Industry
SC Garg, BFSI News, ET BFSI
Subhash Chandra Garg, Former Finance Secretary of India, recently shared his insights while delivering the keynote address at the fourth edition of annual CFO conference - ETCFO Turning Point event, detailing the factors that could drive India's growth in the coming...
Nirmala Sitharaman to introduce new bills to amend banking laws in Lok Sabha today, ET BFSI
New Delhi [India], August 9 (ANI): As the Parliament convenes for the ongoing Budget Session on Friday, Union Finance Minister Nirmala Sitharaman will introduce new Bills including the Banking Laws (Amendment) Bill, 2024 to amend the Reserve Bank of India Act, the...
SBI projects GDP growth of 7 pc in FY25, lower than RBIs forecast of 7.2 pc due to global headwinds, ET BFSI
New Delhi [India], August 9 (ANI): The State Bank of India in a report projects that India's real GDP will grow by 7.0 per cent year-on-year in FY25, which is slightly lower than the RBI's forecast of 7.2 per cent.The report noted that the slight downgrade by 20 basis...
Steady repo rate, indexation benefits booster dose for housing industry, ET BFSI
New Delhi, The Central Bank's decision to keep repo rates unchanged at 6.5 per cent for the ninth consecutive time aligns well with the government's indexation benefits, industry experts said on Thursday, adding that this will further help aspiring homebuyers.RBI...
Kinara Capital announces Parthasarathy N.S. as new Independent Director, ET BFSI
Parthasarathy N. S, known as the Co-founder of Mindtree which he took from its startup phase to crossing the $1 billion revenue, is appointed as a new Independent Director on Kinara Capital’s’s Board of Directors.He has over 35 years of experience in the field of...
Finance Commission chairman Arvind Panagariya, ET BFSI
India needs to open its economy further, privatise banks and introduce factor market reforms to lift its growth beyond 6.5-7% levels, 16th Finance Commission chairman Arvind Panagariya said."The main reform we need is the privatisation of banks, " he said, adding that...
India mulls major cut to food weighting in new CPI basket, ET BFSI
Representative imageAn Indian government panel tasked with revising the nation’s consumer price index is considering a substantial cut in the weighting of food, according to a person familiar with the matter, a move that could curb inflation spikes in the South Asian...
Lok Sabha passes Finance Bill, amends LTCG tax provision on immovable properties, ET BFSI
The Lok Sabha on Wednesday passed the Finance Bill 2024 after the central government relaxed the freshly-introduced new capital gains tax on real estate, allowing taxpayers an option to switch to a new lower tax rate or stay with the old regime that had higher rate...
SFIO probe into Sahara group companies ongoing: Finance minister, ET BFSI
Nirmala SitharamanNEW DELHI: The Serious Fraud Investigation Office (SFIO) is carrying out a detailed probe into the matter related to the Sahara group companies and further action will be taken after its report, Union Finance Minister Nirmala Sitharaman said in the...
COP29 only chance to bridge climate action, finance gaps: Commonwealth Secretary-General, ET BFSI
New Delhi: The COP29 climate talks in Azerbaijan's Baku is the world's only chance to bridge the gaps in climate action and finance which is crucial to "rebuild trust" among countries and protect lives and livelihoods, Commonwealth Secretary-General Patricia Scotland...
Govt willing to hear cases of harassment for loan recovery: Nirmala Sitharaman, ET BFSI
Finance minister Nirmala Sitharaman on Monday told the Lok Sabha that the government is closely monitoring any harassment of borrowers during loan recovery and is willing to hear any cases that come up.The finance minister made this observation in her reply on the...
Bangladesh unrest not likely to impact India’s overall trade balance: S&P, ET BFSI
India is a well diversified exporter and a blip in its exports to Bangladesh is unlikely to have any meaningful impact on India's overall trade position for the full year, S&P Global Ratings said on Tuesday. Bangladesh is facing its worst political crisis since...
Contours of three jobs schemes being finalised, BFSI News, ET BFSI
New Delhi: The Ministry of Labour and Employment is finalising three employment-linked incentive schemes announced in the budget before forwarding them to the expenditure finance committee for approval later this month. The committee's nod is necessary for rolling out...
India will lower rates by 100 bps by March 2026, Bank of America official says, ET BFSI
India's central bank could cut interest rates by 100 basis points in a monetary easing cycle that is likely to start in December as inflation eases towards its 4% target, a fixed income official at Bank of America, India said. "Once inflation reaches 4%, and based on...
Nirmala Sitharaman to move Finance Bill for consideration and passing in Lok Sabha, ET BFSI
Finance Minister Nirmala Sitharaman on Tuesday will propose in the Lok Sabha that Finance Bill for the financial year 2024-2025, be taken into consideration and passing, as per Lok Sabha's agenda for the day.The Finance Bill needs to be approved by both houses of the...
You can still pay lower or zero TDS with this certificate, ET BFSI
In Budget 2024, it was announced that starting from October 1, 2024, tax deducted at source (TDS) will be deducted at a 10% rate from specified central and state government bonds, including floating rate bonds."In the Union Budget 2024, the Government has proposed a...
World Bank B-Ready index groundwork kicks off, ET BFSI
India has begun the groundwork for the Business-Ready or B-Ready index, the World Bank's new flagship report benchmarking the business environment and investment climate in economies worldwide. B-Ready is replacing the World Bank's Doing Business index that ranked...
Go First creditors vote to liquidate airline, ET BFSI
Mumbai: Creditors to Go First Airlines have unanimously voted to liquidate the carrier after almost a year of trying to find a buyer for the Wadia group-promoted company.A liquidation plea has been e-filed with the Delhi National Company Law Tribunal (NCLT) on Sunday...
Govt offers tech aid to account aggregators as they targeted by fraudsters, ET BFSI
From digital lending startups to payment companies, cyber criminals are targeting almost every facet of the fintech industry to gain access to critical customer data.Non-banking finance companies - account aggregators (NBFC-AAs), which has just started to take off,...
Taxman widens horizons of realty checks on HNIs, BFSI News, ET BFSI
Mumbai: After foreign bank accounts, stock holdings and trusts in tax havens, it's the turn of offshore property deals of wealthy Indians to come under the taxman's lens.At least half a dozen resident Indians were, last week, confounded by summons from the Income Tax...
Deloitte, BFSI News, ET BFSI
Representative imageNew Delhi: India's economy is expected to grow at 7-7.2 per cent in the current fiscal year driven by robust economic fundamentals and continuity in domestic policy reforms, Deloitte India said on Monday. The August update of Deloitte's India...
MF, retail investors’ share in NSE stocks surges to all-time high, FII-DII gap smallest ever: Primeinfobase, ET BFSI
The share of domestic Mutual Funds (MFs) in companies listed on NSE rose to yet another all-time high of 9.17% QoQ as on June 30, 2024, from 8.93%, powered by strong net inflows of Rs 1.09 lakh crore during the quarter, according to data compiled by primeinfobase.The...
Why unwinding of Yen carry trades can rattle global financial markets, ET BFSI
The so-called Yen carry trade has been in focus in the past few trading sessions in the wake of the selloff in shares of US technology giants. A look at what is Yen carry trade and what it means for the financial markets worldwide:What is a Carry Trade?A carry trade...
Nifty fear gauge India VIX jumps over 60%, biggest surge since 2015, ET BFSI
The India Volatility Index (VIX) spiked over 60% on Monday, marking its largest increase since 2015 and reflecting the intensifying market sell-off in line with global trends.The India VIX has crossed levels of 23 with a significant jump of 61.7% on Monday.Indian...
Indian rupee is worst Asian currency in U-turn as yuan carry trades unwind, ET BFSI
By Jaspreet Kalra and Nimesh VoraMUMBAI, - The Indian rupee is now the worst-performing Asian currency -- a U-turn from being the leader in the first half of the year -- pressured by the unwinding of trades that used the Chinese yuan to fund long bets on the local...
India’s BFSI sector to see significant employment surge in H1 FY25: TeamLease, ET BFSI
India's BFSI (Banking, Financial Services, and Insurance) sector is poised for a significant increase in net employment in the first half of FY25, according to a report by staffing firm TeamLease Services. The banking sector is expected to lead this growth, with a...
Inflation to remain around 5 per cent this fiscal: SBI report, ET BFSI
New Delhi [India], August 5 (ANI): The Consumer Price Inflation in India is expected to remain around 5 per cent in the financial year 2024-25 except for September and October month, according to a research report by SBI.The report also noted that the inflation...
RBI approves extension of Unity Small Finance Bank MD, BFSI News, ET BFSI
Kolkata: The Reserve Bank of India has approved the re-appointment of Inderjit Camotra as managing director & chief executive officer of Unity Small Finance Bank.The central bank approved his extension for another two years.Unity Small Finance Bank was promoted by...
India may take 75 years to reach 1/4th of US income per capita: World Bank, ET BFSI
NEW DELHI: India may take nearly 75 years just to achieve one-fourth of US income per capita, as per a recent World Bank report that offers the first extensive blueprint for developing countries to overcome the "middle-income trap."More than 100 countries, including...
About 72% of taxpayers opt for new tax regime for AY 2024-25, BFSI News, ET BFSI
A substantial 72% of taxpayers who filed income tax returns for the assessment year 2024-25 (April-March) have opted for the new tax regime, according to the finance ministry. In contrast, only 28% chose to remain with the old tax regime.As of July 31, the deadline...
SEBI, BFSI News, ET BFSI
The Securities and Exchange Board of India will soon notify the regulations on finfluencers, Madhabi Puri Buch, Chairperson of SEBI, said during an event held at NSE on Tuesday.During the event, SEBI Chairperson said, "We recently had a regulation which we will be...
Sebi targets reduction in fundraising time, BFSI News, ET BFSI
India's markets regulator is working to streamline the fundraising process for companies and simplifying public offer documents for investors, Chairperson Madhabi Puri Buch said on Friday.The Securities and Exchange Board of India (SEBI) is working to merge rights...
Number of ITRs filed surges to record 7.28 crore in 2024-25, first timers add up to 58.6 lakh, ET BFSI
New Delhi, The total number of ITRs (income tax returns) for the assessment year (AY) 2024-25, filed till July 31, has surged to a record high of 7.28 crore, according to figures released by the Finance Ministry on Friday. This represents a 7.5 per cent jump over the...
India top nation in number of IPOs and issuances globally: SEBI Chairperson, ET BFSI
Mumbai, Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch said on Friday that India is the top country when it comes to the total number of initial public offerings (IPOs) and issuances globally.Addressing a FICCI conference in Mumbai, she...
BFSI sector to witness spike in net employment in H1FY25; NBFCs to lead, ET BFSI
Representational ImageThe BFSI sector in India is on a hiring spree as a latest report by TeamLease Services reveals that the sector is set to witness jump in the net employment in the first half of the fiscal year 2025.Banking sector is poised to experience the most...
Rupee averts record low on likely RBI intervention as local equities slide, ET BFSI
By Jaspreet KalraMUMBAI - The Indian rupee was nearly flat on Friday as likely intervention from the Reserve Bank of India helped the currency hold above its all-time low amid pressure from weakness in local equities, which declined tracking a sell-off in global...
Govt weighing proposals to tweak its big tax move in Budget, ET BFSI
New Delhi:India Inc is requesting the government for a phased transition to the long term capital gains (LTCG) tax regime announced in the budget for FY25, which proposes to remove indexation benefits for property, gold and other unlisted assets.The options being...
PM Narendra Modi speaks to India Inc in a Post-Budget interaction, here are the key highlights, ET BFSI
Prime Minister Narendra Modi on Tuesday said that India will become the third largest economy in the world during his third term as the leader of the country. The PM was speaking at the inaugural session of Journey Towards Viksit Bharat: A Post Union Budget 2024-25...
VC investment in India surge in April-June as China faces huge decline, ET BFSI
New Delhi, Venture capital (VC) investment in India surged considerably to $4 billion in the April-June period (Q2 2024), from $2.9 billion in the previous quarter, a report said on Thursday.On the other hand, China saw a massive decline in VC investment from $13.5...
Call for a balanced regulatory approach, ET BFSI
MSMEs are the lifeblood of the Indian economy. Their growth and prosperity are essential for the country's overall economic development.Micro, Small, and Medium Enterprises (MSMEs) are the bedrock of the Indian economy, contributing significantly to employment,...
Rupee to see mild relief as Fed opens door to September rate cut, ET BFSI
The dollar index was at 104 after dropping 0.4% on Wednesday and U.S. bond yields eased, with the 10-year yield touching a low of 4.03%, its lowest level since February.The Indian rupee is likely to open slightly higher on Thursday, tracking gains in most of its Asian...
Goyal rules out change in FDI policy for China, BFSI News, ET BFSI
New Delhi: Commerce & industry minister Piyush Goyal on Tuesday ruled out an immediate rethink of India’s stance on Chinese investment, while slamming UPA’s economic policies, which had made the country dependent on imports and investments from the neighbouring...
Asian Development Bank commits USD 200 mn loan for Swatch Bharat Mission 2.0, ET BFSI
The ADB's support will upgrade and establish solid waste processing and management facilities such as bio-methanation plants, composting plants, managed landfills, material recovery facilities, and plastic waste processing facilities.The Asian Development Bank (ADB)...
Sitharaman’s ‘Harvard & Oxford’ dig at Chidambaram, ET BFSI
NEW DELHI: Finance minister Niramala Sitharaman, replying to the opposition on the Union Budget on Tuesday, took a veiled dig at senior Congress leader P Chidambaram, saying the "Harvard and Oxford educated" leaders failed to contain the inflation as they adopted...
Big LTCG gains for startups staff holding Esop in secondary deals, ET BFSI
HighlightsReduction in Long-Term Capital Gains (LTCG) tax on unlisted securities to 12.5% from 20% could benefit startup staffers holding Employee Stock Ownership Plans (Esop). Secondary funding rounds where an investor buys shares providing liquidity to employees are...
RBI can’t ignore the costs of everyday items as PM Modi’s economic adviser suggested, ET BFSI
A top Indian government adviser’s suggestion that policymakers cut out volatile food prices while targeting inflation met with skepticism from many economists, who say it’s inappropriate to ignore the costs of everyday items that consumers can’t do without.The...
Headline fiscal deficit masks true adjustment, public debt should be lower: Report, ET BFSI
For India, even though there are no formal fiscal rules in place, policymakers have been following the path of fiscal consolidation. The consolidated fiscal deficit was lowered from 6.9 per cent in FY16 to 5.8 per cent in FY19 and public debt to GDP stabilised at...
Daimler India partners with Bajaj Finance to offer comprehensive finance solutions, ET BFSI
Chennai, Daimler India, a subsidiary of German truck manufacturer Daimler Truck AG, has partnered with Bajaj Finance, part of the Bajaj Finserv Group, to offer comprehensive financing solutions to customers. The collaboration between the two entities aims to enhance...
Foreign investors unhappy after India restores curbs on some bond purchases, ET BFSI
By Dharamraj DhutiaMUMBAI - Foreign investors see India's decision to return to curbs on purchases of some government securities as a flip-flop in policy that may force them to redraw investment strategies, global fund managers said on Tuesday.Such limits were dropped...
Avg cost of data breaches in India reaches $2.18 mn in 2023, spikes by 28%, ET BFSI
The Reserve Bank of India (RBI) in a report released on Monday highlighted that the average cost of data breaches in India reached $2.18 million in 2023, marking a 28% increase since 2020.However, this is less than the global average cost of data breach.As per the RBI...
Changes that can hurt you, measures that can lower your tax, ET BFSI
The Union Budget 2024-25 has completely overhauled the capital gains tax framework. Some measures may hurt badly. Homeowners will no longer get the indexation benefit on sale of property, while gains on sale of stocks and equity funds will now attract a higher tax....
Balancing long-term vision with short-term volatility, ET BFSI
The government has made a conscious effort to address the rural distress. Higher spend will create more rural jobs and revive the rural economy. It allocated ₹1.52 lakh cr for agriculture and allied services. The Indian government's FY25 budget struck the path of...
Here’s how Digital Public Infrastructure (DPI) reforms will revolutionise stock market, ET BFSI
The finance minister recently announced the implementation of Digital Public Infrastructure (DPI) in agriculture to cover farmers and their lands. This initiative is a part of the broader Digital India campaign, which is built on the foundation laid by the National...
What is the difference between tax exemption and tax deduction?, ET BFSI
Every year, before you pay income tax and file your tax returns, you avail of certain benefits that slash your tax liability. Referred to as exemptions and deductions, these benefits help reduce your taxable income. While most of these benefits have been removed from...
Manoj Mittal takes charge as CMD of SIDBI, BFSI News, ET BFSI
Manoj Mittal takes charge as Chairman and Managing Director of SIDBINew Delhi, Manoj Mittal has taken charge as Chairman and Managing Director of Small Industries Development Bank of India (SIDBI), following his appointment by the Centre. Prior to this, he was the...
Revenue Secy Sanjay Malhotra, ET BFSI
Talks over a global tax deal are continuing well past a June 30 deadline and governments are now looking to a Group of 20 finance leaders' meeting in Brazil for progress.India will not sign a global corporate tax deal focused on highly profitable multinational firms...
Global economic ‘soft landing’ encourages G20 financial heads, ET BFSI
Rio de Janeiro: G20 financial leaders will say Friday there is a rising likelihood of a global economic "soft landing", but warn wars and escalating conflicts could endanger this outlook, as per the final draft of a joint communique seen by Reuters.The statement is...
Sitharaman confident she can make savings easier, raise income levels in rural India, ET BFSI
While India handles a fast growing economy, Nirmala Sitharaman who presented the Union Budget recently asserted that she can make savings easier for those residing in rural areas through rate rationalisation."I can ease people's savings, I can facilitate them in the...
FM Sitharaman explains the rationale behind removing the decade-old tax, ET BFSI
The Narendra Modi government's decision to scrap angel tax in the Union Budget was taken to remove the hindrances that startups face in the country, Union Finance Minister Nirmala Sitharaman revealed in an interview with The Economic Times on Thursday."Two years ago,...
DBS Bank study reveals Indian businesses more focused than global peers on ESG reporting, compliance, ET BFSI
The findings of the DBS Bank study point to the fact that companies that embrace the more involved role of their treasury and finance leaders and enable them to adapt to new responsibilities, stand to benefit from a more informed approach to unlocking new...
MSDE revamps Model Skill Loan Scheme; raises loan limit to Rs 7.5 lakh, ET BFSI
The ministry of skills development and entrepreneurship has enhanced the limit of loans provided by the government for skilling under the credit guarantee fund scheme to Rs 7.5 lakh from Rs 1.5 lakh, besides widening the lending network to include small finance banks...
Top 1% bags over $40 trillion in new wealth as taxes on the rich reach historic lows: Oxfam, ET BFSI
The richest 1 percent have amassed $42 trillion in new wealth over the past decade, nearly 34 times more than the entire bottom 50 percent of the world’s population, according to new analysis by Oxfam ahead of the third meeting of G20 Finance Ministers and Central...
INSCO resolution plan for HNGIL raises threat to unsecured financial creditors, current employees, ET BFSI
Months after the State Bank of India (SBI) attempt to attract investors at an auction to sell Rs 1,703 crore debt of Hindusthan National Glass & Industries (HNGIL), the COC (Committee of Creditors) are seeking solution with Independent Sugar. The current...
Don’t take inflation lightly, Chidambaram cautions government, ET BFSI
New Delhi, Former finance minister P Chidambaram on Wednesday cautioned the government against taking inflation lightly, saying every family is hit hard by price rise and asked why the RBI has not reduced bank rates for 13 months if it was low as claimed. Initiating...
Household savings shift keeps Indian bond yields low despite robust growth: Goldman Sachs, ET BFSI
Despite India's robust economic growth exceeding 8% year-over-year for the past three fiscal years and a substantial government fiscal deficit at 9% of GDP, bond yields remain surprisingly low. A recent Goldman Sachs said that changes in household savings behavior are...
DLAI inducts 3 Ex-RBI executives into its Advisory Council, BFSI News, ET BFSI
Three former Reserve Bank of India (RBI) officials join the The Digital Lenders Association of India (DLAI) to further boost the mission of secure and reliable FinTech in India through their experience and expertise. "We are honoured to have such esteemed experts...
‘Internship scheme not compulsory, we are nudging industry to do it’, ET BFSI
A day after presenting her seventh straight budget, finance minister Nirmala Sitharaman sat down with TOI’s Surojit Gupta and Sidhartha to discuss the messages — from politics to reforms and the broader economy. Excerpts:Your budget is being described as a political...
Finance ministry plugs under-reporting of income by overseas taxpayers, ET BFSI
MUMBAI: The finance ministry was quick to notice that some taxpayers were not including taxes withheld outside India for the purpose of calculating their total income. This, in turn, led to under reporting of income. These individuals offered the overseas income net...
India to move away from fiscal deficit targeting after FY26, ET BFSI
India plans to move away from targeting a particular level of fiscal deficit after 2025-26, a senior finance ministry official said on Wednesday.Instead, the government will use the ratio of government debt-to-GDP as the anchor for fiscal policy, T.V. Somanathan,...
Finance Secy highlights divestment plans, says won’t announce in advance as govt wants best value for public companies, ET BFSI
The government will not pre-announce the timing of its divestment plans for FY25 to ensure its best value for public companies, said Finance Secretary TV Somanathan, in an exclusive interview with ET NOW, on Wednesday. "If I were trying to do something, I would not...
No more reopening, re-assessment of old ITR beyond 3 years if escaped income is below Rs 50 lakh, ET BFSI
Budget 2024 has introduced a significant relief, as tax authorities can no longer reopen old income tax returns (ITR) beyond the specified time limits. Finance Minister Nirmala Sitharaman said while presenting Budget 2024, "I propose to thoroughly simplify the...
Govt wants to encourage longer-term investment and not speculation via derivatives or short-term trading: Finance Secretary, ET BFSI
TV Somanathan, Finance Secretary, says the message to the markets is that long-term investments in the share markets are very important for the economy and they continue to be encouraged. They will be taxed moderately as is necessary for every form of income. And...
Budget 2024 struck a fine balance, tax changes to spur consumption: Economists, ET BFSI
The Union Finance Minister Nirmala Sitharaman tabled the Budget presentation at Parliament on Tuesday. Some of the core focus areas of the budget were employment, skills development, MSMEs and the middle class. Changes in income tax slabs were announced while capital...
RBI bounty used for managing fiscal deficit and funding growth, ET BFSI
The higher dividend from the Reserve Bank of India (RBI) bank has been used equally to manage the fiscal deficit and developmental projects an analysis of the numbers indicate.It is already known that the government revenues would get a big boost because of the RBI...
Conservative approach on growth; job & skill creation core focus area, says Economists, ET BFSI
The Economic Survey 2024 was tabled by the Finance Minister Nirmala Sitharaman on Monday, a day before the Union Budget 2024. According to the survey, India's economy is on a strong wicket and stable footing and is expected to grow 6.5-7 percent in 2024-25.Top...
Financial Inclusion strategy shifts from ‘every household’ to ‘every adult’, ET BFSI
">One rough estimate is that it would have taken 47 years to achieve 80 per cent of adults with a bank account had India solely relied on traditional growth processes," said the Economic SurveyAccording to the Economic Survey 2024, the percentage of adults with a...
Agricultural credit saw 1.5X jump in FY24, ET BFSI
The Economic Survey 2023-24, tabled in Parliament by Union Finance Minister Nirmala Sitharaman on Monday, reported significant double-digit growth in credit to agricultural and allied activities during the financial year 2024. Agricultural credit increased nearly 1.5...
Govt to prepare vision & strategy documents for financial sector, ET BFSI
Union Finance Minister Nirmala Sitharaman during her Budget speech at the Lok Sabha on Tuesday said that the union government will prepare a vision and strategy document for the financial sector.She said that this will prepare the sector in terms of size, capacity and...
When and where to watch Finance Minister Nirmala Sitharaman’s speech and get real-time updates, ET BFSI
Nirmala Sitharaman, Union Finance Minister, is set to unveil the Union Budget for the fiscal year 2024-2025 on Tuesday, July 23, in the Lok Sabha hall of Parliament in New Delhi. This marks her seventh consecutive budget speech since 2019 and her second for this year,...
Early birds report muted profit growth for April-June, BFSI News, ET BFSI
ET Intelligence Group: The early trend in the first-quarter results season showed a sustained double-digit growth in aggregate revenue while a higher year-ago base and subdued performance by Reliance Industries (RIL), the country's largest company by revenue and...
How hyper personalization can radically transform customer journeys, ET BFSI
In today's fast-paced, digital-first world, customer experience (CX) has become a critical differentiator for businesses. In a roundtable hosted by ETBFSI, with Centelon Solutions and Salesforce, a detailed discussion by these thought leaders ensued, which covered the...
Economic Survey to be presented today, a day before Budget, ET BFSI
Budget 2024: Finance Minister Nirmala Sitharaman who will present Union Budget for record-seventh time is scheduled to table the Economic Survey on July 22, Monday at 2:30 pm."The Economic Survey of India will be laid on the table of the Houses of Parliament on...
Economic Survey, BFSI News, ET BFSI
New Delhi, The Economic Survey released on Monday states that India's banking and financial sectors have displayed a stellar performance in FY24 in mobilising funds to fuel economic growth with financial inclusion."Double-digit and broad-based growth in bank credit,...
BFSI ranks third in top startup sectors in FY23; significant jump in GCCs, ET BFSI
The Economic Survey 2024 tabled today highlighted that BFSI came third in terms of the top sectors for startups in India, with digital payments and UPI contributing to this growth. The top sectors for start-ups in 2023 were EdTech (16 per cent), EnterpriseTech (12 per...
India’s retail inflation lower than EMDEs and world average, ET BFSI
Despite global economic disruptions and domestic pressures, India’s retail inflation was contained at 5.4% in FY24, marking the lowest rate since the pandemic, says the Economic Survey 2024.India’s standing globallyThe COVID-19 pandemic initially caused supply chain...
Compensation gap between CEO & median employee widens in India Inc from pre-pandemic years, finds ET study, ET BFSI
The gap between the chief executive officer and median employee compensation in India Inc. has widened from the pre-pandemic years, as per an ET study of 35 listed companies who are amongst the top ones in their respective sectors or by market cap.The ratio of...
Striking a balance key challenge for Sitharaman, BFSI News, ET BFSI
NEW DELHI: Finance minister Nirmala Sitharaman's seventh Budget will do a tight rope walk as she looks to strike a balance between the need to spend more on social sector schemes amid calls from allies for additional assistance to states, while seeking to address...
PM Narendra Modi at the start of Parliament’s Budget session, ET BFSI
Budget 2024 expectations: Prime Minister Narendra Modi today said the Union Budget 2024 to be presented in Parliament tomorrow will further the goal of a ‘Viksit Bharat’ by 2047. At the start of the Parliament’s Budget session, PM Modi addressed the media and said...
Govt to remain on path of deficit and debt consolidation, says Radhika Rao, ET BFSI
As the government authorities prepare their first Budget of the new term, they seek to remain on the path of deficit and debt consolidation while invigorating the economy to return to its pre-pandemic path, revealed Senior Economist Radhika Rao in a latest report by...
Fiscal consolidation with welfare measures, budget may see a mild increase in Capex: Emkay, ET BFSI
New Delhi [India], July 20 (ANI): The upcoming Budget will still set the stage for policy choices ahead, and will be watched for pace of fiscal consolidation and policy priorities on capex and non-capex spend says Emkay Union Budget preview.The fiscal buffer from the...
Angel Tax drains funds, distorts market valuations, say VCs, BFSI News, ET BFSI
In 2023, investments in Indian start-ups witnessed a decline of nearly 70%, with seed stage funding plummeting by 60% as of December 2023, according to a Tracxn report. While of course various factors and circumstances contributed to this downturn, the startup...
Revex has a higher multiplier effect than tax cuts, Capex should grow moderately, say Economists, ET BFSI
To foster a runway of growth spanning 10-15 years, private players await a resurgence in consumer spendingEconomists across the board emphasise the necessity of fiscal discipline without stifling growth.From leveraging RBI dividends to boosting capex while ensuring...
India’s ICICI Lombard posts Q1 profit jump on motor, health insurance boost, ET BFSI
BENGALURU - India's ICICI Lombard General Insurance reported a nearly 49% jump in first-quarter profit on Friday, helped by an increase in premiums in its motor and health insurance segments.Profit after tax rose to 5.80 billion rupees ($69.4 million) for the quarter...
Industry leaders expect further reinforcement of vision unveiled in interim budget, ET BFSI
While technology continues to drive India’s socio-economic progress, the key lies in building the nation into the knowledge capital of the world through enhanced R&D and innovation efforts.Ahead of the national election earlier this year, the Union government...
Economic growth through tax reforms, FDI liberalization, regularity clarity, ET BFSI
By addressing key concerns such as tax reform, FDI liberalization, sector-specific incentives, regulatory clarity, and ESOP simplifications, the budget has the potential to unlock new growth opportunities and propel India towards sustainable economic development in...
Modi govt may finally realise Rs 29,000 cr from divestment of this bank following RBI green signal, ET BFSI
The Reserve Bank of India has reportedly given its 'fit and proper' approval on bidders for IDBI Bank ahead of the Union Budget 2024 and all eyes are now on Finance Minister Nirmala Sitharaman.The Narendra Modi government had set the ball rolling for divesting its...
CPI Inflation projected at 4.5%, GDP at 7% for FY25: FICCI Survey, ET BFSI
A latest survey by FICCI predicts an annual median GDP growth forecast for the year 2024-25 at 7.0 per cent and CPI inflation at 4.5 per cent for the same period.Despite persisting headwinds, India’s economic growth remains resilient, and the nation remains amongst...
Lower fiscal deficit, increased capex & taxation reforms likely, says FICCI, ET BFSI
The government has done a deft job on the fiscal side and it is expected that prudence will continue to remain important to ensure macro stability. Nonetheless, the survey highlighted that the government has an opportunity to leverage additional resources from robust...
How macroeconomic indicators performed in June 2024?, ET BFSI
Recently, IMF raised India’s growth projections by 20 basis points to 7 per cent and the Asian Development Bank kept its forecast unchanged at 7 per cent.In June 2024, the Reserve Bank of India announced its bi-monthly monetary policy review, maintaining the repo rate...
India & China to drive new wealth creation globally, Asia to contribute 30% of new wealth: Report, ET BFSI
India is well positioned to be a driver of greater wealth, says a global wealth report by Boston Consulting Group (BCG). In 2023, India has generated roughly USD 590 billion in new financial wealth, marking its largest increase in the history. India will add about USD...
Siddhartha Sanyal of Bandhan Bank, ET BFSI
Siddhartha Sanyal, Chief Economist at Bandhan Bank, says, "Growth is improving, interestingly from the rural side where there was a lot of concern at some point of time, it looks like some of the indicators have started gradually improving. Globally, the concerns...
What are mule accounts the RBI governor warned about?, ET BFSI
Reserve Bank of India (RBI) Governor Shaktikanta Das recently called on banks to intensify measures against ‘mule accounts.’ These accounts, used for laundering money and other illicit activities, are becoming a significant concern for the regulator.Mule accounts are...
Govt should focus on big ticket divestments, fiscal deficit maybe reduced, says CareEdge Ratings, ET BFSI
The government's divestment plans have missed their targets for five consecutive years. The government is likely to stick to the FY25 target of miscellaneous capital receipts (includes divestment) of Rs 500 billion. However, achieving this target hinges on government...
Sitharaman participates in ‘halwa’ ceremony; marks final stage of Budget preparation, ET BFSI
NEW DELHI: Union finance minister Nirmala Sitharaman, along with minister of State Pankaj Chaudhary and secretaries, attended the 'halwa' ceremony marking the final stage in preparing the full Budget for the fiscal year 2024-25, at North Block in Delhi on Tuesday.The...
Generating both Economic and Environmental Returns, ET BFSI
The growth in climate finance has been promising, hitting an annual flow of $44 billion by 2020, mostly for energy and mitigation.Climate finance is not just about combating climate change; it is about driving economic growth while safeguarding this growth and our...
Unleashing the power of digitization and office automation, ET BFSI
In today's rapidly evolving market landscape, digital transformation is revolutionizing industries, particularly in the BFSI (Banking, Financial Services, and Insurance) sector. Embracing advanced technologies is no longer a choice; it's a strategic necessity to...
Industrial activity is expected to gain support from domestic consumption in FY25: CRISIL, ET BFSI
NEW DELHI: Industrial activity in the current fiscal year is poised to gain support from domestic consumption, with an anticipated improvement in private consumption, which had weakened to 4 per cent last fiscal, according to CRISIL report.The normalization of the...
Can Nirmala Sitharaman blend good economics with shrewd politics?, ET BFSI
NDA 3.0 has, so far, indicated continuity. Retention of the key ministerial portfolios and the position of the Speaker of the Lok Sabha by the BJP has sent the message of continuity.Will the first Budget of NDA 3.0 indicate continuity of economic policy? Or will the...
Rupee ducks weakness in Asian peers, lingers in a tight band, ET BFSI
By Jaspreet KalraMUMBAI - The Indian rupee was nearly flat on Monday, even though most of its Asian peers declined tracking weakness in the Chinese yuan and amid heightened odds of a second presidential term for Donald Trump.The rupee was at 83.5425 against the U.S....
Industry body to FM, BFSI News, ET BFSI
New Delhi, Industry body SME Chamber of India has urged Finance Minister Nirmala Sitharaman to continue the 45-day MSME payment rule for corporates and other buyers. According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a...
WPI hits 16th month high at 3.36% in June riding on costlier vegetables, ET BFSI
India’s Wholesale Inflation in June 2024 has been recorded at 3.36% opposed to 2.61% in the previous month of May, according to the government data released on Monday. The annual rate of inflation (y-o-y) based on WPI Food Index increased from 7.40% in May, 2024 to...
MSME data stack, alternative credit assessment models can bridge $530 bn credit gap, says industry, ET BFSI
MSMEs face a credit gap of $530 billion, and only 14% of the 63 million small businesses in India have access to credit, according to a report by investment bank Avendus Capital. This issue needs to be addressed especially as MSMEs are considered a major plank of...
Goldman Sachs names Sudarshan Ramakrishnan, Devarajan Nambakam as Co-Heads of investment banking in India, ET BFSI
Goldman Sachs, on Monday announced the appointment of Sudarshan Ramakrishnan and Devarajan Nambakam as co-heads of Investment Banking in India. This move is aimed at enhancing the firm's investment banking strategy and expanding client relationships across various...
Anarock suggests Centre to focus on affordable housing segment this Budget, ET BFSI
Mumbai (Maharashtra) [India], July 14 (ANI): With the Union Budget for 2024-25 set to be tabled on July 23, the real estate sector is pinning renewed hope on the Modi 3.0 regime. Expectations are high for tax reliefs and other sentiment boosters.The future of the...
BofA predicts boost to capex, modest populism, intact deficit target, ET BFSI
FY25 budget announcement is scheduled on 23rd July 2024. Key debate is on government's allocation for USD 16.2 billion of excess dividend receipts from the RBI & CPSEs. About USD 6.6 billion allocations is expected to stimulate state capex, USD 9.6 billion towards...
India’s financial sector gears up for transparency with RBI’s draft guidelines, ET BFSI
The Reserve Bank of India (RBI), in February, took a significant step towards integrating climate risk considerations into the country's financial landscape by releasing its draft guidelines on the Disclosure Framework on Climate-related Financial Risks. This move is...
India’s GDP growth may moderate to 6.8% this fiscal; expect two RBI rate cuts, says CRISIL, ET BFSI
Representative imageCRSIL Ratings expects two policy cuts from the Reserve Bank of India during this fiscal starting October even as it sees the GDP growth moderating to 6.8%. "Amid strong economic growth momentum, the MPC aims to see a durable reduction in inflation...
Central spending gives a boost to liquidity, brings overnight rate 10 bps below repo, ET BFSI
A pronounced increase in government spending after the polls has injected fresh liquidity into the banking system, bringing down overnight borrowing rates, Treasury Bill yields and, in turn, short-term financing costs for Indian companies, even as the central bank...
Retail Inflation snaps five-month record of moderation, increases to 5.08% in June, ET BFSI
India’s retail inflation for the month of June increased to 5.08%, breaking a five-month streak of moderation. Food inflation marked another high at 9.36%.Although the numbers are within The Reserve Bank of India's (RBI) tolerance band for inflation for FY25, set...
NITI Aayog member Arvind Virmani, ET BFSI
The Indian economy will grow around 7 per cent in the current fiscal year and is on track to maintain a similar growth rate for several years, NITI Aayog member Arvind Virmani said on Friday. Virmani said there are new challenges facing the country and they will have...
Investments in Q2 CY24 surged, debt deals witness uptick: Report, ET BFSI
Investments in the second quarter of CY24 have surged, breaking the decline from Q3 CY23 to Q1 CY24. A total of USD 11.6 billion investments were made through 318 deals in Q2 CY24 compared to USD 8.2 billion investments through 290 deals in Q1 CY24, revealed a latest...
ISF report, BFSI News, ET BFSI
About 220,000 flexible jobs were created in 2023-24, according to an Indian Staffing Federation (ISF) report. Flexi staffing industry grew 15.3% year-on-year, up from 14% in the previous fiscal, as per the ISF’s Annual Employment Trends 2024 report. The total flexi...
Will Nirmala Sitharaman under-promise and over-deliver in Budget? BofA predicts, ET BFSI
In her seventh consecutive Union Budget presentation, Finance Minister Nirmala Sitharaman may deliver an effective tax rate cut, higher subsidy for cooking gas, interest rate subvention for rural and urban housing, special assistance to states, and wider subsidized...
India widens use of foreign currency accounts in GIFT City, BFSI News, ET BFSI
By Jayshree P UpadhyayMUMBAI - Indians have been allowed wider usage of foreign currency accounts at the Gujarat International Finance Tec-City, or GIFT City, boosting business prospects for a finance hub pushed by Prime Minister Narendra Modi.GIFT City, launched in...
HSBC India and British Council launch ‘Climate Skills
HSBC India and British Council, on Thursday announced the launch of the "Climate Skills: Seeds for Transition India" project in a partnership. The programme is part of the British Council’s long-term international effort to establish a global climate skills approach...
Fiscal Consolidation to pace up, focus on Viksit Bharat, says Morgan Stanley, ET BFSI
The policy-makers will continue to focus on fiscal prudence, in an attempt to align with the medium-term fiscal deficit target of 4.5 per cent of GDP by FY26, highlighted a latest report by Morgan Stanley.A narrower-than-expected fiscal deficit for FY24 at 5.6 per...
Microfinance industry seeks enhanced funding, tax holiday benefit, ET BFSI
The microfinance industry wants n the government to provide additional funding and support, particularly for smaller microfinance institutions (MFIs) with portfolios below Rs 1,000 crore, in the Union Budget.Industry players emphasise the need to upgrade many...
PM Modi invites Austrian companies to invest in India, BFSI News, ET BFSI
Vienna, Prime Minister Narendra Modi on Wednesday invited Austrian companies to invest in India as he highlighted the potential for bilateral collaborations in infrastructure, energy, emerging technologies and other sectors. Modi arrived here from Moscow after meeting...
APAC takes lion’s share of wealth growth, spiraling debt a concern: Report, ET BFSI
Wealth in Asia-Pacific has grown rapidly, but debt has spiraled upwards as well, while a few major markets saw their wealth contract, bucking the global trend, highlighted a latest report by UBS.Over the past 15 years, it is Asia-Pacific that takes the lion’s share of...
Startup investment climate needs capital gains tax relief, CFOs say, ET BFSI
Not just India hosts the third-largest startup ecosystem globally with over 1,41,780 DPIIT-recognised startups, but it also has generated over 12.42 lakh direct jobs. As the Union Budget 2024 is set to be released by the Finance Minister on July 23rd, startups are...
New jobs created in Indian economy in 2014-23 jump over 4-fold compared to 2004-14: SBI study, ET BFSI
New Delhi, As many as 12.5 crore jobs have been created in the Indian economy during the financial years 2014-23, which represents an over four-fold jump from the 2.9 crore jobs created during 2004-14, according to a State Bank of India (SBI) study."Even if we exclude...
US hosts most millionaires, strong rise in wealth brackets: UBS Report, ET BFSI
The United States host 38 per cent of the world’s millionaires, Western Europe 28 per cent and China about 10 per cent, reveals the UBS ReportThe United States hosts the highest number of millionaires in the world according, nearly 22 million people. China is in...
Goyal, BFSI News, ET BFSI
New Delhi, Commerce and Industry Minister Piyush Goyal on Wednesday said both India and the UK are committed to the proposed free trade agreement (FTA) between the two countries. He said that the initial comments made by the new UK government are "very" encouraging....
Hyderabad gets BFSI boost as global giants zero in for setting up GCCs, ET BFSI
HYDERABAD: In what is sure to cement Hyderabad’s standing as a global BFSI (banking, financial services and insurance) hub, nearly half a dozen BFSI biggies have acquired space in the city in the first half of 2024.This includes players such as Cigna Healthcare,...
Will FM extend old regime benefits to new tax regime?, ET BFSI
The new income tax regime, also known as the concessional tax regime, offers lower tax rates for individual taxpayers compared to the old tax regime. Starting from FY 2023-24, this new regime has become the default option if no tax regime is selected by the...
Official employment data masks India’s jobs problem, say economists, ET BFSI
India's growing employment stems largely from self-employed individuals, unpaid workers and temporary farm hires, whose jobs are not equivalent to formal positions with regular wages, private sector economists said on Wednesday.The comments follow labour department...
Finance Commission sets up advisory panel, BFSI News, ET BFSI
The 16th Finance Commission has set up a five-member advisory council comprising economists D K Srivastava, Neelkanth Mishra, Poonam Gupta, Pranjul Bhandari and Rahul Bajoria. Gupta will be the convenor of the panel that will assist the Finance Commission headed by...
RBI DG Rao, ET BFSI
">"External audit is an indispensable component of a robust regulatory framework," stated RBI Deputy Governor, M Rajeshwar RaoThe statutory auditors play a significant role in maintaining stakeholder confidence in audited financial statements, which is particularly...
Moody’s appoints Durga Bhavani as Managing Director and Head of India GCC, ET BFSI
Moody’s, on Tuesday announced the appointment of Durga Bhavani as the new Managing Director and Head of its India Global Capability Center (GCC).This move places Durga at the helm of Moody’s operations in India, where she will lead the execution of GCC strategy and...
India’s employment rises to 6% in FY24, highest since 1982: RBI data, ET BFSI
India's employment sector showed robust growth in the fiscal year 2023-24, according to the Reserve Bank of India (RBI)'s latest data. The employment growth rate surged to 6%, a significant rise from 3.2% in the previous fiscal year. This marks the highest employment...
EXIM Bank enters into $2.5 million Line of Credit agreement with Guyana, ET BFSI
The Export-Import Bank of India (EXIM Bank) has entered into an agreement with the government of Guyana to provide a line of credit worth $2.5 million for the installation of a solar photo voltaic power plant, the Reserve Bank of India said on Monday.While the deal...
SBI Capital Markets, ET BFSI
Industry credit has grown at a CAGR (compound annual growth rate) of 5 per cent in the past five fiscals, slower than overall bank credit of CAGR 10 per cent.Credit growth in the Indian banking sector is expected to exceed nominal GDP growth in the current financial...
India sees 33% annual surge in diversity hiring, driven by BFSI and IT Sectors, ET BFSI
Overall hiring activity has witnessed a 12% yearly increase (June 2024 vs June 2023) and a slight 2% monthly rise (June 2024 vs May 2024) , with the overall hiring index rising from 295 in May 2024 to 302 in June 2024India has seen a 33% year-on-year surge in...
Budget FY25 should focus on tax relief to boost consumption: India Inc, ET BFSI
New Delhi, The Union Budget FY25 should focus on offering relief to taxpayers, especially in the lower income brackets, to stimulate consumption, industry players suggested. Finance Minister Nirmala Sitharaman is scheduled to present the full Budget for fiscal 2024-25...
Labour min rebuts Citigroup’s research report on employment in India, ET BFSI
New Delhi, The labour ministry on Monday rebutted a recent report by Citigroup which forecast that India will struggle to create sufficient employment opportunities even with a 7 per cent growth rate. The ministry in a statement said the report "fails to account for...
US commits to bolstering financial connectivity in Pacific, BFSI News, ET BFSI
BRISBANE: The United States is committed to bolstering "financial connectivity, investment, and integration," a senior US Treasury told a Pacific Banking meeting in Brisbane Monday where financial institutions and government officials are meeting to try to improve the...
What to expect in Budget FY25, BFSI News, ET BFSI
As Finance Minister Nirmala Sitharaman prepares to present her Budget this month, the focus will be on crucial decisions impacting the banking and insurance sectors. Key reforms and regulatory adjustments are anticipated, reflecting the government's continued efforts...
India cenbank data shows far more jobs than private surveys, ET BFSI
By Swati Bhat and Ira Dugal MUMBAI -India's central bank said on Monday the country added 46.7 million jobs in the fiscal year ended March, far exceeding numbers in private surveys that point to high unemployment rates in the South Asian nation.The employment growth...
Govt refutes report by Citigroup on Employment citing lack of official data, ET BFSI
The Union Government on Monday refutes the recent research report by Citigroup on Employment in India which forecasts that India will struggle to create sufficient employment opportunities even with a 7% growth rate.Ministry of Labour and Employment said that it...
Here’s how US short seller responded to Sebi show cause notice, ET BFSI
The Hindenburg-Adani saga took a new twist on Tuesday when the US short seller informed that it received a show cause notice from Indian market regulator Sebi over alleged violations in placing bets on the conglomerate stocks. In the latest turn of events, Kotak Bank...
India, UK to hold next round of talks on proposed trade agreement this month, ET BFSI
With the new government taking charge in Britain, senior officials of India and the UK will hold the next round of talks this month for the proposed free trade agreement to resolve the pending issues and close the negotiations, an official said. The India-UK talks for...
Manoj Kumar Nambiar and Vineet Chattree to lead MFIN as new Chairperson and VC, ET BFSI
Vineet Chattree (Left) & Manoj K. Nambiar (Right)The Microfinance Industry Network (MFIN), the premier association and RBI-recognized Self-Regulatory Organization (SRO) for the microfinance industry, has elected Manoj Kumar Nambiar, MD of Arohan Financial Services...
Fiscal deficit may be budgeted below 5% GDP, borrowing to reduce: SBI Report, ET BFSI
In the Interim Budget, Government has targeted fiscal deficit of 5.1 per cent of GDP for FY25, however on the back of stupendous growth in GST revenues along-with higher dividends from PSUs and RBI, it is believed that the Government may target fiscal deficit of less...
Jobs, rural India likely to be focus of new Modi government’s first budget, says Goldman Sachs, ET BFSI
MUMBAI - The first budget by Prime Minister Narendra Modi's new government may tilt towards, but not pivot to welfare spending, with a focus on rural economy and job creation, economists at Goldman Sachs said in a note on Monday.The budget proposal for the financial...
Government reviews FDI caps; may help defence, insurance sectors, ET BFSI
NEW DELHI: The govt is looking to review foreign direct investment caps for sectors such as defence, insurance and plantations, and look at the processes that can be eased to streamline the regime.While most sectors have a liberal regime where automatic approvals...
Union Budget consultations done, Sitharaman set to announce measures and reforms on July 23, ET BFSI
Finance Minister Nirmala Sitharaman has wrapped up consultations with industry and social sector representatives ahead of presenting her seventh Union Budget on July 23, the Finance Ministry said in a statement on Sunday.The pre-budget consultations for Union Budget...
Fake call centre offering loans busted in Noida; 11 arrested, BFSI News, ET BFSI
Noida, Eleven people, including nine women, were arrested for defrauding people in the name of loans and insurance policies from a call centre here, officials said on Saturday The Noida Police said that the gang had data of 10,000 people. The gang, operating from a...
What is angel tax and why has DPIIT sought its removal?, ET BFSI
Removal of the contentious angel tax for startups may be part of the Union Budget announcement, as per the recommendations from the Department for Promotion of Industry and Internal Trade (DPIIT). DPIIT secretary Rajesh Kumar Singh confirmed on Thursday that the...
NITI Aayog’s WEP and TransUnion CIBIL launch SEHER to empower women entrepreneurs financially, ET BFSI
The Women Entrepreneurship Platform (WEP), an initiative by NITI Aayog, and TransUnion CIBIL on Friday announced the launch of SEHER, a credit education program aimed at empowering women entrepreneurs across India.This initiative, under the aegis of NITI Aayog, is...
Expert committee submits report on net-zero transition finance to IFSCA, ET BFSI
The Expert Committee on Climate Finance has submitted its first report on Transition Finance to the International Financial Services Centres Authority (IFSCA).The Expert Committee, established by IFSCA, aims to develop a climate finance ecosystem with a focus on...
RBI’s bumper payout to limit big ticket divestment; govt to maintain Rs 50k cr target: Report, ET BFSI
The record Rs 2.1 lakh crore dividend payout by the Reserve Bank of India will limit the need for big-ticket divestment, a domestic rating agency said on Thursday. Care Ratings said the new government will retain the interim budget's Rs 50,000 crore target on receipts...
ETMarkets Smart Talk: India’s economy poised for strong growth in second half of 2024, market outlook cautious: Vipul Bhowar, ET BFSI
“Given the current high valuations in the Indian equity market, there are expectations of subdued returns in the second half of 2024, with increased volatility and only marginal gains likely by the end of the year,” says Vipul Bhowar, Director, Listed Investments,...
What can salaried taxpayers expect from Union Budget 2024?, BFSI News, ET BFSI
As Finance Minister Nirmala Sitharaman prepares to unveil the Union Budget 2024, salaried taxpayers have high expectations for reforms that could significantly impact their finances.Salaried taxpayers are anticipating an overhaul of the income tax slabs. While the...
Modi’s message from Parliament on business and economy, BFSI News, ET BFSI
In his reply to the Motion of Thanks on the President’s Address to Parliament in Lok Sabha yetserday and Rajya Sabha today, Prime Minister Narendra Modi made elaborate comments on a wide range of issues but the underlying message was the same: nothing has changed for...
Which sectors are likely to be in the limelight?, ET BFSI
The anticipation for Budget 2024 is high, with expectations of significant tax relaxations. The government is likely to introduce measures to make the tax structure more attractive, continuing efforts to reduce the burden on the salaried class as seen in recent...
Centre to come up with new accounting standards for banking and insurance sectors, ET BFSI
The Centre is developing new accounting standards for the banking and insurance sectors. This initiative aims to enhance transparency and align Indian financial practices with global standards.The Ministry of Corporate Affairs (MCA) is collaborating with ICAI to...
Development banks get ratings boost on climate clauses and hybrid bonds, ET BFSI
By Marc JonesLONDON, - The World Bank and other top development banks got a double boost on Tuesday as Fitch said debt payment freezes for climate-disaster hit countries would not hit the banks' credit rating and it would no longer cap ratings on new 'hybrid'...
Ransomware remains biggest existential cyber threat; 96% Indian companies seek govt help: Report, ET BFSI
Ransomware attacks continue to be the biggest existential cyber threat for companies, with about 59 per cent of organisations hit by ransomware last year and about 66 per cent reporting in both the previous two years. Additionally, approximately 96 per cent of Indian...
India’s services sector experiences its fastest employment growth in 22 months; June PMI rises to 60.5, ET BFSI
In June 2024, the HSBC India Services Business Activity Index rose to 60.5 from May’s 60.2. This marked a significant rebound from the five-month low in May, driven by a surge in new orders and unprecedented growth in international sales.According to the S & P...
Women’s share on boards rises faster than in top jobs, BFSI News, ET BFSI
Since the mandate kicked in from April 2015, the share of women directors has increased over three times, after virtually stagnant between 2007 and 2014NEW DELHI: Govt mandate to have women on corporate boards has not just pushed up their share to 15.7%, but also...
Japan introduces new banknotes featuring 3-D portraits, ET BFSI
Japan on Wednesday introduced its first new banknotes in two decades, featuring three-dimensional portraits of pioneers in finance, women's education, and medical science. The National Printing Bureau of Japan has employed a unique technology for paper money, using...
New system to ease FPI access to Gsecs awaits RBI nod, BFSI News, ET BFSI
Mumbai: A few global trading platforms and the Clearing Corporation of India (CCIL), which have been regularly testing a new model that facilitates easier access to Indian bonds for foreign investors, are now awaiting the Reserve Bank of India's approval to formally...
Economy on strong wicket after fiscal first quarter, BFSI News, ET BFSI
NEW DELHI: India’s economy ended the first quarter on a strong note with manufacturing sector activity rebounding in June after two months of deceleration while goods and services tax (GST) collections came in strong.Passenger car sales rose further in the month from...
India’s macro fundamentals to remain strong in 2nd half of FY25: Nomura, ET BFSI
New Delhi, Driven by steady growth and low, underlying inflation, India's macroeconomic fundamentals are expected to remain strong in the second half of FY25, global brokerage firm Nomura has said.Nomura expects a decline in India's consumer price index from 5.7 per...
Integrating climate finance into India’s economic blueprint, BFSI News, ET BFSI
India’s 2024-25 Budget should consider the establishment of dedicated climate finance institutions in a public-private partnership mode, said Pradeep S.Mehta, Secretary-General of CUTS International, during a webinar titled ‘Accelerating Private Investment in Climate...
What next for GST after seven years of existence?, ET BFSI
Seven years have passed since the Goods and Services Tax (GST) was introduced on July 1, 2017, consolidating various state and central indirect taxes into a unified system.With buoyant revenue collections setting the stage, experts anticipate the next phase of GST...
World Bank approves USD 1.5 bn to support India’s low-carbon energy sector, ET BFSI
With this financing, efforts will be made to enhance the market capability for green hydrogen. The World Bank on June 29, approved USD 1.5 billion in financing to accelerate India's development of low-carbon energy."The financing will help India promote low-carbon...
Record upturn in job creation drives India’s manufacturing PMI to 58.3 in June, ET BFSI
India's manufacturing activity witnessed a rebound owing to increased robust demand leading to the fastest rate of hiring in more than 19 years. This comes despite inflationary pressures remaining elevated, a survey showed.The HSBC final India Manufacturing Purchasing...
Centre should have state-specific financial approach for development, says Kerala FM, ET BFSI
Seeking more funds to tide over the state's financial woes, Kerala Finance Minister K N Balagopal on Sunday said the Centre should have a state-specific rather than a uniform financial approach towards states as each of them has different kinds of developmental...
Future Enterprises’ creditors scrap simultaneous vote for its assets, ET BFSI
Creditors to Kishore Biyani's Future Enterprises Ltd (FEL) have scrapped a simultaneous voting process to find a buyer for the beleaguered company's insurance stakes and manufacturing units after one of the bidders sought to raise its offer for two apparel...
India’s GDP growth to slow modestly this fiscal year and next: Reuters poll, ET BFSI
India's economic growth in the three months through December was much higher than most estimates due to a sharp fall in key subsidies which provided a boost to GDP - a situation economists in the poll say is unlikely to recur.By Vivek MishraForecasts for a mild...
India’s Fiscal Deficit at 3 pc of full FY25 target in April-May: CGA Data, ET BFSI
The central government’s fiscal deficit for April-May 2024 was Rs 50,615 crore, accounting for 3% of the estimated number for the ongoing fiscal year, as per the data released by CGA.Net tax revenues for April-May stood at Rs 3.19 lakh crore, or 12% of the annual...
Fall in Household Financial Savings actually a worry, BFSI News, ET BFSI
Even as jury is out whether the fall in financial savings of the household is anything to worry about as it has gone towards buying physical assets, the Reserve Bank of India has warned that from the financial stability perspective, household debt needs to be closely...
Budget to accelerate pace of reforms, take many historic steps: President, ET BFSI
New Delhi, The first budget of the newly-formed NDA government next month will take "many historic steps" as well as accelerate the pace of economic reforms and lay a roadmap for 'far-reaching policies' and 'futuristic vision' of the government to make India the...
JP Morgan to include India bonds in EM index from today, pave way for $25-30 billion inflows, ET BFSI
JP Morgan will include Indian bonds in its JP Morgan GBI-EM Global Series of indices on Friday, marking a significant milestone for the country's bond market. This inclusion is expected to pave the way for substantial foreign investments, potentially amounting to...
Heatwaves may keep food inflation elevated and overshoot RBI’s inflation projection for H1 of FY25, ET BFSI
The onging heatwaves in the country are likely to keep food inflation elevated for longer and overshoot RBI's inflation projection for Q1 as well as Q2 of FY24"Heatwave seems to be persisting longer than usual with IMD alerts for certain northern States and Eastern...
President Murmu hails banking sector, highlights last 10 years achievements, ET BFSI
In her first address to the 18th Lok Sabha members, the President of India, Smt. Droupadi Murmu, highlighted the transformative journey and achievements of the Banking, Financial Services, and Insurance (BFSI) sector over the past decade. The President noted that the...
Govt plans to set up centre of excellence for R&D work in DPIs, DPGs, ET BFSI
The government plans to set up a centre of excellence to work on research and development in digital public infrastructure (DPI) and digital public goods (DPG), people in the know told ET.“There are a lot of applications in the DPI space built on top of the protocols...
What is FRBM Act? Why is FRBM Act important in Budget?
The Fiscal Responsibility and Budget Management Act (FRBM Act), enacted in 2003, establishes financial discipline with the aim of reducing fiscal deficit.Enactment of the FRBM Act: Who and When?The FRBM Bill was introduced in 2000 by the then finance minister,...
PhonePe’s PG Solutions help SMEs, MSMEs to scale, ET BFSI
New Delhi, On the occasion of World MSME Day, demonstrating a deep commitment to supporting the backbone of the Indian economy, PhonePe Payment Gateway (PG) on Thursday shared that it is already working with more than half of MSMEs (Micro, Small & Medium...
Narrowing trade deficit, rise in remittances aid current account surplus: CRISIL, ET BFSI
Kolkata, India's current account surplus in the fourth quarter of the 2023-24 fiscal was aided by narrowing of the merchandise trade deficit, an increase in remittances and a surplus in services trade, according to a CRISIL report released on Wednesday. The country's...
Farm loan waivers to negatively impact banks’ asset quality: Macquarie, ET BFSI
Farm loan waivers will have a negative impact on bank’s asset quality, Macquarie Capital said in a note on Wednesday. States like Telangana, Jharkhand and Punjab have either announced a farm loan waiver or are mulling over it.Macquarie is of the view that farm loan...
Centre eyeing one startup in every district by next year, ET BFSI
The Centre is likely to fulfil its plan to have at least one registered startup in each of the 785 districts of the country within a year as only 20-25 districts remain without any registered startup, industry department officials said.As of March 31, there were more...
Finmin reviews financial inclusion schemes in meeting with banks, FI CEOs, ET BFSI
New Delhi: The finance ministry on Tuesday reviewed the progress under various financial inclusion schemes with the chief executives of public sector banks and other financial institutions, including Nabard and Sidbi. The meeting was chaired by financial services...
India’s external debt rises $40 billion in FY24; industry’s share highest, ET BFSI
At end-March 2024, India’s external debt was placed at $663.8 billion, an increase of $39.7 billion over its level at end-March 2023.The external debt to GDP ratio declined to 18.7 per cent at end-March 2024 from 19.0 per cent at end-March 2023, according to the...
How e-rupee usage fell from 10 lakh transactions a day to 1 lakh transactions in just five months, ET BFSI
India's digital currency initiative, the e-rupee, launched by the Reserve Bank of India (RBI) as a pilot project in December 2022, has encountered significant challenges amid efforts to gain public acceptance. Designed as a digital alternative to physical cash, the...
800 Online Financial Frauds a Day, BFSI News, ET BFSI
Nearly 800 digital payment fraud cases are reported every day in India, nearly 10 times more than what RBI’s annual report showed. This is because the central bank’s took into account cases above Rs 1 lakh only.According to the report, 29,082 card & digital...
India’s inflation also ‘K-shaped’; rural folk more hurt by price-rise: HSBC, ET BFSI
Mumbai: Just like the post-pandemic recovery, the Indian inflation story is also 'K-shaped' and is hurting certain sections more than others, a foreign brokerage said on Tuesday. Rural consumers are more impacted by price-rise than their urban counterparts, economists...
India Inc risk management improves despite global headwinds: Report, ET BFSI
India Inc risk management improves despite global headwinds: Report Despite facing global headwinds and increased risk exposure in certain sectors, Indian enterprises have demonstrated resilience and strategic advancements, leading to improved risk management scores....
Financials, banks boost Indian shares to record highs, BFSI News, ET BFSI
By Sethuraman N R and Hritam MukherjeeBENGALURU - Indian benchmarks rose to record highs on Tuesday, lifted by a surge in heavyweight financial and bank stocks that have lagged sectoral peers so far this year. The NSE Nifty 50 index was up 0.6% at 23,668 as of 01:13...
Finance Ministry calls meeting with PSBs to review financial inclusion schemes ahead of budget, ET BFSI
New Delhi: The finance ministry has called a meeting with heads of state-owned banks and financial institutions on Tuesday to review the progress of the government's flagship financial inclusion schemes such as the Jan Dhan Yojana, Jan Suraksha Yojana, and Mudra...
Apple shuts down ‘Buy Now, Pay Later’ service to focus on third-party instalment loans, ET BFSI
Apple is discontinuing its 'Buy Now, Pay Later' (BNPL) service, Apple Pay Later, just a year after its launch as the company shifts its focus towards collaborating with third parties for instalment loan offerings.Introduced in the United States last year, Apple Pay...
India starts preparing for a China-like population problem, BFSI News, ET BFSI
While India looks with hope at its demographic dividend, a large number of young population which can drive the economy to new heights, it must contend with a challenging future prospect which China is already struggling with. A few months ago, the story of a retired...
S&P Global Market revises China’s growth forecast, still significantly lower than India, ET BFSI
NEW DELHI: The S&P Global Market Intelligence has marginally increased its GDP forecasts for China from 4.5 per cent to 4.6 per cent primarily due to anticipated policy tailwinds extending into the next year and a gradual improvement in private-sector sentiment....
India’s FY24 CAD narrows to 0.7% of GDP, achieves 0.6% surplus of GDP in Q4, ET BFSI
The Central Bank, on Monday released the data on India's balance of payments (BoP) for the fourth quarter (Q4) of the financial year 2023-24.India's foreign exchange reserves experienced an increase during the financial year 2023-24. According to the RBI, the forex...
Vijay Mallya attends son Siddhartha Mallya’s lavish UK wedding amidst legal troubles, ET BFSI
Vijay Mallya was recently photographed attending the extravagant wedding of his son, Sidhartha Mallya, in the United Kingdom. The now fugitive businessman, embroiled in a high-profile alleged loan fraud case exceeding 900 crores, was seen at the celebration held at...
Policy in the works on finance, health support for elders, ET BFSI
New Delhi: India is considering policy measures for senior care that aim at providing health, financial, social and digital support to its aging population, officials said. All stakeholder ministries, including the ministry of health and family welfare, the ministry...
Rupee underpinned by expected inflows, countered by weak Asian peers, ET BFSI
By Nimesh VoraMUMBAI - The Indian rupee was largely unchanged on Monday with expectations of dollar inflows related to domestic bonds being included in a JPMorgan index being countered by weakness in the Chinese yuan and Japanese yen. The rupee was at 83.5350 to the...
Ashima Goyal, an external member of MPC, ET BFSI
India's economy has the potential to safely grow around 8% but the nominal repo rate has to fall along with a projected decline in inflation, Ashima Goyal, an external member of the Monetary Policy Committee said to Bhaskar Dutta. The Reserve Bank of India has...
Taxing the super-rich? 74% of Indians support it – Here’s why, ET BFSI
As G20 finance ministers prepare to meet next month, a new survey reveals overwhelming public support for a wealth tax on the super-rich. The survey, conducted by the Earth4All initiative and Global Commons Alliance, found that 68 per cent of people in G20 countries...
Gautam Adani’s salary was less than his peers and executives in FY24. Here’s how much he got, ET BFSI
Billionaire Gautam Adani's salary was less than his top executives and peers in FY24, receiving Rs 9.26 crore in compensation. The chairman of the Adani Group drew a salary from only two companies out of the 10 listed entities in his ports-to-energy conglomerate, as...
Indian Economy gets formalised at faster pace, labour force lags: SBI Ecowrap, ET BFSI
A latest ecowrap report by the State Bank of India highlighted that the Indian Economy is getting formalized at a faster pace where about 65 lakhs jobs have been formalized since FY19 and about 43 per cent consumption was contributed by those at the bottom of the...
Workers getting better deal as share of India’s formal economy rises, ET BFSI
New Delhi, India has succeeded in reducing the size of its the informal economy to 23.7 per cent in 2022-23 compared to 25.9 per cent in 2015-16 which works out to a growth of Rs 26 lakh crore in absolute terms in the country's formal economy, according to an SBI...
Here’s what they were charged with, ET BFSI
Four members of the prominent Hinduja family were convicted on Friday for exploiting underpaid servants at their luxurious villa in Geneva, Switzerland. The elder family members, Prakash Hinduja (78) and Kamal Hinduja (75), who were absent from the trial due to health...
What is expected from the GST Council meeting today?, BFSI News, ET BFSI
The goods and services tax (GST) council which is meeting today is likely to take up host of reforms including conditional waiver of interest or penalty on tax notices issued between 2017 and 2020, empowering the centre and states to quash tax notices on industry...
All roads lead to Nvidia as tech sees record inflows, Says BofA, ET BFSI
The ongoing artificial intelligence frenzy that briefly made Nvidia Corp the world's most valuable company this week also drove record inflows into tech funds, said Bank of America Corp strategists.About $8.7 billion flowed into tech funds in the week through June 19,...
Tax sops, higher capex, stable tax regime top industry wishlist, ET BFSI
Budget 2024 expectations: Tax incentives, an increase in capital expenditure, fiscal consolidation, enhanced ease of doing business, and a stable long-term tax regime are among the key suggestions industry and financial institutions made in their pre-budget...
Export projection for FY’25 underway, interest equalization scheme extension proposed: DGFT, ET BFSI
Kolkata, The Director General of Foreign Trade (DGFT) on Friday said that export projections for the current fiscal are still being finalised while efforts are on to improve the ease of doing business to meet the government's goal of achieving USD 2 trillion in...
Budget must focus on employment generation, boost to manufacturing sector: Economists, ET BFSI
The Budget for 2024-25 should focus on employment generation, besides promoting the manufacturing sector, economists attending the pre-Budget consultation meeting with Finance Minister Nirmala Sitharaman here on Wednesday said. The meeting was attended by National...
National Pension System AUM surges 28% to reach Rs 12.28 lakh crore, ET BFSI
The National Pension System (NPS) has witnessed a robust growth, with its assets under management (AUM) increasing by 28% to Rs 12.28 lakh crore as of June 8, according to the latest data from the Pension Fund Regulatory and Development Authority (PFRDA). This...
Will there be a slowdown in growth in coming quarters?, ET BFSI
Will there be a slowdown in growth in coming quarters? The sequential revenue growth for India Inc to taper in Q1 FY2025, according to Icra due to headwinds such as a slowdown in the central government's spending during the Parliamentary elections and onset of monsoon...
KV Kamath, BFSI News, ET BFSI
"You have a situation where almost any company that you talk to has free cash flows, which are good enough to drive their future. They believe that they can meet most of their needs in terms of brownfield expansion and a bit of greenfield expansion out of their own...
Central banks plans to add gold to their reserves in a year: WGC, ET BFSI
Chennai, Nearly 30 per cent of 70 central banks surveyed have said they plan to add to their own gold reserves within the next year, a World Gold Council survey said.According to WGC, the views in favour of the yellow metal from the reserve managers persist despite...
Fitch raises India’s growth forecast by 20 bps to 7.2% for FY25, ET BFSI
The American rating agency on Tuesday announced an upward revision in India's FY25 growth forecast from 7 percent to 7.2 per cent. This positive growth trajectory for India contrasts with the global economic situation, as the US economy is gradually slowing...
Digitizing paperwork for sustainable ESG progress, ET BFSI
And as India continues to enhance its digital transformation, leveraging technology to meet ESG goals will strengthen the country's position as a responsible participant in the global economy, where growth is driven by sustainable development.Given the increasing...
Fitch Ratings increase India’s GDP forecast to 7.2% for current fiscal year, ET BFSI
Fitch Ratings' in its latest Global Economic Outlook report forecasted India's economy to grow by 7.2% in the current fiscal year with the central bank anticipated to implement a single quarter-point rate reduction, 0.2 % up than beating earlier projections predicted...
Advance tax numbers bring cheer to the economy, BFSI News, ET BFSI
New Delhi: The government's advance tax collection in this financial year till June 15 surged 27.6% year-on-year to ₹1.48 lakh crore, signalling a robust economy and strong corporate performance, said people privy to the information.The amount included ₹1.14 lakh...
Indian corporates are likely to go slow on overseas dollar loans: BofA, ET BFSI
Mumbai: After having deleveraged their books, Indian corporates are likely to go slow on overseas dollar loans as current rates are expensive, although there is "huge pent-up demand" for buying into local firms' equity, a top Bank of America executive told ET."On the...
Sitharaman likely to present budget for fiscal year 2024-35 in second half of July, ET BFSI
NEW DELHI: Finance Minister Nirmala Sitharaman is likely to hold pre-budget consultations with industry chambers on June 20, sources said. The budget for 2024-25 fiscal is likely to be presented in Parliament in the second half of July.Industry sources said the...
1st Modi 3.0 Budget to eye job creation by expanding PLI scheme, MSME focus, ET BFSI
NEW DELHI: Steps to boost jobs by expanding the Production Linked Incentive scheme to furniture, toys, footwear and more segments of textiles, along with a focus on MSMEs, while increasing income levels of women and boosting infrastructure, are expected to be among...
PwC India expects upswing in small, mid-size M&A transactions, ET BFSI
PwC India anticipates an upswing in the India markets, especially in small to mid-size M&A (merger and acquisition) transactions and growth fundings driven by increasing investors' confidence. The year 2023 witnessed the emergence of a nuanced M&A landscape,...
Income tax relief for those in lowest slab may need to be considered in Budget: CII, ET BFSI
Income tax relief for the people in the lowest slab may need to be considered in the upcoming full Budget for 2024-25 considering the high levels of inflation, according to newly-elected CII President Sanjiv Puri. In an interview with PTI, he also suggested creation...
US based Wells Fargo bank fires several employees for faking work using keyboard simulation, ET BFSI
A bank in the United States reportedly fires several employees for faking work.As per a report of Bloomberg, Wells Fargo & Co recently terminated more than a dozen employees in its wealth and investment management division. These terminations occurred last month...
Startups’ pink slip count falls to 10,000 amid funding blues, ET BFSI
Indian startups have laid off about 10,000 employees so far in 2024 with funding across stages continuing to be constrained, while companies hire talent cautiously with a focus on improving bottom lines early on in their lifecycle.The first half of 2024 has been...
US based Wells Fargo bank fires several employees for faking work using keyboard simulation, ET BFSI
A bank in the United States reportedly fires several employees for faking work.As per a report of Bloomberg, Wells Fargo & Co recently terminated more than a dozen employees in its wealth and investment management division. These terminations occurred last month...
EPFO undertakes multiple systemic reforms to enhance ease of doing business; improve ease of living, ET BFSI
The Employees’ Provident Fund Organisation on Friday said the number of auto transfers generated by the retirement fund body has increased threefold from two lakh in April 2024 to six lakh in May 2024 while more than 25 lakh advance claims have been settled on auto...
Trai meets BFSI regulators, companies to use 160 series for voice calls, ET BFSI
The telecom regulator has met financial sector regulators and top banks to discuss the efficient use and implementation of the 160-series numbering series which has been newly allocated for transactional and service calls.Last month, in an attempt to reduce pesky...
NRI deposits surge, thanks to India’s strong post-pandemic report card, ET BFSI
India's robust post-pandemic economic performance has provided a stable foundation for the surge in NRI deposits, reflecting confidence in the country's financial stability and growth prospects. A new study on trends in NRI deposits by Bank of Baroda has shown the...
Foreign banks bought nearly $1 billion of India bonds on Thursday, data shows, ET BFSI
By Dharamraj DhutiaMUMBAI - Foreign banks bought Indian government bonds worth 80.38 billion rupees ($962.2 million) on Thursday, the biggest single-session purchase since Feb. 1, data from Clearing Corp of India showed.These banks stepped up purchases after a...
India’s trade deficit in May widens to $23.78 billion; exports rise 9%, ET BFSI
India's trade deficit widened to $23.78 billion, lower than economists' expectation of $19.5 billion, according to a Reuters poll.The country's merchandise exports rose by 9 per cent to $38.13 billion in May from a year earlier, helped by an increase in shipments of...
WPI inflation remains benign, likely to normalise by Sept-Oct: Experts, ET BFSI
New Delhi, The inflation in food articles is expected to rationalise by September-October as many of the kharif crops will enter the markets and supplement the existing supply, industry experts said on Friday.According to figures released by the Commerce Ministry,...
WPI Food Index increased from 5.52 pc in April to 7.40 pc in May, ET BFSI
New Delhi [India], June 14 (ANI): Wholesale food prices have skyrocketed month-on-month in May, with official data showing that the Whole Price Index for food rising from 5.52 per cent in April to 7.40 per cent in May.In the food basket, cereals, paddy, pulses,...
A 60% fall! Does falling FDI call for policy recalibration?, BFSI News, ET BFSI
The Reserve Bank of India (RBI) reported that net foreign direct investment (FDI) flows into India dropped 62% over the last fiscal year to USD 10.6 bn in FY24, the lowest since 2007.It cites that out of the gross FDI inflow of USD 70.9 bn, foreign companies...
BIS and MAS launch Project Viridis to tackle climate-related financial risks, ET BFSI
In a collaborative effort aimed at addressing climate-related financial risks, the Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) have introduced Project Viridis. This initiative seeks to integrate climate and regulatory data to...
When will FM Nirmala Sitharaman present Union Budget 2024? Check expected date, ET BFSI
Budget 2024 date: The Union Budget 2024 is likely to be unveiled by Finance Minister Nirmala Sitharaman on July 22. This will be the first comprehensive Budget presented by the Modi 3.0 government since assuming office.Prime Minister Modi's administration will...
HCES survey reveals shifts in consumption patterns, fall in rural-urban disparity: SBI Research, ET BFSI
]The latest Survey on Household Consumption Expenditure: 2022-23 (HCES) by NSSO, released shortly after the earlier Factsheet in February 2024, brings forth insights on changing facets of per capita consumption across rural and urban India. It highlights the influence...
BFSI leads as India Inc profit-to-GDP ratio rebounds to a 15-year high in FY24, ET BFSI
In 2024, the corporate profit to GDP ratio for the Nifty-500 Universe and listed India Inc. surged to 4.8% and 5.2%, respectively, reaching a 15-year high. This significant year-on-year improvement was primarily driven by the Banking, Financial Services, and Insurance...
Cash spending during elections 22 per cent higher this time, BFSI News, ET BFSI
Political parties likely spent more cash despite push on digital transactions during the latest Lok Sabha elections. Incremental currency in circulation since the election commission announced the election date in March till the last phase of election at Rs 89,080...
Go First granted 60-day extension by NCLT to complete insolvency proceedings, ET BFSI
Bankrupt airline Go First has received an additional 60-day window from the National Company Law Tribunal to complete its insolvency proceedings.The NCLT on April 8 extended the deadline to complete Go First's insolvency resolution process by 60 days to June 3. Prior...
Moneyview and Truecaller Join Forces to Fight Against Online frauds and Enhance Communication Efficiency, ET BFSI
NewsVoirBengaluru (Karnataka) [India], June 13: Moneyview, a leading financial services company has announced a strategic partnership with Truecaller, the leading global platform for verifying contacts and blocking unwanted communication. The partnership aligns with...
Pledges more steps to ensure ‘ease of living’; reforms drive to continue, ET BFSI
Finance minister Nirmala Sitharaman on Wednesday said the reforms momentum will continue, which will spur growth and ensure macro-economic stability, presenting an “optimistic economic outlook” for the coming years.Assuming charge of the ministries of finance and...
General Provident Fund (GPF) interest rate for April-June 2024 quarter announced, ET BFSI
The Ministry of Finance has announced the interest rate for the General Provident Fund (GPF) and other similar provident fund initiatives for April- June 2024 quarter.The General Provident Fund and other similar funds shall carry interest at the rate of 7.1% effective...
US consumer inflation falls to 3.3 percent ahead of Fed rate decision, ET BFSI
WASHINGTON: Fresh US consumer inflation data published Wednesday is unlikely to sway the Federal Reserve's plans to leave its key lending rate unchanged, but could alter how many rate cuts policymakers pencil in for this year.The annual consumer price index (CPI) came...
India’s retail inflation eases to 12-month low of 4.75 per cent in May, ET BFSI
India's retail inflation eased to a 12-month low of 4.75 per cent on an annual basis in May as against 11-month low of 4.83 per cent in the previous month, showed the government data on WednesdayThe number has remained within the Reserve Bank of India's (RBI)...
Industrial production declines to a three-month low of 5% in April, ET BFSI
The Index of Industrial Production (IIP) in India slowed to 5 per cent in April, a three month low, as against 5.4 per cent in March, revealed the data provided by the Ministry of Statistics and Programme Implementation (MoSPI) on Friday. The IIP growth rate was...
World Bank revises India’s FY25 growth forecast to 6.6%, BFSI News, ET BFSI
New Delhi: The World Bank Tuesday revised India's FY25 growth forecast upward to 6.6% from 6.4% projected in January, on the back of strong public investment accompanied by private capex and rise in private consumption.The multilateral institution noted that India is...
Recruiters focus on soft & technical skills for BFSI hiring, BFSI News, ET BFSI
A latest report by Indeed revealed that recruiters are increasingly focusing on soft skills and technical skills for BFSI hiring. Defying traditional expectations, the BFSI sector is now prioritizing soft skills alongside technical proficiencies.The most in-demand...
World Bank upgrades global growth outlook on resilient US economy, ET BFSI
The World Bank raised its global growth outlook on Tuesday on the back of resilient consumer spending in the United States, but warned that growth remains weak by historical standards.In updated forecasts, the Washington-based development lender said it now expects...
All eyes on FM Sitharaman for next-generation reforms to sustain growth, create jobs, ET BFSI
Budget 2024: The Union Budget 2024, likely to be presented by Finance Minister Nirmala Sitharaman in early July, is expected to outline the Narendra Modi government's vision for the next five years. It will also be closely monitored for the next-generation reforms...
PM Modi’s announcement on PMAY to boost GDP by over half-trillion-dollar, ET BFSI
PM Modi’s announcement on PMAY to boost GDP by over half-trillion-dollarAs the Prime Minister Narendra Modi took oath for his third term, the first decision he took was the approval of government assistance for the construction of three crore rural and urban houses...
PSU banks still remain top bet in financial space: Rahul Shah, ET BFSI
"This quarter numbers were pretty strong versus the private banks. So, PSU still remains the top bets in the financial space and that is what the mood also among from the desk as well," says Rahul Shah, MOSL.How is the mood at the desk? Are you recommending your big...
Nirmala Sitharaman assumes charge, ET BFSI
Nirmala Sitharaman on Wednesday assumed the charge of Union Finance Minister in Modi3.0For the second consecutive term in a row.She was earlier a Minister of State during the first term of the Modi Government (2014-2019).While assuming the charge, she expressed her...
10 Landmark decisions by FM Nirmala Sitharaman that transformed the Indian Economy, ET BFSI
The Indian Economy has witnessed tremendous transformation under the leadership of Finance Minister Nirmala Sitharaman. Being the first full-time woman finance minister of the country, Sitharaman has brought about many reforms and changes, introduced meaningful...
Sitharaman’s budget next month to lay out economic roadmap of Modi 3.0, ET BFSI
New Delhi: Back in saddle in signs of Prime Minister Narendra Modi preferring continuity in policy, Finance Minister Nirmala Sitharaman is likely to lay out the government's economic agenda when she presents the first annual budget of Modi 3.0 next month. Her task is...
Modi’s ‘lower political capital’ to hit implementation of tough reforms, says UBS, ET BFSI
Mumbai: Prime Minister Narendra Modi's "lower political capital" will make it difficult for the new government to implement hard reforms, a Swiss brokerage said on Monday. The potential rate of growth can go up to over 7.5 per cent, if the government is able to...
Modi’s new finance minister has their work cut out as challenges mount, ET BFSI
A day after the swearing-in of PM Narendra Modi and his new council of ministers, speculation is rife about who will be the next finance minister. Will Nirmala Sitharaman retain her position in the finance ministry for a consecutive second term, or will she move to a...
RBI declines to extend Bansal third tenure at Edelweiss ARC as MD & CEO, ET BFSI
The Reserve Bank of India (RBI) declined to reappoint RK Bansal as MD and CEO of Edelweiss Asset Reconstruction (ARC), the company said in a stock exchange notice.R K Bansal, age 66, served two terms of three years each as Edelweiss ARC's MD and CEO. The company's...
Bankers ask for final view on PSB divestments, lowered fiscal deficit & interest rates, ET BFSI
As the new government has been formed and ministries have been assigned to the Union Cabinet Ministers, the BFSI industry — from bankers to economists, NBFC leaders to insurance CEOs have started pouring in their expectations and list of industry asks from the newly...
Nirmala Sitharaman to continue as India’s Finance Minister, ET BFSI
Modi 3.0: Nirmala Sitharaman to continue as India's Finance Minister In the Modi 3.0 government, Nirmala Sitharaman is set to continue as India's finance minister again as the NDA government announced the portfolio on Monday.Yesterday, while Modi took his oath of...
ECB cuts rates, US payrolls surge, ET BFSI
The European Central Bank delivered the interest-rate reduction it’s been flagging for months — moving away from a record high — but stopped short of indicating more cuts may follow.In the US, payrolls surged in May and wage growth accelerated, prompting traders to...
What to expect from NDA 3.0’s budget #1, BFSI News, ET BFSI
The new NDA government's budget is likely to bake in higher-than-expected growth in the previous year and an unexpected bounty in central bank profits to aim for speedier fiscal correction. This course would support growth by lowering interest rates. If the budget...
Challenges Faced by New Finance Minister in Navigating Economic Uncertainty, ET BFSI
New Delhi: With the swearing-in of Narendra Modi’s council of ministers over, the question uppermost on everyone’s mind is who will be the next finance minister. Will Nirmala Sitharaman stay in the wood-paneled office on the first floor of North Block, which is home...
Nirmala Sitharaman takes oath as Union minister in PM Modi cabinet, ET BFSI
New Delhi [India], June 9 (ANI): Nirmala Sitharaman, who is among a few who have been Union Minister in both the 2014 and 2019 Modi cabinets, took oath as Union Cabinet Minister in Prime Minister Narendra Modi's new Union Council of Ministers on Sunday evening in the...
Narendra Modi takes oath as PM for third straight term, BFSI News, ET BFSI
Narendra Modi on Sunday was sworn-in as the Prime Minister of India for the third consecutive time by President Droupadi Murmu at Rashtrapati Bhavan in Delhi.The BJP-led National Democratic Alliance (NDA) under the leadership of PM Modi will be forming the government...
Asian earnings growth to outpace US and Europe, India’s growth momentum strong: Report, ET BFSI
Asian earnings growth is forecasted to outpace that of the US and Europe for both this year and the next, according to a recent analysis by CLSA quoting Bloomberg's projections.This optimistic outlook aligns with the Reserve Bank of India's (RBI) latest monetary...
Goldman Sachs sees market correction a buying opportunity in private bank stocks, ET BFSI
Goldman Sachs analysts have highlighted that the recent sharp correction in private bank stocks, following post-election results, presents a buying opportunity. These stocks experienced a significant recovery within two days, rebounding from the initial decline due to...
NCLT admits SBI’s personal insolvency plea against Videocon’s Rajkumar Dhoot, ET BFSI
The National Company Law Tribunal (NCLT) in Mumbai has accepted the State Bank of India's (SBI) application to initiate personal insolvency resolution proceedings against Rajkumar Nandlal Dhoot, promoter and co-owner of Videocon Group. This action follows a Rs...
Piyush Goyal on RaGa’s June 4 crash claim, ET BFSI
Conspiring to mislead market investors: Piyush Goyal on RaGa’s June 4 crash claim In a quick response to Rahul Gandhi’s attack on Prime Minister Narendra Modi and Home Minister Amit Shah accusing them behind the June 4 market crash, BJP leader Piyush Goyal said he is...
RaGa wants JPC probe for June 4 stock market crash, questions Modi, Shah, ET BFSI
Congress party leader Rahul Gandhi (C) addresses a press conference.In a bombshell accusation against the Prime Minister Narendra Modi and Home Minister Amit Shah, Congress leader Rahul Gandhi said the duo’s statement over stock market in pre-poll campaigns resulted...
How will the coalition govt affect the vision of Viksit Bharat?, ET BFSI
The incoming central government, despite not being a lame duck, will rely heavily on coalition partners known for frequently shifting their political allegiances. However, this does not necessarily spell the end for economic reforms, given the historical track record...
India, US, 12 others likely to ink pact today to meet climate financing goal, ET BFSI
India, the US and 12 other countries on Thursday are likely to ink an agreement to help them meet their climate objectives through collaborative financing without imposing barriers.The proposed Clean Economy Agreement under the Indo-Pacific Economic Framework (IPEF)...
Yellen to warn of ‘significant risks’ from use of AI in finance, ET BFSI
By David LawderWASHINGTON, - U.S. Treasury Secretary Janet Yellen will warn that the use of artificial intelligence in finance could lower transaction costs, but carries "significant risks," according to excerpts from a speech to be delivered on Thursday.In the...
Rupee falls though Asian peers gain; forward premiums tick up, ET BFSI
The Indian rupee weakened on Thursday despite broad gains in Asian currencies, which were pushed higher by improved odds of the Federal Reserve cutting policy rates later this year.The rupee was at 83.43 against the U.S. dollar as of 09:35 a.m. IST, down from its...
Rupee pressed by equity outflows, supported by soft dollar, ET BFSI
The 1-month non-deliverable forwards indicate rupee will open nearly flat from 83.37 in the previous session. On the back of likely intervention by the central bank, the rupee managed a recovery on Thursday.The Indian rupee is expected to open largely unchanged on...
NCLT orders insolvency proceedings against Jaypee Associates on ICICI, SBI plea, ET BFSI
The initial insolvency plea was filed by ICICI Bank in 2018, followed by SBI's plea in 2022, which claimed a total default of Rs 6,893.15 crore.The Allahabad bench of the National Company Law Tribunal (NCLT) directed the initiation of insolvency proceedings against...
Macro policy choices unclear, but work cut out on reforms agenda, ET BFSI
I will keep it simple. In FY24, nominal GDP grew 9.6%, CPI inflation recorded 5.4%, and real GDP growth was estimated at 8.2%. Typically, in most economies real GDP growth broadly tracks the difference between nominal GDP growth and CPI inflation. In India's case,...
The 100 Billion Dollar Climate Finance Conundrum, BFSI News, ET BFSI
It is surprising that the Parties – member countries in UNFCCC parlance - that burn the midnight oil (an equivalent LED based idiom has yet to emerge) every COP on the bracketed text and in reading between the lines, left the most important of the operative parts...
SEBI launches SaaRs thi app to understand personal finance for investors, ET BFSI
The capital markets regulator, the Securities and Exchange Board of India (SEBI) has launched 'SaaRsthi' mobile app on personal finance for investors.This user-friendly app will help investors understand complex financial concepts in a simple way, the market regulator...
Macro policy choices unclear, but work cut out on reforms agenda, ET BFSI
I will keep it simple. In FY24, nominal GDP grew 9.6%, CPI inflation recorded 5.4%, and real GDP growth was estimated at 8.2%. Typically, in most economies real GDP growth broadly tracks the difference between nominal GDP growth and CPI inflation. In India's case,...
Electoral shock dashes hopes of rate cut, BFSI News, ET BFSI
It is well known that food inflation has been a thorn in the Reserve Bank of India's (RBI) side for long, but the elections have thrown up a new reason for the central bank to keep rate cuts at bay for the foreseeable future - a potentially new fiscal landscape led by...
Bias of markets expected, rural & agriculture to be the new focus areas: Reports, ET BFSI
India’s national election has returned BJP-led National Democratic Alliance for the third time to power but the final seat tally has been significantly lower than predicted by the Exit polls (~370 seats) and achieved in 2019 (353 seats). In particular, the loss of...
Rupee ticks higher on likely cenbank intervention; traders eye equity flows, ET BFSI
By Jaspreet KalraMUMBAI - The Indian rupee rose on Wednesday, aided by likely intervention from the central bank after the currency slumped the most in over a year in the previous session following a narrower than expected victory margin for Prime Minister Narendra...
Strong growth, lower fiscal deficit may lead to India rating upgrade: Deutsche Bank, ET BFSI
Mumbai: Strong growth and a narrower fiscal deficit can lead to a sovereign rating upgrade for India, a German brokerage said on Monday. The government's commitments on fiscal deficit to 5.1 per cent in FY25 and further down to 4.5 per cent in FY26 "look more credible...
Where and how to watch live vote counting, ET BFSI
All eyes are on the results of the Lok Sabha elections set for Tuesday, featuring numerous high-profile electoral battles. The voting for the 543-member Lok Sabha (with Surat and Indore seats uncontested) was conducted over seven phases from April 19 to June 1.The...
Indian Economy’s metamorphosis post-independence, ET BFSI
~Shrishti SharmaThe tussle between Nyay Patra and Modi ki Guarantee has arrived on its judgement day. However, the outcome has been on a flip-side against what was predicted by the exit polls. As the Parliament is set to induct members of the 18th Lok Sabha, here’s a...
Markets bleed as initial trends show no sign of Modi magic, ET BFSI
Before the big day on June 4, all speculations were centred upon how big will BJP-led NDA's victory margin be. But as the counting process unfolded, India was in for a shocker of sorts -- in the first two hours, the INDIA bloc didn't trail nowhere as badly as...
Banking stocks on shaky ground as market witnesses worst fall in last 4 years, ET BFSI
Banking stocks on shaky ground as market witnesses worst fall in last 4 yearsAmid the highly volatile market with worst fall in the last 4 years since March 2020, banking stocks were on a shaky ground as investors rushed to book profits.The largest Public Sector Bank,...
UBS remains ‘underweight’ on India, sees three emerging scenarios, ET BFSI
As the Lok Sabha Election 2024 going on a flip side with BJP not getting the expected numbers, UBS has released a report saying the valuations are expensive, and remain 'underweight' on India.The report further said that it seems like BJP may not cross 272-mark on its...
India Inc. cautiously optimistic as BJP may fall short of majority, ET BFSI
Election Results 2024The exit polls suggested a decisive victory for the BJP-led National Democratic Alliance (NDA) with a projected two-thirds majority in the lower house of parliament. However, the emerging results indicate a closer contest, with the NDA leading in...
INDIA bloc gives up lead, NDA back at the front in Uttar Pradesh, early trends show, ET BFSI
The Opposition coalition of parties led by the INDIA bloc was trailing once again in Uttar Pradesh with around 29 seats while the NDA was leading with 47 seats, as per early trends around 10:00 am.Exit polls conducted on Saturday by major television channels predict a...
6,100-point crash not enough! Sensex may fall more if NDA’s final tally drops below 300 seats, ET BFSI
Disappointed with early counting trends that showed Dalal Street’s favourite Prime Minister Narendra Modi-led NDA alliance may win elections but with a lower-than-expected seat count, Sensex today fell over 6,100 points to record the biggest intraday fall in the last...
Amid poll jitters, here’s how Rahul Gandhi’s stocks performed, ET BFSI
Congress leader Rahul GandhiRahul Gandhi, the leader of key opposition party Congress, had a good start in terms of number at both the vote counting as well as the share market on Tuesday. The share market had a bloodbath since morning with both the Sensex and Nifty...
Opposition says Exit Poll done to influence share market, ET BFSI
People watch results for India's general elections on a screen outside the Bombay Stock Exchange (BSE) in Mumbai, India, June 4, 2024. REUTERS/Francis MascarenhasAmid the initial numbers indicating a mixed results for the Lok Sabha Elections 2024, the opposition said...
How rupee, financial markets may react to various poll outcomes, ET BFSI
As the final phase of polling for the Indian General Elections concludes, with results set to be announced on Tuesday, the financial markets are closely watching the potential impact on the Indian rupee. Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) is...
Experts, BFSI News, ET BFSI
Chennai, The return of Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) to power for the third time in succession, as predicted by various Exit Polls, augurs well for the Indian economy as it provides stability and continuity in policy-making, said...
India’s manufacturing growth slows to 3-month low, but above its long-run average, ET BFSI
India's manufacturing sector experienced a slowdown in growth during May, with the HSBC final India Manufacturing Purchasing Managers' Index falling to 57.5 from 58.8 in April. Despite this decline, the index remained above the 50-mark, indicating continued expansion...
New govt may cut FY25 fiscal deficit target amid robust growth and windfall RBI dividend, ET BFSI
New Delhi: The new government may cut the fiscal deficit target for the current financial year when it presents the full budget in July, encouraged by a better-than-expected deficit reading for FY24 and the generous dividend payout from the central bank, people...
Modi wave on D-Street! Investors add Rs 11 lakh crore as Sensex skyrockets 2,600 pts to record high, ET BFSI
Indian benchmark equity indices Nifty 50 surged past 23,000 and BSE Sensex crossed the 76,000 mark as they opened at a record high on Monday, buoyed by exit polls predicting a third term with a sizable mandate for Prime Minister Narendra Modi. Investors are optimistic...
RBI Annual Report, ET BFSI
The Reserve Bank of India (RBI) along with NPCI international payments ltd (NIPL) will work towards taking UPI to 20 countries by FY29. RBI Annual report says possibilities will be explored for increasing the global footprints of UPI and RuPay."In light of goals for...
Stage set for new government to press on next-generation reforms, ET BFSI
The new government has the launchpad to undertake next-generation reforms on account of a robust GDP growth, prospects of a good monsoon, healthy foreign exchange reserves and a stable rupee, Assocham president Sanjay Nayar said.India will continue to be the world’s...
Modi Govt turned around banking sector, over Rs 10 lakh cr bad loans recovered in 10 years: FM, ET BFSI
New Delhi, Finance minister Nirmala Sitharaman on Friday said the Modi government has turned around the banking sector through various reforms and improved governance which has led to banks recovering more than Rs 10 lakh crore from bad loans between 2014 and 2023....
PFRDA reviews strategies for expansion and distribution of NPS, ET BFSI
The pension sector regulator Friday reviewed strategies for expansion, comprehensive coverage and distribution of the national pension system or NPS through point of presence or PoPs.In a statement, the Pension Fund Regulatory and Development Authority (PFRDA) said...
Adani One superapp clocked gross sales of Rs 750 crore in FY24, ET BFSI
The Adani group's superapp Adani One clocked gross merchandise value (GMV) of Rs 750 crore in 2023-24, according to the annual report of the group's flagship company Adani Enterprises Ltd.The user base of the superapp grew to 30 million at the end of the financial...
India’s fiscal deficit improves to 5.6% of GDP in FY24, lower than target of 5.8%, ET BFSI
India's fiscal deficit stood at Rs 16.54 lakh crore in FY24 as against the budgetary target of Rs 17.86 lakh crore. With this, the fiscal gap has reached 95.3 per cent of the budgetary target, data from the Comptroller General of Accounts showed on Friday.The central...
India utilised 99.9% of its capex target in FY24, ET BFSI
The Centre has utilised Rs 9,48,506 crore as part of its capital expenditure in FY24 as against revised estimate (RE) of Rs 9,49,555 crore, which account for 99.9 per cent of the RE government data showed on Friday.Spending picked up in September 2023 and once again...
India’s GDP grows 7.8% in Q4FY24, surpasses RBI’s estimate, ET BFSI
GDP (Representational)The Gross Domestic Product (GDP) growth rate in the quarter ending March 31 of the Financial Year 2024 grew by 7.8%. The growth rate surpasses the Reserve Bank of India’s (RBI) estimate of 7%.Further, the data released by the National Statistical...
India’s m-cap adds a trillion in 117 days, BFSI News, ET BFSI
Mumbai: Total market capitalisation of all stocks listed on the BSE surpassed $5 trillion briefly on Tuesday for the first time, making India the fifth country after the US, China, Japan, and Hong Kong to achieve this milestone, according to data from DSP Mutual Fund....
Report, BFSI News, ET BFSI
Job postings increased 31% year-on-year in the first four months of 2024, mostly driven by sectors including e-commerce, BFSI (banking, financial services and insurance) and hospitality, according to jobs and professional networking platform apna.co.“With the...
EPFO relaxes mandatory uploading of cheque leaf image, attested bank passbook for these cases, ET BFSI
The Employees Provident Fund Organisation (EPF) has announced that it has relaxed the requirement of mandatory uploading of the image of cheque leaf, attested bank passbook for certain eligible cases. This will help to expedite the settlement of claims filed online...
Ahead of poll results, S&P Global raises India outlook to positive, ET BFSI
S&P Global Ratings revised its outlook on India to positive from stable. At the same time, it has affirmed its 'BBB-' long-term and 'A-3' short-term unsolicited foreign and local currency sovereign credit ratings.The transfer and convertibility assessment remains...
India’s GDP growth robust on back of solid investment demand: RBI, ET BFSI
India's GDP growth is robust on the back of solid investment demand which is supported by healthy balance sheets of banks and corporates, the government's focus on capital expenditure and prudent monetary, regulatory and fiscal policies, the RBI said on Thursday.In...
Rupee aided by “mild” dollar offers from public sector banks, BFSI News, ET BFSI
By Nimesh VoraMUMBAI - The Indian rupee, having opened weak on Thursday on worries over the rise in U.S. Treasury yields, received help from dollar offers from public sector banks.The rupee was at 83.4150 to the U.S. dollar at 10:40 a.m. IST, having opened at 83.42,...
Financialisation leading to higher women voter turnout in Lok Sabha Elections: Report, ET BFSI
Financialisation leading to higher women voter turnout in Lok Sabha Elections: ReportA recent report by the State Bank of India research highlighted a correlation between the financialisation of women and rise in their voter turnout.“If we map the change in female...
S&P rating upgrade likely for India by FY27, in sync with 3rd largest economy: Report, ET BFSI
S&P rating upgrade likely for India by FY27, in sync with 3rd largest economy: Report (Representational image)India could see a rating upgrade by the Financial Year 2027, synchronous with the tag of the 3rd largest economy, said the State Bank of India research...
NARCL board recommends P Santhosh as MD & CEO, BFSI News, ET BFSI
Mumbai: The board of National Asset Reconstruction Company (NARCL) has recommended P Santhosh for the post of managing director and chief executive officer of the state-owned bad bank, people aware of the matter said.Santhosh has been interim CEO of NARCL since...
Why Indians borrowing more and saving less shouldn’t worry you, ET BFSI
DK Joshi, Chief Economist, CRISIL, says what is currently playing out is that when the households put money in financial assets, they are moving a little away from the bank deposits towards higher paying assets like mutual funds or stocks or for that matter they could...
Nirmala Sitharaman hints reconsideration of 45 days MSME rule, ET BFSI
Coming as a relief to the micro, small and medium enterprises (MSMEs) entities, Finance Minister Nirmala Sitharaman hinted at the possibility of the government reconsidering changes made to the income tax rules mandating payments to MSMEs within 45 days.Further, the...
India leading global fintech ecosystem thanks to DPI-UPI: PM Modi, ET BFSI
Prime Minister Narendra Modi Driven by digital public infrastructure (DPI) models like unified payments interface (UPI), the country is now leading the global fintech ecosystem and several countries are ready to embrace the 'India Stack' solutions to empower the...
Report, BFSI News, ET BFSI
The report highlights the contribution of startups in accelerating the overall hiring for freshers Technological advancements, infrastructural development and easy availability of talent pool have helped India develop a booming startup ecosystem, and this has created...
India, Singapore finalising several pacts to shore up cooperation in emerging areas, ET BFSI
New Delhi, India and Singapore are looking at firming up around half-a-dozen ambitious agreements to shore up cooperation in areas of green economy, digitalisation, energy, food security and healthcare soon with an aim to further bolster their strategic ties,...
Indian economy grew 7.4% in Q4 FY24; 8% in FY24: SBI Research, ET BFSI
Indian economy is expected to surprise in the fourth quarter of FY24 with 7.4% growth, pushing full year estimate to 8%, State Bank of India research said Tuesday.The Indian economy averaged 8.2% growth in the first three quarters of the year. The full year number at...
FY25 capital expenditure outlay may be hiked by 10%, ET BFSI
New Delhi: India could increase its FY25 capital expenditure outlay by 8-10% from the ₹11.11 lakh crore allocated in the vote on account when the full budget is presented thanks to better-than-expected tax revenue and a record surplus transfer by the RBI to the...
Govt’s cash balance surges, banks starve, ET BFSI
Mumbai: The ongoing general elections have thrown up a problem of plenty for the government - its cash balances are much higher than before the previous two Lok Sabha polls, but curbs on spending mean that banks are parched of funds while the Centre tries hard to...
Hyundai adds more banks for possible record D-Street IPO, ET BFSI
Hyundai Motor Co. has brought in Kotak Mahindra Bank Ltd. and Morgan Stanley as advisers on a potential initial public offering of its India unit, according to people familiar with the matter, as the automaker considers what might be one of the biggest-ever listings...
Liquidity deficit surges to four-month high, BFSI News, ET BFSI
Mumbai: Deficit liquidity, as measured by bank borrowings from the Reserve Bank of India (RBI), has widened to the highest level in four months as tax outflows and constraints on government spending amid elections have left lenders with a cash crunch, pushing up...
Rupee lingers in narrow band even as most Asian currencies inch up, ET BFSI
By Jaspreet KalraMUMBAI - The Indian rupee was little changed on Tuesday, unable to gain from an uptick in most Asian peers, with traders anticipating rangebound moves until the outcome of India's general election. The rupee was at 83.1325 against the U.S. dollar as...
Timely alerts on transactions via UPI, debit card, credit card, net and mobile banking, ET BFSI
To make sure that your bank account is not misused by fraudsters for carrying out unauthorised transactions, many banks have implemented a safety feature - transaction confirmation. In this feature the bank sends an immediate alert to you before allowing any unusual...
Four European Union banks seek RBI nod for clearing model, ET BFSI
Four top European banks, which also play key custodian roles in the local sovereign debt trade, have sought the Reserve Bank of India's (RBI) go-ahead for a third-party transaction model to break the impasse involving their home authorities and domestic policymakers...
Centre may get around ₹1 lakh crore in RBI dividend, BFSI News, ET BFSI
Recent actions by the Reserve Bank of India (RBI) suggest that it may transfer a higher dividend - possibly in the region of ₹1 lakh crore - to the government than last year, giving a potential boost to New Delhi's finances.Last week, the RBI announced a steep cut in...
Average of 7,000 cybercrime complaints recorded daily in May, ET BFSI
Average of 7,000 cybercrime complaints recorded daily in MayIn a recent revelation, the Indian Cyber Crime Coordination Centre (I4C) stated that in May 2024, an average of 7,000 cybercrime complaints were recorded daily.This marked a significant surge of 113.7%,...
Ex- cabinet secretary Pradeep Kumar Sinha is ICICI chief, BFSI News, ET BFSI
MUMBAI: Former cabinet secretary Pradeep Kumar Sinha will take over as chairman of ICICI Bank from G C Chaturvedi, who retires, the bank said in a notification to the exchanges. RBI approved Sinha's appointment on May 24 for a three-year term effective July 1, 2024....
India’s Q4 FY24 GDP likely to have grown at 6.1-6.7 pc: Economists, ET BFSI
New Delhi, India's GDP in the fourth quarter of financial year 2023-24 is expected to have grown within the range of 6.1-6.7 per cent, lower than over 8 per cent rate recorded in the previous three quarters, according to projections by various economists. The GDP...
Illegal betting for Lok Sabha election, IPL exploiting UPI to conduct fraud, ET BFSI
Illegal betting for Lok Sabha election, IPL exploiting UPI to conduct fraudAs the country is approaching the last phase of the mega-electoral event, the Lok Sabha elections, reports suggested that illegal betting is attaining new peaks. Not only the Lok Sabha...
World Bank chief Ajay Banga open to managing G7 loan to Ukraine, ET BFSI
World Bank President Ajay Banga told Reuters on Friday that he is "absolutely" open to the idea of managing a fund for Ukraine that would disburse a G7 loan to the war-torn country based on the earnings from frozen Russian assets, at least for non-military...
Aditya Birla Group joins $100 billion market cap club, BFSI News, ET BFSI
MUMBAI: The market capitalisation of Aditya Birla Group companies crossed $100 billion for the first time on Friday riding on a rally in shares of UltraTech, Hindalco, and Vodafone Idea.The combined valuation of the 12 companies in the group stood at nearly Rs 8.5...
52% consumers got salary hike, 60% able to save after expenses: Report, ET BFSI
The consumer sentiments of the lower middle class population in the urban and semi urban spaces are buoyant about the economy. The financial well-being index increased from 35 to 39 in terms of current status and from 63 to 66 in terms of future expectations, revealed...
Ahead of June summit, G7 finance ministers to decide on climate finance for developing nations at May 23-25 meeting, ET BFSI
NEW DELHI: Ahead of the G7 summit next month, the finance ministers of the group of seven rich nations — Canada, France, Germany, Italy, Japan, the UK, and the USA — are expected to make decisions on delivering climate finance for developing countries during their...
RBI cautions retail investors against dealing in cryptocurrencies; says it’s speculative, gamble, ET BFSI
Private digital currencies, commonly known as cryptocurrency, are currently unregulated in India.The Reserve Bank of India (RBI) yet again urged retail investors to be more cautious while investing in cryptocurrencies, and noted that the crypto ecosystem lacks...
Cybercriminals’ New Trick to Swindle Citizens with ED Threats, ET BFSI
AHMEDABAD: The Enforcement Directorate is in the news almost every day, conducting a series of raids and seizing assets worth crores of rupees, and cybercrooks seem to have noted this. The Cybercrime police have uncovered several cases where Amdavadis were intimidated...
Govt eyes $12 billion bonanza from RBI, BFSI News, ET BFSI
India’s central bank is expected to pay up to one trillion rupees ($12 billion) as dividend to the federal government, economists said, a move that would boost New Delhi’s coffers and help meet its budget deficit target.The Reserve Bank of India’s central bank of...
Demand momentum in India rising, rural spending picking pace, says RBI, ET BFSI
By Swati BhatMUMBAI, - Aggregate demand momentum in India is rising, with the overall non-food spending being pushed up by green shoots in rural spending recovery, the Reserve Bank of India said in its monthly bulletin on Tuesday."Recent indicators are pointing to a...
No tax exemption on concessional or interest free loan from the employer, not even for bank employees, says SC, ET BFSI
Employees who receive a loan at a concessional interest rate from their employer are required to pay income tax. This practice is most common in banks, making bank employees the most affected group due to this rule. However, the All India Bank Officers Confederation...
Go First’s creditors to auction pledged 94-acre land parcel in Thane, ET BFSI
Creditors of Go First Airlines are set to auction a prime 94-acre land parcel kept as collateral with them in Thane near Mumbai.The creditors have set around INR 1,960 crore as the reserve price for the property and a formal auction process is likely to start...
Surge in personal loans by NBFCs & Fintechs, most are poor quality borrowers: Report, ET BFSI
There has been an unprecedented rise in unsecured lending as more and more fintech companies and NBFCS are acquiring new to credit customers, and customers — mostly millennials and genz are opting for small ticket size loans. However, many of these newly acquired...
Unicorn minting slows down in India, IPOs become attractive: Report, ET BFSI
A recent report by Blume Ventures highlighted that unicorn minting has almost come to a halt in India while the IPO market is booming. Approximately 10 unicorns got minted in 2018, 7 in 2019, 12 in 2020, a whopping 45 in 2021, about 22 in 2022, and significantly less...
Tata Motors partners with Bajaj Finance for supply chain finance solutions, ET BFSI
Saha added that this collaboration will benefit dealers and also contribute to enhancing the growth of the automotive industry in India.On Monday, Tata Motors announced that its passenger vehicles and passenger electric mobility subsidiaries have partnered with Bajaj...
More Public Sector Banks set to come on board with ONDC, says Joint Secretary, DPIIT, ET BFSI
Sanjiv Singh, Joint Secretary, DPIIT, Ministry of Commerce In an exclusive interview with ETBFSI, the Joint Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Sanjiv Singh, told that many more Public...
Comm Min holds discussions on formulating SOPs to negotiate FTAs, ET BFSI
The commerce ministry has held detailed discussions with senior officials of different departments and trade experts on formulating standard operating procedures (SOP) for negotiating free trade agreements (FTAs), an official said. To discuss the various aspects of...
Over $239 mn raised by 26 Indian startups in funding last week, ET BFSI
New Delhi, More than $239 million was raised by 26 Indian startups in funding last week, which includes nine growth-stage deals and 15 early-stage deals. Two early-stage startups did not disclose the amount raised, reports Entrackr.In the week of May 6-11, around 24...
Ind-RA, BFSI News, ET BFSI
India Ratings and Research expects the country's GDP growth rate for the March quarter at 6.2 per cent and around 6.9-7 per cent for the 2023-24 fiscal, its principal economist Sunil Kumar Sinha said. The GDP numbers for the fourth quarter (January-March 2024) and the...
Investors taking a shine to Indian climate tech space, BFSI News, ET BFSI
Supportive policies and a growing consumer cohort is attracting risk capital investors to back startups in India’s climate tech space, especially in the early stages.Investors like Blume Ventures, enterprise software and fintech-focused Leo Capital, and new firms like...
RBI governor casts vote in Mumbai, urges people to exercise democratic right, ET BFSI
Reserve Bank of India Governor Shaktikanta Das cast his vote early morning in Mumbai today and urged all electors to exercise their democratic right."I urge all the voters to vote…this is a right in our parliamentary democracy and everyone should exercise it," Das...
N Vaghul, the banking doyen, passes away at 88, BFSI News, ET BFSI
Narayanan Vaghul, the banker who sowed the seeds of financial conglomerate ICICI, passed away today. He was 88.He was on the ventilator for the last two days at Apollo Hospital in Chennai, in critical condition. He was admitted to hospital after he fell and was...
DFS Secretary, BFSI News, ET BFSI
New Delhi: There is a need to review and rationalise the schemes running for micro, small and medium enterprises to increase their reach, said Vivek Joshi, secretary, department of financial services, ministry of finance. There are over 300 schemes for MSMEs run by...
CEA Anantha Nageswaran bats for fresh round of capital market reforms, ET BFSI
NEW DELHI: India needs to think of another round of capital market reforms to finance economic growth on a sustainable basis, chief economic advisor V Anantha Nageswaran said on Friday and stressed the importance of keeping the current growth and financial cycle as...
ONDC aims to democratise digital commerce with 70% SMEs onboard: Secretary, DPIIT, ET BFSI
Rajesh Kumar Singh, Secretary, DPIITWhile highlighting the significance of Open Network for Digital Commerce (ONDC) for the small businesses, Rajesh Kumar Singh, Secretary, DPIIT said that on the platform, 70% are the medium and small size sellers.“ONDC was created...
Nirmala Sitharaman engages with commuters, takes Delhi Metro ride to Laxmi Nagar
Union Finance Minister Nirmala Sitharaman took a ride on the Delhi Metro to Laxmi Nagar, engaging with commuters during her journey, emphasizing the significance of public transport and connecting with people's everyday lives.
UN revises India’s 2024 growth forecast to 6.9%, ET BFSI
A strong domestic economy will push India’s growth to 6.9% in 2024 from 6.2% projected earlier, the United Nations said in its latest World Economic Situation and Prospects report’s mid-year update.“India’s economy is forecast to expand by 6.9 per cent in 2024 and 6.6...
IFC extends $500mn credit line to HDFC Bank for women loans, BFSI News, ET BFSI
Mumbai: The International Finance Corporation, an arm of the World Bank that supports private sector initiatives, has extended a $500 million credit line to HDFC Bank to provide finance to women through microloans in rural areas.The private lender will use the money...
Mastercard, Standard Chartered pilot tokenised deposit transaction, ET BFSI
Standard Chartered Bank in Hong Kong has successfully completed a proof-of-concept (PoC) project in collaboration with Mastercard, Mox Bank, and the government bond platform Libeara to explore the benefits of tokenised deposits for settling tokenised carbon...
A virtual hold for a real crime, BFSI News, ET BFSI
Mumbai: Amid suspicions that money robbed in a cyber attack and laundered are parked in cryptos, the idea of a 'designated official wallet' to hold and ring fence crypto currencies bought with the proceeds of crime has cropped up.Soon after a transaction by a scammer...
HDFC Manufacturing Fund raises over Rs 9,500 crore, BFSI News, ET BFSI
Mumbai: HDFC Manufacturing Fund raised between ₹9,500 crore and ₹10,000 crore - the highest by an actively-managed equity mutual fund in a new fund offer (NFO) in the past three years. Financial planners and distributors said heightened investor appetite for the...
India benefiting from more investments coming into the country as less foreign investment going into China: UN expert, ET BFSI
United Nations: India registered "very robust" economic growth performance and has become an alternative investment destination for many western companies as "less and less" foreign investment is going into China, an expert at the UN said as the global body revised...
Sebi open to oversight of crypto trade, in contrast to Reserve Bank: Report, ET BFSI
NEW DELHI - India's market watchdog has recommended that several regulators oversee trade in cryptocurrencies, documents show, the strongest signal to date that at least some authorities in the country are open to allowing the use of private virtual assets.The...
Go Digit Insurance IPO subscribed 50% so far on Day 2. Check GMP & other details, ET BFSI
The initial public offer (IPO) of Go Digit Insurance was subscribed 50% so far around 12:20 pm on second day of the bidding process on Thursday.The retail portion was fully subscribed at 2.03 times around this time while the non-institutional investors' portion was...
Best Stories of the last 5 years, BFSI News, ET BFSI
Editor's View:1) Digital Lending: What if customers Buy Now but Don't Pay Later?2) Tomato and Thalinomics3) From Unicorn to Cockroach4) How much Earth does man need?5) Cyber monster is growing and Frankenstein is confusedBanking :1) Adding a game to banking2)...
Rupee to open higher after data boosts odds of Fed rate cuts, BFSI News, ET BFSI
By Nimesh VoraMUMBAI - The Indian rupee will open higher on Thursday after weak U.S. retail sales and cooling U.S. inflation made it more likely that the Federal Reserve will cut rates later this year. Non-deliverable forwards indicate the rupee will open at...
MoEngage Launches ‘MoEngage for Financial Services’ at their Flagship #GROWTH Summit in Mumbai, ET BFSI
In a world where exceptional customer experiences are key, enterprises in Financial Services are often stuck with outdated marketing tools that make it difficult for them to offer contextual and personalized digital experiences in real-time.Raviteja Dodda, the CEO and...
CBI arrests Dheerj Wadhawan in Rs 34,000-crore bank fraud, ET BFSI
The CBI has arrested former DHFL Director Dheeraj Wadhawan in connection with the alleged defrauding of a 17-member lender bank consortium to the tune of Rs 34,000 crore, officials said Tuesday. Wadhawan, arrested from Mumbai on Monday night, was produced before a...
Ind-Ra sees Rs 30,000 crore green securitisation market on EV penetration by 2030, ET BFSI
India Ratings and Research (Ind-Ra) has said that green securitisation could emerge as a potential tool for bridging the deficit and financing the debt required to achieve India’s net-zero goal by 2070. Green securitisation is a securitisation tool used for financing...
NCLAT lifts lien on IL&FS Transportation, ET BFSI
The National Company Law Appellate Tribunal Tuesday ordered lifting of lien on IL&FS Transportation Networks Limited's (ITNL) terming Maharashtra tax department's attachment of the account and creating a lien as contrary to its previous decision.The NCLAT in its...
Indian economy projected to expand at 6.6% in FY25, says Moody’s, ET BFSI
Moody's Ratings stated on Tuesday that the Indian economy is projected to expand by 6.6 per cent in the current fiscal year (FY25). The agency highlighted that strong credit demand, fueled by robust economic growth, will bolster the profitability of the Non-Banking...
Wholesale inflation rises to a 13-month high of 1.3% in April, ET BFSI
Food and fuel pushed wholesale inflation to a 13-month high of 1.26% in April compared with 0.53% in the previous month, according to data released Tuesday.“The year-on-year (YoY) WPI inflation hardened to a 13-month high of 1.3% in April 2024 (-0.8% in April 2023)...
Exim posts 62% rise in profits, to raise over Rs 60,000 crore from local markets this year, ET BFSI
Export financier Exim Bank recorded a 62 percent growth in net profit for the year ending March 2024 as it could control bad loans. The lender is planning to raise over Rs 60,000 crore in FY'2024-25 from the domestic market in addition to $3-3.5 billion from the...
Artificial intelligence may impact 60% of jobs in advanced economies and 40% of jobs around the world in 2 years: IMF Chief, ET BFSI
"We have very little time to get people ready for it, businesses ready for it," she told the event organised by the Swiss Institute of International Studies, associated to the University of ZurichZURICH: Artificial intelligence is hitting the global labour market...
Carlyle hires 5 I-banks for $1 bn Hexaware IPO, BFSI News, ET BFSI
MUMBAI: The PE fund Carlyle has hired about 5 investment banks -Kotak Securities, JP Morgan, Citi, IIFL Securities, HSBC Securities to run the process to list its BPO portfolio Hexaware, said people aware of the development.Carlyle plans to raise about $1 billion (Rs...
Govt proposes, market disposes, over price, BFSI News, ET BFSI
Mumbai: A pricing contest is playing out between the Reserve Bank of India (RBI) and sovereign bond traders as the central bank tries to deftly manage the government's borrowing cost, provide sufficient liquidity to the markets, and ensure that its stance of...
BRICS Summit may discuss a common currency, but can it work?, ET BFSI
The upcoming annual summit of the BRICS bloc, scheduled for October in Russia, will centre on discussions about introducing a new currency to challenge the dominance of the US dollar in global trade. Amid efforts by BRICS nations to de-dollarize their economies,...
Inflation eases further to an 11-month low of 4.83% in April, despite higher food inflation, ET BFSI
India’s inflation eased further to an 11-month low of 4.83% in April compared with 4.85% in the previous month, as food inflation inched higher owing to high vegetable and pulses inflation.“Although food inflation is marginally higher at 8.7%, the downward pressure...
Quant Mutual Fund gets RBI nod to increase stake up to 9.98% in RBL Bank, ET BFSI
Quant Money Managers has received RBI approval to increase ‘aggregate holding’ of up to 9.98% of the paid-up share capital or voting rights in RBL Bank through various schemes of Quant Mutual Fund.At present, Quant Mutual Fund through its various schemes held 4.68% of...
India Inc hunts for new cyber warriors, BFSI News, ET BFSI
Corporate India is on the hunt for cybersecurity talent. Amid data breaches, progressive regulatory expectations and introduction of generative artificial intelligence platforms making security controls and processes vulnerable, companies are beefing up their...
Pvt sector capex likely to expand amid expectations of high growth: Experts, ET BFSI
New Delhi: Private sector capital expenditure is likely to see a gradual expansion amid expectations of high growth though geopolitical uncertainties and tepid consumption remain a concern, say economists.CII's business confidence index touched a 12-quarter high in...
ADB Chief Economist, ET BFSI
New Delhi: India needs to focus on factor market reforms like land and labour to propel India's growth to a double-digit trajectory, ADB Chief Economist Albert Park has said. "There are still concerns that the basic factor markets like land and labour in the formal...
Esop non-disclosure triggers black money law, BFSI News, ET BFSI
A brush with the harsh Black Money law can sometimes be an unwanted consequence of employee stock ownership plan (ESOP) offered by overseas companies.A number of resident individuals working in Indian subsidiaries and arms of offshore parents have recently received...
India to become world’s 4th largest economy by 2025 by overtaking Japan, predicts Amitabh Kant, ET BFSI
Big achievement! India is on track to surpass Japan as the world's fourth-largest economy by 2025, according to Amitabh Kant, India's G20 Sherpa and former CEO of Niti Aayog. According to Kant, based on several positive macroeconomic indicators. India's GDP currently...
Rupee bonds likely to outperform US and other developed markets, ET BFSI
Mumbai: Foreign investors in local markets have historically factored in the rupee's depreciation versus the US dollar, but stronger macroeconomic fundamentals, sweeping improvements in market infrastructure, and formidable central bank reserves have started to...
IMF doubts Pakistan’s ability to repay debts as support team arrives in Islamabad, ET BFSI
NEW DELHI: International Monetary Fund (IMF) has expressed serious concerns about Pakistan's ability to repay its debts, particularly to the global lender itself. The IMF's assessment came as its support team arrived in Pakistan on Friday to discuss a new bailout...
Report, BFSI News, ET BFSI
A recent report by IndiaP2P revealed that women are outpacing men in credit uptake year-on-year. CY23 witnessed women borrowers with active loans outpacing men growing from 67 million active borrowers to 78 million. This pace of growth is extremely encouraging and...
Finance minister Nirmala Sitharaman, ET BFSI
New Delhi: Finance minister Nirmala Sitharaman on Thursday said eastern India has potential to emerge as the country's growth engine with a decisive push to industrialisation, adding that a mineral-rich state like Jharkhand must get rid of rampant corruption to draw...
Bank of India signs MOU with Indian Coast Guard for BOI Rakshak package, ET BFSI
Bank of India signs MOU with Indian Coast Guard for BOI Rakshak PackageMay 9, Mumbai: Bank of India has signed a MOU with the Indian Coast Guard, offering a Defence service Salary Package with best in class features under its “BOI Rakshak Salary/ Pension Savings...
SC holds bank employees’ interest-free loans taxable as fringe benefits, ET BFSI
Interest-free or concessional loans given by banks to their employees will qualify as "fringe benefits" or "amenities,” thus taxable, the Supreme Court has held, giving a major blow to the bank employees.While upholding the income tax rule in this regard, the apex...
Expect IT, banking, and FMCG to do well in coming quarters: Nischal Maheshwari, ET BFSI
Nischal Maheshwari, CEO, Centrum Broking, says “private banks are on the move. They are really in a good spot. Numbers have been very good. Valuations are favouring them. I am very hopeful that in the coming quarters two or three sectors will do well, IT, banking, and...
Star Housing Finance Limited Reports Robust Performance For Period Ending March 31, 2024, ET BFSI
PNNMumbai (Maharashtra) [India], May 9: Star Housing Finance Limited (Star HFL), a BSE-listed company (BSE Scrip code BOM: 539017) has maintained its growth trajectory in the retail home finance space and has resultantly reported robust business and financial...
Citigroup sold shares of Vodafone Idea for over Rs 233 crore, BFSI News, ET BFSI
New Delhi: Financial services company Citigroup on Wednesday sold shares of telecom company Vodafone Idea for over Rs 233 crore through an open market transaction. US-based Citigroup through its affiliate, Citigroup Global Markets Mauritius, offloaded shares of...
Bengaluru techie shares new fraud criminals are using to steal your money; check ‘bank screenshots’, ET BFSI
There has been a rapid increase in online fraud cases in the past few years. The rapid digitisation in the financial sector has also led to increased cybercrimes, despite strong checks and security mechanism adopted by most companies as well as institutes. Cyber...
Indian households’ financial savings drop to a five-year low of Rs 14.1 lakh crore in FY23, ET BFSI
Indian households saw a decline in net financial savings during the fiscal year 2022-23, dropping to a five-year low of Rs 14.16 lakh crore from Rs 17.12 lakh crore in the previous year, according to data from the statistics ministry. This reduction in net savings can...
What is ATM card trap scam and how you can stay safe, ET BFSI
Beware of the ATM card trap scam where fraudsters use skimming devices to steal your card info, distract you to steal your PIN, and withdraw money from your account. Stay safe by choosing secure ATMs and contacting the bank directly. Updated On May 8, 2024 at 11:12 AM...
Adani Green Secures $400 million from international banks for 750 MW power projects, ET BFSI
Adani Group's green energy arm Adani Green Energy Ltd (AGEL), secured $400 million in financing for its under-construction 750 MW solar projects in Rajasthan and Gujarat by a consortium of five leading international banks, the company said on Thursday.The funding will...
No harm in taking some money off the table in power finance companies, PSU banks: Gurmeet Chadha, ET BFSI
Gurmeet Chadha, Managing Partner & CIO, Complete Circle Consultants, says one can now look at some of the tier II banks like Federal Bank, which at around 1-1.1 book value is making good progress. RBL is also expected to make a turnaround and it is showing some...
How lenders manage risk in MSME lending when credit history in not available, ET BFSI
Credit risk is the foremost challenge a financial player faces when lending to small and unorganised businesses. As these businesses typically don’t have any credit history, lenders are unable to assess their credit worthiness. Some of the traditional methods used for...
Changing farming practices could cut almost one third of global emissions: World Bank, ET BFSI
Washington, May 07, 2024 -Changing the way food is produced around the world could significantly reduce greenhouse gas emissions by the end of the decade, the World Bank said Monday. The so-called agrifood industry is responsible for almost a third of all greenhouse...
Govt working on global trade topic to push ranking, ET BFSI
New Delhi, With the World Bank planning to come out with its first Business Ready report in September this year, the commerce ministry has started working on the international trade topic in detail to further push India's ranking, an official said. Business Ready...
Does inflation share a relationship with default?, BFSI News, ET BFSI
Empirically, Inflation or ‘Mehengai’ is notoriously infamous for causing stirs and uproars in the public domain. Ask any businessman, large or small, organized or informal, about inflation, it is likely that a majority will grumble about rising input costs and its...
Uzbekistan positions itself as a regional investment hub, ET BFSI
Uzbekistan is positioning itself as the regional hub for investments in the backdrop of critical reforms and focus on market economy attracting foreign investments including from India.To boost investments Third Tashkent International Investment Forum was organised in...
Consumer companies on recovery path; FY25 India business looks bright, ET BFSI
Kolkata | Mumbai: Chief executives and CXOs of 10 top global and Indian consumer-facing companies, including Coca-Cola, Reliance Retail, Apple, Shoppers Stop, Pernod Ricard, Carlsberg and Dabur, said demand has strengthened since March, bolstering quarterly sales, and...
Govt mulls survey to estimate cost of logistics incurred by businesses, ET BFSI
New Delhi: The government is likely to initiate a first of its kind survey to arrive at robust and timely estimates for the cost of logistics incurred by businesses, said people familiar with the matter.The Department for Promotion of Industry and Internal Trade...
Corporate affairs ministry bats for effective cost audits to curb corporate frauds, ET BFSI
New Delhi: The corporate affairs ministry has underscored the importance of effective and timely cost audits to curb manipulation by unscrupulous elements, a development that comes amid increasing bids by fraudulent companies to mislead authorities with dodgy...
World economy looks to dodge stagflation rut as outlook perks up, ET BFSI
The world’s economic outlook is perking up as growth proves more resilient and inflation is set to cool faster than previously expected in many countries, the OECD said.While conflicts in the Middle East or more persistent price increases could still knock the economy...
India’s services exports dip marginally in March to $30 bn, BFSI News, ET BFSI
India's services exports declined 1.3 per cent in March to $30 billion while imports fell by 2.1 per cent to $16.61 billion, according to a report by the Reserve Bank of India released on Thursday.As per RBI's data on India's international trade in services, the trade...
DA hiked to 50% for central government employees; retirement and death gratuity will increase by this much, ET BFSI
The Central government increased the dearness allowance (DA) and dearness relief (DR) by 4% in March 2024. This was a major relief for millions of central government employees and pensioners.Due to this hike in DA to 50%, various components of a central government...
Gilty, My Lord! Pension funds bond more with govt debt, ET BFSI
Mumbai: Pension funds, driven by the National Pension System (NPS), continue to deploy money in sovereign debt, with the sector's ownership of government bonds climbing to a record 4.4%, or ₹4.67 lakh crore, in the last quarter of 2023, up from 3.91%, or ₹3.66 lakh...
India to grow 6.6 % in next two years, driven by public sector demand: OECD, ET BFSI
NEW DELHI: India's GDP is projected to grow at 7.8 per cent in the just-concluded financial year 2023-24 and the forecast is for around 6.6 per cent in each of the following two fiscal years, according to OECD's latest Economic Outlook. However, global near-term...
MoEngage’s Flagship #GROWTH Summit to Roll into the City of Dreams on 9th May 2024, ET BFSI
After hosting over 2000 attendees from India’s top 600 consumer brands across venues last year, MoEngage is expected to welcome more than 500 leaders from marketing, product, digital and growth functions during #GROWTH Summit Mumbai on 9th May 2024.#GROWTH Summit is a...
India, Nigeria agree to early conclusion of local currency settlement system agreement, ET BFSI
India and Nigeria have agreed to an early conclusion of a local currency settlement system agreement to further strengthen economic ties between the two countries. According to the department of commerce, a seven-member delegation from India led by Additional...
India to become world’s third-largest ecommerce market by 2030, ET BFSI
nvest India paints a bright picture for India's e-commerce future, predicting a surge to a massive $325 billion by 2030. This growth coincides with a digital economy reaching a staggering $800 billion in the same timeframe.According to Invest India, India boasts the...
Seasonal manpower demand soars, 2024 looks set to be a record year for temporary summer jobs, ET BFSI
Bengaluru: Seasonal demand for manpower is soaring in tandem with rising mercury levels. Staffing firms including Manpower, Adecco and CIEL HR Services told ET that 2024 looks set to be a record year for temporary summer jobs, with demand from sectors such as consumer...
Fight climate change with fiscal discipline, BFSI News, ET BFSI
At the spring meetings of the International Monetary Fund and World Bank earlier this month, the world’s finance ministers and central bankers congratulated each other on progress in curbing inflation and reviving post-pandemic economic growth. But they also...
IMF raises India’s FY24 GDP growth forecast to 7.8%, higher than the government’s projection, ET BFSI
The International Monetary Fund (IMF) has projected that India's economy will grow by 6.8% in the current fiscal year, driven primarily by public investment. Krishna Srinivasan, Director of the Asia and Pacific Department at the IMF, stated, "In China and India, we...
Health an orphan, Ayushman Bharat insurance scheme poorly structured: IMA chief, ET BFSI
New Delhi: Terming health an "orphan", Indian Medical Association chief Dr R V Asokan says no lessons have been learnt after the Covid crisis and it doesn't figure as a top priority for political parties with everyone in the "all is well" zone. In an interaction with...
GST revenue collection hits record high of Rs 2.10 lakh cr in April, ET BFSI
India's Gross Goods and Services Tax (GST) collections hit a record high of Rs 2.10 lakh crore in April, growing 12.4 per cent on year-on-year basis, the Finance Ministry said in a statement on Wednesday.GST collection in March stood at Rs 1.78 lakh crore. Previously,...
China to deploy economic ‘nuclear option’?, BFSI News, ET BFSI
NEW DELHI: Amidst increasing geopolitical tensions, there is growing speculation that China may be considering a drastic economic maneuver—devaluing its currency, a move often referred to by economists as the "nuclear option" due to its potential widespread global...
Report, BFSI News, ET BFSI
NEW DELHI: India ranked as the third-largest country globally for phishing attacks after the US and UK, with its technology sector facing nearly 33 per cent of all such strikes, marking it as the most targeted industry, according to a report.The report by...
Genpact and Microsoft collaborate to drive AI-powered finance transformation, ET BFSI
Genpact, a global professional services firm, has announced a strategic collaboration with Microsoft to harness the power of artificial intelligence (AI) and transform finance functions into data-driven operations that support growth and competitiveness. This...
RBI updates guidance note on operational risk management, extends it to HFCs, ET BFSI
Representative ImageThe Reserve Bank on Tuesday updated its "guidance note" on operational risk management for the financial sector, and also extended it to the NBFCs, including housing finance companies. The 2005 'Guidance Note on Management of Operational Risk'...
BFSI is awaiting the lethal combo of AI & Automation, BFSI News, ET BFSI
Kochi-headquartered Federal Bank faced a tall task due to changes in compliance requirements by the Reserve Bank of India. The new norm related to managing and merging unique customer identification codes to identify customers, and the data ran into lakhs. They...
Lenders to Go First weigh liquidation after court order on planes, sources say, ET BFSI
Lenders to India's Go First will meet later this week to discuss options for the bankrupt airline, including liquidation, after a court order allowed lessors of the aircraft to take back their planes, two bankers with Go First's creditors said on Tuesday."There is no...
Cash in circulation more than doubles since FY17 on consumption demand, ET BFSI
Despite phasing out Rs 2000 notes, cash in circulation has more than doubled since FY'2016-17, the year of demonetisation and launch of UPI. Tracking HSBC PMI and CMS cash index shows that they have moved in tandem indicating that cash is also as important as digital...
Go First revival chance fade as lenders, bidders spar on valuation, ET BFSI
Lenders to Go First and potential bidders have failed to arrive at a valuation for the bankrupt airline despite several rounds of discussions, making liquidation instead of a revival a more likely outcome, people aware of the development said.A Delhi High Court order...
Experts, BFSI News, ET BFSI
Intensifying heatwave is unlikely to significantly dent India's growth, even though it could cause some disruption in construction and farm activity, said experts."Construction and agriculture are likely to be impacted more. Within agriculture, the vegetable output...
Ministry of Finance, BFSI News, ET BFSI
It further added that the manufacturing sector is also expected to maintain its momentum on the back of sustained profitability and pick-up in rural demand.New Delhi: In contrast to the global scenario, the Indian economy continues to exhibit strong economic...
ICICI Securities appoints ICICI Bank’s Group CHRO T K Srirang as Joint MD, ET BFSI
T K Srirang ICICI Securities has announced the appointment of T K Srirang as Joint Managing Director, effective May 1, for a period of five years subject to approval from its shareholders and necessary regulatory approvals.Currently, Srirang is associated with ICICI...
BOJ holds; US inflation won’t let up, ET BFSI
The Bank of Japan kept interest rates unchanged, driving the yen to a fresh 34-year low, while US inflation showed few signs of simmering down.The Japanese yen slumped as BOJ Governor Kazuo Ueda played down the impact on inflation from a weakening currency. While he’s...
Gender diversity still a long way away among CFOs as women still remain underrepresented, ET BFSI
Even as an increasing number of companies in India are striving to enhance gender diversity in head of finance positions, women still remain starkly underrepresented in chief financial officer roles. Among the top executives in the 2,328 NSE-listed companies in the...
JPMorgan’s Dimon hopes for soft landing for US economy but says stagflation is a possible scenario, ET BFSI
NEW YORK - JPMorgan Chase CEO Jamie Dimon says he's hopeful the Federal Reserve can bring down inflation without causing a recession but wouldn't rule out more troubling possibilities, such as stagflation.In an interview with The Associated Press at a Chase branch...
BNPL-type practice since the period of Guptas and Mauryas, says former RBI CGM, ET BFSI
Dr Sathyan David, former Chief General Manager of the Reserve Bank of India (RBI), discussed key trends and challenges within India's banking sector, highlighting historical lending practices and the impact of recent events on the financial ecosystem.Speaking at the...
What is inheritance tax that has political parties in India at loggerheads?, ET BFSI
The debate surrounding the imposition of an inheritance tax in India taken the political stage by storm amid the general elections, following remarks by senior Congress leader Sam Pitroda over its implementation as a means of wealth redistribution. Pitroda's...
Leaders to uncover transformative collaborations, ET BFSI
Has collaborative ventures revolutionized India’s NBFC sector, redefining financial inclusion? This is precisely what the second edition of NBFC Connect by ETBFSI aims to uncover.In today’s financial landscape, collaboration has become pivotal, particularly within the...
PhonePe poured bulk of Rs 800 crore investments into insurance business, ET BFSI
Walmart-owned PhonePe has invested over Rs 800 crore in its subsidiaries during the last year to grow businesses ranging from insurance broking to wealth management and hyperlocal ecommerce, regulatory filings show. More than half of this, or Rs 426 crore, went to...
India extends RBI deputy Sankar’s tenure by a year, government order shows, ET BFSI
NEW DELHI - The Indian government has extended the tenure of central bank deputy governor T. Rabi Sankar by a year to May 2025, according to a government document seen by Reuters.The one-year extension would be applicable from May 3, 2024, the order said.Rabi Sankar...
Finance Minister says working to empower rural women with technology, ET BFSI
The Narendra Modi government was committed to its mission of empowering rural women, not only through loans and subsidies, but also by equipping them with new technologies to boost their confidence, finance minister Nirmala Sitharaman said on Tuesday. She was...
CCI clears International Finance Corp’s acquisition of debentures in Napino, ET BFSI
Fair trade regulator CCI on Tuesday said it has approved the proposed subscription to compulsory convertible debentures of Napino Auto and Electronics Ltd by International Finance Corporation. International Finance Corporation (IFC) is a member of the World Bank...
AdaniConneX in talks with banks to raise $900-950 million, BFSI News, ET BFSI
AdaniConneX is in the final stage of discussions to raise $900-950 million (₹7,500-7,920 crore) through a six-year offshore loan from a group of eight lenders, including MUFG Bank, Sumitomo Mitsui Banking Corp (SMBC) and Standard Chartered Bank, people with knowledge...
Reverse migration has begun, says FM Nirmala Sitharaman, BFSI News, ET BFSI
Union Finance Minister Nirmala Sitharaman on Monday said reverse migration had started as a lot of people are coming back to establish business here. According to her, reverse migration has started in which a lot of people, who have a global footprint, are finding...
Nirmala Sitharaman takes dig at Congress, ET BFSI
Union Minister Nirmala Sitharaman on Monday criticised the previous UPA govt and said India needs political stability, clear vision and intensive action on the economy, or the country runs the risk of having another "five years" of "red tapism", "corruption" and...
You will have to change your @Paytm UPI handle; here’s how to activate new UPI ID on Paytm app, ET BFSI
As the Paytm Payments Bank cannot accept further credits into its customer accounts and wallets after March 15, 2024, certain additional steps have become necessary to ensure seamless digital payments by UPI customers using '@paytm', the Reserve Bank of India (RBI)...
Indian economy on strong footing! April business growth at near 14-year high, PMIs show, ET BFSI
Indian economy on strong footing: According to a survey released on Tuesday, India's business activity expanded at its fastest pace in nearly 14 years this month, driven by robust demand. The survey also indicated easing input inflation and positive jobs growth,...
India presence imperative as part of worldwide expansion: CLA Global, ET BFSI
Mumbai: India's increasing global significance and its critical role in world economy are undeniable, making it imperative for CLA Global to establish a presence in this market as part of its ambitious global expansion strategy, said G Scott Engelbrecht, chairman of...
Banking, defence, insurance reforms on table, BFSI News, ET BFSI
New Delhi: The government is examining if foreign direct investment norms (FDI) for banking, insurance and defence can be further liberalised, after rules were relaxed for the space and satellite sectors recently.Officials said that although the bulk of the heavy...
Fast tracking growth of nano enterprises for social development, ET BFSI
It's crucial to unlock the hidden potential of India's nano-entrepreneurs and propel them towards scaling up to micro and macro levels, thereby contributing significantly to the nation's economic development.The Ministry of Finance, Government of India, in its latest...
World Bank financing arm IFC plans $1.9 bln in Ukraine investments, ET BFSI
WASHINGTON - The World Bank's private investment arm expects to finance $1.9 billion in projects in Ukraine over the next 18 months, an official from the organization told Reuters.More than half of that is covered from the International Finance Corp's own account,...
India presence imperative as part of worldwide expansion: CLA Global, ET BFSI
India's increasing global significance and its critical role in world economy are undeniable, making it imperative for CLA Global to establish a presence in this market as part of its ambitious global expansion strategy, said G Scott Engelbrecht, chairman of the...
Modi will go down in history as PM who oversaw largest sale, mortgage of gold jewellery: Cong, ET BFSI
New Delhi: A day after Prime Minister Narendra Modi claimed that the Congress manifesto states they will calculate the gold with mothers and sisters and then redistribute it, the Congress on Monday said he will go down in history as the PM who has overseen the largest...
RBI MPC member Shashanka Bhide, ET BFSI
Sustaining the economic growth momentum of 7 per cent in 2024-25 and beyond is feasible on the back of favorable monsoon, higher farm productivity and improved global trade, RBI Monetary Policy Committee (MPC) member Shashanka Bhide said on Monday. During 2023-24, the...
Cribbing or happy about gold’s record-breaking rally? China is front and center of gold price surge, ET BFSI
Gold’s rise to all-time highs above $2,400 an ounce this year has captivated global markets. China, the world’s biggest producer and consumer of the precious metal, is front and center of the extraordinary ascent.Worsening geopolitical tensions, including war in the...
NHAI likely to extend FASTag KYC compliance deadline by one month: Sources, ET BFSI
The NHAI statement emphasizes strict adherence to the 'One Vehicle, One FASTag' initiative and the proper disposal of previously issued FASTags through respective banks.In a bid to streamline the electronic toll collection system and ensure smooth transit at toll...
EU aims to increase food exports to China despite trade tensions, ET BFSI
SHANGHAI: On a visit to China this week, EU Agriculture Commissioner Janusz Wojciechowski said his focus will be on increasing agri-food exports to the world's second largest economy and keeping food above the fray of rising tensions in China-EU trade."In the food...
Representation of women apprentices in mfg sector to touch 40% by year-end: TeamLease, ET BFSI
New Delhi: There has been a significant increase in demand for women apprentices in the manufacturing sector, as factories are increasingly adopting gender-agnostic recruitment practices, a sharp departure from traditional hiring norms and underscore the industry's...
Ruing or happy about gold’s record-breaking rally? China is front and center of gold price surge, ET BFSI
Gold’s rise to all-time highs above $2,400 an ounce this year has captivated global markets. China, the world’s biggest producer and consumer of the precious metal, is front and center of the extraordinary ascent.Worsening geopolitical tensions, including war in the...
Yellow metal opens at Rs 72,085/10 grams, while silver at Rs 82,194/kg, ET BFSI
Gold and the safe-haven dollar pulled back from near their peaks on Monday when gold prices on MCX for June futures contracts fell by Rs 721 or nearly 1% to trade at Rs 72,085 per 10 grams while MCX May silver contracts were down Rs 1,313 or 1.6% to Rs 82,194 per...
AdaniConneX in talks with banks to raise $900-950 million, ET BFSI
AdaniConneX is in the final stage of discussions to raise $900-950 million (₹7,500-7,920 crore) through a six-year offshore loan from a group of eight lenders, including MUFG Bank, Sumitomo Mitsui Banking Corp (SMBC) and Standard Chartered Bank, people with knowledge...
FM Nirmala Sitharaman, ET BFSI
AHMEDABAD: Union finance minister Nirmala Sitharaman on Saturday said the Centre has tailored policies to make India an attractive destination for manufacturing and services, and the aim was to produce not just for the domestic market but for exports as well. She was...
Ex RBI chief Subbarao, ET BFSI
Hyderabad, Apr. 21 The Modi government should come out with a 'White paper' to generate consensus among political parties on the issue of giveaways or freebies, former RBI Governor D Subbarao has said. There has to be a thorough debate on how to impose restraints on...
Indian rupee is now aiming to be world’s alternate reserve currency, ET BFSI
The Indian Rupee (INR) has fallen sharply against the US Dollar (USD) in the last one month. This has resulted in the purchasing power of the INR in the international market diminishing and has increased import costs significantly. India, which is heavily dependent on...
IMF tells Asian central banks not to follow Fed too closely, BFSI News, ET BFSI
The International Monetary Fund urged Asian central banks to focus on domestic inflation and avoid tying their policy decisions too closely to anticipated moves by the U.S. Federal Reserve.Receding expectations for a near-term interest cut by the Fed have fed steady...
We want to make India a manufacturing hub, but it has to be Aatmanirbhar too: Nirmala Sitharaman, ET BFSI
India is forecast to post strong growth of about 7%. Do you think global developments pose a risk to prospects?More than risks, I would say they pose a challenge: uncertainties are going to increase, people will play safe rather than take calculated risks, investment...
Oil spike pushes Indian benchmark bond yield to over 3-month high, ET BFSI
MUMBAI - Indian government bond yields rose in the early session on Friday, with the benchmark yield jumping to a more than three-month high, tracking a rebound in oil prices, while fresh debt supply will also test investor appetite.The yield on the benchmark 10-year...
Third-party cybersecurity risks surge as organizations fail key security controls, ET BFSI
Third-party risk is everywhere and the cybersecurity posture of those third parties is more important now than ever before. With organizations using 130 SaaS solutions on average, onboarding the “wrong” vendor — one that doesn’t share the same cyber practices or...
Tirumala Tirupati Temple Gold Donations Reach 1,031 kg in 2023, ET BFSI
Despite the soaring prices of gold this year, devotees remain undeterred in their offerings to the Tirumala Tirupati Devasthanams (TTD), the world's wealthiest Hindu temple trust. According to a report, donations of gold to the presiding deity, Sri Venkateswara Swamy,...
Wider conflict in the Middle East may lead to rise in inflation: BoB Report, ET BFSI
New Delhi [India], April 19 (ANI): Tensions between Israel and Iran have sent shockwaves through global markets, triggering a wave of uncertainty and volatility.Asian markets find themselves in the red, currencies are trading lower, and oil prices have seen a...
Slow Growth High Debt – Troubled UK Economy: Slow growth, high debt
LONDON - Britain's national election, expected later this year, will take place against a backdrop of persistently slow economic growth, high public debt and little room to increase spending for whoever wins power unless they raise taxes.Prime Minister Rishi Sunak...
Blue collar jobs to drive 70% of India’s new job growth by 2030: Report, ET BFSI
New Delhi [India], April 19 (ANI): Blue-collar workers, comprising over 80 per cent of India's non-agricultural workforce, play a pivotal role in driving and sustaining the country's economy across diverse sectors.McKinsey & Company forecasts that by 2030, 70 per...
How Nifty may behave before results and which stocks to buy?, ET BFSI
As polling for the seven-phase-long Lok Sabha election began from today, Dalal Street's 9 crore investors would be closely tracking the mood of 96.8 crore voters spread across India. Ahead of the voting for the first phase, Sensex has given up almost all of its gains...
IMF applauds India for maintaining fiscal discipline in election year, ET BFSI
The International Monetary Fund has applauded India for maintaining fiscal discipline in an election year, saying that the Indian economy is doing well and continues to be the world's bright spot."At this point in time, India's economy is doing well. Growth at 6.8 per...
World Bank President Ajay Banga, ET BFSI
Washington [US], April 19 (ANI): Healthcare needs tailored financing, knowledge and partnerships, says World Bank President Ajay Banga. He said, during and after COVID, financing for healthcare has increased but to make healthcare affordable and bring it to the reach...
285 Bitcoins With Kundra Were Sourced From Proceeds Of Crime, ET BFSI
MUMBAI: ED, which has provisionally attached properties worth Rs 97.8 crore belonging to businessman Raj Kundra and his actor wife Shilpa Shetty in a Pune bitcoin scam involving Amit Bharadwaj and his brother Ajay, said, “The 285 bitcoins Kundra got were sourced from...
JSW Steel secures USD 900 million loan from consortium of eight foreign banks, ET BFSI
JSW raised USD 500 million through a five-year bond in April 2019 at 5.95% which matures this month. The proceeds of the loan will help the company repay that bond. JSW Steel, India's largest manufacturer of the alloy, has raised USD 900 million from a consortium of...
Finance Minister Muhammad Aurangzeb, ET BFSI
WASHINGTON - Pakistan hopes to agree the contours of a new International Monetary Fund loan in May, Finance Minister Muhammad Aurangzeb told Reuters, and has kicked off talks with ratings agencies to lay the groundwork for a return to international debt markets.The...
PHDCCI, BFSI News, ET BFSI
India's economy is estimated to grow at 8-8.3 per cent in the current fiscal, industry body PHDCCI said on Wednesday. The country's GDP will grow at an average of 6.7 per cent over the next 23 years to become a USD 34.7 trillion economy by 2047, with a per capita...
Modi’s hands shook while defending electoral bonds: Rahul Gandhi, ET BFSI
AICC leader Rahul Gandhi on Wednesday hit out at Prime Minister Narendra Modi, alleging that the PM’s hands shook while trying to explain the electoral bonds fiasco in a recent media interview. “The electoral bonds are the biggest scam the nation has ever seen…the BJP...
Infosys, Bajaj Auto among 19 companies on watchlist, ET BFSI
As many as 19 companies, including Infosys, Bajaj Auto, HDFC Life Insurance and ICICI Securities, would be on investors' radar today as they are expected to announce their March quarter results.Other companies that would release their quarterly figures are Accelya...
Binance’s India comeback; D2C brands spend big for q-commerce presence, ET BFSI
Happy Thursday! Barred crypto exchange Binance is set to restart ops in India. This and more in today’s ETtech Morning Dispatch.Also in the letter:■ KYC spoiler for payment firms■ ETtech Done Deals■ Musk to meet spacetech foundersBinance coins a new phase in India...
10 new cities coming up in India? That’s Modi 3.0’s ₹10,000 crore plan, ET BFSI
Indian government officials are discussing proposals to subsidize interest on home loans, create new urban centers and reduce bankruptcy delays as part of Prime Minister Narendra Modi’s 100-day agenda if he returns to office, people familiar with the matter said.The...
EU seeks to take on China, US to reverse economic decline, ET BFSI
BRUSSELS: The European Union's economy is falling further behind China and the United States, a major headache that will dominate leaders' talks on Thursday as they discuss how to stem the bloc's economic decline and bounce back.From supply chain disruptions following...
JGB yields track US Treasury peers lower, ET BFSI
TOKYO - Japanese government bond (JGB) yields fell on Thursday, tracking overnight U.S. Treasury yields lower, with the market shrugging off comments from a Bank of Japan (BOJ) board member.The 10-year JGB yield fell 2.5 basis points (bps) to 0.86%, slipping from...
Global economy set to lose $38 trillion every year till 2050 amid climate change: Study, ET BFSI
Representative ImageNEW DELHI: The global economy is expected to lose about 19 per cent income in the next 25 years due to climate change, with countries least responsible for the problem and having minimum resources to adapt to impacts suffering the most, according...
Yellow metal opens at Rs 72,487/10 grams, while silver at Rs 83,501/kg, ET BFSI
After a market holiday on Wednesday, gold prices on MCX for June futures contracts fell by Rs 36 or 0.05% to open at Rs 72,487 per 10 grams on Thursday while MCX May silver contracts were up by Rs 2 to open at Rs 83,501 per kg.On Tuesday, the Gold June futures...
Global future will not be driven by big tech but by India’s DPI: Kant, ET BFSI
MUMBAI: India's G-20 sherpa Amitabh Kant on Thursday said the global future will not be driven by big technology firms but by the digital public infrastructure platforms developed locally. Speaking at the 'We Made in India' event here, Kant said India will transfer...
Technical leadership becoming a critical differentiator at senior level hiring, ET BFSI
A C-suite leader in a company is expected to display multiple skills to lead people, navigate transformations and manage stakeholders. Now, technical skills are also becoming an important requirement for them.There is an increased need now to have leaders with...
Ashok Leyland signs MOU with South Indian Bank for dealer financing, ET BFSI
"We believe that this partnership will meet the business needs of both organizations and create a strong positive impact,” Biji S S, Senior General Manager & Group Business Head, South Indian Bank said.Chennai: Ashok Leyland Limited has signed an MoU (Memorandum...
6 companies likely to report doubling of sales. Do you own any?, ET BFSI
6 companies under the coverage of brokerage firms Motial Oswal, Kotak Institutional Equities and Nuvama are likely to report doubling of their sales on a year-on-year (YoY) basis in the earnings result of their fourth quarter.Reports from brokerage firms state that...
UN says solutions exist to rapidly ease debt burden of poor nations, ET BFSI
Geneva, Apr 18, 2024 - The heavy debt weighing on developing countries can be alleviated through readily available measures, the UN's trade and development chief said, pleading for bold international action.Rebeca Grynspan compared the debt burden facing poorer...
All eyes on weather to tame the food components that have been taking turns to keep inflation up, ET BFSI
By Dipti Deshpande and Sharvari RajadhyakshaFood components have been in a veritable relay race in the past few years, taking turns to keep inflation up. When the price of one component completes its lap, another takes the baton to surge.The fallout – food inflation...
Essentials for a preemptive cybersecurity posture, BFSI News, ET BFSI
The threat posed by threat actors and ransomware groups to enterprise security has never been higher – polymorphic ransomware written in newer languages such as Rust and GoLang are easily evading known threat detection measures; the cost of insider threats have...
Bureau Introduces ‘Money Mule Score’ to Tackle Rising Identity Theft in the BFSI Segment, ET BFSI
Mumbai (Maharashtra) [India], April 17: Bureau, a pioneering fraud and identity decisioning platform, has introduced 'Money Mule Score,' a cutting-edge solution that empowers financial institutions, NBFCs, and fintech companies to proactively detect potential money...
Impact manager Acre raises $100 mln for African climate infrastructure, ET BFSI
LONDON - Two former BNP Paribas bankers have raised almost $100 million for a new fund which aims to unlock billions of dollars of funding for climate-aligned infrastructure projects in Africa.Acre Impact Capital, a private-debt impact investment manager, is looking...
UK inflation slows its fall, pushing back rate cut bets, ET BFSI
LONDON - Britain's inflation rate slowed by less than expected in March, according to official figures published on Wednesday, adding to signs that a first interest rate cut by the Bank of England could be further off than previously thought.British consumer prices...
Can India’s quick commerce revolution be a catalyst for job creation?, ET BFSI
In India, the rapid growth of quick commerce (q-commerce) has been revolutionary. What was once considered an unviable business model has been gaining strong ground in the country’s e-commerce grocery delivery market. More than 80% of the e-commerce sales of FMCG...
How round-the-clock renewable energy is helping power India’s economic growth and energy transition, ET BFSI
Representative image.New Delhi: India stands at a pivotal moment in its quest to achieve a $7 trillion economy by 2030. Forecasts by the Ministry of Finance, Government of India as well as by the International Monetary Fund, project a GDP growth rate of 7% for FY 25...
Here are the top companies in India according to LinkedIn, ET BFSI
LinkedIn has unveiled its annual ranking of the top 25 workplaces in India with over 5,000 employees globally. The list, released on April 16 in a blog post, showcases the most sought-after companies for career progression and job opportunities. Tata Consultancy...
Fitch Ratings affirms stable outlook for key Indian banks amid economic turbulence, ET BFSI
New Delhi [India], April 17 (ANI): Fitch Ratings has reaffirmed the stable outlook for several major Indian banks, including Canara Bank, State Bank of India (SBI), Bank of Baroda (BOB), Punjab National Bank (PNB), and Union Bank of India.The ratings agency affirmed...
Feuding Kirloskars will have to disclose Deed of Family Settlement, Sebi tells Supreme Court, ET BFSI
Markets regulator Securities Exchange Board of India on Tuesday told the Supreme Court that Kirloskar Oil and Engines (KOEL) and Kirloskar Brothers (KBL) will have to disclose their 2009 Deed of Family Settlement (DFS) pursuant to the amendment in its 2015 LODR...
Gold steady as geopolitical woes counter firmer dollar, yields, ET BFSI
Gold prices were steady on Wednesday after rallying to record highs last week, as safe-haven demand fuelled by geopolitical risks in the Middle East partially offset pressure from higher U.S. dollar and Treasury yields.Spot gold held its ground at $2,381.68 per ounce,...
Indians increasingly spending money on mutual fund investments, insurance, trading: Razorpay analysis, ET BFSI
New Delhi [India], April 17 (ANI): Payments towards mutual fund investments, insurance, and trading have seen a massive jump in the just-concluded financial year 2023-24, found payments solution provider Razorpay in an analysis.The homegrown fintech company analysed...
Industrial and warehousing leasing remained buoyant in India in Q1-2024, ET BFSI
Third-party logistics players continued to be the top occupiers of industrial and warehousing space, contributing to over 40% in the total warehousing demand. Industrial and warehousing leasing activity across the top five cities - Chennai, Mumbai, Delhi NCR, Pune,...
India’s dire employment scenario visible in long queues for govt jobs, Raghuram Rajan says, ET BFSI
NEW DELHI: While acknowledging the Indian economy’s growth rate, there is a need to pay attention to the dire situation in the employment scenario in the country, which is visible in the number of people applying for government jobs given the lack of private sector...
India’s wholesale prices quicken to a 3-month high in March, onion and potato prices top 50%, ET BFSI
India's wholesale price index-based inflation accelerated to 0.53 per cent in March on an annual basis, its highest level in three months, as against 0.20 per cent in February, data from the Commerce Ministry on Monday showed.Wholesale onion prices quickened by 56.99...
China’s Q1 GDP growth likely to slow, more stimulus on the cards, ET BFSI
BEIJING - China's economy is expected to have slowed in the first quarter as a protracted property downturn and weak private-sector confidence weigh on demand, maintaining pressures on policymakers to unveil more stimulus measures.Data on Tuesday is forecast to show...
TRAI recommendations to help startups develop India-made products: Industry body, ET BFSI
New Delhi: The latest recommendations by the Telecom Regulatory Authority of India (TRAI) on 'Regulatory Sandbox' would assist startups and entrepreneurs in building indigenous solutions and products, facilitate the development of new original equipment manufacturers...
What is PM Modi’s likely next govt’s 100-day plan for the finance sector?, ET BFSI
The PM Narendra Modi government, expecting re-election, has outlined an ambitious legislative agenda for its initial 100 days in office. Among the key proposals is the establishment of a National Financial Information Registry (NFIR) through a proposed bill set for...
Report, BFSI News, ET BFSI
Multilateral institutions, more specifically the World Bank and the International Monetary Fund, need to follow a gap-based approach to addressing climate challenges at speed and scale, a report by the Bretton Woods Committee's Multilateral Reform Working Group said...
How hackers are using fake Facebook pages of ChatGPT-5, Dall-E and Sora to steal your personal data, ET BFSI
Hackers are reportedly using fraudulent advertisements on Facebook and hijacked pages to promote fake AI services, such as MidJourney, OpenAI's Sora (text-to-video creator), ChatGPT-5 (AI chatbot) and Dall-E (text-to-image convertor), to infect millions of...
India bond yields at near 3-month highs amid Middle East worries, ET BFSI
MUMBAI - India's benchmark government bond yields rose to near three-month highs on Tuesday, as heightened geopolitical tensions and expectation the Federal Reserve will wait longer to cut interest rates hurt demand.The yield on the Indian 10-year bond was at 7.1890%...
Safety net in works to widen local funding pool for startups, BFSI News, ET BFSI
The government is preparing a framework to help minimise the risk for local pension funds and insurance companies from investment in the startup sector, which has become a major employment generator and contributor to the economy but where business failures are fairly...
China’s Q1 GDP growth solid but March data shows demand still feeble, ET BFSI
BEIJING - China's economy grew faster-than-expected in the first quarter, data showed on Tuesday, offering some relief to officials as they try to shore up growth in the face of protracted weakness in the property sector and mounting local government debt.However, a...
Gold near record high on growing geopolitical concerns, ET BFSI
Gold prices ticked up on Tuesday, not too far away from a record high hit last week, as concerns about rising geopolitical tensions between Iran and Israel propped up demand for the safe-haven metal.Spot gold was up 0.2% at $2,387.11 per ounce, as of 0355 GMT, after...
India’s exports dip marginally in March; 3.11% in FY24, ET BFSI
New Delhi: India's merchandise exports dipped marginally in March to USD 41.69 billion, and by 3.11 per cent during the last fiscal year to USD 437.06 billion mainly due to continued geopolitical turmoil, and depressed global trade. Imports, too, declined in March as...
Service sector will create maximum jobs, by 2028 employment will rise by 22 per cent: ORF report, ET BFSI
New Delhi [India], April 16 (ANI): The report 'India Employment Outlook 2030: Navigating Sectoral Trends and Competencies' by Observer Research Foundation (ORF) forecasts a 22 per cent increase in overall employment and a decline in unemployment by 97 basis points by...
29 companies likely to report doubling of profit, ET BFSI
Around 29 companies are in the spotlight as they gear up to report doubling of profit on a year-on-year (YoY) basis in the March quarter earnings season, which began last week with TCS.In Q4FY24, Nifty earnings is predicted to grow 6% YoY by Motilal Oswal, wherein...
India rubbishes Lancet report, says spending on healthcare is at all-time high, ET BFSI
After a Lancet report that asserted that the Indian government spends just 1.2 per cent of GDP on healthcare and noted that it was among the lowest among G20 countries, sources in the government said that spending is at an all-time high and out-of-pocket expenditure...
Debt and climate back on IMF, WB spring meetings agenda, ET BFSI
Washington, Apr 15, 2024 - The spring meetings of the International Monetary Fund and the World Bank are due to open Tuesday, with two clear objectives: help countries combat climate change, and assist the most indebted nations.The meetings -- which bring central...
A recipe for economic resilience, BFSI News, ET BFSI
New Delhi, April 15 (IANSlife): In the rapidly evolving landscape of the restaurant industry, the kitchen transcends its traditional role as a mere cooking space; it emerges as a dynamic nexus of efficiency and organization. As the global economy grapples with...
Demand for private jets, choppers jumps up to 40% during election season; operators hike hourly rates, ET BFSI
The bookings for chartered planes are done in advance and operators will be looking for maximum utilisation of aircraft.With politicians and political party representatives crisscrossing the country for the Lok Sabha polls, the demand for chartered planes and...
Japan’s machinery orders rise sharply, may ease concerns about domestic demand, ET BFSI
TOKYO - Japan's key gauge of capital spending jumped the most in a year in February, rebounding sharply from the prior month's decline in a welcome sign for domestic demand even as authorities worry about a weakening yen and its impact on the cost of living.Core...
Southeast Asia ‘woefully off track’ on green investment, Bain says, ET BFSI
SINGAPORE - South East Asia is "woefully off track" on green investments to reduce emissions and needs new policies and financial mechanisms to help bridge the gap, the global consultancy Bain & Company said on Monday.With energy consumption in the region expected...
India set to exit FY24 with a GDP of $3.6 trillion; Tata Consumer, Birla Corp top bets, ET BFSI
India is set to exit FY24 with a GDP of USD 3.6 tn and an underlying growth of 7.6%+. Capital markets signed off FY24 with a stellar 29%/60%/70 % returns in Nifty/Nifty Midcap 100/Nifty Smallcap 100.India’s market cap has reached $4.4tn, making it the fifth largest in...
Bank of Baroda report, ET BFSI
New Delhi [India], April 15 (ANI): It is apparent that the government and the corporates maintain a watchful stance on capital expenditure during the election months, said Bank of Baroda in a report.A study conducted by economist Jahnavi Prabhakar looked at various...
US growth may be a global boon, but inflation could derail the train, ET BFSI
U.S. economic growth that keeps motoring above its potential is emerging as a key prop for an ongoing global expansion, but spillovers from persistently high inflation and tight monetary policy in the world's largest economy could pose new risks to a hoped-for "soft...
Why BJP and Modi owe big thanks to Congress and Rahul Gandhi for Kamal’s bloom in India , ET BFSI
In the lead-up to the Lok Sabha elections of 2024, political parties are immersed in an intense battle for power and influence. The political landscape is charged with energy as parties engage in vigorous campaigns to sway voters and secure their support. Amidst this...
3 PMS funds doubled HNI investor wealth in FY24, stars missing in top 10 list, ET BFSI
None of the PMS schemes run by Dalal Street's popular fund managers made it to the top 10 list in FY24 when midcaps, smallcaps and SME stocks defeated bluechips by a wide margin. During the financial year, at least 3 PMS schemes more than doubled money.Invasset's...
India’s WPI inflation accelerates to 0.5% in March compared with 0.2% in February, ET BFSI
India's wholesale price index-based inflation accelerated to 0.53 per cent in March on an annual basis, as against 0.20 per cent in February, data from the Commerce Ministry on Monday showed.Last week, India's retail inflation data was released which showed that it...
Yellow metal opens above Rs 72,000/10 grams mark, silver at Rs 83,273/kg, ET BFSI
After hitting a lifetime high of Rs 73,958 in Friday's opening trade, gold prices on MCX took cues from their international counterparts today and rose by Rs 67 or 0.09% to trade at Rs 71,910 per 10 grams. MCX May silver contracts were up by Rs 460 or 0.56% to Rs...
Cops Recover ₹70 Lakh Hr Exec Lost To Cyber Frauds, ET BFSI
GURGAON: After managing to get back Rs 1.3 crore lost by a retired air force officer to an online fraud, police said on Sunday they have recovered Rs 71 lakh that a senior HR executive was cheated out of by cyber fraudsters.Cops also arrested three men from Jaipur...
Markets to track geopolitical events, earnings, macro data in holiday-shortened week: Analysts, ET BFSI
New Delhi: Geopolitical events, macroeconomic data and quarterly earnings of corporates would guide the stock market in a holiday-shortened week ahead, analysts said. Stock markets will remain closed on Wednesday for Ram Navami. "This week promises to be crucial for...
Factories around the world are slowly cranking into gear again, ET BFSI
Assembly lines around the world are starting to hum again, marking a turn in a years-long manufacturing slump.The nascent industrial recovery is led by the world’s two biggest economies. Chinese manufacturing has made a strong start to the year, boosting the economic...
Key highlights and announcements, ET BFSI
The BJP today released its manifesto -Sankalp Patra - for the Lok Sabha polls. Prime Minister Narendra Modi and other senior leaders of the party attended the event at the party headquarters that coincides with the birth anniversary of B R Ambedkar, a towering leader...
Salary hikes likely to be super healthy for BFSI employees, ET BFSI
Mumbai: Macroeconomic headwinds notwithstanding, the banking, financial services and insurance (BFSI) sector is expected to give out an average double-digit salary increase, said senior industry executives. Top performers in high-demand functions such as risk,...
India Inc embracing neurodiversity at workplace, BFSI News, ET BFSI
Corporate India is increasingly embracing neurodiversity at the workplace, hiring people with autism, dyslexia and ADHD.Companies including SAP, EY, and Publicis Sapient are backing better neurodiversity inclusion through tailored programmes as well as targeted hiring...
Closure of textile units, lack of jobs at play in Tiruppur, ET BFSI
In India's "knitwear capital" Tiruppur, the AIADMK and the CPI are likely to see a strong adversary in the BJP, which is trying to make inroads into this important Tamil Nadu constituency with promises of pulling its bleeding garment units out of trouble with...
There is a strong case for Centre and states cleaning up budget books: D Subbarao, ET BFSI
In his new memoir titled ‘Just A Mercenary? Notes from My Life and Career’, Duvvuri Subbarao candidly admits the mistakes he made as a civil servant and as RBI governor, including those on managing non-performing assets. Subbarao, a senior fellow at the Yale Jackson...
₹927cr In Pocket, Ndmc Crosses Licence Fee Target For Fy 2023-24, ET BFSI
New Delhi: New Delhi Municipal Council (NDMC) has surpassed its target for licence fee collection for the financial year 2023-24 within the estate department, amassing a total of Rs 927 crore against a target of Rs 825 crore.In comparison, the collection in 2022-23...
Emerging-market bulls tout Modi premium as election nears, ET BFSI
Under Prime Minister Narendra Modi, India’s stocks have commanded an unprecedented premium to emerging-market peers. As he seeks a third successive term, investors are betting that the performance can continue.Modi is likely to spend heavily on manufacturing and...
All in a day! Gold sees sharp decline on Friday, but ends with weekly gains, ET BFSI
On Friday, spot gold broke above $2,400 mark on reports that Israel is bracing for a direct and unprecedented attack by Iran on government targets as soon as Saturday. However, the metal lost buying momentum after hitting a fresh record high of $2431 to settle lower....
India can be the world’s no.1 contributor to GDP growth by 2028, ET BFSI
The European Central Bank held the line on interest rates but officials leaned even more toward a mid-year cut should inflation continue to cool.Lower borrowing costs would help nudge a European economy that’s struggled to register any growth for longer than a year....
Asian Development Bank, ET BFSI
ISLAMABAD: Pakistan, with a 25% inflation rate has the highest living cost in Asia, as per a recent report released by the Asian Development Bank (ADB). The report states that the country is struggling with economic challenges primarily due to high inflation rate and...
Block deals worth over Rs 10,851 crore this week. Tata Technologies, Adani Ports among stocks with major action, ET BFSI
Amid high volatility, the holiday-shortened week saw the Nifty end with 0.4% gains on a weak-on-weak basis. It was laden with top action where over three dozen companies from large, mid and smallcap segments witnessed prominent block deals worth Rs 10,851 crore on...
Israel-Iran conflict, Q4 earnings among 11 factors that will steer D-Street this week, ET BFSI
The Nifty 50 ended with weekly gains of 0.4% amid significant volatility and a sell-off in bluechip stocks on Friday after concerns of greater scrutiny on investments done from Mauritius soured D-Street sentiments. When markets resume trading on Monday, a host of...
Vietnam sentences real estate tycoon Truong My Lan to death in its largest-ever fraud case, ET BFSI
HANOI - Real estate tycoon Truong My Lan was sentenced Thursday to death by a court in Ho Chi Minh City in southern Vietnam in the country's largest financial fraud case ever, state media Vietnam Net said.The 67-year-old chair of the real estate company Van Thinh Phat...
ADB raises India’s GDP growth forecast for FY25 to 7%; to remain major growth engine in APAC region, ET BFSI
New Delhi: The Asian Development Bank (ADB) on Thursday raised India's GDP growth forecast for the current fiscal to 7 per cent, from 6.7 per cent earlier, saying the robust growth will be driven by public and private sector investment and improvement in consumer...
Moody’s maintains stable outlook for India but flags rising ‘political tensions’, ET BFSI
Despite maintaining a stable outlook for India at Baa3 and P-3, rating agency Moody's has said that escalation of political tensions or further weakening of checks and balances that would undermine India's long-term growth potential would likely put downward pressure...
Mumbai police recover Rs 82.55 lakh school lost in ‘man in the middle’ cyber attack, ET BFSI
Mumbai: The police have recovered Rs 82.55 lakh that a prominent south Mumbai-based international school lost in a 'man in the middle' online attack, an official has said. A 'man in the middle' (MITM) attack is one in which the attacker secretly intercepts and relays...
One in four women experience gender disparity in India’s BFSI sector: Report, ET BFSI
New Delhi: Every fourth woman working in India's banking, financial services, and insurance (BFSI) sector has been a victim of gender disparity in terms of recognition, fair pay, and workplace equity, according to a report on Friday.The report by Great Place To Work...
Finance Commission invites applications for young professionals, consultants, ET BFSI
The Sixteenth Finance Commission on Friday said it has invited applications for young professionals and consultants on a contract basis. The Sixteenth Finance Commission (XVIFC) has uploaded eligibility, terms of reference, remuneration and application form on its...
Kristalina Georgieva to serve second term as IMF managing director, ET BFSI
Washington, The Executive Board of the International Monetary Fund (IMF) on Friday selected Kristalina Georgieva to serve as IMF Managing Director for a second five-year term starting on October 1, 2024.The board's decision was taken by consensus, according to a...
Immigrant workers, eager to fill jobs, ET BFSI
MIAMI - Having fled economic and political chaos in Venezuela, Luisana Silva now loads carpets for a South Carolina rug company. She earns enough to pay rent, buy groceries, gas up her car - and send money home to her parents.Reaching the United States was a harrowing...
Pakistan’s economic outlook ‘uncertain’, says ADB as it predicts 1.8% growth for FY2024, ET BFSI
ISLAMABAD: The Asian Development Bank has said that Pakistan's economic outlook remains uncertain, as political instability would remain a key risk to the sustainability of stabilisation and reform efforts, according to a media report. The Manila-based lending agency...
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...
