is requesting the government for a phased transition to the long term capital gains (LTCG) tax regime announced in the budget for FY25, which proposes to remove indexation benefits for property, gold and other unlisted assets.The options being...
PM Narendra Modi speaks to India Inc in a Post-Budget interaction, here are the key highlights, ET BFSI
Prime Minister Narendra Modi on Tuesday said that India will become the third largest economy in the world during his third term as the leader of the country. The PM was speaking at the inaugural session of Journey Towards Viksit Bharat: A Post Union Budget 2024-25...
VC investment in India surge in April-June as China faces huge decline, ET BFSI
New Delhi, Venture capital (VC) investment in India surged considerably to $4 billion in the April-June period (Q2 2024), from $2.9 billion in the previous quarter, a report said on Thursday.On the other hand, China saw a massive decline in VC investment from $13.5...
Call for a balanced regulatory approach, ET BFSI
MSMEs are the lifeblood of the Indian economy. Their growth and prosperity are essential for the country's overall economic development.Micro, Small, and Medium Enterprises (MSMEs) are the bedrock of the Indian economy, contributing significantly to employment,...
Rupee to see mild relief as Fed opens door to September rate cut, ET BFSI
The dollar index was at 104 after dropping 0.4% on Wednesday and U.S. bond yields eased, with the 10-year yield touching a low of 4.03%, its lowest level since February.The Indian rupee is likely to open slightly higher on Thursday, tracking gains in most of its Asian...
Goyal rules out change in FDI policy for China, BFSI News, ET BFSI
New Delhi: Commerce & industry minister Piyush Goyal on Tuesday ruled out an immediate rethink of India’s stance on Chinese investment, while slamming UPA’s economic policies, which had made the country dependent on imports and investments from the neighbouring...
Asian Development Bank commits USD 200 mn loan for Swatch Bharat Mission 2.0, ET BFSI
The ADB's support will upgrade and establish solid waste processing and management facilities such as bio-methanation plants, composting plants, managed landfills, material recovery facilities, and plastic waste processing facilities.The Asian Development Bank (ADB)...
Sitharaman’s ‘Harvard & Oxford’ dig at Chidambaram, ET BFSI
NEW DELHI: Finance minister Niramala Sitharaman, replying to the opposition on the Union Budget on Tuesday, took a veiled dig at senior Congress leader P Chidambaram, saying the "Harvard and Oxford educated" leaders failed to contain the inflation as they adopted...
Big LTCG gains for startups staff holding Esop in secondary deals, ET BFSI
HighlightsReduction in Long-Term Capital Gains (LTCG) tax on unlisted securities to 12.5% from 20% could benefit startup staffers holding Employee Stock Ownership Plans (Esop). Secondary funding rounds where an investor buys shares providing liquidity to employees are...
RBI can’t ignore the costs of everyday items as PM Modi’s economic adviser suggested, ET BFSI
A top Indian government adviser’s suggestion that policymakers cut out volatile food prices while targeting inflation met with skepticism from many economists, who say it’s inappropriate to ignore the costs of everyday items that consumers can’t do without.The...
Headline fiscal deficit masks true adjustment, public debt should be lower: Report, ET BFSI
For India, even though there are no formal fiscal rules in place, policymakers have been following the path of fiscal consolidation. The consolidated fiscal deficit was lowered from 6.9 per cent in FY16 to 5.8 per cent in FY19 and public debt to GDP stabilised at...
Daimler India partners with Bajaj Finance to offer comprehensive finance solutions, ET BFSI
Chennai, Daimler India, a subsidiary of German truck manufacturer Daimler Truck AG, has partnered with Bajaj Finance, part of the Bajaj Finserv Group, to offer comprehensive financing solutions to customers. The collaboration between the two entities aims to enhance...
Foreign investors unhappy after India restores curbs on some bond purchases, ET BFSI
By Dharamraj DhutiaMUMBAI - Foreign investors see India's decision to return to curbs on purchases of some government securities as a flip-flop in policy that may force them to redraw investment strategies, global fund managers said on Tuesday.Such limits were dropped...
Avg cost of data breaches in India reaches $2.18 mn in 2023, spikes by 28%, ET BFSI
The Reserve Bank of India (RBI) in a report released on Monday highlighted that the average cost of data breaches in India reached $2.18 million in 2023, marking a 28% increase since 2020.However, this is less than the global average cost of data breach.As per the RBI...
Changes that can hurt you, measures that can lower your tax, ET BFSI
The Union Budget 2024-25 has completely overhauled the capital gains tax framework. Some measures may hurt badly. Homeowners will no longer get the indexation benefit on sale of property, while gains on sale of stocks and equity funds will now attract a higher tax....
Balancing long-term vision with short-term volatility, ET BFSI
The government has made a conscious effort to address the rural distress. Higher spend will create more rural jobs and revive the rural economy. It allocated ₹1.52 lakh cr for agriculture and allied services. The Indian government's FY25 budget struck the path of...
Here’s how Digital Public Infrastructure (DPI) reforms will revolutionise stock market, ET BFSI
The finance minister recently announced the implementation of Digital Public Infrastructure (DPI) in agriculture to cover farmers and their lands. This initiative is a part of the broader Digital India campaign, which is built on the foundation laid by the National...
What is the difference between tax exemption and tax deduction?, ET BFSI
Every year, before you pay income tax and file your tax returns, you avail of certain benefits that slash your tax liability. Referred to as exemptions and deductions, these benefits help reduce your taxable income. While most of these benefits have been removed from...
Manoj Mittal takes charge as CMD of SIDBI, BFSI News, ET BFSI
Manoj Mittal takes charge as Chairman and Managing Director of SIDBINew Delhi, Manoj Mittal has taken charge as Chairman and Managing Director of Small Industries Development Bank of India (SIDBI), following his appointment by the Centre. Prior to this, he was the...
Revenue Secy Sanjay Malhotra, ET BFSI
Talks over a global tax deal are continuing well past a June 30 deadline and governments are now looking to a Group of 20 finance leaders' meeting in Brazil for progress.India will not sign a global corporate tax deal focused on highly profitable multinational firms...
Global economic ‘soft landing’ encourages G20 financial heads, ET BFSI
Rio de Janeiro: G20 financial leaders will say Friday there is a rising likelihood of a global economic "soft landing", but warn wars and escalating conflicts could endanger this outlook, as per the final draft of a joint communique seen by Reuters.The statement is...
Sitharaman confident she can make savings easier, raise income levels in rural India, ET BFSI
While India handles a fast growing economy, Nirmala Sitharaman who presented the Union Budget recently asserted that she can make savings easier for those residing in rural areas through rate rationalisation."I can ease people's savings, I can facilitate them in the...
FM Sitharaman explains the rationale behind removing the decade-old tax, ET BFSI
The Narendra Modi government's decision to scrap angel tax in the Union Budget was taken to remove the hindrances that startups face in the country, Union Finance Minister Nirmala Sitharaman revealed in an interview with The Economic Times on Thursday."Two years ago,...
DBS Bank study reveals Indian businesses more focused than global peers on ESG reporting, compliance, ET BFSI
The findings of the DBS Bank study point to the fact that companies that embrace the more involved role of their treasury and finance leaders and enable them to adapt to new responsibilities, stand to benefit from a more informed approach to unlocking new...
MSDE revamps Model Skill Loan Scheme; raises loan limit to Rs 7.5 lakh, ET BFSI
The ministry of skills development and entrepreneurship has enhanced the limit of loans provided by the government for skilling under the credit guarantee fund scheme to Rs 7.5 lakh from Rs 1.5 lakh, besides widening the lending network to include small finance banks...
Top 1% bags over $40 trillion in new wealth as taxes on the rich reach historic lows: Oxfam, ET BFSI
The richest 1 percent have amassed $42 trillion in new wealth over the past decade, nearly 34 times more than the entire bottom 50 percent of the world’s population, according to new analysis by Oxfam ahead of the third meeting of G20 Finance Ministers and Central...
INSCO resolution plan for HNGIL raises threat to unsecured financial creditors, current employees, ET BFSI
Months after the State Bank of India (SBI) attempt to attract investors at an auction to sell Rs 1,703 crore debt of Hindusthan National Glass & Industries (HNGIL), the COC (Committee of Creditors) are seeking solution with Independent Sugar. The current...
Don’t take inflation lightly, Chidambaram cautions government, ET BFSI
New Delhi, Former finance minister P Chidambaram on Wednesday cautioned the government against taking inflation lightly, saying every family is hit hard by price rise and asked why the RBI has not reduced bank rates for 13 months if it was low as claimed. Initiating...
Household savings shift keeps Indian bond yields low despite robust growth: Goldman Sachs, ET BFSI
Despite India's robust economic growth exceeding 8% year-over-year for the past three fiscal years and a substantial government fiscal deficit at 9% of GDP, bond yields remain surprisingly low. A recent Goldman Sachs said that changes in household savings behavior are...
DLAI inducts 3 Ex-RBI executives into its Advisory Council, BFSI News, ET BFSI
Three former Reserve Bank of India (RBI) officials join the The Digital Lenders Association of India (DLAI) to further boost the mission of secure and reliable FinTech in India through their experience and expertise. "We are honoured to have such esteemed experts...
‘Internship scheme not compulsory, we are nudging industry to do it’, ET BFSI
A day after presenting her seventh straight budget, finance minister Nirmala Sitharaman sat down with TOI’s Surojit Gupta and Sidhartha to discuss the messages — from politics to reforms and the broader economy. Excerpts:Your budget is being described as a political...
Finance ministry plugs under-reporting of income by overseas taxpayers, ET BFSI
MUMBAI: The finance ministry was quick to notice that some taxpayers were not including taxes withheld outside India for the purpose of calculating their total income. This, in turn, led to under reporting of income. These individuals offered the overseas income net...
India to move away from fiscal deficit targeting after FY26, ET BFSI
India plans to move away from targeting a particular level of fiscal deficit after 2025-26, a senior finance ministry official said on Wednesday.Instead, the government will use the ratio of government debt-to-GDP as the anchor for fiscal policy, T.V. Somanathan,...
Finance Secy highlights divestment plans, says won’t announce in advance as govt wants best value for public companies, ET BFSI
The government will not pre-announce the timing of its divestment plans for FY25 to ensure its best value for public companies, said Finance Secretary TV Somanathan, in an exclusive interview with ET NOW, on Wednesday. "If I were trying to do something, I would not...
No more reopening, re-assessment of old ITR beyond 3 years if escaped income is below Rs 50 lakh, ET BFSI
Budget 2024 has introduced a significant relief, as tax authorities can no longer reopen old income tax returns (ITR) beyond the specified time limits. Finance Minister Nirmala Sitharaman said while presenting Budget 2024, "I propose to thoroughly simplify the...
Govt wants to encourage longer-term investment and not speculation via derivatives or short-term trading: Finance Secretary, ET BFSI
TV Somanathan, Finance Secretary, says the message to the markets is that long-term investments in the share markets are very important for the economy and they continue to be encouraged. They will be taxed moderately as is necessary for every form of income. And...
Budget 2024 struck a fine balance, tax changes to spur consumption: Economists, ET BFSI
The Union Finance Minister Nirmala Sitharaman tabled the Budget presentation at Parliament on Tuesday. Some of the core focus areas of the budget were employment, skills development, MSMEs and the middle class. Changes in income tax slabs were announced while capital...
RBI bounty used for managing fiscal deficit and funding growth, ET BFSI
The higher dividend from the Reserve Bank of India (RBI) bank has been used equally to manage the fiscal deficit and developmental projects an analysis of the numbers indicate.It is already known that the government revenues would get a big boost because of the RBI...
Conservative approach on growth; job & skill creation core focus area, says Economists, ET BFSI
The Economic Survey 2024 was tabled by the Finance Minister Nirmala Sitharaman on Monday, a day before the Union Budget 2024. According to the survey, India's economy is on a strong wicket and stable footing and is expected to grow 6.5-7 percent in 2024-25.Top...
Financial Inclusion strategy shifts from ‘every household’ to ‘every adult’, ET BFSI
">One rough estimate is that it would have taken 47 years to achieve 80 per cent of adults with a bank account had India solely relied on traditional growth processes," said the Economic SurveyAccording to the Economic Survey 2024, the percentage of adults with a...
Agricultural credit saw 1.5X jump in FY24, ET BFSI
The Economic Survey 2023-24, tabled in Parliament by Union Finance Minister Nirmala Sitharaman on Monday, reported significant double-digit growth in credit to agricultural and allied activities during the financial year 2024. Agricultural credit increased nearly 1.5...
Govt to prepare vision & strategy documents for financial sector, ET BFSI
Union Finance Minister Nirmala Sitharaman during her Budget speech at the Lok Sabha on Tuesday said that the union government will prepare a vision and strategy document for the financial sector.She said that this will prepare the sector in terms of size, capacity and...
When and where to watch Finance Minister Nirmala Sitharaman’s speech and get real-time updates, ET BFSI
Nirmala Sitharaman, Union Finance Minister, is set to unveil the Union Budget for the fiscal year 2024-2025 on Tuesday, July 23, in the Lok Sabha hall of Parliament in New Delhi. This marks her seventh consecutive budget speech since 2019 and her second for this year,...
Early birds report muted profit growth for April-June, BFSI News, ET BFSI
ET Intelligence Group: The early trend in the first-quarter results season showed a sustained double-digit growth in aggregate revenue while a higher year-ago base and subdued performance by Reliance Industries (RIL), the country's largest company by revenue and...
How hyper personalization can radically transform customer journeys, ET BFSI
In today's fast-paced, digital-first world, customer experience (CX) has become a critical differentiator for businesses. In a roundtable hosted by ETBFSI, with Centelon Solutions and Salesforce, a detailed discussion by these thought leaders ensued, which covered the...
Economic Survey to be presented today, a day before Budget, ET BFSI
Budget 2024: Finance Minister Nirmala Sitharaman who will present Union Budget for record-seventh time is scheduled to table the Economic Survey on July 22, Monday at 2:30 pm."The Economic Survey of India will be laid on the table of the Houses of Parliament on...
Economic Survey, BFSI News, ET BFSI
New Delhi, The Economic Survey released on Monday states that India's banking and financial sectors have displayed a stellar performance in FY24 in mobilising funds to fuel economic growth with financial inclusion."Double-digit and broad-based growth in bank credit,...
BFSI ranks third in top startup sectors in FY23; significant jump in GCCs, ET BFSI
The Economic Survey 2024 tabled today highlighted that BFSI came third in terms of the top sectors for startups in India, with digital payments and UPI contributing to this growth. The top sectors for start-ups in 2023 were EdTech (16 per cent), EnterpriseTech (12 per...
India’s retail inflation lower than EMDEs and world average, ET BFSI
Despite global economic disruptions and domestic pressures, India’s retail inflation was contained at 5.4% in FY24, marking the lowest rate since the pandemic, says the Economic Survey 2024.India’s standing globallyThe COVID-19 pandemic initially caused supply chain...
Compensation gap between CEO & median employee widens in India Inc from pre-pandemic years, finds ET study, ET BFSI
The gap between the chief executive officer and median employee compensation in India Inc. has widened from the pre-pandemic years, as per an ET study of 35 listed companies who are amongst the top ones in their respective sectors or by market cap.The ratio of...
Striking a balance key challenge for Sitharaman, BFSI News, ET BFSI
NEW DELHI: Finance minister Nirmala Sitharaman's seventh Budget will do a tight rope walk as she looks to strike a balance between the need to spend more on social sector schemes amid calls from allies for additional assistance to states, while seeking to address...
PM Narendra Modi at the start of Parliament’s Budget session, ET BFSI
Budget 2024 expectations: Prime Minister Narendra Modi today said the Union Budget 2024 to be presented in Parliament tomorrow will further the goal of a ‘Viksit Bharat’ by 2047. At the start of the Parliament’s Budget session, PM Modi addressed the media and said...
Govt to remain on path of deficit and debt consolidation, says Radhika Rao, ET BFSI
As the government authorities prepare their first Budget of the new term, they seek to remain on the path of deficit and debt consolidation while invigorating the economy to return to its pre-pandemic path, revealed Senior Economist Radhika Rao in a latest report by...
Fiscal consolidation with welfare measures, budget may see a mild increase in Capex: Emkay, ET BFSI
New Delhi [India], July 20 (ANI): The upcoming Budget will still set the stage for policy choices ahead, and will be watched for pace of fiscal consolidation and policy priorities on capex and non-capex spend says Emkay Union Budget preview.The fiscal buffer from the...
Angel Tax drains funds, distorts market valuations, say VCs, BFSI News, ET BFSI
In 2023, investments in Indian start-ups witnessed a decline of nearly 70%, with seed stage funding plummeting by 60% as of December 2023, according to a Tracxn report. While of course various factors and circumstances contributed to this downturn, the startup...
Revex has a higher multiplier effect than tax cuts, Capex should grow moderately, say Economists, ET BFSI
To foster a runway of growth spanning 10-15 years, private players await a resurgence in consumer spendingEconomists across the board emphasise the necessity of fiscal discipline without stifling growth.From leveraging RBI dividends to boosting capex while ensuring...
India’s ICICI Lombard posts Q1 profit jump on motor, health insurance boost, ET BFSI
BENGALURU - India's ICICI Lombard General Insurance reported a nearly 49% jump in first-quarter profit on Friday, helped by an increase in premiums in its motor and health insurance segments.Profit after tax rose to 5.80 billion rupees ($69.4 million) for the quarter...
Industry leaders expect further reinforcement of vision unveiled in interim budget, ET BFSI
While technology continues to drive India’s socio-economic progress, the key lies in building the nation into the knowledge capital of the world through enhanced R&D and innovation efforts.Ahead of the national election earlier this year, the Union government...
Economic growth through tax reforms, FDI liberalization, regularity clarity, ET BFSI
By addressing key concerns such as tax reform, FDI liberalization, sector-specific incentives, regulatory clarity, and ESOP simplifications, the budget has the potential to unlock new growth opportunities and propel India towards sustainable economic development in...
Modi govt may finally realise Rs 29,000 cr from divestment of this bank following RBI green signal, ET BFSI
The Reserve Bank of India has reportedly given its 'fit and proper' approval on bidders for IDBI Bank ahead of the Union Budget 2024 and all eyes are now on Finance Minister Nirmala Sitharaman.The Narendra Modi government had set the ball rolling for divesting its...
CPI Inflation projected at 4.5%, GDP at 7% for FY25: FICCI Survey, ET BFSI
A latest survey by FICCI predicts an annual median GDP growth forecast for the year 2024-25 at 7.0 per cent and CPI inflation at 4.5 per cent for the same period.Despite persisting headwinds, India’s economic growth remains resilient, and the nation remains amongst...
Lower fiscal deficit, increased capex & taxation reforms likely, says FICCI, ET BFSI
The government has done a deft job on the fiscal side and it is expected that prudence will continue to remain important to ensure macro stability. Nonetheless, the survey highlighted that the government has an opportunity to leverage additional resources from robust...
How macroeconomic indicators performed in June 2024?, ET BFSI
Recently, IMF raised India’s growth projections by 20 basis points to 7 per cent and the Asian Development Bank kept its forecast unchanged at 7 per cent.In June 2024, the Reserve Bank of India announced its bi-monthly monetary policy review, maintaining the repo rate...
India & China to drive new wealth creation globally, Asia to contribute 30% of new wealth: Report, ET BFSI
India is well positioned to be a driver of greater wealth, says a global wealth report by Boston Consulting Group (BCG). In 2023, India has generated roughly USD 590 billion in new financial wealth, marking its largest increase in the history. India will add about USD...
Siddhartha Sanyal of Bandhan Bank, ET BFSI
Siddhartha Sanyal, Chief Economist at Bandhan Bank, says, "Growth is improving, interestingly from the rural side where there was a lot of concern at some point of time, it looks like some of the indicators have started gradually improving. Globally, the concerns...
What are mule accounts the RBI governor warned about?, ET BFSI
Reserve Bank of India (RBI) Governor Shaktikanta Das recently called on banks to intensify measures against ‘mule accounts.’ These accounts, used for laundering money and other illicit activities, are becoming a significant concern for the regulator.Mule accounts are...
Govt should focus on big ticket divestments, fiscal deficit maybe reduced, says CareEdge Ratings, ET BFSI
The government's divestment plans have missed their targets for five consecutive years. The government is likely to stick to the FY25 target of miscellaneous capital receipts (includes divestment) of Rs 500 billion. However, achieving this target hinges on government...
Sitharaman participates in ‘halwa’ ceremony; marks final stage of Budget preparation, ET BFSI
NEW DELHI: Union finance minister Nirmala Sitharaman, along with minister of State Pankaj Chaudhary and secretaries, attended the 'halwa' ceremony marking the final stage in preparing the full Budget for the fiscal year 2024-25, at North Block in Delhi on Tuesday.The...
Generating both Economic and Environmental Returns, ET BFSI
The growth in climate finance has been promising, hitting an annual flow of $44 billion by 2020, mostly for energy and mitigation.Climate finance is not just about combating climate change; it is about driving economic growth while safeguarding this growth and our...
Unleashing the power of digitization and office automation, ET BFSI
In today's rapidly evolving market landscape, digital transformation is revolutionizing industries, particularly in the BFSI (Banking, Financial Services, and Insurance) sector. Embracing advanced technologies is no longer a choice; it's a strategic necessity to...
Industrial activity is expected to gain support from domestic consumption in FY25: CRISIL, ET BFSI
NEW DELHI: Industrial activity in the current fiscal year is poised to gain support from domestic consumption, with an anticipated improvement in private consumption, which had weakened to 4 per cent last fiscal, according to CRISIL report.The normalization of the...
Can Nirmala Sitharaman blend good economics with shrewd politics?, ET BFSI
NDA 3.0 has, so far, indicated continuity. Retention of the key ministerial portfolios and the position of the Speaker of the Lok Sabha by the BJP has sent the message of continuity.Will the first Budget of NDA 3.0 indicate continuity of economic policy? Or will the...
Rupee ducks weakness in Asian peers, lingers in a tight band, ET BFSI
By Jaspreet KalraMUMBAI - The Indian rupee was nearly flat on Monday, even though most of its Asian peers declined tracking weakness in the Chinese yuan and amid heightened odds of a second presidential term for Donald Trump.The rupee was at 83.5425 against the U.S....
Industry body to FM, BFSI News, ET BFSI
New Delhi, Industry body SME Chamber of India has urged Finance Minister Nirmala Sitharaman to continue the 45-day MSME payment rule for corporates and other buyers. According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a...
WPI hits 16th month high at 3.36% in June riding on costlier vegetables, ET BFSI
India’s Wholesale Inflation in June 2024 has been recorded at 3.36% opposed to 2.61% in the previous month of May, according to the government data released on Monday. The annual rate of inflation (y-o-y) based on WPI Food Index increased from 7.40% in May, 2024 to...
MSME data stack, alternative credit assessment models can bridge $530 bn credit gap, says industry, ET BFSI
MSMEs face a credit gap of $530 billion, and only 14% of the 63 million small businesses in India have access to credit, according to a report by investment bank Avendus Capital. This issue needs to be addressed especially as MSMEs are considered a major plank of...
Goldman Sachs names Sudarshan Ramakrishnan, Devarajan Nambakam as Co-Heads of investment banking in India, ET BFSI
Goldman Sachs, on Monday announced the appointment of Sudarshan Ramakrishnan and Devarajan Nambakam as co-heads of Investment Banking in India. This move is aimed at enhancing the firm's investment banking strategy and expanding client relationships across various...
Anarock suggests Centre to focus on affordable housing segment this Budget, ET BFSI
Mumbai (Maharashtra) [India], July 14 (ANI): With the Union Budget for 2024-25 set to be tabled on July 23, the real estate sector is pinning renewed hope on the Modi 3.0 regime. Expectations are high for tax reliefs and other sentiment boosters.The future of the...
BofA predicts boost to capex, modest populism, intact deficit target, ET BFSI
FY25 budget announcement is scheduled on 23rd July 2024. Key debate is on government's allocation for USD 16.2 billion of excess dividend receipts from the RBI & CPSEs. About USD 6.6 billion allocations is expected to stimulate state capex, USD 9.6 billion towards...
India’s financial sector gears up for transparency with RBI’s draft guidelines, ET BFSI
The Reserve Bank of India (RBI), in February, took a significant step towards integrating climate risk considerations into the country's financial landscape by releasing its draft guidelines on the Disclosure Framework on Climate-related Financial Risks. This move is...
India’s GDP growth may moderate to 6.8% this fiscal; expect two RBI rate cuts, says CRISIL, ET BFSI
Representative imageCRSIL Ratings expects two policy cuts from the Reserve Bank of India during this fiscal starting October even as it sees the GDP growth moderating to 6.8%. "Amid strong economic growth momentum, the MPC aims to see a durable reduction in inflation...
Central spending gives a boost to liquidity, brings overnight rate 10 bps below repo, ET BFSI
A pronounced increase in government spending after the polls has injected fresh liquidity into the banking system, bringing down overnight borrowing rates, Treasury Bill yields and, in turn, short-term financing costs for Indian companies, even as the central bank...
Retail Inflation snaps five-month record of moderation, increases to 5.08% in June, ET BFSI
India’s retail inflation for the month of June increased to 5.08%, breaking a five-month streak of moderation. Food inflation marked another high at 9.36%.Although the numbers are within The Reserve Bank of India's (RBI) tolerance band for inflation for FY25, set...
NITI Aayog member Arvind Virmani, ET BFSI
The Indian economy will grow around 7 per cent in the current fiscal year and is on track to maintain a similar growth rate for several years, NITI Aayog member Arvind Virmani said on Friday. Virmani said there are new challenges facing the country and they will have...
Investments in Q2 CY24 surged, debt deals witness uptick: Report, ET BFSI
Investments in the second quarter of CY24 have surged, breaking the decline from Q3 CY23 to Q1 CY24. A total of USD 11.6 billion investments were made through 318 deals in Q2 CY24 compared to USD 8.2 billion investments through 290 deals in Q1 CY24, revealed a latest...
ISF report, BFSI News, ET BFSI
About 220,000 flexible jobs were created in 2023-24, according to an Indian Staffing Federation (ISF) report. Flexi staffing industry grew 15.3% year-on-year, up from 14% in the previous fiscal, as per the ISF’s Annual Employment Trends 2024 report. The total flexi...
Will Nirmala Sitharaman under-promise and over-deliver in Budget? BofA predicts, ET BFSI
In her seventh consecutive Union Budget presentation, Finance Minister Nirmala Sitharaman may deliver an effective tax rate cut, higher subsidy for cooking gas, interest rate subvention for rural and urban housing, special assistance to states, and wider subsidized...
India widens use of foreign currency accounts in GIFT City, BFSI News, ET BFSI
By Jayshree P UpadhyayMUMBAI - Indians have been allowed wider usage of foreign currency accounts at the Gujarat International Finance Tec-City, or GIFT City, boosting business prospects for a finance hub pushed by Prime Minister Narendra Modi.GIFT City, launched in...
HSBC India and British Council launch ‘Climate Skills
HSBC India and British Council, on Thursday announced the launch of the "Climate Skills: Seeds for Transition India" project in a partnership. The programme is part of the British Council’s long-term international effort to establish a global climate skills approach...
Fiscal Consolidation to pace up, focus on Viksit Bharat, says Morgan Stanley, ET BFSI
The policy-makers will continue to focus on fiscal prudence, in an attempt to align with the medium-term fiscal deficit target of 4.5 per cent of GDP by FY26, highlighted a latest report by Morgan Stanley.A narrower-than-expected fiscal deficit for FY24 at 5.6 per...
Microfinance industry seeks enhanced funding, tax holiday benefit, ET BFSI
The microfinance industry wants n the government to provide additional funding and support, particularly for smaller microfinance institutions (MFIs) with portfolios below Rs 1,000 crore, in the Union Budget.Industry players emphasise the need to upgrade many...
PM Modi invites Austrian companies to invest in India, BFSI News, ET BFSI
Vienna, Prime Minister Narendra Modi on Wednesday invited Austrian companies to invest in India as he highlighted the potential for bilateral collaborations in infrastructure, energy, emerging technologies and other sectors. Modi arrived here from Moscow after meeting...
APAC takes lion’s share of wealth growth, spiraling debt a concern: Report, ET BFSI
Wealth in Asia-Pacific has grown rapidly, but debt has spiraled upwards as well, while a few major markets saw their wealth contract, bucking the global trend, highlighted a latest report by UBS.Over the past 15 years, it is Asia-Pacific that takes the lion’s share of...
Startup investment climate needs capital gains tax relief, CFOs say, ET BFSI
Not just India hosts the third-largest startup ecosystem globally with over 1,41,780 DPIIT-recognised startups, but it also has generated over 12.42 lakh direct jobs. As the Union Budget 2024 is set to be released by the Finance Minister on July 23rd, startups are...
New jobs created in Indian economy in 2014-23 jump over 4-fold compared to 2004-14: SBI study, ET BFSI
New Delhi, As many as 12.5 crore jobs have been created in the Indian economy during the financial years 2014-23, which represents an over four-fold jump from the 2.9 crore jobs created during 2004-14, according to a State Bank of India (SBI) study."Even if we exclude...
US hosts most millionaires, strong rise in wealth brackets: UBS Report, ET BFSI
The United States host 38 per cent of the world’s millionaires, Western Europe 28 per cent and China about 10 per cent, reveals the UBS ReportThe United States hosts the highest number of millionaires in the world according, nearly 22 million people. China is in...
Goyal, BFSI News, ET BFSI
New Delhi, Commerce and Industry Minister Piyush Goyal on Wednesday said both India and the UK are committed to the proposed free trade agreement (FTA) between the two countries. He said that the initial comments made by the new UK government are "very" encouraging....
Hyderabad gets BFSI boost as global giants zero in for setting up GCCs, ET BFSI
HYDERABAD: In what is sure to cement Hyderabad’s standing as a global BFSI (banking, financial services and insurance) hub, nearly half a dozen BFSI biggies have acquired space in the city in the first half of 2024.This includes players such as Cigna Healthcare,...
Will FM extend old regime benefits to new tax regime?, ET BFSI
The new income tax regime, also known as the concessional tax regime, offers lower tax rates for individual taxpayers compared to the old tax regime. Starting from FY 2023-24, this new regime has become the default option if no tax regime is selected by the...
Official employment data masks India’s jobs problem, say economists, ET BFSI
India's growing employment stems largely from self-employed individuals, unpaid workers and temporary farm hires, whose jobs are not equivalent to formal positions with regular wages, private sector economists said on Wednesday.The comments follow labour department...
Finance Commission sets up advisory panel, BFSI News, ET BFSI
The 16th Finance Commission has set up a five-member advisory council comprising economists D K Srivastava, Neelkanth Mishra, Poonam Gupta, Pranjul Bhandari and Rahul Bajoria. Gupta will be the convenor of the panel that will assist the Finance Commission headed by...
RBI DG Rao, ET BFSI
">"External audit is an indispensable component of a robust regulatory framework," stated RBI Deputy Governor, M Rajeshwar RaoThe statutory auditors play a significant role in maintaining stakeholder confidence in audited financial statements, which is particularly...
Moody’s appoints Durga Bhavani as Managing Director and Head of India GCC, ET BFSI
Moody’s, on Tuesday announced the appointment of Durga Bhavani as the new Managing Director and Head of its India Global Capability Center (GCC).This move places Durga at the helm of Moody’s operations in India, where she will lead the execution of GCC strategy and...
India’s employment rises to 6% in FY24, highest since 1982: RBI data, ET BFSI
India's employment sector showed robust growth in the fiscal year 2023-24, according to the Reserve Bank of India (RBI)'s latest data. The employment growth rate surged to 6%, a significant rise from 3.2% in the previous fiscal year. This marks the highest employment...
EXIM Bank enters into $2.5 million Line of Credit agreement with Guyana, ET BFSI
The Export-Import Bank of India (EXIM Bank) has entered into an agreement with the government of Guyana to provide a line of credit worth $2.5 million for the installation of a solar photo voltaic power plant, the Reserve Bank of India said on Monday.While the deal...
SBI Capital Markets, ET BFSI
Industry credit has grown at a CAGR (compound annual growth rate) of 5 per cent in the past five fiscals, slower than overall bank credit of CAGR 10 per cent.Credit growth in the Indian banking sector is expected to exceed nominal GDP growth in the current financial...
India sees 33% annual surge in diversity hiring, driven by BFSI and IT Sectors, ET BFSI
Overall hiring activity has witnessed a 12% yearly increase (June 2024 vs June 2023) and a slight 2% monthly rise (June 2024 vs May 2024) , with the overall hiring index rising from 295 in May 2024 to 302 in June 2024India has seen a 33% year-on-year surge in...
Budget FY25 should focus on tax relief to boost consumption: India Inc, ET BFSI
New Delhi, The Union Budget FY25 should focus on offering relief to taxpayers, especially in the lower income brackets, to stimulate consumption, industry players suggested. Finance Minister Nirmala Sitharaman is scheduled to present the full Budget for fiscal 2024-25...
Labour min rebuts Citigroup’s research report on employment in India, ET BFSI
New Delhi, The labour ministry on Monday rebutted a recent report by Citigroup which forecast that India will struggle to create sufficient employment opportunities even with a 7 per cent growth rate. The ministry in a statement said the report "fails to account for...
US commits to bolstering financial connectivity in Pacific, BFSI News, ET BFSI
BRISBANE: The United States is committed to bolstering "financial connectivity, investment, and integration," a senior US Treasury told a Pacific Banking meeting in Brisbane Monday where financial institutions and government officials are meeting to try to improve the...
What to expect in Budget FY25, BFSI News, ET BFSI
As Finance Minister Nirmala Sitharaman prepares to present her Budget this month, the focus will be on crucial decisions impacting the banking and insurance sectors. Key reforms and regulatory adjustments are anticipated, reflecting the government's continued efforts...
India cenbank data shows far more jobs than private surveys, ET BFSI
By Swati Bhat and Ira Dugal MUMBAI -India's central bank said on Monday the country added 46.7 million jobs in the fiscal year ended March, far exceeding numbers in private surveys that point to high unemployment rates in the South Asian nation.The employment growth...
Govt refutes report by Citigroup on Employment citing lack of official data, ET BFSI
The Union Government on Monday refutes the recent research report by Citigroup on Employment in India which forecasts that India will struggle to create sufficient employment opportunities even with a 7% growth rate.Ministry of Labour and Employment said that it...
Here’s how US short seller responded to Sebi show cause notice, ET BFSI
The Hindenburg-Adani saga took a new twist on Tuesday when the US short seller informed that it received a show cause notice from Indian market regulator Sebi over alleged violations in placing bets on the conglomerate stocks. In the latest turn of events, Kotak Bank...
India, UK to hold next round of talks on proposed trade agreement this month, ET BFSI
With the new government taking charge in Britain, senior officials of India and the UK will hold the next round of talks this month for the proposed free trade agreement to resolve the pending issues and close the negotiations, an official said. The India-UK talks for...
Manoj Kumar Nambiar and Vineet Chattree to lead MFIN as new Chairperson and VC, ET BFSI
Vineet Chattree (Left) & Manoj K. Nambiar (Right)The Microfinance Industry Network (MFIN), the premier association and RBI-recognized Self-Regulatory Organization (SRO) for the microfinance industry, has elected Manoj Kumar Nambiar, MD of Arohan Financial Services...
Fiscal deficit may be budgeted below 5% GDP, borrowing to reduce: SBI Report, ET BFSI
In the Interim Budget, Government has targeted fiscal deficit of 5.1 per cent of GDP for FY25, however on the back of stupendous growth in GST revenues along-with higher dividends from PSUs and RBI, it is believed that the Government may target fiscal deficit of less...
Jobs, rural India likely to be focus of new Modi government’s first budget, says Goldman Sachs, ET BFSI
MUMBAI - The first budget by Prime Minister Narendra Modi's new government may tilt towards, but not pivot to welfare spending, with a focus on rural economy and job creation, economists at Goldman Sachs said in a note on Monday.The budget proposal for the financial...
Government reviews FDI caps; may help defence, insurance sectors, ET BFSI
NEW DELHI: The govt is looking to review foreign direct investment caps for sectors such as defence, insurance and plantations, and look at the processes that can be eased to streamline the regime.While most sectors have a liberal regime where automatic approvals...
Union Budget consultations done, Sitharaman set to announce measures and reforms on July 23, ET BFSI
Finance Minister Nirmala Sitharaman has wrapped up consultations with industry and social sector representatives ahead of presenting her seventh Union Budget on July 23, the Finance Ministry said in a statement on Sunday.The pre-budget consultations for Union Budget...
Fake call centre offering loans busted in Noida; 11 arrested, BFSI News, ET BFSI
Noida, Eleven people, including nine women, were arrested for defrauding people in the name of loans and insurance policies from a call centre here, officials said on Saturday The Noida Police said that the gang had data of 10,000 people. The gang, operating from a...
What is angel tax and why has DPIIT sought its removal?, ET BFSI
Removal of the contentious angel tax for startups may be part of the Union Budget announcement, as per the recommendations from the Department for Promotion of Industry and Internal Trade (DPIIT). DPIIT secretary Rajesh Kumar Singh confirmed on Thursday that the...
NITI Aayog’s WEP and TransUnion CIBIL launch SEHER to empower women entrepreneurs financially, ET BFSI
The Women Entrepreneurship Platform (WEP), an initiative by NITI Aayog, and TransUnion CIBIL on Friday announced the launch of SEHER, a credit education program aimed at empowering women entrepreneurs across India.This initiative, under the aegis of NITI Aayog, is...
Expert committee submits report on net-zero transition finance to IFSCA, ET BFSI
The Expert Committee on Climate Finance has submitted its first report on Transition Finance to the International Financial Services Centres Authority (IFSCA).The Expert Committee, established by IFSCA, aims to develop a climate finance ecosystem with a focus on...
RBI’s bumper payout to limit big ticket divestment; govt to maintain Rs 50k cr target: Report, ET BFSI
The record Rs 2.1 lakh crore dividend payout by the Reserve Bank of India will limit the need for big-ticket divestment, a domestic rating agency said on Thursday. Care Ratings said the new government will retain the interim budget's Rs 50,000 crore target on receipts...
ETMarkets Smart Talk: India’s economy poised for strong growth in second half of 2024, market outlook cautious: Vipul Bhowar, ET BFSI
“Given the current high valuations in the Indian equity market, there are expectations of subdued returns in the second half of 2024, with increased volatility and only marginal gains likely by the end of the year,” says Vipul Bhowar, Director, Listed Investments,...
What can salaried taxpayers expect from Union Budget 2024?, BFSI News, ET BFSI
As Finance Minister Nirmala Sitharaman prepares to unveil the Union Budget 2024, salaried taxpayers have high expectations for reforms that could significantly impact their finances.Salaried taxpayers are anticipating an overhaul of the income tax slabs. While the...
Modi’s message from Parliament on business and economy, BFSI News, ET BFSI
In his reply to the Motion of Thanks on the President’s Address to Parliament in Lok Sabha yetserday and Rajya Sabha today, Prime Minister Narendra Modi made elaborate comments on a wide range of issues but the underlying message was the same: nothing has changed for...
Which sectors are likely to be in the limelight?, ET BFSI
The anticipation for Budget 2024 is high, with expectations of significant tax relaxations. The government is likely to introduce measures to make the tax structure more attractive, continuing efforts to reduce the burden on the salaried class as seen in recent...
Centre to come up with new accounting standards for banking and insurance sectors, ET BFSI
The Centre is developing new accounting standards for the banking and insurance sectors. This initiative aims to enhance transparency and align Indian financial practices with global standards.The Ministry of Corporate Affairs (MCA) is collaborating with ICAI to...
Development banks get ratings boost on climate clauses and hybrid bonds, ET BFSI
By Marc JonesLONDON, - The World Bank and other top development banks got a double boost on Tuesday as Fitch said debt payment freezes for climate-disaster hit countries would not hit the banks' credit rating and it would no longer cap ratings on new 'hybrid'...
Ransomware remains biggest existential cyber threat; 96% Indian companies seek govt help: Report, ET BFSI
Ransomware attacks continue to be the biggest existential cyber threat for companies, with about 59 per cent of organisations hit by ransomware last year and about 66 per cent reporting in both the previous two years. Additionally, approximately 96 per cent of Indian...
India’s services sector experiences its fastest employment growth in 22 months; June PMI rises to 60.5, ET BFSI
In June 2024, the HSBC India Services Business Activity Index rose to 60.5 from May’s 60.2. This marked a significant rebound from the five-month low in May, driven by a surge in new orders and unprecedented growth in international sales.According to the S & P...
Women’s share on boards rises faster than in top jobs, BFSI News, ET BFSI
Since the mandate kicked in from April 2015, the share of women directors has increased over three times, after virtually stagnant between 2007 and 2014NEW DELHI: Govt mandate to have women on corporate boards has not just pushed up their share to 15.7%, but also...
Japan introduces new banknotes featuring 3-D portraits, ET BFSI
Japan on Wednesday introduced its first new banknotes in two decades, featuring three-dimensional portraits of pioneers in finance, women's education, and medical science. The National Printing Bureau of Japan has employed a unique technology for paper money, using...
New system to ease FPI access to Gsecs awaits RBI nod, BFSI News, ET BFSI
Mumbai: A few global trading platforms and the Clearing Corporation of India (CCIL), which have been regularly testing a new model that facilitates easier access to Indian bonds for foreign investors, are now awaiting the Reserve Bank of India's approval to formally...
Economy on strong wicket after fiscal first quarter, BFSI News, ET BFSI
NEW DELHI: India’s economy ended the first quarter on a strong note with manufacturing sector activity rebounding in June after two months of deceleration while goods and services tax (GST) collections came in strong.Passenger car sales rose further in the month from...
India’s macro fundamentals to remain strong in 2nd half of FY25: Nomura, ET BFSI
New Delhi, Driven by steady growth and low, underlying inflation, India's macroeconomic fundamentals are expected to remain strong in the second half of FY25, global brokerage firm Nomura has said.Nomura expects a decline in India's consumer price index from 5.7 per...
Integrating climate finance into India’s economic blueprint, BFSI News, ET BFSI
India’s 2024-25 Budget should consider the establishment of dedicated climate finance institutions in a public-private partnership mode, said Pradeep S.Mehta, Secretary-General of CUTS International, during a webinar titled ‘Accelerating Private Investment in Climate...
What next for GST after seven years of existence?, ET BFSI
Seven years have passed since the Goods and Services Tax (GST) was introduced on July 1, 2017, consolidating various state and central indirect taxes into a unified system.With buoyant revenue collections setting the stage, experts anticipate the next phase of GST...
World Bank approves USD 1.5 bn to support India’s low-carbon energy sector, ET BFSI
With this financing, efforts will be made to enhance the market capability for green hydrogen. The World Bank on June 29, approved USD 1.5 billion in financing to accelerate India's development of low-carbon energy."The financing will help India promote low-carbon...
Record upturn in job creation drives India’s manufacturing PMI to 58.3 in June, ET BFSI
India's manufacturing activity witnessed a rebound owing to increased robust demand leading to the fastest rate of hiring in more than 19 years. This comes despite inflationary pressures remaining elevated, a survey showed.The HSBC final India Manufacturing Purchasing...
Centre should have state-specific financial approach for development, says Kerala FM, ET BFSI
Seeking more funds to tide over the state's financial woes, Kerala Finance Minister K N Balagopal on Sunday said the Centre should have a state-specific rather than a uniform financial approach towards states as each of them has different kinds of developmental...
Future Enterprises’ creditors scrap simultaneous vote for its assets, ET BFSI
Creditors to Kishore Biyani's Future Enterprises Ltd (FEL) have scrapped a simultaneous voting process to find a buyer for the beleaguered company's insurance stakes and manufacturing units after one of the bidders sought to raise its offer for two apparel...
India’s GDP growth to slow modestly this fiscal year and next: Reuters poll, ET BFSI
India's economic growth in the three months through December was much higher than most estimates due to a sharp fall in key subsidies which provided a boost to GDP - a situation economists in the poll say is unlikely to recur.By Vivek MishraForecasts for a mild...
India’s Fiscal Deficit at 3 pc of full FY25 target in April-May: CGA Data, ET BFSI
The central government’s fiscal deficit for April-May 2024 was Rs 50,615 crore, accounting for 3% of the estimated number for the ongoing fiscal year, as per the data released by CGA.Net tax revenues for April-May stood at Rs 3.19 lakh crore, or 12% of the annual...
Fall in Household Financial Savings actually a worry, BFSI News, ET BFSI
Even as jury is out whether the fall in financial savings of the household is anything to worry about as it has gone towards buying physical assets, the Reserve Bank of India has warned that from the financial stability perspective, household debt needs to be closely...
Budget to accelerate pace of reforms, take many historic steps: President, ET BFSI
New Delhi, The first budget of the newly-formed NDA government next month will take "many historic steps" as well as accelerate the pace of economic reforms and lay a roadmap for 'far-reaching policies' and 'futuristic vision' of the government to make India the...
JP Morgan to include India bonds in EM index from today, pave way for $25-30 billion inflows, ET BFSI
JP Morgan will include Indian bonds in its JP Morgan GBI-EM Global Series of indices on Friday, marking a significant milestone for the country's bond market. This inclusion is expected to pave the way for substantial foreign investments, potentially amounting to...
Heatwaves may keep food inflation elevated and overshoot RBI’s inflation projection for H1 of FY25, ET BFSI
The onging heatwaves in the country are likely to keep food inflation elevated for longer and overshoot RBI's inflation projection for Q1 as well as Q2 of FY24"Heatwave seems to be persisting longer than usual with IMD alerts for certain northern States and Eastern...
President Murmu hails banking sector, highlights last 10 years achievements, ET BFSI
In her first address to the 18th Lok Sabha members, the President of India, Smt. Droupadi Murmu, highlighted the transformative journey and achievements of the Banking, Financial Services, and Insurance (BFSI) sector over the past decade. The President noted that the...
Govt plans to set up centre of excellence for R&D work in DPIs, DPGs, ET BFSI
The government plans to set up a centre of excellence to work on research and development in digital public infrastructure (DPI) and digital public goods (DPG), people in the know told ET.“There are a lot of applications in the DPI space built on top of the protocols...
What is FRBM Act? Why is FRBM Act important in Budget?
The Fiscal Responsibility and Budget Management Act (FRBM Act), enacted in 2003, establishes financial discipline with the aim of reducing fiscal deficit.Enactment of the FRBM Act: Who and When?The FRBM Bill was introduced in 2000 by the then finance minister,...
PhonePe’s PG Solutions help SMEs, MSMEs to scale, ET BFSI
New Delhi, On the occasion of World MSME Day, demonstrating a deep commitment to supporting the backbone of the Indian economy, PhonePe Payment Gateway (PG) on Thursday shared that it is already working with more than half of MSMEs (Micro, Small & Medium...
Narrowing trade deficit, rise in remittances aid current account surplus: CRISIL, ET BFSI
Kolkata, India's current account surplus in the fourth quarter of the 2023-24 fiscal was aided by narrowing of the merchandise trade deficit, an increase in remittances and a surplus in services trade, according to a CRISIL report released on Wednesday. The country's...
Farm loan waivers to negatively impact banks’ asset quality: Macquarie, ET BFSI
Farm loan waivers will have a negative impact on bank’s asset quality, Macquarie Capital said in a note on Wednesday. States like Telangana, Jharkhand and Punjab have either announced a farm loan waiver or are mulling over it.Macquarie is of the view that farm loan...
Centre eyeing one startup in every district by next year, ET BFSI
The Centre is likely to fulfil its plan to have at least one registered startup in each of the 785 districts of the country within a year as only 20-25 districts remain without any registered startup, industry department officials said.As of March 31, there were more...
Finmin reviews financial inclusion schemes in meeting with banks, FI CEOs, ET BFSI
New Delhi: The finance ministry on Tuesday reviewed the progress under various financial inclusion schemes with the chief executives of public sector banks and other financial institutions, including Nabard and Sidbi. The meeting was chaired by financial services...
India’s external debt rises $40 billion in FY24; industry’s share highest, ET BFSI
At end-March 2024, India’s external debt was placed at $663.8 billion, an increase of $39.7 billion over its level at end-March 2023.The external debt to GDP ratio declined to 18.7 per cent at end-March 2024 from 19.0 per cent at end-March 2023, according to the...
How e-rupee usage fell from 10 lakh transactions a day to 1 lakh transactions in just five months, ET BFSI
India's digital currency initiative, the e-rupee, launched by the Reserve Bank of India (RBI) as a pilot project in December 2022, has encountered significant challenges amid efforts to gain public acceptance. Designed as a digital alternative to physical cash, the...
800 Online Financial Frauds a Day, BFSI News, ET BFSI
Nearly 800 digital payment fraud cases are reported every day in India, nearly 10 times more than what RBI’s annual report showed. This is because the central bank’s took into account cases above Rs 1 lakh only.According to the report, 29,082 card & digital...
India’s inflation also ‘K-shaped’; rural folk more hurt by price-rise: HSBC, ET BFSI
Mumbai: Just like the post-pandemic recovery, the Indian inflation story is also 'K-shaped' and is hurting certain sections more than others, a foreign brokerage said on Tuesday. Rural consumers are more impacted by price-rise than their urban counterparts, economists...
India Inc risk management improves despite global headwinds: Report, ET BFSI
India Inc risk management improves despite global headwinds: Report Despite facing global headwinds and increased risk exposure in certain sectors, Indian enterprises have demonstrated resilience and strategic advancements, leading to improved risk management scores....
Financials, banks boost Indian shares to record highs, BFSI News, ET BFSI
By Sethuraman N R and Hritam MukherjeeBENGALURU - Indian benchmarks rose to record highs on Tuesday, lifted by a surge in heavyweight financial and bank stocks that have lagged sectoral peers so far this year. The NSE Nifty 50 index was up 0.6% at 23,668 as of 01:13...
Finance Ministry calls meeting with PSBs to review financial inclusion schemes ahead of budget, ET BFSI
New Delhi: The finance ministry has called a meeting with heads of state-owned banks and financial institutions on Tuesday to review the progress of the government's flagship financial inclusion schemes such as the Jan Dhan Yojana, Jan Suraksha Yojana, and Mudra...
Apple shuts down ‘Buy Now, Pay Later’ service to focus on third-party instalment loans, ET BFSI
Apple is discontinuing its 'Buy Now, Pay Later' (BNPL) service, Apple Pay Later, just a year after its launch as the company shifts its focus towards collaborating with third parties for instalment loan offerings.Introduced in the United States last year, Apple Pay...
India starts preparing for a China-like population problem, BFSI News, ET BFSI
While India looks with hope at its demographic dividend, a large number of young population which can drive the economy to new heights, it must contend with a challenging future prospect which China is already struggling with. A few months ago, the story of a retired...
S&P Global Market revises China’s growth forecast, still significantly lower than India, ET BFSI
NEW DELHI: The S&P Global Market Intelligence has marginally increased its GDP forecasts for China from 4.5 per cent to 4.6 per cent primarily due to anticipated policy tailwinds extending into the next year and a gradual improvement in private-sector sentiment....
India’s FY24 CAD narrows to 0.7% of GDP, achieves 0.6% surplus of GDP in Q4, ET BFSI
The Central Bank, on Monday released the data on India's balance of payments (BoP) for the fourth quarter (Q4) of the financial year 2023-24.India's foreign exchange reserves experienced an increase during the financial year 2023-24. According to the RBI, the forex...
Vijay Mallya attends son Siddhartha Mallya’s lavish UK wedding amidst legal troubles, ET BFSI
Vijay Mallya was recently photographed attending the extravagant wedding of his son, Sidhartha Mallya, in the United Kingdom. The now fugitive businessman, embroiled in a high-profile alleged loan fraud case exceeding 900 crores, was seen at the celebration held at...
Policy in the works on finance, health support for elders, ET BFSI
New Delhi: India is considering policy measures for senior care that aim at providing health, financial, social and digital support to its aging population, officials said. All stakeholder ministries, including the ministry of health and family welfare, the ministry...
Rupee underpinned by expected inflows, countered by weak Asian peers, ET BFSI
By Nimesh VoraMUMBAI - The Indian rupee was largely unchanged on Monday with expectations of dollar inflows related to domestic bonds being included in a JPMorgan index being countered by weakness in the Chinese yuan and Japanese yen. The rupee was at 83.5350 to the...
Ashima Goyal, an external member of MPC, ET BFSI
India's economy has the potential to safely grow around 8% but the nominal repo rate has to fall along with a projected decline in inflation, Ashima Goyal, an external member of the Monetary Policy Committee said to Bhaskar Dutta. The Reserve Bank of India has...
Taxing the super-rich? 74% of Indians support it – Here’s why, ET BFSI
As G20 finance ministers prepare to meet next month, a new survey reveals overwhelming public support for a wealth tax on the super-rich. The survey, conducted by the Earth4All initiative and Global Commons Alliance, found that 68 per cent of people in G20 countries...
Gautam Adani’s salary was less than his peers and executives in FY24. Here’s how much he got, ET BFSI
Billionaire Gautam Adani's salary was less than his top executives and peers in FY24, receiving Rs 9.26 crore in compensation. The chairman of the Adani Group drew a salary from only two companies out of the 10 listed entities in his ports-to-energy conglomerate, as...
Indian Economy gets formalised at faster pace, labour force lags: SBI Ecowrap, ET BFSI
A latest ecowrap report by the State Bank of India highlighted that the Indian Economy is getting formalized at a faster pace where about 65 lakhs jobs have been formalized since FY19 and about 43 per cent consumption was contributed by those at the bottom of the...
Workers getting better deal as share of India’s formal economy rises, ET BFSI
New Delhi, India has succeeded in reducing the size of its the informal economy to 23.7 per cent in 2022-23 compared to 25.9 per cent in 2015-16 which works out to a growth of Rs 26 lakh crore in absolute terms in the country's formal economy, according to an SBI...
Here’s what they were charged with, ET BFSI
Four members of the prominent Hinduja family were convicted on Friday for exploiting underpaid servants at their luxurious villa in Geneva, Switzerland. The elder family members, Prakash Hinduja (78) and Kamal Hinduja (75), who were absent from the trial due to health...
What is expected from the GST Council meeting today?, BFSI News, ET BFSI
The goods and services tax (GST) council which is meeting today is likely to take up host of reforms including conditional waiver of interest or penalty on tax notices issued between 2017 and 2020, empowering the centre and states to quash tax notices on industry...
All roads lead to Nvidia as tech sees record inflows, Says BofA, ET BFSI
The ongoing artificial intelligence frenzy that briefly made Nvidia Corp the world's most valuable company this week also drove record inflows into tech funds, said Bank of America Corp strategists.About $8.7 billion flowed into tech funds in the week through June 19,...
Tax sops, higher capex, stable tax regime top industry wishlist, ET BFSI
Budget 2024 expectations: Tax incentives, an increase in capital expenditure, fiscal consolidation, enhanced ease of doing business, and a stable long-term tax regime are among the key suggestions industry and financial institutions made in their pre-budget...
Export projection for FY’25 underway, interest equalization scheme extension proposed: DGFT, ET BFSI
Kolkata, The Director General of Foreign Trade (DGFT) on Friday said that export projections for the current fiscal are still being finalised while efforts are on to improve the ease of doing business to meet the government's goal of achieving USD 2 trillion in...
Budget must focus on employment generation, boost to manufacturing sector: Economists, ET BFSI
The Budget for 2024-25 should focus on employment generation, besides promoting the manufacturing sector, economists attending the pre-Budget consultation meeting with Finance Minister Nirmala Sitharaman here on Wednesday said. The meeting was attended by National...
National Pension System AUM surges 28% to reach Rs 12.28 lakh crore, ET BFSI
The National Pension System (NPS) has witnessed a robust growth, with its assets under management (AUM) increasing by 28% to Rs 12.28 lakh crore as of June 8, according to the latest data from the Pension Fund Regulatory and Development Authority (PFRDA). This...
Will there be a slowdown in growth in coming quarters?, ET BFSI
Will there be a slowdown in growth in coming quarters? The sequential revenue growth for India Inc to taper in Q1 FY2025, according to Icra due to headwinds such as a slowdown in the central government's spending during the Parliamentary elections and onset of monsoon...
KV Kamath, BFSI News, ET BFSI
"You have a situation where almost any company that you talk to has free cash flows, which are good enough to drive their future. They believe that they can meet most of their needs in terms of brownfield expansion and a bit of greenfield expansion out of their own...
Central banks plans to add gold to their reserves in a year: WGC, ET BFSI
Chennai, Nearly 30 per cent of 70 central banks surveyed have said they plan to add to their own gold reserves within the next year, a World Gold Council survey said.According to WGC, the views in favour of the yellow metal from the reserve managers persist despite...
Fitch raises India’s growth forecast by 20 bps to 7.2% for FY25, ET BFSI
The American rating agency on Tuesday announced an upward revision in India's FY25 growth forecast from 7 percent to 7.2 per cent. This positive growth trajectory for India contrasts with the global economic situation, as the US economy is gradually slowing...
Digitizing paperwork for sustainable ESG progress, ET BFSI
And as India continues to enhance its digital transformation, leveraging technology to meet ESG goals will strengthen the country's position as a responsible participant in the global economy, where growth is driven by sustainable development.Given the increasing...
Fitch Ratings increase India’s GDP forecast to 7.2% for current fiscal year, ET BFSI
Fitch Ratings' in its latest Global Economic Outlook report forecasted India's economy to grow by 7.2% in the current fiscal year with the central bank anticipated to implement a single quarter-point rate reduction, 0.2 % up than beating earlier projections predicted...
Advance tax numbers bring cheer to the economy, BFSI News, ET BFSI
New Delhi: The government's advance tax collection in this financial year till June 15 surged 27.6% year-on-year to ₹1.48 lakh crore, signalling a robust economy and strong corporate performance, said people privy to the information.The amount included ₹1.14 lakh...
Indian corporates are likely to go slow on overseas dollar loans: BofA, ET BFSI
Mumbai: After having deleveraged their books, Indian corporates are likely to go slow on overseas dollar loans as current rates are expensive, although there is "huge pent-up demand" for buying into local firms' equity, a top Bank of America executive told ET."On the...
Sitharaman likely to present budget for fiscal year 2024-35 in second half of July, ET BFSI
NEW DELHI: Finance Minister Nirmala Sitharaman is likely to hold pre-budget consultations with industry chambers on June 20, sources said. The budget for 2024-25 fiscal is likely to be presented in Parliament in the second half of July.Industry sources said the...
1st Modi 3.0 Budget to eye job creation by expanding PLI scheme, MSME focus, ET BFSI
NEW DELHI: Steps to boost jobs by expanding the Production Linked Incentive scheme to furniture, toys, footwear and more segments of textiles, along with a focus on MSMEs, while increasing income levels of women and boosting infrastructure, are expected to be among...
PwC India expects upswing in small, mid-size M&A transactions, ET BFSI
PwC India anticipates an upswing in the India markets, especially in small to mid-size M&A (merger and acquisition) transactions and growth fundings driven by increasing investors' confidence. The year 2023 witnessed the emergence of a nuanced M&A landscape,...
Income tax relief for those in lowest slab may need to be considered in Budget: CII, ET BFSI
Income tax relief for the people in the lowest slab may need to be considered in the upcoming full Budget for 2024-25 considering the high levels of inflation, according to newly-elected CII President Sanjiv Puri. In an interview with PTI, he also suggested creation...
US based Wells Fargo bank fires several employees for faking work using keyboard simulation, ET BFSI
A bank in the United States reportedly fires several employees for faking work.As per a report of Bloomberg, Wells Fargo & Co recently terminated more than a dozen employees in its wealth and investment management division. These terminations occurred last month...
Startups’ pink slip count falls to 10,000 amid funding blues, ET BFSI
Indian startups have laid off about 10,000 employees so far in 2024 with funding across stages continuing to be constrained, while companies hire talent cautiously with a focus on improving bottom lines early on in their lifecycle.The first half of 2024 has been...
US based Wells Fargo bank fires several employees for faking work using keyboard simulation, ET BFSI
A bank in the United States reportedly fires several employees for faking work.As per a report of Bloomberg, Wells Fargo & Co recently terminated more than a dozen employees in its wealth and investment management division. These terminations occurred last month...
EPFO undertakes multiple systemic reforms to enhance ease of doing business; improve ease of living, ET BFSI
The Employees’ Provident Fund Organisation on Friday said the number of auto transfers generated by the retirement fund body has increased threefold from two lakh in April 2024 to six lakh in May 2024 while more than 25 lakh advance claims have been settled on auto...
Trai meets BFSI regulators, companies to use 160 series for voice calls, ET BFSI
The telecom regulator has met financial sector regulators and top banks to discuss the efficient use and implementation of the 160-series numbering series which has been newly allocated for transactional and service calls.Last month, in an attempt to reduce pesky...
NRI deposits surge, thanks to India’s strong post-pandemic report card, ET BFSI
India's robust post-pandemic economic performance has provided a stable foundation for the surge in NRI deposits, reflecting confidence in the country's financial stability and growth prospects. A new study on trends in NRI deposits by Bank of Baroda has shown the...
Foreign banks bought nearly $1 billion of India bonds on Thursday, data shows, ET BFSI
By Dharamraj DhutiaMUMBAI - Foreign banks bought Indian government bonds worth 80.38 billion rupees ($962.2 million) on Thursday, the biggest single-session purchase since Feb. 1, data from Clearing Corp of India showed.These banks stepped up purchases after a...
India’s trade deficit in May widens to $23.78 billion; exports rise 9%, ET BFSI
India's trade deficit widened to $23.78 billion, lower than economists' expectation of $19.5 billion, according to a Reuters poll.The country's merchandise exports rose by 9 per cent to $38.13 billion in May from a year earlier, helped by an increase in shipments of...
WPI inflation remains benign, likely to normalise by Sept-Oct: Experts, ET BFSI
New Delhi, The inflation in food articles is expected to rationalise by September-October as many of the kharif crops will enter the markets and supplement the existing supply, industry experts said on Friday.According to figures released by the Commerce Ministry,...
WPI Food Index increased from 5.52 pc in April to 7.40 pc in May, ET BFSI
New Delhi [India], June 14 (ANI): Wholesale food prices have skyrocketed month-on-month in May, with official data showing that the Whole Price Index for food rising from 5.52 per cent in April to 7.40 per cent in May.In the food basket, cereals, paddy, pulses,...
A 60% fall! Does falling FDI call for policy recalibration?, BFSI News, ET BFSI
The Reserve Bank of India (RBI) reported that net foreign direct investment (FDI) flows into India dropped 62% over the last fiscal year to USD 10.6 bn in FY24, the lowest since 2007.It cites that out of the gross FDI inflow of USD 70.9 bn, foreign companies...
BIS and MAS launch Project Viridis to tackle climate-related financial risks, ET BFSI
In a collaborative effort aimed at addressing climate-related financial risks, the Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) have introduced Project Viridis. This initiative seeks to integrate climate and regulatory data to...
When will FM Nirmala Sitharaman present Union Budget 2024? Check expected date, ET BFSI
Budget 2024 date: The Union Budget 2024 is likely to be unveiled by Finance Minister Nirmala Sitharaman on July 22. This will be the first comprehensive Budget presented by the Modi 3.0 government since assuming office.Prime Minister Modi's administration will...
HCES survey reveals shifts in consumption patterns, fall in rural-urban disparity: SBI Research, ET BFSI
]The latest Survey on Household Consumption Expenditure: 2022-23 (HCES) by NSSO, released shortly after the earlier Factsheet in February 2024, brings forth insights on changing facets of per capita consumption across rural and urban India. It highlights the influence...
BFSI leads as India Inc profit-to-GDP ratio rebounds to a 15-year high in FY24, ET BFSI
In 2024, the corporate profit to GDP ratio for the Nifty-500 Universe and listed India Inc. surged to 4.8% and 5.2%, respectively, reaching a 15-year high. This significant year-on-year improvement was primarily driven by the Banking, Financial Services, and Insurance...
Cash spending during elections 22 per cent higher this time, BFSI News, ET BFSI
Political parties likely spent more cash despite push on digital transactions during the latest Lok Sabha elections. Incremental currency in circulation since the election commission announced the election date in March till the last phase of election at Rs 89,080...
Go First granted 60-day extension by NCLT to complete insolvency proceedings, ET BFSI
Bankrupt airline Go First has received an additional 60-day window from the National Company Law Tribunal to complete its insolvency proceedings.The NCLT on April 8 extended the deadline to complete Go First's insolvency resolution process by 60 days to June 3. Prior...
Moneyview and Truecaller Join Forces to Fight Against Online frauds and Enhance Communication Efficiency, ET BFSI
NewsVoirBengaluru (Karnataka) [India], June 13: Moneyview, a leading financial services company has announced a strategic partnership with Truecaller, the leading global platform for verifying contacts and blocking unwanted communication. The partnership aligns with...
Pledges more steps to ensure ‘ease of living’; reforms drive to continue, ET BFSI
Finance minister Nirmala Sitharaman on Wednesday said the reforms momentum will continue, which will spur growth and ensure macro-economic stability, presenting an “optimistic economic outlook” for the coming years.Assuming charge of the ministries of finance and...
General Provident Fund (GPF) interest rate for April-June 2024 quarter announced, ET BFSI
The Ministry of Finance has announced the interest rate for the General Provident Fund (GPF) and other similar provident fund initiatives for April- June 2024 quarter.The General Provident Fund and other similar funds shall carry interest at the rate of 7.1% effective...
US consumer inflation falls to 3.3 percent ahead of Fed rate decision, ET BFSI
WASHINGTON: Fresh US consumer inflation data published Wednesday is unlikely to sway the Federal Reserve's plans to leave its key lending rate unchanged, but could alter how many rate cuts policymakers pencil in for this year.The annual consumer price index (CPI) came...
India’s retail inflation eases to 12-month low of 4.75 per cent in May, ET BFSI
India's retail inflation eased to a 12-month low of 4.75 per cent on an annual basis in May as against 11-month low of 4.83 per cent in the previous month, showed the government data on WednesdayThe number has remained within the Reserve Bank of India's (RBI)...
Industrial production declines to a three-month low of 5% in April, ET BFSI
The Index of Industrial Production (IIP) in India slowed to 5 per cent in April, a three month low, as against 5.4 per cent in March, revealed the data provided by the Ministry of Statistics and Programme Implementation (MoSPI) on Friday. The IIP growth rate was...
World Bank revises India’s FY25 growth forecast to 6.6%, BFSI News, ET BFSI
New Delhi: The World Bank Tuesday revised India's FY25 growth forecast upward to 6.6% from 6.4% projected in January, on the back of strong public investment accompanied by private capex and rise in private consumption.The multilateral institution noted that India is...
Recruiters focus on soft & technical skills for BFSI hiring, BFSI News, ET BFSI
A latest report by Indeed revealed that recruiters are increasingly focusing on soft skills and technical skills for BFSI hiring. Defying traditional expectations, the BFSI sector is now prioritizing soft skills alongside technical proficiencies.The most in-demand...
World Bank upgrades global growth outlook on resilient US economy, ET BFSI
The World Bank raised its global growth outlook on Tuesday on the back of resilient consumer spending in the United States, but warned that growth remains weak by historical standards.In updated forecasts, the Washington-based development lender said it now expects...
All eyes on FM Sitharaman for next-generation reforms to sustain growth, create jobs, ET BFSI
Budget 2024: The Union Budget 2024, likely to be presented by Finance Minister Nirmala Sitharaman in early July, is expected to outline the Narendra Modi government's vision for the next five years. It will also be closely monitored for the next-generation reforms...
PM Modi’s announcement on PMAY to boost GDP by over half-trillion-dollar, ET BFSI
PM Modi’s announcement on PMAY to boost GDP by over half-trillion-dollarAs the Prime Minister Narendra Modi took oath for his third term, the first decision he took was the approval of government assistance for the construction of three crore rural and urban houses...
PSU banks still remain top bet in financial space: Rahul Shah, ET BFSI
"This quarter numbers were pretty strong versus the private banks. So, PSU still remains the top bets in the financial space and that is what the mood also among from the desk as well," says Rahul Shah, MOSL.How is the mood at the desk? Are you recommending your big...
Nirmala Sitharaman assumes charge, ET BFSI
Nirmala Sitharaman on Wednesday assumed the charge of Union Finance Minister in Modi3.0For the second consecutive term in a row.She was earlier a Minister of State during the first term of the Modi Government (2014-2019).While assuming the charge, she expressed her...
10 Landmark decisions by FM Nirmala Sitharaman that transformed the Indian Economy, ET BFSI
The Indian Economy has witnessed tremendous transformation under the leadership of Finance Minister Nirmala Sitharaman. Being the first full-time woman finance minister of the country, Sitharaman has brought about many reforms and changes, introduced meaningful...
Sitharaman’s budget next month to lay out economic roadmap of Modi 3.0, ET BFSI
New Delhi: Back in saddle in signs of Prime Minister Narendra Modi preferring continuity in policy, Finance Minister Nirmala Sitharaman is likely to lay out the government's economic agenda when she presents the first annual budget of Modi 3.0 next month. Her task is...
Modi’s ‘lower political capital’ to hit implementation of tough reforms, says UBS, ET BFSI
Mumbai: Prime Minister Narendra Modi's "lower political capital" will make it difficult for the new government to implement hard reforms, a Swiss brokerage said on Monday. The potential rate of growth can go up to over 7.5 per cent, if the government is able to...
Modi’s new finance minister has their work cut out as challenges mount, ET BFSI
A day after the swearing-in of PM Narendra Modi and his new council of ministers, speculation is rife about who will be the next finance minister. Will Nirmala Sitharaman retain her position in the finance ministry for a consecutive second term, or will she move to a...
RBI declines to extend Bansal third tenure at Edelweiss ARC as MD & CEO, ET BFSI
The Reserve Bank of India (RBI) declined to reappoint RK Bansal as MD and CEO of Edelweiss Asset Reconstruction (ARC), the company said in a stock exchange notice.R K Bansal, age 66, served two terms of three years each as Edelweiss ARC's MD and CEO. The company's...
Bankers ask for final view on PSB divestments, lowered fiscal deficit & interest rates, ET BFSI
As the new government has been formed and ministries have been assigned to the Union Cabinet Ministers, the BFSI industry — from bankers to economists, NBFC leaders to insurance CEOs have started pouring in their expectations and list of industry asks from the newly...
Nirmala Sitharaman to continue as India’s Finance Minister, ET BFSI
Modi 3.0: Nirmala Sitharaman to continue as India's Finance Minister In the Modi 3.0 government, Nirmala Sitharaman is set to continue as India's finance minister again as the NDA government announced the portfolio on Monday.Yesterday, while Modi took his oath of...
ECB cuts rates, US payrolls surge, ET BFSI
The European Central Bank delivered the interest-rate reduction it’s been flagging for months — moving away from a record high — but stopped short of indicating more cuts may follow.In the US, payrolls surged in May and wage growth accelerated, prompting traders to...
What to expect from NDA 3.0’s budget #1, BFSI News, ET BFSI
The new NDA government's budget is likely to bake in higher-than-expected growth in the previous year and an unexpected bounty in central bank profits to aim for speedier fiscal correction. This course would support growth by lowering interest rates. If the budget...
Challenges Faced by New Finance Minister in Navigating Economic Uncertainty, ET BFSI
New Delhi: With the swearing-in of Narendra Modi’s council of ministers over, the question uppermost on everyone’s mind is who will be the next finance minister. Will Nirmala Sitharaman stay in the wood-paneled office on the first floor of North Block, which is home...
Nirmala Sitharaman takes oath as Union minister in PM Modi cabinet, ET BFSI
New Delhi [India], June 9 (ANI): Nirmala Sitharaman, who is among a few who have been Union Minister in both the 2014 and 2019 Modi cabinets, took oath as Union Cabinet Minister in Prime Minister Narendra Modi's new Union Council of Ministers on Sunday evening in the...
Narendra Modi takes oath as PM for third straight term, BFSI News, ET BFSI
Narendra Modi on Sunday was sworn-in as the Prime Minister of India for the third consecutive time by President Droupadi Murmu at Rashtrapati Bhavan in Delhi.The BJP-led National Democratic Alliance (NDA) under the leadership of PM Modi will be forming the government...
Asian earnings growth to outpace US and Europe, India’s growth momentum strong: Report, ET BFSI
Asian earnings growth is forecasted to outpace that of the US and Europe for both this year and the next, according to a recent analysis by CLSA quoting Bloomberg's projections.This optimistic outlook aligns with the Reserve Bank of India's (RBI) latest monetary...
Goldman Sachs sees market correction a buying opportunity in private bank stocks, ET BFSI
Goldman Sachs analysts have highlighted that the recent sharp correction in private bank stocks, following post-election results, presents a buying opportunity. These stocks experienced a significant recovery within two days, rebounding from the initial decline due to...
NCLT admits SBI’s personal insolvency plea against Videocon’s Rajkumar Dhoot, ET BFSI
The National Company Law Tribunal (NCLT) in Mumbai has accepted the State Bank of India's (SBI) application to initiate personal insolvency resolution proceedings against Rajkumar Nandlal Dhoot, promoter and co-owner of Videocon Group. This action follows a Rs...
Piyush Goyal on RaGa’s June 4 crash claim, ET BFSI
Conspiring to mislead market investors: Piyush Goyal on RaGa’s June 4 crash claim In a quick response to Rahul Gandhi’s attack on Prime Minister Narendra Modi and Home Minister Amit Shah accusing them behind the June 4 market crash, BJP leader Piyush Goyal said he is...
RaGa wants JPC probe for June 4 stock market crash, questions Modi, Shah, ET BFSI
Congress party leader Rahul Gandhi (C) addresses a press conference.In a bombshell accusation against the Prime Minister Narendra Modi and Home Minister Amit Shah, Congress leader Rahul Gandhi said the duo’s statement over stock market in pre-poll campaigns resulted...
How will the coalition govt affect the vision of Viksit Bharat?, ET BFSI
The incoming central government, despite not being a lame duck, will rely heavily on coalition partners known for frequently shifting their political allegiances. However, this does not necessarily spell the end for economic reforms, given the historical track record...
India, US, 12 others likely to ink pact today to meet climate financing goal, ET BFSI
India, the US and 12 other countries on Thursday are likely to ink an agreement to help them meet their climate objectives through collaborative financing without imposing barriers.The proposed Clean Economy Agreement under the Indo-Pacific Economic Framework (IPEF)...
Yellen to warn of ‘significant risks’ from use of AI in finance, ET BFSI
By David LawderWASHINGTON, - U.S. Treasury Secretary Janet Yellen will warn that the use of artificial intelligence in finance could lower transaction costs, but carries "significant risks," according to excerpts from a speech to be delivered on Thursday.In the...
Rupee falls though Asian peers gain; forward premiums tick up, ET BFSI
The Indian rupee weakened on Thursday despite broad gains in Asian currencies, which were pushed higher by improved odds of the Federal Reserve cutting policy rates later this year.The rupee was at 83.43 against the U.S. dollar as of 09:35 a.m. IST, down from its...
Rupee pressed by equity outflows, supported by soft dollar, ET BFSI
The 1-month non-deliverable forwards indicate rupee will open nearly flat from 83.37 in the previous session. On the back of likely intervention by the central bank, the rupee managed a recovery on Thursday.The Indian rupee is expected to open largely unchanged on...
NCLT orders insolvency proceedings against Jaypee Associates on ICICI, SBI plea, ET BFSI
The initial insolvency plea was filed by ICICI Bank in 2018, followed by SBI's plea in 2022, which claimed a total default of Rs 6,893.15 crore.The Allahabad bench of the National Company Law Tribunal (NCLT) directed the initiation of insolvency proceedings against...
Macro policy choices unclear, but work cut out on reforms agenda, ET BFSI
I will keep it simple. In FY24, nominal GDP grew 9.6%, CPI inflation recorded 5.4%, and real GDP growth was estimated at 8.2%. Typically, in most economies real GDP growth broadly tracks the difference between nominal GDP growth and CPI inflation. In India's case,...
The 100 Billion Dollar Climate Finance Conundrum, BFSI News, ET BFSI
It is surprising that the Parties – member countries in UNFCCC parlance - that burn the midnight oil (an equivalent LED based idiom has yet to emerge) every COP on the bracketed text and in reading between the lines, left the most important of the operative parts...
SEBI launches SaaRs thi app to understand personal finance for investors, ET BFSI
The capital markets regulator, the Securities and Exchange Board of India (SEBI) has launched 'SaaRsthi' mobile app on personal finance for investors.This user-friendly app will help investors understand complex financial concepts in a simple way, the market regulator...
Macro policy choices unclear, but work cut out on reforms agenda, ET BFSI
I will keep it simple. In FY24, nominal GDP grew 9.6%, CPI inflation recorded 5.4%, and real GDP growth was estimated at 8.2%. Typically, in most economies real GDP growth broadly tracks the difference between nominal GDP growth and CPI inflation. In India's case,...
Electoral shock dashes hopes of rate cut, BFSI News, ET BFSI
It is well known that food inflation has been a thorn in the Reserve Bank of India's (RBI) side for long, but the elections have thrown up a new reason for the central bank to keep rate cuts at bay for the foreseeable future - a potentially new fiscal landscape led by...
Bias of markets expected, rural & agriculture to be the new focus areas: Reports, ET BFSI
India’s national election has returned BJP-led National Democratic Alliance for the third time to power but the final seat tally has been significantly lower than predicted by the Exit polls (~370 seats) and achieved in 2019 (353 seats). In particular, the loss of...
Rupee ticks higher on likely cenbank intervention; traders eye equity flows, ET BFSI
By Jaspreet KalraMUMBAI - The Indian rupee rose on Wednesday, aided by likely intervention from the central bank after the currency slumped the most in over a year in the previous session following a narrower than expected victory margin for Prime Minister Narendra...
Strong growth, lower fiscal deficit may lead to India rating upgrade: Deutsche Bank, ET BFSI
Mumbai: Strong growth and a narrower fiscal deficit can lead to a sovereign rating upgrade for India, a German brokerage said on Monday. The government's commitments on fiscal deficit to 5.1 per cent in FY25 and further down to 4.5 per cent in FY26 "look more credible...
Where and how to watch live vote counting, ET BFSI
All eyes are on the results of the Lok Sabha elections set for Tuesday, featuring numerous high-profile electoral battles. The voting for the 543-member Lok Sabha (with Surat and Indore seats uncontested) was conducted over seven phases from April 19 to June 1.The...
Indian Economy’s metamorphosis post-independence, ET BFSI
~Shrishti SharmaThe tussle between Nyay Patra and Modi ki Guarantee has arrived on its judgement day. However, the outcome has been on a flip-side against what was predicted by the exit polls. As the Parliament is set to induct members of the 18th Lok Sabha, here’s a...
Markets bleed as initial trends show no sign of Modi magic, ET BFSI
Before the big day on June 4, all speculations were centred upon how big will BJP-led NDA's victory margin be. But as the counting process unfolded, India was in for a shocker of sorts -- in the first two hours, the INDIA bloc didn't trail nowhere as badly as...
Banking stocks on shaky ground as market witnesses worst fall in last 4 years, ET BFSI
Banking stocks on shaky ground as market witnesses worst fall in last 4 yearsAmid the highly volatile market with worst fall in the last 4 years since March 2020, banking stocks were on a shaky ground as investors rushed to book profits.The largest Public Sector Bank,...
UBS remains ‘underweight’ on India, sees three emerging scenarios, ET BFSI
As the Lok Sabha Election 2024 going on a flip side with BJP not getting the expected numbers, UBS has released a report saying the valuations are expensive, and remain 'underweight' on India.The report further said that it seems like BJP may not cross 272-mark on its...
India Inc. cautiously optimistic as BJP may fall short of majority, ET BFSI
Election Results 2024The exit polls suggested a decisive victory for the BJP-led National Democratic Alliance (NDA) with a projected two-thirds majority in the lower house of parliament. However, the emerging results indicate a closer contest, with the NDA leading in...
INDIA bloc gives up lead, NDA back at the front in Uttar Pradesh, early trends show, ET BFSI
The Opposition coalition of parties led by the INDIA bloc was trailing once again in Uttar Pradesh with around 29 seats while the NDA was leading with 47 seats, as per early trends around 10:00 am.Exit polls conducted on Saturday by major television channels predict a...
6,100-point crash not enough! Sensex may fall more if NDA’s final tally drops below 300 seats, ET BFSI
Disappointed with early counting trends that showed Dalal Street’s favourite Prime Minister Narendra Modi-led NDA alliance may win elections but with a lower-than-expected seat count, Sensex today fell over 6,100 points to record the biggest intraday fall in the last...
Amid poll jitters, here’s how Rahul Gandhi’s stocks performed, ET BFSI
Congress leader Rahul GandhiRahul Gandhi, the leader of key opposition party Congress, had a good start in terms of number at both the vote counting as well as the share market on Tuesday. The share market had a bloodbath since morning with both the Sensex and Nifty...
Opposition says Exit Poll done to influence share market, ET BFSI
People watch results for India's general elections on a screen outside the Bombay Stock Exchange (BSE) in Mumbai, India, June 4, 2024. REUTERS/Francis MascarenhasAmid the initial numbers indicating a mixed results for the Lok Sabha Elections 2024, the opposition said...
How rupee, financial markets may react to various poll outcomes, ET BFSI
As the final phase of polling for the Indian General Elections concludes, with results set to be announced on Tuesday, the financial markets are closely watching the potential impact on the Indian rupee. Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) is...
Experts, BFSI News, ET BFSI
Chennai, The return of Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) to power for the third time in succession, as predicted by various Exit Polls, augurs well for the Indian economy as it provides stability and continuity in policy-making, said...
India’s manufacturing growth slows to 3-month low, but above its long-run average, ET BFSI
India's manufacturing sector experienced a slowdown in growth during May, with the HSBC final India Manufacturing Purchasing Managers' Index falling to 57.5 from 58.8 in April. Despite this decline, the index remained above the 50-mark, indicating continued expansion...
New govt may cut FY25 fiscal deficit target amid robust growth and windfall RBI dividend, ET BFSI
New Delhi: The new government may cut the fiscal deficit target for the current financial year when it presents the full budget in July, encouraged by a better-than-expected deficit reading for FY24 and the generous dividend payout from the central bank, people...
Modi wave on D-Street! Investors add Rs 11 lakh crore as Sensex skyrockets 2,600 pts to record high, ET BFSI
Indian benchmark equity indices Nifty 50 surged past 23,000 and BSE Sensex crossed the 76,000 mark as they opened at a record high on Monday, buoyed by exit polls predicting a third term with a sizable mandate for Prime Minister Narendra Modi. Investors are optimistic...
RBI Annual Report, ET BFSI
The Reserve Bank of India (RBI) along with NPCI international payments ltd (NIPL) will work towards taking UPI to 20 countries by FY29. RBI Annual report says possibilities will be explored for increasing the global footprints of UPI and RuPay."In light of goals for...
Stage set for new government to press on next-generation reforms, ET BFSI
The new government has the launchpad to undertake next-generation reforms on account of a robust GDP growth, prospects of a good monsoon, healthy foreign exchange reserves and a stable rupee, Assocham president Sanjay Nayar said.India will continue to be the world’s...
Modi Govt turned around banking sector, over Rs 10 lakh cr bad loans recovered in 10 years: FM, ET BFSI
New Delhi, Finance minister Nirmala Sitharaman on Friday said the Modi government has turned around the banking sector through various reforms and improved governance which has led to banks recovering more than Rs 10 lakh crore from bad loans between 2014 and 2023....
PFRDA reviews strategies for expansion and distribution of NPS, ET BFSI
The pension sector regulator Friday reviewed strategies for expansion, comprehensive coverage and distribution of the national pension system or NPS through point of presence or PoPs.In a statement, the Pension Fund Regulatory and Development Authority (PFRDA) said...
Adani One superapp clocked gross sales of Rs 750 crore in FY24, ET BFSI
The Adani group's superapp Adani One clocked gross merchandise value (GMV) of Rs 750 crore in 2023-24, according to the annual report of the group's flagship company Adani Enterprises Ltd.The user base of the superapp grew to 30 million at the end of the financial...
India’s fiscal deficit improves to 5.6% of GDP in FY24, lower than target of 5.8%, ET BFSI
India's fiscal deficit stood at Rs 16.54 lakh crore in FY24 as against the budgetary target of Rs 17.86 lakh crore. With this, the fiscal gap has reached 95.3 per cent of the budgetary target, data from the Comptroller General of Accounts showed on Friday.The central...
India utilised 99.9% of its capex target in FY24, ET BFSI
The Centre has utilised Rs 9,48,506 crore as part of its capital expenditure in FY24 as against revised estimate (RE) of Rs 9,49,555 crore, which account for 99.9 per cent of the RE government data showed on Friday.Spending picked up in September 2023 and once again...
India’s GDP grows 7.8% in Q4FY24, surpasses RBI’s estimate, ET BFSI
GDP (Representational)The Gross Domestic Product (GDP) growth rate in the quarter ending March 31 of the Financial Year 2024 grew by 7.8%. The growth rate surpasses the Reserve Bank of India’s (RBI) estimate of 7%.Further, the data released by the National Statistical...
India’s m-cap adds a trillion in 117 days, BFSI News, ET BFSI
Mumbai: Total market capitalisation of all stocks listed on the BSE surpassed $5 trillion briefly on Tuesday for the first time, making India the fifth country after the US, China, Japan, and Hong Kong to achieve this milestone, according to data from DSP Mutual Fund....
Report, BFSI News, ET BFSI
Job postings increased 31% year-on-year in the first four months of 2024, mostly driven by sectors including e-commerce, BFSI (banking, financial services and insurance) and hospitality, according to jobs and professional networking platform apna.co.“With the...
EPFO relaxes mandatory uploading of cheque leaf image, attested bank passbook for these cases, ET BFSI
The Employees Provident Fund Organisation (EPF) has announced that it has relaxed the requirement of mandatory uploading of the image of cheque leaf, attested bank passbook for certain eligible cases. This will help to expedite the settlement of claims filed online...
Ahead of poll results, S&P Global raises India outlook to positive, ET BFSI
S&P Global Ratings revised its outlook on India to positive from stable. At the same time, it has affirmed its 'BBB-' long-term and 'A-3' short-term unsolicited foreign and local currency sovereign credit ratings.The transfer and convertibility assessment remains...
India’s GDP growth robust on back of solid investment demand: RBI, ET BFSI
India's GDP growth is robust on the back of solid investment demand which is supported by healthy balance sheets of banks and corporates, the government's focus on capital expenditure and prudent monetary, regulatory and fiscal policies, the RBI said on Thursday.In...
Rupee aided by “mild” dollar offers from public sector banks, BFSI News, ET BFSI
By Nimesh VoraMUMBAI - The Indian rupee, having opened weak on Thursday on worries over the rise in U.S. Treasury yields, received help from dollar offers from public sector banks.The rupee was at 83.4150 to the U.S. dollar at 10:40 a.m. IST, having opened at 83.42,...
Financialisation leading to higher women voter turnout in Lok Sabha Elections: Report, ET BFSI
Financialisation leading to higher women voter turnout in Lok Sabha Elections: ReportA recent report by the State Bank of India research highlighted a correlation between the financialisation of women and rise in their voter turnout.“If we map the change in female...
S&P rating upgrade likely for India by FY27, in sync with 3rd largest economy: Report, ET BFSI
S&P rating upgrade likely for India by FY27, in sync with 3rd largest economy: Report (Representational image)India could see a rating upgrade by the Financial Year 2027, synchronous with the tag of the 3rd largest economy, said the State Bank of India research...
NARCL board recommends P Santhosh as MD & CEO, BFSI News, ET BFSI
Mumbai: The board of National Asset Reconstruction Company (NARCL) has recommended P Santhosh for the post of managing director and chief executive officer of the state-owned bad bank, people aware of the matter said.Santhosh has been interim CEO of NARCL since...
Why Indians borrowing more and saving less shouldn’t worry you, ET BFSI
DK Joshi, Chief Economist, CRISIL, says what is currently playing out is that when the households put money in financial assets, they are moving a little away from the bank deposits towards higher paying assets like mutual funds or stocks or for that matter they could...
Nirmala Sitharaman hints reconsideration of 45 days MSME rule, ET BFSI
Coming as a relief to the micro, small and medium enterprises (MSMEs) entities, Finance Minister Nirmala Sitharaman hinted at the possibility of the government reconsidering changes made to the income tax rules mandating payments to MSMEs within 45 days.Further, the...
India leading global fintech ecosystem thanks to DPI-UPI: PM Modi, ET BFSI
Prime Minister Narendra Modi Driven by digital public infrastructure (DPI) models like unified payments interface (UPI), the country is now leading the global fintech ecosystem and several countries are ready to embrace the 'India Stack' solutions to empower the...
Report, BFSI News, ET BFSI
The report highlights the contribution of startups in accelerating the overall hiring for freshers Technological advancements, infrastructural development and easy availability of talent pool have helped India develop a booming startup ecosystem, and this has created...
India, Singapore finalising several pacts to shore up cooperation in emerging areas, ET BFSI
New Delhi, India and Singapore are looking at firming up around half-a-dozen ambitious agreements to shore up cooperation in areas of green economy, digitalisation, energy, food security and healthcare soon with an aim to further bolster their strategic ties,...
Indian economy grew 7.4% in Q4 FY24; 8% in FY24: SBI Research, ET BFSI
Indian economy is expected to surprise in the fourth quarter of FY24 with 7.4% growth, pushing full year estimate to 8%, State Bank of India research said Tuesday.The Indian economy averaged 8.2% growth in the first three quarters of the year. The full year number at...
FY25 capital expenditure outlay may be hiked by 10%, ET BFSI
New Delhi: India could increase its FY25 capital expenditure outlay by 8-10% from the ₹11.11 lakh crore allocated in the vote on account when the full budget is presented thanks to better-than-expected tax revenue and a record surplus transfer by the RBI to the...
Govt’s cash balance surges, banks starve, ET BFSI
Mumbai: The ongoing general elections have thrown up a problem of plenty for the government - its cash balances are much higher than before the previous two Lok Sabha polls, but curbs on spending mean that banks are parched of funds while the Centre tries hard to...
Hyundai adds more banks for possible record D-Street IPO, ET BFSI
Hyundai Motor Co. has brought in Kotak Mahindra Bank Ltd. and Morgan Stanley as advisers on a potential initial public offering of its India unit, according to people familiar with the matter, as the automaker considers what might be one of the biggest-ever listings...
Liquidity deficit surges to four-month high, BFSI News, ET BFSI
Mumbai: Deficit liquidity, as measured by bank borrowings from the Reserve Bank of India (RBI), has widened to the highest level in four months as tax outflows and constraints on government spending amid elections have left lenders with a cash crunch, pushing up...
Rupee lingers in narrow band even as most Asian currencies inch up, ET BFSI
By Jaspreet KalraMUMBAI - The Indian rupee was little changed on Tuesday, unable to gain from an uptick in most Asian peers, with traders anticipating rangebound moves until the outcome of India's general election. The rupee was at 83.1325 against the U.S. dollar as...
Timely alerts on transactions via UPI, debit card, credit card, net and mobile banking, ET BFSI
To make sure that your bank account is not misused by fraudsters for carrying out unauthorised transactions, many banks have implemented a safety feature - transaction confirmation. In this feature the bank sends an immediate alert to you before allowing any unusual...
Four European Union banks seek RBI nod for clearing model, ET BFSI
Four top European banks, which also play key custodian roles in the local sovereign debt trade, have sought the Reserve Bank of India's (RBI) go-ahead for a third-party transaction model to break the impasse involving their home authorities and domestic policymakers...
Centre may get around ₹1 lakh crore in RBI dividend, BFSI News, ET BFSI
Recent actions by the Reserve Bank of India (RBI) suggest that it may transfer a higher dividend - possibly in the region of ₹1 lakh crore - to the government than last year, giving a potential boost to New Delhi's finances.Last week, the RBI announced a steep cut in...
Average of 7,000 cybercrime complaints recorded daily in May, ET BFSI
Average of 7,000 cybercrime complaints recorded daily in MayIn a recent revelation, the Indian Cyber Crime Coordination Centre (I4C) stated that in May 2024, an average of 7,000 cybercrime complaints were recorded daily.This marked a significant surge of 113.7%,...
Ex- cabinet secretary Pradeep Kumar Sinha is ICICI chief, BFSI News, ET BFSI
MUMBAI: Former cabinet secretary Pradeep Kumar Sinha will take over as chairman of ICICI Bank from G C Chaturvedi, who retires, the bank said in a notification to the exchanges. RBI approved Sinha's appointment on May 24 for a three-year term effective July 1, 2024....
India’s Q4 FY24 GDP likely to have grown at 6.1-6.7 pc: Economists, ET BFSI
New Delhi, India's GDP in the fourth quarter of financial year 2023-24 is expected to have grown within the range of 6.1-6.7 per cent, lower than over 8 per cent rate recorded in the previous three quarters, according to projections by various economists. The GDP...
Illegal betting for Lok Sabha election, IPL exploiting UPI to conduct fraud, ET BFSI
Illegal betting for Lok Sabha election, IPL exploiting UPI to conduct fraudAs the country is approaching the last phase of the mega-electoral event, the Lok Sabha elections, reports suggested that illegal betting is attaining new peaks. Not only the Lok Sabha...
World Bank chief Ajay Banga open to managing G7 loan to Ukraine, ET BFSI
World Bank President Ajay Banga told Reuters on Friday that he is "absolutely" open to the idea of managing a fund for Ukraine that would disburse a G7 loan to the war-torn country based on the earnings from frozen Russian assets, at least for non-military...
Aditya Birla Group joins $100 billion market cap club, BFSI News, ET BFSI
MUMBAI: The market capitalisation of Aditya Birla Group companies crossed $100 billion for the first time on Friday riding on a rally in shares of UltraTech, Hindalco, and Vodafone Idea.The combined valuation of the 12 companies in the group stood at nearly Rs 8.5...
52% consumers got salary hike, 60% able to save after expenses: Report, ET BFSI
The consumer sentiments of the lower middle class population in the urban and semi urban spaces are buoyant about the economy. The financial well-being index increased from 35 to 39 in terms of current status and from 63 to 66 in terms of future expectations, revealed...
Ahead of June summit, G7 finance ministers to decide on climate finance for developing nations at May 23-25 meeting, ET BFSI
NEW DELHI: Ahead of the G7 summit next month, the finance ministers of the group of seven rich nations — Canada, France, Germany, Italy, Japan, the UK, and the USA — are expected to make decisions on delivering climate finance for developing countries during their...
RBI cautions retail investors against dealing in cryptocurrencies; says it’s speculative, gamble, ET BFSI
Private digital currencies, commonly known as cryptocurrency, are currently unregulated in India.The Reserve Bank of India (RBI) yet again urged retail investors to be more cautious while investing in cryptocurrencies, and noted that the crypto ecosystem lacks...
Cybercriminals’ New Trick to Swindle Citizens with ED Threats, ET BFSI
AHMEDABAD: The Enforcement Directorate is in the news almost every day, conducting a series of raids and seizing assets worth crores of rupees, and cybercrooks seem to have noted this. The Cybercrime police have uncovered several cases where Amdavadis were intimidated...
Govt eyes $12 billion bonanza from RBI, BFSI News, ET BFSI
India’s central bank is expected to pay up to one trillion rupees ($12 billion) as dividend to the federal government, economists said, a move that would boost New Delhi’s coffers and help meet its budget deficit target.The Reserve Bank of India’s central bank of...
Demand momentum in India rising, rural spending picking pace, says RBI, ET BFSI
By Swati BhatMUMBAI, - Aggregate demand momentum in India is rising, with the overall non-food spending being pushed up by green shoots in rural spending recovery, the Reserve Bank of India said in its monthly bulletin on Tuesday."Recent indicators are pointing to a...
No tax exemption on concessional or interest free loan from the employer, not even for bank employees, says SC, ET BFSI
Employees who receive a loan at a concessional interest rate from their employer are required to pay income tax. This practice is most common in banks, making bank employees the most affected group due to this rule. However, the All India Bank Officers Confederation...
Go First’s creditors to auction pledged 94-acre land parcel in Thane, ET BFSI
Creditors of Go First Airlines are set to auction a prime 94-acre land parcel kept as collateral with them in Thane near Mumbai.The creditors have set around INR 1,960 crore as the reserve price for the property and a formal auction process is likely to start...
Surge in personal loans by NBFCs & Fintechs, most are poor quality borrowers: Report, ET BFSI
There has been an unprecedented rise in unsecured lending as more and more fintech companies and NBFCS are acquiring new to credit customers, and customers — mostly millennials and genz are opting for small ticket size loans. However, many of these newly acquired...
Unicorn minting slows down in India, IPOs become attractive: Report, ET BFSI
A recent report by Blume Ventures highlighted that unicorn minting has almost come to a halt in India while the IPO market is booming. Approximately 10 unicorns got minted in 2018, 7 in 2019, 12 in 2020, a whopping 45 in 2021, about 22 in 2022, and significantly less...
Tata Motors partners with Bajaj Finance for supply chain finance solutions, ET BFSI
Saha added that this collaboration will benefit dealers and also contribute to enhancing the growth of the automotive industry in India.On Monday, Tata Motors announced that its passenger vehicles and passenger electric mobility subsidiaries have partnered with Bajaj...
More Public Sector Banks set to come on board with ONDC, says Joint Secretary, DPIIT, ET BFSI
Sanjiv Singh, Joint Secretary, DPIIT, Ministry of Commerce In an exclusive interview with ETBFSI, the Joint Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Sanjiv Singh, told that many more Public...
Comm Min holds discussions on formulating SOPs to negotiate FTAs, ET BFSI
The commerce ministry has held detailed discussions with senior officials of different departments and trade experts on formulating standard operating procedures (SOP) for negotiating free trade agreements (FTAs), an official said. To discuss the various aspects of...
Over $239 mn raised by 26 Indian startups in funding last week, ET BFSI
New Delhi, More than $239 million was raised by 26 Indian startups in funding last week, which includes nine growth-stage deals and 15 early-stage deals. Two early-stage startups did not disclose the amount raised, reports Entrackr.In the week of May 6-11, around 24...
Ind-RA, BFSI News, ET BFSI
India Ratings and Research expects the country's GDP growth rate for the March quarter at 6.2 per cent and around 6.9-7 per cent for the 2023-24 fiscal, its principal economist Sunil Kumar Sinha said. The GDP numbers for the fourth quarter (January-March 2024) and the...
Investors taking a shine to Indian climate tech space, BFSI News, ET BFSI
Supportive policies and a growing consumer cohort is attracting risk capital investors to back startups in India’s climate tech space, especially in the early stages.Investors like Blume Ventures, enterprise software and fintech-focused Leo Capital, and new firms like...
RBI governor casts vote in Mumbai, urges people to exercise democratic right, ET BFSI
Reserve Bank of India Governor Shaktikanta Das cast his vote early morning in Mumbai today and urged all electors to exercise their democratic right."I urge all the voters to vote…this is a right in our parliamentary democracy and everyone should exercise it," Das...
N Vaghul, the banking doyen, passes away at 88, BFSI News, ET BFSI
Narayanan Vaghul, the banker who sowed the seeds of financial conglomerate ICICI, passed away today. He was 88.He was on the ventilator for the last two days at Apollo Hospital in Chennai, in critical condition. He was admitted to hospital after he fell and was...
DFS Secretary, BFSI News, ET BFSI
New Delhi: There is a need to review and rationalise the schemes running for micro, small and medium enterprises to increase their reach, said Vivek Joshi, secretary, department of financial services, ministry of finance. There are over 300 schemes for MSMEs run by...
CEA Anantha Nageswaran bats for fresh round of capital market reforms, ET BFSI
NEW DELHI: India needs to think of another round of capital market reforms to finance economic growth on a sustainable basis, chief economic advisor V Anantha Nageswaran said on Friday and stressed the importance of keeping the current growth and financial cycle as...
ONDC aims to democratise digital commerce with 70% SMEs onboard: Secretary, DPIIT, ET BFSI
Rajesh Kumar Singh, Secretary, DPIITWhile highlighting the significance of Open Network for Digital Commerce (ONDC) for the small businesses, Rajesh Kumar Singh, Secretary, DPIIT said that on the platform, 70% are the medium and small size sellers.“ONDC was created...
Nirmala Sitharaman engages with commuters, takes Delhi Metro ride to Laxmi Nagar
Union Finance Minister Nirmala Sitharaman took a ride on the Delhi Metro to Laxmi Nagar, engaging with commuters during her journey, emphasizing the significance of public transport and connecting with people's everyday lives.
UN revises India’s 2024 growth forecast to 6.9%, ET BFSI
A strong domestic economy will push India’s growth to 6.9% in 2024 from 6.2% projected earlier, the United Nations said in its latest World Economic Situation and Prospects report’s mid-year update.“India’s economy is forecast to expand by 6.9 per cent in 2024 and 6.6...
IFC extends $500mn credit line to HDFC Bank for women loans, BFSI News, ET BFSI
Mumbai: The International Finance Corporation, an arm of the World Bank that supports private sector initiatives, has extended a $500 million credit line to HDFC Bank to provide finance to women through microloans in rural areas.The private lender will use the money...
Mastercard, Standard Chartered pilot tokenised deposit transaction, ET BFSI
Standard Chartered Bank in Hong Kong has successfully completed a proof-of-concept (PoC) project in collaboration with Mastercard, Mox Bank, and the government bond platform Libeara to explore the benefits of tokenised deposits for settling tokenised carbon...
A virtual hold for a real crime, BFSI News, ET BFSI
Mumbai: Amid suspicions that money robbed in a cyber attack and laundered are parked in cryptos, the idea of a 'designated official wallet' to hold and ring fence crypto currencies bought with the proceeds of crime has cropped up.Soon after a transaction by a scammer...
HDFC Manufacturing Fund raises over Rs 9,500 crore, BFSI News, ET BFSI
Mumbai: HDFC Manufacturing Fund raised between ₹9,500 crore and ₹10,000 crore - the highest by an actively-managed equity mutual fund in a new fund offer (NFO) in the past three years. Financial planners and distributors said heightened investor appetite for the...
India benefiting from more investments coming into the country as less foreign investment going into China: UN expert, ET BFSI
United Nations: India registered "very robust" economic growth performance and has become an alternative investment destination for many western companies as "less and less" foreign investment is going into China, an expert at the UN said as the global body revised...
Sebi open to oversight of crypto trade, in contrast to Reserve Bank: Report, ET BFSI
NEW DELHI - India's market watchdog has recommended that several regulators oversee trade in cryptocurrencies, documents show, the strongest signal to date that at least some authorities in the country are open to allowing the use of private virtual assets.The...
Go Digit Insurance IPO subscribed 50% so far on Day 2. Check GMP & other details, ET BFSI
The initial public offer (IPO) of Go Digit Insurance was subscribed 50% so far around 12:20 pm on second day of the bidding process on Thursday.The retail portion was fully subscribed at 2.03 times around this time while the non-institutional investors' portion was...
Best Stories of the last 5 years, BFSI News, ET BFSI
Editor's View:1) Digital Lending: What if customers Buy Now but Don't Pay Later?2) Tomato and Thalinomics3) From Unicorn to Cockroach4) How much Earth does man need?5) Cyber monster is growing and Frankenstein is confusedBanking :1) Adding a game to banking2)...
Rupee to open higher after data boosts odds of Fed rate cuts, BFSI News, ET BFSI
By Nimesh VoraMUMBAI - The Indian rupee will open higher on Thursday after weak U.S. retail sales and cooling U.S. inflation made it more likely that the Federal Reserve will cut rates later this year. Non-deliverable forwards indicate the rupee will open at...
MoEngage Launches ‘MoEngage for Financial Services’ at their Flagship #GROWTH Summit in Mumbai, ET BFSI
In a world where exceptional customer experiences are key, enterprises in Financial Services are often stuck with outdated marketing tools that make it difficult for them to offer contextual and personalized digital experiences in real-time.Raviteja Dodda, the CEO and...
CBI arrests Dheerj Wadhawan in Rs 34,000-crore bank fraud, ET BFSI
The CBI has arrested former DHFL Director Dheeraj Wadhawan in connection with the alleged defrauding of a 17-member lender bank consortium to the tune of Rs 34,000 crore, officials said Tuesday. Wadhawan, arrested from Mumbai on Monday night, was produced before a...
Ind-Ra sees Rs 30,000 crore green securitisation market on EV penetration by 2030, ET BFSI
India Ratings and Research (Ind-Ra) has said that green securitisation could emerge as a potential tool for bridging the deficit and financing the debt required to achieve India’s net-zero goal by 2070. Green securitisation is a securitisation tool used for financing...
NCLAT lifts lien on IL&FS Transportation, ET BFSI
The National Company Law Appellate Tribunal Tuesday ordered lifting of lien on IL&FS Transportation Networks Limited's (ITNL) terming Maharashtra tax department's attachment of the account and creating a lien as contrary to its previous decision.The NCLAT in its...
Indian economy projected to expand at 6.6% in FY25, says Moody’s, ET BFSI
Moody's Ratings stated on Tuesday that the Indian economy is projected to expand by 6.6 per cent in the current fiscal year (FY25). The agency highlighted that strong credit demand, fueled by robust economic growth, will bolster the profitability of the Non-Banking...
Wholesale inflation rises to a 13-month high of 1.3% in April, ET BFSI
Food and fuel pushed wholesale inflation to a 13-month high of 1.26% in April compared with 0.53% in the previous month, according to data released Tuesday.“The year-on-year (YoY) WPI inflation hardened to a 13-month high of 1.3% in April 2024 (-0.8% in April 2023)...
Exim posts 62% rise in profits, to raise over Rs 60,000 crore from local markets this year, ET BFSI
Export financier Exim Bank recorded a 62 percent growth in net profit for the year ending March 2024 as it could control bad loans. The lender is planning to raise over Rs 60,000 crore in FY'2024-25 from the domestic market in addition to $3-3.5 billion from the...
Artificial intelligence may impact 60% of jobs in advanced economies and 40% of jobs around the world in 2 years: IMF Chief, ET BFSI
"We have very little time to get people ready for it, businesses ready for it," she told the event organised by the Swiss Institute of International Studies, associated to the University of ZurichZURICH: Artificial intelligence is hitting the global labour market...
Carlyle hires 5 I-banks for $1 bn Hexaware IPO, BFSI News, ET BFSI
MUMBAI: The PE fund Carlyle has hired about 5 investment banks -Kotak Securities, JP Morgan, Citi, IIFL Securities, HSBC Securities to run the process to list its BPO portfolio Hexaware, said people aware of the development.Carlyle plans to raise about $1 billion (Rs...
Govt proposes, market disposes, over price, BFSI News, ET BFSI
Mumbai: A pricing contest is playing out between the Reserve Bank of India (RBI) and sovereign bond traders as the central bank tries to deftly manage the government's borrowing cost, provide sufficient liquidity to the markets, and ensure that its stance of...
BRICS Summit may discuss a common currency, but can it work?, ET BFSI
The upcoming annual summit of the BRICS bloc, scheduled for October in Russia, will centre on discussions about introducing a new currency to challenge the dominance of the US dollar in global trade. Amid efforts by BRICS nations to de-dollarize their economies,...
Inflation eases further to an 11-month low of 4.83% in April, despite higher food inflation, ET BFSI
India’s inflation eased further to an 11-month low of 4.83% in April compared with 4.85% in the previous month, as food inflation inched higher owing to high vegetable and pulses inflation.“Although food inflation is marginally higher at 8.7%, the downward pressure...
Quant Mutual Fund gets RBI nod to increase stake up to 9.98% in RBL Bank, ET BFSI
Quant Money Managers has received RBI approval to increase ‘aggregate holding’ of up to 9.98% of the paid-up share capital or voting rights in RBL Bank through various schemes of Quant Mutual Fund.At present, Quant Mutual Fund through its various schemes held 4.68% of...
India Inc hunts for new cyber warriors, BFSI News, ET BFSI
Corporate India is on the hunt for cybersecurity talent. Amid data breaches, progressive regulatory expectations and introduction of generative artificial intelligence platforms making security controls and processes vulnerable, companies are beefing up their...
Pvt sector capex likely to expand amid expectations of high growth: Experts, ET BFSI
New Delhi: Private sector capital expenditure is likely to see a gradual expansion amid expectations of high growth though geopolitical uncertainties and tepid consumption remain a concern, say economists.CII's business confidence index touched a 12-quarter high in...
ADB Chief Economist, ET BFSI
New Delhi: India needs to focus on factor market reforms like land and labour to propel India's growth to a double-digit trajectory, ADB Chief Economist Albert Park has said. "There are still concerns that the basic factor markets like land and labour in the formal...
Esop non-disclosure triggers black money law, BFSI News, ET BFSI
A brush with the harsh Black Money law can sometimes be an unwanted consequence of employee stock ownership plan (ESOP) offered by overseas companies.A number of resident individuals working in Indian subsidiaries and arms of offshore parents have recently received...
India to become world’s 4th largest economy by 2025 by overtaking Japan, predicts Amitabh Kant, ET BFSI
Big achievement! India is on track to surpass Japan as the world's fourth-largest economy by 2025, according to Amitabh Kant, India's G20 Sherpa and former CEO of Niti Aayog. According to Kant, based on several positive macroeconomic indicators. India's GDP currently...
Rupee bonds likely to outperform US and other developed markets, ET BFSI
Mumbai: Foreign investors in local markets have historically factored in the rupee's depreciation versus the US dollar, but stronger macroeconomic fundamentals, sweeping improvements in market infrastructure, and formidable central bank reserves have started to...
IMF doubts Pakistan’s ability to repay debts as support team arrives in Islamabad, ET BFSI
NEW DELHI: International Monetary Fund (IMF) has expressed serious concerns about Pakistan's ability to repay its debts, particularly to the global lender itself. The IMF's assessment came as its support team arrived in Pakistan on Friday to discuss a new bailout...
Report, BFSI News, ET BFSI
A recent report by IndiaP2P revealed that women are outpacing men in credit uptake year-on-year. CY23 witnessed women borrowers with active loans outpacing men growing from 67 million active borrowers to 78 million. This pace of growth is extremely encouraging and...
Finance minister Nirmala Sitharaman, ET BFSI
New Delhi: Finance minister Nirmala Sitharaman on Thursday said eastern India has potential to emerge as the country's growth engine with a decisive push to industrialisation, adding that a mineral-rich state like Jharkhand must get rid of rampant corruption to draw...
Bank of India signs MOU with Indian Coast Guard for BOI Rakshak package, ET BFSI
Bank of India signs MOU with Indian Coast Guard for BOI Rakshak PackageMay 9, Mumbai: Bank of India has signed a MOU with the Indian Coast Guard, offering a Defence service Salary Package with best in class features under its “BOI Rakshak Salary/ Pension Savings...
SC holds bank employees’ interest-free loans taxable as fringe benefits, ET BFSI
Interest-free or concessional loans given by banks to their employees will qualify as "fringe benefits" or "amenities,” thus taxable, the Supreme Court has held, giving a major blow to the bank employees.While upholding the income tax rule in this regard, the apex...
Expect IT, banking, and FMCG to do well in coming quarters: Nischal Maheshwari, ET BFSI
Nischal Maheshwari, CEO, Centrum Broking, says “private banks are on the move. They are really in a good spot. Numbers have been very good. Valuations are favouring them. I am very hopeful that in the coming quarters two or three sectors will do well, IT, banking, and...
Star Housing Finance Limited Reports Robust Performance For Period Ending March 31, 2024, ET BFSI
PNNMumbai (Maharashtra) [India], May 9: Star Housing Finance Limited (Star HFL), a BSE-listed company (BSE Scrip code BOM: 539017) has maintained its growth trajectory in the retail home finance space and has resultantly reported robust business and financial...
Citigroup sold shares of Vodafone Idea for over Rs 233 crore, BFSI News, ET BFSI
New Delhi: Financial services company Citigroup on Wednesday sold shares of telecom company Vodafone Idea for over Rs 233 crore through an open market transaction. US-based Citigroup through its affiliate, Citigroup Global Markets Mauritius, offloaded shares of...
Bengaluru techie shares new fraud criminals are using to steal your money; check ‘bank screenshots’, ET BFSI
There has been a rapid increase in online fraud cases in the past few years. The rapid digitisation in the financial sector has also led to increased cybercrimes, despite strong checks and security mechanism adopted by most companies as well as institutes. Cyber...
Indian households’ financial savings drop to a five-year low of Rs 14.1 lakh crore in FY23, ET BFSI
Indian households saw a decline in net financial savings during the fiscal year 2022-23, dropping to a five-year low of Rs 14.16 lakh crore from Rs 17.12 lakh crore in the previous year, according to data from the statistics ministry. This reduction in net savings can...
What is ATM card trap scam and how you can stay safe, ET BFSI
Beware of the ATM card trap scam where fraudsters use skimming devices to steal your card info, distract you to steal your PIN, and withdraw money from your account. Stay safe by choosing secure ATMs and contacting the bank directly. Updated On May 8, 2024 at 11:12 AM...
Adani Green Secures $400 million from international banks for 750 MW power projects, ET BFSI
Adani Group's green energy arm Adani Green Energy Ltd (AGEL), secured $400 million in financing for its under-construction 750 MW solar projects in Rajasthan and Gujarat by a consortium of five leading international banks, the company said on Thursday.The funding will...
No harm in taking some money off the table in power finance companies, PSU banks: Gurmeet Chadha, ET BFSI
Gurmeet Chadha, Managing Partner & CIO, Complete Circle Consultants, says one can now look at some of the tier II banks like Federal Bank, which at around 1-1.1 book value is making good progress. RBL is also expected to make a turnaround and it is showing some...
How lenders manage risk in MSME lending when credit history in not available, ET BFSI
Credit risk is the foremost challenge a financial player faces when lending to small and unorganised businesses. As these businesses typically don’t have any credit history, lenders are unable to assess their credit worthiness. Some of the traditional methods used for...
Changing farming practices could cut almost one third of global emissions: World Bank, ET BFSI
Washington, May 07, 2024 -Changing the way food is produced around the world could significantly reduce greenhouse gas emissions by the end of the decade, the World Bank said Monday. The so-called agrifood industry is responsible for almost a third of all greenhouse...
Govt working on global trade topic to push ranking, ET BFSI
New Delhi, With the World Bank planning to come out with its first Business Ready report in September this year, the commerce ministry has started working on the international trade topic in detail to further push India's ranking, an official said. Business Ready...
Does inflation share a relationship with default?, BFSI News, ET BFSI
Empirically, Inflation or ‘Mehengai’ is notoriously infamous for causing stirs and uproars in the public domain. Ask any businessman, large or small, organized or informal, about inflation, it is likely that a majority will grumble about rising input costs and its...
Uzbekistan positions itself as a regional investment hub, ET BFSI
Uzbekistan is positioning itself as the regional hub for investments in the backdrop of critical reforms and focus on market economy attracting foreign investments including from India.To boost investments Third Tashkent International Investment Forum was organised in...
Consumer companies on recovery path; FY25 India business looks bright, ET BFSI
Kolkata | Mumbai: Chief executives and CXOs of 10 top global and Indian consumer-facing companies, including Coca-Cola, Reliance Retail, Apple, Shoppers Stop, Pernod Ricard, Carlsberg and Dabur, said demand has strengthened since March, bolstering quarterly sales, and...
Govt mulls survey to estimate cost of logistics incurred by businesses, ET BFSI
New Delhi: The government is likely to initiate a first of its kind survey to arrive at robust and timely estimates for the cost of logistics incurred by businesses, said people familiar with the matter.The Department for Promotion of Industry and Internal Trade...
Corporate affairs ministry bats for effective cost audits to curb corporate frauds, ET BFSI
New Delhi: The corporate affairs ministry has underscored the importance of effective and timely cost audits to curb manipulation by unscrupulous elements, a development that comes amid increasing bids by fraudulent companies to mislead authorities with dodgy...
World economy looks to dodge stagflation rut as outlook perks up, ET BFSI
The world’s economic outlook is perking up as growth proves more resilient and inflation is set to cool faster than previously expected in many countries, the OECD said.While conflicts in the Middle East or more persistent price increases could still knock the economy...
India’s services exports dip marginally in March to $30 bn, BFSI News, ET BFSI
India's services exports declined 1.3 per cent in March to $30 billion while imports fell by 2.1 per cent to $16.61 billion, according to a report by the Reserve Bank of India released on Thursday.As per RBI's data on India's international trade in services, the trade...
DA hiked to 50% for central government employees; retirement and death gratuity will increase by this much, ET BFSI
The Central government increased the dearness allowance (DA) and dearness relief (DR) by 4% in March 2024. This was a major relief for millions of central government employees and pensioners.Due to this hike in DA to 50%, various components of a central government...
Gilty, My Lord! Pension funds bond more with govt debt, ET BFSI
Mumbai: Pension funds, driven by the National Pension System (NPS), continue to deploy money in sovereign debt, with the sector's ownership of government bonds climbing to a record 4.4%, or ₹4.67 lakh crore, in the last quarter of 2023, up from 3.91%, or ₹3.66 lakh...
India to grow 6.6 % in next two years, driven by public sector demand: OECD, ET BFSI
NEW DELHI: India's GDP is projected to grow at 7.8 per cent in the just-concluded financial year 2023-24 and the forecast is for around 6.6 per cent in each of the following two fiscal years, according to OECD's latest Economic Outlook. However, global near-term...
MoEngage’s Flagship #GROWTH Summit to Roll into the City of Dreams on 9th May 2024, ET BFSI
After hosting over 2000 attendees from India’s top 600 consumer brands across venues last year, MoEngage is expected to welcome more than 500 leaders from marketing, product, digital and growth functions during #GROWTH Summit Mumbai on 9th May 2024.#GROWTH Summit is a...
India, Nigeria agree to early conclusion of local currency settlement system agreement, ET BFSI
India and Nigeria have agreed to an early conclusion of a local currency settlement system agreement to further strengthen economic ties between the two countries. According to the department of commerce, a seven-member delegation from India led by Additional...
India to become world’s third-largest ecommerce market by 2030, ET BFSI
nvest India paints a bright picture for India's e-commerce future, predicting a surge to a massive $325 billion by 2030. This growth coincides with a digital economy reaching a staggering $800 billion in the same timeframe.According to Invest India, India boasts the...
Seasonal manpower demand soars, 2024 looks set to be a record year for temporary summer jobs, ET BFSI
Bengaluru: Seasonal demand for manpower is soaring in tandem with rising mercury levels. Staffing firms including Manpower, Adecco and CIEL HR Services told ET that 2024 looks set to be a record year for temporary summer jobs, with demand from sectors such as consumer...
Fight climate change with fiscal discipline, BFSI News, ET BFSI
At the spring meetings of the International Monetary Fund and World Bank earlier this month, the world’s finance ministers and central bankers congratulated each other on progress in curbing inflation and reviving post-pandemic economic growth. But they also...
IMF raises India’s FY24 GDP growth forecast to 7.8%, higher than the government’s projection, ET BFSI
The International Monetary Fund (IMF) has projected that India's economy will grow by 6.8% in the current fiscal year, driven primarily by public investment. Krishna Srinivasan, Director of the Asia and Pacific Department at the IMF, stated, "In China and India, we...
Health an orphan, Ayushman Bharat insurance scheme poorly structured: IMA chief, ET BFSI
New Delhi: Terming health an "orphan", Indian Medical Association chief Dr R V Asokan says no lessons have been learnt after the Covid crisis and it doesn't figure as a top priority for political parties with everyone in the "all is well" zone. In an interaction with...
GST revenue collection hits record high of Rs 2.10 lakh cr in April, ET BFSI
India's Gross Goods and Services Tax (GST) collections hit a record high of Rs 2.10 lakh crore in April, growing 12.4 per cent on year-on-year basis, the Finance Ministry said in a statement on Wednesday.GST collection in March stood at Rs 1.78 lakh crore. Previously,...
China to deploy economic ‘nuclear option’?, BFSI News, ET BFSI
NEW DELHI: Amidst increasing geopolitical tensions, there is growing speculation that China may be considering a drastic economic maneuver—devaluing its currency, a move often referred to by economists as the "nuclear option" due to its potential widespread global...
Report, BFSI News, ET BFSI
NEW DELHI: India ranked as the third-largest country globally for phishing attacks after the US and UK, with its technology sector facing nearly 33 per cent of all such strikes, marking it as the most targeted industry, according to a report.The report by...
Genpact and Microsoft collaborate to drive AI-powered finance transformation, ET BFSI
Genpact, a global professional services firm, has announced a strategic collaboration with Microsoft to harness the power of artificial intelligence (AI) and transform finance functions into data-driven operations that support growth and competitiveness. This...
RBI updates guidance note on operational risk management, extends it to HFCs, ET BFSI
Representative ImageThe Reserve Bank on Tuesday updated its "guidance note" on operational risk management for the financial sector, and also extended it to the NBFCs, including housing finance companies. The 2005 'Guidance Note on Management of Operational Risk'...
BFSI is awaiting the lethal combo of AI & Automation, BFSI News, ET BFSI
Kochi-headquartered Federal Bank faced a tall task due to changes in compliance requirements by the Reserve Bank of India. The new norm related to managing and merging unique customer identification codes to identify customers, and the data ran into lakhs. They...
Lenders to Go First weigh liquidation after court order on planes, sources say, ET BFSI
Lenders to India's Go First will meet later this week to discuss options for the bankrupt airline, including liquidation, after a court order allowed lessors of the aircraft to take back their planes, two bankers with Go First's creditors said on Tuesday."There is no...
Cash in circulation more than doubles since FY17 on consumption demand, ET BFSI
Despite phasing out Rs 2000 notes, cash in circulation has more than doubled since FY'2016-17, the year of demonetisation and launch of UPI. Tracking HSBC PMI and CMS cash index shows that they have moved in tandem indicating that cash is also as important as digital...
Go First revival chance fade as lenders, bidders spar on valuation, ET BFSI
Lenders to Go First and potential bidders have failed to arrive at a valuation for the bankrupt airline despite several rounds of discussions, making liquidation instead of a revival a more likely outcome, people aware of the development said.A Delhi High Court order...
Experts, BFSI News, ET BFSI
Intensifying heatwave is unlikely to significantly dent India's growth, even though it could cause some disruption in construction and farm activity, said experts."Construction and agriculture are likely to be impacted more. Within agriculture, the vegetable output...
Ministry of Finance, BFSI News, ET BFSI
It further added that the manufacturing sector is also expected to maintain its momentum on the back of sustained profitability and pick-up in rural demand.New Delhi: In contrast to the global scenario, the Indian economy continues to exhibit strong economic...
ICICI Securities appoints ICICI Bank’s Group CHRO T K Srirang as Joint MD, ET BFSI
T K Srirang ICICI Securities has announced the appointment of T K Srirang as Joint Managing Director, effective May 1, for a period of five years subject to approval from its shareholders and necessary regulatory approvals.Currently, Srirang is associated with ICICI...
BOJ holds; US inflation won’t let up, ET BFSI
The Bank of Japan kept interest rates unchanged, driving the yen to a fresh 34-year low, while US inflation showed few signs of simmering down.The Japanese yen slumped as BOJ Governor Kazuo Ueda played down the impact on inflation from a weakening currency. While he’s...
Gender diversity still a long way away among CFOs as women still remain underrepresented, ET BFSI
Even as an increasing number of companies in India are striving to enhance gender diversity in head of finance positions, women still remain starkly underrepresented in chief financial officer roles. Among the top executives in the 2,328 NSE-listed companies in the...
JPMorgan’s Dimon hopes for soft landing for US economy but says stagflation is a possible scenario, ET BFSI
NEW YORK - JPMorgan Chase CEO Jamie Dimon says he's hopeful the Federal Reserve can bring down inflation without causing a recession but wouldn't rule out more troubling possibilities, such as stagflation.In an interview with The Associated Press at a Chase branch...
BNPL-type practice since the period of Guptas and Mauryas, says former RBI CGM, ET BFSI
Dr Sathyan David, former Chief General Manager of the Reserve Bank of India (RBI), discussed key trends and challenges within India's banking sector, highlighting historical lending practices and the impact of recent events on the financial ecosystem.Speaking at the...
What is inheritance tax that has political parties in India at loggerheads?, ET BFSI
The debate surrounding the imposition of an inheritance tax in India taken the political stage by storm amid the general elections, following remarks by senior Congress leader Sam Pitroda over its implementation as a means of wealth redistribution. Pitroda's...
Leaders to uncover transformative collaborations, ET BFSI
Has collaborative ventures revolutionized India’s NBFC sector, redefining financial inclusion? This is precisely what the second edition of NBFC Connect by ETBFSI aims to uncover.In today’s financial landscape, collaboration has become pivotal, particularly within the...
PhonePe poured bulk of Rs 800 crore investments into insurance business, ET BFSI
Walmart-owned PhonePe has invested over Rs 800 crore in its subsidiaries during the last year to grow businesses ranging from insurance broking to wealth management and hyperlocal ecommerce, regulatory filings show. More than half of this, or Rs 426 crore, went to...
India extends RBI deputy Sankar’s tenure by a year, government order shows, ET BFSI
NEW DELHI - The Indian government has extended the tenure of central bank deputy governor T. Rabi Sankar by a year to May 2025, according to a government document seen by Reuters.The one-year extension would be applicable from May 3, 2024, the order said.Rabi Sankar...
Finance Minister says working to empower rural women with technology, ET BFSI
The Narendra Modi government was committed to its mission of empowering rural women, not only through loans and subsidies, but also by equipping them with new technologies to boost their confidence, finance minister Nirmala Sitharaman said on Tuesday. She was...
CCI clears International Finance Corp’s acquisition of debentures in Napino, ET BFSI
Fair trade regulator CCI on Tuesday said it has approved the proposed subscription to compulsory convertible debentures of Napino Auto and Electronics Ltd by International Finance Corporation. International Finance Corporation (IFC) is a member of the World Bank...
AdaniConneX in talks with banks to raise $900-950 million, BFSI News, ET BFSI
AdaniConneX is in the final stage of discussions to raise $900-950 million (₹7,500-7,920 crore) through a six-year offshore loan from a group of eight lenders, including MUFG Bank, Sumitomo Mitsui Banking Corp (SMBC) and Standard Chartered Bank, people with knowledge...
Reverse migration has begun, says FM Nirmala Sitharaman, BFSI News, ET BFSI
Union Finance Minister Nirmala Sitharaman on Monday said reverse migration had started as a lot of people are coming back to establish business here. According to her, reverse migration has started in which a lot of people, who have a global footprint, are finding...
Nirmala Sitharaman takes dig at Congress, ET BFSI
Union Minister Nirmala Sitharaman on Monday criticised the previous UPA govt and said India needs political stability, clear vision and intensive action on the economy, or the country runs the risk of having another "five years" of "red tapism", "corruption" and...
You will have to change your @Paytm UPI handle; here’s how to activate new UPI ID on Paytm app, ET BFSI
As the Paytm Payments Bank cannot accept further credits into its customer accounts and wallets after March 15, 2024, certain additional steps have become necessary to ensure seamless digital payments by UPI customers using '@paytm', the Reserve Bank of India (RBI)...
Indian economy on strong footing! April business growth at near 14-year high, PMIs show, ET BFSI
Indian economy on strong footing: According to a survey released on Tuesday, India's business activity expanded at its fastest pace in nearly 14 years this month, driven by robust demand. The survey also indicated easing input inflation and positive jobs growth,...
India presence imperative as part of worldwide expansion: CLA Global, ET BFSI
Mumbai: India's increasing global significance and its critical role in world economy are undeniable, making it imperative for CLA Global to establish a presence in this market as part of its ambitious global expansion strategy, said G Scott Engelbrecht, chairman of...
Banking, defence, insurance reforms on table, BFSI News, ET BFSI
New Delhi: The government is examining if foreign direct investment norms (FDI) for banking, insurance and defence can be further liberalised, after rules were relaxed for the space and satellite sectors recently.Officials said that although the bulk of the heavy...
Fast tracking growth of nano enterprises for social development, ET BFSI
It's crucial to unlock the hidden potential of India's nano-entrepreneurs and propel them towards scaling up to micro and macro levels, thereby contributing significantly to the nation's economic development.The Ministry of Finance, Government of India, in its latest...
World Bank financing arm IFC plans $1.9 bln in Ukraine investments, ET BFSI
WASHINGTON - The World Bank's private investment arm expects to finance $1.9 billion in projects in Ukraine over the next 18 months, an official from the organization told Reuters.More than half of that is covered from the International Finance Corp's own account,...
India presence imperative as part of worldwide expansion: CLA Global, ET BFSI
India's increasing global significance and its critical role in world economy are undeniable, making it imperative for CLA Global to establish a presence in this market as part of its ambitious global expansion strategy, said G Scott Engelbrecht, chairman of the...
Modi will go down in history as PM who oversaw largest sale, mortgage of gold jewellery: Cong, ET BFSI
New Delhi: A day after Prime Minister Narendra Modi claimed that the Congress manifesto states they will calculate the gold with mothers and sisters and then redistribute it, the Congress on Monday said he will go down in history as the PM who has overseen the largest...
RBI MPC member Shashanka Bhide, ET BFSI
Sustaining the economic growth momentum of 7 per cent in 2024-25 and beyond is feasible on the back of favorable monsoon, higher farm productivity and improved global trade, RBI Monetary Policy Committee (MPC) member Shashanka Bhide said on Monday. During 2023-24, the...
Cribbing or happy about gold’s record-breaking rally? China is front and center of gold price surge, ET BFSI
Gold’s rise to all-time highs above $2,400 an ounce this year has captivated global markets. China, the world’s biggest producer and consumer of the precious metal, is front and center of the extraordinary ascent.Worsening geopolitical tensions, including war in the...
NHAI likely to extend FASTag KYC compliance deadline by one month: Sources, ET BFSI
The NHAI statement emphasizes strict adherence to the 'One Vehicle, One FASTag' initiative and the proper disposal of previously issued FASTags through respective banks.In a bid to streamline the electronic toll collection system and ensure smooth transit at toll...
EU aims to increase food exports to China despite trade tensions, ET BFSI
SHANGHAI: On a visit to China this week, EU Agriculture Commissioner Janusz Wojciechowski said his focus will be on increasing agri-food exports to the world's second largest economy and keeping food above the fray of rising tensions in China-EU trade."In the food...
Representation of women apprentices in mfg sector to touch 40% by year-end: TeamLease, ET BFSI
New Delhi: There has been a significant increase in demand for women apprentices in the manufacturing sector, as factories are increasingly adopting gender-agnostic recruitment practices, a sharp departure from traditional hiring norms and underscore the industry's...
Ruing or happy about gold’s record-breaking rally? China is front and center of gold price surge, ET BFSI
Gold’s rise to all-time highs above $2,400 an ounce this year has captivated global markets. China, the world’s biggest producer and consumer of the precious metal, is front and center of the extraordinary ascent.Worsening geopolitical tensions, including war in the...
Yellow metal opens at Rs 72,085/10 grams, while silver at Rs 82,194/kg, ET BFSI
Gold and the safe-haven dollar pulled back from near their peaks on Monday when gold prices on MCX for June futures contracts fell by Rs 721 or nearly 1% to trade at Rs 72,085 per 10 grams while MCX May silver contracts were down Rs 1,313 or 1.6% to Rs 82,194 per...
AdaniConneX in talks with banks to raise $900-950 million, ET BFSI
AdaniConneX is in the final stage of discussions to raise $900-950 million (₹7,500-7,920 crore) through a six-year offshore loan from a group of eight lenders, including MUFG Bank, Sumitomo Mitsui Banking Corp (SMBC) and Standard Chartered Bank, people with knowledge...
FM Nirmala Sitharaman, ET BFSI
AHMEDABAD: Union finance minister Nirmala Sitharaman on Saturday said the Centre has tailored policies to make India an attractive destination for manufacturing and services, and the aim was to produce not just for the domestic market but for exports as well. She was...
Ex RBI chief Subbarao, ET BFSI
Hyderabad, Apr. 21 The Modi government should come out with a 'White paper' to generate consensus among political parties on the issue of giveaways or freebies, former RBI Governor D Subbarao has said. There has to be a thorough debate on how to impose restraints on...
Indian rupee is now aiming to be world’s alternate reserve currency, ET BFSI
The Indian Rupee (INR) has fallen sharply against the US Dollar (USD) in the last one month. This has resulted in the purchasing power of the INR in the international market diminishing and has increased import costs significantly. India, which is heavily dependent on...
IMF tells Asian central banks not to follow Fed too closely, BFSI News, ET BFSI
The International Monetary Fund urged Asian central banks to focus on domestic inflation and avoid tying their policy decisions too closely to anticipated moves by the U.S. Federal Reserve.Receding expectations for a near-term interest cut by the Fed have fed steady...
We want to make India a manufacturing hub, but it has to be Aatmanirbhar too: Nirmala Sitharaman, ET BFSI
India is forecast to post strong growth of about 7%. Do you think global developments pose a risk to prospects?More than risks, I would say they pose a challenge: uncertainties are going to increase, people will play safe rather than take calculated risks, investment...
Oil spike pushes Indian benchmark bond yield to over 3-month high, ET BFSI
MUMBAI - Indian government bond yields rose in the early session on Friday, with the benchmark yield jumping to a more than three-month high, tracking a rebound in oil prices, while fresh debt supply will also test investor appetite.The yield on the benchmark 10-year...
Third-party cybersecurity risks surge as organizations fail key security controls, ET BFSI
Third-party risk is everywhere and the cybersecurity posture of those third parties is more important now than ever before. With organizations using 130 SaaS solutions on average, onboarding the “wrong” vendor — one that doesn’t share the same cyber practices or...
Tirumala Tirupati Temple Gold Donations Reach 1,031 kg in 2023, ET BFSI
Despite the soaring prices of gold this year, devotees remain undeterred in their offerings to the Tirumala Tirupati Devasthanams (TTD), the world's wealthiest Hindu temple trust. According to a report, donations of gold to the presiding deity, Sri Venkateswara Swamy,...
Wider conflict in the Middle East may lead to rise in inflation: BoB Report, ET BFSI
New Delhi [India], April 19 (ANI): Tensions between Israel and Iran have sent shockwaves through global markets, triggering a wave of uncertainty and volatility.Asian markets find themselves in the red, currencies are trading lower, and oil prices have seen a...
Slow Growth High Debt – Troubled UK Economy: Slow growth, high debt
LONDON - Britain's national election, expected later this year, will take place against a backdrop of persistently slow economic growth, high public debt and little room to increase spending for whoever wins power unless they raise taxes.Prime Minister Rishi Sunak...
Blue collar jobs to drive 70% of India’s new job growth by 2030: Report, ET BFSI
New Delhi [India], April 19 (ANI): Blue-collar workers, comprising over 80 per cent of India's non-agricultural workforce, play a pivotal role in driving and sustaining the country's economy across diverse sectors.McKinsey & Company forecasts that by 2030, 70 per...
How Nifty may behave before results and which stocks to buy?, ET BFSI
As polling for the seven-phase-long Lok Sabha election began from today, Dalal Street's 9 crore investors would be closely tracking the mood of 96.8 crore voters spread across India. Ahead of the voting for the first phase, Sensex has given up almost all of its gains...
IMF applauds India for maintaining fiscal discipline in election year, ET BFSI
The International Monetary Fund has applauded India for maintaining fiscal discipline in an election year, saying that the Indian economy is doing well and continues to be the world's bright spot."At this point in time, India's economy is doing well. Growth at 6.8 per...
World Bank President Ajay Banga, ET BFSI
Washington [US], April 19 (ANI): Healthcare needs tailored financing, knowledge and partnerships, says World Bank President Ajay Banga. He said, during and after COVID, financing for healthcare has increased but to make healthcare affordable and bring it to the reach...
285 Bitcoins With Kundra Were Sourced From Proceeds Of Crime, ET BFSI
MUMBAI: ED, which has provisionally attached properties worth Rs 97.8 crore belonging to businessman Raj Kundra and his actor wife Shilpa Shetty in a Pune bitcoin scam involving Amit Bharadwaj and his brother Ajay, said, “The 285 bitcoins Kundra got were sourced from...
JSW Steel secures USD 900 million loan from consortium of eight foreign banks, ET BFSI
JSW raised USD 500 million through a five-year bond in April 2019 at 5.95% which matures this month. The proceeds of the loan will help the company repay that bond. JSW Steel, India's largest manufacturer of the alloy, has raised USD 900 million from a consortium of...
Finance Minister Muhammad Aurangzeb, ET BFSI
WASHINGTON - Pakistan hopes to agree the contours of a new International Monetary Fund loan in May, Finance Minister Muhammad Aurangzeb told Reuters, and has kicked off talks with ratings agencies to lay the groundwork for a return to international debt markets.The...
PHDCCI, BFSI News, ET BFSI
India's economy is estimated to grow at 8-8.3 per cent in the current fiscal, industry body PHDCCI said on Wednesday. The country's GDP will grow at an average of 6.7 per cent over the next 23 years to become a USD 34.7 trillion economy by 2047, with a per capita...
Modi’s hands shook while defending electoral bonds: Rahul Gandhi, ET BFSI
AICC leader Rahul Gandhi on Wednesday hit out at Prime Minister Narendra Modi, alleging that the PM’s hands shook while trying to explain the electoral bonds fiasco in a recent media interview. “The electoral bonds are the biggest scam the nation has ever seen…the BJP...
Infosys, Bajaj Auto among 19 companies on watchlist, ET BFSI
As many as 19 companies, including Infosys, Bajaj Auto, HDFC Life Insurance and ICICI Securities, would be on investors' radar today as they are expected to announce their March quarter results.Other companies that would release their quarterly figures are Accelya...
Binance’s India comeback; D2C brands spend big for q-commerce presence, ET BFSI
Happy Thursday! Barred crypto exchange Binance is set to restart ops in India. This and more in today’s ETtech Morning Dispatch.Also in the letter:■ KYC spoiler for payment firms■ ETtech Done Deals■ Musk to meet spacetech foundersBinance coins a new phase in India...
10 new cities coming up in India? That’s Modi 3.0’s ₹10,000 crore plan, ET BFSI
Indian government officials are discussing proposals to subsidize interest on home loans, create new urban centers and reduce bankruptcy delays as part of Prime Minister Narendra Modi’s 100-day agenda if he returns to office, people familiar with the matter said.The...
EU seeks to take on China, US to reverse economic decline, ET BFSI
BRUSSELS: The European Union's economy is falling further behind China and the United States, a major headache that will dominate leaders' talks on Thursday as they discuss how to stem the bloc's economic decline and bounce back.From supply chain disruptions following...
JGB yields track US Treasury peers lower, ET BFSI
TOKYO - Japanese government bond (JGB) yields fell on Thursday, tracking overnight U.S. Treasury yields lower, with the market shrugging off comments from a Bank of Japan (BOJ) board member.The 10-year JGB yield fell 2.5 basis points (bps) to 0.86%, slipping from...
Global economy set to lose $38 trillion every year till 2050 amid climate change: Study, ET BFSI
Representative ImageNEW DELHI: The global economy is expected to lose about 19 per cent income in the next 25 years due to climate change, with countries least responsible for the problem and having minimum resources to adapt to impacts suffering the most, according...
Yellow metal opens at Rs 72,487/10 grams, while silver at Rs 83,501/kg, ET BFSI
After a market holiday on Wednesday, gold prices on MCX for June futures contracts fell by Rs 36 or 0.05% to open at Rs 72,487 per 10 grams on Thursday while MCX May silver contracts were up by Rs 2 to open at Rs 83,501 per kg.On Tuesday, the Gold June futures...
Global future will not be driven by big tech but by India’s DPI: Kant, ET BFSI
MUMBAI: India's G-20 sherpa Amitabh Kant on Thursday said the global future will not be driven by big technology firms but by the digital public infrastructure platforms developed locally. Speaking at the 'We Made in India' event here, Kant said India will transfer...
Technical leadership becoming a critical differentiator at senior level hiring, ET BFSI
A C-suite leader in a company is expected to display multiple skills to lead people, navigate transformations and manage stakeholders. Now, technical skills are also becoming an important requirement for them.There is an increased need now to have leaders with...
Ashok Leyland signs MOU with South Indian Bank for dealer financing, ET BFSI
"We believe that this partnership will meet the business needs of both organizations and create a strong positive impact,” Biji S S, Senior General Manager & Group Business Head, South Indian Bank said.Chennai: Ashok Leyland Limited has signed an MoU (Memorandum...
6 companies likely to report doubling of sales. Do you own any?, ET BFSI
6 companies under the coverage of brokerage firms Motial Oswal, Kotak Institutional Equities and Nuvama are likely to report doubling of their sales on a year-on-year (YoY) basis in the earnings result of their fourth quarter.Reports from brokerage firms state that...
UN says solutions exist to rapidly ease debt burden of poor nations, ET BFSI
Geneva, Apr 18, 2024 - The heavy debt weighing on developing countries can be alleviated through readily available measures, the UN's trade and development chief said, pleading for bold international action.Rebeca Grynspan compared the debt burden facing poorer...
All eyes on weather to tame the food components that have been taking turns to keep inflation up, ET BFSI
By Dipti Deshpande and Sharvari RajadhyakshaFood components have been in a veritable relay race in the past few years, taking turns to keep inflation up. When the price of one component completes its lap, another takes the baton to surge.The fallout – food inflation...
Essentials for a preemptive cybersecurity posture, BFSI News, ET BFSI
The threat posed by threat actors and ransomware groups to enterprise security has never been higher – polymorphic ransomware written in newer languages such as Rust and GoLang are easily evading known threat detection measures; the cost of insider threats have...
Bureau Introduces ‘Money Mule Score’ to Tackle Rising Identity Theft in the BFSI Segment, ET BFSI
Mumbai (Maharashtra) [India], April 17: Bureau, a pioneering fraud and identity decisioning platform, has introduced 'Money Mule Score,' a cutting-edge solution that empowers financial institutions, NBFCs, and fintech companies to proactively detect potential money...
Impact manager Acre raises $100 mln for African climate infrastructure, ET BFSI
LONDON - Two former BNP Paribas bankers have raised almost $100 million for a new fund which aims to unlock billions of dollars of funding for climate-aligned infrastructure projects in Africa.Acre Impact Capital, a private-debt impact investment manager, is looking...
UK inflation slows its fall, pushing back rate cut bets, ET BFSI
LONDON - Britain's inflation rate slowed by less than expected in March, according to official figures published on Wednesday, adding to signs that a first interest rate cut by the Bank of England could be further off than previously thought.British consumer prices...
Can India’s quick commerce revolution be a catalyst for job creation?, ET BFSI
In India, the rapid growth of quick commerce (q-commerce) has been revolutionary. What was once considered an unviable business model has been gaining strong ground in the country’s e-commerce grocery delivery market. More than 80% of the e-commerce sales of FMCG...
How round-the-clock renewable energy is helping power India’s economic growth and energy transition, ET BFSI
Representative image.New Delhi: India stands at a pivotal moment in its quest to achieve a $7 trillion economy by 2030. Forecasts by the Ministry of Finance, Government of India as well as by the International Monetary Fund, project a GDP growth rate of 7% for FY 25...
Here are the top companies in India according to LinkedIn, ET BFSI
LinkedIn has unveiled its annual ranking of the top 25 workplaces in India with over 5,000 employees globally. The list, released on April 16 in a blog post, showcases the most sought-after companies for career progression and job opportunities. Tata Consultancy...
Fitch Ratings affirms stable outlook for key Indian banks amid economic turbulence, ET BFSI
New Delhi [India], April 17 (ANI): Fitch Ratings has reaffirmed the stable outlook for several major Indian banks, including Canara Bank, State Bank of India (SBI), Bank of Baroda (BOB), Punjab National Bank (PNB), and Union Bank of India.The ratings agency affirmed...
Feuding Kirloskars will have to disclose Deed of Family Settlement, Sebi tells Supreme Court, ET BFSI
Markets regulator Securities Exchange Board of India on Tuesday told the Supreme Court that Kirloskar Oil and Engines (KOEL) and Kirloskar Brothers (KBL) will have to disclose their 2009 Deed of Family Settlement (DFS) pursuant to the amendment in its 2015 LODR...
Gold steady as geopolitical woes counter firmer dollar, yields, ET BFSI
Gold prices were steady on Wednesday after rallying to record highs last week, as safe-haven demand fuelled by geopolitical risks in the Middle East partially offset pressure from higher U.S. dollar and Treasury yields.Spot gold held its ground at $2,381.68 per ounce,...
Indians increasingly spending money on mutual fund investments, insurance, trading: Razorpay analysis, ET BFSI
New Delhi [India], April 17 (ANI): Payments towards mutual fund investments, insurance, and trading have seen a massive jump in the just-concluded financial year 2023-24, found payments solution provider Razorpay in an analysis.The homegrown fintech company analysed...
Industrial and warehousing leasing remained buoyant in India in Q1-2024, ET BFSI
Third-party logistics players continued to be the top occupiers of industrial and warehousing space, contributing to over 40% in the total warehousing demand. Industrial and warehousing leasing activity across the top five cities - Chennai, Mumbai, Delhi NCR, Pune,...
India’s dire employment scenario visible in long queues for govt jobs, Raghuram Rajan says, ET BFSI
NEW DELHI: While acknowledging the Indian economy’s growth rate, there is a need to pay attention to the dire situation in the employment scenario in the country, which is visible in the number of people applying for government jobs given the lack of private sector...
India’s wholesale prices quicken to a 3-month high in March, onion and potato prices top 50%, ET BFSI
India's wholesale price index-based inflation accelerated to 0.53 per cent in March on an annual basis, its highest level in three months, as against 0.20 per cent in February, data from the Commerce Ministry on Monday showed.Wholesale onion prices quickened by 56.99...
China’s Q1 GDP growth likely to slow, more stimulus on the cards, ET BFSI
BEIJING - China's economy is expected to have slowed in the first quarter as a protracted property downturn and weak private-sector confidence weigh on demand, maintaining pressures on policymakers to unveil more stimulus measures.Data on Tuesday is forecast to show...
TRAI recommendations to help startups develop India-made products: Industry body, ET BFSI
New Delhi: The latest recommendations by the Telecom Regulatory Authority of India (TRAI) on 'Regulatory Sandbox' would assist startups and entrepreneurs in building indigenous solutions and products, facilitate the development of new original equipment manufacturers...
What is PM Modi’s likely next govt’s 100-day plan for the finance sector?, ET BFSI
The PM Narendra Modi government, expecting re-election, has outlined an ambitious legislative agenda for its initial 100 days in office. Among the key proposals is the establishment of a National Financial Information Registry (NFIR) through a proposed bill set for...
Report, BFSI News, ET BFSI
Multilateral institutions, more specifically the World Bank and the International Monetary Fund, need to follow a gap-based approach to addressing climate challenges at speed and scale, a report by the Bretton Woods Committee's Multilateral Reform Working Group said...
How hackers are using fake Facebook pages of ChatGPT-5, Dall-E and Sora to steal your personal data, ET BFSI
Hackers are reportedly using fraudulent advertisements on Facebook and hijacked pages to promote fake AI services, such as MidJourney, OpenAI's Sora (text-to-video creator), ChatGPT-5 (AI chatbot) and Dall-E (text-to-image convertor), to infect millions of...
India bond yields at near 3-month highs amid Middle East worries, ET BFSI
MUMBAI - India's benchmark government bond yields rose to near three-month highs on Tuesday, as heightened geopolitical tensions and expectation the Federal Reserve will wait longer to cut interest rates hurt demand.The yield on the Indian 10-year bond was at 7.1890%...
Safety net in works to widen local funding pool for startups, BFSI News, ET BFSI
The government is preparing a framework to help minimise the risk for local pension funds and insurance companies from investment in the startup sector, which has become a major employment generator and contributor to the economy but where business failures are fairly...
China’s Q1 GDP growth solid but March data shows demand still feeble, ET BFSI
BEIJING - China's economy grew faster-than-expected in the first quarter, data showed on Tuesday, offering some relief to officials as they try to shore up growth in the face of protracted weakness in the property sector and mounting local government debt.However, a...
Gold near record high on growing geopolitical concerns, ET BFSI
Gold prices ticked up on Tuesday, not too far away from a record high hit last week, as concerns about rising geopolitical tensions between Iran and Israel propped up demand for the safe-haven metal.Spot gold was up 0.2% at $2,387.11 per ounce, as of 0355 GMT, after...
India’s exports dip marginally in March; 3.11% in FY24, ET BFSI
New Delhi: India's merchandise exports dipped marginally in March to USD 41.69 billion, and by 3.11 per cent during the last fiscal year to USD 437.06 billion mainly due to continued geopolitical turmoil, and depressed global trade. Imports, too, declined in March as...
Service sector will create maximum jobs, by 2028 employment will rise by 22 per cent: ORF report, ET BFSI
New Delhi [India], April 16 (ANI): The report 'India Employment Outlook 2030: Navigating Sectoral Trends and Competencies' by Observer Research Foundation (ORF) forecasts a 22 per cent increase in overall employment and a decline in unemployment by 97 basis points by...
29 companies likely to report doubling of profit, ET BFSI
Around 29 companies are in the spotlight as they gear up to report doubling of profit on a year-on-year (YoY) basis in the March quarter earnings season, which began last week with TCS.In Q4FY24, Nifty earnings is predicted to grow 6% YoY by Motilal Oswal, wherein...
India rubbishes Lancet report, says spending on healthcare is at all-time high, ET BFSI
After a Lancet report that asserted that the Indian government spends just 1.2 per cent of GDP on healthcare and noted that it was among the lowest among G20 countries, sources in the government said that spending is at an all-time high and out-of-pocket expenditure...
Debt and climate back on IMF, WB spring meetings agenda, ET BFSI
Washington, Apr 15, 2024 - The spring meetings of the International Monetary Fund and the World Bank are due to open Tuesday, with two clear objectives: help countries combat climate change, and assist the most indebted nations.The meetings -- which bring central...
A recipe for economic resilience, BFSI News, ET BFSI
New Delhi, April 15 (IANSlife): In the rapidly evolving landscape of the restaurant industry, the kitchen transcends its traditional role as a mere cooking space; it emerges as a dynamic nexus of efficiency and organization. As the global economy grapples with...
Demand for private jets, choppers jumps up to 40% during election season; operators hike hourly rates, ET BFSI
The bookings for chartered planes are done in advance and operators will be looking for maximum utilisation of aircraft.With politicians and political party representatives crisscrossing the country for the Lok Sabha polls, the demand for chartered planes and...
Japan’s machinery orders rise sharply, may ease concerns about domestic demand, ET BFSI
TOKYO - Japan's key gauge of capital spending jumped the most in a year in February, rebounding sharply from the prior month's decline in a welcome sign for domestic demand even as authorities worry about a weakening yen and its impact on the cost of living.Core...
Southeast Asia ‘woefully off track’ on green investment, Bain says, ET BFSI
SINGAPORE - South East Asia is "woefully off track" on green investments to reduce emissions and needs new policies and financial mechanisms to help bridge the gap, the global consultancy Bain & Company said on Monday.With energy consumption in the region expected...
India set to exit FY24 with a GDP of $3.6 trillion; Tata Consumer, Birla Corp top bets, ET BFSI
India is set to exit FY24 with a GDP of USD 3.6 tn and an underlying growth of 7.6%+. Capital markets signed off FY24 with a stellar 29%/60%/70 % returns in Nifty/Nifty Midcap 100/Nifty Smallcap 100.India’s market cap has reached $4.4tn, making it the fifth largest in...
Bank of Baroda report, ET BFSI
New Delhi [India], April 15 (ANI): It is apparent that the government and the corporates maintain a watchful stance on capital expenditure during the election months, said Bank of Baroda in a report.A study conducted by economist Jahnavi Prabhakar looked at various...
US growth may be a global boon, but inflation could derail the train, ET BFSI
U.S. economic growth that keeps motoring above its potential is emerging as a key prop for an ongoing global expansion, but spillovers from persistently high inflation and tight monetary policy in the world's largest economy could pose new risks to a hoped-for "soft...
Why BJP and Modi owe big thanks to Congress and Rahul Gandhi for Kamal’s bloom in India , ET BFSI
In the lead-up to the Lok Sabha elections of 2024, political parties are immersed in an intense battle for power and influence. The political landscape is charged with energy as parties engage in vigorous campaigns to sway voters and secure their support. Amidst this...
3 PMS funds doubled HNI investor wealth in FY24, stars missing in top 10 list, ET BFSI
None of the PMS schemes run by Dalal Street's popular fund managers made it to the top 10 list in FY24 when midcaps, smallcaps and SME stocks defeated bluechips by a wide margin. During the financial year, at least 3 PMS schemes more than doubled money.Invasset's...
India’s WPI inflation accelerates to 0.5% in March compared with 0.2% in February, ET BFSI
India's wholesale price index-based inflation accelerated to 0.53 per cent in March on an annual basis, as against 0.20 per cent in February, data from the Commerce Ministry on Monday showed.Last week, India's retail inflation data was released which showed that it...
Yellow metal opens above Rs 72,000/10 grams mark, silver at Rs 83,273/kg, ET BFSI
After hitting a lifetime high of Rs 73,958 in Friday's opening trade, gold prices on MCX took cues from their international counterparts today and rose by Rs 67 or 0.09% to trade at Rs 71,910 per 10 grams. MCX May silver contracts were up by Rs 460 or 0.56% to Rs...
Cops Recover ₹70 Lakh Hr Exec Lost To Cyber Frauds, ET BFSI
GURGAON: After managing to get back Rs 1.3 crore lost by a retired air force officer to an online fraud, police said on Sunday they have recovered Rs 71 lakh that a senior HR executive was cheated out of by cyber fraudsters.Cops also arrested three men from Jaipur...
Markets to track geopolitical events, earnings, macro data in holiday-shortened week: Analysts, ET BFSI
New Delhi: Geopolitical events, macroeconomic data and quarterly earnings of corporates would guide the stock market in a holiday-shortened week ahead, analysts said. Stock markets will remain closed on Wednesday for Ram Navami. "This week promises to be crucial for...
Factories around the world are slowly cranking into gear again, ET BFSI
Assembly lines around the world are starting to hum again, marking a turn in a years-long manufacturing slump.The nascent industrial recovery is led by the world’s two biggest economies. Chinese manufacturing has made a strong start to the year, boosting the economic...
Key highlights and announcements, ET BFSI
The BJP today released its manifesto -Sankalp Patra - for the Lok Sabha polls. Prime Minister Narendra Modi and other senior leaders of the party attended the event at the party headquarters that coincides with the birth anniversary of B R Ambedkar, a towering leader...
Salary hikes likely to be super healthy for BFSI employees, ET BFSI
Mumbai: Macroeconomic headwinds notwithstanding, the banking, financial services and insurance (BFSI) sector is expected to give out an average double-digit salary increase, said senior industry executives. Top performers in high-demand functions such as risk,...
India Inc embracing neurodiversity at workplace, BFSI News, ET BFSI
Corporate India is increasingly embracing neurodiversity at the workplace, hiring people with autism, dyslexia and ADHD.Companies including SAP, EY, and Publicis Sapient are backing better neurodiversity inclusion through tailored programmes as well as targeted hiring...
Closure of textile units, lack of jobs at play in Tiruppur, ET BFSI
In India's "knitwear capital" Tiruppur, the AIADMK and the CPI are likely to see a strong adversary in the BJP, which is trying to make inroads into this important Tamil Nadu constituency with promises of pulling its bleeding garment units out of trouble with...
There is a strong case for Centre and states cleaning up budget books: D Subbarao, ET BFSI
In his new memoir titled ‘Just A Mercenary? Notes from My Life and Career’, Duvvuri Subbarao candidly admits the mistakes he made as a civil servant and as RBI governor, including those on managing non-performing assets. Subbarao, a senior fellow at the Yale Jackson...
₹927cr In Pocket, Ndmc Crosses Licence Fee Target For Fy 2023-24, ET BFSI
New Delhi: New Delhi Municipal Council (NDMC) has surpassed its target for licence fee collection for the financial year 2023-24 within the estate department, amassing a total of Rs 927 crore against a target of Rs 825 crore.In comparison, the collection in 2022-23...
Emerging-market bulls tout Modi premium as election nears, ET BFSI
Under Prime Minister Narendra Modi, India’s stocks have commanded an unprecedented premium to emerging-market peers. As he seeks a third successive term, investors are betting that the performance can continue.Modi is likely to spend heavily on manufacturing and...
All in a day! Gold sees sharp decline on Friday, but ends with weekly gains, ET BFSI
On Friday, spot gold broke above $2,400 mark on reports that Israel is bracing for a direct and unprecedented attack by Iran on government targets as soon as Saturday. However, the metal lost buying momentum after hitting a fresh record high of $2431 to settle lower....
India can be the world’s no.1 contributor to GDP growth by 2028, ET BFSI
The European Central Bank held the line on interest rates but officials leaned even more toward a mid-year cut should inflation continue to cool.Lower borrowing costs would help nudge a European economy that’s struggled to register any growth for longer than a year....
Asian Development Bank, ET BFSI
ISLAMABAD: Pakistan, with a 25% inflation rate has the highest living cost in Asia, as per a recent report released by the Asian Development Bank (ADB). The report states that the country is struggling with economic challenges primarily due to high inflation rate and...
Block deals worth over Rs 10,851 crore this week. Tata Technologies, Adani Ports among stocks with major action, ET BFSI
Amid high volatility, the holiday-shortened week saw the Nifty end with 0.4% gains on a weak-on-weak basis. It was laden with top action where over three dozen companies from large, mid and smallcap segments witnessed prominent block deals worth Rs 10,851 crore on...
Israel-Iran conflict, Q4 earnings among 11 factors that will steer D-Street this week, ET BFSI
The Nifty 50 ended with weekly gains of 0.4% amid significant volatility and a sell-off in bluechip stocks on Friday after concerns of greater scrutiny on investments done from Mauritius soured D-Street sentiments. When markets resume trading on Monday, a host of...
Vietnam sentences real estate tycoon Truong My Lan to death in its largest-ever fraud case, ET BFSI
HANOI - Real estate tycoon Truong My Lan was sentenced Thursday to death by a court in Ho Chi Minh City in southern Vietnam in the country's largest financial fraud case ever, state media Vietnam Net said.The 67-year-old chair of the real estate company Van Thinh Phat...
ADB raises India’s GDP growth forecast for FY25 to 7%; to remain major growth engine in APAC region, ET BFSI
New Delhi: The Asian Development Bank (ADB) on Thursday raised India's GDP growth forecast for the current fiscal to 7 per cent, from 6.7 per cent earlier, saying the robust growth will be driven by public and private sector investment and improvement in consumer...
Moody’s maintains stable outlook for India but flags rising ‘political tensions’, ET BFSI
Despite maintaining a stable outlook for India at Baa3 and P-3, rating agency Moody's has said that escalation of political tensions or further weakening of checks and balances that would undermine India's long-term growth potential would likely put downward pressure...
Mumbai police recover Rs 82.55 lakh school lost in ‘man in the middle’ cyber attack, ET BFSI
Mumbai: The police have recovered Rs 82.55 lakh that a prominent south Mumbai-based international school lost in a 'man in the middle' online attack, an official has said. A 'man in the middle' (MITM) attack is one in which the attacker secretly intercepts and relays...
One in four women experience gender disparity in India’s BFSI sector: Report, ET BFSI
New Delhi: Every fourth woman working in India's banking, financial services, and insurance (BFSI) sector has been a victim of gender disparity in terms of recognition, fair pay, and workplace equity, according to a report on Friday.The report by Great Place To Work...
Finance Commission invites applications for young professionals, consultants, ET BFSI
The Sixteenth Finance Commission on Friday said it has invited applications for young professionals and consultants on a contract basis. The Sixteenth Finance Commission (XVIFC) has uploaded eligibility, terms of reference, remuneration and application form on its...
Kristalina Georgieva to serve second term as IMF managing director, ET BFSI
Washington, The Executive Board of the International Monetary Fund (IMF) on Friday selected Kristalina Georgieva to serve as IMF Managing Director for a second five-year term starting on October 1, 2024.The board's decision was taken by consensus, according to a...
Immigrant workers, eager to fill jobs, ET BFSI
MIAMI - Having fled economic and political chaos in Venezuela, Luisana Silva now loads carpets for a South Carolina rug company. She earns enough to pay rent, buy groceries, gas up her car - and send money home to her parents.Reaching the United States was a harrowing...
Pakistan’s economic outlook ‘uncertain’, says ADB as it predicts 1.8% growth for FY2024, ET BFSI
ISLAMABAD: The Asian Development Bank has said that Pakistan's economic outlook remains uncertain, as political instability would remain a key risk to the sustainability of stabilisation and reform efforts, according to a media report. The Manila-based lending agency...
