Industry
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...
India has $78 bn opportunity for green hydrogen electrolyzers by 2050: Report, ET BFSI
New Delhi: India has $78 billion green hydrogen electrolyser potential by 2050, up from $4 billion in 2030, according to a latest report titled ‘Green Hydrogen for Decarbonizing Asia’s Industrial Giants’ by the Asia Society Policy Institute.The report assesses the...
March CPI inflation eases to 4.85% versus 5.09% in February; industrial production grows 5.7% in February, ET BFSI
March CPI 2024: India’s Consumer Price Index (CPI) inflation, also called the retail inflation, eased to 4.85% versus 5.09 percent in February 2024. The inflation is slowly moving to RBI’s comfort level of 4%. While CPI Urban inflation came in at 4.14%, CPI rural...
China’s exports tumble 7.5% in March and imports also fall as demand slows, ET BFSI
Hong Kong, Apr 12 (AP): China's exports contracted in March after growing in the first two months of the year, underscoring the uneven nature of the country's recovery from the pandemic. Customs data released Friday show exports declined 7.5 per cent in March from a...
With 13% returns in 2024 so far, gold bulls leave Sensex behind by miles, ET BFSI
In the race of returns, gold appears to have left the S&P BSE Sensex behind by miles in 2024. The yellow metal has approximately given 13% returns on a year-to-date (YTD) basis as against a 4% gain delivered by India's heartbeat index. In the 30-stock index, 10...
Italy’s digital nomad visa is now open for applicants, and you get to bring your family, ET BFSI
After almost a decade of deliberation, Italy has rolled out its digital nomad visa, signaling a welcome to professionals from around the globe seeking to explore this European destination.The Italian government defines digital nomads as individuals who are...
Navi Mumbai man booked for duping 27 job seekers of Rs 2.2 crore, ET BFSI
Thane: The Navi Mumbai police have registered a case against a man for cheating 27 individuals of more than Rs 2 crore promising them jobs in the Reserve Bank of India, an official said on Friday. Airoli resident Sadanand Bhosale (41) lured the victims claiming that...
Survey, BFSI News, ET BFSI
NEW DELHI - Unemployment and inflation are the main concerns of Indian voters but Prime Minister Narendra Modi's strong leadership, his party's Hindu nationalist agenda and India's rising global stature will likely help his re-election bid, a survey shows.The findings...
Moody’s retains India’s rating with stable outlook; projects over 6% growth in FY25 and FY26, ET BFSI
Global rating agency Moody’s, Friday, retained India’s rating, maintaining a stable outlook and projecting over 6% growth over the next two fiscal years.“The credit profile of India balances its large and diversified economy with high growth potential, a relatively...
Bus fitness certificate expired in 2018, had no insurance or safety items, finds Police probe, ET BFSI
In a devastating incident on Thursday morning, a school bus carrying 37 students met with an accident in Mahendergarh, resulting in the loss of six young lives and leaving 21 others injured. The tragic event occurred when the allegedly intoxicated driver lost control...
Survey, BFSI News, ET BFSI
Representative imageDriven by robust strategies and commitment to inclusion, India’s Banking, Financial Services and Insurance (BFSI) industry has been able to maintain an upward trajectory. Banks' increased focus on investing in customer acquisition has led to a...
Gold prices hit record highs on safe-haven demand, BFSI News, ET BFSI
Gold prices scaled to a record high on Friday as geopolitical tensions continued to boost demand for the safe-haven metal, while strong economic data failed to dampen bullion's allure. FUNDAMENTALS HERE: * Spot gold was up 0.6% at $2,386.38 per ounce, as of 0111 GMT....
ADB raises India’s GDP growth forecast for FY25 to 7 pc on robust investment, consumer demand, ET BFSI
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 demand and gradual improvement in consumer...
Gold flat as sticky US inflation tempers hopes for early rate cut, ET BFSI
Gold prices were little changed on Thursday, as the U.S. dollar and Treasury yields firmed after hotter-than-expected inflation data tempered hopes for an early interest rate cut.FUNDAMENTALS * Spot gold was unchanged at $2,337.99 per ounce, as of 0107 GMT. It hit a...
NSE’s Ashish Chauhan, Zoho’s Sridhar Vembu appointed UGC members for three years, ET BFSI
New Delhi: The University Grants Commission (UGC), under the Ministry of Education, has appointed Ashish Kumar Chauhan, MD and CEO of National Stock Exchange (NSE) and Sridhar Vembu, CEO of Zoho Corporation as members of the Commission for three years.Two other...
India records 17% jump to become 4th largest exporter of digital services: WTO report, ET BFSI
Representative imageNew Delhi: India registered a 17 per cent jump in the export of digitally delivered services to a staggering $257 billion to become the world's fourth-largest exporter in the segment, according to the latest Global Trade Outlook and Statistics...
Expect 15-25% pay hike while shifting jobs at senior level, shows report, ET BFSI
Banks and insurance companies have the highest hiring requirements in this sectorTraditional industries are driving hiring activity and senior-level job shifts are happening with 15-25% salary increases, according to Michael Page’s Salary Guide 2024 for India. The...
Where did the funds come from? Banks ask Indians moving money abroad, ET BFSI
MUMBAI: Banks have begun questioning the 'source' of money that individuals are moving abroad, particularly to acquire properties overseas.Sometimes they are scanning past income statements to figure out the origin of the fund while a few banks recently enquired...
Pimpri Chinchwad police unearth Rs 4 crore online share trading racket, 5 arrested, ET BFSI
PUNE: The cyber cell of the Pimpri Chinchwad police on Wednesday claimed to have unearthed a Rs4-crore online share trading racket involving the use of bogus online trading app, money mule accounts (individuals allowing someone else use their bank accounts to transfer...
Uday Kotak warns, ET BFSI
Uday Kotak has a warning for you and perhaps the global economy needs to buckle up for a bumpy ride. The billionaire banker said the higher-than-expected US inflation may dent bets of Fed rate cuts and keep interest rate even for India elevated.Uday Kotak, the founder...
Meet Noida’s richest candidates in the electoral race, ET BFSI
In this electoral battleground, wealth is a significant factor, with three key candidates from Gautam Budh Nagar (Noida) boasting assets valued in crores.BJP's Mahesh SharmaLeading the pack is Mahesh Sharma, representing the Bharatiya Janata Party (BJP), whose...
Vietnam property tycoon faces verdict in $12.5 billion fraud case, ET BFSI
File PhotoHANOI: A top Vietnamese property tycoon could face the death penalty when she and dozens of other co-accused face verdicts on Thursday in one of the country's biggest fraud cases over the embezzlement of $12.5 billion.Truong My Lan, chair of major developer...
China’s weak CPI, factory-gate deflation point to more stimulus, ET BFSI
BEIJING - China's consumer inflation cooled more than expected in March, while producer price deflation persisted, maintaining pressure on policymakers to launch more stimulus as demand remains weak.Worrying deflationary pressures in the world's second-largest economy...
Elon Musk confirms India visit, ET BFSI
Giving rest to all the speculations, American electric car maker Tesla CEO Elon Musk on Wednesday confirmed his visit to India in a post on X (formerly Twitter). Musk wrote, "Looking forward to meeting with Prime Minister @NarendraModi in India!" The CEO is likely to...
Government appoints Manoj Panda as 16th Finance Commission member, ET BFSI
The government has appointed economist Manoj Panda as a member of the 16th Finance Commission. The 16th Finance Commission, chaired by Arvind Panagariya, has four members. Former expenditure secretary Ajay Narayan Jha and retired bureaucrat Annie George Mathew are...
India may devote more sugar to ethanol in blow to export hopes, ET BFSI
India may allow sugar mills to use more of the sweetener to make ethanol, in a move likely to reduce the odds of easing export curbs any time soon, according to a person familiar with the matter.The government is considering a proposal to permit factories to use an...
Electoral bond scheme deliberately ‘muddied waters’ of corporate political donations: Congress, ET BFSI
New Delhi: The Congress on Wednesday cited a media report which claimed that at least 20 newly incorporated firms purchased electoral bonds worth about Rs 103 crore, as it alleged that the Narendra Modi government's scheme deliberately "muddied the waters" of...
Gold near record high as inflation risk lifts safe-haven appeal, ET BFSI
Gold prices held steady on Wednesday near a record peak hit in the previous session, as a favourable mix of emerging inflationary risks and ongoing geopolitical tensions underpinned the safe-haven metal.Spot gold was little changed at $2,351.94 per ounce, as of 0339...
Foreign investors pour money into Egypt T-bills after IMF deal, ET BFSI
CAIRO - Foreign investors have poured billions of dollars into Egyptian treasury bills in the month since it announced an $8 billion financial support agreement with the International Monetary Fund on March 6, bankers said.The announcement followed a record $35...
Norway’s March core inflation lower than expected, BFSI News, ET BFSI
STOCKHOLM - Norway's core inflation rate fell below expectation in March, Statistics Norway (SSB) data showed on Wednesday, supporting the central bank's view that interest rates will decline later this year.Core inflation, which strips out changing energy prices and...
Central banks likely to cut rates from June-July, align with pre-Covid range: Morgan Stanley, ET BFSI
New Delhi [India], April 10 (ANI): Central banks world over are likely to cut interest rates from June-July this year to bring real rates closer to the pre-Covid range, according to Morgan Stanley. Morgan Stanley says that Asian central banks will wait for the Fed to...
A crucial skill for freshers in uncertain job market, ET BFSI
Today’s complex modern employment landscape values degrees and skills. But one factor that is being highly valued by every employer is emotional intelligence.Even as artificial intelligence (AI) and other technologies permeate every business operation, employers are...
Employee fraud risks are on the rise; leaders should be aware of trends and corrective actions, ET BFSI
Real or fake? This is a question that is relevant in all walks of life. It is now being asked with increasing urgency in professional life.About 8% of employees pose fraud risk, says a recent report on background verification insights from IDfy, an integrated identity...
India Inc earnings likely to be tepid in Q4, BFSI News, ET BFSI
India Inc earnings likely to be tepid in Q4Earnings expectations for the fourth quarter of the financial year 2023-24 (Q4FY24) are indicating a mixed bag of results across various sectors. Analysts predict that headline profit growth could be restrained due to several...
Eid holiday tradition spurs Indonesia’s economy as tens millions of Muslims travel home, ET BFSI
JAKARTA, Indonesia - The Eid al-Fitr holiday marking the end of the Islamic holy month of Ramadan was celebrated by Muslims on Wednesday with family reunions, new clothes and sweet treats.In Indonesia, the world's most populous Muslim nation, nearly three-quarters of...
Is inflation cooling enough for the Fed?, ET BFSI
WASHINGTON - An eagerly awaited report Wednesday on consumer prices will show whether inflation is still easing, a trend the Federal Reserve will weigh in deciding when and by how much - or even whether - to cut interest rates this year. The March inflation figures...
Govt mandates transparency, fairness, accountability, ET BFSI
The market size of AI is poised to grow at a CAGR of 29.1% to reach $9,631.4 million by 2032.AI has led to seminal transformations in major sectors of the economy, from healthcare to banking and finance. The ability of AI tools to analyse vast amounts of data and make...
Are hackers claims to having UnitedHealth’s stolen data a bluff?, ET BFSI
A freshly formed hacking gang claims to have won access to a massive stash of data stolen from UnitedHealth Group, the largest US health insurer, but with little evidence to go on it is not clear whether they are telling the truth.Hackers walloped UnitedHealth in...
Fresh lifetime high of Rs 71,150 for yellow metal; 2024 gains jump to Rs 7,700/10 gram, ET BFSI
Gold hit a new lifetime high of Rs 71,150 per 10 gram on the MCX on Tuesday in the early trade taking cues from the international prices. At 10 am, the June gold futures were trading at Rs 71,130 and were up by Rs 218 or 0.31% over the Monday closing price.Meanwhile,...
How an election-packed 2024 is shaping up for world markets, ET BFSI
LONDON - In an election-packed year, markets have so far shrugged off results, with the focus squarely on the one contest that could reverberate across everything from international trade to emerging market debt: the United States presidential race in November.Voters...
India needs more leaders like Manmohan Singh, BFSI News, ET BFSI
Almost 10 years after he gave way to Narendra Modi as prime minister of India, Manmohan Singh retired last week from public life. During his long career, Singh also served as chief economist, central bank governor, finance minister, and foreign minister. Although he...
A Gates-backed startup is making fuel from water and carbon dioxide, ET BFSI
The economy of Corpus Christi, Texas, is largely built on fossil fuels. A stone’s throw away from major oil and gas fields, the port city is home to dozens of fossil fuel companies. It exports more crude oil every year than any other city in the US.But Corpus...
El Salvador to offer 5,000 “free passports” to skilled foreign workers, ET BFSI
El Salvador's President Nayib Bukele recently announced a move to bolster the country's economy through foreign investment by offering 5,000 "free passports" to highly skilled international workers.Scientists, engineers, doctors, artists, and philosophers will be...
How generative AI & automation is transforming the way we interact with technology, ET BFSI
Remember those early days of chatbots? Clunky, repetitive conversations that left you feeling more like you were interacting with a broken record than a helpful assistant. Well, those days are behind us. The limitations of these basic chatbots are becoming a thing of...
HKMA CEO says Hong Kong considering ‘deepening’ some connect schemes with China, ET BFSI
HONG KONG - Hong Kong Monetary Authority (HKMA) is considering deepening some of the investment connection schemes between the city and mainland China, Chief Executive Eddie Yue said on Tuesday.Yue told the HSBC Global Investment Summit in Hong Kong there was capacity...
Is Biden or Trump better for the US economy?, BFSI News, ET BFSI
Who is the more economically competent, Trump or Biden? One has public opinion on his side; the data supports the other. DW examined four claims about growth, inflation, debt and the US stock market.The opinion research institute YouGov has found that, with regard to...
Does the gold rally have more steam left?, BFSI News, ET BFSI
Gold has seen a phenomenal rally over the last couple of months. Between 12th February 2024 and now, gold has risen 17%. During the same period S&P 500 is up 3.6%, DXY is almost flat and US 2Y yield has risen from 4.47% to 4.75% i.e. 28bps.Gold has rallied despite...
China to ‘strengthen strategic cooperation’ with Russia as Lavrov visits, ET BFSI
Beijing, Apr 09, 2024 - China's top diplomat said Tuesday that Beijing would strengthen strategic cooperation with Moscow and that the two must stand on the side of "fairness and justice" as he met his Russian counterpart Sergei Lavrov.Lavrov arrived in China for a...
South Korea to invest $7 billion in AI in bid to retain edge in chips, ET BFSI
South Korean President Yoon Suk Yeol said on Tuesday his country will invest 9.4 trillion won ($6.94 billion) in artificial intelligence by 2027 as part of efforts to retain a leading global position in cutting-edge semiconductor chips. The announcement, which also...
Indo-Pacific Economic Framework for Prosperity to organise ‘Clean Economy Investor Forum’ in Singapore, ET BFSI
On May 23, 2022, US President Joe Biden officially launched the Indo-Pacific Economic Framework for Prosperity (IPEF) in Tokyo. The Indo-Pacific Economic Framework for Prosperity (IPEF) will organise 'Clean Economy Investor Forum' in Singapore in June, the Union...
Houses worth Rs 1.11 lakh crore were sold during Jan-Mar, says report, ET BFSI
Houses worth Rs 1.11 lakh crore were sold during Jan-Mar(Q1 2024), up by 68% in value terms as India’s top eight primary residential markets witnessed a strong demand according to a report by PropTiger.com.In terms of area, housing sales surged 63% to 162 million...
Gold hovers near record high with focus on US data, Fed minutes, ET BFSI
Gold prices rose on Tuesday, hovering near a record peak hit in the previous session, supported by firm central bank buying, while investors watched out for the Federal Reserve's policy meeting minutes and U.S. inflation data for fresh signals. Spot gold was up 0.3%...
China pushes back at US overcapacity concerns as Yellen wraps visit, ET BFSI
Beijing, Apr 08, 2024 - Beijing's commerce minister dismissed as "groundless" US concerns that a surge of low-cost Chinese exports posed a risk to global markets, as Washington's Treasury chief on Monday wrapped up a visit aimed in part at addressing the issue.During...
Shimao Group faces liquidation order from China Construction Bank, ET BFSI
File PhotoChinese developer Shimao Group said on Monday China Construction Bank (Asia) had filed a liquidation petition against it in Hong Kong over unpaid debts, a rare case of a state-owned bank taking such legal action in the property downturn.The petition centres...
Who’s buying and why gold prices are suddenly rising now?, BFSI News, ET BFSI
Gold’s scorching run to an all-time high may seem easy to explain from a distance, given the fractious geopolitical climate and murky outlook for the global economy. The precious metal is famously seen as a “safe haven,” and the general view is that bullion prices...
UK recruiters report slowest growth in starting pay in over 3 years, ET BFSI
Official measures of pay growth have been rising at an annual rate of around 6%, roughly double the pace most BoE officials think is consistent with on-target inflationLONDON: Starting salaries for permanent staff grew at the slowest rate in over three years last...
U.S., China to hold more financial shock exercises, Treasury officials say, ET BFSI
BEIJING - The U.S. and China are deepening cooperation on financial stability issues, U.S. Treasury officials said, with two more simulations of financial shocks scheduled after a recent exercise on dealing with the failure of a large bank.The exercises have been...
World Bank asks Pakistan to adopt National Fiscal Policy amid bailout talks with IMF, ET BFSI
Islamabad [Pakistan], April 8 (ANI): Amid the staggering economic crisis in Pakistan, the World Bank has asked Islamabad to adopt a national fiscal policy by aligning federal and provincial spending with constitutional mandates, merge various federal and provincial...
10 resolutions for reforming the global body in interest of developing nations, ET BFSI
Covid, Russia-Ukraine War and the Israel-Hamas encounters have accentuated the need for food security in developing countries.In 1950, global trade was a mere $60 billion. In 2023, it has grown five hundred times to $31 trillion. WTO, which came into existence in...
Japan’s service-sector mood slumps, clouds BOJ rate hike path, ET BFSI
TOKYO - Japan's service-sector sentiment fell in March as rising living costs and bad weather weighed on consumption, a government survey showed, heightening uncertainty on how soon the central bank can raise interest rates again.Consumption has been a weak spot in...
India heading towards huge earnings growth; 15% return can’t be ruled out: Vinay Jaising, ET BFSI
"Our analysts believe if you look at the interest rate curve, which tells you where the order book would come of US, it has moved up for 10 years from 4.1 or 4 to about 4.47 to 4.5 percent, which basically means interest rates are in the high for long regime," says...
Big Four set for another wave of partner poachings, BFSI News, ET BFSI
Representative imageThe Big Four firms are preparing for another wave of substantial partner movement as they scale their advisory practices, start replacement hirings, all while managing the challenges of an expanding, ambitious pool of partner base.The imperative to...
Gold hits record high of Rs 71,000 for the first time; silver price surges to record highs, ET BFSI
Gold rate today: Gold and silver prices reached all-time highs on Monday's opening trade. Gold contracts on MCX surged to Rs 71,080 per 10 grams, a jump of Rs 440 or 0.62%. Meanwhile, silver futures hit a new peak of Rs 82,064, trading at Rs 81,939, up by Rs 1,076 or...
Oil slides more than 1% as Middle East tensions ease, BFSI News, ET BFSI
SINGAPORE - Oil prices slid more than $1 a barrel on Monday, with Brent falling below $90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict.Brent crude...
Get ready to pay higher for chocolates, ice creams and cakes as cocoa prices skyrocket in India, ET BFSI
Representative imageIn the world of chocolates and ice creams, a bitter truth is emerging - the soaring prices of cocoa are beginning to bite into the bottom line of major players. Not only traditional chocolate makers like Amul, but also prominent ice cream brands...
Filter Capital secures Rs 800 cr for its maiden fund, ET BFSI
New Delhi: Technology-focused venture capital firm Filter Capital on Monday said its has secured Rs 800 crore funding for its maiden fund -- Filter Capital India Fund I. Indian institutional investors and family offices such as HDFC Fund of Funds, SIDBI, SRI Fund,...
Sudip Bandyopadhyay on sectors that will do well in Q4 and sectors that will not, ET BFSI
Sudip Bandyopadhyay, Group Chairman, Inditrade Capital, says: “The way I look at it, infra will come back with a strong set of numbers and so will defence. Apart from that, I am looking at a good set of numbers from BFSI as well as real estate. These are the four-five...
Lucknow administration asks banks to inform about transactions above permitted limit, ET BFSI
Lucknow: The Lucknow district election officer has directed all banks to monitor withdrawals and deposits above Rs 10 lakh.District Magistrate Surya Pal Gangwar has directed banks to send reports about all such deposits and withdrawals to the district election...
Rs 2 lakh lost in cyber fraud, Mumbai teen ends life, ET BFSI
MUMBAI: A teenager from Mumbai's Nalasopara died by suicide hours after he was cheated of Rs 2 lakh in a cyber fraud on Wednesday. The 18-year-old, playing games on his mother's phone, could have unwittingly clicked on a fraudulent link that wiped off money from his...
Sitars, tanpuras made in Maharashtra’s Miraj town get GI tags, ET BFSI
The sitars and tanpuras of Miraj, a small town in Maharashtra's Sangli district known for its craftsmanship in making musical instruments, have been awarded the coveted Geographical Indication (GI) tags. These instruments made in Miraj are much in demand among some of...
No justifications for gold’s recent rally, investors riding on Fed rate cut hope, ET BFSI
Spot gold closed with a solid gain of 1.76% at $2330 Friday as the metal rallied for the third straight week. It hit a fresh record high just above $2330. It posted a whooping gain of nearly 4.50% on the week despite surging yields and a largely steady US Dollar. Part...
2 Trichy Women Lose 24 Lakh To Online Fraudsters, BFSI News, ET BFSI
Trichy: Two women of Trichy city have lost around 24 lakh to online fraudsters. A 65-year-old woman from Ponmalaipatti, in her complaint on National Cybercrime Reporting Portal (NCRP), said she opened a link (Esky ticketing) received on her Telegram on Dec 8 and it...
Fraudsters Pose As Cbi Officers & Cops, Dupe Bizman Of ₹1 Crore, ET BFSI
PUNE: Fraudsters, posing as officers of the ministry of telecommunications and the CBI, cheated a businessman (57) of Rs1.03 crore on March 3 after threatening him of legal action under the provisions of the National Security Act.A resident of Aundh, the victim runs a...
Pakistan set to repay USD 1 billion against Eurobond, ET BFSI
Islamabad: Pakistan is set to repay a foreign debt worth USD 1 billion against a 10-year Eurobond maturing in the middle of this month which will reduce the stock of the debt acquired through the selling of bonds in international markets to below USD 7 billion. The...
Gourav Vallabh tears into former party, ET BFSI
New Delhi [India], April 7 (ANI): Doubling down on his allegations against the Congress after changing his political stripes to saffron, BJP leader Gourav Vallabh on Sunday accused the grand old party of being in conflict with the country's wealth creators, including...
Four of top 10 valued firms add Rs 1.71 lakh cr to mcap; HDFC Bank, LIC lead gainers, ET BFSI
New Delhi: Four of the top 10 valued firms added Rs 1,71,309.28 crore to their market valuation last week with HDFC Bank and Life Insurance Corporation of India (LIC) emerging as the biggest gainers in line with an overall positive trend in equities. On the other...
States to sustain capex focus with improved fiscal space: Ind-Ra report, ET BFSI
India Ratings and Research (Ind-Ra) has put out a report maintaining a neutral outlook on the finances of Indian states for the fiscal year 2024-2025 (FY25), showing States' aggregate revenue deficit is projected to be 0.4 per cent of gross domestic product (GDP) for...
Why Indian businesses need anti-hacking solutions urgently?, ET BFSI
A cybersecurity company has warned that Indian businesses continue to face significant cyber threats, particularly from ransomware attacks, requiring them to urgently deploy threat intelligence and industrial cybersecurity solutions to safeguard theirs and users...
UNGA President Dennis Francis lauds digitalisation, infrastructure investment in India, ET BFSI
United Nations General Assembly President Dennis Francis has lauded India's use of digitalisation that has helped achieve financial inclusion and poverty reduction, underlining that this gives the country a "comparative advantage" and its lessons can be shared with...
OpenAI CEO Sam Altman and ex-Apple chief designer Jony Ive looks $1 billion for ‘iPhone of AI’, ET BFSI
Former Apple design chief Jony Ive and OpenAI CEO Sam Altman have been said to be collaborating to create an AI-powered personal device, and now they are looking to raise funds, as much as a billion dollars, according to The Information. The unnamed startup is...
Skills ministry notifies draft guidelines for setting up of the Academic Bank of Credits, ET BFSI
The ministry of skills development and entrepreneurship has notified draft guidelines for setting up the Academic Bank of Credit (ABC), paving way for implementation and operationalization of the National Credit Framework as envisaged under the National Education...
Rakesh Mohan on the World Bank Group’s Economic Advisory Panel, ET BFSI
President Emeritus and Distinguished Fellow of the Centre for Social and Economic Progress (CSEP), Rakesh Mohan has been appointed by the World Bank Group to serve on the World Bank Group’s Economic Advisory Panel. Ajay Banga, World Bank President, invited Rakesh...
NCMC card users for metro travel issued by other banks also facing recharge glitches due to restriction on Paytm Payments Bank, ET BFSI
The National Common Mobility Card (NCMC) was launched in 2019 as a common payment mechanism for metro travel and other payments. One of the advertised features of NCMC is 'One Nation One Card' which essentially means that an NCMC card can be used for payment at any...
New AI law to protect Indian publishers; Navi eyes $2 billion valuation, ET BFSI
The centre is working on a new artificial intelligence law which will protect the interests of news publishers and creators. Details on this and more in today’s ETtech Morning DispatchAlso in this letter:■ 3AI, SML to jointly own Hanooman■ Byju's seeks arbitration in...
RBI Governor Das hints at inflation reaching 4 per cent target, ET BFSI
Reserve Bank of India (RBI) Governor Shaktikanta Das, while unveiling the outcomes of the first bimonthly Monetary Policy Committee (MPC) meeting of FY25, characterized inflation as the prominent challenge, referring to it as "the elephant in the room." He indicated...
Centre drawing up road map to invest in women entrepreneurs, BFSI News, ET BFSI
NEW DELHI: India is drawing up the next version of its financial inclusion strategy, which will focus on empowering female entrepreneurs and expanding women's participation in flagship schemes such as PM SVANidhi, said officials.Banks and insurance firms will launch...
This is how much Congress leader Shashi Tharoor declared in poll papers, ET BFSI
NEW DELHI: Congress leader Shashi Tharoor, who is eyeing the fourth straight term as Thiruvananthapuram MP in the upcoming Lok Sabha elections, has declared assets of over Rs 55 crore in his nomination papers.Tharoor has declared a total income of over Rs 4.32 crore...
Biden to survey collapsed Baltimore bridge, meet families of workers who died, ET BFSI
Baltimore Bridge Collapse/ APWASHINGTON - President Joe Biden will visit Baltimore on Friday to survey the site of a collapsed bridge and meet families of the six construction workers who died, amid growing tensions in the U.S. Congress over using federal dollars to...
Key announcements and highlights, ET BFSI
HighlightsTen per cent quota in jobs, educational institutions for EWS will be implemented for all castes, communities without discrimination. The party promised to abolish Agnipath programme and direct Armed Forces to resume normal recruitment to achieve full...
Realty sector stocks top-performing sector of FY24, BFSI News, ET BFSI
New Delhi: In FY24, the realty sector sectoral index soared with a remarkable 132.5 per cent return, securing its position as the top-performing sector of the year, according to Motilal Oswal Asset Management Company.The auto sector continued its upward trajectory and...
Yellen warns China industrial subsidies pose risk to world economy, ET BFSI
Guangzhou, Apr 05, 2024 - US Treasury chief Janet Yellen warned during a visit to China on Friday that Beijing's subsidies for industry could pose a risk to global economic resilience.Yellen arrived in the southern city of Guangzhou on Thursday for several days of...
Rahul Gandhi’s bet on record Dalal Street rally makes him richer, ET BFSI
Indian opposition leader Rahul Gandhi’s wealth rose more than 28% in the past five years, aided by his stock investments amid a bull run in Indian equities.Gandhi, who is being positioned as a challenger to Prime Minister Narendra Modi in the national elections that...
Luxury cars, watches seized over alleged USD 650 million Covid-19 fraud, ET BFSI
Luxembourg, April 5 (ANI): Italian financial police on Thursday said that it has arrested 22 people and seized assets worth more than 600 million Euros (USD 650 million) in connection with alleged fraud linked to the European Union's post-pandemic recovery fund, CNN...
‘Boring policy’ in terms of decisions, chances of rate cut pushed to H2 FY25: Economists, ET BFSI
The Reserve Bank of India on Friday decided to retain the repo rate at 6.5 per cent, thereby maintaining a pause on its rate-hike cycle for the seventh consecutive time.The RBI Governor Shaktikanta Das forecasts the India GDP growth rate at 7 per cent for FY25, while...
Delhi police bust gang of cheaters; one accused held, BFSI News, ET BFSI
New Delhi [India], April 5 (ANI): Delhi police said it has busted a gang for allegedly indulging in cyber fraud and cheating businessmen across the country on the pretext of providing high profit through investment in IPO trading.A team of Cyber Police Station West...
Congress promises 10% quota for EWS in jobs, educational institutions, ET BFSI
The Congress party on Friday released its party manifesto, 'Nyay Patra' for the upcoming Lok Sabha elections.Party’s manifesto committee head and former Union Finance Minister, P. Chidambaram announced that “ten per cent quota in jobs, educational institutions for...
To keep close watch on vegetable prices amid IMD’s prediction of high temperature condition: RBI Governor, ET BFSI
Mumbai: Reserve Bank Governor Shaktikanta Das on Friday said the central bank will keep a close watch on vegetable prices that may be impacted by high temperature condition which has been predicted by IMD. Earlier this week, the Indian Meteorological Department (IMD)...
Jaishankar dismisses UN official’s remark on elections in India, ET BFSI
External Affairs Minister S Jaishankar on Thursday dismissed a senior UN official's recent remark on elections in India, saying that he does not need the global body to tell that the elections in the country should be "free & fair".His comments came in response to...
‘Dormant risks which could erupt abruptly’, RBI Governor on elevated Debt to GDP ratios, ET BFSI
On Friday while announcing the first RBI MPC decision of the Financial Year 2024-25 (FY25), RBI Governor Shaktikanta Das said that concerns about the high levels of public debt in both advanced and emerging market economies (EMEs) are dormant risks which could erupt...
ED attaches Rs 24.41 crore assets of absconding Dubai-based VIPS Group owner Vinod Khute, others under PMLA, ET BFSI
Enforcement DirectorateNew Delhi [India], April 5 (ANI): The Directorate of Enforcement (ED) attached movable assets worth Rs 24.41 crore of various individuals, entities and firms which are used by absconding accused Vinod Khute, the owner of VIPS Group of Companies...
Yellow metal hits new lifetime high of Rs 69,918/10 grams; 2024 gains swell up to Rs 6,600, ET BFSI
Gold hit yet another lifetime high in the opening trade on Thursday taking cues from the international commodity prices. US Fed chair Gerome Powell’s statement that the recent job numbers and higher-than-expected inflation readings do not significantly alter the...
65% of India Inc employees expect favourable appraisal despite slowdown fears: Survey, ET BFSI
Nearly 65% of the employees across organisations in India expressed confidence in favourable appraisals, highlighting prevailing optimism amid challenging economic conditions, according to AmbitionBox, an online platform for company reviews and salary insights.While...
Treasury secretary heads to China to talk trade, anti-money laundering and Chinese ‘overproduction’, ET BFSI
JOINT BASE ELMENDORF-RICHARDSON, Alaska - Treasury Secretary Janet Yellen is headed to a China determined to avoid open conflict with the United States, yet the world's two largest economies still appear to be hashing out the rules on how to compete against each...
Ray Dalio defends his decades-long investment in China, ET BFSI
Bridgewater Associates founder Ray Dalio defended his decades-long investment in China and pledged he won’t abandon the world’s second-largest economy even with all of the problems there he’s identified and the risks of a war with his own country, the US.“I have had a...
EU drops sovereignty requirements in cybersecurity certification scheme: Document, ET BFSI
Amazon, Alphabet's Google and Microsoft may find it easier to bid for the European Union (EU) cloud computing contracts after draft cybersecurity labelling rules scrapped a requirement that vendors should be independent from non-EU laws, according to the document seen...
Central government employees must link CGHS beneficiary ID with Ayushman Bharat Health Account ID; know benefits, process to link and other details
Linking of CGHS beneficiary ID with ABHA ID: Effective April 1, central government employees enrolled in the Central Government Health Scheme (CGHS) are required to link their CGHS beneficiary ID with their Ayushman Bharat Health Account (ABHA) ID. This directive...
UK on track to exit recession despite slower services growth, PMI data shows, ET BFSI
LONDON - Britain's economy looks on track to exit recession when official first-quarter growth data is next published, despite a slowdown in services activity last month, a closely watched business survey showed on Thursday.The S&P Global Composite Purchasing...
Biden administration awards $20 bn for clean energy investment in low-income communities, ET BFSI
WASHINGTON - Vice President Kamala Harris and Environmental Protection Agency Administrator (EPA) Michael Regan on Thursday announced eight organizations that will oversee the spending of $20 billion in grants to fund tens of thousands of clean energy and...
Impact on RBI, biz, food & GDP, ET BFSI
When one thinks of summers, one thinks of ice cream. What does one think when one thinks of heat waves? With weather experts warning that intensity and frequency of heat waves will only increase in India in future, extreme heat will not only make daily life...
Centre Court Capital launches $42 million sports, gaming tech fund, ET BFSI
JSW Steel managing director Sajjan Jindal’s family trust has joined as the anchor investor for venture firm Centre Court Capital's maiden Rs 350 crore fund.The gaming and sports-focused firm said it has already received Rs 200 crore in commitments from limited...
Senior US treasury officials to urge India to maintain implementation of Russian oil price cap, ET BFSI
Washington: Two senior US treasury officials are in India to urge New Delhi to maintain the implementation of the oil price cap aimed at limiting profits to Russia, while also promoting stable global energy markets. Acting Assistant Secretary for Terrorist Financing...
Crayon Data Co-founder Srikant Sastri, ET BFSI
The National Geospatial Policy 2022 will help the sector grow exponentially and encourage the development of applications in sectors such as agriculture, transportation, healthcare and urban infrastructure, said Srikant Sastri, Co-founder, Crayon Data.To explain the...
Nation paid price for BJP’s compulsion to get ‘chanda’ at all costs: Congress, ET BFSI
NEW DELHI: The Congress on Thursday alleged that the BJP's compulsion to get donations at all costs saw it go ahead with the electoral bonds scheme without heeding RBI's astute advice, as it claimed that over Rs 430 crore was donated to the ruling party by 33...
Why is rupee at an all-time low when all economic indicators are favourable? Indranil Sengupta explains, ET BFSI
Indranil Sengupta, Thematic Economist & Head of India Research, CLSA, says the dollar is strengthening and as a result, the rupee is weakening. It is not necessarily weakening against everybody. It is only weakening against the dollar. Sengupta points out that...
India’s ‘Goldilocks’ economy to prompt Reseve Bank of India to keep rates on hold, ET BFSI
Strong economic growth and moderating inflation means India's central bank will have room to keep interest rates on hold at its review this week and likely until July, economists say.The Reserve Bank of India (RBI) is widely expected to keep rates unchanged on Friday,...
Inflation has slid again in Europe. What that means for interest rates?, ET BFSI
The inflation that has squeezed European shoppers fell more than expected in March to 2.4%, as cost spikes in the grocery aisle eased and overall price rises headed down in the two biggest economies, Germany and France. The annual figure for the 20 countries that use...
Russian services sector grows slightly faster in March, PMI shows, ET BFSI
MOSCOW: Growth in Russia's services sector picked up pace in March as new orders came in, a survey showed on Wednesday, despite export orders declining for the first time in almost a year and workforce issues continuing to cause firms problems.The S&P Global...
E-commerce leads in influencer marketing spending with 27%, followed by FMCG: Report, ET BFSI
Representative imageInfluencer marketing has emerged as a powerful strategy in the realm of e-commerce, providing businesses with the opportunity to drive sales and enhance brand awareness. E-commerce leads in influencer marketing spends with 27 per cent, followed by...
Japan’s economy recovers to full capacity, keeps alive BOJ rate hike prospects, ET BFSI
TOKYO - Japan's economic output recovered to full capacity for the first time in about four years in the October-December quarter, a positive sign that may allow the central bank to raise interest rates again.Japan's output gap, which measures the difference between...
Get name, DOB details mismatch in PAN and mutual fund folio corrected by April 30, here’s why, ET BFSI
It is now mandatory to provide your name and date of birth in your mutual fund (MF) folio as listed on your PAN card or other provided proof of identity. You have to make sure that there is no mismatch, and if there is a mismatch, you should rectify it by April 30,...
Strong show by Indian economy! IMF ups India GDP forecast; good news for Pakistan too, ET BFSI
Indian Economy GDP growth seen at 7.5% in 2024! The World Bank has projected that the Indian economy is set to grow at 7.5 per cent in 2024, marking a revision from its previous forecast by 1.2 per cent. This growth is part of a strong outlook for South Asia, with the...
Yellow metal rises over Rs 6,185/10 grams in 2024? Will it hit Rs 70,000 mark this week?, ET BFSI
Gold prices opened with a Rs 440 per 10 grams uptick on the MCX on Wednesday, continuing their winning run over the past one month. While gold hit a lifetime high of Rs 69,487 (April futures) this week, it was trading at Rs 69,369 up by 0.64% over the previous closing...
The European Union is introducing a tariff on imports of carbon-intensive products with implications for exporters around the world—including those in India, ET BFSI
The climate crisis show no sign of easing. Countries are falling short of their environmental pledges and the target of keeping global temperature rises below 1.5% above pre-industrial levels appears even more increasingly challenging. With progress slow, the European...
Excise Policy Case: Sanjay Singh to share itinerary, keep Google location on if he leaves NCR: Court, ET BFSI
New Delhi [India], April 3 (ANI): The Rouse Avenue court on Wednesday accepted the bail bond and imposed certain conditions on Sanjay Singh, including that he furnish his itinerary through email and keep his Google location on if he leaves Delhi, NCR. He was granted...
Shareholders approve Vodafone Idea’s Rs 20,000 crore fundraising plan, ET BFSI
MUMBAI - Vodafone Idea Ltd has received shareholders’ consent for its proposal to raise Rs 20,000 crore through a combination of equity and equity-linked securities.On February 27, the company’s board had approved the proposed fundraising plan. With shareholders’...
GTRI for easy e-comm rules, national trade network to boost exports, ET BFSI
New Delhi: Simplification of e-commerce rules, disbursement of duty refund scheme in cash, and setting up of a national trade network, and publishing a report on the effectiveness of India's trade pacts should be part of the new government's 100-day agenda, GTRI said...
Woman duped of Rs 80 lakh by fraudsters posing as executives of courier firm,govt agencies, ET BFSI
THANE: A 63-year-old woman from Navi Mumbai was reportedly swindled of Rs 80 lakh by individuals pretending to be representatives of a global courier company and government entities, offering to shield her from involvement in a smuggling case, as per the police. The...
Google DeepMind CEO Demis Hassabis, ET BFSI
Google DeepMind CEO has warned that the surge in investment in AI is bringing “a whole attendant bunch of hype and maybe some grifting.” He also claimed that this hype is shadowing scientific progress in the field.“In a way, AI is not hyped enough but in some senses...
UK factories report first growth in nearly 2 years, PMI survey shows, ET BFSI
LONDON - British manufacturers reported their first overall growth in activity in 20 months in March thanks to recovering demand in their home market, according to a survey that added to signs that last year's shallow recession has ended.The S&P Global/CIPS UK...
Singapore hands down first conviction in $2.2 billion money laundering case, ET BFSI
SINGAPORE - A defendant in Singapore's biggest-ever money laundering case was sentenced to 13 months in prison on Tuesday, the first conviction for an investigation that grabbed headlines after billions in luxury properties, cars and gold bars were seized.Defendant Su...
Countries should undertake process reforms to improve economic and policy efficiency: Sanjeev Sanyal, ET BFSI
Governments worldwide should do a periodic assessment of processes under various regulations, legislations and even of the institutions as part of the process reforms to improve economic and policy efficiency, Sanjeev Sanyal, member of the Economic Advisory Council to...
How universities can play catalysts in making India global AI leader, ET BFSI
India's AI Mission presents a significant opportunity for the nation to assert itself as a global leader in AI technology.The Union Cabinet has approved a significant investment of ₹10,371.92 crore for the national-level India AI mission, demonstrating a bold...
Can we engineer our way out of the climate crisis?, BFSI News, ET BFSI
REYKJAVIK: On a wind-swept Icelandic plateau, an international team of engineers and executives is powering up an innovative machine designed to alter the very composition of Earth's atmosphere.If all goes as planned, the enormous vacuum will soon be sucking up vast...
Euro zone factory downturn deepened again in March, PMI shows, ET BFSI
LONDON - Euro zone manufacturing activity took a further turn for the worse in March, contracting at a steeper pace than in February, as demand continued to fall, according to a survey which nevertheless showed an uptick in optimism.HCOB's final euro zone...
Here’s how to protect yourself from common scams this tax season, ET BFSI
NEW YORK - Tax season can come with several headaches, from gathering documents to finding the time to sit down and file. But one pain that you want to avoid is falling for a tax scam. Year-round, scammers look for ways to trick people into giving them money or...
Two go on trial in Switzerland over ‘kleptocracy’ scandal involving Saudi oil firm, Malaysian bank, ET BFSI
Geneva, Apr 2 (AP): Two managers of a Saudi oil exploration company went on trial in Switzerland on Tuesday for alleged fraud and money laundering over a scandal years ago linked to a Malaysian sovereign wealth fund that the US Justice Department once described as the...
iThink Logistics onboards ONDC to strengthen outreach to SMEs, MSMEs, ET BFSI
Mumbai: Logistics startup iThink Logistics on Tuesday announced it has onboarded ONDC (Open Network for Digital Commerce) to strengthen its outreach to SMEs and MSMEs. iThink Logistics going live on the ONDC Network unfolds advantages for Small and Medium-sized...
Foundit, BFSI News, ET BFSI
Hiring activity in India rose 3 per cent sequentially in March though falling 4 per cent from a year earlier, reflecting cautious stance among companies amid global macroeconomic headwinds, demand uncertainty and technology inroads, according to talent platform...
No urgent relief to Wadia Group in Bank of Baroda case, ET BFSI
The Bombay High Court refused to grant urgent relief to the Wadia Group, which sought to restrain the Bank of Baroda from invoking a corporate guarantee given by one of its group companies at the instance of Go First Airlines to the tune of Rs 500 crore. Nowrosjee...
Zoho’s Sridhar Vembu, ET BFSI
New Delhi: Sridhar Vembu, Founder and CEO of leading cloud software provider Zoho, said on Monday that this is the best time to invest in India for young entrepreneurs from all across the world.The sense of optimism is real and India is the most dynamic large economy...
NCMC card users for metro travel issued by other banks also facing recharge glitches due to restriction on Paytm Payments Bank, ET BFSI
The National Common Mobility Card (NCMC) was launched in 2019 as a common payment mechanism for metro travel and other payments. One of the advertised features of NCMC is 'One Nation One Card' which essentially means that an NCMC card can be used for payment at any...
India Inc’s improving credit profile sees more upgrades in H2 of FY24, ET BFSI
Mumbai: Upgrades continued to exceed downgrades during the October-March rating reviews of Indian companies despite a rise in borrowing costs and supply constraints caused by the war in West Asia and the Red Sea crisis.Domestic consumption, demand across several...
From forex to rupee, how foreign money into India bonds is reshaping markets, ET BFSI
Cash pouring into India from its watershed inclusion into key global bond indexes is already reshaping markets in a country long keen to insulate itself from hot money flows.Foreign investors have pumped roughly 780 billion rupees ($9.4 billion) into eligible...
CM Kejriwal calls own party leader confused in statement to ED, ET BFSI
New Delhi: Incarcerated Delhi Chief Minister, Arvind Kejriwal, when confronted with the statement of AAP National Treasurer, ND Gupta, in the alleged excise scam by the ED, termed his own party leader "confused." A Delhi court on Monday sent the AAP's National...
Swiggy Instamart partners with Park+ to deliver IndusInd Bank FASTag, ET BFSI
Swiggy Instamart, in partnership with Park+, is set to deliver IndusInd Bank FASTags within a remarkable timeframe of 10 minutes, as announced on Monday.This service is available to Swiggy Instamart users across 29 cities in India, ensuring swift access to...
Think beyond manufacturing for more/better jobs, BFSI News, ET BFSI
These suggestions are in line with what India has been attempting, apart from trying to ease rigidities in its labour marketMaking growth more employment-inclusive requires a broader approach than just seeking solutions in labour-intensive manufacturing. India's...
PM Modi praises RBI’s 90-year milestone, charts course for India’s economic eminence, ET BFSI
Mumbai (Maharashtra) [India], April 1 (ANI): Prime Minister Narendra Modi addressed the opening ceremony of RBI@90 in Mumbai, today, in the commemoration of the Reserve Bank of India's (RBI) 90 years of service.According to a release from the PM's office, Prime...
Gold hits record high as soft US data cements June rate cut bets, ET BFSI
Gold prices rose to a record high on Monday, as a softer U.S. inflation report cemented bets that the Federal Reserve would deliver its first interest rate cut of the year in June.Spot gold was up 1.2% at $2,258.71 per ounce, as of 0328 GMT, after hitting an all-time...
Enabled by AI, phishing becomes quite simple, ET BFSI
Nitin's attempts to schedule an appointment with a doctor he had found online had proved fruitless. He had almost given up on the phone numbers that had popped up in the online search, when he received a call.The person claimed to be from the doctor's office and asked...
Key indicators point to economic resilience at the end of FY24: NCAER, ET BFSI
Key markers point to the Indian economy remaining buoyant at the end of 2023-24 with Purchasing Manager's Index (PMI) for manufacturing increasing and that of services maintaining a robust trend, as per the monthly economic review by the National Council of Applied...
Homegrown products built on DPI to propel India towards $5 trillion economy: Experts, ET BFSI
India's interoperable and open-source DPIs are now being adopted or considered by over 30 countries to enhance social and financial inclusion.Homegrown solutions and products built on top of the digital public infrastructure (DPI) by young entrepreneurs will pave the...
PM Modi calls for greater economic self-reliance, making rupee more acceptable, accessible globally, ET BFSI
PM Narendra ModiMumbai: Prime Minister Narendra Modi on Monday said India needs to increase its economic self-reliance in the next 10 years to mitigate the impact of global crises, and make rupee more accessible and acceptable throughout the world. The Prime Minister...
PM lauds RBI, says India must become financially ‘Atmanirbhar’ in 10 years, ET BFSI
Mumbai: Over the next 10 years, India must strive to become a 'financially Atmanirbhar' economy that is shielded from all global events and continues to march ahead confidently for progress and development, Prime Minister, Narendra Modi, said on Monday. Speaking at...
PM Modi lauds RBI, ET BFSI
Mumbai (Maharashtra) [India], April 1 (ANI): Prime Minister Narendra Modi on Monday applauded the transformation that the Reserve Bank of India witnessed in the last decade and said that the changes occurred in the banking system due to the honesty and consistency in...
Prestige Group enters into first ever residential platform deal with ADIA and Kotak AIF, ET BFSI
Real estate developer, Prestige Group, has successfully raised a total of Rs 2000 crore in a residential platform deal with Abu Dhabi Investment Authority and Kotak Alternative Investment Fund. This marks the first and largest residential platform deal by ADIA and...
PM Modi at RBI’s 90th anniversary ceremony, ET BFSI
NEW DELHI: Prime Minister Narendra Modi on Monday addressed an event commemorating the 90th anniversary of the Reserve Bank of India in Mumbai.PM Modi while addressing the ceremony said that central government in its effort to revive PSU banks, injected Rs 3.5 lakh...
Transactions you can do, ET BFSI
It is the financial year end weekend this weekend, however, March 31 is a Sunday and March 28 is Good Friday, which is a holiday for many institutions like banks, insurers and even the tax department. March 31 is the also the last day to complete one's tax-saving...
Looking For A Job Or Shares? Beware Of Cyber Fraudsters, ET BFSI
BHOPAL: The Covid pandemic made work-from-home the new normal, but cyber fraudsters are preying on those looking for WFH jobs.Such scams, called ‘task-frauds’, are spreading like a virus and making it that much more difficult for cybercops to clamp down on these...
Total tax demand on Congress Rs 3.5k crore, BFSI News, ET BFSI
NEW DELHI: After an income tax demand of Rs 1,823 crore as of Friday, Congress received three more notices Saturday, taking the total demand on the party to Rs 3,567 crore, an "astronomical figure" that is bound to complicate the party's political operations during...
US inflation cools; Japanese Yen stays weak, ET BFSI
A key measure of underlying US inflation favored by the Federal Reserve cooled last month, and consumer spending rebounded sharply.Earlier in the week, the collapse of a major bridge in Baltimore will cause weeks or months of transportation disruptions in the...
A Bajaj scooter, a co-owned house, Rs 1.6 lakh in PPF…., ET BFSI
Finance Minister Nirmala Sitharaman reported total assets valued at Rs 2.53 crore in 2022, consisting of immovable property worth Rs 1.87 crore and movable property totaling Rs 65.55 lakh, as per her assets and liabilities declaration as a Rajya Sabha member. However,...
Centre gets a dividend boost as receipts from state-run undertakings surpass revised estimates by 26% to Rs 63,000 cr, ET BFSI
The Centre's kitty got a boost as dividend receipts from state-run undertakings exceeded the revised budget estimate by 26 per cent to about Rs 63,000 crore. Finance Minister Nirmala Sitharaman had revised dividend receipts in the Interim Budget to Rs 50,000 crore for...
From fake refunds to AI phishing attacks, hackers are cashing in, ET BFSI
Cybercriminals are getting ready to take advantage of people during tax season by using a variety of tactics to steal personal information and refunds. Scams such as AI-powered phishing emails, QR code schemes, and the sale of sensitive tax documents on the dark web...
Tribal woman makes it to Forbes 2024 list, BFSI News, ET BFSI
BHUBANESWAR: In what has turned out to be a rare feat, a tribal woman from Odisha’s Malkangiri district has been featured in Forbes India’s top self-made women-2024 list, alongside 22 other women from across the country.Jayanti Buruda, 34, hailing from the Koya tribe,...
Export growth for 2024 will be led by PLI and Make In India schemes: GTRI, ET BFSI
Amidst the complexities of global trade dynamics, India finds itself on a trajectory with notable advancements in export sectors previously considered weak.The implementation of initiatives such as Production-Linked Incentives (PLI) and the Make in India campaign has...
AI-driven crimes rise, cops look to catch up, ET BFSI
AI-enabled crimes are on the rise in the state and the police is facing a huge challenge in tackling them as it has not fully integrated AI into the system, additional director general of police’s Women Safety Wing Shikha Goel said on Saturday.“When I joined the...
New $20 minimum wage for fast food workers in California set to start Monday, ET BFSI
LIVERMORE, Calif. - Most fast food workers in California will be paid at least $20 an hour beginning Monday when a new law is scheduled to kick in giving more financial security to an historically low-paying profession while threatening to raise prices in a state...
Young Indians more likely to be jobless if they’re educated: ILO, ET BFSI
In India, higher educated young people are more likely to be unemployed than those without any schooling, according to the International Labour Organization.The jobless rate for graduates was 29.1%, almost nine times higher than the 3.4% for those who can’t read or...
Income Tax Department has issued Congress demand notice of Rs 1700 crore: Sources, ET BFSI
New Delhi [India], March 29 (ANI): In mounting troubles for Congress amid Lok Sabha poll campaign, the Income Tax Department has issued demand notice of about Rs 1700 crore to the party, sources said.They said the fresh demand notice is for assessment years 2017-18 to...
Nitin Gadkari on new toll system, BFSI News, ET BFSI
The Union Transport Minister Nitin Gadkari today said that the government is ending toll and the new satellite based toll collection system will be introduced soon. "Now we are ending toll and there will be a satellite base toll collection system. Money will be...
India has democratised technology, aims to end digital divide: PM Modi, ET BFSI
New Delhi: Prime Minister Narendra Modi on Friday said technology is meant to empower people from all strata of the society and India has achieved democratisation of new technologies like artificial intelligence (AI) to help millions of people especially in rural...
India keen on trade deals with Britain, Oman early in Modi’s probable third term, sources say, ET BFSI
Indian Prime Minister Narendra Modi is likely to prioritise completion of free trade deals with Britain and Oman in the first 100 days of the next government if he wins upcoming elections as opinion polls predict, two government sources said.Modi has asked Indian...
How will refund or failed transaction be adjusted against your credit card bill? Know RBI’s new rule, ET BFSI
Making purchases with a credit card can be easy and extremely convenient. Moreover, you often get various cashbacks, additional discounts, or reward points for using your credit card — be it booking a flight ticket online or buying a new phone in a store. But what...
PM Modi, BFSI News, ET BFSI
New Delhi: Prime Minister Narendra Modi on Friday said India is making rapid advancements in the renewable energy sector, like solar, wind energy and green hydrogen, thus building 'Green GDP' which the world economies should embrace to tackle the burning issue of...
Central project saw cost overruns of Rs 4.8 lakh crore: India Ratings, ET BFSI
Mumbai: According to a study by India Ratings, cost overruns in central projects post-Covid cost the economy Rs 480470 crore, around 1.6% of the country’s gross domestic product.According to the study, large central projects are largely in sectors such as railways,...
Government e-Marketplace crosses ₹4 lakh cr in Gross Merchandise value in FY24; business doubles, ET BFSI
The Government e-Marketplace (GeM) has closed the 2023-24 financial year with a Gross Merchandise Value (GMV) of a staggering Rs 4 lakh crore which is double that of the corresponding figure for the previous fiscal year (2022-23), the Commerce and Industry Ministry...
Regulating real estate sector for timely completion of projects & protecting buyers’ interests, ET BFSI
"With RERA there, the consumers can have confidence in the real estate sector. The confidence of the consumers is good for the promoters of real estate projects": Sanjay Bhoosreddy, Chairman of UP RERA.To deal with the problems of delayed projects, unscrupulous...
Obama, Clinton on why Americans don’t love the Biden economy, ET BFSI
Former presidents Barack Obama and Bill Clinton dug into an issue that has vexed economists, political strategists and the White House on Thursday - if the U.S.'s fiscal numbers are so good, why are Americans so unhappy about the economy?Speaking at a high-dollar...
Sustainable packaging startup Bambrew raises $7 million in funding led by Blume Ventures, ET BFSI
Bambrew, a cleantech startup operating in the sustainable packaging space, on Friday said it has raised Rs 60 crore (about $7 million) in Series A funding round led by Blume Ventures.The funding was a mix of equity and debt. The equity element totalled to about Rs 30...
Cocoa’s relentless rally is pushing the market to breaking point, ET BFSI
The global cocoa market is buckling under the strain of unprecedented shortages.A once-unimaginable rally that upended physical trading is now filtering rapidly through to the futures market. Prices that have more than doubled in just three months are forcing traders,...
Many Americans say immigrants contribute to economy but there’s worry over risks, poll finds, ET BFSI
Americans are more worried about legal immigrants committing crimes in the U.S. than they were a few years ago, a change driven largely by increased concern among Republicans, while Democrats continue to see a broad range of benefits from immigration, a new poll...
ETMarkets Smart Talk: US Fed Policy, Election outcome among top 6 triggers to watch out for in FY25: Shrikant Chouhan, ET BFSI
“1)US Fed Policy, 2)FPI inflows, 3)crude oil prices, 4)global cues, 5)inflation and 6) general elections in India are the key trigger points for FY25,” says Shrikant Chouhan, Head – Equity Research, Kotak Securities.In an interview with ETMarkets, Chouhan said:...
Domestic startups come under income tax glare for their recent funding, ET BFSI
Several new economy ventures, primarily in the fintech sector, have received income tax notices in recent weeks with respect to venture capital raised by them, according to people in the know. The notices — served under Section 68 of the Income Tax Act — have clubbed...
FTAs and new markets will increase India’s export to USD 1 trillion by 2030, ET BFSI
Despite global trade uncertainties, India's exports are charting a new course, bilateral agreements, free trade agreement (FTA) and venturing into uncharted territories like Africa, Latin America, and Central Asia have led to all time high export of USD.With these new...
Transactions you can do on March 30, 31 2024, ET BFSI
It is the financial year end weekend this weekend, however, March 31 is a Sunday and March 28 is Good Friday, which is a holiday for many institutions like banks, insurers and even the tax department. March 31 is the also the last day to complete one's tax-saving...
Funds for scientists for local research in cervical cancer, ET BFSI
Expressing his 'child-like' curiosity for technology, Indian Prime Minister Narendra Modi on Friday told Microsoft co-founder and billionaire philanthropist Bill Gates that should the NDA be voted to power yet again, money will be allocated for research in cervical...
Tatas keeping a close eye on pledged shares as Shapoorji Pallonji goes on Rs 20,000-cr fundraise, ET BFSI
Mumbai: The Tata Trusts and Tata Sons are said to be closely monitoring the Shapoorji Pallonji (SP) Group's bid to raise ₹20,000 crore from state-run institutions to refinance debt taken against stakes in the Tata Group holding company. The Mistry family-promoted SP...
India bond yields ease as borrowing plan favours buyers on last day of fiscal, ET BFSI
MUMBAI - Indian government bond yields are set to end the financial year with a downward move as the government's planned borrowing from the market in the first half was sharply lower than estimated, favouring bullish positions.The benchmark 10-year yield was at...
More women running startups, on company boards: Nirmala Sitharaman, ET BFSI
Women are now not only running startups but are also increasingly occupying positions on company boards, said finance minister Nirmala Sitharaman in New Delhi. "In 2018, only 13.8% of women were reaching the boards; today, that figure has gone up to 18.3%," she said...
AltG Investment Research, ET BFSI
New Delhi, March, 28 (ANI): The Indian economy is at a defining moment. India grew over 8% for three consecutive quarters reaffirming her position as a standout performer amidst global growth trends. Driven by the Government's thrust on capex which has continued to...
Global M&A picks up in Q1 after flurry of large deals, ET BFSI
NEW YORK - Mergers and acquisitions (M&A) bounced back in the first quarter after a downbeat 2023, thanks to the return of mega deals, cheering investment bankers and lawyers waiting for a pick-up.Total M&A volumes globally climbed 30% to about $755.1 billion,...
Ai Jobs Grow Twice As Fast As Other Digital Skills, ET BFSI
Bengaluru: With generative AI creating enormous excitement across industries, demand for professionals skilled in AI and machine learning (ML) is soaring in India. Staffing firm Randstad says hiring for AI and ML roles has been increasing by 30% each year since the...
Deploying blockchain technology for data integrity and cyber security, ET BFSI
"The digital identifiers anchored on a blockchain such as CORD do not contain Personally Identifiable Information (PII) or Sensitive Health Information (SHI) of the data principal."To deal with the problem of cyber incidents which are becoming increasingly...
India can grow at 9% by implementing a few more reforms: Arvind Panagariya, ET BFSI
Dismissing doubts over India's GDP numbers, Arvind Panagariya, Chairman of the 16th Finance Commission, has said the country can realistically push its economic growth close to 9 per cent from the current 7 per cent or so, by implementing a few more reforms in the...
US flags data gap as banks deploy AI in fraud prevention, ET BFSI
The US financial sector faces a "significant" data gap between big and small banks as they deploy AI to fight fraud, the Treasury Department said Wednesday, noting that smaller institutions are disadvantaged.While big banks have more internal data to develop AI models...
Yellen warns China’s industry ramp-up is distorting world economy, ET BFSI
US Treasury Secretary Janet Yellen slammed China’s use of subsidies to give its manufacturers in key new industries a competitive advantage, at the cost of distorting the global economy, and said she plans to press China on the issue in an upcoming visit.“There is no...
How India plays a significant role in keeping global shipping industry running, ET BFSI
The collision between a freight ship and a bridge in Baltimore, USA, didn't turn into a major disaster thanks to the quick actions of the 22-member Indian crew aboard the vessel Dali. Prior to the collision, the sailors issued a mayday call, prompting authorities to...
3 things these SGB investors need to check before maturity, ET BFSI
The final redemption date and price for the Sovereign Gold Bond (SGB) Scheme SGB 2016-II has been announced by the Reserve Bank of India. According to an RBI notification released on March 22, 2024, the date has been set as March 28, 2024 (March 29, 2024 being a...
US offers $10 million bounty for info on ‘Blackcat’ hackers who hit UnitedHealth, ET BFSI
The U.S. State Department on Wednesday offered up to $10 million for information on the "Blackcat" ransomware gang who hit the UnitedHealth Group's tech unit and snarled insurance payments across America."The ALPHV Blackcat ransomware-as-a-service group compromised...
Finance Minister Nirmala Sitharaman, ET BFSI
Finance Minister Nirmala Sitharaman has revealed that she turned down the Bharatiya Janata Party's (BJP) invitation to contest in the upcoming Lok Sabha elections due to financial constraints. Speaking at the TIMES NOW Summit 2024, Sitharaman disclosed that BJP...
How banks are looking to grab a bigger slice of the UPI pie?, BFSI News, ET BFSI
Banks are increasingly vying for a share of the Unified Payments Interface (UPI) segment, with State Bank of India (SBI), YES Bank, Axis Bank, and ICICI Bank among those targeting non-customers with their mobile applications.Currently, PhonePe holds the largest market...
S&p Sees Gdp Growth Easing To 6.8% In Fy25, BFSI News, ET BFSI
New Delhi: Global ratings agency S&P estimates India’s GDP growth to moderate to 6.8% in 2024-25 after a better than expected 7.6% growth in 2023-24. This is a 40 basis points upgrade from its earlier forecast but is below 7% growth projected by RBI and govt....
Fintechs push for cross-border payments; Chiratae’s $70 million portfolio sale, ET BFSI
Happy Wednesday! Razorpay, Cashfree, PayGlocal and other fintech startups are seeking a licence for facilitating cross-border payments from the RBI. This and more in today’s ETtech Morning Dispatch.Also in this letter:■ IT hiring mandates jump■ MeitY bats for startup...
Chiratae Ventures gets $70 million via portfolio sale as VCs eye exits, ET BFSI
In a significant development in India’s venture capital industry, Chiratae Ventures--one of the country’s oldest early-stage funds that has invested in companies such as Lenskart, FirstCry and Policybazaar--has sold stake in some of its portfolio firms to Madison...
Tentative dates of SGBs up for redemption this year, ET BFSI
Every financial year, the Reserve Bank of India (RBI) announces the issuance of Sovereign Gold Bond (SGB) tranches for that particular year with issue dates and redemption dates. The tenor of an SGB is eight years. Though the tenor is eight years for SGBs, premature...
Control inflation, create jobs, ET BFSI
Ahead of Lok Sabha elections, TOI readers say political parties must bring down prices of essential commodities and fuel. Citizens also want affordable housing, healthcare, education and more employment opportunitiesIntroduce people-centric policies—Govind...
UK businesses trim hiring and pay plans, Lloyds says, BFSI News, ET BFSI
The share of firms expecting to increase wages by 3% or more over the next 12 months fell slightly to 33% from 35%LONDON: British businesses trimmed their plans for staffing and wage increases this month, according to a survey published on Wednesday that suggested...
State Bank of India, Bajaj Auto among 25 stocks eligible for same-day settlement, says BSE, ET BFSI
BENGALURU - India's Bajaj Auto, Bharat Petroleum and State Bank of India are among 25 stocks eligible for optional same-day settlement starting from March 28, the Bombay Stock Exchange (BSE) said on Wednesday.Indian markets operate on a T+1 settlement cycle for all...
The unintentional tax-saving investment that most salaried employees do, ET BFSI
The last date to complete tax savings exercise for the current financial year, 2023-24, is just a few days away - March 31, 2024. Many people tend to do last-minute tax-saving investments around this timeHowever, there are only two categories of individuals who should...
CPAI seeks timely clarification on RBI’s new rule on exchange-traded rupee derivatives, ET BFSI
New Delhi: The Commodity Participants Association of India (CPAI) on Wednesday sought timely clarification and Frequently Asked Questions (FAQs) document from the stock exchanges on the RBI's new rule for rupee derivatives that will come into effect on April 5. The...
Good time to enter Reliance; IndiGo like HDFC Bank 8-10-year ago: Hemang Jani, ET BFSI
Hemang Jani, Independent Market Expert, says “InterGlobe is in a position that HDFC Bank probably was in maybe 8-10 years back where people questioned the valuations but the company kept on delivering and it became one of the best wealth creation stories. Of course,...
Reliance Power’s 2 subsidiaries settle Rs 1,023-cr debt, ET BFSI
NEW DELHI: Reliance Power on Wednesday said its two subsidiaries have settled debt worth Rs 1,023 crore with Authum Investment's arm Reliance Commercial Finance. Reliance Power Ltd's two subsidiaries -- Kalai Power Pvt Ltd and Reliance Cleangen Ltd, have signed a debt...
Baner CA loses Rs 3 crore to online investment scam, BFSI News, ET BFSI
PUNE: A chartered accountant from Baner lost Rs3 crore between Jan and Feb this year after he fell for high returns on investment bait online.In a similar case, an officer from the National Defence Academy (NDA), Khadakwasla, lost Rs57.2 lakh between Feb 19 and March...
Maharashtra, Uttar Pradesh spearhead India’s post-pandemic growth: SBI report, ET BFSI
Representative photo New Delhi [India], March 27 (ANI): The Indian economy has demonstrated resilience in the wake of the COVID-19 pandemic, with the average real GDP growth surging to 8.1 per cent, a substantial increase from the 5.7 per cent growth witnessed in the...
Mumbai dominates Asian market, surpasses Beijing as new billionaire capital: Hurun Report, ET BFSI
Showcasing India’s dominance in the Asian market, Mumbai has emerged as Asia's new billionaire capital, surpassing Beijing, the Hurun Research Institute report said on Tuesday. As per the report titled 360 ONE Wealth Hurun India Rich List 2023, Mumbai now boasts 92...
SWIFT planning launch of new central bank digital currency platform in 12-24 months, ET BFSI
By Marc JonesLONDON - Global bank messaging network SWIFT is planning a new platform in the next one to two years to connect the wave of central bank digital currencies now in development to the existing finance system, it has told Reuters.The move, which would be one...
Survey, BFSI News, ET BFSI
New Delhi: This could be heartening news for women executives aspiring to reach the top as also for the diversity efforts being made by India Inc. The number of women hired in C-suite roles has moved up. Now around 16% of all women hires are CXOs, and 8% are CEOs or...
India pips countries like Germany, Britain in GDP (PPP) gains: Report, ET BFSI
As countries like Germany, Japan and the UK continue to drop down in GDP (PPP) rankings over the years, India has achieved significant gains in GDP and the country’s share has been significantly increasing, a latest report has revealed.As countries like Germany, Japan...
IMF chief urges China to boost growth with ‘pro-market reforms’, ET BFSI
Beijing, Mar 24, 2024 -The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of pro-market reforms" to boost a sluggish economy beset by a housing market crisis, low domestic demand and persistently high youth...
Trump could learn Monday how NY wants to collect $457M owed in his civil fraud case, ET BFSI
NEW YORK - Former President Donald Trump could find out Monday how New York state aims to collect over $457 million he owes in his civil business fraud case, even as he appeals the verdict that led to the gargantuan debt.After state Attorney General Letitia James won...
How hackers are using generative AI to attack Indian businesses, ET BFSI
The emergence of generative AI offers cybercriminals a new prowess as the technology allows them to create convincing phishing messages and gain access to corporate networks. According to a report, nearly 75,000 financial phishing attempts targeting Indian financial...
Bond auctions set new record, BFSI News, ET BFSI
Mumbai: Indian govt bond market is set to create a new weekly mobilisation record with a second state loan auction of Rs 24,000 crore that was closed on Thursday, taking the week's total to Rs 74,000 crore, RBI data showed.Bond market players said never in the history...
India’s inflation, growth at risk from Red Sea crisis-driven oil price rise, govt says, ET BFSI
India's inflation and economic growth are at risk from the rise in oil prices caused by disruptions in the Red Sea, the government said on Friday, highlighting the need to diversify trade routes.About 80% of India's merchandise trade with Europe - including key...
Anthropic weighs slate of sovereign wealth funds to acquire FTX’s $1 bln stake: Report, ET BFSI
Anthropic, backed by Google and Amazon.com, is weighing a slate of sovereign wealth funds to acquire FTX's stake of about $1 billion in the AI startup, CNBC reported on Friday citing sources.In February, a U.S. judge ruled that bankrupt crypto exchange FTX may sell...
Final redemption price of SGB 2016 Series II announced; investors to earn 10.7%, ET BFSI
The Reserve Bank of India has announced the final redemption date and price for the Sovereign Gold Bond (SGB) Scheme SGB 2016-II. According to the Reserve Bank of India (RBI) notification issued on March 22, 2024, the date has been set as March 28, 2024 (March 29,...
Congress banks on family’s NextGen for election success: Kin Win, ET BFSI
BENGALURU:Congress’ decision to field sons and daughters of ministers in Siddaramaiah’s cabinet and relatives of senior party functionaries has drawn criticism within party ranks for promoting ‘parivarvaad’. But the party brass insists it’s a strategic move to...
Will Donald Trump secure $454 million bond as he claims he has $500 million in cash? Know strategy to save Manhattan property, ET BFSI
Days before the deadline to secure bond of $454 million comes to an end, former US President Donald Trump has said that he has about $500 million in cash, reports the New York Post. As he is left with only four days to satisfy the judgment, Trump has suggested he has...
Lifting veil on Megha, Vedanta, Future Gaming and Reliance-linked co’s donations to BJP, TMC, Congress & others, ET BFSI
The State Bank of India (SBI) complied with the Supreme Court's directions on Thursday by releasing the complete electoral bond data. The dataset includes unique alphanumeric numbers that establish a connection between the purchaser of a bond and the political party...
Elon Musk’s X new feature takes on LinkedIn with new Job search feature, ET BFSI
X (formerly Twitter) has added a new feature that lets users search for jobs on the microblogging platform. The feature takes on the likes of job search and networking platforms like Microsoft’s LinkedIn, Naukri, Indeed, etc. The new feature comes in line with Elon...
TNCC chief seeks explanation for rise in Centre’s debt burden by Rs 100 lakh crore in 9 years, ET BFSI
CHENNAI: The TNCC president K S Alagiri on Saturday sought an explanation from BJP state president K Annamalai on the Centre’s rising debt burden that increased by Rs 100 lakh crore in the nine years of the BJP rule.In a statement, the Congress leader said the...
Kejriwal demanded Rs 100cr from ‘South Group’ for Punjab elections, ED says: Top developments, ET BFSI
NEW DELHI: The Enforcement Directorate produced Arvind Kejriwal before trial court for remand on Friday. This came after Kejriwal withdrew his petition filed against the arrest from the Supreme Court as it was clashing with the remand, advocate Abhishek Manu Singhvi...
Ukrainian women’s startups drive tech sector resilience, offer economic recovery hope, ET BFSI
Representative imagePRAGUE - War in Ukraine has pushed women into more leadership roles in its growing tech sector, where they are gaining experience and contacts abroad that could help rebuild the economy when the conflict ends, some entrepreneurs, companies and...
New Zealand Economy In Recession: New Zealand in recession
London, Mar 22 (The Conversation) If you live in New Zealand and you're feeling poorer, you're not imagining it. Stats NZ has revealed the economy was in recession over the second half of last year. GDP fell in the September and December quarters by -0.3 per cent and...
China gloom sucks life out of rate cut cheer in Asia, ET BFSI
SINGAPORE -The yuan fell sharply on Friday and Chinese shares skidded, dragging down markets broadly in Asia and dampening an equity rally spurred by a surprise rate cut in Switzerland that had investors wagering on who will ease policy next.Traders also were on high...
Once burnt, investors curb enthusiasm for India’s startups, BFSI News, ET BFSI
MUMBAI - India's economy and stock markets are booming, but its startups are not.Investors, once eager to pump in billions of dollars in promising Indian tech ventures, are now going slow and cutting smaller cheques. They've been burnt by ignominious falls from grace...
US sues Apple, accusing it of maintaining an iPhone monopoly, ET BFSI
The Justice Department and 16 state attorneys general filed an antitrust lawsuit against Apple on Thursday, the federal government’s most significant challenge to the reach and influence of the company that has put iPhones in the hands of more than a billion...
ED freezes Rs 16.43 crore during raids at payment aggregators in Bengaluru, Pune, ET BFSI
New Delhi [India], March 22 (ANI): The Enforcement Directorate (ED) has frozen amounts totalling Rs 16.43 crore in a web-based mobile application called "DData" and others.The amount was frozen under the Prevention of Money Laundering Act, 2002 after the Ahmedabad...
Delhi HC dismisses party’s plea challenging I-T Dept’s reassessment proceedings, ET BFSI
In a setback to the largest Opposition party in the country ahead of the Lok Sabha elections, the Delhi High Court on Friday dismissed Congress' pleas challenging the Income Tax Department reassessment proceedings against it for three years.A bench of Justices...
Startup Mahakumbh concludes its 3-day extravaganza celebrating innovation and collaboration, ET BFSI
PM Modi receives a warm welcome at Startup Mahakumbh Startup Mahakumbh, India's biggest celebration of startups, concluded its three action-packed days on Thursday at Bharat Mandapam and ITPO, Pragati Maidan, New Delhi. With 1306+ exhibitors, 10+ thematic pavilions,...
Here is why Delhi CM might not get bail in money laundering case, ET BFSI
Delhi Chief Minister Arvind Kejriwal was arrested by the Enforcement Directorate (ED) on Thursday under the Prevention of Money Laundering Act, 2002, in connection with a money laundering case related to a liquor scam. The ED will seek his custody for interrogation in...
Bharat Forge fined under Factories Act, 1948, ET BFSI
As the situation evolves, Bharat Forge remains committed to upholding regulatory standards and ensuring compliance with all relevant laws and regulations governing its operations.New Delhi: In accordance with Regulation 30 of the SEBI Regulations, 2015, Bharat Forge,...
New India Assurance and National Insurance extend major part of a Rs 10,000-crore insurance cover, ET BFSI
MUMBAI: The New India Assurance Company and National Insurance Company have extended the major part of a ₹10,000-crore insurance cover to the Indian Premier League (IPL), the planet's richest cricket tournament that now effectively determines the annual calendar for...
SBI complies with SC order, gives EC alphanumerical data on electoral bonds, ET BFSI
The State Bank of India on Thursday filed a compliance affidavit with the Supreme Court, confirming that it has furnished all details regarding electoral bonds to the Election Commission.CMD Dinesh Khara in the affidavit said that SBI has provided all details of...
Ecommerce firm POP to launch marketplace for D2C brands with its own UPI, ET BFSI
Representative ImageEcommerce firm POP said it will launch a marketplace with a curated set of new-age digital first brands where users can get discounts using reward currency. The company said it aims to build this D2C marketplace via a no-frills approach, enabling...
In election year, India’s strong residential real estate market expected to repeat 2014, 2019, ET BFSI
Representative imageNew Delhi [India], March 21 (ANI): All indicators currently favour a bull run in the Indian residential real estate market in election year 2024, and it is likely to repeat what it went through in 2014 and 2019, according to real estate consultancy...
Banks’ export credit at Rs 20,489 crore surges to 12-month high amid global demand, ET BFSI
Kolkata: Bank loans to exporters late January reached their highest level in the past 12 months, in line with renewed global demand for Indian goods despite the Red Sea crisis that has affected trade since late autumn due to piracy raids and question marks over...
Somali pirates’ return adds to crisis for global shipping companies, ET BFSI
MOGADISHU - As a speed boat carrying more than a dozen Somali pirates bore down on their position in the western Indian Ocean, the crew of a Bangladeshi-owned bulk carrier sent out a distress signal and called an emergency hotline. No one reached them in time. The...
SC stays govt’s fact-check unit; no CCI relief for Indian internet firms, ET BFSI
The apex court has put on hold the Centre's notification on setting up a fact-checking unit. Details on this and more in today’s ETtech Top 5.Also in this letter:■ Fishy crypto withdrawals under scanner■ Tata Sons confirms TCS share sale■ Neuralink brain chip patient...
RBI issues omnibus framework for recognising SROs for regulated entities, ET BFSI
The Reserve Bank on Thursday issued an omnibus framework for recognising Self-Regulatory Organisations (SROs) for its regulated entities, under which SROs would be required to establish minimum benchmarks for their members. The RBI said SROs enhance the effectiveness...
Effort under way by PM Modi to cripple Cong financially ahead of polls: Sonia Gandhi, ET BFSI
NEW DELHI: Congress leader Sonia Gandhi and Rahul Gandhi on Thursday attacked PM Modi over freezing of the party's bank accounts. Former Congress president Sonia Gandhi called the act "systematic efforts" to "cripple" the grand old party financially, terming it...
Luminous Power Technologies teams up with Credit Fair to offer affordable solar financing options, ET BFSI
Energy solutions provider, Luminous Power Technologies announced a strategic partnership with Credit Fair, a fintech lender to offer affordable solar financing options to a diverse range of customers, including individuals, trust-run institutions, housing societies,...
Bharat Forge executes allotment of INR 125cr non-convertible debentures, ET BFSI
By adhering to regulatory guidelines and maintaining transparency, Bharat Forge said that it reaffirms its commitment to corporate governance and stakeholder confidence.New Delhi: Bharat Forge, a leading global industrial house, has formally executed the allotment of...
‘Criminal action by PM Modi has crippled us before Lok Sabha elections’, says Rahul Gandhi on freezing of Congress’ bank accounts, ET BFSI
Congress MP Rahul Gandhi during a press conference accompanied by party President Mallikarjun Kharge and Congress Parliamentary Party Chairperson Sonia Gandhi on Thursday termed the freezing of the Party's bank accounts, "a criminal action done by the Prime Minister...
Japan’s exports rise nearly 8% in February on strong shipments of cars and machinery, ET BFSI
Tokyo, Mar 21 (AP): Japan's exports rose 7.8 per cent in February from a year earlier on strong shipments of cars and electrical machinery, the government said on Thursday. Exports in February totaled 8.2 trillion yen (USD 55 billion), marking the third straight month...
Answer is yes, here’s how and why, ET BFSI
As per Reserve Bank of India (RBI) directives, Paytm Payments Bank has already started migrating its users to other banks to facilitate financial services via the Paytm app. To make things clear for users, Paytm shared detailed FAQs answering the transition process....
Swiss National Bank sold forex worth nearly $150 billion in 2023, ET BFSI
The figure was a massive increase from 22.3 billion francs in foreign currencies sold by the SNB in 2022, when the bank started selling off some of its huge foreign currency holdings. The SNB's strategy has paid off, with Swiss inflation within its 0-2% target range...
Tappy Technologies Partners with IndusInd Bank and Thales to Launch Indus PayWear, India’s First Tokenization Solution for Wearable Payments, ET BFSI
NewsVoirMumbai (Maharashtra) [India], March 20: Tappy Technologies, a trailblazer in digital payment innovations, has launched India's pioneering tokenization solution for wearable payments, developed in partnership with IndusInd Bank and Thales. This collaborative...
Indian REITs pitch for direct bank lending, classification as equity, ET BFSI
Indian Real Estate Investment Trust (REIT) industry on Wednesday pitched for the entities getting access to direct bank lending and their classification as equities. The Indian REITs Association -- a newly formed umbrella body for the five-year-old sector -- said such...
UPI transactions worth Rs 18.2 lakh crore made in February 2024, ET BFSI
New Delhi [India], March 20 (ANI): Payments through digital means in India are hitting fresh highs, as its citizens are increasingly adopting the emerging modes of transacting on the internet. In February, transactions worth Rs 18.2 lakh crore were made through...
NABARD projects Rs 2,43,093 crore credit potential for Bihar in 2024-25, ET BFSI
Patna: The National Bank for Agriculture and Rural Development (NABARD) has projected Rs 2,43,093 crore credit potential for Bihar in 2024-25. The likely estimate has been made taking into account the Reserve Bank of India's priority sector-based guidelines, Central...
NSE revokes IREDA inclusion in several key indices, stock tumbles, ET BFSI
Coming as a setback for the promising NBFC stock – the IREDA – National Stock Exchange (NSE) has revoked its inclusion in several key indices.The IREDA stock fell 3.2% to quote Rs 125.2 apiece on the NSE in the early morning trade on Wednesday.Further, the market cap...
Study, BFSI News, ET BFSI
The post-pandemic fiscal stimulus has had a minimal impact on inflation in India compared to many other major economies, a cross-country study by the Reserve Bank of India economists indicated.The volatility in inflation in terms of Standard Deviation in the post...
Why has credit on UPI not picked up despite the promise?, BFSI News, ET BFSI
A lack of clarity surrounding the interchange fee structure and lower adoption rates among smaller merchants have hindered the uptake of credit transactions through the unified payments interface (UPI), according to industry experts.In a bid to encourage credit...
State govts’ rush for funds to ring in 2nd auction in a week, ET BFSI
Mumbai: State governments in poll-bound India are in an unusual rush to raise money via bonds, selling debt at twice the customary weekly frequency and likely causing a northward spike in yields through bunched and larger-than-expected supplies in an uncertain market...
Gold holds ground as investors seek direction from Fed, ET BFSI
Gold held steady on Tuesday as investors stayed on the sidelines ahead of the U.S. Federal Reserve policy meeting this week, which could offer further clues on the timing of likely interest rate cuts this year.Spot gold was up 0.1% at $2,161.79 per ounce, as of 0237...
I-T dept demanded income tax on Rs 1.48 crore surrendered policy payout, ET BFSI
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has exempted an non-resident Indian (NRI) from paying any income tax on gains made on surrender of pension policy bought from ICICI Prudential Life Insurance Company. The individual had purchased the pension...
How can I increase my monthly income to Rs 3-4 lakh?, ET BFSI
I’m a 65-year-old homemaker and own two flats valued at Rs 5 crore. These generate a combined monthly rental income of Rs 1.5 lakh. Additionally, I have Rs 20 lakh invested in equities and a corpus of Rs 1.5 crore from a property re-development project. How can I...
SC asks Baba Ramdev to be personally present for next hearing, ET BFSI
The Supreme Court on Tuesday asked Baba Ramdev to be personally present before it for not filing reply to show cause contempt notice issued against him over misleading advertisements of Patanjali Ayurved.Ramdev and Acharya Balkrishna are prima facie in violation of...
India’s compute infrastructure deficit hinders AI potential: Nvidia executive, ET BFSI
Nvidia (file image)India has under 2% of the world’s $1 trillion worth of compute infrastructure, which is several times less than countries like the US and China which together have nearly 60%, a top Nvidia executive said on Monday. At the same time, there is an...
Report, BFSI News, ET BFSI
As per the report, a majority of women participated in campus hiring exams last fiscal for sectors such as IT, banking, financial services and insurance (BFSI) and research and development (R&D)Mumbai: There has been a 5 percentage points increase in campus hiring...
Mandatory two-factor Aadhaar authentication to log into NPS CRA system from this date, ET BFSI
The Pension Fund Regulatory and Development Authority (PFRDA) has enhanced the security of the National Pension System (NPS) by introducing a new security layer, two-factor Aadhaar-based authentication, which will be mandatory for all password-based users logging into...
Blinkit will be bigger than Zomato in a year: Deepinder Goyal, ET BFSI
Quick-commerce platform Blinkit will become larger than its parent Zomato’s food-delivery business in a year, Deepinder Goyal, chief executive of both the companies, said at the three-day Startup Mahakumbh event here on Monday.“For us, it’s all about how we disrupt...
China accuses Evergrande of $78 billion fraud, among worst ever, ET BFSI
China Evergrande Group's alleged $78 billion revenue overstatement escalates the legal peril of founder Hui Ka Yan, who now stands at the center of one of the biggest financial fraud cases in history.The nation’s top securities regulator said the developer’s onshore...
New FIEO president, ET BFSI
NEW DELHI: The country's merchandise exports are expected to reach USD 450 billion by the end of this fiscal despite geo-political challenges like the Red Sea crisis, newly elected president of apex exporters body FIEO Ashwani Kumar said on Tuesday. He said that the...
How did Spotify pay $9 billion in royalties in 2023?, ET BFSI
Spotify paid out $9 billion in streaming royalties last year, the streaming giant said Tuesday in its latest "Loud and Clear" report.Spotify's fourth annual report, which originally launched in 2021 following criticism over its lack of transparency, noted record...
The ‘lottery king’ who bought electoral bonds worth ₹1,300 crore, ET BFSI
The Election Commission's released of data on the electoral bond scheme inroduced in 2018 turned quite a few heads, with multiple conglomerates donating incredible amounts of money to India's political parties. Right at the top of the list was Future Gaming Private...
State govts to raise Rs 50,000 crore in a day, set bond record, ET BFSI
MUMBAI: On Tuesday, when 17 states together would borrow a little over Rs 50,000 crore through auction of bonds, it would be the highest such borrowing amount on a single day either by central or state govts in India’s bond market history. The record high amount,...
Paytm Payments Bank releases FAQs on steps to close Paytm FASTag, refund of FASTag balance & more, ET BFSI
March 15, 2024 was the last date one can add balance to their Paytm Payments Bank FASTag, as per a Reserve Bank of India (RBI) directive. And after you finish this balance, you will not be to use your Paytm FASTag post March 15. To help users of Paytm FASTag, Paytm...
Swiss industry leans on central bank to grant relief from strong franc, ET BFSI
ZURICH - Swiss industry is urging the country's central bank to broaden its focus from fighting inflation to help them deal with the strong Swiss franc, which is eating into profits as the global economy cools and demand drops.Over the past year, the safe-haven...
Digitise as many new asset classes as possible to boost capital formation, ET BFSI
At a seminar recently organized by SEBI and NISM, I participated in an interesting panel discussion on path-breaking ideas for capital formation. Remarkably, it was our regulators asking the panelists about out-of-the-box ideas for capital formation over a horizon of...
Solar rooftop installation loans of SBI vs Canara Bank vs Union Bank of India vs Bank of Baroda vs Bank of India, ET BFSI
PM Surya Ghar Muft Bijli Yojana is a scheme that aims to provide free electricity to households who opt to install rooftop solar electricity units. The households will be able to get 300 units of electricity free every monthHow does PM Surya Ghar Muft Bijlee Yojana...
What is needed to make India a $10-trillion economy? Ajay Piramal, Falguni Nayar, SN Subrahmanyan & Rohit Jawa explore the possibilities in a panel discussion, ET BFSI
With a steady inflow of capital, a digital revolution that’s overshadowed many global markets, rapid urbanisation, growth of the premium consumer segment, and an increasingly robust regulatory framework, India seems poised to achieve its target of becoming a...
Kant asks startups to focus on corporate governance & right valuations to keep innovating and growing, ET BFSI
Amitabh Kant, G20 Sherpa and former CEO of Niti Aayog, highlighted several points of concern plaguing the country’s startup community during his address on Monday at the Startup Mahakumbh event in Delhi.Kant’s first point of concern was the necessity of corporate...
India can’t match China’s past 8-10% growth, Morgan Stanley says, ET BFSI
India is unlikely to achieve the 8%-10% economic growth rates that China pulled off over the long term, Morgan Stanley’s chief Asia economist said, even though the investment bank remains optimistic about the South Asian nation’s prospects.India’s economy will likely...
Researchers warn that criminals are using eSIMs to hijack phone numbers and access bank accounts, ET BFSI
Bleeping Computers reports that F.A.C.C.T., a Russian cybersecurity company, has issued a caution regarding the exploitation of eSIM technology by SIM swappers to pilfer phone numbers and circumvent security protocols. Since autumn 2023, the firm has identified more...
SC directs SBI to make complete disclosure of electoral bonds details by March 21, ET BFSI
New Delhi: In a third tongue-lashing to the State Bank of India, the Supreme Court on Monday told it to stop being "selective" and make "complete disclosure" of all details related to the electoral bonds scheme by March 21. The apex court said the details to be...
IPL stakeholders on edge as elections heighten risk of cancellations, ET BFSI
Amid the heightened stakes in the IPL with the addition of two more teams and record-breaking player bids, insurers are exercising caution due to the overlap of the season with general elections, which increases the risk of cancellations due to unforeseen events.For...
Is ONDC’s gamble paying off?, BFSI News, ET BFSI
When Open Network for Digital Commerce (ONDC) was conceptualised around three years ago and launched in January last year, it was meant to break the stranglehold of e-commerce giants — Amazon, Flipkart, Zomato, Swiggy and their Peers.One year down the line, some...
Binny Bansal raises bets on investments; 9% avg salary hike for IT industry, ET BFSI
Happy Monday! Flipkart cofounder Binny Bansal is doubling down on his investments in new ventures, including his own startup OppDoor. This and more in today’s ETtech Morning Dispatch. Also in this letter:■ What’s next for national mobility cards■ Startup Mahakumbh...
Malaysia central bank says Google misquoted exchange rate a second time, ET BFSI
Malaysia's central bank said on Saturday that Google had misquoted the ringgit's exchange rate, undervaluing the currency against the dollar, and that it would seek an explanation from the tech giant.The ringgit, which declined to a 26-year low last month, has...
Imran Khan’s party dissociates itself from ‘overseas protests’ outside IMF, World Bank, ET BFSI
ISLAMABAD: Imran Khan-founded Pakistan Tehreek-e-Insaf has dissociated itself with the ongoing protests by Pakistanis in the United States outside the International Monetary Fund (IMF) and the World Bank (WB) headquarters, Geo News reported.PTI Chairman Barrister...
How people’s reluctance to take phone calls is affecting companies and gig workers in particular, ET BFSI
Two weeks ago, Annkur P Agarwal’s credit card was temporarily blocked by his bank. An email from the bank cited a suspicious transaction as the reason. “Apologies if we jumped the gun here. We did try to reach you, but couldn’t get through,” the mail said. Agarwal...
Elderly Women Duped of 45 Lakh by Scammers Posing as Relatives in New Delhi, ET BFSI
NEW DELHI: In two separate incidents in the city, two elderly women were duped of Rs 45 lakh by scammers posing as relatives and friends.In the first case, an 88-year-old woman living in northwest Delhi told cops that she received a phone call from an unknown person...
Starbucks ends Odyssey NFT rewards program, BFSI News, ET BFSI
As the interest around NFTs and Web3 wanes off, Starbucks announced that it is shutting down its Web3 loyalty program Odyssey, which had been in beta since late 2022. Per the official FAQ, the beta version of Odyssey is scheduled to end on March 31, 2024. Users are...
Market valuation of 5 of top 10 firms tanks Rs 2.23 lakh cr; Reliance, LIC biggest laggards, ET BFSI
New Delhi: Five of the top 10 valued firms faced a combined erosion of Rs 2,23,660 crore from their market valuation last week, with Reliance Industries and Life Insurance Corporation of India taking the steepest hit amid an overall bearish trend in equities. Last...
10 factors that hold the key to this election, ET BFSI
NEW DELHI: Lok Sabha elections will be held in seven phases beginning April 19, Chief Election Commissioner Rajiv Kumar said on Saturday. The counting of votes is set to take place on June 4 as Prime Minister Narendra Modi makes a bid for a third consecutive term in...
US Fed to provide new insights on rate cut after rise in inflation, ET BFSI
NEW DELHI: The US Federal Reserve is expected to maintain its key lending rate unchanged on Wednesday, continuing discussions on potential rate cuts in the ongoing battle against inflation.The Fed has raised interest rates to a 23-year high between 5.25 and 5.50...
India’s first oil palm processing unit commences operations in Arunachal Pradesh under Mission Palm Oil, ET BFSI
Roing (Arunachal Pradesh) [India], March 17 (ANI): India's first integrated Oil Palm Processing Unit by 3F Oil Palm, one of India's largest Oil Palm development companies, started its commercial operations on Saturday and the factory situated at Roing in lower Dibang...
Big dollars flowing into government debt, RBI’s likely to raise foreign cap, ET BFSI
Mumbai: The Reserve Bank of India (RBI) may have to take a fresh look at its long-standing caps for foreign ownership of government debt as lumpy inflows expected over the next couple of years due to global bond index inclusion alter a critical landscape for the...
Cybersecurity, tech skills key in India Inc’s checklist for independent directors: Survey, ET BFSI
Domain expertise in digital, tech, cybersecurity and risk is becoming a key attribute that companies are looking for in non-executive independent directors, as India Inc takes proactive steps to remain agile and prepare for any potential disruption, a survey has...
Uniform KYC for all — opening bank account to buying insurance to investing in stocks, mutual funds, ET BFSI
Be it opening a bank account, investing in a mutual fund or buying a life insurance policy, submitting your know-your-customer (KYC) details is a must. Just submitting it is not enough, you may also need to update your KYC documents multiple times in some cases. It...
Japan union group announces biggest wage hikes in 33 years, presaging shift at central bank, ET BFSI
Japan's biggest companies agreed to raise wages by 5.28% for 2024, the heftiest pay hikes in 33 years, the country's largest union group said on Friday, reinforcing views that the county's central bank will soon shift away from a decade-long stimulus programme.The...
UK inflation expectations fall, easing pressure on Bank of England, ET BFSI
LONDON - The British public's expectations for the pace of inflation over the coming year have fallen over the past three months, a Bank of England survey showed on Friday, which may reassure policymakers who are considering when to cut interest rates.Median...
Freeze BJP bank accounts, conduct special investigation, says Kharge, ET BFSI
Congress President M Mallikarjun Kharge on Friday demanded a special investigation into the electoral bonds scheme -- through which the ruling party has encashed Rs 6,060 crore over five years -- and said the BJP's bank accounts must be frozen till its completion....
Solar rooftop installation loans of SBI vs Canara Bank vs Union Bank of India vs Bank of Baroda vs Bank of India, ET BFSI
PM Surya Ghar Muft Bijli Yojana is a scheme that aims to provide free electricity to households who opt to install rooftop solar electricity units. The households will be able to get 300 units of electricity free every month.How does PM Surya Ghar Muft Bijlee Yojana...
Government mandates Aadhaar use for availing scholarships, benefit of schemes for persons with disabilities, ET BFSI
NEW DELHI: The government has made it compulsory to use Aadhaar as an identity document for accessing six scholarships and benefiting from numerous schemes and initiatives designed for individuals with disabilities. Those who do not possess Aadhaar numbers must...
SC pulls up SBI for not sharing unique serial number on poll bonds, issues notice, ET BFSI
The Supreme Court of India on Friday pulled up the State Bank of India for not sharing the unique serial numbers provided on the now-banned electoral bonds, data of which was made public yesterday. The apex court noted that the SBI did not disclose the unique...
Kipal Sibal takes dig at PM Modi over electoral bonds data, ET BFSI
Rajya Sabha MP Kapil Sibal Friday launched a veiled attack on Prime Minister Narendra Modi a day after the Election Commission published the electoral bonds data shared by the State Bank of India on the orders of the Supreme Court.Reacting to the electoral data bond,...
Four financial service firms purchase electoral bonds worth Rs 87 crore, ET BFSI
New Delhi: Financial services firms like Bajaj Finance, Piramal Enterprises, and Edelweiss Group together purchased electoral bonds worth Rs 87 crore between April 1, 2019 and January 2024. Piramal Enterprises, PHL Finvest Pvt Ltd and Piramal Capital and Housing...
“SIT should be constituted to probe the matter,” Kapil Sibal on electoral bonds, ET BFSI
New Delhi [India], March 15 (ANI): A day after the Election Commission published the electoral bonds data shared by the State Bank of India, Rajya Sabha MP Kapil Sibal on Friday said that the court should constitute a Special Investigation Team (SIT) to probe the...
Indian market has maintained certain level of sanity, says Sitharaman, ET BFSI
New Delhi: Finance minister Nirmala Sitharaman on Friday said despite huge fluctuations globally, the Indian stock market has maintained "a certain level of sanity" and the market should be allowed to play on its own. The statement from the Finance minister comes days...
Here’s a complete list of donors who contributed Rs 10 crore or more, ET BFSI
The Election Commission has published detailed data on electoral bonds on its website, sourced from the State Bank of India (SBI), in adherence to a deadline set by the Supreme Court. The information reveals several notable buyers of electoral bonds, including...
Here’s the list of authorised banks, ET BFSI
National Highway Authority of India (NHAI) has issued an important advisory for Paytm Payments Bank-issued Fastag users. According to the official press release, NHAI has advised the users to get a new Fastag issued by another bank before March 15 to make seamless...
Report, BFSI News, ET BFSI
Data and credential theft malware were top two threats against small-and-medium sized businesses (SMBs) in 2023-24. In 2023, nearly 50 per cent of malware detections for SMBs were keyloggers, spyware and stealers, malware that attackers use to steal data and...
Deadline to update Aadhaar details for free extended again; check latest date, how to update, ET BFSI
The government has extended the deadline for updating free Aadhaar details until June 14, 2024 from the current March 14 deadline.According to the UIDAI post on social media X, “UIDAI extends free online document upload facility till 14th June 2024; to benefit...
Belarusian FM talks trade, economy, SCO cooperation in India, ET BFSI
New Delhi: Global issues of mutual interest, economic partnership and cooperation in multilateral groupings came up for discussions as Belarusian Foreign Minister Sergei Aleinik met top ministers here to strengthen bilateral ties.During the visit to India from March...
Pakistan’s central bank investigates misprinted Rs 1,000 notes in circulation, ET BFSI
KARACHI: Pakistan's central bank has said it was investigating how some misprinted banknotes of Rs 1,000 denomination were issued by it to commercial banks, after a video went viral showing the backside of some of those notes as blank, according to a media report on...
Man hangs self in Gurugram over non-payment of dues by former employer, ET BFSI
Singh, a driver, allegedly hanged himself from a grille on the stairway of the third floor of his house in Gandhi Nagar Colony here, using an electric cable, the police saidGurugram: A 43-year-old man died by allegedly hanging himself at his house here over harassment...
Mobility startup Pumpumpum secures INR 2 cr headed by Inflection Point Ventures, ET BFSI
Sameer Kalra, CGO & Co-Founder, Tarun Lawadia, CEO & Founder, Pumpumpum. (L-R)Inflection Point Ventures has announced an investment of INR 2 crores in Pumpumpum- a Fintech mobility startup. The funds will be allocated for growth in operations, geographical...
India second-largest region for VC investments in Asia-Pacific: Report, ET BFSI
Representative imageNew Delhi: India retained its position as the second-largest destination for venture capital and growth funding within the Asia-Pacific region last year, a report showed on Thursday.Despite facing headwinds, India's VC landscape exhibited...
India plans new population census, economic data improvements, ET BFSI
India’s government is planning a number of steps to improve the quality of its economic data, including kicking off a long-delayed population census, according to people familiar with the matter. The Statistics Ministry has made a number of proposals that have been...
Reliance Jio’s Mathew Oommen, ET BFSI
NEW DELHI: India’s regulatory officials and policymakers need to ensure that each telecom operator has an adequate quantum of spectrum for providing mobile services, considering telcos in the country already work the least amount of airwaves per subscriber when...
Assam CM announces 4% DA hike for state government employees, ET BFSI
Guwahati: Assam Chief Minister Himanta Biswa Sarma on Thursday announced a hike of four per cent in Dearness Allowance (DA) for the government employees in the state.Holding a press conference here today, the Assam CM said "This DA will be applicable from January 1,...
India’s WPI inflation eases to four-month low of 0.20 per cent in February, ET BFSI
India's wholesale price index-based inflation moderated further to a four-month low of 0.20 per cent in February on an annual basis, as against 0.27 per cent in January, data from the Commerce Ministry on Thursday showed.The sequential WPI rate for February grew 0.07...
Fitch raises India’s FY25 growth forecast to 7%, BFSI News, ET BFSI
Fitch Ratings, Thursday, raised India’s FY25 growth forecast to 7% from 6.5% projected earlier, projecting investment to be a significant driver of growth. “Domestic demand, especially investment, will be the main driver of growth, amid sustained levels of business...
Scaled startups could drive venture capital investment activity in 2024: Report, ET BFSI
Scaled startups that raised money in the boom period of 2020 and 2021 could come back to the market this year for more funds, driving growth in venture capital investment activity in 2024, according to a report by Bain & Company and Indian Venture and Alternate...
Some key things to know about the scheme scrapped by SC, ET BFSI
The SBI on March 13 filed an affidavit with the Supreme Court confirming that it has supplied the data on electoral bonds to the Election Commission, as ordered by the top court.In the affidavit, SBI revealed that a total of 22,217 electoral bonds were purchased and...
Report, BFSI News, ET BFSI
India had the longest internet shutdown in 2023 in terms of user hours, according to a report by virtual private network tracker Top 10VPN. In 2023, India imposed an internet shutdown of over 5,000 hours in Manipur alone, since the start of the ethnic conflict between...
Global Connectedness Report, ET BFSI
New Delhi: Globalisation reached a record high in 2022 and remained close to that level in 2023 despite a series of severe shocks over the past decade, according to a report released on Wednesday. It states that India will play a larger role in the development of...
Elderly retirees face big losses after Chinese trust goes bust, reflecting turbulent economy, ET BFSI
CHENGDU, China - Some investors in a troubled trust fund in China are facing financial ruin under a government plan to return a fraction of their money, casualties of a slump in the property industry and a broader economic slowdown. Sichuan Trust, headquartered in the...
UK economy returns to modest growth at start of 2024, BFSI News, ET BFSI
LONDON - Britain's economy returned to growth in January after entering a shallow recession in the second half of 2023, offering some relief to Prime Minister Rishi Sunak ahead of an election expected this year, official data showed.Gross domestic product grew by 0.2%...
China cenbank adviser calls for structural reform to spur 2024 growth, ET BFSI
BEIJING - China should rely more on structural reforms and less on economic stimulus to drive economic growth this year, Liu Shijin, a policy adviser to the central bank, said on Wednesday.Liu, a member of the People's Bank of China monetary policy committee, said the...
US Congressman advocates for removal of Green Card quota for highly qualified Indian professionals, ET BFSI
The United States needs highly qualified professionals from India, an influential American lawmaker has said, advocating that the US Congress remove the seven per cent country quota for issuing of Green Cards that has resulted in decades of long wait for professionals...
SBI files compliance affidavit, says 22,217 bonds were purchased and 22,030 redeemed, ET BFSI
The State Bank of India (SBI) on March 13 filed a compliance affidavit with the Supreme Court, wherein it confirmed that it has provided the data on electoral bonds to the EC as sought by the apex court.A day earlier, India's biggest bank had submitted the details of...
NHAI asks Paytm FASTag users to switch to other bank FASTags before deadline, ET BFSI
The National Highways Authority of India (NHAI) has asked Paytm FASTag users to procure a new FASTag issued by another bank before March 15, 2024. This would ensure a seamless travel experience and help in avoiding any penalties or additional charges on the National...
Finmin asks PSU banks for comprehensive review of their gold loan portfolio, ET BFSI
The finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government. The Department of Financial Services (DFS) in a communication addressed to heads of...
Most automated driving systems are lousy at making sure drivers pay attention, insurance group says, ET BFSI
Automakers should also make sure safety systems such as seat belts and automatic emergency braking are activated before the driving systems can be used, it said.Most electronic systems that take on some driving tasks for humans don't adequately make sure drivers are...
Uniform KYC for all — opening bank account to buying insurance to investing in stocks, mutual funds, ET BFSI
Be it opening a bank account, investing in a mutual fund or buying a life insurance policy, submitting your know-your-customer (KYC) details is a must. Just submitting it is not enough, you may also need to update your KYC documents multiple times in some cases. It...
What EC Electoral Bonds data may expose, and the veiled realities within, ET BFSI
The State Bank of India (SBI) yesterday provided details regarding electoral bonds (EB) to the Election Commission (EC). These details include the purchase date of each EB, the purchaser's name, and the amount of the bond. Additionally, the details of EB contributions...
White House meets with UnitedHealth CEO over hack, ET BFSI
White House officials met with UnitedHealth Group CEO Andrew Witty and others in the industry on Tuesday to discuss a hack at the healthcare conglomerate's tech unit that has disrupted operations across the United States.The meeting was the first to bring together...
Gold’s record run stalls ahead of US inflation print, ET BFSI
Gold prices were steady on Tuesday, as traders refrained from taking new positions after bullion's record run ahead of U.S. consumer prices data that could offer clues on the Federal Reserve's monetary policy trajectory. FUNDAMENTALS* Spot gold was flat at $2,182.48...
Ex-JP Morgan banker Muhammad Aurangzeb becomes Pakistan’s new finance minister, ET BFSI
Pakistan’s newly elected Prime Minister Shehbaz Sharif picked a former banker from JPMorgan Chase & Co. as finance minister to help bolster the cash-strapped economy after a contentious election.Muhammad Aurangzeb, 59, was appointed to the position, the Finance...
Bank of Japan chief Kazuo Ueda slightly tones down optimism on economy, ET BFSI
TOKYO - Bank of Japan Governor Kazuo Ueda said on Tuesday the economy was recovering but also showing some signs of weakness, offering a slightly bleaker assessment than in January in a nod to a recent batch of soft data on consumption.The remarks come ahead of the...
Venezuelan VP Delcy Rodriguez, ET BFSI
Caracas: Venezuelan Vice President Delcy Rodriguez has said the US sanctions against the country have caused losses of nearly $700 billion in GDP.At an international seminar in the Bolivian city of Santa Cruz de la Sierra on Monday, the Vice President said Venezuela's...
Full list of NHAI-authorized FASTag issuers, ET BFSI
List of FASTags issuers: The National Highway Authority of India (NHAI) has removed Paytm Payments Bank Ltd (PPBL) from its list of approved issuers for FASTag service. From Airtel payments bank, Kotak Mahindra Bank and Yes Bank, here is the full list of authorized...
What is a cashback scam and how to avoid it?, BFSI News, ET BFSI
Cashback scams are deceptive schemes where fraudsters lure you in with the promise of getting money back on your purchases, but ultimately steal your money or personal information instead. Scammers can be very convincing and target people through various methods, so...
As Putin orchestrates his reelection, a resilient Russian economy is a key selling point, ET BFSI
Moscow, Mar 12 (AP): Russians are finding a few imported staples, like fruit, coffee and olive oil, have shot way up in price. Most global brands have disappeared - or been reincarnated as Russian equivalents under new, Kremlin-friendly ownership. A lot more Chinese...
ONDC, USOF, Prasar Bharati join hands to digitally empower rural India, ET BFSI
New Delhi: In a bid to provide affordable and accessible digital services in rural parts of the country, Universal Service Obligation Fund (USOF) under Department of Telecommunications (DoT) on Tuesday collaborated with Prasar Bharati and Open Network for Digital...
Japan’s economy avoids recession by growing in last year’s final quarter, according to revised data, ET BFSI
TOKYO - Japan's economy managed to grow in the fourth quarter of last year, averting a recession, according to revised government data released Monday that had previously shown a contraction.Real gross domestic product, or GDP, grew in October-December at an annual...
SC tells SBI to furnish data on electoral bonds by the end of today’s business hours, ET BFSI
The Supreme Court on Monday dismissed State Bank of India's application seeking to extend the deadline to furnish details of electoral bonds including names of purchasers and political parties that encashed them, holding that the information was "readily available"...
65% SHG members turn into Lakhpati Didis as incomes triple: SBI report, ET BFSI
This is an AI-generated imageNew Delhi: The Women's Self-Help Group (SHG) schemes are turning out to be a huge success in the rural areas resulting in a tripling of incomes with 65 per cent SHG members turning into Lakhpati Didis nationwide, according to an SBI report...
Red Sea crisis continues; adverse impact on trade data will be visible in new fiscal: GTRI, ET BFSI
New Delhi: With escalating everyday attacks and no end in sight, the Red Sea crisis will adversely impact trade volumes in substantial ways in 2024, according to the report of economic think tank GTRI. The Global Trade Research Initiative (GTRI) said that rising...
7 ways how it can help fractional real estate investors, ET BFSI
The new regulations for medium and small REITs, especially the reduction of the minimum ticket size to Rs 10 lakh, by the Indian market regulator SEBI, is touted to be a game changer for the new-age fractional investment platforms in the countryHere's a primer on how...
China’s exports are surging. Get ready for the global backlash, ET BFSI
BEIJING: China's factory exports are powering ahead faster than almost anyone expected, putting jobs around the world in jeopardy and triggering a backlash that is gaining momentum.From steel and cars to consumer electronics and solar panels, Chinese factories are...
SC dismisses SBI’s plea for extension, seeks details by tomorrow, ET BFSI
A five-judge Constitution bench of the Supreme Court on Monday dismissed the State Bank of India's plea seeking extension till June 30 to furnish details regarding electoral bonds. The SC has asked SBI to provide details by March 12.The SBI has been asked to disclose...
SC pulls up SBI for not furnishing details, asks ‘what steps have you taken in 26 days’, ET BFSI
NEW DELHI: The Supreme Court on Monday pulled up State Bank of India (SBI) over delay in disclosure of details about each electoral bond encashed by political parties and said it expects some candour from the bank, which is the authorised financial institution under...
Swiss watches, chocolates to enter Indian market at lower prices, ET BFSI
India-EFTA trade agreementDomestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of...
Norway to eliminate customs duties for almost 98 pc of imports from India, ET BFSI
New Delhi: Shortly after New Delhi inked a USD 100 billion free trade pact with a four-member European bloc, Norway on Sunday said it will eliminate customs duties for almost 98 per cent of the imports from India under the framework of the pact. The ambitious trade...
HSBC to hire almost 50 bankers for startup, venture lending in US, ET BFSI
NEW YORK - HSBC is planning to recruit about 50 more bankers in its U.S. commercial bank to lend to startup companies, mainly in the technology and healthcare sectors, according to a senior executive.The London-headquartered bank hired about 40 people from Silicon...
Mascots of new Bharat, ‘Lakhpati Didis’ reaping benefits of SHG mass movement, ET BFSI
Ensemble of Self Help Groups, now ~8.5 million strong and having ~9.21 crore members is furthering a revolution whose first credible offering can be seen in the ever-swelling proportion of Lakhpati Didis, agile women entrepreneurs in a uniquely Indian way.According to...
Gold steady after record run as US inflation data looms, BFSI News, ET BFSI
Gold prices held steady on Monday after hitting a series of record highs last week, while investors waited for U.S. inflation data for insights into the Federal Reserve's rate cut timeline. Spot gold was little changed at $2,176.30 per ounce at 1121 GMT, after hitting...
Feb saw 56% jump in white collar jobs for women in India, IT sector led the list, ET BFSI
The number of white collar jobs for women in India increased by 56% year-on-year in February 2024, according to talent platform foundit.The month also saw a jump in the number of women who opt for freelance jobs—it increased to 8% in February 2024 from 4% in the...
Japan Q4 GDP revised up to slight expansion, economy avoids recession, ET BFSI
Japan's economy avoided a technical recession, revised government GDP data showed on Monday, even though the upward change in the fourth quarter was weaker than expected and highlighted concerns about the sluggish economic recovery.Japan's revised gross domestic...
Domestic demand to keep India’s growth above other G20 emerging markets: Moody’s, ET BFSI
New Delhi: Global rating agency Moody's expects India's economic growth in 2024-25 growth above that of other emerging market G20 peers, given its domestic demand managed to sustain momentum.India's real GDP growth accelerated to 8.4 per cent year over year in the...
CDPQ appoints Deloitte S Asia’s former CEO Venkatram as country chair, ET BFSI
Caisse de dépôt et placement du Québec (CDPQ), a leading global investor and one of Canada's largest pension funds, has appointed N Venkatram (Venkat) as Country Chair for CDPQ India.Venkat served as CEO & Managing Partner of Deloitte South Asia during 2015-2023...
Bangladesh, Sri Lanka, number of other countries want to start rupee trade with India: Goyal, ET BFSI
New Delhi: Many developed and developing countries including Bangladesh, Sri Lanka, and nations of the Gulf region are keen to start trade in rupee with India as it would help cut transaction costs for businesses, Commerce and Industry Minister Piyush Goyal has said....
The death of the WTO now looks inevitable, BFSI News, ET BFSI
At one point, last week’s 13th biennial conference of the World Trade Organization looked as though it might be the last. Talks dragged fruitlessly into the weekend, and outright collapse seemed likely. At the last minute, an effigy of a deal was done. Almost entirely...
India not to tailor policy for Tesla; EV maker as also other global players welcome in India: Goyal, ET BFSI
NEW DELHI: India will not tailor its policies to suit US EV maker Tesla, and its laws and tariff rules will be formulated to attract all-electric vehicle manufacturers from across the world to set up a base in the world's fastest-growing economy, Commerce and Industry...
Sibal on SBI plea on electoral bonds issue, ET BFSI
Terming the SBI's reasons for seeking an extension in disclosing electoral bond details "puerile", Rajya Sabha MP Kapil Sibal Sunday said it is the Supreme Court's responsibility to protect its dignity and that it "would not be easy" to accept the bank's plea when a...
What is it, how it works and more, BFSI News, ET BFSI
A WhatsApp investment scam is a deceptive scheme where criminals exploit your desire for financial gain by tricking you into investing in fake or risky ventures through the WhatsApp messaging platform. Scammers utilise various tactics to lure you in and steal your...
India, EFTA announce $100-bn free trade pact to promote investments, ET BFSI
India and four-nation European bloc EFTA on Sunday signed a free trade agreement to help promote investments and exports of key domestic services sectors such as IT, audio-visual, and movement of skilled professionals.The European Free Trade Association (EFTA) members...
Inside Trai’s plan to clamp down on unwanted calls, spammers, ET BFSI
The Telecom Regulatory Authority of India (Trai) is getting serious about spam. Again. Last month, it recommended that all network operators should implement caller name display service on mobile phones and that all smartphone makers should enable this feature within...
Waaree Renewable Tech to go ex-split; SBI Life, IIFL Securities ex-dividend and more, ET BFSI
There are a host of corporate actions scheduled for this week. SBI Life Insurance Company, IIFL Securities, and Kirloskar Ferrous Industries will trade ex-dividend, while Waaree Renewable Technologies will trade ex-split this week.On Thursday, 14 March, Data...
Rs 2.2 lakh crore revenue foregone due to excise duty cuts on petrol, diesel: Hardeep Puri, ET BFSI
New Delhi [India], March 9 (ANI): Around Rs 2.2 lakh crore of revenue was foregone because of cuts in excise duty on petrol and diesel announced between November 2021 and May 2022, Union Minister Hardeep Singh Puri on Saturday.Addressing a press conference, Hardeep...
Macroeconomic data, global cues, IPOs among 6 factors that will steer D-Street this week, ET BFSI
After clocking moderate gains last week, the overall bias for Indian equities remains positive, but the primary market will see more action as a plethora of companies will hit the market to raise capital, while as many as eight stocks are set to debut on Dalal...
27 Indian startups raise $308 million in funding this week, ET BFSI
Digital lending platform mPokket raised up to Rs 500 crore (around $60 million) in debt capital from BPEA Credit's private credit platform.At least 27 startups in India raised about $307.8 million this week, which includes 17 early-stage and seven growth-stage...
US embrace of remote working empties offices, weighs on banks, ET BFSI
WASHINGTON: The popularity of remote work in the United States has emptied office buildings, a cause for worry as their value falls and owners risk losses on property loans -- in turn putting pressure on smaller banks."There will be bank failures, but this is not the...
How Married Women’s Property (MWP) Act protects financial future of woman using life insurance policies even when nominations fail, ET BFSI
When buying a term insurance policy, the main aim is to secure the future of your family members in your absence. If you are married and you want to protect the future of your wife or kid or both, you can purchase a term insurance policy under the Married Women's...
Delhi HC reserves order on Bloomberg plea challenging Saket court order directing take down of article against Zee, ET BFSI
New Delhi [India], March 7 (ANI): The Delhi High Court on Thursday reserved the order on plea moved by Bloomberg Television Production Services India Private Limited challenging the order of the Saket district court directing it to take down an article titled "India...
How women formed a vote bank parties can ignore at own risk, ET BFSI
As India readies itself for the upcoming 18th Lok Sabha polls in the coming months, 'Nari Shakti' has taken centrestage. When thin margins can become a deciding factor on a large number of seats, no party can ignore this demographic which has coalesced into a new vote...
GetVantage launches Rs100 crore ‘Rise-Up Fund’ for women entrepreneurs, ET BFSI
GetVantage, an alternative-financing fintech platform, announced the launch of its Rise-Up Fund, dedicated to supporting women entrepreneurs businesses with inclusive capital. This non-dilutive fund with an initial corpus of Rs100 crore and aims to deploy the capital...
Women entrepreneurs outperform men in terms of loan repayment, ET BFSI
Women entrepreneurs outperform men in terms of loan repaymentThe Micro, Small & Medium Enterprises (MSME) entities that are owned by the women players are steps ahead in hiring women employees compared to those owned by the men players, a recent report said....
63% women dream of entrepreneurship yet 74% rely on family for investments: Report, ET BFSI
68% of women indicated willingness to take formal credit~ Shrishti SharmaThe financial landscape for women in India presents unique data points that diverge from the general landscape. Financial inclusion is crucial for societal progress, so understanding the...
More women opt for online loans compared to men, have higher ticket sizes, ET BFSI
In India, women have long encountered obstacles in accessing financial services, but recent trends suggest a shifting landscape. A recent survey by Easiloan reveal a notable uptick in women embracing technology and actively engaging in the country's financial...
India’s cut and polished diamond exports likely to hit five-year low in FY24, says CareEdge Ratings, ET BFSI
Representative imageThe cut and polished diamond (CPD) exports from India are expected to hit a five-year low in FY24 with a dip of around 25-30% to $15- $16 billion compared, according to CareEdge Ratings, a knowledge-based analytical group, whose parent company is...
RBI, Bank of Indonesia sign MoU promoting use of local currencies for trade, ET BFSI
The Reserve Bank of India and the Bank of Indonesia on Thursday signed a Memorandum of Understanding establishing a framework to promote the use of local currencies for cross-border transactions.“The MoU covers all current account transactions, permissible capital...
Banks have all details when it comes to loan default by farmers, says Uddhav, ET BFSI
Shiv Sena (UBT) chief Uddhav Thackeray on Thursday tried to corner the Union government over the time extension asked by the State Bank of India to give details of those who had bought electoral bonds.Speaking in Ausa in Latur, Thackeray said banks promptly come out...
Global patent filings fall for first time in over a decade: UN, ET BFSI
International patent filings declined last year for the first time in 14 years due to higher interest rates and economic uncertainty, the UN said Thursday, with India among the few countries bucking the trend.A total of 272,600 international patents were filed in...
Here’s why you need to close your Paytm FASTag much before March 15, ET BFSI
In line with its jurisdiction under section 35A of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) has prohibited Paytm Payments Bank (PPBL) from accepting new clients. Additionally, it said that after March 15, 2024 no customer accounts, prepaid...
Europe’s inflation down but no interest-rate cuts soon, ET BFSI
FRANKFURT, Germany - Europe's energy crisis sparked by Russia's war in Ukraine has eased. Inflation is way down from its painful double-digit peak. But there likely won't be an interest rate cut at the European Central Bank's meeting Thursday, even as higher borrowing...
Gold at record levels as Powell says Fed cuts likely this year, ET BFSI
Gold prices on Wednesday hovered near a record peak hit in the previous session after U.S. Federal Reserve Chair Jerome Powell said interest rate cuts are still likely in the coming months if inflation continues to ease.FUNDAMENTALS * Spot gold ticked 0.1% lower to...
IT minister:30-plus countries want to adopt India’s UPI payment system, ET BFSI
Union IT minister Ashwini Vaishnaw is upbeat on the global adoption of digital payment system Unified Payment Interface (UPI). Speaking to Times Now media at the third edition of the FinTech Festival India in New Delhi, the IT minister said that as many as 30...
Gold prices jump Rs 2,800 per 10 grams in 6 sessions. What should investors do now?, ET BFSI
Gold has turned dearer by more than Rs 2,800 per 10 grams led by a six-session rally. The yellow metal hit a fresh 52-week high of Rs 65,525 on Thursday, surpassing a key resistance level of Rs 65,500 within hours of its opening.The recent surge in yellow metal in the...
Women make gains in changing job market, BFSI News, ET BFSI
Women have mostly benefited from the polarisation of the workforce but the challenge is to keep those gains. Despite the extensive gender pay gaps exposed in the release of Australian data last week, women have mostly benefited from big changes to the workforce in...
Navigating the evolution of Input Service Distributor under GST, ET BFSI
The concept of Input Service Distributor (“ISD”) has passed through from the Service Tax regime to the GST regime. Despite the concept not being new, since the inception of GST, there has been a lot of confusion revolving around it.Undoubtedly, the concept of ISD...
Rajiv Jain’s GQG Partners picks 0.8% stake in Bharti Airtel for Rs 5,850 crore, ET BFSI
NRI Rajiv Jain-led GQG Partners on Thursday bought 49 million shares of telecom operator Bharti Airtel at Rs 1,193.70 from promoter group entity Singapore Telecommunications or Singtel. The deal for 0.8% stake in Airtel is valued at $710.81 million or Rs 5,849...
PM Modi brings 60 crore people into economic mainstream in 10 years: Amit Shah, ET BFSI
MUMBAI: In the last ten years, 60 crore people have been brought into the economic mainstream by Prime Minister Narendra Modi during his tenure, said Union home and co-operatives Minister Amit Shah on Wednesday at an investment summit in the city.India’s marketplace...
IT minister Ashwini Vaishnaw, ET BFSI
India can become a world leader in technology, ranging from artificial intelligence (AI) to semiconductor chips once it reaches the status of third-largest economy in the world, Union minister of electronics and IT Ashwini Vaishnaw said on Wednesday."Imagine what...
Aravind Maiya, Embassy REIT, ET BFSI
Aravind Maiya, CEO, Embassy REIT, says “for FY24, we have given a guidance where the NOI will be in excess of Rs 3,000 crore and from there it will grow. But in terms of cities, if you look at India and commercial real estate, there are broadly six cities – Bangalore,...
World Bank, Gates, UN pledge close to $600m to end cervical cancer, ET BFSI
London: Global health donors pledged nearly $600 million towards eliminating cervical cancer on Tuesday, at the first global forum dedicated to fighting the disease.The World Bank, the Bill & Melinda Gates Foundation and the U.N. children's agency UNICEF said in a...
Industrial and manufacturing sector dominates million-dollar CXO club, ET BFSI
Top bosses in the financial services sector came in second, followed by those in automotive and pharma sectors, respectively, showed a study conducted for ET by executive search firm EMA Partners IndiaCXOs from the industrial and manufacturing sector ruled the...
India pushes technology, fintech & startup partnership with Philippines, ET BFSI
India through its Embassy in Philippines on Tuesday launched the first India-Philippine Tech Summit (IPTS) to help boost tech and digital partnership with Manila.In his speech during the IPTS in Taguig City, Indian Ambassador to Manila Shambhu Kumaran referred to the...
Economic plans, Taiwan and other things to know from the opening of China’s legislature, ET BFSI
BEIJING - China's Premier Li Qiang promoted an image of confidence as he announced modest economic growth goals for the world's second largest economy, at one of the country's most important political gatherings.Li addressed a few thousand delegates of the country's...
Can China maintain growth and ‘transform’ its economy at the same time?, ET BFSI
BEIJING- Chinese Premier Li Qiang's vision for the country contains an inherent contradiction: his aim to "transform" the economic model may be incompatible with keeping growth rates steady at around 5%.In his maiden work report to China's parliament on Tuesday, Li...
How a 21-year-old student in Rajasthan trained an army of 500 youths in online fraud, fake stock returns, ET BFSI
A 21-year-old man, Yogesh Meena, was arrested on March 1 in Bundi district, Rajasthan for allegedly training around 500 youngsters from his village in cyber fraud. He was apprehended along with three others, one of whom was a minor. Yogesh is believed to be behind at...
Bloomberg moves Delhi HC against lower court order to remove defamatory article against ZEE, ET BFSI
New Delhi: Bloomberg Television Production Services India Pvt Ltd (Bloomberg) has moved Delhi High Court against a trial court order to take down an allegedly defamatory article published against ZEE Entertainment Enterprises Ltd (ZEE) on February 21. Additional...
Five in 10 employees in India believe their organisations will teach them required skills to adapt to AI, automation: Survey, ET BFSI
A significantly higher percentage of Indian respondents (56%) compared to the global average (45%) believe their organisations will teach them the skills they need to adapt to artificial intelligence (AI) and automation, said Mercer’s ‘Global Talent Trends’ report....
‘Exit Scam’ Blackcat Hackers Pull Disappearing Act: ‘Exit scam’
A message posted to Blackcat's website said it had been impounded "as part of a coordinated law enforcement action" by U.S. authorities and other law enforcement agencies. Among the logos of non-American agencies involved were those of Europol and Britain's National...
Regulatory compliance paramount while fostering innovation, say BFSI leader, ET BFSI
Experts have stressed on sustained innovation and maintaining a delicate balance with regulatory compliance in the fintech sector while cautioning against looking at AI as a universal remedy.Speaking at the ETBFSI CIO Digital Conclave 2024, Rohit Kilam, CTO, HDFC...
Blackstone’s giant property arm wants to double India warehouses, ET BFSI
Blackstone Inc. plans to more than double its holdings of Indian warehouses and may eventually take the logistics business public as the asset manager increases its bets on the world’s fastest-growing major economy.The New York-based firm may boost the warehouse space...
Demand for entry to junior-level frontline manpower in BFSI increases by 20–25% in 2024, ET BFSI
Industry executives said the surge in demand, particularly in sectors such as insurance, housing, NBFCs and retail banking, isn't limited to tier-1 cities as tier-2 and -3 cities are also experiencing a notable uptickDemand for entry to junior-level frontline manpower...
Gold holds above $2,100 near record high, focus on Powell testimony, ET BFSI
Gold prices held above the $2,100 level on Wednesday, near a record peak hit in the previous session as hopes for U.S. rates easing by mid-year mount, while traders awaited remarks on the economy's health from Federal Reserve Chair Jerome Powell. Spot gold edged down...
Claims worth over 369 crore settled in National Lok Adalat Pune, ET BFSI
Pune: Claims totalling at least Rs 369.78 crore in 1.40 lakh cases were settled at the National Lok Adalat in the district on Sunday.The Pune District Legal Services Authority (PDLSA) had taken up 2.43 lakh cases for settlement in the Lok Adalat. Of these, 1.40 lakh...
Demand for entry to junior-level frontline manpower in BFSI increases by 20–25% in 2024, ET BFSI
Demand for entry to junior-level frontline manpower in banking, financial services and insurance (BFSI) sector has increased 20-25% in 2024 compared to a year ago amid a surge in housing loans, personal loans and credit cards, even as the financial services industry...
World Bank report spotlights progress amid challenges, ET BFSI
New Delhi [India], March 5 (ANI): India's digital landscape has witnessed advancements, propelling the nation towards a tech-savvy future, as highlighted in the latest "Digital Progress and Trends Report 2023" by the World Bank Group.Despite facing challenges, India's...
Fractures in global trade deepen as WTO musters only a small win, ET BFSI
WTO The World Trade Organization’s ability to tear down barriers to commerce, ensure stability through global accords and enforce the rules came under renewed criticism following a chaotic and contentious meeting of its top officials.The 13th ministerial conference in...
Japan seeing signs of positive wage momentum, says senior official, ET BFSI
TOKYO - Japan is seeing early signs of achieving a positive cycle of rising inflation and wages, Deputy Chief Cabinet Secretary Hideki Murai said on Tuesday, stressing the administration's focus on broadening pay increases beyond big companies.The government is...
Ex-MD of multinational firm cheated of Rs 4.8 crore by online fraudsters, ET BFSI
Thane: A 67-year-old former managing director of a multinational company has allegedly been duped of Rs 4.80 crore by online fraudsters who accused him of being involved in drug trafficking and threatened police action against him, an official of the Thane crime...
Empowering growth companies, sustainable development, ET BFSI
New Delhi [India], March 5 (ANI): The Organisation for Economic Co-operation and Development (OECD) and Asian Development Bank Institute (ADBI) Roundtable on Capital Market and Financial Reform in Asia 2024 is slated for March 14-15.The event is dedicated in shaping...
Two more weeks left to update Aadhaar for free; How to update Aadhaar details online, ET BFSI
The Unique Identification Authority of India (UIDAI) has urged Aadhaar card holders to update the latest identity and address to enable ease of living, better service delivery and accurate authentication. Therefore, submitting recent identity and address documents is...
FASTag KYC deadline over; steps to check if your FASTag is still active, ET BFSI
The deadline for updating your FASTag KYC was February 29 as set by the National Highway Authority of India (NHAI). "One Vehicle, One FASTag" is a campaign that NHAI has started to prevent owners of single cars from participating in the multiple FASTag schemeET Online...
Step-by-step guide on how to get subsidy in your bank account within 30 days, ET BFSI
Under the direction of Prime Minister Shri Narendra Modi, the Union Cabinet has approved the PM-Surya Ghar Muft Bijli Yojana. This solar rooftop panel scheme can be used to install rooftop solar and give one crore homes free energy for up to 300 units per month.The...
Service activity eases to 60.6 in February; optimism dips, ET BFSI
A slowdown in growth in new orders and output led to service activity easing to 60.6 in February compared with 61.8 in the previous month, according to results of a private survey released Tuesday.The seasonally adjusted HSBC India Services Business remained above the...
HRA, gratuity, other components will also go up, ET BFSI
Central government employees are eagerly waiting for their next dearness allowance (DA) hike. Going by the Consumer Price Index for Industrial Workers (CPI-IW) numbers, as published by the Labour Bureau, a wing of the Ministry of Labour, the dearness allowance is...
Risk reigns in ocean shipping, industry and economic experts say, ET BFSI
LONG BEACH: Risk is the "new normal" for the global ocean shipping industry that handles 80% of global trade as pressure from geopolitical tensions, rising protectionism and climate change mounts."There are going to be global tensions ... and I think global dangers,...
Gold hovers near 3-month peak as eyes on Powell’s testimony, BFSI News, ET BFSI
Gold prices steadied near a three-month peak on Tuesday, supported by subdued U.S. manufacturing and construction spending, as investors awaited testimony from Federal Reserve Chair Jerome Powell and key jobs data later this week.Spot gold was flat at $2,114.59 per...
Economists, BFSI News, ET BFSI
Inflation in goods and services other than fuel and food is likely to remain low, around 3% in the near term, owing to weak rural demand, softness in housing inflation and lower input cost pressures, according to economists.India's core inflation declined to its...
Moody’s raises India’s 2024 GDP forecast to 6.8 per cent amidst positive economic outlook, ET BFSI
New Delhi [India], March 4 (ANI): In a development signaling confidence in India's economic trajectory, Moody's, the global credit rating agency, has revised its GDP forecast for the country upwards to 6.8 per cent for the year 2024.The optimistic outlook comes as...
Karnataka Minister MB Patil, ET BFSI
Bengaluru (Karnataka) [India], March 4 (ANI): Karnataka Large and Medium Industries Minister MB Patil addressed delegates from over 30 countries at the Bengaluru World Trade Centers Association and 54th WTCA Global Business Forum on Monday and said that the Karnataka...
Why is the Q3 GDP surprise not surprising?, ET BFSI
The robust 8.4% real GDP growth print for 3Q contrasts the grim reality of household consumption and income situation. The latest national expenditure survey (2022-23), released after a lag of 11 years shows real consumption grew modestly at 3% over the past 11 years...
Indians are saving up to 20% on all lifestyle spends, travel among top categories: Report, ET BFSI
Indians are saving upto 20% on all lifestyle spends, even as travel is the preferred category for spendvesting enthusiasts, with gadgets and shopping also significant, pointing to the popular lifestyle goals that drive financial decisions, said Spendvesting report by...
A good news and a bad news for Indian retailers, ET BFSI
India's consumer landscape is shifting in various ways which keeps retailers on toes. Recently released Household Consumption Expenditure Survey data showed Indians are spending less on food, particularly staples like rice and wheat, and more on discretionary items...
Flipkart Internet receives $111 million in new fund infusion, BFSI News, ET BFSI
Flipkart Internet, the marketplace arm of Walmart-owned ecommerce firm Flipkart, received a cash infusion of about Rs 924 crore ($111 million) in two parts from its related entities based in Singapore in January, regulatory filings with the Registrar of Companies...
Delhi Metro gets Rs 500 crore in Budget, over 60 lakh passengers use service every day: Atishi, ET BFSI
New Delhi: The Delhi government allocated Rs 500 crore for the Delhi Metro in its 2024-25 Budget tabled on Monday, with Finance Minister Atishi saying in the assembly that more than 60 lakh people commute on the service every day. In 2014, around 24 lakh passengers...
India-UAE non-oil trade target of USD 100 billion by 2030 ambitious, but achievable: CII President, ET BFSI
Abu Dhabi: The target of USD 100 billion non-oil trade between India and the UAE by 2030 is ambitious but achievable as huge business opportunities are there in both the nations for sectors such as textiles, jewellery and pharma, CII President R Dinesh said on Sunday....
Sony deal in past; Zee focus now on future, rebuilding business: Punit Goenka, ET BFSI
Zee (file image)No one has asked the Zee board for a change in management following the failed merger with Sony and subsequent crash in share price, Zee Entertainment Enterprises managing director and chief executive Punit Goenka said in an interview in Mumbai.In the...
MoS IT Rajeev Chandrasekhar, ET BFSI
Minister of State for Electronics and Information Technology Rajeev Chandrasekhar said on Monday that the government's advisory on large language models will not apply to startups and only to "significant platforms" . He was reacting to an Economic Times story...
Moody’s signals improving private investment outlook with rising capacity utilization, robust growth, ET BFSI
New Delhi [India], March 4 (ANI): India is poised to become the fastest-growing economy among the G20 nations, with Moody's projecting a robust expansion in its real GDP, driven by strong demand momentum.The latest report from Moody's Analytics reveals promising...
Probe unearths money trail of Rs 11k crore human hair racket, ET BFSI
HYDERABAD: Investigation into the Rs 11,793 crore human hair smuggling racket has unearthed the complex money trail and alleged money laundering from Hyderabad to Mizoram and on to Myanmar. Key details have emerged on how human hair smuggling money is routed back to...
Bridging the gender gap in employment could lead to 30% increase in India’s GDP: Study, ET BFSI
Bridging the gender gap in employment could potentially lead to a 30% increase in the country's GDP, as per the studyIndian women, despite constituting 48% of the population, contribute only 18% to the gross domestic product (GDP), found a study by the National Family...
Govt failed to realise ‘Make in India’ due to ‘complete inaction’, says Congress chief Mallikarjun Kharge, ET BFSI
NEW DELHI: Congress chief Mallikarjun Kharge on Saturday targeted the Centre on 'Make in India' and alleged that the government has failed to realise the initiative due to "complete inaction" in creating jobs and utilising funds. He posed several questions on why the...
Delhi court orders Bloomberg to take down ‘defamatory’ article against Zee, ET BFSI
Zee logoThe Delhi Sessions Court on Friday ordered Bloomberg Television Production Services India to remove an article published on Zee Entertainment Enterprises on February 21st after Zee argued that the article was "false and factually incorrect, with a premeditated...
GST collections for February at Rs 1.68 lakh crore, up 12.5%, ET BFSI
India collected Rs 1.68 lakh crore as the Goods and Services Tax (GST) for the month of February, up 12.5%, against the same month last year.The growth was driven by a 13.9% rise in goods and services tax from domestic transactions, showing resilience of india economy...
Minister Ashwini Vaishnaw on Google-Indian startups row, ET BFSI
Taking a strong view of Google pulling off some apps from its Play Store, the government on Saturday said delisting of Indian apps cannot be permitted and that the tech company and the startups concerned have been called for a meeting next week. In an interview to...
Govt calls Google, delisted apps for a meeting next week to resolve dispute, ET BFSI
The government has taken action in response to Google's delisting of certain applications from the Play Store by calling a meeting with the tech giant. Union Minister Ashwini Vaishnaw stated that the government strongly opposes the delisting of apps and will not allow...
US Report, BFSI News, ET BFSI
NEW DELHI: India has now officially eliminated 'extreme poverty', which can be seen through the sharp decline in headcount poverty ratio and stark increase in household consumption, American think tank Brookings said in a report.The report, authored by Surjit Bhalla...
India-Nepal enhance financial cooperation; digital payment to be inaugurated soon, ET BFSI
Nepal's Ambassador to India, Shankar Sharma on Saturday appreciated the new guidelines of the Reserve Bank of India, which allow multiple financial services between the people of India and Nepal.He said that now Nepal citizens can send Rs 2 lakh per transaction to...
Birlasoft eyes large clients to lead industry growth, ET BFSI
Birlasoft is eyeing large clients in the banking, financial services and insurance (BFSI) space as the mid-size information technology services company aims to mark its place in the top quadrant of the industry, its chief executive told ET.“Our endeavour is to start...
Economists raising India’s FY25 growth forecast on good nine-month show, ET BFSI
New Delhi: Economists have begun revising India's growth forecast for FY25 after data released earlier this week showed the economy grew at a better-than-expected pace in the first three quarters of the current fiscal.A revival in spending by private enterprises and...
Nirmala Sitharaman launches Rs 1,000 cr worth infra projects, BFSI News, ET BFSI
New Delhi, Union Finance Minister Nirmala Sitharaman on Friday virtually launched seven infrastructure projects worth over Rs 1,000 crore that include residential and office complexes for government officials. The Finance Minister said that projects like these renew...
Is the big upside surprise in GDP growth sustainable? Radhika Rao of DBS Bank explains, ET BFSI
Radhika Rao, Sr Economist & Executive Director, DBS Bank, says “if we look at the real GDP, I do not see any justification that the authorities might find to go too dovish too fast. Even this real rate gap that we all refer to, even that kind of loses the debate...
8 major money deadlines, changes in March 2024, ET BFSI
With the current financial year coming to an end, there are certain significant money deadline that shouldn't be overlooked as it can have an impact on your financial matters. These dates pertain to a few regulations that taxpayers and investors must follow in order...
SBI report deciphers India’s GDP surge and economic projections, ET BFSI
Representative imageNew Delhi [India], March 1 (ANI): In a research report titled "When 8 per cent becomes the new normal: Decoding the new normals of a GDP on swing," the State Bank of India's Economic Research Department unveils key insights into India's economic...
Think big and act big, ET BFSI
With Reliance Industries (RIL) subsidiary Viacom18 merging with Walt Disney's local unit Star India to create the country's biggest media and entertainment business valued at about $8.5 billion, RIL Chairman Mukesh Ambani has made his signature move — think big and...
China’s parliament to unveil more stimulus next week, bold reforms unlikely, ET BFSI
BEIJING - China's parliament is expected to unveil moderate stimulus plans to stabilise growth at an annual meeting beginning on Tuesday, but may disappoint those calling for a detailed roadmap of bold policies to fix the country's deep structural imbalances.Premier...
Step-by-step guide on how to get subsidy in your bank account within 30 days, ET BFSI
Under the direction of Prime Minister Shri Narendra Modi, the Union Cabinet has approved the PM-Surya Ghar Muft Bijli Yojana. This solar rooftop panel scheme can be used to install rooftop solar and give one crore homes free energy for up to 300 units per monthThe...
Tesla rolls out new incentives in China as price war escalates, ET BFSI
Tesla unveiled new incentives, including insurance subsidies, on Friday to woo consumers in the world's largest auto market, where the U.S. electric vehicle giant is in a protracted price war against entrenched rivals such as BYD.Pickups of existing inventories of...
China’s manufacturing activity contracts for 5th straight month despite policy support, ET BFSI
HONG KONG - Manufacturing in China contracted for a fifth consecutive month in February, according to an official survey of factory managers released Friday, reflecting persistent weakness in the economy ahead of annual legislative meetings where officials are...
India Q3 GDP data may overstate growth trends, economists say, ET BFSI
Representative imageMUMBAI - India's third-quarter gross domestic product (GDP), which rose by a stronger-than-expected 8.4% compared to a year ago, may be overstating growth, economists said, pointing to a more modest increase in gross value added in the...
MPC’s Ashima Goyal, ET BFSI
The Indian economy has done well despite multiple external shocks, but counter-cyclical macroeconomic policy measures will be required to aid the economy's natural resilience as geopolitical situation remains fragile, RBI's Monetary Policy Committee (MPC) member...
Is India’s stunning 8.4% Q3 GDP growth rate hiding something contradictory?, ET BFSI
Trumping economists’ expectations of a 6.6 per cent growth, the Indian economy grew at a mouth-watering rate of 8.4 per cent in Q3FY24, a six-quarter high. Digging deeper, economists say one must interpret the headline growth figure with a pinch of salt.The headline...
India is one of the fastest-growing major economies in world: PM Modi, ET BFSI
Dhanbad (Jharkhand): Stressing the importance of making India a developed nation by 2047, Prime Minister Narendra Modi on Friday said that India is one of the fastest-growing major economies in the world today and highlighted the economic statistics for the latest...
UnitedHealth confirms ‘Blackcat’ group behind recent cyber attack, ET BFSI
UnitedHealth Group said on Thursday that the recent cyberattack at its tech unit, Change Healthcare, was perpetrated by hackers who identified themselves as the 'Blackcat' ransomware group.The company said its experts were working with law enforcement authorities and...
India’s April-January fiscal deficit at Rs 11.03 lakh crore, narrows on-year to 63.6% of revised FY24 aim, ET BFSI
India's fiscal deficit for the first 10 months of this fiscal year through January stood at 11.03 lakh crore rupees, or 63.6% of revised annual estimates, government data showed today.The fiscal deficit narrowed from 67.8% reported in the comparable year-earlier...
PM Modi says ‘GDP data shows strength of Indian economy’, ET BFSI
NEW DELHI: The third quarter Gross Domestic Product (GDP) of FY 24 was at 8.4% against 4.3 per cent a year ago beating analysts' estimate of 6.6%. Prime Minister Narendra Modi said the numbers showed the strength and potential of Indian economy."Our efforts will...
India’s GDP growth is massive 8.4 % in Q3; FY24 growth upwardly revised at 7.6 %, ET BFSI
New Delhi [India], February 29 (ANI): India's GDP grew at a massive 8.4 per cent during the October-December quarter of the current financial year 2023-24 and the country continued to remain the fastest-growing major economy.The Indian economy grew 7.8 per cent and...
India’s GDP grows sharply at 8.4 per cent in Q3, FY24 estimate revised upwards to 7.6 per cent, ET BFSI
Surpassing the expectations of analysts, India's Gross Domestic Product (GDP) registered a robust growth of 8.4 per cent on an annual basis in the third quarter (October-December), as against a 8.1 per cent in the previous quarter, data released by the National...
Rating agencies should consider revising India’s FY24 growth projections: CEA Nageswaran, ET BFSI
After India posted a robust economic growth for the quarter ended on December 31, 2023 at 8.4 per cent, Chief Economic Advisor (CEA) Anant Nageswaran on Thursday said that agencies have a case to revise up their FY24 growth projections for India. It is to be noted...
Restoration of fully functional dispute settlement system of WTO top-most priority, says India, ET BFSI
ABU DHABI: India on Wednesday said that restoration of the fully functional dispute settlement system of the World Trade Organisation (WTO) is the "top-most" priority.The appellate body of the system had been non-functional since December 2019 due to the blocking of...
NHAI gives one-month extension to FASTag users to comply with the KYC norms, ET BFSI
The National Highways Authority of India (NHAI) has extended the ‘One Vehicle, One FASTag’ initiative compliance deadline to March-end, in view of the problems being faced by Paytm FASTag users.This means FASTag users will have another month to comply with...
Report, BFSI News, ET BFSI
Representative image (iStock)When advertisers, ad agencies and media planners pick a medium for an ad, they frequently ask: does it all add up?Any medium is many things, but do these many things add up to one thing - credibility. Credibility of a medium is crucial for...
Govt clears 3 semiconductor plants with investment of Rs 1.26 lakh crore, ET BFSI
Tata Semiconductor Assembly and Test Pvt Ltd will set up a semiconductor unit in Morigaon, Assam, at an investment of Rs 27,000 crore. Vaishnaw also informed that CG Power -- in partnership with Renesas Electronics Corporation, Japan, and Stars Microelectronics,...
Tatas’ investments in new ventures to cross $90 billion, ET BFSI
Tata Sons' anticipated capital infusion into new business areas and group priorities - semiconductors, defence, electric vehicles, and Air India, for instance - is set to exceed $120 billion in the coming years, sources told ET. Initial assessments had pegged about...
US to limit sale of personal data to foreign adversaries, ET BFSI
By Beiyi SeowWashington: President Joe Biden is set to issue an executive order Wednesday aimed at limiting the flow of sensitive US personal data abroad amid concerns of misuse by countries including China.Biden will direct the Justice Department to issue rules...
Reliance, Disney merge India media assets to create $8.5 billion powerhouse, ET BFSI
The combined entity will create a sports behemoth in India.India's top conglomerate Reliance Industries and Walt Disney on Wednesday announced the merger of their India TV and streaming media assets, creating an $8.5 billion entertainment juggernaut far ahead of...
End of the road? Sony withdraws agreement to merge India ops with Zee from NCLT, ET BFSI
Zee Sony CaseSony Group Corp. is said to have withdrawn the agreement to merge its India operations with Zee Entertainment Enterprises Ltd. from a local company court, taking the final step in scrapping a two-year-old plan that sought to create a $10 billion media...
Google-backed RCS isn’t a threat to WhatsApp Business, says Meta executive, ET BFSI
Barcelona: WhatsApp Business’ market share in the CPaaS (communications platform as a service) segment in India is not going to be threatened by the entry of Google-supported rich text messaging (RCS), said a top executive from Meta, the messaging platform’s...
NHAI likely to extend deadline for ‘One Vehicle, One FASTag’ initiative till March-end, ET BFSI
Representational image.State-owned National Highways Authority of India (NHAI) is likely to extend 'One Vehicle, One FASTag' initiative compliance deadline to March-end, in view of the problems being faced by Paytm FASTag users, a senior official said. NHAI had...
Can uniform KYC make customer onboarding efficient and cost effective?, ET BFSI
In response to the ongoing Paytm Payment Bank crisis and to address non-compliance issues, the government has formed a committee led by Finance Secretary TV Somanathan to propose effective strategies for enforcing a uniform Know Your Customer (KYC) mechanism.The...
Jacob Rothschild, financier from a family banking dynasty, dies at 87, ET BFSI
LONDON - Financier and philanthropist Jacob Rothschild, of the renowned Rothschild banking dynasty, has died at 87, his family said Monday. Rothschild began his career in the family bank, NM Rothschild & Sons, in 1963, before breaking away to start businesses and...
Housing prices jump 8.4% in Chennai in Q3; how much have residential property rates increased in your city?, ET BFSI
Housing prices in India have continued to increase in the third quarter of 2023-24, according to the data released by the Reserve Bank of India (RBI). The All-India Home Price Index (HPI) of the RBI jumped to 3.81% in the December quarter of 2023-24 from the year-ago...
SBI Economic Research Department forecasts Q3 FY24 GDP growth at 6.8 per cent amid global economic complexity, ET BFSI
Representative image.New Delhi [India], February 28 (ANI): The State Bank of India's Economic Research Department has released its analysis projecting the GDP growth for the third quarter of the financial year 2023-24.According to their report, the GDP growth is...
Preference for locally made goods to support mfg sector achieve 25% of the GDP of $30 trillion economy: Goyal, ET BFSI
A renewed focus on exports and preference of domestic consumers for locally made goods can help India become a global manufacturing powerhouse, said Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textile on...
Buffett’s Berkshire Posts Record Cash as Operating Earnings Rise, ET BFSI
Warren Buffett’s Berkshire Hathaway Inc. posted an increase in operating earnings as higher interest rates and fewer catastrophes benefited the conglomerate’s insurance business.The firm reported fourth-quarter operating earnings of $8.48 billion, versus $6.63 billion...
Hong Kong scraps property tightening measures to aid economic recovery, ET BFSI
HONG KONG - Hong Kong on Wednesday announced major measures to bolster its flagging real estate market by scrapping all tightening measures for residential properties, aimed at helping the city's economy which is expected to grow at a tepid 2.5%-3.5% this year.The...
H-1B denial rate at 3.5% in FY 2023 remain low compared to Trump-period, ET BFSI
MUMBAI: H-1B denial rates in fiscal year (FY) 2023 (12-month period ended Sept 30, 2023) remained low compared to the Trump-years but ticked up from FY 2022, according to a new National Foundation for American Policy (NFAP) study.Key highlights of this study are...
Why Zerodha’s Nithin Kamath, a fitness enthusiast, suffered a stroke? Doctors list possible reasons and offer life-saving advice, ET BFSI
Zerodha's CEO Nithin Kamath revealed on Monday that he experienced a "mild stroke" six weeks ago. He attributed the stroke to a combination of factors including the recent passing of his father, poor sleep, exhaustion, dehydration, and excessive exercise. The...
SGB premature redemption dates for April 2024 – September 2024 announced, check details, ET BFSI
The Reserve Bank of India (RBI) issued a press release outlining the details of the Sovereign Gold Bond (SGB) tranches scheduled for premature redemption during April 2024 – September 2024, as well as a window for submitting requests for premature redemptionSGB...
I am looking at a bounce back in funding, hiring & higher growth post elections, says Sanjeev Bikhchandani, ET BFSI
Sanjeev Bikhchandani, Founder, Info Edge, says recently “It has been a bit of a tightrope walk. So it is a balance and you gotta do it bottom up and figure out what makes sense, what does not make sense, what is just right and what is too much. And it has been bottom...
Where’s India? Key holdout country’s minister absent from WTO meeting, ET BFSI
India's trade minister, seen as the main holdout in global trade negotiations in Abu Dhabi, missed the start of a major World Trade Organization meeting on Monday, sparking concerns that his absence could hamper discussions.India's Commerce Minister Piyush Goyal is...
Brazil partners with largest climate finance alliance to boost green growth, ET BFSI
SAO PAULO: Brazil on Monday announced it would partner with the world's biggest financial climate coalition to turbocharge funding for clean energy and efforts to restore nature, such as reforesting the Amazon rainforest.Brazilian development bank BNDES will partner...
India’s economic mosaic – what do the big bang macro data releases say?, ET BFSI
By Dipti DeshpandeThis month has been packed with big macro releases — the interim union budget on February 1, the monetary policy review on February 8, the consumer price inflation and industrial production data on February 12 and the external trade data on February...
Take a small exposure to Canara’s new fund to gain from manufacturing push, ET BFSI
Mumbai: Long-term equity investors eyeing a thematic allocation and believe India is well positioned to become the next manufacturing hub, can consider a small allocation to the new fund offer of the Canara Robeco Manufacturing Fund. Conservative equity mutual fund...
These sectors are likely to see the highest salary increases this year, says Mercer, ET BFSI
Employees in the automobile, manufacturing and engineering, and life sciences sectors in India are projected to see the highest salary increases this year, a survey by HR consulting firm Mercer said.Median merit salary increments in India are expected to reach 10% in...
China vows to ramp up anti-hacking protections, ET BFSI
The Chinese government called for heightened data security measures and anti-hacking protections for sensitive domestic companies, vowing to "effectively prevent and control major risks" by 2026.China has in recent years accused other governments and foreign groups of...
Australian gender pay gap report exposes top companies, BFSI News, ET BFSI
The report exposes the yawning gulf between what men and women earn at some of Australia's biggest employers despite years of commentary from governments and corporations about closing the gender pay gapSYDNEY: The gender pay gap at some of Australia's top...
India’s ‘insourcing’ boom does not spell doom for outsourcing, tech execs say, ET BFSI
MUMBAI - Global companies are setting up more offices in India and expanding in-house teams but that does not mean the end of the road for Indian IT firms, which rely heavily on outsourcing deals, executives said at a Nasscom event last week.Companies opened 118...
WTO chief sees trade missing forecasts on growth headwinds, ET BFSI
The head of the World Trade Organization said global commerce, after proving resilient through the pandemic, is performing weaker than forecast amid multiple economic headwinds and a political tilt toward protectionism.“We need to repair the multilateral trading...
Key points from Warren Buffett’s letter, ET BFSI
Warren Buffett's Berkshire Hathaway Inc has announced that its cash reserves has reached an unprecedented level, as the veteran investor expressed his frustration over the scarcity of significant transactions that could potentially lead to remarkable gains.The...
Startups are going to be backbone of new India, it’s our time under the sun: Piyush Goyal, ET BFSI
Minister Goyal was speaking at the curtain raiser for the ‘Startup Mahakumbh’Union Minister of Commerce and Industry, Piyush Goyal on Tuesday said the startups in India are changing, and believed that they are going to be the backbone of new India. “It’s our time...
Subhash Chandra moves SAT against Sebi order, BFSI News, ET BFSI
Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises, has moved the Securities Appellate Tribunal (SAT), challenging the Securities & Exchange Board of India's (Sebi) confirmatory order issued last year that banned him from holding directorships in...
WTO backs India’s pitch to cut remittance cost, ET BFSI
India's proposal to lower the cost of cross-border remittances has found support from many World Trade Organization members including the European Union, officials said. Except for the US, most countries have favoured a work programme at the WTO for cheaper, faster...
Rip Van Winkle and 4 other investing hacks from Warren Buffett’s annual letter, ET BFSI
Whenever the 'God of Stocks' writes anything, investors from all over the world take note. This time Warren Buffett has written a 16-page annual letter to shareholders which begins by paying a rich tribute to his 'partner in crime' Charlie Munger who passed away last...
Annulling of electoral bonds will lead to greater transparency: Amartya Sen, ET BFSI
Eminent economist and Nobel laureate Amartya Sen on Monday welcomed the Supreme Court's recent judgment annulling the electoral bonds scheme, denouncing it as a scandal. Speaking to PTI from Massachusetts, USA, Sen said that the move will lead to greater transparency...
EU carbon tariff alone won’t curb global emissions, urges broader climate action: ADB, ET BFSI
The European Union's (EU) forthcoming Carbon Border Adjustment Mechanism (CBAM) is anticipated to yield only marginal reductions in global carbon emissions while modestly affecting trade flows, particularly in Asia and the Pacific, according to a recent study by the...
Gold off two-week highs as US dollar ticks higher, ET BFSI
Gold prices inched lower on Monday pressured by a gaining U.S. dollar, but bullion's losses were cushioned as growing tensions in the Middle East supported the safe-haven near last session's over two-week highs.Spot gold was down 0.2% at $2,032.3 per ounce, as of 0405...
HDFC Bank, ICICI Bank, SBI, Axis Bank, PNB, other top authorized issuers, ET BFSI
With the FASTag electronic toll collecting system, drivers may pay tolls on the go without having to stop and exchange currency. For a smooth toll payment experience, you must make sure you have enough balance in your FASTag account, and recharge it whenever...
Deloitte Report, BFSI News, ET BFSI
New Delhi: M&A deal value in India fell 27 per cent in 2023 to USD 136 billion but the deals market is expected to remain steady in the current year, Deloitte India said in a report on Monday. "Amidst significant global challenges posed by high-interest rates,...
What Joe Biden doesn’t get about the WTO?, BFSI News, ET BFSI
Excitement ahead of next week’s 13th Ministerial Conference of the World Trade Organization is, let’s say, well under control. The question is not whether this once-important gathering will fail, only if it will fail in a way that’s even worth noticing. The prevailing...
WTO aims for modest outcomes at Abu Dhabi meeting, ET BFSI
Trade ministers from nearly every country in the world gather in Abu Dhabi on Monday for a World Trade Organization meeting that aims to set new global commerce rules, but even its ambitious chief Ngozi Okonjo-Iweala has sought to curb expectations.The almost...
Election Commission ropes in banks and post offices to spread voter awareness, ET BFSI
NEW DELHI: The Election Commission on Monday roped in banks and post offices to spread voter awareness as part of its efforts to increase voting percentage in the upcoming Lok Sabha polls. The poll panel has often expressed concern over urban and youth apathy with...
The sick man of global trade?, BFSI News, ET BFSI
The WTO, which launches its 13th ministerial meeting Monday, regulates large swathes of global trade but is handicapped by a rule requiring full consensus and a dispute settlement system crippled by the United States.The World Trade Organization, which will hold its...
Accenture spots about 10% revenue upswing via GenAI, BFSI News, ET BFSI
Accenture has started to see a potential revenue upswing of about 10% with the use of generative artificial intelligence (GenAI) in some important business units, a top executive of the American technology services company told ET.Its clients across key sectors, which...
Peak XV unveils the latest cohort of Spark Fellowship for Women Entrepreneurs, ET BFSI
In recent years, the Indian economy has witnessed a transformative shift in its workforce dynamics, with a notable surge in individuals actively contributing to employment generation through various startup initiatives. This paradigm shift is not only fostering...
Majority of WTO members sign investment deal for development, ET BFSI
WTO Abu Dhabi, Feb 26, 2024 - More than 120 WTO member states have finalised an agreement that aims to facilitate investment in developing countries by improving transparency and clearing bureaucratic hurdles, the global trade body said Sunday.The Investment...
Coalitions at WTO to help India push for open payment systems adoption, cut remittance cost: GTRI, ET BFSI
Building coalitions with other WTO members will help India push for the adoption of open and interoperable payment systems like UPI with a view to cut the cost of money transfers or remittances, a report by think tank GTRI said on Monday. The dominance of a few large...
Goldman Sachs, Mubadala sign $1 bn private credit Asia-Pacific partnership deal, ET BFSI
Representative ImageAbu Dhabi's sovereign wealth fund Mubadala Investment Company has struck a $1 billion deal with Goldman Sachs to go after private credit deals in Asia, the companies said on Monday.Mubadala and the U.S. bank agreed on a partnership to co-invest in...
Currency-in-circulation growth dips to 3.7% in Feb, ET BFSI
The growth in currency in circulation decelerated to 3.7 per cent for the week ended February 9 from 8.2 per cent a year ago, reflecting the impact of the decision of the Reserve Bank of India (RBI) to withdraw Rs 2,000 banknotes. Currency-in-circulation (CiC) refers...
India-born economist Geeta Batra named as first woman Director of World Bank’s GEF, ET BFSI
Mumbai: Geeta Batra, an Indian economist, has been named as the new Director at the Independent Evaluation Office of the World Bank's Global Environment Facility (GEF), making her the first-ever woman from a developing country to hold the coveted post. Batra, 57, is...
GIDC Diverted 32cr Unspent Export Infra Fund to Repay Bank Loan: CAG, ET BFSI
PANAJI: The Comptroller and Auditor General of India (CAG) observed that the Goa Industrial Development Corporation (GIDC) submitted false utilisation certificates (UCs) to central govt and allegedly diverted the funds under Assistance to States for Infrastructure...
10kg gold, Rs 25 crore cash in offerings at Ram temple, BFSI News, ET BFSI
AYODHYA: In thirty days since the consecration ceremony of Ram Lalla at Ayodhya's Ram temple held on Jan 22 this year, the devotees have offered around 10 kilograms of gold, 25 kilograms of silver ornaments and another Rs 25 crores in cash, cheques and drafts.Office...
India completely stops Ravi river water flow to Pakistan. Historical context and significance, ET BFSI
The completion of the Shahpur Kandi barrage has effectively ceased the flow of water from the Ravi river into Pakistan, according to a report. Located on the Punjab-Jammu and Kashmir border, this development signifies a significant shift in water allocation, with the...
How did 5 key sectors perform during the quarter?, ET BFSI
As the results for the Oct-Dec quarter are unveiled, insights from management commentaries across various sectors provide valuable indicators of the Indian economy's health. Businesses serve as the backbone of the economy, and their performance reflects the overall...
NMDC, Jupiter Wagons to go ex-dividend, South Indian Bank right issue and more, ET BFSI
There are a host of corporate actions scheduled for this week. Natco Pharma, Suprajit Engineering, NMDC, and Jupiter Wagons will trade ex-dividend, while The South Indian Bank's rights issue's ex-date is fixed this week.On Monday, 26th February, Fineotex Chemical (Rs...
Germany reels from manufacturing downturn, ET BFSI
Germany’s economy is struggling to emerge from a downturn in manufacturing, which is weighing on growth overall.Gross domestic product will probably eke out a small gain this year before stronger momentum takes hold in 2025, according to the government’s estimates....
Startups can make India m-cap grow to $50 trillion in 20 years: NSE CEO, ET BFSI
India's market capitalisation can grow from $4.8 trillion now to $50 trillion in the next 20 years, National Stock Exchange (NSE) CEO Ashish Chauhan has predicted. If India must reach a market cap of $50 trillion in next 20 years, it will come on the back of...
Indians Spending Government Survey: Indians spending less on food, more on discretionary items
Representative imageMUMBAI: Indians are spending less on food, particularly staples like rice and wheat, and more on discretionary items such as processed food, as well as durables like televisions and fridges, government consumption data showed.The Household...
Sebi orders attachment of bank, demat accounts of DHFL’s ex-promoters in disclosure violation case, ET BFSI
Representative ImageMarkets regulator Sebi has ordered the attachment of bank accounts as well as shares and mutual fund holdings of Dheeraj Wadhawan and Kapil Wadhawan, the former promoters of Dewan Housing Finance Corp Ltd (DHFL), to recover dues totalling over Rs...
We’d like to return your money, BFSI News, ET BFSI
MUMBAI: With the arrest of a cyber fraudster who created a fake website of a hotel and fleeced an accountant of Rs 49,500 as booking charges for a room, police have stumbled upon a new modus operandi that gives scamsters easy access to mobile numbers of hundreds of...
GSTN to share data with RBI’s frictionless credit platform, ET BFSI
The government has permitted GST Network to share data about GST-registered businesses, based on their consent, with the Reserve Bank's 'Public Tech Platform for Frictionless Credit'. The move will help entities get loans faster on the basis of shared Goods and...
Rahul Gandhi calls PM Modi a ‘Vasuli Bhai’, says illegal donations are BJP’s ‘Ease of Doing Business’ guarantee, ET BFSI
In its latest attack aginst Prime Minister Narendra Modi and ruling BJP, Congress leader Rahul Gandhi has said that PM is doing the 'donation business' by misusing ED, IT and CBI like a 'Vasuli Bhai'. He also alleged that 'Illegal donations' and 'Electoral Bonds'...
Patanjali’s late bid for Rolta spurs more to join the race, ET BFSI
More bidders are queueing up for the debt-laden Rolta India after the National Company Law Tribunal (NCLT) allowed Patanjali Ayurved to submit a late bid for the company.Welspun Group's MGN Agro Properties and Mumbai-based B-Right Real Estate have successfully...
Swiss still love physical cash despite rise of payment apps, ET BFSI
ZURICH - Switzerland is still in love with bank notes and coins, a survey by the central bank showed on Friday, despite the growth of mobile payment apps and predictions of a cashless society.Cash remains the most widely accepted payment method for customer-facing...
India set to standardise ‘know your customer’ banking checks, BFSI News, ET BFSI
India's financial stability panel plans to roll out a uniform approach to verifying customers across the financial sector and prevent illegal lending based on online applications, it said on Wednesday.It is unclear when the plans will be enforced. Their announcement...
Shipping insurance rates soar on Red Sea missile attacks, ET BFSI
London, Feb 23, 2024 - Attacks by Yemen's Huthi rebels on commercial ships in the Red Sea have sent insurance premiums surging, exacerbating costs already stretched by soaring freight rates and longer alternative trade routes.The Huthis have carried out relentless...
India replaces China as third largest profitable region for HSBC, ET BFSI
India has replaced China as the third largest profitable region for Hong Kong and Shanghai Banking Corp Ltd (HSBC) led by strong growth in its global banking and markets division which services large corporations and includes treasury operations.HSBC, Europe’s largest...
Seven in 10 Indian employees believe they are underpaid: Report, ET BFSI
To respond to this, organisations are planning improvements to payroll over the next 12 months to address accuracy (91%), timeliness of employee pay (88%), data security (89%) and privacy (89%), according to 'The Future of Pay in India 2024' study by ADP, a human...
Third-party account takeover emerges largest fraud modus operandi in India: Report, ET BFSI
Accounting for 55% of all fraud in India, third-party account takeover fraud represents the biggest slice of the fraud pie in India, according to a report.In its report, fraud detection solutions provider BioCatch said every device found to participate in mule...
India proposes 24×7 global communication link to curb cybercrimes, ET BFSI
India has proposed using a round-the-clock global communication channel between countries to combat rising instances of phishing by “rendering phishing links inaccessible and identifying the abused information technology (IT) resources and the malicious actors”.The...
Singapore’s GIC, DigitalBridge, ADIA, Stonepeak, Permira, among others tapped for Carlyle’s 24% in Nxtra, ET BFSI
KOLKATA/MUMBAI: Sovereign wealth funds, private equity funds and global infrastructure asset managers, including GIC of Singapore, ADIA, Stonepeak, DigitalBridge, KKR and Permira are among those tapped to acquire US buyout group Carlyle’s 24.04% stake in Bharti...
Consumer, fintech top sectors for venture debt funding in 2023: Report, ET BFSI
Consumer and fintech emerged as the top sectors for raising funds through venture debt in India in 2023, leading in both deal volume and total funding raised respectively.About 190 startups raised a total of $1.2 billion last year, marking a 50% increase. Venture debt...
How to check SGB allotment status?, ET BFSI
Have you applied for the latest issue of the Sovereign Gold Bonds (SGB)? Whether you have applied for the Sovereign Gold Bonds 2023-24 Series IV offline or online, you must check your allotment details. But, how to check it? ET Wealth Online explains. The SGB 2023-24...
AI adoption will be widespread but slow in risk and compliance: Moody’s, ET BFSI
Chennai: Even as Artificial Intelligence (AI) is deepening its reach into everyday risk and compliance, the transition will not happen overnight, finds a survey by Moody's. The slow uptake of AI technologies, according to the respondents, is due to a combination of...
India to grow 6.5% in FY25, down from 6.9% this fiscal: Ind-Ra, ET BFSI
Sustained government capex, softness in global commodity prices, and green shoots in the private corporate capex cycle will help the Indian economy grow 6.5% in FY25, lower than the 6.9% projected for this fiscal year despite global headwinds, India Ratings and...
Institutions like World Bank need to become climate banks, suggests Amitabh Kant, ET BFSI
NEW DELHI: Speaking at India's flagship annual conference, Raisina Dialogue 2024, India's G20 sherpa, Amitabh Kant, emphasised the need for institutions like the World Bank to transform into climate banks, so as to take on the challenges emanating from climate...
Large stressed companies fetch higher recovery rate through IBC, ET BFSI
Lenders to large stressed firms, with a default of at least Rs 1,000 crore each, have taken smaller haircuts under the Insolvency and Bankruptcy Code (IBC) than those with exposure to smaller firms, showed the data sourced from the bankruptcy regulator.Creditors...
India’s outward remittances mark 28% surge in Dec’23, ET BFSI
The outward remittances from India has witnessed an uptick of approximately 28 per cent, month on month in December 2023. For the past 3 years, overseas travel and leisure has had the highest share in outward remittances from India, data released by 1Lattice said on...
Ex-LIC chief, former SBI MD among 3 new PSB chairmen, ET BFSI
Mumbai: Govt has appointed former LIC chairman M R Kumar, former SBI MD A Krishna Kumar and Bank of Baroda director Srinivasan Sridhar, as chairmen of public sector banks. The Appointments Committee of the Cabinet approved these postings, subject to certain...
Singapore’s GIC, DigitalBridge, ADIA, Stonepeak, Permira, among others tapped for Carlyle’s 24% in Nxtra, ET BFSI
Kolkata | Mumbai: Sovereign wealth funds, private equity funds and global infrastructure asset managers, including GIC of Singapore, ADIA, Stonepeak, DigitalBridge, KKR and Permira are among those tapped to acquire US buyout group Carlyle’s 24.04% stake in Bharti...
WEF President Borge Brende, ET BFSI
WEF President Borge Brende New Delhi: India is on track to become a USD 10 trillion economy in coming years and grab the third-largest slot soon, World Economic Forum President Borge Brende said on Thursday as he described the country as a place with optimism not seen...
Business activity in Feb accelerated to seven-month high on solid demand, ET BFSI
Indian business activity expanded at its fastest pace in seven months in February as demand remained strong for both manufacturing and services, according to a business survey released on Thursday, which also showed an easing in price pressures.That supports the...
Sajjan Jindal’s JSW Steel sounds out banks for $750 million loan, ET BFSI
Steel tycoon Sajjan Jindal plans to borrow $750 million for capital expenditure purposes as India’s largest mill targets a major capacity expansion, according to people familiar with the matter.JSW Steel Ltd., part of the $23 billion JSW Group, is sounding out lenders...
India’s debt to GDP ratio by 2030-31 will be much lower than IMF’s projection: RBI paper, ET BFSI
Indian government expenditure needs to be focused on development given the growth needs and the interim budget intentions signal that the general government debt-GDP ratio could decline to 73.4 per cent by 2030-31, around 5 percentage points lower than the IMF’s...
EBITDA growth of 234 cos outpace sales for 3 quarters; over 100 stocks turn multibaggers, ET BFSI
After seeing testing times in FY23 amid skyrocketing inflation and weak consumer demand, India Inc found solace in FY24 as several companies reported strong double-digit growth in earnings.One of the major factors driving this growth was easing inflationary...
Certifications ease career path in financial leadership roles, ET BFSI
Any job in finance needs some specialised knowledge, or at least specialised training. However, a leadership role in finance requires deep domain knowledge. What role does certifications play here? “In India, certified finance professionals earn about 20% more than...
Wencai Zhang assumes role of Managing Director and World Bank Group Chief Administrative Officer, ET BFSI
NEW DELHI: On Tuesday, the World Bank Group appointed Wencai Zhang as the Managing Director and World Bank Group Chief Administrative Officer, emphasising the organization's dedication to instigating transformative change and improving operational efficiency to...
Income Tax dept has withdrawn Rs 65 crore from banks ‘undemocratically’, alleges Congress, ET BFSI
The Congress on Wednesday alleged that the Income Tax department has "withdrawn" a sum of Rs 65 crore from its accounts in different banks "undemocratically" even when the case pertaining to their return for previous years is sub judice.Party treasurer Ajay Maken has...
India leads in salary growth projections in APAC; these sectors will give higher hikes this year, ET BFSI
The year 2024 is expected to see both headwinds and tailwinds impacting business growth. While increased government spending on infrastructure and logistics and easing of inflationary pressure indicate positive factors for growth, geopolitical tensions remain an...
What it means for national security, ET BFSI
Chinese companies are reviving a practice not seen since the 1970s by establishing their own volunteer armies, known as the People’s Armed Forces Departments. This move by Chinese firms, a 'legacy of the Mao Zedong era', reflects Beijing's growing worries about social...
Rights issue of $200 million fully subscribed, will restructure board: Byju Raveendran, ET BFSI
Byju’s $200 million rights issue has been fully subscribed, its founder informed shareholders, in a desperate relief to the financially beleaguered edtech startup just ahead of an extraordinary general meeting called by a group of investors to seek removal of Byju...
India’s economic growth seen to ease to 6% in Q3 dragged by industrial sector: ICRA, ET BFSI
India's Gross Domestic Product (GDP) growth is projected to moderate sequentially to 6 per cent year-on-year (YoY) in the third quarter of FY24 as against 7.6 per cent in Q2, according credit rating agency ICRA. Meanwhile, the Reserve Bank of India (RBI) projection...
Formal job creation under EPFO up 11.9% to 1.56 million in December 2023: Payroll Data, ET BFSI
Formal job creation under the Employees’ Provident Fund Organisation went up 11.9% in December to 1.56 million, the highest in the last three months, compared to 1.39 million added in November, shows the provisional payroll data released by the ministry of labour and...
AI Model Backed by Mukesh Ambani, Asia’s Richest Person, to Launch in March, ET BFSI
A consortium backed by Mukesh Ambani’s Reliance Industries Ltd and India’s top engineering schools aim to launch its first ChatGPT-style service next month, a big step in the country’s ambitions to become a player in the field of artificial intelligence.The BharatGPT...
Women still lonely at the top in Indian boardrooms, ET BFSI
ET Intelligence Group: The redesignation of Shanti Ekambaram from a wholetime director to the deputy managing director at Kotak Mahindra Bank is special, since it comes at a time when none of the top five listed private sector banks in India have a woman CEO or...
Zee shares crash 10% after Sebi finds $241 million accounting issue, ET BFSI
A day after ending the session 8% higher, shares of Zee Entertainment Enterprises (ZEEL) today hit the 10% lower circuit amid reports that markets regulator Sebi has unearthed a $241 million accounting issue at the media firm.Sebi investigation into Zee founders...
EPFO adds a net 15.62 lakh members in Dec; 8.41 lakh new subscribers join workforce, ET BFSI
This surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programmes, it explainedNew Delhi: Retirement fund body EPFO recorded a net...
China exerts grip on tech as Beijing expands economy control, ET BFSI
China’s ruling Communist Party will play a bigger role in steering its vast technology industry, the latest sign that Beijing intends to exert more influence over swathes of the world’s No. 2 economy.The Party will refine a mechanism through which top decision makers...
Poll panel chief Rajiv Kumar, ET BFSI
Chief Election Commissioner Rajiv Kumar on Saturday here said the poll panel will act in accordance with the directives of the Supreme Court regarding the electoral bonds scheme. Speaking to reporters, Kumar said the commission always works on the basis of...
Generative AI to boost value addition in financial services: EY, ET BFSI
Generative AI's impact on Gross Value Added in financial services is more significant than other sectors and could contribute an addition of another $66 to $80 billion by 2030, according to a survey by EY.The BFSI sector has recognized the potential of Generative AI...
Legal guarantee for MSP will make farmers drivers of GDP growth, says Rahul Gandhi, ET BFSI
Legal guarantee for MSP will not make Indian farmers a burden on the budget but ensure that they become drivers of GDP growth, Congress leader Rahul Gandhi said on Tuesday as he claimed that "lies" are being spread that the MSP guarantee is not feasible under the...
India seeks $26 bn of private nuclear power investments, BFSI News, ET BFSI
India will invite private firms to invest about $26 billion in its nuclear energy sector to increase the amount of electricity from sources that don't produce carbon dioxide emissions, two government sources told Reuters.This is the first time New Delhi is pursuing...
Indian official delegation heads for London for FTA talks, ET BFSI
New Delhi, With the negotiations for the proposed India-UK free trade agreement (FTA) reaching its last leg, a high-level Indian official delegation is heading for London to iron out differences on remaining issues, sources said on Tuesday. The chief negotiators of...
Bengaluru Courier fraud News:IT firm CEO loses Rs 2.3 crore, BFSI News, ET BFSI
BENGALURU: In a latest case of courier fraud, a 66-year-old founder-CEO of a software firm has lost ₹2.3 crore to fraudsters, reports Chaithanya Swamy.The conmen allegedly contacted the CEO, saying a parcel in his name being sent abroad contained drugs, passports and...
MoS IT Rajeev Chandrasekhar, ET BFSI
Entrepreneurs and companies should comply with the rules and laws, irrespective of their size, scale and growth momentum, minister of state for electronics and technology Rajeev Chandrasekhar said on Monday.“I have seen entrepreneurs beginning to trespass because the...
MoS Rajeev Chandrasekhar, ET BFSI
Union Minister of State Rajeev Chandrasekhar speaks via virtual mode during the Mumbai Tech Week on Monday.Union Minister of State for Skill Development and Entrepreneurship, Electronics and Information Technology Rajeev Chandrasekhar engaged in a discussion with...
DPI platform in works to find closest EV charging spot, more, ET BFSI
The team behind successful decentralised digital economy ecosystems such as the Open Network for Digital Commerce (ONDC), Kochi Open Mobility Network, Aadhaar, and National Common Mobility Card (NCMC) is now working on a digital public good which will let customers...
Department of Fisheries signs a MoU with ONDC to digitally empower fish farmers, fisheries entrepreneurs, ET BFSI
Objective of the collaboration is to enable traditional fishermen, fish farmers producer organization, entrepreneurs from fisheries sector to buy and sell their products through e-market place.The Department of Fisheries signed an Memorandum of Understanding (MoU)...
Central bank, BFSI News, ET BFSI
The central bank listed a litany of problems facing the export powerhouse, from slowing foreign demand to constrained consumer spending and domestic investment.German output is likely to shrink slightly in the first quarter, sending Europe's top economy into recession...
Zee Entertainment seeks to revive $10 billion merger with Sony, ET BFSI
BENGALURU: Zee Entertainment is making a final attempt to restart discussions with Japan's Sony Group to revive their $10 billion merger deal which was scrapped on January 22, Economic Times reported on Tuesday, citing people aware of the matter.Representatives from...
Goa to be 1st state to get World Bank climate fund, ET BFSI
PANAJI: A delegation from the World Bank has arrived in Goa for talks with state govt to set up what is going to be the first sub-national climate resilient green fund to address Goa's thrust towards adoption of renewable energy. The blended finance scheme will see...
Zomato plans for Blinkit to deliver more via ecommerce, BFSI News, ET BFSI
Zomato could find itself up against ecommerce marketplaces like Amazon and Flipkart as it explores adding brands across a gamut of new categories to its 10-minute delivery platform, Blinkit. This major push into the fast-growing direct-to-consumer (D2C) space would...
Dubai’s Golden Visas are helping the city defy global office slump, ET BFSI
At the height of the global pandemic, as Dubai faced an exodus of expatriates and mounting competition from neighboring business hubs, the government opened up. That decision is now helping the city dodge the commercial real estate crisis rippling across the globe.The...
Adani Group in talks with sovereign funds to raise $2.6 billion, reports BS, ET BFSI
BENGALURU -India's Adani Group is in advanced talks with West Asia-based sovereign funds to raise up to $2.6 billion for its airport expansion and green hydrogen projects, the Business Standard daily reported late on Sunday.The Adani Group's flagship firm Adani...
PM Modi unveils mega infra blitz in UP ahead of Lok Sabha polls, ET BFSI
NEW DELHI: Prime Minister Narendra Modi on Monday laid the foundation stone for over 14,000 projects worth a whopping Rs 10 lakh crore in Uttar Pradesh in a mega development push ahead of Lok Sabha elections.The PM also laid the foundation stone of Shri Kalki Dham...
Progress of India-UK trade pact talks reviewed at highest level, ET BFSI
There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights.With the negotiations for the proposed India-UK free trade agreement reaching an advanced stage, the Prime Minister's Office reviewed the progress of...
Indian print media industry is poised to record robust growth in 2024, ET BFSI
Mumbai: The Indian print media industry is poised to record robust growth in 2024, with advertising revenues projected to return to pre-pandemic levels and profit margins improving amid softening of newsprint prices. According to the Pitch Madison Advertising Report...
After data and analytics, AI puts BFSI on upskilling path again, ET BFSI
The banking and financial services (BFSI) sector was one of the early adopters of data and analytics. There is no doubt it has helped the companies. But technology keeps changing and now it is the age of artificial intelligence (AI). How are companies and leaders in...
At USD 365 bn, Tata Group grows bigger in size than entire Pakistan economy, ET BFSI
The Tatas have at least 25 companies listed on stock exchanges with only one of them (Tata Chemicals which is down 5% in one year) having eroded wealth in the last 12 months, shows data pulled from ACE Equity. With several Tata Group companies giving outsized returns...
Investors flag Byju’s failure to recover Rs 1,400 crore from reseller, ET BFSI
Byju's investors have raised red flags over the management's failure to recover about Rs 1,400 crore from a Dubai-based reseller, More Ideas General Trading LLC, while paying out Rs 300 crore in sales commissions at a time when the debt-laden edtech firm is battling a...
India’s current account deficit likely at below 1% of GDP in FY24, ET BFSI
Mumbai: A narrower-than-expected trade deficit and higher services exports in January have prompted economists to scale down the current account deficit (CAD) estimates for FY24.Capital inflows through both foreign direct investment (FDI) and portfolio flows are...
MoS Finance shares number of fraudulent loan apps removed from Google Play Store, ET BFSI
The Parliament has been notified by the government that over 2,200 loan apps, which were fraudulent, have been suspended or removed from Google’s Play Store between September 2022 and August 2023. Bhagwat K Karad, the Minister of State for Finance, stated in a written...
Who can use UPI, wallet, FASTag, banking services, RBI releases FAQs, ET BFSI
The Reserve Bank of India (RBI) announced that it has extended the certain timeline related to certain Patym Payments Banks related services. The central bank has also released detailed FAQs for customers of Paytm Payments Bank. RBI announced these on February 16,...
Congress-backed news channel in Kerala says its bank accounts frozen by tax authorities, ET BFSI
The management of Congress-backed Jaihind TV in Kerala on Saturday alleged that its bank accounts were frozen by the Centre, a day after the national party's main bank accounts were frozen by the I-T department over an outstanding tax demand. According to sources in...
Why does YouTube’s MrBeast say he’s not rich despite $700 mn annual earnings?, ET BFSI
Jimmy Donaldson, widely known as 'MrBeast,' reigns as the titan of YouTube, boasting an impressive 239 million subscribers and a staggering annual revenue ranging between $500 million to $700 million. However, despite his monumental success, Donaldson, in an interview...
Trump’s legal debts top a half-billion dollars. Will he have to pay?, ET BFSI
Donald Trump's legal debts might now exceed a half-billion dollars.A New York judge ordered Trump and his companies Friday to pay $355 million in fines, plus interest, after ruling that he had manipulated his net worth in financial statements.The stiff penalty comes...
How recession in the UK economy can impact Rishi Sunak, ET BFSI
In a potential setback to already beleaguered Prime Minister Rishi Sunak, Britain's economy fell into a recession in the second half of 2023 ahead of the elections which are likely to the place in the second half of this year. Britain joins Japan among the Group of...
Institute of Actuaries of India aims to grow actuary professional base to 1 lakh by 2035, says its President, ET BFSI
R Arunachalam, President of IAI The Institute of Actuaries of India (IAI) aims to grow the number of member associates and students from 10,000 to 35,000 in the next three years and 50,000 to 1 lakh by 2030-2035. The growth strategies of the IAI include increasing the...
Will Trump pay? What if he doesn’t?, ET BFSI
Former US President Donald Trump faced a significant setback on Friday when a judge in New York mandated that he and his business entities fork over $355 million in fines. This was for allegedly misleading banks and insurance companies by inflating the value of his...
Quess Corp to split into three independent listed companies, BFSI News, ET BFSI
The demerger proposal was approved at the company’s board meeting on FridayQuess Corp will split into three independent entities in what the business services provider said is a move aimed at unlocking shareholder value.The demerger proposal was approved at the...
New York judge in civil fraud case fines Trump $350 M, depleting available cash in election year, ET BFSI
New York: A local judge has dealt a blow to Donald Trump's purse and ego, hitting him with a massive fine of over $350 million, depleting available cash in an election year and barring the billionaire real estate developer from doing business in New York State for...
India’s small exporters reel as Red Sea crisis helps rivals nab business, ET BFSI
NEW DELHI - Atul Jhunjhunwala, an exporter in the Indian eastern city of Kolkata, is tearing his hair out, having just lost another order due to the Red Sea crisis that has jacked up his shipping costs and times."Last week, I lost a big order to a Polish competitor...
Over 700% rise in freight rates give exporters a sinking feeling, ET BFSI
Indian businesses cannot avoid the Red Sea as it is a crucial trade channel linking Europe, Asia and the Middle East as it is the gateway to the Suez Canal: nearly 12% of global commerce and a third of the world’s container ship traffic pass through this region. As...
Germany overtakes Japan as third-biggest economy, ET BFSI
Once forecast to become the world's biggest economy, Japan slipped below Germany last year to fourth place, official data showed Thursday, although India is projected to leapfrog both later this decade.Despite growing 1.9%, Japan's nominal 2023 gross domestic product...
SoftBank’s Masayoshi Son is seeking about $100 billion for AI chip venture, ET BFSI
SoftBank Group Corp. founder Masayoshi Son is seeking as much as $100 billion to bankroll a chip venture to compete with Nvidia Corp. and supply semiconductors essential for AI, according to people with knowledge of the matter.Code-named Izanagi, the project marks the...
UK economy entered recession in second half of 2023, ET BFSI
Britain's economy fell into a recession in the second half of 2023, a tough backdrop ahead of this year's expected election for Prime Minister Rishi Sunak who has promised to boost growth.Gross domestic product (GDP) contracted by 0.3% in the three months to December,...
More payment banks under scanner, BFSI News, ET BFSI
NEW DELHI: More payment banks may face regulatory action as the Financial Intelligence Unit (FIU) has detected about 50,000 accounts without know-your-customer (KYC) verification and potentially engaged in suspicious transactions and money laundering activities. About...
Financial frauds rise significantly in India as generative AI gains traction: Study, ET BFSI
India has recently experienced a significant upswing in fraudulent activities aided by the arrival of generative AI, according to a new study. A staggering 64% of respondents acknowledged experiencing an increase in fraud losses over the past year, according to the...
Indian shares extend gains, led by public sector banks, energy, ET BFSI
By Bharath RajeswaranBENGALURU -Indian shares advanced on Thursday, led by a rally in energy and public sector banks, and supported by a post-results jump in Mahindra & Mahindra.The NSE Nifty 50 index settled 0.32% higher at 21,910.75, while the S&P BSE Sensex...
What is it and how is it connected with poll funding?, ET BFSI
The Supreme Court has delivered its verdict on a series of petitions challenging the validity of the electoral bond scheme. This decision follows a five-judge bench, led by Chief Justice of India DY Chandrachud, reserving its judgment on the matter last year on...
Finance Minister to review economy at FSDC meeting on Feb 21, BFSI News, ET BFSI
Finance Minister Nirmala Sitharaman is scheduled to review the state of the economy amid global challenges at a meeting of the Financial Stability and Development Council (FSDC) on February 21. The 28th meeting of the high-level panel to be held here will be attended...
Need international cooperation to deal with AI, crypto challenges, says PM Modi, ET BFSI
NEW DELHI: Prime Minister Narendra Modi on Tuesday said the world needs inclusive, smart, clean and transparent and green govts, while calling for global cooperation on artificial intelligence (AI) and cryptocurrency.Addressing the World Govt Summit in Dubai, he...
SBICAPS appoints Virendra Bansal as MD & CEO, BFSI News, ET BFSI
SBI Capital Markets Limited (SBICAPS) on Wednesday announced the appointment of Virendra Bansal as its new Managing Director & Chief Executive Officer. Virendra Bansal replaces Rajay Kumar Sinha who has been appointed as the WholeTime Member (Finance and...
Amid Paytm crisis, Indian NBFCs explore options for loan disbursal, ET BFSI
Indian non-bank lenders are looking at options other than Paytm for for loan disbursal, worried about the regulatory crisis engulfing the firm that has led to a temporary halt of lending services, sources with direct knowledge of the matter said.ALSO READ: Paytm...
Bajaj Housing Finance unveils the ‘DIY Home Loan’ Application, transforming consumer experience, ET BFSI
Bajaj Housing Finance unveils the 'DIY Home Loan' Application, transforming consumer experienceNewsVoirPune (Maharashtra) [India], February 14: Bajaj Housing Finance Ltd, one of the country's fastest growing housing finance companies, announced the launch of its 'DIY'...
Around 51% of investments by women parked in FDs, savings account: Report, ET BFSI
New Delhi, Jan 29 (IANS) The Finance Ministry's comprehensive review on the Indian Economy, spanning 74 pages, offers a detailed assessment of the country's economic trajectory over the past decade.Around 47 per cent of women take financial decisions on their own. Age...
India’s retail inflation eases in January; here’s what experts have to say, ET BFSI
New Delhi [India], February 13 (ANI): Retail inflation in India eased in January to 5.10 per cent on an annual basis compared to a four-month high of 5.69 per cent in December.Inflation rates in rural and urban areas, respectively, stood at 5.34 per cent and 4.92 per...
PNB, Union Bank, three other firms included in MSCI Global Standard Index, ET BFSI
New Delhi, Punjab National Bank, Union Bank of India and three other Indian companies have been included in the MSCI Global Standard Index on Tuesday in its February review. NMDC, BHEL, and GMR Airports Infra were the other Indian companies that have been included in...
What is the solution? To reduce debt or redefine priorities?, ET BFSI
Since 2010, the external debt to GDP ratio has been in the 18-24 range. The general trend in the growth rate of the external debt-GDP ratio has been declining since 2010.The International Monetary Fund (IMF), in its annual Article IV Consultation Report released in...
ED conducts fresh raids at multiple locations in Kolkata, ET BFSI
Teams of the Enforcement Directorate (ED) began raids at multiple locations in the metropolis on Tuesday morning in connection with its ongoing probe into the multi-crore ration scam in West Bengal, a senior official said. Accompanied by central forces, the ED teams...
Fragile-five days long gone as funds pile into India, Indonesia, ET BFSI
India and Indonesia were once famously lumped together as part of Morgan Stanley’s “Fragile Five.” A decade later they are investor favorites.The outlook for the bonds and currencies of the two Asian behemoths has brightened following successful programs of reforms...
Reliance Industries becomes first Indian stock to cross Rs 20 lakh crore market cap, ET BFSI
Shares of Mukesh Ambani-led Reliance Industries (RIL) today become the first listed Indian entity to cross the Rs 20 lakh crore market capitalisation milestone after the stock rallied up to 1.89% to hit fresh 52-week high of Rs 2957.80 on BSE.In the last two weeks...
UPI’s arrival in Sri Lanka, Mauritius to boost cross-border commerce, tourism: Industry, ET BFSI
PM Modi underlined that fintech connectivity will further strengthen cross-border transactions and connections.The launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius by Prime Minister Narendra Modi is a significant step in establishing...
US inflation might have dropped below 3% last month for 1st time in 3 years, a milestone for Biden, ET BFSI
WASHINGTON - Inflation may have fallen below a 3% annual rate last month, which would be the lowest level in nearly three years and a potentially significant milestone as the Biden administration seeks to bolster Americans' views of the economy before the November...
Registration of companies, LLPs hits fresh high in FY24, ET BFSI
India incorporated 18% more companies in January than a year before and more than doubled the number of newly-registered limited liability partnerships (LLPs), adding to the already record float of such entities this fiscal year.In fact, the incorporation in the first...
Threatening Election Year Upsets Worldwide, ET BFSI
Eric Foucault is driving his hulking green tractor more slowly than he can walk. Shouting into his mobile phone above the cacophony of engines and horns, the farmer from south of Paris is one of 200 others clogging up the highway into the French capital.Foucault and...
5 ways to invest in SGB 2023-24 Series-IV, ET BFSI
The Sovereign Gold Bonds (SGB) 2023-24 Series-IV tranche is available for subscription starting today, February 12, 2024, and will be open until February 16, 2024. SGBs are normally allocated seven days after the subscription ends, so this tranche’s issuance date is...
Retail inflation eases in January; is there a rate cut coming?, ET BFSI
India's retail inflation in January eased to 5.10 percent annually from December's four-month high of 5.69 percent.Official data released by the Ministry of Statistics and Programme Implementation on Monday evening revealed that rural and urban inflation rates were...
Retail Traders India’s Options Market: Retail Traders Losing Billions in India’s Options Market
Like a movie star at a premiere, Mohammad Nasiruddin Ansari steps out of the back seat of a white Mercedes. Flanked by a phalanx of black-clad bodyguards, he strides into the lobby of a luxury hotel and takes center stage in a ballroom as indoor fireworks machines...
PSU stocks including LIC, IRFC witness sharp decline amid absence of cues, ET BFSI
PSU stocks including LIC, IRFC witness sharp decline amid absence of cues The PSU stocks have witnessed sharp decline leading to significant wealth erosion for investors across the board. But the heavy loss is incurred to the Government of India in this scenario who...
ED busts cyber scam in India on Irish complaint, BFSI News, ET BFSI
NEW DELHI: In a first of its kind money laundering case, a complaint lodged by an Irish woman in Dungarvan, a coastal town in Ireland, was taken up for investigation by Enforcement Directorate in India, triggering a series of searches across Bihar and West Bengal.It...
850 Homebuyers in Greater Noida West Finally Receive Flats After 5-Year Legal Battle, ET BFSI
Representative ImageNOIDA: In the cycle of legal disputes and delays that many housing projects in the city find themselves embroiled in, it’s a rare bright spot.Around 850 homebuyers of a condominium in Greater Noida West will get their homes, five years after filing...
UP RERA starts pre-hearing scrutiny of complaints to help homebuyers, ET BFSI
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) on Monday started pre-hearing scrutiny of complaints, in a move aimed at quick disposal of cases.UP RERA has an e-courts system for filing of complaints by the homebuyers and the promoters. It issued revised...
Disney, Reliance merger discussions reach last lap as Feb 17 exclusivity deadline draws near, ET BFSI
Mumbai: With a week to go before the exclusivity period deadline for bilateral negotiations comes to an end on February 17, Walt Disney Co and Reliance Industries (RIL) are in the last leg of negotiations to finalise their mega stock-and-cash merger to create India’s...
Amazon pumps in Rs 830 crore in its India marketplace entity, ET BFSI
Amazon Seller Services, the entity that runs the Amazon marketplace in India, said its US parent infused Rs 830 crore into the company.Amazon Seller Services said it allotted 830 million equity shares to Amazon Corporate Holdings Ltd and Amazon.com.inc as part of the...
AI regulation is priority for all but no country will do it, says Spiros Margaris, ET BFSI
Artificial intelligence (AI) will impact several areas of banking and financial services, including know-your-customer (KYC) processes, personalised loan applications and portfolio risk assessments for private equity, fintech venture capitalist Spiros Margaris of...
Recession risks are fading, business economists say, but political tensions pose threat to economy, ET BFSI
Washington: Feb 12 (AP) Just a quarter of business economists and analysts expect the United States to fall into recession this year. And any downturn would likely result from an external shock - such as a conflict involving China - rather than from domestic economic...
PM Modi to distribute over 1 lakh appointment letters at Rozgar Mela today, ET BFSI
Prime Minister Narendra Modi will distribute more than one lakh appointment letters to newly inducted recruits on Monday via video conferencing.Prime Minister will also lay the foundation stone of Phase I of the Integrated Complex "Karmayogi Bhavan" in the national...
FICCI Cascade puts thrust on int’l co-operation; launches new campaign to fight smuggling, ET BFSI
New Delhi: FICCI Cascade has been at the forefront when it comes to raising awareness about smuggling activities and initiating pro-active dialogues on how it can be tackled.Speaking on the occasion of FICCI CASCADE's 'Anti-Smuggling Day', a leading official of...
Hurun comes out with new rankings of India’s most aspirational and successful companies, ET BFSI
Hurun India, in collaboration with Axis Bank, has come out with the third edition of the Hurun India 500, which is a tally of the country's 500 most aspirational and successful companies.This year, the list -- titled Burgundy Private Hurun India 500 (Burgundy Private...
“Our economy has grown by 7.6 per cent in the last three quarters”, says Union Minister Hardeep S Puri, ET BFSI
Union Minister Hardeep Singh Puri lauded the economic growth of India, citing a robust expansion of 7.6 per cent in the last three quarters.Speaking at the Rozgar Mela where over a lakh appointment letters were distributed to newly recruited individuals, Puri...
What is the interest rate of Sovereign Gold Bond?, ET BFSI
Sovereign Gold Bond (SGBs) are substitutes for holding physical gold and are government securities denominated in grams of gold. The investors must pay the issue price in cash and the bonds will be redeemed in cash on maturity. SGB is issued by the Reserve Bank of...
India is leading the world with digital public goods, and solutions like Bhashini: Satya Nadella, ET BFSI
Microsoft chairman & CEO Satya Nadella says the ministry of IT’s sponsorship of the multilingual speech-to-text and text-to-speech stack is very impressive; predicts it will enable creation of incredible innovations like allowing students to summon AI tutors just...
What US still needs to be wary of even as economic risks from internal factors recede, ET BFSI
Just a quarter of business economists and analysts expect the United States to fall into recession this year. And any downturn would likely result from an external shock – such as a conflict involving China – rather than from domestic economic factors such as higher...
India Inc using various ploys on payments to small businesses for dodging tax impact, ET BFSI
Many big and small businesses are playing a cat-and-mouse game. Some are taking an aggressive stance, while most are waiting it out, knocking on the government's doors, as a well-meaning, yet unsettling, law aims to move the wheels of commerce faster. Under the law -...
Yellow metal futures fall by Rs 80/10 gram in opening trade. Should you buy or sell?, ET BFSI
Gold traded in a range on Monday as the Street awaits key data points including the inflation numbers in the US. Last week, top officials in the Federal Reserve reiterated their stance on interest rate cuts, suggesting that they would need more data before they start...
A Tesla rival is driving into India. What lies ahead for it, BFSI News, ET BFSI
A small unprofitable electric vehicle (EV) maker, which had briefly become the third most valuable auto manufacturer in the world last year after Tesla and Toyota, leaving behind General Motors and Ford Motor, as its stock rose nearly 700% days after its listing on...
AI regulation is priority for all but no country will do it, says Spiros Margaris, ET BFSI
Artificial intelligence (AI) will impact several areas of banking and financial services, including know-your-customer (KYC) processes, personalised loan applications and portfolio risk assessments for private equity, fintech venture capitalist Spiros Margaris of...
India inflation likely cooled to a three month low in January: Reuters poll, ET BFSI
India's retail inflation likely eased to a three-month low of 5.09% in January on slowing food price rises and favourable base effects, according to economists polled by Reuters who also predicted a moderation in core inflation to 3.70%.The Reserve Bank of India,...
RBI, government working together to ensure inflation remains in check: Piyush Goyal, ET BFSI
NEW DELHI: Commerce and industry minister Piyush Goyal on Friday said the Reserve Bank of India (RBI) and government are coordinating on monetary and fiscal policy to ensure that inflation remains under check and said his party, BJP, had trust in the people that the...
India’s fiscal health outshines the West as government debt decreases, ET BFSI
Indian government borrowings, in sharp contrast with elevated debt levels in the West, are gradually reducing as a percentage of national output as North Block sticks to its announced fiscal consolidation roadmap, aided by robust growth that promises to raise state...
Government, exporters, shippers discuss Red Sea crisis; commerce ministry asks FIEO to share specific issues, ET BFSI
Officials from ministries of finance, shipping as well as commerce and industry on February 7 discussed problems being faced by exporters due to the Red Sea crisis and the commerce ministry suggested sharing specific matters for their resolution, an official said. The...
Former PM PV Narasimha Rao to be conferred Bharat Ratna: PM Modi, ET BFSI
Former PM PV Narasimha Rao New Delhi [India], February 9 (ANI): Former Prime Minister and veteran leader of Congress, Late P V Narasimha Rao will be conferred with the country's highest civilian award Bharat Ratna, Prime Minister Narendra Modi announced on...
President Droupadi Murmu calls for more action to lift farmers out of poverty, ET BFSI
President Droupadi MurmuNew Delhi: President Droupadi Murmu on Friday called for more action to lift some farmers out of poverty and ensure right price for their produce even as the government is making speedy efforts to boost their income. The comments came in the...
Muddy Waters shorts Canada’s Fairfax Financial, alleges asset value manipulation, ET BFSI
Short seller Muddy Waters has placed bets against the shares of Canadian insurer Fairfax Financial alleging manipulation in its asset values.Shares of the property and casualty insurer sank 12% on Thursday, and set for their worst drop since Sept. 2008.Fairfax...
India consumption story driving mall operators, warehousing players’ growth, ICRA, ET BFSI
Representative imageThe outlook for Indian commercial real estate outlook presents a mixed bag across segments with strong consumption trends driving the growth for retail mall operators and warehousing sectors. However, the office segment, despite being resilient, is...
To build $30 trillion economy by 2047 focus on climate change, food security, skills, urbanisation, healthcare, ET BFSI
Though there has been an increase in the total expenditure on health from ₹79,221 crores in 2023-24 to ₹90,171 crores in 2024-25, India has to make a long-term strategy to ensure that at least 6-7% of GDP is utilized in healthcare spending.The Interim Budget announced...
Govt’s critcal role in enabling India’s turn to lead the global order by 2047, ET BFSI
This optimism, shared by a substantial majority, points out a prevailing belief in the nation's capacity to overcome current challenges and achieve significant socio-economic milestones in the coming decades. Seventy-seven years post-independence, India's narrative...
A fiery Sitharaman accuses UPA regime of lacking ‘neeyat and niyam’, ET BFSI
Accusing the Manmohan Singh-led UPA government of ruining India’s reputation globally, Finance Minister Nirmala Sitharaman on Friday said the Congress regime lacked ‘neeyat and niyam’, i.e., intention and adherence to the law during their 10-year tenure.The FM was...
Global financial crisis in 2008 wasn’t as serious as COVID-19, UPA govt should have handled with sincerity: FM Sitharaman, ET BFSI
New Delhi [India], [India], February 9 (ANI): Stressing that the global financial crisis in 2008 wasn't as serious as the COVID-19 pandemic, Union Finance Minister Nirmala Sitharaman on Friday said that the then Congress-led UPA government should have handled it with...
Reform IMF, WB to reflect interests of Global South, BRICS has role: Guterres, ET BFSI
United Nations, The international financial and development institutions should be reformed to reflect the interests of the Global South, Secretary-General Antonio Guterres has said.While the BRICS can play an important and complementary role for developing nations,...
Tata Sons to invest $1 billion more in digital arm, BFSI News, ET BFSI
Tata Sons is poised to invest about $1 billion in Tata Digital, over the next few years, people familiar with the matter said. This comes as the parent of the diversified Tata group puts a pause on external fundraising for the ecommerce entity, which houses the...
Tesco to sell banking operations to Barclays for up to 700 mn pounds, ET BFSI
Britain's biggest retailer Tesco said on Friday it would sell most of its banking operations to lender Barclays for up to 700 million pounds ($883 million).The supermarket group said the majority of the proceeds would be returned to shareholders through an additional...
‘instead Of Ease-of-doing Business, Upa Govt Gave Policy Uncertainty’, ET BFSI
New Delhi: In contrast to UPA’s performance, the govt white paper released on Thursday argued that Modi regime has taken a series of steps to fix the economy and initiated procedural and behavioural changes to make India the fastest growing major economy and the fifth...
What’s the difference?, BFSI News, ET BFSI
In response to the Central government's decision to present a 'White Paper' scrutinizing the economic performance during the UPA government's 10-year tenure (2004-2014), the Congress party has released a 'Black Paper' highlighting the Narendra Modi government's...
Congress releases ‘Black Paper’ highlighting Modi government’s failures; here’s what it says, ET BFSI
Congress president Mallikarjun Kharge on Thursday released 'Black Paper' highlighting Modi government's failures in the last 10 years. "We are releasing a Black Paper against the government because the government always glorifies itself in Parliament and hides its...
Japan’s SoftBank Group marks a return to profit as it cuts Vision Fund losses, ET BFSI
Tokyo, Feb 8 (AP): Japanese technology conglomerate SoftBank Group returned to profitability in October-December after four straight quarters in the red, the company said on Thursday. Tokyo-based SoftBank reported a 950 billion yen (USD 6.4 billion), profit for the...
NPCI appoints Ajay Kumar Choudhary as Board’s Non-Executive Chairman, ET BFSI
National Payments Corporation of India (NPCI) on Thursday announced the appointment of Ajay Kumar Choudhary as Non-Executive Chairman of the Board 2024. Ajay Kumar Choudhary is a distinguished central banker with an illustrious career spanning over three decades at...
From 2G to land for jobs, Modi govt enlists all UPA scams, ET BFSI
Union Finance Minister Nirmala Sitharaman on Thursday tabled the White Paper highlighting the government's achievements in the last 10 years. The document also enlisted multiple scams that took place during the UPA government before 2014. "There was pervasive...
UPA to be remembered for India’s largest power outage in 2012, leaving 62 crore people in darkness, Modi govt attacks Congress, ET BFSI
Attacking Congress-led previous UPA government, the government today said that the UPA government will always be remembered for the largest power outage in our history, in July 2012, which left 62 crore people in darkness and put national security at risk. The Central...
SoftBank posts $6.6 billion profit, first in five quarters, ET BFSI
Japan's SoftBank Group returned to profit for the first time in five quarters on Thursday, as the Japanese tech investment firm was buoyed by an upturn in portfolio companies, sparking hope it was emerging from a period of retrenchment.Net profit totalled 985.5...
Key Points from Centre’s White Paper on State of Indian Economy Before and After 10 Years of UPA Rule, ET BFSI
NEW DELHI: Finance minister Nirmala Sitharaman on Thursday tabled a 'white paper on the Indian economy' in the Lok Sabha. In her interim Budget speech on February 1, the FM had announced that the government would come out with a white paper on the economy outlining...
RBI allows hedging of gold price risk in IFSC, ET BFSI
The Reserve Bank of India (RBI) has decided to allow hedging of gold price risk in the Over the Counter (OTC) Market in the International Financial Services Centre (IFSC). The step has been taken with a view to providing flexibility to resident entities to hedge their...
Advent looking to deploy $5 to $10 billion in India over the next five years, ET BFSI
Advent International, the US private equity firm behind some of the biggest leveraged buyouts and conglomerate carve-outs, including the €17.2-billion acquisition of Thyssenkrupp’s elevator business in 2020 along with co-investors and the €1.8 billion joint takeover...
Merchandise exports set to moderate to USD 435 bn in FY24: Exim Bank, ET BFSI
Mumbai: India's merchandise exports are likely to moderate to USD 435.3 billion in FY24 against 447.46 billion in FY23, the Exim Bank said on Wednesday. The merchandise exports are set to grow by nearly 3 per cent to USD 118.2 billion in the March quarter compared to...
TTD justifies move to deposit Rs 10 crore in Tirupati cooperative bank, ET BFSI
TIRUPATI: Feb 07: Tirumala Tirupati Devasthanams -the world's richest Hindu temples trust justified it's decision to deposit Rs.10 crore in the Tirupati cooperative bank. Amidst criticism that the Tirupati trust's decision to deposit Rs.10 crore in the Tirupati based...
TCS in race to run Britain’s Faster Payments, BFSI News, ET BFSI
Tata Consultancy Services (TCS) has emerged as a top contender to take over the administration of Britain's Faster Payments Service, a critical component of the UK's economic infrastructure responsible for processing over 90% of salaries, 70% of household bills, and...
Senior citizen app Khyaal raises $4.2 million from 62 Ventures, others, ET BFSI
Titan Capital-backed startup Khyaal, which focuses on services for senior citizens, has raised $4.2 million in a funding round co-led by 62 Ventures, SVQuad and early-stage venture capital firm Inventus Capital Partners, which has earlier backed firms like...
GAME’s Ravi Venkatesan, ET BFSI
Benguluru-based Global Alliance for Mass Entrepreneurship (GAME) aims to build a thriving environment for mass entrepreneurship in India. In an interview with ET Online, Ravi Venkatesan, GAME’s founder, discusses the “missing middle” irregularity of the MSME sector,...
Adani starts talks for first dollar bond sale since Hindenburg, ET BFSI
Solar energy-producer Adani Green Energy Ltd. is discussing the planned transaction with a group of foreign banks, including a US firm, according to people familiar with the matter, who asked not to be identified because the matter is confidential. The sale, expected...
Need to create safeguards regarding personal liability of Independent Directors: CII, ET BFSI
Industry body CII on Monday suggested putting in place "legal and procedural safeguards" related to the personal liability of independent directors, arguing that criminal prosecution should be initiated against them only in exceptional circumstances to keep the risks...
These SGB investors will earn 101% on maturity this month, ET BFSI
The Reserve Bank of India has announced the final redemption date for the Sovereign Gold Bond (SGB) Scheme SGB 2016-I. The date has been set as February 8, 2024.Based on the simple average closing gold price for the week of January 29-February 02, 2024, the price for...
S&P Global Ratings, ET BFSI
Mumbai: Credit growth in India could moderate to between 12% and 14% in FY25, S&P Global Ratings said, because of inflated funding costs amid intensifying competition to garner funds.Separately, the share of unsecured loans is expected to rise despite the central...
India needs to secure at least 7 per cent GDP growth in 2024-25: RBI Bulletin, ET BFSI
MUMBAI: India needs to sustain the momentum of strong economic growth in 2024-25 by securing at least 7 per cent expansion in GDP, while bringing down retail inflation to the target of 4 per cent in the coming months, said the RBI's January Bulletin issued on...
Crisil upgrades rating on Adani Power bank loan facilities, BFSI News, ET BFSI
Crisil Ratings has upgraded its ratings on Adani Power's Rs 38,000 crore of bank loan facilities to 'AA-', saying the business and financial risk profile of the company has seen "strong improvement".The loan facilities were rated 'A' with a stable outlook earlier."The...
SGB series 2023-24:When will the next Sovereign Gold Bond issue open?, ET BFSI
The government along with the Reserve Bank of India (RBI) announced two more tranches to the Sovereign Gold Bond (SGB) Series 2023–24 schedule for the fiscal year 2023-2024Latest Sovereign Gold Bond (SGB) tranche issue price is the highest since launch in 2015The SGB...
India dealing with a British legacy problem for 200 years, ET BFSI
Nearly 200 years ago, India made a unique contribution to the annals of corporate governance by inventing managing agencies, a system for separating control from ownership very different from the executive-led corporation that would emerge later in the US. These were...
Ikea looks at next round of investment in India after fulfilling Rs 10,500-cr promise, ET BFSI
Swedish furniture retailer IKEA is looking at the next round of investment in India after exhausting its commitment of Rs 10,500 crore when it entered the country 10 years back, according to the company's India CEO Susanne Pulverer. The company, which kicked off its...
Alphas, cowboys and the strong, silent types, ET BFSI
Welcome to a new edition of Full Stack, a place where you’ll find unfiltered commentary on all things technology.Please keep the bouquets, brickbats and suggestions coming. You can reach me at samidha.sharma@timesgroup.com and follow me on Elon Musk's Twitter (sorry...
India’s services PMI rises to 6-month high in January on higher demand, new export sales, ET BFSI
India's services activity inched up to a six month high in January driven by buoyancy in demand, productivity gains and rising intakes of new work, a private survey data showed on Monday.India's services activity measured by HSBC India Services PMI rose to 61.8 in...
Bond Street cheers Budget prudence, eyes RBI MPC meet for further easing, ET BFSI
The bond market has expressed enthusiasm over the Interim Budget for 2024-25, as the government unveiled a borrowing program smaller than the market's most optimistic estimates. The Budget's fiscal restraint and the anticipation of demand for bonds exceeding supply...
Kotak-backed Phoenix ARC, Edelweiss keen to acquire SBI loan to HNG, ET BFSI
Kotak Mahindra Bank-backed Phoenix ARC and Edelweiss Asset Reconstruction Company are among half a dozen companies that have shown interest in acquiring State Bank of India's loan to Hindusthan National Glass (HNG), said people aware of the matter. Prudent ARC, UV ARC...
Paytm customers more than welcome to SBI, says Chairman Khara, ET BFSI
Mumbai: State Bank of India on Saturday said it is ready to help Paytm customers who will be affected by the Reserve Bank of India's order to stop almost all its activities from March 1. Addressing the media during the third quarter earnings here, SBI Chairman Dinesh...
Centre launches Digital India future LABS for R&D in automotive, compute, other areas, ET BFSI
The government on Saturday launched Digital India futureLABS to strengthen research and development (R&D) and innovation in areas such as automotive, computing, communication, strategic electronics, industrial electronics and internet-of-things in the country.The...
Indian Economy on Course to Retain Growth Momentum: Finance Minister, ET BFSI
Finance minister Nirmala Sitharaman has been leading the Modi government’s economic management in the second term. In a detailed interview after presenting her sixth straight budget, she spoke to TOI on a wide range of issues, and said that govt held its hand while...
US payrolls surge, China deflation pressures to continue, ET BFSI
US payrolls surged at the start of the year, exceeding the most-optimistic estimate and reducing odds that Federal Reserve policymakers will lower interest rates soon.The report followed a decision by Fed officials days earlier to hold interest rates at a 22-year high...
Startup salaries get reset as talent becomes affordable amid crises at Byju’s, Paytm, ET BFSI
A glut of CVs in the job market from laid-off startup and e-commerce employees, and those looking to exit companies like Byju’s, is leading to a sharp reset of salaries from the stratospheric levels scaled in the post-Covid 2021-22 hiring frenzy.Executive search and...
Economists pilloried for getting forecasts wrong, BFSI News, ET BFSI
Paris, Feb 04, 2024 -Economists are taking flak after missing the mark on inflation, failing to anticipate disruptions in global supply chains and forecasting a recession that has not materialised.The Covid-19 pandemic, Russia's war in Ukraine and more recently the...
Divestment not a tool for fiscal consolidation, says Finance Secretary TV Somanathan, ET BFSI
The government is confident of meeting the targets in the interim budget presented on Thursday, finance secretary TV Somanathan told Anuradha Shukla and Deepshikha Sikarawar in an interview. As for public spending, "government capital expenditure continues to be high...
Byju’s tells staff, ET BFSI
The senior management of cash-strapped edtech firm Byju’s told employees that the company has secured commitments to subscribe to more than 100% of its proposed $200 million rights issue of shares.In an email note to employees Friday, the management blamed an...
China pledges more help for its ailing property market, as IMF forecasts economy will slow, ET BFSI
BANGKOK - Markets in China sank Friday despite a fresh flurry of measures to help prop up the ailing property sector, as the International Monetary Fund forecast that the Chinese economy will continue to slow in coming years. The report by the IMF forecast that the...
Proactive inflation management helps keep inflation within manageable level: FM, ET BFSI
New Delhi: Proactive inflation management has helped keep the country's inflation within the manageable range, Finance Minister Nirmala Sitharaman said while presenting the interim Budget on Thursday. She also said that the inflation has moderated. The Reserve Bank of...
State Economic Review, ET BFSI
Thiruvananthapuram: Kerala's economy posted positive growth for the second consecutive year 2022-23 with the Gross State Domestic Product (GSDP) clocking 6.6 per cent growth at constant prices, according to the Economic Review tabled in the Kerala Assembly on Friday....
Sachin Pilot on finance minister’s Budget address, ET BFSI
JAIPUR: Terming finance minister Nirmala Sitharaman's Interim budget speech on Thursday an "election speech", Congress leader Sachin Pilot said that there was nothing new in the Budget speech and no measures were announced to provide relief to the common masses "who...
Cybercrooks Get Techie To Do ‘tasks’ Part Time, Fleece Her Of 80l, ET BFSI
BENGALURU: A woman software engineer, who was looking to earn some extra money by doing part-time jobs to clear her loan of Rs 20 lakh, lost Rs 80 lakh to cybercrooks. Further, in the guise of helping her get her money back, the fraudsters made her purchase...
Shyam Srinivasan, Federal Bank, ET BFSI
Shyam Srinivasan, MD & CEO, Federal Bank, says “the commitment and the consolidation focus around the fisc was clear. And if somebody had not followed India for a long period of time, and only heard the first 10-15 minutes of the speech of the finance minister, it...
Governments must focus on job creation, not freebies: Raghuram Rajan, ET BFSI
Speaking at the ongoing Jaipur Literature Festival, Rajan opined that the government must be ready to decentralise as its benefits can be seen in the education and healthcare sectors in states like Delhi, Kerala and Tamil NaduJaipur: Stressing that governments need to...
More ‘Power’ to EV Ecosystem, BFSI News, ET BFSI
Indore: The announcement by government in Interim Budget for 2024-25 to set up three major railway corridors, aimed at addressing congestion and reducing cost of logistics, is seen to boost economic growth, said industry associations while lauding government’s forward...
Moody’s’ Christian de Guzman explains why it is not yet time to give India higher sovereign rating, ET BFSI
Christian de Guzman, Senior Vice President, Sovereign Risk Group, Moody's Investors Service, says “while fiscal consolidation has proceeded apace since we left the pandemic. we need to bear in mind that before the pandemic, before we downgraded India to BAA3, at BAA2,...
Next 5 years will be of unprecedented development, golden moments, says Nirmala Sitharaman, ET BFSI
While announcing the Union Budget 2024, the Finance Minister Nirmala Sitharaman on Thursday said the next five years will be years of unprecedented development and golden moments to realize the goal of developed India by 2047.“Trinity of democracy, demography and...
Nirmala Sitharaman redefines GDP, focuses on more comprehensive approach, ET BFSI
Union Finance Minister Nirmala Sitharaman on Thursday redefined the Gross Development Product (GDP) to 'governance, development and performance' while presenting the interim budget for FY25. In her sixth budget presentation, Sitharaman said the government is equally...
Govt raises ‘Make in India’ stakes with huge jump in allocation to PLI, other schemes, ET BFSI
Union Budget 2024: Govt raises 'Make in India' stakes with huge jump in allocation to PLI, other schemes The government has upped the focus on economic growth as it raised allocations substantially to the schemes promoting manufacturing and sustainable development for...
Indian economy witnessed profound positive transformation in last 10 years, says FM, ET BFSI
The Indian economy has witnessed a profound positive transformation in the last 10 years, Finance Minister Nirmala Sitharaman said on Thursday.Sitharaman in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget, said...
Adani flagship’s profit jumps 130% as strong recovery continues, ET BFSI
Adani Enterprises Ltd.’s quarterly profit more than doubled boosted by higher earnings from its newer businesses as the port-to-power conglomerate continues to rebound from a brutal short seller attack early last year. Shares jumped as much as 3%.The flagship firm of...
Industry leaders and think tanks react to FM’s budget, ET BFSI
“This budget went beyond the expectations from a vote on account, unlike the 2019 budget, which was also an election year budget."Union Finance Minister Nirmala Sitharaman presented the Interim Union Budget 2024 ahead of the Lok Sabha elections in 2024. This is the...
Hong Kong billionaire Richard Li seeks to sell asset manager PineBridge
HONG KONG - Hong Kong investment firm Pacific Century Group (PCG), founded by billionaire Richard Li, is seeking to sell its majority stake in asset manager PineBridge Investments, according to three people with knowledge of the matter and a deal document seen by...
Pakistan’s monthly inflation rate increases to 28.5% amid economic crisis, ET BFSI
Islamabad [Pakistan], February 1 (ANI): Amid the economic crisis in Pakistan, the caretaker government revised its projection, stating that inflation may remain around 28.5 per cent in January due to food supply shocks, The Express Tribune reported on Wednesday. This...
India’s manufacturing PMI hits four-month high in January on robust demand, ET BFSI
The PMI's new orders sub-index, also supported by international demand, rose sharply to its highest since September, stretching the current sequence of expansion to over two-and-a-half years.India's manufacturing industry improved substantially at the start of 2024...
Sitharaman in Budget 2024, ET BFSI
A corpus of Rs 1 lakh crore will be established with 50-year interest free loans to encourage the private sector to scale up research and innovation in sunrise domains, Union Finance Minister Nirmala Sitharaman announced on Thursday. Presenting the interim Budget...
Launch new scheme to strengthen deep-tech, set corpus of Rs 1 lakh cr says FM Sitharaman, ET BFSI
The Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman proposed to create a corpus of Rs 1 Lakh Crore to boost private investment in sunrise technologies, while presenting the Interim Budget 2024-25 in Parliament today.The corpus will be...
Rs 312 cr for training of babus, Rs 10 cr for administrative reforms, ET BFSI
New Delhi: Over Rs 310 crore has been allocated to the Personnel Ministry for the next fiscal for the training of government employees, both in India and abroad, and augmenting necessary training related infrastructure, according to the interim Union Budget 2024-25...
Fiscal deficit reduced to 5.8% of GDP from target of 5.9%, ET BFSI
The FY24 fiscal deficit has been revised down to 5.8 percent of the GDP, Finance Minister Nirmala Sitharaman said. Revised estimate of revenue receipts expected higher than budgeted, she added.Revised estimate of revenue receipts expected higher than budgeted and the...
Budget 2024: Centre to unveil scheme to strengthen deep-tech for defence sector: FM, ET BFSI
A new scheme will be launched to strengthen deep tech for the defence sector, Finance Minister Nirmala Sitharaman said on Thursday. Presenting the interim Budget 2024-25, Finance Minister Nirmala Sitharaman also said the government will promote public and private...
PM Modi underlines Budget Session’s blueprint, criticises ‘trouble-making’ parliamentarians, ET BFSI
New Delhi [India], January 31 (ANI): Prime Minister Narendra Modi addressed the media ahead of the Budget session underlining that this would be an interim budget even as he questioned the conduct of opposition MPs in the last session. In his customary interaction...
Global gold demand at all-time high in 2023 backed by central bank purchases, ET BFSI
The global demand for gold surged to an all-time high of 4,899 tonnes in 2023, up 3% as compared to the previous year, as over-the-counter purchases and buying by central banks remained robust.Gold exchange-traded funds, though, saw investments being pulled out for...
Burman family hikes Religare stake to over 25%, increases grip on company, ET BFSI
The Burman family of Dabur already the single largest shareholder in shadow bank Religare Enterprises Limited (REL), has further consolidated their position in the company even as the incumbent board of directors, led chairperson Rashmi Saluja, are opposing their...
From tax relief to crypto regulation, what do millennials expect?, ET BFSI
~ By RiteshThe Annual Financial Statement of the Union Budget of India is soon going to be released on Thursday, February 1, 2024. The Budget details the government’s plan for the upcoming financial year. It consists of the revenue generated in the previous fiscal and...
President Murmu tells Parliament, ET BFSI
New Delhi [India], January 31 (ANI): The government has kept the inflation under control despite global challenges and did not allow the burden on people to increase, President Droupadi Murmu said on Wednesday."The world has faced two wars and Covid-19 in the past few...
Brand Finance, BFSI News, ET BFSI
Jio, the telecom and digital arm of billionaire Mukesh Ambani's Reliance, continues to be the strongest Indian brand, ahead of likes of Life Insurance Corporation and State Bank of India, according to the latest report 'Global-500 2024' published by Brand Finance. Jio...
India’s fiscal deficit for April-December at Rs 9.82 lakh crore, narrows to 55% of FY24 aim, ET BFSI
India's fiscal deficit for the first nine months of this fiscal year through December stood at 9.82 lakh crore rupees, or 55% of annual estimates, government data showed today.The fiscal deficit narrowed from 59.8% reported in the comparable year-earlier period.Total...
Nirmala Sitharaman to present budget with ‘disha-nirdeshak baatein’, says PM, ET BFSI
Prime Minister Narendra Modi addressed the media ahead of the Budget session underlining that this would be an interim budget.Prime Minister Narendra Modi said that the Budget session which commenced today with President Droupadi Murmu's address, is in a way a...
China manufacturing contracts for a 4th straight month in January, ET BFSI
A survey of factory managers in China released on Wednesday shows manufacturing contracted in January for a fourth straight month, reflecting weak demand and a faltering recovery in the world's second-largest economy.The official purchasing managers index, or PMI,...
No spending freeze at startups; Swiggy, PharmEasy FY23 report card, ET BFSI
Top internet firms didn’t let a ‘funding winter’ dampen their spending in the last fiscal, an ETtech analysis found. Details of this and more in today’s ETtech Dispatch.Also in this letter:■ Byju’s cap table reset■ Bids for modernisation of SCL■ Nasscom’s suggestions...
Budget 2024: More jobs, infra push or social security
Interim Budget: As India braces for the 2024 interim budget, the spotlight on rural jobs and schemes becomes even more critical, given the significant population dependent on agriculture and allied activities. In the purview of Lok Sabha elections this year, there is...
Order to liquidate China Evergrande is just one step in fixing China’s debt crisis, ET BFSI
A Hong Kong court's order to liquidate China Evergrande, the world's most heavily indebted real estate developer, is only a tentative step toward resolving a debt crisis that is haunting financial markets and dragging on the Chinese economy. Evergrande owes $340...
SBI to down-sell half of INR 11k cr loan to Adani’s Ganga Expressway project, ET BFSI
SBI refrained from selling down a portion of the loan in the previous year. The bank may decide to proportionately sell down the loan to all lenders based on their sanctions, the source added.More than a year after disbursing loans to Adani Group's Ganga Expressway...
President Murmu hopes for positive conversation on policies in new parliament, ET BFSI
NEW DELHI: President Droupadi Murmu, on Wednesday, hoped for a positive conversation on policies and hailed the government's key action. In her first address in the joint sitting of both Houses of Parliament, the President said, "This is my first address in the new...
Hong Kong court orders property firm China Evergrande to liquidate after plan for $300B debt fails, ET BFSI
Hong Kong, Jan 29 (AP): A Hong Kong court ordered China Evergrande, the world's most heavily indebted real estate developer, to undergo liquidation following a failed effort to restructure $300 billion owed to banks and bondholders that fuelled fears about China's...
BFSI sector sees surge in demand for legal, compliance professionals, ET BFSI
Demand for specialist legal and compliance professionals has surged in the banking, financial services and insurance (BFSI) sector in the past one year with banks, non-banking financial companies (NBFCs), insurance and fintech companies beefing up their senior...
Will Budget 2024 care to sell family silver as privatisation drive flops?, ET BFSI
After Air India and NINL privatisations, the government’s divestment dreams have come to a grinding halt with the government likely to miss its divestment targets for the fifth consecutive year. But what has forced the government to temper its expectations? Data shows...
Amit Shah launches Rs 225 cr projects to computerise ARDBs, RCSs in cooperative sector, ET BFSI
New Delhi: Union Cooperation Minister Amit Shah on Tuesday launched computerisation programmes for agriculture and rural development banks and Registrar of Cooperative Societies at an estimated cost of Rs 225 crore and said the digitisation efforts will help improve...
Investment provisions in ‘AI for India’, ET BFSI
Union Finance Minister Nirmala Sitharaman will present the Union Budget on February 1. This year, it will be an interim budget as Lok Sabha elections are scheduled this year. AI technology and its implications in various fields dominated 2023, and tech companies in...
15 expectations of individual taxpayers this Budget, ET BFSI
Finance Minister Nirmala Sitharaman is scheduled to announce the Interim Budget 2024 on February 1, 2024. Different sectors in India have put forth their needs and demands. Here are 15 important things in the wish list of the common man regarding income tax.1 Simplify...
Piramal Enterprises reports loss of Rs 2,378 cr in Q3 due to RBI’s norms, ET BFSI
New Delhi: Piramal Enterprises Ltd (PEL) on Monday posted a loss of Rs 2,378 crore on a consolidated basis in the December quarter on account of huge provisions towards its exposure in alternative investment funds. The diversified NBFC earned a consolidated net profit...
Opus CEO on workplace culture, empowering people and receiving ‘Great Place To Work’ certification, ET BFSI
Opus Technologies, a leading provider of payment technology solutions for banks and financial institutions, has recently been recognised as a 'Great Place To Work®'. This certification reflects the company's commitment to creating a positive and empowering work...
Parliamentary floor leaders meet ahead of Budget session, BFSI News, ET BFSI
New Delhi: Floor leaders of various parties on Tuesday attended an all-party meeting convened by the government ahead of the Budget session of Parliament. Defence Minister and Deputy Leader in the Lok Sabha, Rajnath Singh, Parliamentary Affairs Minister Pralhad Joshi...
Indian startups raised $4.3 bln across 183 deals in Q4 CY23, signals a slowdown: Report, ET BFSI
Startups in India raised approximately USD 4.3 billion across 183 deals in Q4 CY23, signaling a slowdown in total funding, of about 20 per cent, while deal volume decreased to 183 from 243 deals, a decline of about 17 per cent compared to Q3 CY23, revealed latest...
Govt, RBI measures have kept inflation in 2-6% range: Finance minister, ET BFSI
NEW DELHI: Finance ministry on Monday said the Indian economy has remained resilient amid global headwinds on the back of robust domestic demand, an investment-led strategy due to a transformed climate and high level of public spending, macro-economic stability, apart...
Indian investors favour long-term bonds anticipating conservative budget, ET BFSI
MUMBAI - Indian funds, insurers and banks have increased their positions in longer-duration bonds in anticipation of the federal government's interim budget being fiscally conservative with no pre-election spending surprises.India's finance minister is set to present...
Black Opal group raises $3 million from SBI and HDFC Bank, BFSI News, ET BFSI
Black Opal group has raised $3 million from SBI and HDFC Bank, to enhance services and expand the team at JustHomz.com, prop-fintech platform of the company.Addressing challenges in the real estate sector, such as privacy issues, unverified data, and a lack of...
An alarm bell for digital economy, BFSI News, ET BFSI
There are judicial precedents wherein the Consumer Courts have condemned dark patterns and imposed penalty on companies employing them.India's consumer digital economy is projected to reach the $1 trillion mark by 2030, with the e-commerce market expected to touch...
Teachers, Ex-servicemen Cheated Of 3crore In Fraud, ET BFSI
PUNE: The Pune police’s Economic Offences Wing (EOW) is investigating a Rs3.25 crore investment fraud in which 20 people, including teachers, ex-servicemen and private company employees, were cheated between July 2021 and Oct 2022 by a share trading company in Satara,...
A bold Budget can pave way for India to be Global South’s voice, ET BFSI
The recent G20 summit held under the chairmanship of India in New Delhi amply demonstrated India’s growing stature in the world arena in terms of its role and influence in various global fora. The G20 was a meticulously planned year-long event culminating into the...
ICCC’s India Mission 2024 To Revitalize India Canada Economic Relations, ET BFSI
New Delhi [India], January 29: By uniting Canadian innovation with Indian ingenuity, the delegation led by ICCC President Murarilal Thapliyal shall strive to take the Indo-Canada trade bonhomie to unprecedented heights.With the intention of fostering a deeper...
RIL shares zoom 5%, hit fresh 52-week high; m-cap tops Rs 19 lakh crore, ET BFSI
Shares of India's most valued company Reliance Industries (RIL) on Monday rallied over 5% to hit a fresh 52-week high of Rs 2,826 on Monday with its market capitalisation crossing the threshold of Rs 19 lakh crore.RIL's December quarter results were largely in-line...
What happens next after liquidation order?, ET BFSI
A Hong Kong court on Monday issued a winding-up order for Chinese real estate giant Evergrande, as the embattled firm teeters on the brink of bankruptcy.The firm's astronomical debt has become emblematic of a years-long crisis in China's property market -- with...
Indian national pleads guilty in dark web drug case; $150m in crypto, cash seized, ET BFSI
New York: An Indian national has admitted to selling controlled substances on dark web marketplaces and agreed to forfeit $150 million in what is believed to be the largest seizure of cryptocurrency in the history of the US Drug Enforcement Administration.Banmeet...
Want to see MSMEs compete not just for public but also private sector orders: DoT Secy, ET BFSI
The startup ecosystem will be a driver and enabler of employment, technology and manufacturing, going forward, he said.New Delhi: Noting that small, innovative companies are building some "excellent" products, Telecom Secretary Neeraj Mittal on Monday said he wished...
India’s job story has a major missing part, ET BFSI
Quality is something that remains a major missing detail when it comes to the Modi government's performance in job generation. There's a widespread sentiment that while jobs are indeed being created, the quality of these opportunities falls short of expectations.In...
Zee will sue Sony; promoter family to hike holding in Zee by 5%, says Subhash Chandra, ET BFSI
In 2021, Zee & Culver Max Entertainment (Sony) had announced plans to merge to create a $10 billion broadcasting company.Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises, has alleged that Sony intentionally prevented a merger despite the Zee...
S&P Global Market Intelligence, ET BFSI
Indian commercial banks' retail lending has risen faster than loans to large businesses since the COVID-19 pandemic, S&P Global Market Intelligence data showed, underscoring the central bank's concerns about unsecured loans.Retail loans was the fastest-growing...
13 ways the FM can simplify matters for income tax payers in interim Budget 2024: CII, ET BFSI
The Interim Budget 2024, will be presented by the finance minister, Nirmala Sitharaman, on February 1, 2024. As always, all quarters of the economy have certain expectations from the Budget.A few key steps that would help to rationalise and simplify taxes are as...
Govt may go for big hike in PM-Kisan payout and a housing & jobs push, ET BFSI
New Delhi: Economists expect some significant announcements on February 1 even though it's an interim budget, since the exercise comes just ahead of the general elections, an ET poll showed.The government will likely increase the amount of money transferred under its...
Budget 2024:Government likely to stick to fiscal discipline, may strengthen National Pension System, ET BFSI
The word stability runs parallel with the budget team. Finance Minister Nirmala Sitharaman has completed her entire term and is set to present her sixth consecutive Budget. Furthermore, there are at least two secretaries who will be participating in their fifth...
Budget 2024 expectations: 13 ways the FM can simplify matters for taxpayers: CII, ET BFSI
The Interim Budget 2024, will be presented by the finance minister, Nirmala Sitharaman, on February 1, 2024. As always, all quarters of the economy has certain expectations from the Budget. A few key steps that would help to rationalise and simplify taxes are as...
Disney Star mulls legal action against ZEEL for backing out from USD 1.4 bn deal, ET BFSI
ET had first reported on December 28 that there is uncertainty over the ICC TV deal since Zee had failed to submit financial commitments and guarantees to Disney Star. Disney Star is mulling legal actions against Zee Entertainment for backing out from a USD 1.4...
India’s divestment target could be its lowest in nine years, say sources, ET BFSI
Budget 2024: India could set a target for divestment from state firms in fiscal 2024-25 that falls short of this year's goal to stand at the lowest in nine years, as the government turns its focus to general elections due next year, a senior official said.The...
FM Nirmala Sitharaman hints at govt’s four focus areas ahead of Feb 1, ET BFSI
Budget expectations: Finance Minister Nirmala Sitharaman has emphasised that the government's policies will prioritise the welfare of youth, women, farmers, and the poor, TOI reported. The remarks are being viewed as a preview of the interim Budget, which is set to be...
To double GDP by 2030, India would need a Rs 2.5 lakh crore equity cap annually for the next seven years: AIBI, ET BFSI
Mumbai: To double the country's gross domestic product (GDP) by 2030 without excessive leverage, India would require an additional equity capitalisation of Rs 2.5 lakh crores annually for the next seven years, as estimated by the Association of Investment Bankers of...
LIC gets RBI nod to buy 9.99% stake in HDFC Bank, ET BFSI
Mumbai: Life Insurance Corporation of India (LIC), the country's largest insurer, has received approval from the Reserve Bank of India (RBI) to increase its stake in HDFC Bank, the largest private lender in India. RBI has allowed LIC to acquire an additional 4.8%...
India may keep 2024-25 gross borrowings close to current year’s level, ET BFSI
India's government may keep its gross market borrowing for 2024/25 close to this fiscal year's level, according to two government sources, as it looks to rein in its borrowings that have more than doubled, mainly due to pandemic spending.India may peg its gross market...
Red Sea crisis to impact agri commodities, marine foods companies: Crisil, ET BFSI
The ongoing crisis around the Red Sea in the Middle East is expected to impact players operating in sectors such as agricultural commodities and marine foods due to the perishable nature of their goods and/or lean margin profiles, which limit their ability to absorb...
Budget 2024 Income Tax: How income taxpayers can be given tax relief
By Kuldip Kumar and Tanu GuptaUnion Budget 2024: In view of elections nearby, this year’s budget to be presented on February 1, 2024, will be an interim budget. Although generally no significant changes are announced in the interim budgets, budget events always create...
Govt close to saturation in implementing social sector schemes: FM Sitharaman, ET BFSI
New Delhi: Finance Minister Nirmala Sitharaman on Thursday said the government is close to reaching saturation in implementing social sector schemes designed to provide basic necessities to the poor. Addressing the students of Hindu College on the occasion of its...
Nirmala Sitharaman may significantly enhance allocation for farm sector schemes, ET BFSI
Budget 2024: The government is likely to significantly enhance allocation for key farm sector schemes and push credit in the interim Budget to boost rural economy as growth in the agriculture sector is projected to decelerate to 1.8 per cent in 2023-24 from 4 percent...
EBRD invests record 1.3 bn euros in Poland in 2023, prepares new country strategy, ET BFSI
WARSAW - European Bank for Reconstruction and Development (EBRD) invested record 1.3 billion euros ($1.42 billion) in Poland in 2023 as it focuses more on green transition in the country, the multilateral lender said on Thursday.Helping cutting carbon dioxide...
US growth likely slowed last quarter but still pointed to a resilient economy, ET BFSI
The nation's economy was supposed to have sunk into recession by now, dragged down by the highest interest rates in two decades and a resulting slump in borrowing and spending. Instead, the US economy has kept chugging along. Even more encouraging, inflation, which...
Swiss group Sygnum raises over $40 mn to fund expansion, BFSI News, ET BFSI
Swiss digital asset group Sygnum said on Thursday it has raised more than $40 million in its latest funding round to finance its expansion into new geographical markets and accelerate product development.Italian asset management group Azimut Holding led the investment...
Modi-Macron talks to cover space and defence, digital ties, BFSI News, ET BFSI
Expanding space sector collaboration, including its defence aspects, and growing digital sector partnership will be among the key agenda for the Summit between PM Narendra Modi and French President Emmanuel Macron in Jaipur on Thursday.India and France have created a...
Foreign money to help Modi govt push near-record India bond sales, ET BFSI
Global funds are snapping up India’s sovereign bonds ahead of the country’s addition to global debt indexes, and traders expect them to be a key pillar of demand for the near-record government borrowing in the coming fiscal year.New Delhi will likely announce a gross...
GST, subsidy, affordable housing are India Inc’s wish list, ET BFSI
Noting that the Indian economy has grown rapidly in an environment where other major economies have slowed down, the Confederation of Indian Industry (CII) has offered a few policy suggestions for the Narendra Modi government that it may announce in the upcoming...
What Indian crypto industry wants from the Interim Budget, ET BFSI
The cryptocurrency industry is hopeful that the Union Budget will revisit the existing taxation structure on virtual digital assets (VDAs). Key expectations include the establishment of a self-regulatory body for the crypto and blockchain sectors, as well as the...
Amid IMF reclassification, rupee’s stability has increased in the last four months, ET BFSI
Amid the International Monetary Fund's reclassification of the exchange rate regime to “stabilised arrangement” from “floating” for the period from December 2022 to October 2023, the Indian rupee has maintained a remarkably stable position in the foreign exchange...
USA’s DFC, Norfund, two others provide $1 billion to SAEL Industries, ET BFSI
US International Development Finance Corporation or DFC, Norway government-owned Norfund and two other financiers have provided $1 billion in funding to waste-to-energy producer SAEL Industries, the company said in a release on Tuesday.Asian Development Bank and Tata...
Government to Acquire 5,000 Hectares around Yamuna Expressway in 10 Years, ET BFSI
NOIDA: The economic development and expansion of the city's urban sprawl along the Yamuna Expressway is set to gain pace this year, with the state government sanctioning a fresh interest-free loan of Rs 1,500 crore that will boost the process of acquiring land for...
Google Trends data can help gauge inflation fears: CRISIL report, ET BFSI
New Delhi: Google search interest regarding the prices of just three vegetables -- tomatoes, onions, and potatoes (TOP) -- has turned out to be a useful indicator of price anxiety in India, according to an CRISIL study released on Tuesday.The study, titled...
Ram Mandir to help create up to 2 lakh jobs around Ayodhya in 4-5 years, says Betterplace, ET BFSI
Mumbai: The opening of the Ram Mandir in Ayodhya could lead to creation of 150,000-200,000 direct and indirect jobs in the temple town and surrounding towns and cities in the next 4-5 years, estimates by human capital management platform Betterplace show.“That apart,...
NCP MLA Rohit Pawar appears before ED, ET BFSI
NCP MLA Rohit Pawar, the grand nephew of party supremo Sharad Pawar, appeared before the Enforcement Directorate here on Wednesday for questioning in connection with its money laundering probe into the alleged Maharashtra State Cooperative Bank scam, an official said....
India overtakes Hong Kong as world’s fourth-largest stock market, ET BFSI
India’s stock market has overtaken Hong Kong’s for the first time in another feat for the South Asian nation whose growth prospects and policy reforms have made it an investor darling.The combined value of shares listed on Indian exchanges reached $4.33 trillion as of...
Udaan announces senior-level organizational changes as Group CFO Aditya Pande exits, ET BFSI
Former Udaan chief financial officer Aditya PandeNew Delhi: Udaan, an e-business-to-business (e-B2B) platform, has announced senior-level organizational changes as Aditya Pande, who was the Group CFO for over three years, has decided to exit to pursue opportunities...
Malaysia considers legal proceedings against foreign banks linked to 1MDB graft, ET BFSI
KUALA LUMPUR: Malaysia is considering initiating legal proceedings against foreign banks linked to the multi-billion dollar 1Malaysia Development Berhad (1MDB) corruption scandal, the chairman of the 1MDB asset recovery taskforce said on Tuesday.Johari Abdul Ghani did...
Small banks like Dhanlaxmi may double; Indus Tower a dark horse: Sanjiv Bhasin, ET BFSI
Sanjiv Bhasin, Director, IIFL Securities, says “there is a huge under-ownership of PSUs and this sector will gather steam. As a disclosure, we have both IRCON and IRFC in our portfolios. But please do not chase them. But replace some of your real estate stocks with...
What’s next for Zee Entertainment, promoter family, and Punit Goenka, ET BFSI
Even if the stock takes a knock, there is nothing that can stop Zee Entertainment Enterprises CEO & MD Punit Goenka and the promoter family he belongs to from continuing to call the shots with a tiny equity stake, if other shareholders in the company once again...
Gold drifts higher as dollar slips ahead of cenbanks’ verdicts, ET BFSI
Gold prices rose on Tuesday, as the U.S. dollar softened while investors awaited interest rate decisions from a number of central banks and a slew of economic data in the United States this week. Spot gold rose 0.5% to $2,030.64 per ounce by 0545 GMT. U.S. gold...
Why Sony called off a $10 billion deal in India, ET BFSI
The Sony Group Corp has terminated the $10 billion merger of its India unit with Zee Entertainment due to a leadership stalemate.The entertainment giant sent a termination notice to Zee on the deal, which was announced more than two years ago.It is seeking $90 million...
