Industry
Survey Set To Delve Into The Minds Ofponzi Fraud Victims & Perpetrators, ET BFSI
Bengaluru: Busy probing 113 Ponzi scams, including the multi-crore I Monetary Advisory (IMA) scandal, the special officer and competent authority for IMA and other frauds has decided get to into the minds of those who invest in such schemes, despite the fact that...
How to invest Rs 1 crore to get monthly income, ET BFSI
My 66-year-old sister has no income and no one to support her after she lost her son. I have decided to sell her flat and move her to a senior living home with a monthly expenditure of Rs 50,000. The sale will leave me with about Rs 1 crore after deducting capital...
Gloom over China assets spreading beyond stocks, BFSI News, ET BFSI
Scepticism over Chinese assets is spreading beyond stocks, with investors expecting the yuan and government bonds to underperform in a year when the Federal Reserve's dovish pivot is set to buoy emerging markets. Bearish sentiment toward China has intensified as the...
UP govt lines up Rs 85,000 crore investment for redevelopment of Ayodhya, ET BFSI
The Uttar Pradesh government has envisioned an investment of Rs 85,000 crore for the redevelopment of Ayodhya as it looks to develop the temple town as an economic and tourism hub. The redevelopment would be done as per the Master Plan 2031 and will be completed over...
Lenders, finance companies power India Inc’s double-digit profit growth, ET BFSI
The initial trend in the third quarter results season reflects sustained year-on-year double-digit growth in aggregate revenue and net profit, driven by banking and finance companies. For a sample of 215 companies that have so far declared October-December results,...
States’ loan guarantee more than triples since FY17 to Rs 9.4 lakh cr in FY23, ET BFSI
MUMBAI: The total loan guarantees extended by 17 major states to their entities have more than tripled to Rs 9.4 lakh crore by FY23 from Rs 3 lakh crore in FY17, says a report. While guarantees are contingent liabilities, they may pose a risk to states' fiscal health...
71 % of India’s wealthiest are keen to invest in luxury real estate: Report, ET BFSI
The annual Luxury Outlook Survey 2024 conducted by India Sotheby’s International Realty (ISIR) unveiled a robust economic optimism among High-Net-Worth Individuals (HNIs) and Ultra High-Net-Worth Individuals (UHNIs), with a staggering 79% expressing confidence in the...
Hubergroup India in talks with banks, NBFCs, AIFs for Rs 1,500 cr debt, ET BFSI
Hubergroup India, a global printing inks and chemicals specialist, is in discussions with various lenders, including ICICI Bank, Axis Bank, HDFC Bank, Tata Capital, Axis Finance, and ICICI Prudential Credit Fund, to borrow Rs 1,500 crore in working capital, amortizing...
Strategic policy action needed to propel growth in technology, infra, education, healthcare, ET BFSI
"This year’s budget could be a blueprint for a Viksit Bharat."Major tax reforms, new schemes and policy decisions are not expected in the Interim Budget, which is a vote on account, aimed at seeking the authorisation of the Parliament to meet the government’s expenses...
Sony terminates $10 bn Zee India merger, ET BFSI
New Delhi, Sony Group Corp on Monday said it is calling off a USD 10 billion merger of its India unit with Zee Entertainment, following a stalemate over who will lead the merged entity. The entertainment giant sent a termination notice to Zee on the deal, which was...
Rapid digitisation accompanied by rising investment scams, ponzi schemes concern authorities, ET BFSI
Hackers have now even opened several anonymous accounts on Binance, the world’s largest cryptocurrency exchange, enabling them to convert the stolen funds and obscure the money trail.There is a growing apprehension among the financial experts and authorities in India...
How to safely donate to Ram Temple Trust and avoid fake websites, ET BFSI
The Ram Temple in Ayodhya has gained significant attention and widespread support from individuals across the nation. As the project advances, many citizens express their eagerness to contribute to this historic initiative. While the intention to donate is...
India’s goods & services exports marginally up in 2023, ET BFSI
The country's exports of goods and services rose marginally by 0.4 per cent to USD 765.6 billion in 2023 despite global economic uncertainties, according to the commerce ministry data. Sectors which helped keep India's exports afloat include electronics,...
Interim Budget measures that Modi govt needs to take to widen doors for global companies, ET BFSI
Dear Prime Minister,The world is lauding India for its exceptional success story. At 7% growth, India is the fastest growing large economy and inspires investors’ interest in its credible future growth story. It has consistently focused on reforms for attracting...
Red Sea crisis pressures China’s exporters as shipping delays, costs mount, ET BFSI
For Chinese businessman Han Changming, disruptions to Red Sea freight are threatening the survival of his trading company in the eastern province of Fujian. Han, who exports Chinese-made cars to Africa and imports off-road vehicles from Europe, told Reuters the cost...
Deadline over; Sony not keen to extend good faith negotiations with Zee. $10 bn merger terminated, ET BFSI
Sony-Zee merger: Sony Group Corp is unlikely to extend the good faith negotiations with Zee Entertainment Enterprises Ltd. (ZEEL) -- whose deadline was supposed to lapse on the midnight of January 21st said people aware. Sony is believed to have sent the termination...
How much money was spent and what does UP stand to gain?, ET BFSI
The much awaited 'Pran Pratishtha' ceremony for Shri Ram Lalla is all set to take place between 12:05 Pm and 1:00 Pm on 22 January, 2024 in presence of Prime Minister Narendra Modi and several notable dignitaries.The invite to the event has been sent to several big...
Afghan economy has shrunk, country receives $80 million every 14 days: Report, ET BFSI
In a newly released report, the Special Inspector General for Afghanistan Reconstruction (SIGAR) has highlighted that millions of dollars have been transported to Afghanistan in different shipments over the previous three months.SIGAR stated that each cargo was worth...
ChatGPT creator wants to raise billions of dollars, here’s why, ET BFSI
Sam Altman, the CEO of OpenAI, has been looking to raise billions of dollars from global investors to set up a network of factories that will manufacture semiconductors. Several individuals with knowledge of the plans have confirmed this to Bloomberg.Sources tell...
71 % of India’s wealthiest are keen to invest in luxury real estate: Report, ET BFSI
The annual Luxury Outlook Survey 2024 conducted by India Sotheby’s International Realty (ISIR) unveiled a robust economic optimism among High-Net-Worth Individuals (HNIs) and Ultra High-Net-Worth Individuals (UHNIs), with a staggering 79% expressing confidence in the...
From Europe to Japan, inflation expectations slows, BFSI News, ET BFSI
Inflation in Japan slowed for a second month, giving central bankers reason to wait before ending their negative rate policy. While the data support the view the Bank of Japan officials won’t rush into the first rate hike since 2007 when they meet next week, services...
Ram Mandir Markets, Banks, schools, offices holiday on Jan 22. Here’s what’s open and what’s closed, ET BFSI
Ayodhya Ram Mandir Inauguration: Several government and private organisations have declared full or half-day holiday on January 22 on account of Ram mandir Pran Pratishtha ceremony. The nation is all set to witness the grand consecration ceremony or "pran pratishtha"...
Former Chief Justice, judges join ODR platform Presolv360’s advisory council, ET BFSI
The online dispute resolution platform Presolv360 announced the establishment of its advisory council. The advisory council consists of justices like Justice B N Srikrishna and Justice Kannan Krishnamoorthy alongwith the former Chief Justice of India, U U Lalit. The...
These Banks, States, companies, govt offices, Courts have declared holiday. Check full list here, ET BFSI
Ram Mandir Bank Holiday: As anticipation builds for the Ayodhya Ram Mandir inauguration, several state, government offices and companies have declared holidays to allow citizens to partake in the upcoming festivities. Here's a breakdown of the holidays announced by...
PM Modi, BFSI News, ET BFSI
Mumbai: Prime Minister Narendra Modi on Friday while pitching for his third term, said that he is a Prime Minister who has delivered on all the promises made. Invoking the 'Modi guarantee', the Prime Minister linked the economy of the country with that of his...
Banks & markets shut on Monday, trading today, BFSI News, ET BFSI
MUMBAI: Stock exchanges, as well as money and foreign exchange markets, will be closed on Monday. Reliance Industries, too, declared a holiday to mark the consecration ceremony of the Ram Temple in Ayodhya, probably the first Indian conglomerate to do so. Both the...
Indian shares rise in Saturday session as banks bounce; HUL slides, ET BFSI
BENGALURU -Indian shares rose in a trading session on Saturday, helped by a bounce in banking stocks after an HDFC Bank-led slide earlier in the week, while investors awaited earnings reports from large private lenders, due later in the day.The blue-chip Nifty 50 rose...
Maharashtra govt declares full-day public holiday on January 22, ET BFSI
The Maharashtra government has declared a public holiday on January 22 on the occasion of Ram temple inauguration at Ayodhya.Central government establishments, public sector banks, insurance companies, financial institutions and regional rural banks (RRBs) across the...
In Punjab, investment fell 85% in AAP govt’s 1st fiscal year: Study, ET BFSI
LUDHIANA: Investment in Punjab declined by over 85.23% during the first financial year of the Aam Aadmi Party (AAP)-led government's tenure in Punjab, said a study conducted by MSME Export Promotion Council and the Confederation of Organic Food Producers &...
Co is cautiously optimistic in the near term; rural growth still subdued, ET BFSI
Consumer goods major Hindustan Unilever while reporting its third quarter numbers, said that it remains cautiously optimistic in the near term as it expects the gradual recovery in market demand to continue.During a conference call after the results, the company said...
EY Partner, 21 top bank officials among ED witnesses, ET BFSI
A list of 69 witnesses that the Enforcement Directorate (ED) has filed to support evidence in India's biggest bank fraud case includes 21 senior bank officials and a partner at professional services firm Ernst & Young, show court documents.EY had carried out a...
How Sitharaman can help you get more out of your vacation, ET BFSI
Interim Budget: Indians are on a wanderlust, willing to explore more and more local destinations as India's aviation and railway infrastructure has grown in the past decade and increased connectivity to far-flung areas. The rising SUV sales too point at poeple willing...
Nari-shakti may drive Bharat’s moment in the world order, ET BFSI
Union Budget 2024: India is making strides on global platforms ranging from local production boost to attracting foreign companies to shifting supply chains from rival China as it harbors dreams of becoming the third largest economy. The women of modern India have...
India must gun for at least 7% growth in FY25, says RBI, ET BFSI
The Reserve Bank of India wants the country to target real GDP growth of at least 7 per cent next fiscal amid an environment of macroeconomic stability. "In India, potential output is picking up with actual output running above it, although the gap is moderate. In...
PSU banks, insurance companies to remain closed for half day on Jan 22, ET BFSI
New Delhi, Public sector banks, insurance companies, financial institutions and regional rural banks will remain closed for half day on January 22 due to the Ram temple consecration ceremony in Ayodhya. Earlier in the day, the Department of Personnel and Training...
RBI Governor at Davos, ET BFSI
Davos [Switzerland], January 17 (ANI): International confidence in India is at an all-time high and confidence among investors is growing, said Reserve Bank of India (RBI) Governor Shaktikanta Das."There is growing confidence on India and I think the international...
Domestic investors increase stakes in Adani Group cos in Dec quarter, ET BFSI
New Delhi: Domestic investors seem to be bullish on Gautam Adani-led Adani Group as they raised their stakes in five group companies, including Adani Green and Adani Total Gas, in the December quarter. Other group firms where stakes have been raised are Adani Wilmar...
Tata-owned Agratas in talks for green loan of up to $500 million, ET BFSI
Agratas Energy Storage Solutions Pvt Ltd. is in talks with a group of banks to raise as much as $500 million via green loan, according to people familiar with the matter.The wholly owned subsidiary of Tata Sons Pvt Ltd develops battery cells, with factories in India...
ONGC Videsh raises USD 420 million from DBS and BoB banks, ET BFSI
BoB did not reply to an email seeking comment. An ONGC Videsh spokesperson said the loan is a refinance for a previously taken loan.ONGC Videsh, the overseas exploration arm of Oil and Natural Gas Corporation (ONGC), has raised USD 420 million from Singapore's DBS...
RBI Guv Shaktikanta Das at WEF, ET BFSI
The Indian economy is expected to grow 7 per cent in fiscal 2024-25, said the Reserve Bank of India's governor Shaktikanta Das at the World Economic Forum (WEF) Annual Meeting 2024 in Davos. Speaking at a CII session on 'High growth, low risk: The India story' here...
Closing women’s health gap could help boost global economy by $1 tn annually: WEF, ET BFSI
Davos-Klosters: A new World Economic Forum (WEF) report shows closing the women's health gap would allow more women to live healthier, higher-quality lives, and provide an unprecedented boost to the global economy. Closing the Women's Health Gap: A $1 Trillion...
Ensuring the Welfare of Gig Workers, ET BFSI
Apart from industry representatives, officials from various government departments — industry and commerce, labour, transport and taxation — attended the meetingGurgaon: The state government will form a welfare board for gig workers to secure the interest of a growing...
AI buzzes Davos, but CEOs wrestle with how to make it pay, ET BFSI
Bright banners tout the promise of artificial intelligence along the main promenade of Davos, but executives at the World Economic Forum (WEF) say they are grappling with how to turn early demos into money-makers.The arrival of OpenAI's viral ChatGPT triggered a...
Blending Physical Touchpoints with Digital Technology, ET BFSI
In a world dominated by digital transformation, where algorithms and artificial intelligence are reshaping industries, the BFSI sector is often seen as a pioneer in embracing technological advancements, having witnessed an interesting confluence of the physical and...
Rupee ends flat, wedged between Asia FX bump and foreign banks’ dollar buys, ET BFSI
By Jaspreet KalraMUMBAI - The Indian rupee ended little changed on Thursday, after hovering in a tight range for much of the session as positive cues from a slight pickup in its Asian peers were offset by dollar demand from foreign banks.The rupee closed at 83.1225...
IREDA and Indian Overseas Bank collaborate for funding renewable energy projects, ET BFSI
The agreement was inked at IREDA's Business Centre in New Delhi by General Manager, IREDA, Dr RC Sharma and Chief Regional Manager, IOB, Anil Kumar on Tuesday.Indian Renewable Energy Development Agency (IREDA) has signed a memorandum of understanding (MoU) with Indian...
India Inc is on the hunt for more and more women executives as it pushes for better ESG standards, ET BFSI
HighlightsMany companies rolling out “female candidate only” search mandates for CXO roles In demand are female CEO, CFO, COO, CHRO, CMO, CTO, CLO Limited talent pool delaying search process to 12-15 weeks vs typical 6-7 weeks 30% of C-suite mandates make it...
IMF MD Kristalina Georgieva urges global action on climate change at World Economic Forum, ET BFSI
Davos [Switzerland]: Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), on Wednesday delivered a message during a WEF session dedicated to climate and nature. Georgieva posted on X, "My message at today's @wef session on climate and...
CM Eknath Shinde, ET BFSI
Eknath Shinde at WEFMaharashtra Chief Minister Eknath Shinde has said that the state has inked memorandums of undertaking (MoUs) worth Rs 3,53,675 crore at the World Economic Forum 2024 in Davos, Switzerland. Shinde thanked investors, noting the increased confidence...
Google India’s gross ad revenue grows 12.49% to Rs 28,000 crore, ET BFSI
Google India's gross ad revenue for FY23 increased by 12.49% YoY to Rs 28,040 crore, solidifying its dominance in the digital advertising market through Google Search, YouTube, and Chrome, as per the company's financial details sourced from the Registrar of Companies...
Gujarat, Karnataka, Kerala & Tamil Nadu best for startups, ET BFSI
Government officials, however, said that too much should not be read into it as the idea was to encourage states to compete and perform better and almost all states and UTs were working to develop a good ecosystem.Gujarat, Karnataka, Kerala and Tamil Nadu ranked best...
India may allot Rs 4 lakh crore for next year’s food, fertiliser subsidies, ET BFSI
Budget expectations: India may earmark about 4 trillion rupees ($48 billion) for food and fertiliser subsidies for the next fiscal year, two government sources said, indicating fiscal caution ahead of this year's general election.Food and fertiliser subsidies account...
Almost 9 out of 10 CEOs see Indian economy growing, to step up hiring: PwC Survey, ET BFSI
An overwhelming majority of Indian CEOs believe in the growth of the Indian economy this year, according to a PwC survey of CEOs, "CEOs are more upbeat about their company’s growth than they were last year. India leaders’ optimism about their own territory’s economic...
CCI clears amalgamation involving Shriram Group entities, BFSI News, ET BFSI
New Delhi, Fair trade regulator CCI on Tuesday cleared the proposed combination involving the merger of various entities of the Shriram Group. The proposed combination relates to the amalgamation of Shriram GI Holdings Pvt Ltd with Shriram General Insurance Company...
47% women take independent financial decisions, 51% prefer low-risk instruments: Report, ET BFSI
In India, where many women may not have grown up with the cultural expectation that they should drive financial decisioning, it can be even more of a challenge to personally take up the reins.About 47 per cent of women take financial decisions on their own, reflecting...
Kerala attracted Rs 91,575 crore investment between 2018-23: Study, ET BFSI
Thiruvananthapuram: Kerala has successfully attracted over Rs 91,575 crore of new investment projects during 2018-19 to 2022-23, completed projects worth Rs 33,815 crores, and generated new job opportunities, direct and indirect, for about five lakh people, according...
PhonePe, CaratLane join hands to enable jewellery purchase with digital gold, ET BFSI
Digital payments company PhonePe and jewellery brand CaratLane on Monday announced their partnership to enable consumers to purchase jewellery by redeeming their accumulated Digital Gold."Consumers who have invested in 24K Digital Gold on PhonePe in partnership with...
MPC member Jayanth R Varma, ET BFSI
RBI Monetary Policy Committee (MPC) member Jayanth R Varma has said that capacity utilization has been slowly increasing and private capital expenditure would pick up in the coming years. Varma further noted that in the last couple of years, the government has...
Exports marginally up at USD 38.45 bn in Dec; trade deficit narrows, ET BFSI
New Delhi The country's exports edged up 1 per cent to USD 38.45 billion in December 2023 while the trade deficit narrowed to a three-month low of USD 19.8 billion, official data released on Monday showed. Imports declined by 4.85 per cent to USD 58.25 billion in...
Union Budget 2024 may be interim but investors need to watch out for these 5 things, ET BFSI
As the Union Budget would be an interim one in an election year, Finance Minister Nirmala Sithraman has already ruled out making any "spectacular announcements" on February 1. However, just like how the last 2019 Interim Budget had turned out to be, this one too could...
India ready to grow into a $35-trillion economy in 24 years, says Piyush Goyal, ET BFSI
There is great excitement about India globally and the country stands at a crucial juncture, ready to catapult into a $35-trillion economy in the next 24 years, marking an era of unprecedented growth, commerce and industry minister Piyush Goyal said. "We are at the...
India has to grow at 7.7% for next 23-24 years to become developed nation by 2047: Subba Rao, ET BFSI
Duvvuri Subba Rao, Former RBI Governor, says “we have to grow fast because as much as we are a large economy, we are also a poor society. India has by per capita income, we are about 139 in the League of Countries. We are the poorest country in the BRICS. We are the...
RBI MPC’s Jayanth R Varma, ET BFSI
RBI MPC member Jayanth R VarmaNew Delhi: The Indian economy has withstood all geopolitical shocks in the last couple of years and it will also be able to navigate the uncertainties that lie ahead, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on...
15 income tax, personal finance ideas for the Finance Minister, ET BFSI
The coming Budget will not be a full one, but only a vote on account. While a full Budget outlines the government’s plans for spending and earning money in the coming year, a vote on account is only a temporary arrangement that estimates the money the government needs...
What’s the agenda at World Economic Forum’s 54th Davos meet, ET BFSI
The forthcoming World Economic Forum Annual Meeting 2024 is set to commence in Davos, Switzerland, starting Monday. A gathering of more than 2800 leaders, including 60 heads of state and government officials, is anticipated for a comprehensive five-day discussion...
Chief economists expect global economy to weaken in 2024: WEF survey, ET BFSI
As the top leaders from across the world gather here for their annual congregation, a survey of chief economists on Monday forecast a weakening of the global economy in 2024 and accelerated geo-economic fragmentation.Warning of more economic uncertainty on the...
Wholesale prices accelerate to 9-month high at 0.73% in December, ET BFSI
Representative image.India's wholesale inflation touched a nine month high at 0.73 per cent in December on an annual basis as against 0.26 per cent in November, the government data showed on Monday.The number had rebounded in positive territory in November after...
Can Elon Musk turn Twitter into a payment super app?, BFSI News, ET BFSI
Elon Musk's social media platform, X, formerly known as Twitter, this month announced its plans to launch peer-to-peer payments later this year, according to a recent blog post. While specific details about the mechanics of these payments or the official launch date...
CMD, BFSI News, ET BFSI
State-run Housing and Urban Development Corporation (HUDCO) plans to raise funds from the Japanese market through the external commercial borrowing route next month, as it seeks to bring down overall financing costs, chairman and managing director Sanjay Kulshrestha...
KKR will deploy its next $10 billion in India faster than before, says founder Henry Kravis, ET BFSI
An Indophile who doesn't hesitate to speak his mind, Henry Kravis, 80, is astounded by India's economic development, making him want to know more about the economy, meet young entrepreneurs, and mingle with policymakers every time he visits. One of the three founders...
Morgan Stanley banker who lifted hedge funds from ‘kiddie table’ with stock tips, ET BFSI
For years, hedge funds knew that one man at Morgan Stanley could make them millions.A big block of shares would come up for sale, and block-trading head Pawan Passi would tip off the funds. One even told Passi he had put that investor “in the game” (adding a colorful...
Brand UP to get global push at World Economic Forum Lucknow, BFSI News, ET BFSI
Lucknow: ‘Brand Uttar Pradesh’ is set to get a global push at the World Economic Forum at Davos where, for the first time, a UP Pavilion will be set up. The pavilion will showcase UP’s flagship schemes, industrial policies, highlight the role of Invest UP in...
What FTC case against ad tech giant Kochava reveals, ET BFSI
Kochava, the self-proclaimed industry leader in mobile app data analytics, is locked in a legal battle with the Federal Trade Commission in a case that could lead to big changes in the global data marketplace and in Congress' approach to artificial intelligence and...
Apple to shutter 121-person San Diego AI team in reorganisation, ET BFSI
Apple Inc. is shutting a 121-person team related to artificial intelligence operations in San Diego, leaving many employees at risk of termination, according to people familiar with the matter.The group, known as Data Operations Annotations, was told Wednesday that...
Global warming-induced cyclones rattle coastal economy; Amphan cost: $14 bn, ET BFSI
New Delhi: Global warming has been triggering inclement weather and cyclones that have hit the Indian coastline with devastating effect, leading to the loss of human lives and livelihoods.Such natural calamities result in extensive damage to high-investment port and...
Interim Budget may see measures to boost consumption demand, push agri economy, ET BFSI
New Delhi: Finance Minister Nirmala Sitharaman is likely to step up efforts to boost consumption and rural economy while keeping inflation under check when she presents her sixth straight Budget on February 1. Experts said one way to boost consumption is to put more...
In age of tech disruption, women make beeline for upskilling, BFSI News, ET BFSI
Indian women are in the midst of an upskilling wave with some seeking to re-enter the workforce after a career break; others to secure better jobs or stay relevant in an age of technological disruptions by acquiring cutting-edge skills.Demand from women learners is...
World Bank To Give 2k Cr To Restore Tn Coast, BFSI News, ET BFSI
CHENNAI: The World Bank allocated Rs 2,000 crore to implement the Tamil Nadu Coastal Restoration Mission. The project will be implemented for five years from the coming financial year. To enchance coastal biodiversity, the government will construct a biodiversity...
Arjun Ram Meghwal, BFSI News, ET BFSI
NEW DELHI: Law Minister Arjun Ram Meghwal on Saturday said the Indian rupee has strengthened during the tenure of the Narendra Modi government.He also credited the role played by B R Ambedkar in taking on the then British rulers who tried to weaken the...
Patra reappointed RBI deputy governor for 1 year, BFSI News, ET BFSI
MUMBAI: Michael Patra has been reappointed as RBI governor for one year. He was initially appointed in January 2020 for a three-year tenure, which concludes on January 14. Patra was appointed deputy governor in place of Viral Acharya who quit in July 2019, six months...
How salaried, self-employed can claim tax deductions for NPS under old, new income tax regime, ET BFSI
Individual taxpayers, whether they are salaried or self-employed, have limited avenues of saving income tax. The National Pension System (NPS) is one of the top tax-saving investment options among salaried taxpayers and it works well even for self-employed taxpayers....
India’s retail inflation at four-month-high of 5.69% in December, ET BFSI
India's retail inflation at four-month high of 5.69 per cent in December Data from the National Statistical Office unveiled that the consumer price index (CPI) based retail inflation surged to 5.69 per cent in December, up from 5.55 per cent in November. This spike...
Retail inflation rises to four-month-high of 5.69% in December 2023: MoSPI, ET BFSI
India's retail inflation rose to a four-month high of 5.69% in December 2023 due to a rise in food prices, data from National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) said on Friday. In November, the retail inflation was...
FM Nirmala Sitharaman, ET BFSI
"We are going through the process in a systematic manner and I am confident that it will happen at the earliest," Sitharaman said.India stares at a "funding gap" of USD 10.1 trillion to honour its net zero emissions commitment by 2070, finance minister Nirmala...
BlackRock slashes valuation by whopping 95% to just $1 billion, ET BFSI
Setback for Byju’s: BlackRock, the world's largest asset manager, has significantly reduced the estimated value of edtech firm Byju's to around $1 billion. This marks a decline of over 95% from its valuation of $22 billion during its last fundraising round in October...
World Bank chief Ajay Banga, ET BFSI
Ajay Banga, President, World BankNew Delhi, World Bank President Ajay Banga on Tuesday batted for removing barriers to private sector investment, saying it is key to tackling challenges before the global economy as neither the governments nor multilateral banks have...
FM, BFSI News, ET BFSI
AHMEDABAD: India has a funding gap of $10.1 trillion to meet its net zero commitment, and therefore, the International Financial Services Centre Authority (IFSCA) – the unified regulator needs a platform where green credit can be traded, said Union finance minister...
Finance Minister Nirmala Sitharaman unveils GIFT city’s financial landscape, ET BFSI
On the second day of the Vibrant Gujarat Global Summit, Finance Minister Nirmala Sitharaman provided a comprehensive overview of the current financial ecosystem within the Gujarat International Finance Tec-City (GIFT City).Emphasizing the city's strategic importance,...
Mukesh Ambani joins $100-billion net worth club as RIL breaks record, ET BFSI
NEW DELHI: Asia's richest billionaire Mukesh Ambani on Thursday joined the exclusive club of tycoons having net worth of at least $100 billion after shares of Reliance Industries (RIL) ended at fresh all-time high levels.The total net worth of the Chairman and...
Watch the 2nd episode of LIVE series today, ET BFSI
The nation is abuzz with discussions about the impending Interim Budget for FY 2024-25. The stakes are high, and citizens from all walks of life are keenly anticipating the fiscal roadmap that will shape the economic landscape for the coming year.From the common man's...
India’s big advantage is that two-thirds of the economy is consumer-oriented, says Fairfax boss Prem Watsa, ET BFSI
Prem Watsa, who helms the $84 billion Toronto-based investment giant Fairfax, reiterated his commitment to India, hailing the country's economic prospects. Fairfax's investment plans for India are on track despite macroeconomic headwinds, he said."India has got one...
India’s GDP to surpass USD 4 trillion in 2024-25: PHDCCI Report, ET BFSI
New Delhi, India's economy is likely to surpass USD 4 trillion in 2024-25 and further escalate to USD 5 trillion by 2026-27, according to a PHDCCI report released on Wednesday. The industry chamber also expects the RBI to cut the repo rate by 100 basis points in a...
US consumer inflation jumps more than expected to 3.4%, BFSI News, ET BFSI
Consumer inflation in the United States rose more than anticipated in December, government data showed Thursday, although underlying pressures still appear to be ebbing.The Department of Labor's consumer price index (CPI), a key measure of inflation, was up 3.4...
A tale of great expectations, ET BFSI
Budgets are known for raising expectations of relief and benefits among various sections of the population. That's truer for budgets that come just before elections. When the talk is about freebies, populism, welfare schemes, cash handouts, the taxpayers, though a...
Direct tax collection rises 19% till Jan 11, reaches 81% of FY24 target, ET BFSI
New Delhi: India's net direct tax collection has increased 19 per cent on an annual basis to Rs 14.70 lakh crore till January 11, the official government data showed on Thursday. The official data also revealed that the tax collection has reached 81 per cent of...
UPI best payments system in world, RBI not averse to having rival of NPCI: Das, ET BFSI
Mumbai: Reserve Bank Governor Shaktikanta Das on Thursday dismissed criticism from certain quarters that after the huge success of UPI, its creator NPCI has become a monopoly and asserted that there is more room for the payment app to grow and it can become the world...
Domestic staff may get minimum wage, pension ahead of general elections, ET BFSI
Interim Budget 2024: India could extend some form of social security to millions of domestic workers ahead of general elections set for April-May. This could be a step toward universal welfare payments as envisaged under the Social Security Code, 2020, which has not...
GIFT city opening new avenues for financiers, rope in key players, ET BFSI
The iconic Gujarat International Finance Tec-City (GIFT City) has been attracting the attention of players from the finance world as many of them are investing heavily in the project.Notably, GIFT City is aiming to become India's first international financial hub,...
Reliance chairman Mukesh Ambani unveils five commitments to make Gujarat a global leader, ET BFSI
Reliance chairman Mukesh Ambani on Wednesday outlined the company's five key commitments aimed at propelling Gujarat to global leadership at the Vibrant Gujarat Summit. The commitments encompass the state's transformation into a green growth leader, harnessing 5G and...
What do BFSI Leaders expect?, BFSI News, ET BFSI
As the Union Budget 2024 is set to be unveiled next month, the financial sector leaders recognise the delicate balance required to navigate the current economic complexities. At an ETBFSI discussion on expectations from the Interim Budget, industry captains rooted...
Darshan Hiranandani’s co opens Rs 500 cr data centre in Gujarat, ET BFSI
Gandhinagar: Darshan Hiranandani promoted Yotta Data Services on Wednesday announced the commissioning of a Rs 500 crore data centre in the GIFT City. The company has invested Rs 500 crore over the last five years to build the facility, which has a 2 MW power...
India needs to boost private investment, World Bank chief economist Gill says, ET BFSI
World Bank Group chief economist Indermit Gill believes that India needs to boost private investment and create space for the private sector as it will have to use domestic reforms to counter the impact of a global slowdown. Excerpts from an interview with TOI:What...
NABARD, BFSI News, ET BFSI
Bhubaneswar: The National Bank for Agriculture and Rural Development (NABARD) projected a credit potential of Rs 2 lakh crore for Odisha for the 2024-25 fiscal, a rise of 25.19 per cent from the year-ago period. During a state credit meeting on Tuesday, a State Focus...
Indians may get the highest pay hikes in Asia-Pacific region this year: Survey, ET BFSI
India Inc is likely to see a median pay hike of 9.7% in 2024, compared to 9.5% last year, said the surveyEmployees in India are expected to get the highest salary increments in the Asia-Pacific region this year, according to Korn Ferry’s latest India Compensation...
Interim Budget likely to present a status report on National Pension System, ET BFSI
New Delhi: The February 1 interim budget is likely to present a status report on the National Pension System (NPS), said people aware of the matter. The group headed by finance secretary TV Somanathan that's reviewing the scheme is likely to submit its report by the...
Google Trends data can help gauge inflation fears: ICRA report, ET BFSI
New Delhi: Google search interest regarding the prices of just three vegetables -- tomatoes, onions, and potatoes (TOP) -- has turned out to be a useful indicator of price anxiety in India, according to an ICRA study released on Tuesday.The study, titled...
World Bank, BFSI News, ET BFSI
NEW DELHI: World Bank on Tuesday said growth in Indian economy is expected to remain strong during next financial year, driven by robust investment and services activity.Against its projection of 6.3% expansion in 2023, the latest Global Economic Prospects has now...
PM Modi unveils 25-year vision, pledges to make India a developed nation, ET BFSI
Prime Minister Narendra Modi on Wednesday unveiled India's 25-year goal, propelling the nation towards developed nation status by 2047, aligning with the centenary celebration of independence.PM Modi, reflecting on India's global influence through its G20 Presidency,...
Australian inflation falls to near 2-year low, BFSI News, ET BFSI
Canberra, Australia's rate of inflation has fallen to its lowest level in almost two years, official data revealed on Wednesday.According to the Australian Bureau of Statistics (ABS) data, the consumer price index (CPI) rose by 4.3 per cent in the 12 months to the end...
How an election-packed 2024 could swing India, US & other world markets, ET BFSI
Countries making up over 60% of the world's economic output and more than half of its population hold elections this year.Markets face a "ballot box bombshell", financial services group Morningstar says, adding: "prior experience of this kind of event risk shows big...
Adani Group to invest Rs 2 lakh cr in Gujarat in next five years: Gautam Adani, ET BFSI
GANDHINAGAR: Richest Asian Gautam Adani on Wednesday announced a Rs 2 lakh crore investment in Gujarat over the next five years, largely in setting up the world's largest clean energy project that will be visible even from space.The apples-to-airport conglomerate is...
India to be third largest economy by FY28, developed nation with $30 tn GDP by 2047: FM Sitharaman, ET BFSI
Finance Minister Nirmala SitharamanGandhinagar, Finance Minister Nirmala Sitharaman said on Wednesday exuded confidence that India will become the world's third largest economy worth over USD 5 trillion by 2027-28 and a developed nation by 2047, with GDP touching USD...
“No power on earth can stop India from becoming a 35 trillion-dollar economy by 2047” says Mukesh Ambani at VGGS 2024, ET BFSI
Mukesh Ambani, chairman, Reliance IndustriesGandhinagar: Mukesh Ambani, Chairman and Managing Director of Reliance Industries, extended a warm welcome to attendees at the inauguration of the Vibrant Gujarat Global Summit 2024.Recognising the summit's 20-year legacy...
World looks at India as global growth engine, trusted friend and pillar of stability: PM Modi, ET BFSI
Gandhinagar: Prime Minister Narendra Modi on Wednesday said India has emerged as a new ray of hope amid many uncertainties being faced globally, and the world looks at it as an important pillar of stability, a trusted friend and an engine of growth in the global...
India and Sri Lanka discuss early launch of UPI payment system, ET BFSI
COLOMBO: Six months after it was announced by the prime ministers of both countries, India has discussed the early launch of the UPI payment system with Sri Lanka and reiterated its support in the cash-strapped island nation's debt restructuring process. In July 2023,...
Paytm to invest Rs 100 cr in GIFT City, to offer AI-driven cross border remittance, ET BFSI
New Delhi, One97 Communications Limited (OCL) that owns India's leading payments and financial services company Paytm, on Wednesday announced an investment of Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem,...
Moody’s spots six key ESG trends that will shape credit strength in 2024, ET BFSI
In its outlook for 2024, rating agency Moody's Investor Service has come out with six environmental, social and governance (ESG) trends that will be seen this year and beyond.Green technology and disruptive innovation will increasingly drive investment and business...
At every rise, we want to raise more and more cash: Dipan Mehta, ET BFSI
Dipan Mehta, Director, Elixir Equities, says “whenever we find that the performance is not up to our expectations, then we are trimming or exiting those positions and remaining in cash and that really has been my advice amongst the minority who feel that there should...
HDFC Securities appoints Neetika Bhatia as chief HR officer, BFSI News, ET BFSI
Investment services provider HDFC Securities has appointed Neetika Bhatia as its chief human resource officer (CHRO). Bhatia, who will be heading human resources, learning and development and administration and infrastructure functions, has more than 17 years of...
Google Trends data can help gauge inflation fears: ICRA report, ET BFSI
New Delhi, Google search interest regarding the prices of just three vegetables -- tomatoes, onions, and potatoes (TOP) -- has turned out to be a useful indicator of price anxiety in India, according to an ICRA study released on Tuesday.The study, titled...
AI has potential to create $6 to $8 tn in global economic value: Report, ET BFSI
New Delhi, Generative artificial intelligence (AI) has the potential to impact 44 per cent of all working hours across industries, enable productivity enhancements across 900 different types of jobs and create $6 to $8 trillion in global economic value, a new report...
India December inflation likely picked up to 5.87% on rising food costs: Poll, ET BFSI
BENGALURU - India's retail inflation likely edged up in December on higher food prices but stayed within the Reserve Bank of India's target range for a fourth consecutive month, according to a Reuters poll of economists.Food prices, which account for about half of the...
Zee Ent dismisses reports of Zee-Sony merger termination, BFSI News, ET BFSI
Zee Entertainment on Tuesday dismissed media reports claiming termination of the $10 billion merger with Sony Pictures' India arm in a stock exchange filing. The Puneet Goenka-led company said the report is baseless and factually incorrect."We wish to reiterate that...
Bhutan votes as economic strife hits ‘national happiness’, BFSI News, ET BFSI
Thimphu, Jan 09, 2024 - The Himalayan kingdom of Bhutan began voting Tuesday in general elections with parties vowing to tackle serious economic challenges, calling into question its longstanding policy of prioritising "Gross National Happiness" over growth.Both...
The inside story of what went wrong over two years, ET BFSI
Sony Group Corp is close to calling off its proposed $10 billion merger between its India operations with Zee Entertainment Enterprises Ltd (ZEEL) – first announced two years ago in a bid to create India’s largest broadcast company — owing to what it sees as the...
EMEA sector outlooks navigate neutrality amidst high rates and easing inflation, says Fitch Ratings, ET BFSI
New Delhi [India], January 9 (ANI): Fitch Ratings has released a comprehensive report outlining the sector outlooks for the Europe, Middle East, and Africa (EMEA) region in 2024.The assessment predominantly leans towards a neutral stance, drawing attention to the...
REC sets INR 1 lakh cr sanction target for roads and highways in FY24, ET BFSI
During the 2022-23 financial year, REC's sanctioning to the logistics sector was over INR 85,000 cr, a significant part of its total sanction of INR 2.68 lakh cr. New Delhi: In a major push to India's infrastructure development, state-owned REC Ltd has announced its...
Go First lenders can check out new offers, BFSI News, ET BFSI
The resolution professional (RP) overseeing bankrupt Go First Airlines has extended the voting deadline for lenders to allow them to decide whether they want to weigh the latest expressions of interest from SpiceJet and two other investors after some creditors sought...
India’s strong economic growth set to continue, ET BFSI
US hiring picked up along with hourly earnings at the end of 2023, though some metrics in the closely watched jobs report and a separate services survey tempered optimism about the labor market.In the euro zone, inflation quickened last month on an annual basis for...
$1 trillion economy possible only by Tamil Nadu, say experts, ET BFSI
CHENNAI: Tamil Nadu's goal to become a $1 trillion economy is ambitious. But if any Indian state can achieve it, it has to be Tamil Nadu, said two members of the state's economic advisory council."Tamil Nadu's $1 trillion goal is ambitious. But if there is a good time...
Adani Ports accepts bids worth Rs 5 billion for two bond issues, ET BFSI
India's largest private port operator Adani Ports and Special Economic Zone has accepted bids aggregating to 5 billion rupees ($60.18 million) for two bonds, one maturing in five years and the other in 10 years, three bankers said on Monday. The company tapped the...
India’s exports may take a $30 billion hit on Red Sea threats, ET BFSI
India may see around $30 billion shaved off its total exports in the current fiscal year, as threats to cargo vessels in the Red Sea lead to a surge in container shipping rates and prompt exporters to hold back on shipments.The initial assessment, conducted by the...
Gold wavers near 3-week lows as investors brace for US inflation data, ET BFSI
Gold prices slid on Monday to trade near a three-week low touched in the last session, as the US dollar and bond yields were buoyant on reduced hopes of an early rate cut by the Federal Reserve and as markets awaited for a key inflation print this week.Spot gold...
FM Sitharaman allocates Rs 53 Crore for multiple developmental initiatives in Sikkim, ET BFSI
Union Finance Minister, Nirmala Sitharaman, announced the sanction of worth Rs 52.87 crore of funds for developmental initiatives by the National Bank for Agriculture and Rural Development (NABARD) to boost rural development during her two-day visit to Sikkim for the...
Jet Airways founder Naresh Goyal to court with folded hands, ET BFSI
Folded hands, teary-eyed, and no hope for life - Once a giant in the aviation industry Jet Airways founder Naresh Goyal, accused in the purported Rs 538 crore fraud case at Canara Bank, expressed deep despair before a special court on Saturday. Goyal, with profound...
Where there’s a 7.3% wish, is there a way?, BFSI News, ET BFSI
National Statistical Office (NSO) has followed RBI in revising upwards economic growth projections for the current fiscal. Crucially, the NSO estimate that informs GoI's budget-making sees the economy gaining momentum over 2022-23, where the central bank foresees loss...
Nifty companies’ Dec quarter profit may grow in double digits, ET BFSI
Mumbai: India's top 50 listed corporates are expected to report double-digit year-on-year growth in aggregate net profit for the third consecutive three-month period, ETIG estimates for the December quarter showed, although muted performance of technology and...
Prime Minister To Inaugurate Global Trade Show On Jan 9, BFSI News, ET BFSI
Gandhinagar: Prime Minister Narendra Modi will inaugurate the Global Trade Show on January 9, as part of the Vibrant Gujarat Global Summit (VGGS) 2024 to be held in Gandhinagar from January 10 to 12. The Global Trade Show will be open for business visitors on January...
Centre may rake in ₹55,000 crore in dividends from key CPSEs, ET BFSI
The government's dividend collection from non-financial central public sector enterprises (CPSEs) and other investments in this financial year could amount to about ₹55,000 crore, more than a quarter higher than the budgetary target of ₹43,000 crore, said a senior...
List of 19 RBI regional office, addresses where you can exchange Rs 2,000 notes now, ET BFSI
The last date to deposit, exchange Rs 2000 banknote was October 7, 2023. However, Rs.2,000 banknotes will continue to be allowed to be submitted at the 19 regional offices of RBI having Issue Departments (RBI Issue offices) for credit to the bank accounts in India or...
NRIs expect simplified TDS compliances, BFSI News, ET BFSI
Budget 2024: Tax deduction at source (TDS) by the payer has been prevalent since the era of the Income Tax Act, 1922. TDS serves dual purposes - to ensure that the exchequer receives its due share of the taxes over the course of the year and, to record and track...
How the Adani Group reduced leverage to emerge stronger in the 12 months following the Hindenburg allegations, ET BFSI
The fortunes of the Adani business empire have come full circle in just about 12 months. Last January, when shortseller Hindenburg Research shocked investors with charges of wrongdoings by the power-to-ports conglomerate, it looked like the Adani edifice, built on...
Delhi’s per capita income rises over 14 pc to Rs 4.44 Lakhs, ET BFSI
New Delhi, Delhi's per capita income increased from Rs 3,89,529 to Rs 4,44,768 in the current financial year, which is 158 per cent higher than the national average, Kejriwal government said on the release of its Statistical Handbook-2023 on Saturday. The handbook...
India’s strong economic growth set to continue, ET BFSI
US hiring picked up along with hourly earnings at the end of 2023, though some metrics in the closely watched jobs report and a separate services survey tempered optimism about the labor market.In the euro zone, inflation quickened last month on an annual basis for...
Textile mill associations urge government for financial support, ET BFSI
Mumbai, Textile mills associations have urged the government for financial relief to help them tide over the ongoing crisis owing to the slowdown in exports, along with quality control issues. In an appeal to Union Finance Minister Nirmala Sitharaman on Friday, the...
Delhi HC directs Finance Department of GNCTD to release amount to PWD for 6 new school buildings, ET BFSI
Representative ImageNew Delhi [India], January 6 (ANI): The Delhi High Court has directed the Finance Department of the Delhi Government to release the requisite amount to the PWD department concerning six newly constructed government school buildings that are not...
Gujarat govt to pay full allotment price for unutilised GIDC plots on voluntary return, ET BFSI
Gandhinagar (Gujarat) [India], January 7 (ANI): Days ahead of the much-anticipated Vibrant Gujarat Global Summit, the state government has come up with a move that will help new industries set up plants in unitilized Gujarat Industrial Development Corporation (GIDC)...
India estimates GDP growth at 7.3%. Economists decode the numbers, ET BFSI
India's economy is expected to grow 7.3 per cent in the current fiscal year ending in March, the highest rate of the major global economies, helped by state spending and a pickup in manufacturing, the National Statistics Office said on Friday. Siddhartha Sanyal, Chief...
Banks and NBFCs show strong performance in loans and deposits growth, ET BFSI
In the third quarter of the fiscal year 2024, both public sector and private banks, alongside non-banking financial companies (NBFCs), displayed remarkable resilience and growth, as evident from the impressive figures released in their provisional reports.The banking...
Govt estimates, BFSI News, ET BFSI
New Delhi, The Indian economy is estimated to grow by 7.3 per cent in the 2023-24 fiscal against 7.2 per cent a year ago, mainly due to good show by mining and quarrying, manufacturing and certain segments of services sectors. As per the first advance estimates of...
India tech valuations put to the test as global headwinds put pressure on earnings, ET BFSI
India’s IT services giants may struggle to justify their valuations when they kick off Asia’s reporting season next week, as earnings are expected to be the weakest in years.India’s tech sector index, which includes Infosys Ltd. and Tata Consultancy Services Ltd.,...
India’s divestment target could be its lowest in nine years, say sources, ET BFSI
Budget 2024: India could set a target for divestment from state firms in fiscal 2024-25 that falls short of this year's goal to stand at the lowest in nine years, as the government turns its focus to general elections due next year, a senior official said.The...
Credit growth signals robust Q3 for India Inc, BFSI News, ET BFSI
Kolkata: Early business data from lenders, published ahead of the month-long earnings season starting next week, showed that Indian companies are on track to report yet another quarter of robust performance amid buoyant consumer demand, although rising cost of funds...
Climate change, trade and reserve assets, ET BFSI
New Delhi [India], January 5 (ANI): The International Monetary Fund (IMF) took to social media to share insights into the complex economic landscape of 2023, a year marked by unprecedented challenges that put the global economy to the test.According to the IMF, from...
UN economic forecast cites conflicts, sluggish trade, high interest and climate disasters, ET BFSI
UNITED NATIONS - The United Nations issued a somber global economic forecast for 2024 on Thursday, pointing to challenges from escalating conflicts, sluggish global trade, persistently high interest rates and increasing climate disasters.In its flagship economic...
India’s services growth at three-month high in December on buoyant demand -PMI, ET BFSI
BENGALURU: India's services sector ended 2023 on a firm footing, with activity expanding at its fastest pace in three months in December on buoyant demand and an optimistic year-ahead outlook, a private survey showed.The HSBC India Services Purchasing Managers' Index,...
A plot against Indian economy, ET BFSI
The Adani group went through a detailed investigation by SEBI. But what about investigating the Hindenburg group?The Supreme court threw out the petition for further investigation of the Adani group by a Special Investigation Team, based on the George Soros backed...
India’s economy eyes Budget boost to keep shining for the dull world, ET BFSI
India Budget expectations: India has emerged as the fastest growing major economy and is harboring plans to become the third largest in the world by 2030. India's growth and prospects on several aspects ranging from local manufacturing and export push have outshined...
Seminars on EV and Emerging Sectors at VGGS, BFSI News, ET BFSI
Gandhinagar: Seminars and conclaves to chart the road ahead for the electric vehicles (EV), e-commerce, MSME and startup sectors will be held during the 10th Vibrant Gujarat Global Summit (VGGS) to be held in Gandhinagar from January 10 to 12, said state government...
Mega projects like hybrid renewable energy park, solar park fuelling Gujarat’s progress: Officials, ET BFSI
Ahmedabad: Gujarat's progress has been fuelled by mega projects like Mumbai-Ahmedabad bullet train, Dholera Solar Park and the Hybrid Renewable Energy Park in Kutch, symbolising the state's ambitious vision for the future, officials said. Its efforts to attract...
Private sector funding key to climate transition, World Bank chief says, ET BFSI
Washington: The World Bank is working to slash how long it takes to get financing projects off the ground as part of a push to speed up and scale up the 79-year-old development lender, its president told AFP on Wednesday.It currently takes 27 months, on average,...
India’s factory growth ends 2023 at 18-month low on weaker new orders, output, ET BFSI
"India's manufacturing sector continued to expand in December, although at a softer pace, following an uptick in the previous month," said Pranjul Bhandari, chief India economist at HSBCBy Anant ChandakBENGALURU: India's manufacturing industry ended 2023 on a slightly...
Weak rural demand set to hit consumer goods sales in Q3, ET BFSI
Demand for daily household products and groceries continued to be challenging in villages during October-December quarter, potentially hurting volume growth of the overall consumer goods sector.Rural volumes, which have been lagging urban growth for over a year, could...
Ind-Ra ups India’s FY’24 growth estimates to 6.7 pc on economic resilience, prospect of pvt capex, ET BFSI
New Delhi, India Ratings and Research on Wednesday upped GDP growth estimate for current fiscal to 6.7 per cent, from 6.2 per cent, citing resilient economy, sustained government capex and prospect of a new private corporate capex cycle. It flagged weak global growth...
US manufacturing sector eyes recovery in December; ISM PMI increased to 47.4, ET BFSI
US manufacturing contracted further in December, though the pace of decline slowed amid a modest rebound in production and improvement in factory employment.The Institute for Supply Management (ISM) said on Wednesday that its manufacturing PMI increased to 47.4 last...
India’s no longer ‘fragile’, can weather global market volatility, ET BFSI
The roiling of global financial markets has always led to worries on the currency front back home given the high current account deficit. This year though, any volatility resulting from global spillovers may not lead to runaway depreciation of the rupee as the...
Sebi orders attachment of bank, demat accounts of Arun Panchariya in in GDR manipulation case, ET BFSI
Markets regulator Sebi has ordered the attachment of bank accounts as well as shares and mutual fund holdings of Arun Panchariya to recover dues totalling over Rs 26 crore. The penalty was imposed on Arun Panchariya for manipulation in the issuance of global...
Consumption in organised retail to grow at 9.3% in H1 FY24, says CMS Info Systems, ET BFSI
Pune: CMS Info Systems has revealed key consumption trends in organised retail segment in the first half of FY24, through a comprehensive analysis spanning 11 consumer-facing sectors, such as large format retail, jewelry, FMCG, e-commerce, hospitality, and aviation,...
Business transformation is need of the hour, but holes in implementation remain a challenge for leaders, ET BFSI
For many business leaders, taking the firm through a business transformation or digital business transformation journey is a key responsibility. But it is not an easy process. Leaders can learn multiple things as they embark on this journey.Expleo, a company that...
Gold price likely to touch Rs 70,000 in 2024; Top gold ETFs, how to invest in them, ET BFSI
Persisting in its shine through 2024, the price of gold is anticipated to reach Rs 70,000 per 10 grams in the local market. This projection is attributed to a stable rupee, geopolitical uncertainties, and the deceleration of global economic growth, as indicated by...
What you need to know, BFSI News, ET BFSI
India's Adani Group won relief from the Supreme Court on Wednesday when judges ruled that the company, hit hard by a U.S. short-seller's allegations last year of improper business dealings, does not need to face additional investigation.The Securities and Exchange...
SoftBank veteran Nikesh Arora a billionaire after another huge payday, ET BFSI
Nikesh Arora has repeatedly succeeded in winning big paychecks.At Google, he became the firm’s highest-paid executive after getting a compensation package worth about $51 million in 2012, on his way to collecting stock awards worth at least $200 million by the time he...
5 reasons why it’s a happy new year for Team Adani, ET BFSI
The much-awaited verdict of the Supreme Court in the Adani vs Hindenburg case, which had snowballed into a major political controversy and wiped off billions of dollars of investor wealth, has positive read-throughs for Gautam Adani as well as those betting on the...
“Truth has prevailed”, says Gautam Adani after SC ruling, ET BFSI
Adani Group Chairman Gautam Adani on Wednesday welcomed the ruling of the Supreme Court declining to transfer the probe into the Adani-Hindenburg matter from market regulator SEBI to a SIT (Special Investigation Team) or the CBI. Adani tweeted saying that the...
High interest rates in developed nation could disrupt the transition, ET BFSI
As the dust settles on COP29 in Dubai, a list of new commitments unveils themselves. Among these commitments are tripling renewable energy (RE) capacities in developing nations by 2030 and upended financial assistance for them to accelerate clean energy transition....
How hiring and firing changed in the corner office in 2023 and what to expect in 2024, ET BFSI
D’Souza shares that at the senior levels, CEO exits were largely in Tech and related areas, not only in India but globallyThe year 2023 has seen quite a few learnings for the world of jobs and careers. Even as people got ready for the shift from remote work to back to...
Russia to send 200 officials and entrepreneurs to Vibrant Gujarat, ET BFSI
New Delhi: President Mohamed bin Zayed Al Nahyan of the United Arab Emirates (UAE), Mozambique President Filipe Nyusi and senior Russian ministers will be among the star attractions for the 2024 edition of the Vibrant Gujarat summit to be held from January 10 to...
India’s budget may lay red carpet for the world to shift supply chain from China, ET BFSI
Interim Budget: India has in recent years expressed a clear intention to expand its role in global manufacturing and trade, aiming to emerge as a viable alternative to China. This strategic shift has been emphasised by Finance Minister Nirmala Sitharaman, who...
Why real-time data is a banker for fintech and the BFSI sector in 2024, ET BFSI
India’s financial services ecosystem has witnessed significant transformation in recent years with fintech emerging as one of the fastest-growing segments in the sector. In the last year alone, India has seen a surge in digital payments with an annual transaction...
Adani’s data center JV seeking second dollar loan in six months, ET BFSI
An Adani Group joint venture with EdgeConneX is in talks with a group of global lenders to raise as much as $400 million via an offshore loan, which may be the company’s second such transaction since June.Data center provider AdaniConneX Private Ltd. will use the...
SC asks SEBI to finish probe in 3 months, says no ground to transfer case to CBI, ET BFSI
The Supreme Court on Wednesday asked markets regulator SEBI to complete its probe into allegations against the Adani Group by US-based short-seller Hindenburg Research in the next three months. Further, the court said that there is no ground currently to transfer the...
What are key financial changes expected in the New Year?, BFSI News, ET BFSI
In a series of financial updates, several changes are set to impact individuals and entities as the new year unfolds. Here is a breakdown of the significant modifications:Inactive UPI accounts deactivationThe National Payments Corporation of India (NPCI) has directed...
Goldman Sachs cuts India’s CAD forecast, sees improving external balances, ET BFSI
Goldman Sachs has lowered its projection for India’s current account deficit in 2024 to 1.3% of GDP from 1.9% earlier as the US bank expects services exports to continue surprising on the upside while crude oil prices are expected to decline, improving external...
SGB series 2023-24:When will the next Sovereign Gold Bond issue open?, ET BFSI
The government along with the Reserve Bank of India (RBI) announced the two more tranches to the Sovereign Gold Bond (SGB) Series 2023–24 schedule for the fiscal year 2023-2024Latest Sovereign Gold Bond (SGB) tranche issue price is the highest since launch in 2015The...
India’s economy burns bright, but watch out for these 4 risks in 2024, ET BFSI
Amid gloomy global prospects, India's economy is upbeat and is expected to remain the world's fastest-growing major economy in 2024 for the third straight year. Inflation is moderating, demand is growing and economic activity is strengthening. The finance ministry...
World needs India to become reliable challenger to China’s supply-chain dominance: Anand Mahindra, ET BFSI
The world needs India to become a reliable challenger to China's supply-chain dominance, which will provide a great opportunity in 2024 and investment will flow into the country in unprecedented volumes, according to Mahindra Group Chairman Anand Mahindra. In his New...
When PSUs start to flex their muscles, BFSI News, ET BFSI
Investors have bought enthusiastically in India's public sector and have been rewarded handsomely for their efforts. Public sector enterprises are leading the market capitalisation sweepstakes on specific government policies, and the expectation of policy continuity...
Pakistan likely to get $700 million from IMF as next tranche of bailout this month: Report, ET BFSI
Cash-strapped Pakistan is expected to get USD 700 million as the next tranche of the bailout from the IMF as the Executive Board of the global lender meets on January 11, according to a media report on Tuesday. The board of the Washington-based International Monetary...
India’s gross GST revenue in December falls to 3-month low despite on-year jump, ET BFSI
India GST revenue: India's Goods and Services tax revenue continued to rise on an annual basis, but it dropped to a three month low in December.India's GST collections rose 10.28 percent to reach Rs 1.65 lakh crore in December, the Finance Ministry announced today....
The four pillars of Indian team boosting Modi’s self-reliance vision, ET BFSI
There’s a strong possibility that India, still a lower-middle-income economy, will have not one but two centi-billionaires in 2024.The current consensus among political analysts is for Prime Minister Narendra Modi to retain power in this year’s general elections. In...
Top 10 banking and fintech trends to watch out for in 2024, BFSI News, ET BFSI
As the financial technology landscape continues to evolve, 2024 is poised to usher in transformative trends according to Juniper Research that promise to reshape how individuals and businesses engage in financial transactions. Here's a comprehensive overview of the...
Many top financial sector leaders set to complete term in 2024, ET BFSI
The Indian financial sector anticipates a significant leadership transformation in 2024, with nearly a dozen banks and non-banking finance companies (NBFCs) poised to welcome new chief executive officers (CEOs). State Bank of India Chairman Dinesh Khara, granted an...
How Indian rupee may perform against the US dollar in 2024?, BFSI News, ET BFSI
The Indian rupee is likely to appreciate against the US dollar in 2024, after logging a stable 2023, on a plethora of factors including anticipation of continued foreign inflows, with the local currency possibly strengthening up to Rs 82 per dollar during the...
PSU Companies’ Market Cap Surges 45% to ₹51 Lakh Crore in 2023, ET BFSI
Mumbai: Investor wealth, as measured by BSE market capitalisation, surged by about Rs 85 lakh crore in 2023, of which Rs 16 lakh crore — or nearly a fifth of the overall gain — came from state-owned companies. The combined market of 65 odd public sector undertakings...
Former NITI Aayog VC Arvind Panagariya to head Finance Commission, ET BFSI
Former vice chairman of the NITI Aayog Arvind Panagariya has been appointed to head the Finance Commission, the government said through a Gazette Notification dated December 31, 2023."In a move aligned with Article 280(1) of the Constitution and the Finance Commission...
India to remain fastest-growing major economy in 2024, BFSI News, ET BFSI
New Delhi: India decisively withstood global headwinds in 2023 and is likely to remain as the world's fastest-growing major economy on the back of growing demand, moderate inflation, stable interest rate regime and robust foreign exchange reserves. Despite widespread...
Ant completes process of removing Jack Ma’s control, BFSI News, ET BFSI
Ant Group Co. finished a procedure to remove controlling stakeholders almost a year after billionaire Jack Ma promised to cede his dominance of the Chinese finance giant. As part of the process, the People’s Bank of China granted an application to remove any...
10 money deadlines ending on December 31, 2023; Know which ones have been extended, ET BFSI
There were many deadlines which are scheduled on December 31, 2023 of which some have been extended. Here is a list of deadlines which are extended and which are scheduled on December 31, 2023.Bank locker agreement: Not extendedThe Reserve Bank of India (RBI) has...
AI is all set to further automate our lives in 2024, ET BFSI
Representative photo2023 may go down as a watershed moment for technology thanks to generative AI, and 2024 looks like it will continue some of the same trends. We asked top execs of tech companies what technology trend they are most excited for in 2024,...
Maritime attacks drive up costs, BFSI News, ET BFSI
(Bloomberg) --Shipping costs are rising as hundreds of container ships that typically transit the key maritime artery of the Red Sea and Suez Canal are rerouting after a multitude of attacks by Iran-backed Houthi militants.Combined with disruptions at a...
Biz Unit Count Crosses 2 Lakh, Says Min, ET BFSI
Thiruvananthapuram: Industries minister P Rajeeve has said that the number of enterprises under the entrepreneurial year scheme has crossed two lakh in the state. An investment of Rs 12,537 crore and 4,30,089 employment have been generated through this. The...
Gold likely to touch Rs 70,000 in 2024, say experts, ET BFSI
Continuing to glitter in 2024 as well, gold price is likely to touch Rs 70,000 per 10 grams in the domestic market on the back of a stable rupee, geopolitical uncertainties and slowing global economic growth, according to experts. Currently, the yellow metal price is...
Tamil Nadu CM Stalin announces Rs 1,000cr relief package for flood-hit districts, ET BFSI
CHENNAI: Tamil Nadu Chief minister M K Stalin on Saturday announced a Rs 1,000 crore relief package for the districts affected by the recent rain and floods in the state. The relief includes new houses to replace damaged ones, compensation for farmers and the...
EOW nabs couple for cheating 166 investors of Rs 85 crore, ET BFSI
MUMBAI: The city Economic Offences Wing (EOW) on Friday arrested a couple for allegedly duping 166 investors of over Rs 85 crore. The couple allegedly promised high returns on their investments in share trading and cheated the investors.The two accused, Bliss...
India-UAE ties transcend to multilateral level in 2023, BFSI News, ET BFSI
The already strong India-UAE ties transcended to a truly multilateral level in 2023 with the announcement of the strategically important India-Middle East Economic Corridor and the expansion of the BRICS grouping to include the key Gulf nation.The bilateral ties have...
Uday Kotak’s seven mantras to achieve 9% annual growth, $30 trillion GDP by 2047, ET BFSI
Uday Kotak, a banking sector veteran who recently stepped down as CEO of KotaK Mahindra Bank, has given a financial sector model for achieving a 9% annual growth, $30 trillion GDP dream by 2047.Taking to social media platform X, he wrote that India is transforming...
Core sector growth eases to six-month low of 7.8% in November, ET BFSI
New Delhi: India's core sector output growth hit a six-month low of 7.8% in November, easing from 12% in the previous month, as a high base effect weighed on growth. It's up 10% in the April-October period from a year earlier, but economists expect subdued growth in...
New tax slabs, no tax on income up to Rs 7 lakh in new tax regime, 13 changes in 2023 that will impact you in 2024, ET BFSI
The year 2023 saw some significant changes in income tax laws announced in the Budget 2023 and during the financial year by the Central Board of Direct Taxes (CBDT). Though the changes were announced in 2023, they will impact you when you pay income tax while filing...
Cybercriminals threaten IISc professor, extort 83 lakh, BFSI News, ET BFSI
BENGALURU: Cybercrooks extorted about Rs 83 lakh from an IISc professor recently, after threatening her that a parcel containing drugs and passports, purportedly sent by her, had been seized and she was facing arrest.Prof Madhavi (name changed), 60, was also told she...
Govt likely to announce a women-centric scheme in interim budget, says report, ET BFSI
The central government may announce a women-centric scheme in the interim budget that will be presented by Union Finance Minister Nirmala Sitharaman, sources told ET Now. The discussions on the scheme have already begun revolving around eligibility criteria, annual...
Adani forms JV with IHC-backed Sirius for AI, Blockhain, IoT products, ET BFSI
Adani Enterprises Limited (AEL) and Sirius International Holding Limited, a subsidiary of International Holding Company (IHC), UAE, have formalized a joint venture named Sirius Digitech International Limited (Sirius JV).This partnership, with Sirius holding 51 per...
India’s economic growth sparks optimism as corporates anticipate profit surge, ET BFSI
Fitch Ratings forecasts a significant uptick in the profitability of Indian corporates, propelled by the country's robust economic growth.Despite challenges stemming from sluggish overseas markets, India's resilient GDP growth, projected at 6.5 per cent in the...
Elon Musk still has the ‘X’ factor as he ends 2023 with $100 billion more than 2022, ET BFSI
As the curtains close on 2023, Elon Musk has once again cemented his position as the world's richest man. Despite a tumultuous year filled with market volatility, Twitter controversies, and personal challenges, Musk's net worth ballooned by a staggering $100 billion....
How Chinese syndicates are using ‘slaves’ to scam Americans, ET BFSI
A number of Chinese criminal syndicates operating out of Myanmar and other Southeast Asian countries have been exploiting modern-day slaves to defraud thousands of Americans, resulting in a billion-dollar scam industry. This alarming revelation has come to light...
Systematic Lumpsum Withdrawal facility, NPS Lite exit rules, consolidated statement & more, ET BFSI
The Pension Fund Regulatory and Development Authority (PFRDA) has implemented many rule and regulatory changes in 2023 to better facilitate and support NPS subscribers.Here is a look at a few important changes made to NPS in 2023.Mandatorily upload these documents for...
World Bank, BFSI News, ET BFSI
Pakistan's current economic model is not working, a top World Bank official has said, underlining that the cash-strapped nation must change policies that have plagued development and benefitted only a few. The remarks by World Bank Country Director Najy Benhassine...
Ratan Tata to sell all his 77,900 shares in FirstCry IPO, BFSI News, ET BFSI
NEW DELHI: Tata Sons Chairman emeritus Ratan Tata, who turned 86 today, will sell 77,900 shares of childcare products startup FirstCry in its upcoming IPO in 2024.The business tycoon had picked up a 0.02% stake for Rs 66 lakh in Brainbees Solution, which operates...
RBI geenlights ICICI AMC’s 9.95 per cent stake acquisition in Federal Bank, ET BFSI
The Federal Bank Ltd (“Bank”) has received an intimation from the Reserve Bank of India (“RBI”) on December 28, 2023, that it has accorded its approval to ICICI Prudential Asset Management Company Ltd. (ICICI AMC) for acquiring aggregate holding of up to 9.95% of the...
ED attaches fresh assets worth over Rs 278 crore, ET BFSI
New Delhi: The Enforcement Directorate (ED) on Wednesday said it has attached assets worth more than Rs 278 crore of various entities, including those with links to China, in a money-laundering probe over the alleged cheating of investors through mobile phone-based...
Govt to scale up cooperatives to boost rural economy: PM Modi, ET BFSI
NEW DELHI: Asserting that cooperatives are being made a strong aspect of rural economy, Prime Minister Narendra Modi on Wednesday said they are being scaled up in fisheries and different sectors of agriculture after making a mark in dairy and sugar...
Interim Budget must put India quickly back on fiscal glidepath if it derails, ET BFSI
Interim Budget: India's fiscal deficit might surpass the government's 5.9% target for FY24 due to escalated revenue expenses and a lower-than-expected nominal GDP, according to India Ratings and Research. The agency predicts that despite increased tax and non-tax...
SGB series 2023-24:When will the next Sovereign Gold Bond issue open?, ET BFSI
The government along with the Reserve Bank of India (RBI) announced the two more tranches to the Sovereign Gold Bond (SGB) Series 2023–24 schedule for the fiscal year 2023-2024Latest Sovereign Gold Bond (SGB) tranche issue price is the highest since launch in 2015The...
Vivek Joshi, Ministry of Finance, ET BFSI
MUMBAI: India needs a new cycle of private investment and banks may be required to reassess whether their growth should also include "handholding support" for project conceptualisation and structuring," said Vivek Joshi, Secretary, Department of Financial Services,...
Future Enterprises RP invite bids for insurance biz, apparel manufacturing units, ET BFSI
The resolution professional of debt-ridden Future Enterprises Ltd (FEL) has invited Expression of Interest for the company's assets, including stakes in the insurance business and apparel manufacturing units. FEL, a flagship firm of Kishore Biyani-led Future Group, is...
Technology trends that will shape banks and fintechs in 2024, BFSI News, ET BFSI
In an unprecedented year for technological advancements, the landscape of Gen AI and its impact on various sectors, particularly banking and fintech, is taking center stage. The industry is abuzz with discussions on the usability aspects of Gen AI, reflecting a robust...
Gold rises Rs 100; silver plunges Rs 350, ET BFSI
New Delhi, Gold prices rose Rs 100 to Rs 63,850 per 10 grams in the national capital on Wednesday amid a bullish trend in the global markets, according to HDFC Securities. In the previous close, the precious metal had closed at Rs 63,750 per 10 grams. However, silver...
Three immigration agents held for forging bank statements of visa seekers, ET BFSI
Three persons running an immigration consultancy firm in Gujarat's capital Gandhinagar were arrested by the state Crime Investigation Department (CID) on Wednesday for allegedly forging bank account statements of visa seekers, said an official.Investigation revealed...
Survey, BFSI News, ET BFSI
New Delhi, The affinity of Indians for gold and traditional bank deposits remain unwavering as about 77 per cent of respondents preferred to safeguard their earnings through bank deposits and 21 per cent choose to invest in gold in 2023, according to a survey. The...
How govt is looking at recovery from top IBC cases?, BFSI News, ET BFSI
In a recent directive, the Finance Ministry has instructed the heads of public sector banks (PSBs) to intensify their oversight and evaluation of Insolvency and Bankruptcy Code (IBC) cases, particularly focusing on the top 20 cases. The government has also emphasised...
WhatsApp emerges primary credit score source, 40% Indians monitor regularly: Report, ET BFSI
The fintech lending industry continues its upward march with increasing disbursements, showing a promising future for the industry. There has also been a growing acceptance of digitalisation of financial services and lending. Most borrowers today are comfortable with...
SoftBank gets $7.6 bln T-Mobile stake windfall, shares soar, BFSI News, ET BFSI
Shares in SoftBank Group Corp jumped 5% on Wednesday after the Japanese tech conglomerate said it would receive shares in telco T-Mobile US worth some $7.59 billion at no additional cost.Masayoshi Son's conglomerate said late on Tuesday it had told T-Mobile US to...
India, Russia discuss ₹-Ruble trade, BFSI News, ET BFSI
New Delhi: External Affairs Minister S Jaishankar and Russian Deputy Prime Minister, who is also the Minister of Industry and Trade, Denis Manturov, met in Moscow on Tuesday to discuss expanding economic partnership, including smoothening mechanism for trade in...
Goldman’s painful lesson on China forces rethink of emerging markets, ET BFSI
New York: Goldman Sachs Group's head of global currency, rates and emerging-markets strategy says he's learned two main main lessons from one of the biggest - and most-common - bad calls of 2023: the bet on post-pandemic China's reopening boom.At the beginning of the...
Ukraine received $1.34 billion under World Bank project: Finance ministry, ET BFSI
KYIV: Ukraine received $1.34 billion under the World Bank's public expenditures for administrative capacity endurance in Ukraine, the Ukrainian finance ministry said on Monday.The ministry said in a statement the financing consisted of a $1.086 billion loan from the...
Disinvestment fetches over Rs 4.20 lakh cr in 10 years but target to be missed again in FY24, ET BFSI
New Delhi, With general elections on the horizon, the government's privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result --...
Budget 2024 & EC Code of Conduct: Understanding budget in election year
Finance Minister Nirmala Sitharaman has signaled that the forthcoming interim Budget, slated for presentation on February 1, 2024, is not expected to include major announcements. This marks her sixth budgetary presentation, encompassing five full budgets and one...
Indian businesses gearing up for responsible AI adoption: Nasscom, ET BFSI
Representative imageNearly 60 per cent of businesses surveyed reported having either matured Responsible AI (RAI) practices and policies or having initiated formal steps towards adoption of such responsible practices, according to a report by industry body Nasscom....
Higher spends on MGNREGA, subsidies to lead to some fiscal slippage in FY24: India Ratings, ET BFSI
Mumbai, Despite the handsome growth in tax collections, there is a possibility of a fiscal slippage in FY24 because of higher spends on employment guarantee scheme and subsidies, a domestic rating agency said on Tuesday. India Ratings and Research, which is a unit of...
RBI, banks receive bomb threats demanding Nirmala Sitharaman and Governor Das’ resignation: Report, ET BFSI
The Reserve Bank of India (RBI) and two banks, HDFC and ICICI, on Tuesday received threatening mail demanding resignation of Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das. The sender has claimed that bombs would be planted at RBI's office, along...
A review of 2023, ET BFSI
As Sri Lanka and India marked their 75th anniversary of diplomatic relations in 2023, New Delhi has again emerged as a steadfast ally of Colombo, playing a pivotal role in the debt-trapped island nation's steady economic recovery. When the unprecedented economic...
India’s resilient economy seen expanding 6.7% in FY24, BFSI News, ET BFSI
New Delhi: The Indian economy is likely to grow 6.7% in FY24, according to a median forecast of 11 economists, staying resilient despite external headwinds as domestic demand and improving investments provide support. Prospects have improved from a month ago, when an...
What is known as deficit financing?, BFSI News, ET BFSI
Deficit financing means developing funds to finance the deficit which results from excess of expenditure over revenue. The gap is covered by borrowing from the public by the sale of bonds or by printing new money.Importance of deficit financing:For developing...
Gold gains on prospects of Fed rate cuts next year, ET BFSI
Gold prices inched higher in holiday-thinned trade on Tuesday, helped by a weaker U.S. dollar and lower bond yields on rising prospects of interest rate cuts by the Federal Reserve as early as March next year.FUNDAMENTALS* Spot gold was up 0.2 per cent at $2,056.80...
Trends observed in Web3 industry in 2023 and outlook for 2024, ET BFSI
Web3 has been riding high, powered by burgeoning investments, regulatory advancements, and the impending Bitcoin halving, historically synonymous with increased adoption for robust projects. These with a shift in perceptions that collectively steer us toward an...
SoftBank Sells Shares Worth USD 310 Mn in FirstCry New Delhi, BFSI News, ET BFSI
New Delhi: Japanese conglomerate SoftBank has sold shares worth $310 million in omni-channel retailer FirstCry, which is likely to file a draft paper for IPO this week, sources said on Monday.“SoftBank recently sold shares worth Rs 630 crore in FirstCry. It was picked...
Gujarat industrial policy shows govt’s commitment to make state global business hub: Stakeholders, ET BFSI
Ahmedabad: The Gujarat government's industrial policy, launched in August 2020 with an aim to provide Rs 40,000 crore in subsidies to industries over five years, is a reflection of its commitment to make the state a global business destination, stakeholders have said....
Asia-Pacific power and renewable projects gear up for growth in 2024: Fitch Ratings, ET BFSI
New Delhi: In the dynamic landscape of the Asia-Pacific (APAC) power sector, Fitch Ratings, anticipating an upswing in electricity consumption driven by a median GDP growth of around 4 per cent in the region, highlights the resilience of its rated power projects.Fitch...
Taxpayers will have to disclose cash receipts, all bank accounts, ET BFSI
Taxpayers will have to furnish details about receipt of cash and all their bank accounts in the country, as per the latest Income Tax Return (ITR) notified by the Central Board of Direct Taxes for assessment year 2024-25.ITR 1, or Sahaj, can be filed by a resident...
NaBFID MD bats for re-introduction of S4A-like debt recast scheme, ET BFSI
National Bank for Financing Infrastructure and Development's (NaBFID) managing director Rajkiran Rai G has said there is a need to re-introduce the Scheme for Sustainable Structuring of Stressed Assets (S4A) scheme to help infrastructure finance in the future. Rai...
Keep the AIF baby, chuck the bathwater, BFSI News, ET BFSI
RBI has closed a loophole in the discovery of dodgy loans by pulling bank lending out of investment pools that also feed the same borrowers. This is a genuine regulatory concern, voiced by Sebi, given the ballooning flow of capital through alternative investment funds...
Finance ministry report, ET BFSI
The current financial year should conclude as projected with a strong growth performance and macroeconomic stability as more than half of this fiscal has witnessed positive developments in the economy, a finance ministry report said on Tuesday. The Reserve Bank of...
Companies give crash course to make staff financially healthy and wise, ET BFSI
Many companies in India Inc now help their employees multiply their money or put away a little something for a rainy day through financial awareness sessions and by providing access to various financial tools and, in some cases, trustworthy financial advisors.P&G...
Types of deficits and how they are calculated, ET BFSI
Union finance minister Nirmala Sitharaman will be presenting her sixth Budget in 2024. The Budget will be presented on February 1, 2024.The upcoming Budget will be for the next financial year (starting April 2024 to March 2025) i.e. FY25. The 2024 elections are likely...
Ukraine received $1.34 billion under World Bank project: Finance ministry, ET BFSI
KYIV: Ukraine received $1.34 billion under the World Bank's public expenditures for administrative capacity endurance in Ukraine, the Ukrainian finance ministry said on Monday.The ministry said in a statement the financing consisted of a $1.086 billion loan from the...
First rupee payment for oil to UAE: India looks for more deals, no targets: Officials, ET BFSI
India's first-ever payment in rupees for crude oil purchased from the UAE is helping the world's third largest energy consumer push for taking the local currency global, as it looks for similar deals with other suppliers, officials said, adding internationalisation is...
SoftBank fund sells more of its FirstCry stake ahead of IPO, ET BFSI
SoftBank Vision Fund, the largest shareholder in IPO-bound omnichannel retailer FirstCry, has sold additional shares in the company, paving the way for more family offices and individuals to pick up a stake in the firm. Family offices of Indian cricketer Sachin...
83 Consumers Accused of Depositing Fake Gold for Loans in Jabalpur, ET BFSI
JABALPUR: In a fraud to the tune of around Rs 1.99 crore, more than 83 consumers had deposited fake gold and availed gold loan from a private bank in Jabalpur. The matter came to surface during audit, when on this suspicion a few samples of the gold were examined...
Unemployment challenge resurfaces amid parliament attack. But will it affect voters’ choice?, ET BFSI
While traditional economic conflicts, such as worker strikes, have been on the wane, the vicious circle of low employability, leading to few jobs, mass unemployment and frustration, is now showing up in new forms of social conflict,” former RBI governor Raghuram Rajan...
IMF ED Krishnamurthy Subramanian warns select states, ET BFSI
IMF, ED, Krishnamurthy SubramanianNew Delhi: States with relatively high revenue deficits such as Punjab, Himachal Pradesh, Kerala, West Bengal and Andhra Pradesh must take a leaf out of their healthy counterparts' book, Krishnamurthy V Subramanian has told ET, adding...
Gold gains as rising Fed rate cut bets boost appeal, BFSI News, ET BFSI
Gold scaled a more than two-week high on Friday, rising for a second week as the dollar and U.S. Treasury yields slipped on rising expectations the Federal Reserve will cut interest rates early next year.Spot gold was up 0.4% at $2,052.69 per ounce as of 3:50 p.m. ET...
India on path of fiscal consolidation, says finance ministry, BFSI News, ET BFSI
India is on a path of fiscal consolidation and the general government debt is expected to decline substantially in the medium- to long-term, the finance ministry said Friday. It said the International Monetary Fund's latest Article IV consultation's staff report...
NABARD projects credit potential of Assam at Rs 45,957 crore for the financial year 2024-25, ET BFSI
Guwahati: The National Bank for Agriculture and Rural Development (NABARD) projects credit potential of Rs 45,957 crore for the state of Assam for the financial year This is 16% higher than the previous year.The credit seminar was held on Thursday in Guwahati. Of the...
UK economy shrinks in third quarter as election looms, BFSI News, ET BFSI
LONDON: Britain's economy unexpectedly shrank in the third quarter, official data showed Friday, raising fears of a potential recession before an election due next year.Gross domestic product contracted 0.1 percent between July and September, down from a prior...
How to use Udgam portal for seeking out unclaimed money, BFSI News, ET BFSI
Mrin Agarwal, Founder & Director, Finsafe, says the Udgam portal is facilitated by RBI and it is a website where depositors can view information regarding all the unclaimed deposits. Now, when it was launched early this year. Then it had only about seven banks,...
Retik Finance price prediction 2024-2030, is $500 a real possibility? Experts analyze, ET BFSI
The cryptocurrency market is known for its volatility, offering both opportunities and challenges for investors. One project that has garnered attention in the decentralized finance (DeFi) space is Retik Finance.With its innovative features, strong tokenomics, and...
Social media emerges as powerful tool for jobseekers in BFSI, helps 73% millennials to bag jobs: Report, ET BFSI
The Banking, Financial Services, and Insurance (BFSI) sector has been a significant contributor to India’s economic growth, accelerating India’s endeavour to become a five-trillion-dollar economy. As the BFSI industry evolves, the world is witnessing an enormous...
MUFG to build India operations amid economic slowdown in China, ET BFSI
Mitsubishi UFJ Financial Group Inc., Japan’s biggest bank, is looking to further expand in India after making key investments to tap the south Asia nation’s growth potential. “For India, economic growth is not something that will be a challenge,” Hironori Kamezawa,...
Kenneth Andrade, BFSI News, ET BFSI
Asset manager Old Bridge Capital said that India’s market capitalisation to GDP ratio is at an all-time high of over 100% which indicates overvaluation and the need to exercise caution as the market may have priced itself ahead of the curve.In 2024, small and...
Fed rate cuts to remain in view for 2024, even as rate-setters shift, ET BFSI
The annual rotation on the U.S. Federal Reserve's interest-rate-setting committee means its 2024 voting members lean slightly more hawkish than the outgoing group from 2023 - but that won't budge the outlook for a pivot to interest-rate cuts next year.In fact, plenty...
Key takeaways on India’s economy from IMF and RBI, ET BFSI
Where does India's economy stand, and where is it headed? Two recent reports on Indian economy provide an ample measure. Amid heightening global uncertainties, India is showing remarkable economic resilience but it can't afford to lower its guard. This sentiment is...
World Bank Group Task Force to Study IEG Suggestions, BFSI News, ET BFSI
The World Bank Group has set up a task force to study recommendations of the Independent Expert Group (IEG) on reform of multilateral development banks, set up under India's G20 presidency.This was conveyed by World Bank president Ajay Banga to Union finance minister...
BFSI among most sought-after sectors by women, 50% of job applicants seek WFH opportunities: Report, ET BFSI
BFSI, telecom and e-commerce were the most sought after sectors by women jobseekers this year, with most looking for work from home opportunities, according to a report released on Wednesday. The report by revealed that the women seeking jobs showed a balanced...
Key takeaways on India’s economy from IMF and RBI, ET BFSI
Where does India's economy stand, and where is it headed? Two recent reports on Indian economy provide an ample measure. Amid heightening global uncertainties, India is showing remarkable economic resilience but it can't afford to lower its guard. This sentiment is...
The Digital Fifth launches accelerator programme for early-stage startups, ET BFSI
The Digital Fifth (TDF), a fintech consulting firm, said it has launched a flagship accelerator programme for early-stage startups in the banking, financial services and insurance (BFSI) sector. The startups will be mentored from experts at TDF and also allowed to...
How tech can help MSMEs to compete against larger enterprises in logistics sector, ET BFSI
The Indian logistics sector has come a long way, with technology revolutionising and reshaping its landscape, fostering a more connected and accountable ecosystem. With the steady adoption of sophisticated tracking systems, real-time data analytics, and IoT devices,...
The headlong rush for a payment aggregator licence, ET BFSI
The Reserve Bank of India (RBI) announced the first batch of payment aggregator licences on Tuesday. The likes of Razorpay, Cashfree, Open Financial Technologies, Enkash, and Google Pay all made it to the list.While recognition from the central bank is always a big...
Razorpay, Cashfree, Google Pay get RBI nod for payment aggregator business, Paytm and PayU still ‘barred’, ET BFSI
Digital payment startups Razorpay and Cashfree have reportedly received the final approval from the Reserve Bank of India (RBI) to operate as payment aggregators. According to a report in Economic Times (ET), the approval comes after nearly a year-long embargo, paving...
Is National Pension Scheme losing sheen among corporates?, BFSI News, ET BFSI
There has been a notable 19 per cent drop in new subscribers under the corporate segment of the National Pension System (NPS) during the first half of the current financial year (FY24) compared to the same period last year, according to recent data from the Ministry...
With $125 billion, India retains top spot in remittance chart: World Bank, ET BFSI
NEW DELHI: Remittances to India are estimated to rise over 11% to $125 billion in 2023, helping it retain the top spot ahead of Mexico ($67 billion) and China ($50 billion), data released on Monday showed.A strong base of skilled and unskilled workers in the US, the...
Union finance minister Nirmala Sitharaman, ET BFSI
NEW DELHI: Finance minister Nirmala Sitharaman on Monday told Parliament that Google has suspended or removed close to 2,500 apps from Play Store that were offering loans, and the platform can only host apps that are approved by regulated entities, such as banks and...
Why is India backing the UN framework on international tax cooperation?, ET BFSI
India voted for the ‘UN international tax convention’ proposal and the proposal to establish the terms of reference for a ‘United Nations framework on international tax cooperation’ by August 2024.The resolution, proposed by Nigeria, was backed by 125 countries,...
What is govt borrowing and how does it impact fiscal deficit?, ET BFSI
Budget 2024 Date and Time: Government borrowing plays an important role in government's finances to meet its spending requirements. The borrowing programme was announced in the 2019 Budget. Updated On Dec 19, 2023 at 08:29 AM IST Government borrowing plays an...
Icra revises upwards FY24 GDP growth forecast to 6.5%, BFSI News, ET BFSI
Domestic rating agency Icra on Monday revised its FY24 GDP growth forecast to 6.5 per cent from 6.2 per cent earlier. However, the revised forecast is still much lower than the Reserve Bank of India's (RBI's) 7 per cent real Gross Domestic Product (GDP) growth...
Over 7.40 cr persons filed ITRs in FY23, 5.16 cr showed zero tax liability: FinMin, ET BFSI
New Delhi: Over 7.40 crore persons filed income tax returns in the 2022-23 fiscal, of which 5.16 crore showed zero tax liability, the Finance Ministry said on Monday. Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha there has been an increase in...
IMF reclassifies India’s exchange rate regime to ‘stabilized arrangement’, ET BFSI
The International Monetary Fund (IMF) has revised India's exchange rate regime classification from "floating" to "stabilized arrangement" for the period spanning December 2022 to October 2023, as a result of an Article IV review evaluating the nation's policies.The...
Savitri Jindal, India’s richest woman, sees staggering $9.6 billion increase in wealth; beats Ambani & Adani, ET BFSI
India's richest woman, Savitri Jindal, has witnessed a staggering increase in her wealth by $9.6 billion in 2023. This surpasses even the wealth growth of the Ambani and Birla families, according to data from the Bloomberg Billionaires Index. Mukesh Ambani, the...
India needs to fix one issue before becoming 3rd largest economy, as per Bandhan Bank MD, ET BFSI
Bandhan Bank managing director Chandra Shekhar Ghosh on Tuesday said there is a need to increase per capita income to make India third largest economy in the world. The per capita income of the fifth largest economy, as per the government data, stood at Rs 98,374 in...
Four benefits of investing in Sovereign Gold Bonds (SGBs), BFSI News, ET BFSI
In 2015, the government introduced a program for sovereign gold bonds (SGBs). These bonds are not available on a continuous basis. Instead, the government will periodically open a window for the new issuance of SGBs to investors. At present, the SGB 2023-24 series III...
IMF commends India’s economic resilience and growth amid global challenges, ET BFSI
NEW DELHI: The Executive Board of the International Monetary Fund (IMF) came up with a ringing endorsement of India's growth story after concluding the Article IV consultation with New Delhi, commending the nation's robust economic growth, resilient financial sector,...
IMF, BFSI News, ET BFSI
Indian economy is likely to log 6.3% growth in FY24 and FY25 on the back of macroeconomic and financial stability, International Monetary Fund’s Executive Board said Tuesday.“India’s economy showed robust growth over the past year. Headline inflation has, on average,...
IPO momentum seen growing on prospects of political stability, ET BFSI
MUMBAI: Hopes of policy stability in India after victories for Prime Minister Narendra Modi's ruling party in key state polls this month should extend a boom in initial public offerings (IPO) into 2024 as companies rush to tap investor demand, bankers say.The $6.8...
Icra revises upwards FY24 GDP growth forecast to 6.5%, BFSI News, ET BFSI
Domestic rating agency Icra on Monday revised its FY24 GDP growth forecast to 6.5 per cent from 6.2 per cent earlier. However, the revised forecast is still much lower than the Reserve Bank of India's (RBI's) 7 per cent real Gross Domestic Product (GDP) growth...
India, ADB ink pacts for $500-mln loans to bolster infra sector, ET BFSI
India on Monday signed agreements with the Asian Development Bank for two loans of $250 million each essentially for the country’s infrastructure sector.One of the ADB loans is for a project that supports India’s National Industrial Corridor Development programme and...
What is bank recapitalisation? How is it done?, ET BFSI
Budget 2024 Date and Time: Bank recapitalisation, means infusing more capital in PSBs so that they meet the capital adequacy norms. The government, using different instruments, infuses capital into banks facing shortage of capital. Updated On Dec 19, 2023 at 11:50 AM...
India, UK to hold next round of talks for free trade agreement in January, ET BFSI
NEW DELHI: India and the UK officials in January next year will hold the next round of talks for the proposed free trade agreement (FTA) to resolve remaining issues, the commerce ministry said on Monday. The 13th round of negotiations for the proposed pact was held...
Generative AI can add $1.5 trillion to India’s GDP by FY30: Report, ET BFSI
New Delhi: Generative AI has the potential to add a cumulative $1.2-1.5 trillion to India's GDP over the next seven years, according to a report by Ernst & Young India. The report, titled 'The AIdea of India: Generative AI's potential to accelerate India's digital...
India banking scion eyes hiring push to meet dealmaking boom, ET BFSI
“We are planning to increase our corporate clients in the top and mid cap companies by five times to 2,000 in the next seven years,” Kampani said in an interviewJM Financial Ltd. plans to expand its investment banking business as the firm expects dealmaking activity...
Financial services sector witness upswing in hiring, BFSI shows steady momentum, ET BFSI
The financial services industry is witnessing an upswing in employment patterns, with the percentage of employers looking for an increase in incremental new hiring reaching 79 per cent and for replacement positions, which is at 70 per cent.Between 2012 and 2022,...
Sovereign Gold Bond premature redemption on Monday, December 18. Check details, ET BFSI
Reserve Bank of India (RBI) has set Monday, December 18 as the date for premature redemption of SGB 2017-18 Series XII of the sovereign gold bond. The price for premature redemption is Rs 6,199 per gram. Premature redemption in the SGB scheme is permitted after the...
India needs to address issues like malnutrition to become developed country: Raghuram Rajan, ET BFSI
HYDERABAD: India needs to address problems like malnutrition to become a developed nation and also focus on its most important asset of human capital, former RBI Governor Raghuram Rajan said on Sunday. Speaking at an interactive session on a book co-authored by him at...
PE fund InvAscent puts $10 million in health-tech SaaS firm ABI Health Technologies, ET BFSI
Healthcare and life sciences focused private equity investor InvAscent, through India Life Sciences Fund IV, has invested $10 million to acquire a minority stake in ABI Health Technologies Private Limited Ltd, a health-tech Software as a Service (SaaS) company...
Uttar Pradesh outpaces Tamil Nadu to become the second-largest economy in India: Report, ET BFSI
In a big booster for the government led by Chief Minister Yogi Adityanath, Uttar Pradesh has emerged as the second-largest economy of India.Highlighting the efforts of Chief Minister Yogi Adityanath towards making Uttar Pradesh the leading state in terms of economy, a...
China’s real estate meltdown is battering middle class wealth, ET BFSI
Stock investments: down 30%. Salary package: down 30%. Investment property: down 20%. As Thomas Zhou reflects on 2023, his household finances are front of mind. “It’s just heart-breaking,” the 40-year-old financial worker from Shanghai said. “The only thing that still...
India to become third largest economy in my third term, guarantees PM Modi, ET BFSI
India will be among the top three economies in the world in his third term, Prime Minister Narendra Modi said here on Sunday after inaugurating the sprawling Surat Diamond Bourse, which he said was the "symbol of strength and determination of new India". Addressing a...
Advance tax mopup rises 20% YoY in April-December, BFSI News, ET BFSI
The Centre's advance tax collections up to the third quarter (April-December) of FY24 are up 19.8% from a year earlier to ₹6.24 lakh crore, maintaining healthy double-digit growth, said people aware of the latest numbers, pointing to a buoyant economy. The numbers...
This Sovereign Gold Bond series can be prematurely withdrawn at 114.5% higher than issue price, ET BFSI
The premature redemption price of Sovereign Gold Bond (SGB) 2017-18 Series XII would be Rs 6,199 per unit of SGB, according to a press release by the Reserve Bank of India (RBI) dated December 15, 2023."The redemption price of SGB shall be based on the simple average...
How to save Rs 60,000 income tax with home loan, NPS, other perks, ET BFSI
Meerut-based PSU bank manager, Anubhav Garg, pays low tax because his pay structure is tax-friendly, but there is scope to reduce the tax outgo further. TaxSpanner estimates that Garg can save more than Rs.60,000 in tax if he takes a home loan, his company offers him...
If growth rate is not over 6%, India will remain lower middle economy by 2047: Raghuram Rajan, ET BFSI
HYDERABAD: Former Reserve Bank governor Raghuram Rajan said India will still remain a lower middle country if the growth rate remains at 6 per cent annually without any rise in population by 2047 (Amrit Kaal) and will be reaching the end of the demographic dividend by...
India’s Adani group to acquire controlling stake news agency IANS, ET BFSI
Adani Enterprises, Indian billionaire Gautam Adani's flagship firm, said on Saturday it had acquired a majority stake in news agency Indo-Asian News Service or IANS as the conglomerate tries to consolidate its media presence.The Adani group said in a statement that...
Softbank takes home Rs 914 crore via 2.5% stake sale in PB Fintech, ET BFSI
Japanese multinational investment firm Softbank Group sold further stake in PB Fintech through the open market on Friday, taking home a profit of Rs 914 crore.Softbank, through its affiliate Svf Python Ii Cayman, sold 1,14,21,212 shares or 2.5% stake of the company at...
![‘Centre’s role in fin crisis [is] a newly invented political reason to deflect focus..’, ET BFSI](https://overviewforex.com/wp-content/uploads/2023/12/‘Centres-role-in-fin-crisis-is-a-newly-invented-political-400x250.jpg "Industry 311")
‘Centre’s role in fin crisis [is] a newly invented political reason to deflect focus..’, ET BFSI
Kerala's economy is facing a grave crisis. For several days, the treasury was running on an overdraft. There are restrictions on the clearance of government bills above Rs 1 lakh. The crisis, which is fast assuming the proportions of a catastrophe, is the inevitable...
Cash-strapped Sri Lanka’s economy records positive growth for the first time since economic crisis, ET BFSI
Sri Lanka's bankrupt economy has recorded a positive growth for the first time since the economic crisis hit the island nation, according to official data. "The year-on-year GDP growth rate for the third quarter has been reported as 1.6 per cent of positive growth...
US to cut interest rates, Europe steps up exit from pandemic-era stimulus, ET BFSI
The Federal Reserve, European Central Bank and Bank of England all left interest rates unchanged this week, but signaled different paths for policy going forward.Officials in the US are prepared to cut interest rates in 2024, while those in Europe said they’d step up...
Germany-based KfW Development Bank to fund Bengaluru Suburban Rail Project, ET BFSI
Bengaluru, The Bengaluru Suburban Railway Project on Saturday got a major thrust when a loan agreement was signed with KfW Development Bank, Germany, by Rail Infrastructure Development Company (Karnataka) Limited (K-RIDE) in New Delhi on December 15. As per the...
Asian Development Bank raises India’s growth forecast to 6.7% for FY24, ET BFSI
NEW DELHI: The Asian Development Bank (ADB) has revised India's growth forecast for the current financial year to 6.7%, citing stronger-than-expected second-quarter performance. This adjustment marks an increase from the previous projection of 6.3%, as revealed in the...
India Inc’s capex cycle may move into top gear, BFSI News, ET BFSI
India Inc's appetite to spend on capital projects is high despite some concerns around elevated geopolitical tensions impacting demand in the coming months. Several top industry officials ET spoke to say the momentum for capital investments remains strong and...
With systematic lump sum withdrawal, will returns from NPS be tax-free till age of 75?, ET BFSI
The National Pension System (NPS) subscribers were allowed to withdraw 60% of their corpus as lump-sum after retirement which was tax-free. However, they can now withdraw up to 60% of their pension corpus periodically once they turn 60. With the recently introduced...
General Atlantic likely to sell 6.2% stake in KFin Tech via block deal: Report, ET BFSI
MUMBAI - Global private equity firm General Atlantic is likely to sell 6.2% stake in KFin Technologies through a block deal, ETNow reported, quoting sources. In case of a strong response, the private equity firm has the option to sell another 3.8% stake in the...
57 New Cyber Police Stns To Net Online Fraudsters In Up, ET BFSI
Lucknow: In response to rising cases of cybercrime, Uttar Pradesh on Thursday announced to set up 57 new dedicated cyber police stations.With this, the state will now have a total of 75 cyber police stations — one in each district.This expansion, initiated in view of...
New Sovereign Gold Bonds tranche opens on Monday; How to fit SGBs in your financial plan, ET BFSI
The government and the Reserve Bank of India (RBI) have announced two more tranches of the Sovereign Gold Bond. The SGB Series 2023-24 Series III subscription period is scheduled from December 18 - December 22, 2023. Therefore, the date of issuance in SGB Series III...
17.28 lakh new workers enrolled under ESI scheme in October 2023, ET BFSI
Employees' State Insurance adds 18.88 lakh new members in Sept. The provisional payroll data of Employees’ State Insurance Corporation (ESIC) reveals that 17.28 lakh new employees have been added in the month of October 2023. Around 23,468 new establishments have been...
BFSI trumps IT sector as key driver of office space demand: CBRE, ET BFSI
Well-capitalized banks further supported the rapid growth of the fintech sector, the expanding presence of e-payment service providers and the sustained expansion efforts of global BFSI firms establishing GCCs in IndiaFor the first time in a decade, the BFSI (Banking,...
PSUs take the honours in 10k run on Dalal Street, BFSI News, ET BFSI
Mumbai: State companies, the perennial bridesmaids in milestone-linked blockbuster celebrations on D-Street, have played a stellar role in the ascent of the Sensex to 70,000, with the total market capitalisation of listed government assets more than doubling to nearly...
WPI inflation spikes to 8-month high of 0.26% in Nov on costlier veggies, onion, ET BFSI
NEW DELHI: Wholesale price-based inflation rose to an eight-month high of 0.26 per cent in November, driven by a sharp jump in food prices, especially onion and vegetables.The WPI inflation was in the negative or deflationary zone for the past seven months since April...
ICICI Bank, Adani Enterprises among consistent wealth creators, ET BFSI
Noteworthy wealth creators in this period include Reliance Industries, TCS, ICICI Bank, Infosys and Bharti Airtel. Lloyds Metals emerged as the fastest wealth creator with the stock returning 79% on a compounded basis in this period. Updated On Dec 14, 2023 at 07:42...
Maharashtra to create integrated cyber platform to tackle online crime, ET BFSI
The Maharashtra government is working to create a cyber platform for the detection of cyber crime.The Maharashtra government is working to create a cyber platform for the detection of cyber crime, state Home Minister Devendra Fadnavis told the Legislative Council here...
ADB raises India’s FY24 growth forecast to 6.7%, BFSI News, ET BFSI
New Delhi: The Asian Development Bank (ADB) on Wednesday raised its FY24 growth forecast for India to 6.7% from 6.3% announced three months ago, joining a host of agencies to revise up projections citing the country's stronger-than-anticipated growth of 7.6% in the...
Jan Dhan accounts stay stable during recent state elections, ET BFSI
In a notable departure from the trend observed five years ago, Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts exhibited remarkable stability during the recent state elections held in five states. Unlike the significant surge witnessed previously, which raised...
FM meets delegation of MSMEs impacted by Cyclone Michaung, assures help, ET BFSI
NEW DELHI: Finance Minister Nirmala Sitharaman on Wednesday met a delegation of the industry body Ambattur Industrial Estate Manufacturing Association (AIEMA) over the losses suffered by their members due to Cyclone Michaung recently. The recent cyclone impacted the...
Reliance Industries Ltd and DBS Bank partner to finance CBG projects, ET BFSI
The CBG industry is highly fragmented in nature and predominantly dependent on agriculture and is affected by seasonal variations.Reliance Industries Ltd has joined hands with DBS Bank India to launch a financing program for compressed biogas (CBG) plants.The...
PM Modi seeks to revive hinterland finance hub with new sweeteners, ET BFSI
Indian Prime Minister Narendra Modi is looking to revive a decade-old project to build a new financial hub in his home state of Gujarat, with new breaks aimed at drawing in foreign brokers and companies.The GIFT City project was launched on the outskirts of Ahmedabad...
India’s logistics cost ranges from 7.8
The logistics cost in India ranged from 7.8 per cent to 8.9 per cent of GDP in 2021-22, according to quick estimates of economic think-tank National Council of Applied Economic Research (NCAER). Releasing the report on the logistics cost, Secretary in the Department...
India’s e-retail market estimated to cross USD 160 billion by 2028: Report, ET BFSI
New Delhi: E-retail in India is expected to surge past USD 160 billion (over Rs 13 lakh crore) mark by 2028, a report released by Bain & Company in collaboration with Flipkart said on Wednesday. The E-retail market is expected to be around USD 57-USD 60 billion...
BFSI sector’s share in office space leasing doubled in three years, ET BFSI
BFSI (Banking, Financial Services and Insurance) sector has emerged as the most prominent demand driver in office leasing for the first time in a decade during the first nine month of this year as global BFSI majors established their Global Capability Centres (GCCs)...
Finance Ministry reports soaring tax collections, swift refunds and streamlined filing in 2023, ET BFSI
The Ministry of Finance shared achievements and advancements in India's tax landscape, showcasing steady growth, expedited refunds, and enhanced ease of compliance in a series of announcements on social media platform X.Ministry of finance posed on X, "Steady growth...
Two entities pay over Rs 17 lakh, settle case with Sebi, BFSI News, ET BFSI
New Delhi, Two entities have settled with markets regulator Sebi for alleged violations of AIF rules in the matter of Clean Max Renewable Trust after collectively paying over Rs 17 lakh towards the settlement amount. The order came after Clean Max Energy Ventures and...
Complaints about car financing, insurance race up UK ombudsman’s in-tray, ET BFSI
Representative image.Britain's Financial Ombudsman Service (FOS) said on Thursday that complaints about financing and insuring cars have spiked as claims management firms pile in with "speculative" claims that are mostly rejected.FOS, which handles complaints that...
Noida and Gurgaon are like first world, rest of India worse than sub-Saharan Africa: Raghuram Rajan, ET BFSI
In a recent podcast on YouTuber Akash Banerjee's channel, former RBI Governor Raghuram Rajan addressed the contrasting realities within the Indian economy. According to Rajan, while certain regions, such as Noida or Gurgaon, mirror a "first-world" economy, others lag...
Positive incremental hiring projected in H2 FY24, skill shortage remains a concern: Report, ET BFSI
India experienced a remarkable 7.8 per cent surge in GDP during the first quarter of the fiscal year 2023-24 (Q1 FY24). This robust GDP growth underscores a potent economic rebound, driving the acceleration in incremental hiring across the nation.Reflecting the...
Reliance Industries Ltd and DBS Bank partner to finance CBG projects, ET BFSI
Reliance Industries Ltd has joined hands with DBS Bank India to launch a financing program for compressed biogas (CBG) plants.The financing will enable the ecosystem development for vendor partners to aggregate agri-residue as inputs for the Reliance Compressed Biogas...
Positive incremental hiring projected in H2 FY24, positive sentiment for financial services sector: Report, ET BFSI
India experienced a remarkable 7.8 per cent surge in GDP during the first quarter of the fiscal year 2023-24 (Q1 FY24). This robust GDP growth underscores a potent economic rebound, driving the acceleration in incremental hiring across the nation.Reflecting the...
Future Enterprises’ lenders hope for a better future, to restart bidding, ET BFSI
Lenders to Kishore Biyani's Future Enterprises (FEL) have voted to restart the bidding process, seeking better valuations for the company that owes creditors more than ₹13,000 crore. The voting on seeking fresh expressions of interest (EoIs) that started on December 4...
Corporate earnings solid, bank asset quality robust going into 2024: S&P, ET BFSI
Indian banks and companies are on a strong wicket going into 2024 riding on a growing economy, improved corporate balance sheets and better asset quality for banks, Standard & Poors Global Ratings analysts have said.The US based credit ratings agency expects...
SpiceJet promoter Ajay Singh on how the Rs 2,254 crore lifeline will help the airline expand capacity, ET BFSI
Cash-strapped airline SpiceJet got a lifeline as a clutch of funds and high net worth individuals will invest Rs 2,254 crore through the issue of up to 130 million convertible warrants and 320.8 million fresh equity shares.The fundraising counts 64 investors amongst...
Boost for economy! October IIP growth touches 16-month high of 11.7%, ET BFSI
October IIP at 16-month high! India's industrial production in October reached a 16-month high of 11.7%, according to the Ministry of Statistics & Programme Implementation (MOSPI). This is a significant improvement from the contraction of 4.1% recorded in the same...
95% of Indians choose Credit Cards for international travel, ET BFSI
In the ongoing metamorphosis of the financial landscape, a clear theme of digital solutions has emerged. From the ease of contactless payments to the convenience and security offered by virtual wallets, cutting-edge financial tools have orchestrated a revolutionary...
Sebi’s proposal to reduce corporate bonds’ face value can enhance retail participation: Nithin Kamath, ET BFSI
Zerodha chief Nithin Kamath on Monday said the market regulator's proposal to reduce the corporate bonds' face value can lead to greater retail participation.Sebi in a consultation paper floated the idea of permitting issuers to launch NCDs (non-convertible...
MSRTC launches digital payment facility in buses, BFSI News, ET BFSI
Chhatrapati Sambhajinagar: Passengers can now pay for bus fares of the Maharashtra State Road Transport Corporation (MSRTC) using UPIs.Embracing the long-pending digital reform, the state transportation on Monday announced that over 34,000 Android-based ticketing...
Omidyar Network India to exit country, stop new investments, ET BFSI
Impact investment fund Omidyar Network India is exiting India after over a decade of investing in the country and said it will stop new investments immediately.The fund – which has invested in the likes of Tata-owned e-pharmacy 1MG and edtech Vedantu, fintech startups...
India’s $7 trillion economy dream gets 70k market booster, BFSI News, ET BFSI
BSE India total market capitalisation has crossed $4 trillion and its GDP is in striking distance of $4 trillion.Indeed, a moment to celebrate. The real question now is how do we look at the future. How does India stack up against the world today?India Stands...
Govt says 10 PSBs transferred NPAs of over Rs 11,617 cr to NARCL from Jan-Nov, ET BFSI
New Delhi: A total of 10 Public Sector Banks (PSBs) have transferred Non-Performing Assets (NPAs) of over Rs 11,617 crore to NARCL between January and November this year, the Finance Ministry said on Tuesday. In a written reply to a question in the Rajya Sabha,...
Finance minister Nirmala Sitharaman, ET BFSI
NEW DELHI: Finance minister Nirmala Sitharaman on Monday said retail inflation is now "stable" and temporary increases in inflation on a few occasions are caused by demand-supply mismatches arising out of global shocks and adverse weather conditions.In a written reply...
FICCI Chief Anish Shah, ET BFSI
Dr Anish Shah, President, FICCI.India Inc is well poised with continued growth momentum and armed with robust balance sheets, it can go out and play offense across the world, Federation of Indian Chambers of Commerce & Industry (Ficci) president Anish Shah said on...
Swiggy disbursed Rs 102 crore in loans to delivery partners in last 12 months, ET BFSI
Online food delivery platform Swiggy on Tuesday said that in the last 12 months, it has facilitated the disbursement of loans worth Rs 102 crore, of which Rs 10.1 crore was disbursed in November alone.Swiggy has partnered with Betterplace and Refyne to enable such...
Stock market boom offering misleading picture of broader India economy: Raghuram Rajan, ET BFSI
The euphoria on Dalal Street with India joining the elite group of countries with $4 trillion market capitalisation and Sensex hitting all-time record high levels isn't a good indicator of broader economic success, argues former RBI Governor Raghuram Rajan.In the...
GST evasion of Rs 345 cr detected against lottery distributors till November 2023: FinMin, ET BFSI
A total of 12 cases of GST evasion involving Rs 345 crore have been detected against lottery distributors since July 2017, Parliament was informed on Monday. Minister of State for Finance Bhagwat Karad in a written reply to the Lok Sabha said Rs 622 crore, including...
Govt to stick to Rs 33.61 lakh crore tax collection target in revised estimate, no case for fuel tax cut: Official, ET BFSI
NEW DELHI: The government is likely to stick to the budgeted estimate of total tax collection target of Rs 33.61 lakh crore for current fiscal in the revised estimates, a senior finance ministry official said on Monday. "So far, direct tax collection is up by about 20...
WeWork resolves landlord objections to bankruptcy financing, ET BFSI
NEW YORK: WeWork has resolved landlords' objections to its bankruptcy financing agreement, saying on Monday that it had agreed to reserve a portion of any future loans in an account that will be used for rent payments.U.S. Bankruptcy Judge John Sherwood, who is...
Gold edges higher as dollar slips, US inflation data in focus, ET BFSI
Gold prices edged higher on Tuesday after hitting a three-week low in the last session, as the dollar eased, while investors awaited key U.S. inflation data and major central bank policy meetings for interest rate clues.FUNDAMENTALS* Spot gold was up 0.2% at $1,985.49...
GDP growth will moderate to 6.5% in FY25 on global headwinds: Axis Bank, ET BFSI
Mumbai, India's real GDP growth will moderate to 6.5 per cent in FY25, mainly due to global headwinds, Axis Bank's chief economist Neelkanth Mishra said on Monday. India's GDP is 7 per cent lower than what it would have been if the pre-pandemic GDP growth trend had...
Gold steady ahead of central bank meetings, key US data this week, ET BFSI
Gold steadied on Monday after a sharp decline in the previous session, as investors looked forward to several major central bank meetings and U.S. inflation data release this week for further direction.FUNDAMENTALS* Spot gold was up 0.1% at $2,005.85 per ounce as of...
REC signs 200 million Euro loan agreement with the German bank KfW, ET BFSI
REC signs 200 million euro loan with German lender KfWREC Limited signed a 200 million Euro loan agreement with the German bank KfW on December 8. This marks REC's sixth line of credit under the Indo-German Development Cooperation and demonstrates the corporation’s...
India will need INR 57 lakh cr for adaptation goals till 2030, ET BFSI
The country's climate action is, currently, largely financed by domestic resources as climate finance flows from developed countries are falling far short of what is needed to mitigate and adapt to climate change.If the 'global goal on adaptation' (GGA) document is...
2 more SGB tranches announced, latest dates, issue details, ET BFSI
The Government of India, in consultation with the Reserve Bank of India, has decided to issue new Sovereign Gold Bonds (SGBs) in tranchesThe SGB Series 2023-24 Series III subscription period is scheduled from December 18 – December 22, 2023. Therefore, the date of...
2023 sees the lowest funding in the startup ecosystem in five years: Report, ET BFSI
Representative imageNew Delhi: Indian tech startups have seen a decline of about 72 per cent this year, making it the lowest- funded year in the last five years, according to a report by market intelligence firm Tracxn.The last quarter of this fiscal year has been...
Loss due to Cyclone Michaung expected to be over Rs 11,000 crore, ET BFSI
Chennai: The loss due to the heavy rains that came with Cyclone Michaung which hit Chennai and neighbouring districts, is expected to be over Rs.11,000 crores, K. E. Raghunathan, national President of Association of Indian Entrepreneurs said in a statement.He said the...
Rajiv Jain-led GQG’s $10 billion India bet has winning picks beyond Gautam Adani, ET BFSI
GQG Partners LLC, led by star investor Rajiv Jain, saw the value of its India portfolio more than double in little over a year, driven by winning stock picks that go beyond its headline-grabbing investments in the Adani Group.The value of India investments across six...
63% opt for it reflects survey, ET BFSI
MUMBAI: ‘India’s Investment Readiness’ survey, conducted across 350 cities (Tier 1, 2 and 3) which covered 1,263 respondents, shows that 63% continued to opt for the tax regime owing to the tax-saving benefits and a sense of security offered by long-term savings...
Malaysia’s blueprint to block cyber attacks, BFSI News, ET BFSI
By Julia Juremi, Asia Pacific University of Technology and Innovation in Kuala Lumpur Kuala Lumpur, Dec 11 (360info) Malaysia faces a surge in cyber attacks, prompting the need for a national cybersecurity commission. Malaysia has witnessed a surge in high-profile...
TN CM Stalin announces Rs 6,000 cash assistance to people affected by cyclone, ET BFSI
Chennai, Tamil Nadu Chief Minister M K Stalin on Saturday announced a cyclone relief package comprising Rs 6,000 cash assistance and increased payout under other categories including enhanced compensation for flood-hit crops. The cash assistance to people, whose...
Axis Bank sees 7-plus% GDP growth in FY24; Cautions against global headwinds, ET BFSI
Positive surprises will continue, compelling an upward reset in trend-growth assumptions and triggering upgrades to India’s GDP forecasts. However, intensifying global headwinds still pose a challenge and can result in deceleration of growth in FY25.Axis Bank’s Chief...
UP govt attracts 29000 investment proposals worth over Rs 39 lakh cr, ET BFSI
UP govt to implement investment proposals worth Rs 7.5 lakh crore which include over 10,000 projectsFollowing the successful implementation of investment proposals received during the UP Investors Summit in 2018, the Yogi government is now actively working to launch...
Anish Shah takes over as FICCI President for 2023-24, BFSI News, ET BFSI
Anish Shah takes over as FICCI President.Anish Shah, Group CEO of Mahindra Group and Managing Director, M&M has taken over as President of industry body, Federation of Indian Chambers of Commerce & Industry (FICCI) for 2023-2024, from Subhrakant Panda, at the...
PM Modi, BFSI News, ET BFSI
New Delhi: Prime Minister Narendra Modi asserted on Saturday that the priority given to policy, good governance and citizens' welfare in the past decade has resulted in India becoming a robust economy with a GDP growing 7.7% in the last six months. Thanks to his...
Asian Development Bank injects $250 million to boost India’s industrial corridors, ET BFSI
NEW DELHI: The Asian Development Bank (ADB) has greenlit a $250 million policy-based loan to further propel the development of industrial corridors in India.The initiative aims to enhance the competitiveness of the manufacturing sector, fortify national supply chains,...
World growth likely to decline in 2024 even as US avoids recession, Fitch, ET BFSI
Fitch Ratings' recent Global Economic Outlook (GEO) report anticipates a substantial decline in global growth to 2.1% in 2024, in contrast with the strong performance seen in 2023.The report from Fitch Ratings flags the resilience observed in global growth throughout...
PM Rishi Sunak’s officials in Delhi to discuss India-UK FTA: Report, ET BFSI
London, Senior officials from British Prime Minister Rishi Sunak's team are in New Delhi this week to add momentum behind the ongoing round of negotiations for an India-UK free trade agreement (FTA), according to a UK media report on Saturday.'The Guardian' newspaper...
India’s GDP growth is reflection of transformative reforms of last 10 years: PM Modi, ET BFSI
Gandhinagar, Prime Minister Narendra Modi on Saturday said India's GDP growth of 7.7 per cent in the first six months of the current fiscal year is a reflection of the country's strengthening economy and the transformative reforms carried out in the last 10 years....
PM, BFSI News, ET BFSI
GANDHINAGAR: To become a net zero nation by 2070, India requires a capital of $10 trillion, said Prime Minister Narendra Modi in his virtual address at the second edition of Infinity Forum 2023 held at GIFT City in Gandhinagar on Saturday. Underlining the urgent need...
Vedanta Resources close to raising $1.25 billion from Standard Chartered Bank, Cerberus Capital, ET BFSI
New Delhi | Mumbai: Vedanta Resources, the London-based parent of India's oil-to-metals conglomerate Vedanta, is close to finalizing a $1.25 billion loan availed jointly from Standard Chartered Bank and Cerberus Capital Management that could help it avert a default on...
When do you have to pay it?, BFSI News, ET BFSI
Individuals having net income tax liability exceeding Rs 10,000 in a financial year (FY) are mandatorily required to pay advance tax. Net tax liability refers to the estimated tax liability minus TDS (tax deducted at source) in an FY. According to the Income Tax Act,...
Aditya Birla Insurance Brokers’ senior executives quit over Samara Capital deal, ET BFSI
Samara Capital agreed to buy ABIBL in March for a sum of ₹455 crore and the deal is still pending regulatory approvalSamara Capital's proposed takeover of Aditya Birla Insurance Brokers (ABIBL) has stoked a leadership mutiny rather unprecedented in India's corporate...
Will discuss with Finance Department to bring dialysis treatment under insurance scheme: Minister, ET BFSI
Belagavi (K'taka), Karnataka Health and Family Welfare Minister Dinesh Gundu Rao on Thursday said he will discuss with the Finance Department about bringing dialysis treatment under 'Ayushman Bharat Arogya Karnataka' (ABRK) health insurance scheme to facilitate...
IBA inks agreement with unions; bank staff pay to increase by 17%, ET BFSI
"Annual increase in salary and allowances is agreed at 17 per cent, of the annual pay slip expenses for FY 2021-22, which works out to Rs 12,449 crores for all public sector banks including SBI," the MoU notesThe wage revision will be effective from 1.11.2022 for a...
Venture Catalysts makes partial exit from Insurance Samadhan with up to 3.65-fold return, ET BFSI
NEW DELHI: Early-stage investment firm Venture Catalysts on Thursday announced a partial exit from its portfolio company Insurance Samadhan, after clinching returns of up to 3.65 times on its initial investment in the company, according to a release. Other angel...
RBI raises FY24 GDP growth to 7% after surprise upside in Q2, BFSI News, ET BFSI
RBI raises FY24 GDP growth to 7% after surprise upside in Q2The Reserve Bank has raised its forecast of India's gross domestic product to 7 per cent from the earlier 6.5 per cent after strong growth surprised in the second quarter. "The real GDP growth for 2023-24 is...
Building ‘Cyber Safe India’ one of the key priorities of the Ministry of Home Affairs, ET BFSI
These websites, which facilitated task based and organized illegal investment related economic crimes, were being operated by overseas actors and were using digital advertisement, chat messengers and mule and rented accounts.Building a "Cyber Safe India" is one of the...
These individual taxpayers will get old income tax refund by January 31, 2024, ET BFSI
There is good news for individuals who have not received their income tax refunds for FYs 2017-18, 2018-19 and 2019-20. As per an order by the income tax department, these individuals will now be able to get their due income tax refund by January 31, 2024. These...
Masahiro Goto, global head of investment banking, Nomura, ET BFSI
Japanese companies see India as a credible long-term partner for manufacturing as well as a top consumer market, Masahiro Goto, global head of investment banking at Nomura, told Swaraj Dhanjal in an interview. The Japanese firm is bullish on India as it's one of the...
Centre’s debt estimated to drop to 57.2% of GDP in FY24: MoS finance, ET BFSI
The Central government’s debt is estimated to moderate to 57.2% of gross domestic product (GDP) in FY24 from 61.5% in FY21 when pandemic-related spending to provide succour to people and businesses led to a spike in its loan profile, the finance ministry said on...
How AI is reshaping the banking sector, BFSI News, ET BFSI
In recent years, the banking sector has undergone a remarkable metamorphosis, primarily propelled by the seamless integration of artificial intelligence (AI) technologies. The influence of AI extends beyond the internal operations of banks, leaving an indelible mark...
How ChatGPT can empower stock market research?, BFSI News, ET BFSI
Stockbroking companies are using AI for chatbots, stock market research, virtual assistants, fraud detection, and risk management. How can an AI system like ChatGPT benefit your personal investment growth?Chatbot is an impressive tool with numerous applications in the...
Is personal loan surge going into stock market speculations?, BFSI News, ET BFSI
Concerns are emerging about the apparent mismatch between robust growth in personal loans and the subdued expansion in private consumption. The question arises as to whether the significant surge in personal loans is being directed toward stock market speculations.The...
India’s economy to grow at 6.8 per cent in current fiscal: CII, ET BFSI
Industry chamber CII expects the country's economy to grow at 6.8 per cent in the current fiscal and accelerate to 7 per cent in 2024-25, driven by the government's continued focus on infrastructure development and promotion of ease of doing business. In an interview...
IL&FS resolution slowdowns, puts question mark over Rs 61,000 crore debt recovery, ET BFSI
The resolution process for Infrastructure Leasing & Financial Services (IL&FS) is likely to extend beyond the current financial year due to stalled key monetization proposals and disputes. The troubled infrastructure lender's estimated resolution figures of Rs...
Finance Minister Nirmala Sitharaman ranks 32nd in Forbes World’s Most Powerful Women list, ET BFSI
India's Finance Minister, Nirmala Sitharaman, has been ranked 32nd on Forbes' annual list of the World's 100 Most Powerful Women. This prestigious list includes influential women from various sectors such as politics, business, media, and entertainment.Sitharaman's...
What does spike in US funding rates mean for India, ET BFSI
Earlier this month, the Secured Overnight Financing Rate (SOFR), a global benchmark used to determine the price of US dollar-denominated loans and derivatives, jumped to an all-time high of 5.39%, Bloomberg reported. The development occurred due to turbulence in US...
MDBs need different approaches to draw in private financing and achieve their full potential, ET BFSI
Multilateral Development Banks need an institutional mechanism to work synchronously, co-chair of the Independent Expert Group of MDB reforms set up under India’s G20 presidency N K Singh said while stressing on the need for steps to mitigate risks, harness private...
Centre’s debt estimated to drop to 57.2% of GDP in FY24: MoS finance, ET BFSI
The Central government’s debt is estimated to moderate to 57.2% of gross domestic product (GDP) in FY24 from 61.5% in FY21 when pandemic-related spending to provide succour to people and businesses led to a spike in its loan profile, the finance ministry said on...
India Inc still big on foreign loans despite high US rates, ET BFSI
NEW DELHI: India Inc’s appetite for overseas loans continues unabated despite US interest rates touching a two-decade high, moving away from bonds.Indian companies are set to borrow more than $25 billion abroad this year, trumping the $19 billion raised in 2022,...
Xi Jinping is asserting tighter control of finance in China, BFSI News, ET BFSI
In his decade as China's top leader, Xi Jinping has asserted greater control for himself and the Communist Party over the country's economy. Now, Xi has moved to extend that power more forcefully than ever over China's financial system.The Communist Party issued a...
Adani Green seals its largest project financing of $1.36 billion, ET BFSI
Adani Green Energy said on Tuesday it has sealed a follow-on funding of $1.36 billion via senior debt facility, marking its largest project financing to date as part of the Construction Financing Framework. This bolsters the funding pool to $3 billion since the...
No relaxation in borrowing terms for states, says Finance Minister Sitharaman, ET BFSI
There is no proposal under consideration to relax the existing terms for borrowing capacity of the State Governments, Finance Minister Nirmala Sitharaman told Parliament Monday.“Presently, there is no proposal to relax the existing terms for borrowing capacity of the...
Asian Development Bank to provide $10 billion climate finance for Philippines, ET BFSI
MANILA: The Asian Development Bank (ADB) said on Monday it will allot $10 billion in climate finance for the Philippines between 2024 and 2029.The funds will help the Philippines implement its commitments to climate action under the Paris Agreement, the ADB said in a...
India’s services activity falls to a one-year low yet prospects remain strong: PMI data, ET BFSI
India's services sector may have expanded at the slowest rate in a year on softening demand but showed resilience as output across the sector saw a sharp increase, a private survey showed on Tuesday.The S&P Global India Services Purchasing Managers' Index fell to...
US examined Hindenburg allegations before giving loan to Gautam Adani group, ET BFSI
The US government concluded that short-seller Hindenburg Research’s allegations of corporate fraud against Indian billionaire Gautam Adani weren’t relevant before extending his conglomerate as much as $553 million for a container terminal in Sri Lanka, a senior US...
Adani Green seals its largest project financing of $1.36 billion, ET BFSI
Adani Green Energy said on Tuesday it has sealed a follow-on funding of $1.36 billion via senior debt facility, marking its largest project financing to date as part of the Construction Financing Framework. This bolsters the funding pool to $3 billion since the...
21,791 fake GST registrations, suspected tax evasion of Rs 24,000 cr detected in special drive: FM Sitharaman, ET BFSI
Finance Minister Nirmala Sitharaman on Tuesday said GST officers have detected 21,791 fake GST registrations and over Rs 24,000 crore of suspected tax evasion during a two-month-long special drive. In a written reply to a question in Rajya Sabha, the minister said to...
S&P Global Ratings, ET BFSI
India is set to become the third-largest economy by 2030, according to S&P Global Ratings.In its latest Global Credit Outlook, the rating agency noted that the paramount test for the country would be to become the next global manufacturing hub.“Developing a strong...
SAT quashes Sebi’s order against Mukesh Ambani, BFSI News, ET BFSI
New Delhi: The Securities Appellate Tribunal (SAT) on Monday set aside the penalty imposed by Securities and Exchange Board of India (Sebi) on Reliance Industries’s (RIL) chairman Mukesh Ambani and two other entities in a case related to alleged manipulative trading...
Corporate bond growth to be faster, market to more than double to Rs 100 lakh cr by 2030: Report, ET BFSI
Mumbai, The corporate bond market growth is expected to gather pace in the coming years, and its overall size is likely to more than double to over Rs 100 lakh crore by March 2030, a report said on Monday. Domestic credit rating agency Crisil said push to capital...
SoftBank to invest $514 million for 51% stake in Cubic Telecom, ET BFSI
SoftBank Corp will invest roughly 473 million euros ($514 million) to take a 51% equity stake in Cubic Telecom that will give the Dublin-based connected-vehicle technology provider greater access to Asian automakers.The Japanese telecommunications arm of tech...
ADB, GEAPP and MAS join forces for energy transition finance partnership in Asia, ET BFSI
New Delhi: The Asian Development Bank (ADB), the Global Energy Alliance for People and Planet (GEAPP), and the Monetary Authority of Singapore (MAS) have unveiled plans to establish a blended finance partnership to accelerate energy transition initiatives in...
US authorities charge tech startup Bitwise co-founders for $100-million fraud scheme, ET BFSI
US authorities on Thursday charged the cofounders of private technology startup Bitwise Industries for their roles in a $100 million fraud scheme, according to federal prosecutors and the Securities and Exchange Commission.Irma Olguin Jr and Jake Soberal surrendered...
ReNew inks initial pact with Asian Development Bank for USD 5.3 bn funding, ET BFSI
New Delhi: Renewable energy firm ReNew Energy Global Plc has inked an initial pact with the Asian Development Bank (ADB) for a funding of USD 5.3 billion. "The MoU was signed at COP28, Dubai by ReNew's Founder, Chairman and CEO, Sumant Sinha and Suzanne Gaboury,...
Climate finance takes centre stage at COP28 climate talks, BFSI News, ET BFSI
DUBAI: Money pledges are grabbing the spotlight at COP28 in Dubai, and more were expected on Monday as delegates turned their focus to the yawning gap in how much climate finance is needed and what's on tap. Monday was expected to see announcements on trade policy,...
Investors wealth rises by Rs 4.97 lakh crore in morning deals as markets rally, ET BFSI
New Delhi, Investors became richer by over Rs 4.97 lakh crore on Monday as equity benchmark indices jumped more than 1 per cent to hit life-time peaks after the BJP's win in three Hindi heartland states. BJP's clear majority in Madhya Pradesh, Rajasthan and...
ITAT upholds tax sop for interest earned on deposits with co-op bank, in the hands of a CHS, ET BFSI
MUMBAI: The Income-tax Appellate Tribunal (ITAT), Mumbai bench, in the case of Kinjal Heaven Co-operative Society (a housing society) has upheld its deduction claim under section 80P(2)(d) for interest earned on its deposits with a co-operative bank.Tax tribunal...
Apple eyes Chase partnership, as it plans to cut Goldman Sachs ties, ET BFSI
Apple has proposed splitting up with Goldman Sachs, as the latter wants to get out of its relationship with the iPhone maker and wind up its consumer lending business. As Apple bids farewell to Goldman, it is looking for a new partner to take on its credit card and...
MCX gold hits fresh lifetime high of Rs 64,000, YTD gains soar to Rs 8,900/10 gram, ET BFSI
Tracking a rally in the international market, gold prices in India also surged to fresh lifetime highs on MCX. February gold futures hit an all-time high Rs 64,063 per 10 grams in Monday's trade while on the Comex a peak of $2,146.79 per troy ounce was scaled. The...
Global warming could cost poor countries trillions. They’ve urged the UN climate summit to help, ET BFSI
Dubai, Dec 4 (AP) A prominent developing-world leader on the issue of climate change said Monday that global taxes on the financial services, oil and gas, and shipping industries could drum up hundreds of billions of dollars for poorer countries to adapt and cope with...
Nine bidders submit plans for Rolta India which owes Rs 14,000 crore, ET BFSI
Mumbai: Lenders to debt-laden software company Rolta India have received nine resolution plans under the ongoing bank-led insolvency process to settle more than ₹14,000 crore in unpaid dues owed to secured and unsecured creditors.People aware of the development told...
Warburg Pincus names Vishal Mahadevia as Asia private equity head, ET BFSI
Private equity firm Warburg Pincus on Monday named India head, Vishal Mahadevia, as head of Asia private equity, a newly created position, while veteran China head Frank Wei will step down amid an Asia-wide reshuffle at the U.S. investment firm.Mahadevia, a 17-year...
Piramal Alternatives to deploy Rs 200 crore in ATM player TSI India, ET BFSI
The country’s leading ATM operator, Transactions Solutions International (India), has secured Rs 200 crore of investment from Piramal Alternatives. TSI has more than 14,000 ATMs under management and offers automated Bill Pay solutions for utility companies. The...
Credit card customers cheated of Rs 31 lakh by cybercrooks, BFSI News, ET BFSI
Ahmedabad: Eighty-four credit card customers of a private bank were cheated of a total of Rs 31.25 lakh by cybercrooks over a period of six months. The fraudsters would call up the customers after the bank issued them credit cards, take their credentials and make...
India to become $5 trillion economy early in Amrit Kaal: FinMin, ET BFSI
NEW DELHI: Minister of state for finance Pankaj Chaudhary declared on Monday that India is poised to achieve the milestone of a USD 5 trillion economy in the early stages of the 'Amrit Kaal,' as part of its broader aim to become an advanced economy by 2047.According...
68% equity schemes underperform their benchmarks in five years, ET BFSI
Around 68 per cent equity schemes have failed to beat their respective benchmarks in a five year horizon, an analysis by ETMutualFunds showed. We analysed the daily rolling returns of 171 equity schemes that have completed five years of existence in the market and...
China frames ‘One Province, One Policy’ plan for financial risk, ET BFSI
China's regulator wants provinces to come up with their own plans to handle financial risks, according to a report, about a month after officials pledged to set up a mechanism to resolve local debt issues.The country should make a greater effort in financial risk...
Former Blackstone executive Mathew Cyriac set to buy ex-firm’s 51% stake in International ARC, ET BFSI
Blackstone, the world’s largest alternative asset manager, is exiting the distressed assets space in India by selling its controlling interest in a high-profile, five-year-old joint venture that includes the Tata Group, HDFC Bank and ICICI Bank as partners. Besides...
Copenhagen targets $3 bln for emerging market greenfield renewables fund, ET BFSI
DUBAI: Danish investment firm Copenhagen Infrastructure Partners is looking to raise $3 billion for a new fund focused on building renewable energy projects from scratch in emerging and middle-income countries, the heads of the fund told Reuters.The 14-year Growth...
Growth is slowing around the world, ET BFSI
The world’s advanced economies are heading into a deepening slowdown as markedly higher interest rates take a hefty toll on activity that could still become more acute, the OECD warned.Growth is losing momentum in many countries and won’t edge up until 2025, when real...
317 arrested for cyber frauds in Faridabad this year, Rs 5.2 crore recovered, ET BFSI
FARIDABAD: A total of 141 cybercrime cases have been registered in the city this year so far, according to the data released by the city police. An amount of Rs 5.2 crore has been recovered collectively from all the cases. The data stated that out of the registered...
This SGB series can be withdrawn at 111.5% higher than issue price, ET BFSI
The premature redemption price of Sovereign Gold Bond (SGB) 2017-18 Series X will be Rs 6,265 per unit, according to a press release by the Reserve Bank of India (RBI) dated December 1, 2023."The redemption price of SGB shall be based on the simple average of closing...
IMF ED KV Subramanian rebuts Raghuram Rajan, applauds India’s resilient 7.7% GDP growth, ET BFSI
IMF ED KV Subramanian rebuts critics, applauds India's resilient 7.7 per cent GDP growth.Responding to former RBI Governor Raghuram Rajan's comments on Indian GDP growth, KV Subramanian, Executive Director of the International Monetary Fund (IMF) and Former Chief...
What’s fuelling the surge?, BFSI News, ET BFSI
Domestic gold surged to a fresh all-time high as the most active MCX near-month futures boomed to Rs 63350 per ten grams last week. Firm overseas prices, weak Indian rupee and expectations of an increase in jewelry demand and peak wedding season propelled the...
India proposes to host UN climate conference in 2028; launches Green Credit Initiative, ET BFSI
DUBAI: Prime Minister Narendra Modi on Friday proposed to host the UN climate conference in 2028 or COP33 in India and launched the Green Credit Initiative focused on creating carbon sinks through people's participation.Addressing the high-level segment for heads of...
Narayan Sheshadri appointed IDRCL chair, incumbent Diwakar Gupta to head NARCL, ET BFSI
Former KPMG managing partner Narayan Seshadri will take over as chairman of the India Debt Resolution Co Ltd (IDRCL), the agent to government-backed bad bank, after the board of the company approved the appointment on Friday, people familiar with the development...
A strong third quarter on the cards for the Indian economy, ET BFSI
India's economy is set for a strong third quarter after a stellar show in the July-September period, showed a series of high-frequency indicators released on Friday.Manufacturing picked up pace in November, goods and services tax (GST) collections posted another month...
Barclays, Citi raise India’s growth closer to 7% after GDP beat, ET BFSI
Economists raised their full-year projections for India’s economy sharply after data on Thursday showed growth outperformed last quarter, fueled by a manufacturing boom.Barclays Plc and Citigroup Inc. predict the economy will now expand 6.7% in the fiscal year ending...
RBI data, BFSI News, ET BFSI
Bank credit to industry decelerated to 5.4 per cent in October compared to 13.5 per cent in the year-ago month, according to Reserve Bank data released on Thursday. The data also revealed that credit growth to agriculture and allied activities improved to 17.5 per...
Strong US GDP data drives rupee to a fresh low, ET BFSI
The rupee settled at a fresh closing low versus the dollar on Thursday as an unexpectedly strong US GDP estimate sparked speculation that much-awaited monetary policy easing by the Federal Reserve would be pushed further into 2024 as growth in the world’s largest...
RBI says Rs 2,000 notes totalling Rs 9,760 cr still with public, ET BFSI
Mumbai, The Reserve Bank of India (RBI) on Friday said nearly 97.26 per cent of the Rs 2,000 bank notes have been returned to the banking system, and only about Rs 9,760 crore worth of the notes are still with the public. On May 19, the RBI announced the withdrawal of...
Manufacturing activity regains momentum, rises to 56 in November, ET BFSI
Manufacturing activity regained momentum in November, aided by strengthening demand and lower input cost inflation, according to private survey data released Friday.The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 56...
GDP numbers suggest private capex gaining steam, say experts, BFSI News, ET BFSI
The second quarter GDP numbers driven by a strong rebound in the manufacturing sector suggest that private capex spending is gaining steam, experts said. India's economy grew 7.6 per cent in the September quarter of this fiscal and remained the fastest-growing large...
The brave nation builders of India Inc, BFSI News, ET BFSI
I find the men in orange safety jackets and helmets very courageous. Atop a 50-feet bridge, where there is barely any space you will find them going about their job nonchalantly while dealing with a blowing wind. At any hour of the day or night, you will see them...
GIFT City gears up for direct listings, re-insurance, BFSI News, ET BFSI
Gujarat International Finance Tec-City, India’s newest financial hub and a flagship project of Prime Minister Narendra Modi, is preparing for its next phase of growth.The first phase followed the creation in 2020 of a new regulator, the International Financial...
Barclays, Citi raise India’s economic growth closer to 7% after GDP boost, ET BFSI
Economists raised their full-year projections for India’s economy sharply after data on Thursday showed growth outperformed last quarter, fueled by a manufacturing boom.Barclays Plc and Citigroup Inc predict the economy will now expand 6.7% in the fiscal year ending...
Here is govt’s big plan to stop online frauds in India, BFSI News, ET BFSI
The government is planning to implement several measures to tackle the increasing problem of cyber fraud in the financial sector. These measures include blocking the unique mobile device identifier (IMEI) and imposing limits on withdrawals from suspicious accounts to...
Slowing speedometer in global race can’t deter the fastest growing economy, ET BFSI
There are two headlines that you can choose from India’s expected fiscal second quarter growth numbers. One is that the gross domestic product growth reading is likely to beat forecasts, the other is that the print will show a moderation from the first quarter number,...
Digital bank robberies key risk for central bank e-money, BIS report warns, ET BFSI
Digital bank robberies and other cyber hacks will be a key risk for countries launching digital versions of their currencies, a new report from the Bank for International Settlements has warned.The BIS, dubbed the central bankers' central bank, has been overseeing...
China FX regulator fines AgBank over FX related wrongdoings, ET BFSI
China's foreign exchange regulator fined Agricultural Bank of China 5.53 million yuan ($776,129) over some foreign exchange related wrongdoings.The State Administration of Foreign Exchange's Beijing bureau also gave a warning to the lender while it confiscated illegal...
Qualcomm to invest INR 175 crore at R&D unit in Bengaluru, projecting over 1500 jobs, ET BFSI
The committee approved eight projects, each with more than INR 50 crore investment, totaling INR 2,088.44 crore. These hold the potential to create 6,360 jobs.An investment proposal by the US semiconductor giant Qualcomm in Bengaluru is among the 62 investments...
IDFC First Bank, Hurun India unveil ‘Top 200 self-made entrepreneurs of the Millennia 2023’, ET BFSI
IDFC First Bank and Hurun India jointly released “Top 200 Self-made Entrepreneurs of the Millennia 2023”, Radhakishan Damani of Avenue Supermarts occupies the number 1 spot, followed by the founders of Flipkart and Zomato.The list recognises the 200 most valuable...
Meta Platforms’ paid ad-free service breaches EU consumer laws, claims complaint, ET BFSI
Meta Platforms' paid no-ads subscription service, which it rolled out in Europe this month, breaches EU consumer laws, Europe's largest consumer group said on Thursday as it took its grievance to consumer protection authorities.The joint complaint from the European...
Gold futures fall on low demand, BFSI News, ET BFSI
New Delhi, Gold price on Thursday fell Rs 4 to Rs 62,601 per 10 grams in futures trade as speculators reduced their positions. On the Multi Commodity Exchange, gold contracts for December delivery traded marginally lower by Rs 4 or 0.01 per cent at Rs 62,601 per 10...
OECD warns global economy risks losing momentum, BFSI News, ET BFSI
The world’s advanced economies are heading into a deepening slowdown as markedly higher interest rates take a hefty toll on activity that could still become more acute, the OECD warned.Moreover, the OECD said the risks to the forecast are tilted downwards amid...
Corporate debt servicing improves despite higher interest cost, ET BFSI
Despite a 60 basis point (0.60 per cent) rise in policy rates between September 2022 and September 23, corporate debt servicing as measured by interest coverage ratio improved from 4.49 in September'22 to 5.64 in September 23 implying higher lending rates have not hit...
GIFT City gears up for direct listings, re-insurance, BFSI News, ET BFSI
Gujarat International Finance Tec-City, India’s newest financial hub and a flagship project of Prime Minister Narendra Modi, is preparing for its next phase of growth.The first phase followed the creation in 2020 of a new regulator, the International Financial...
Centre suspends 70 lakh mobile numbers due to suspicious activity: DFS Secretary, ET BFSI
To check digital frauds, the government has suspended 70 lakh mobile numbers on account of suspicious transactions, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging out of a meeting to discuss issues related to financial cyber security and increasing...
Charlie Munger, the ‘Oracle of Pasadena’ who was Warren Buffett’s second-in-command dies, ET BFSI
Charles Munger, who died on Tuesday, went from working for Warren Buffett's grandfather for 20 cents an hour during the Great Depression to spending more than four decades as Buffett's second-in-command and foil atop Berkshire Hathaway Inc.Munger's family had advised...
High staff churn in India’s financial sector to persist in FY24: TeamLease executive, ET BFSI
Soaring attrition in India's financial sector will persist through next fiscal year due to a demand-supply mismatch, a senior executive at TeamLease, one of India's largest staffing services providers, said on Tuesday.HDFC Bank, India's largest private lender, saw its...
India on path to triple renewable energy capacity by 2030 but faces financing hurdle: Report, ET BFSI
New Delhi: India's 14th National Electricity Plan (NEP) sets it on a path to more than triple its renewable energy capacity by 2030, but the country needs a whopping USD 293 billion to achieve this, according to a report released by global energy think tank Ember on...
UAE likely to invest between USD 20-25 billion in cash-strapped Pakistan: Report, ET BFSI
Pakistan and the UAE have inked several agreements under which the Gulf nation is likely to invest between USD 20-25 billion in the cash-strapped nation, according to a media report. The signing ceremony took place on Monday in Abu Dhabi after caretaker Prime Minister...
Don’t miss these 8 money deadlines in December 2023! From bank locker agreement to free Aadhaar updation, MF nomination & UPI, ET BFSI
Don’t miss important deadlines! December 2023, the final month of the year, is a crucial period for various financial deadlines. Here are eight important deadlines to keep in mind:Bank locker agreement deadline: The Reserve Bank of India (RBI) has set December 31,...
Stock rally brings Gautam Adani back among world’s 20 richest billionaires, ET BFSI
Indian billionaire Gautam Adani has paved his way back into the top 20 richest people in the world riding on a back-to-back rally that has seen the combined market cap of Adani Group-owned companies go up by 1.33 lakh crore. Adani is now at the 19th spot in the...
US recession will prompt 175 basis points in Fed cuts next year, DB economists say, ET BFSI
The Federal Reserve will cut rates more aggressively than markets are currently pricing in as a mild U.S. recession arrives in the first half of next year, economists at Deutsche Bank projected on Monday.In an outlook report, the Deutsche Bank economists projected 175...
Companies pay more for debt fundraise as liquidity’s tight, ET BFSI
Mumbai: Bereft of the extra funds sloshing about within the financial system during the Covid pandemic, top-rated companies are now paying more to raise money through bond markets, with the pricing of issues by even the likes of Reliance Industries reflecting the...
China investors face huge losses over Zhongzhi, BFSI News, ET BFSI
As China's embattled shadow banking giant Zhongzhi Enterprise Group faces a criminal probe, lawyers and analysts are assessing the damage to investors. One estimate puts that at about $56 billion. More than three quarters of investor cash would be lost, with just 100...
India to remain fastest-growing major economy, but demand uneven, ET BFSI
BENGALURU: India's economic expansion likely moderated but remained strong in the September quarter, supported by robust service activity and solid urban demand despite a global slowdown dampening export growth, according to a Reuters poll of economists.Gross domestic...
Goa’s unpaid debt up 618% to Rs 31k crore in 2 decades: RBI, ET BFSI
Panaji: Goa’s gross fiscal deficit has increased by 680% since 2004-05 as the government struggles to earn enough revenue to meet its yearly expenses, particularly expenditure on social welfare schemes and infrastructure development. To try and fund this deficit, the...
S&P revises India’s FY24 growth upwards to 6.4%, ET BFSI
S&P Global Ratings, Monday, revised India’s growth forecast for FY24 upward to 6.4% from 6% projected earlier, bringing it in line with RBI’s estimate of 6.5%.“We have revised up our projection for India's GDP growth for fiscal 2024 (ending in March 2024) to 6.4%,...
Finance Minister Nirmala Sitharaman demands action, not words at COP 28, ET BFSI
DUBAI: Finance Minister Nirmala Sitharaman on Monday called for concrete action on climate funding and transfer of technology at the upcoming global climate summit, saying that India will be pushing forward to showcase what it has achieved with its own funds. The 28th...
LIC keen to keep part of its stake in IDBI Bank to reap benefit of bancassurance, ET BFSI
State-owned LIC, promoter of IDBI Bank, has said it plans to retain a part of its stake in the lender to harness the benefits of the bancassurance. Along with the government, Life Insurance Corporation (LIC) will also divest its stake in IDBI Bank but may not exit...
Net zero goal calls for $5 trillion in annual green investments: IMF, ET BFSI
The path to net zero by 2050 would require green investments to rise from $900 billion in 2020 to $5 trillion annually by 2030, according to the International Monetary Fund (IMF).In a blog, the IMF's Simon Black, Florence Jaumotte, and Prasad Ananthakrishnan argued...
Last dates for free Aadhaar updation, investing in special FDs, update bank locker agreement, ET BFSI
December is the last month of the calendar year and it is also a month with many financial deadlines. Some of these money deadlines include mutual fund nomination deadline, last date to invest in SBI Amrit Kalash, bank locker agreement deadline and many more. Here is...
RBI, BFSI News, ET BFSI
PANAJI: Goa's gross fiscal deficit has increased by 680% since 2004-05 as the government struggles to earn enough revenue to meet its yearly expenses, particularly expenditure on social welfare schemes and infrastructure development. To try and fund this deficit, the...
First Sovereign Gold Bond (SGB) maturity date is Nov 30; how to check bank account to receive redemption money, ET BFSI
The Reserve Bank of India has announced the final redemption date for the Sovereign Gold Bond (SGB) Scheme SGB 2015-I, which is set on November 30, 2023.The price for the final redemption due on November 30, 2023 shall be Rs 6,132 per unit of SGB based on the simple...
Kedara Capital backs decision made on ESOPs issued to Religare Chairperson, ET BFSI
New Delhi, Religare Enterprises on Monday said that Kedaara Capital, the largest shareholder of Care Health Insurance, backed the decision made by the board to issue ESOPs to Religare Chairperson Rashmi Saluja. The clarification comes amid allegations by the Dabur...
Sebi-registered advisors may keep Finfluencers away, says Stocktwits, ET BFSI
Stocktwits has initiated a program to onboard SEBI-registered Research Analysts (RAs), offering them a compelling value proposition as it looks to provide accurate insights to its vast community of retail investors while mitigating the influence of so-called...
Euro-Area recession looks likely, ET BFSI
A recession in the euro area is looking increasingly likely as the economic downturn persists in the final quarter of the year, private-sector activity surveys showed.Meantime, the outlook for global trade got a boost this week as South Korea’s exports are likely to...
‘Core inflation may bottom out around 4%’, BFSI News, ET BFSI
Core inflation, which excludes volatile food and energy prices, may stabilise around 4% in January with a limited scope for further decline as prices continue to be sticky in certain service sectors, according to economists. A higher core is likely to keep retail...
India Inc steps up focus on returning women professionals, ET BFSI
BENGALURU: Indian companies are rolling out “returnship” programmes to empower women seeking to rejoin the workforce after a career break.Companies across sectors--pharmaceuticals, insurance, technology, financial services and renewable energy--are accelerating their...
S&P revises India’s FY24 growth upwards to 6.4%, ET BFSI
S&P Global Ratings, Monday, revised India’s growth forecast for FY24 upward to 6.4% from 6% projected earlier, bringing it in line with RBI’s estimate of 6.5%.The American rating agency, however, lowered the FY25 growth estimate by 0.5 percentage points to 6.4%....
US jury asks TCS to pay $ 210 million, BFSI News, ET BFSI
BENGALURU: A US jury has asked TCS to pay $210 million for misappropriation of US IT services firm DXC’s (formerly CSC) source code to develop its software platform, TCS Bancs, that would compete with the latter.The US jury said TCS accessed a trade secret by...
Want to build a career in the BFSI sector? These skills will get you higher pay, ET BFSI
The banking, financial services and insurance (BFSI) segment has undergone a massive digital transformation as more financial transactions have moved online. This field offers a wide range of career opportunities in roles related to risk management, financial...
India to remain fastest-growing major economy, but demand uneven: Poll, ET BFSI
BENGALURU: India's economic expansion likely moderated but remained strong in the September quarter, supported by robust service activity and solid urban demand despite a global slowdown dampening export growth, according to a Reuters poll of economists.Gross domestic...
Veteran dealmaker Sanjay Nayar teams up with Peak Ventures for cleantech play, ET BFSI
Former KKR India CEO and chairman Sanjay Nayar, who now runs technology-focused venture capital fund Sorin Investments, is entering a new space: climatetech.Nayar is partnering with Peak Ventures – an early-stage firm focused on cleantech areas such as new energy,...
Report, BFSI News, ET BFSI
MUMBAI: If BFSIs were to be excluded, corporate sales in Q2 FY24 would register a half percentage point decline in sales even though overall profits rose nearly 30% due to drop in expenses. If banks and finance companies are included, the sales are up 2.8% while...
Sovereign Gold Bonds | SGB: Eight years later, SGB-I returns glitter, ET BFSI
Mumbai: Investors in the first tranche of sovereign gold bonds (SGB), launched in November 2015, have made an annualised return of 10.87%. The Reserve Bank of India (RBI) announced a final redemption price of ₹6,132 per gram of gold when these bonds mature on November...
Seen huge increase in imports from India, says Swedish Financial Markets Minister, ET BFSI
Higher interest rates and various military conflicts may have dampened global economic demand, but imports of Indian goods to Sweden have registered a “huge increase” this year, Niklas Wykman, Minister for Financial Markets, Sweden, said to Bhaskar Dutta. In 2022,...
State Govt and Bank Holidays in Maharashtra 2024, BFSI News, ET BFSI
The Government of Maharashtra has published its list of public holidays for the year 2024 via a notification dated November 9, 2023. In India, public and bank holidays differ depending on the state and the region’s major festivals. Say for example, Maharashtra...
Finmin calls meeting of bankers, other senior officials to deal with digital payment fraud, ET BFSI
The Finance Ministry has called a meeting of senior bankers and RBI representatives on Tuesday to discuss steps to deal with increasing digital payment fraud and cyber security issue. The meeting to be chaired by Financial Services Secretary will discuss issues...
BFSI may just be the theme to bank on for future upside, BFSI News, ET BFSI
Mumbai: Investors eyeing a thematic bet can add a banking and financial services fund to their portfolio taking advantage of the underperformance of the banking sector compared to the Nifty 50.Strong bank balance sheets, a fresh start to the credit cycle, and...
RBI’s move on unsecured consumer credit to constrain loan growth in the segment: Report, ET BFSI
The Reserve Bank of India's recent decision that require banks and non-bank financial institutions to allocate more capital against unsecured consumer credit will constrain loan growth in the segment, according to a report. This should also reduce the potential for...
Customer data with account aggregators completely safe in India: Sitharaman, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Thursday assured that customer data shared with account aggregators (AA) is completely safe in India. Concerned over the slow movement of the AA scheme, she said, "It is not as much as I would want to see. It can be...
Go First lenders to vote on liquidation, BFSI News, ET BFSI
MUMBAI: Go First's lenders will vote on a proposal to liquidate the insolvent Indian airline, two banking sources said on Thursday, days after a deadline to bid for the company ended with no suitors. "The proposal whether or not to liquidate the airline has been...
Nirmala Sitharaman unveils pioneering ‘India Stack’ at DATE 2023, spearheading global digital transformation, ET BFSI
Union Finance Minister Nirmala Sitharaman (File Photo)Finance Minister Nirmala Sitharaman marked the commencement of the Digital Acceleration and Transformation Expo (DATE) 2023, a pivotal event held at Yashobhoomi in Dwarka, Delhi.The expo serves as a converging...
Liquidity with banks can upset RBI’s Monetary Policy transmission, ET BFSI
Is the RBI’s policy tightening guaranteed to reduce credit growth sufficiently so as to bring down inflation on a sustainable basis? The answer lies in what banks do in response.The Reserve Bank of India (RBI)’s monetary policy mandate is to manage the stock of money...
Asian Development Bank unleashes $170 million wave to transform Kochi’s water landscape, ET BFSI
In a significant development, the Asian Development Bank (ADB) has given the nod to a USD 170 million loan aimed at modernizing water supply services in Kochi, a bustling city in the southern Indian state of Kerala.According to ADB, this move is expected to play a...
Jefferies reshuffles portfolio to use spare cash, sells 3 stocks and buys 6, ET BFSI
NEW DELHI: Global brokerage firm Jefferies, which had tactically raised cash during the peak of the market in September, has now redeployed the idle capital to buy 6 stocks and also sold 4 counters. Jefferies has replaced Maruti Suzuki with Eicher Motors, Marico with...
SEBI tells SC it won’t ask for probe timeline extension, ET BFSI
Market regulator SEBI on Friday informed the Supreme Court that it will not be seeking an extension to complete its probe in the Adani-Hindenburg matter.A Supreme Court-appointed expert committee had in an interim report in May stated that it saw "no evident pattern...
Indian economy better poised than China to handle global headwinds, says Axis Bank’s chief Economist, ET BFSI
Despite strong global headwinds and aggressive liquidity tightening by the central bank, the Indian economy is still accelerating, said Axis Banks' chief Economist Neelkanth Mishra, who is also the part-time chairman of UIDAI. Speaking at ICFAI's NJ Yasaswy memorial...
Three entities sell Home First Finance shares for Rs 753 crore, ET BFSI
NEW DELHI: Home First Finance Company's two promoters as well as Warburg Pincus affiliate on Thursday sold shares of the affordable housing finance firm for Rs 753 crore through open market transactions.The company's promoters -- True North Fund V LLP and Aether...
Shippers spend $235 million in bid to bypass Panama Canal congestion, ET BFSI
Shipping companies have paid a total of $235 million so far this year to jump ahead of congestion at the Panama Canal as drought has dramatically limited how many ships can enter the waterway, according to data from Waypoint Port Services Ltd. That amount is 20%...
Gold price today of 22 Karat, 18 Karat, 14 karat from India Bullion and Jewellers Association, ET BFSI
Many people buy gold jewellery on Dhanteras eve and around Diwali because it is considered auspicious. However, it is important to note that gold jewellery is normally available in either 22karat, 18Karat or 14Karat purity. This is because gold with 22Karat, 18Karat...
Not disclosing pre-existing health conditions main reason for claim rejection, ET BFSI
Insurers commonly reject claims due to the non-disclosure of existing health conditions, reported TOI. Approximately 25% of health insurance claims face rejection due to the policyholder failing to disclose pre-existing conditions such as diabetes or hypertension...
G20 leaders back reform of multilateral banks: Finance Minister, ET BFSI
NEW DELHI: Finance minister Nirmala Sitharaman on Wednesday said that India’s push for reforming multilateral development banks has found support from several countries, as well as global agencies, which are moving ahead with implementing measures to be “bigger,...
No saviour flies in for Go First, airline may fly into liquidation, ET BFSI
Lenders to the bankrupt Go First Airlines are set to put to vote a proposal to liquidate the defunct carrier after they received no proposals for reviving the airline. The committee of creditors (CoC) met on Wednesday, the last day for prospective bidders to submit...
Jewellery sales shoot 137%, flight tickets double during festivities: Report, ET BFSI
As India embraced the festive season last month, the nation's economic landscape is illuminated with unprecedented optimism. With festivities like Navratri, Durga Puja, Dussehra, Diwali, Bhai Dooj, etc, celebrated from September-November, the festive fervor was at its...
NCLAT, BFSI News, ET BFSI
The National Company Law Appellate Tribunal (NCLAT) on Wednesday stated that it would not entertain more requests for adjournment in the State Bank of India (SBI)-led consortium of lender’s appeal against Jalan-Kalrock Consortium (JKC).“We make it clear that no...
India’s Finance Ministry, ET BFSI
With uncertainties linked to higher food and energy prices persisting amid geopolitical tensions, the Finance Ministry in its monthly review has said that risks of recession may reappear in 2024.Global trade numbers are expected to be under pressure owing to a...
Exclusive: France, US to propose ban on private finance to coal-fired plants at COP28: sources, ET BFSI
NEW DELHI/BRUSSELS/WASHINGTON: France, backed by the United States, plans to seek a halt to private financing for coal-based power plants during the U.N. climate conference later this month, three sources familiar with the deliberations told Reuters in India and...
Go First lenders in limbo as investors elusive; CoC meet likely today, ET BFSI
Hope is dimming for lenders of Go First as Jindal Power Ltd, the only company whose expression of interest to take over the airline was accepted by creditors, has reportedly decided not to bid. After this, the chances of the airline heading for liquidation are high,...
Economy lost momentum by 80-100 bps in Q2 to 6.8-7%: Analysts, ET BFSI
The economy has likely decelerated by 80-100 bps year-on-year in the second quarter to 6.8-7 per cent, with utilities, services and construction sectors showing robust growth on the back of strong domestic demand, while external demand continues to remain weak,...
RBI governor Shaktikanta Das asks banks to avoid ‘all forms of exuberance’, ET BFSI
MUMBAI: Reserve Bank of India (RBI) governor Shaktikanta Das on Wednesday cautioned the country's lenders against "all forms of exuberance" days after tightening rules for consumer loans.While credit growth is accelerating, banks and non bank finance companies (NBFCs)...
WeWork enters financing agreements with certain lenders, ET BFSI
File PhotoBENGALURU: WeWork said on Tuesday it had secured commitments for up to $682.5 million in debtor-in-possession financing from some of its lenders, weeks after the shared office space provider filed for bankruptcy protection.The SoftBank-backed company is...
India set for longer economic, financial cycle than past: Finance ministry, ET BFSI
NEW DELHI: India's growth experience in 2023-24 will continue to be a positive outlier as compared to other major economies and the country can look ahead to the prospect of a longer economic and financial cycle than in the past, subject to global factors, says the...
Sam Altman returns as OpenAI’s CEO with Taylor, Summers on board, ET BFSI
OpenAI will bring back Sam Altman and overhaul its board to bring on new directors including Larry Summers, a stunning reversal in a drama that’s transfixed Silicon Valley and the global AI industry.Altman is returning as chief executive officer and the initial board...
India to be $8 trillion economy by 2030-31; market cap can match GDP: Raamdeo Agrawal, ET BFSI
With India being one of the fastest growing economies in the world, it has the potential to reach $8 trillion by 2030-31, observed veteran investor Raamdeo Agrawal.India is in a different growth cycle, where aggregate earnings continue to grow faster than expected....
Mercedes-Benz Mobility introduces fully digital contract signing for leasing, ET BFSI
The financing and leasing process has been integrated into Mercedes-Benz's online sales since 2019. Customers can choose their desired form of financing and use the integrated rate calculator to calculate the individual rates for their desired vehicle. Mercedes-Benz...
Toyota to pay $60 million for illegal lending, credit reporting misconduct- US regulator, ET BFSI
ToyotaToyota's U.S.-based auto financing unit will pay $60 million in fines and restitution to settle a U.S. regulator's charges it illegally prevented borrowers from canceling product bundles that increased their monthly car loan payments.The Consumer Financial...
Thematic MFs gaining popularity among investors; attracts Rs 14,000 cr in 5 months, ET BFSI
New Delhi, Thematic mutual funds have been gaining traction among investors with the category attracting nearly Rs 14,000 crore in the past five months, signalling an increasing high-risk appetite among investors. The category has been attracting regular inflows since...
Here’s what the employees said, ET BFSI
After the OpenAI board fired CEO Sam Altman, more than 500 employees also threatened to resign. The turmoil at OpenAI over the weekend provided an opportunity to competitors like Google to reportedly poach some talent from the Microsoft-backed company. One of them was...
Drop in oil prices and US treasury yield good news for India but govt, RBI remain alert to inflation: Finmin, ET BFSI
The finance ministry on Tuesday said the combination of rapid reversal of rate hike expectations in the US, the slide in the 10-year US treasury yield and the decline in global oil prices is "good news" for India and other emerging markets.But downside risks from...
India’s Oct gold imports surge to 31-month high on festive demand, ET BFSI
India's October gold imports surged 60% from a year earlier to a 31-month high as a drop in prices ahead of a key festival prompted jewellers to ramp up purchases, a government source said on Monday.Higher imports by the world's second-biggest bullion consumer could...
B2B vendor-digitisation platform Bizongo acquires Titan Capital-backed FactoryPlus, ET BFSI
Business-to-business vendor-digitisation platform Bizongo has announced the acquisition of FactoryPlus, a factory management app for micro, small and medium enterprises (MSME).Better Capital and Titan Capital, seed-stage investors in FactoryPlus, have secured an exit...
Retail inflation for farm, rural workers marginally up in October, ET BFSI
Retail inflation for agricultural labourers and rural workers rose marginally to 7.08 per cent and 6.92 per cent in October, respectively, from 6.70 per cent and 6.55 per cent respectively in September 2023 due to higher prices of certain food items. Point to point...
PM advisor slams gold import habit, says Modi’s $5 tn GDP target would have been met long before, ET BFSI
India could have achieved Prime Minister Narendra Modi's dream of a USD 5 trillion GDP target "long before" if not for the habit of importing gold, a member of his economic advisory team said on Monday. Mutual fund industry veteran Nilesh Shah, a part-time member of...
Byju’s has ED trouble, as agency finds alleged forex violations of Rs 9,000 crore, ET BFSI
The Enforcement Directorate (ED) has found alleged forex violations to the tune of Rs 9,000 crore by edtech giant Byju’s, sources in the know told ET. However, a Byju’s spokesperson dismissed reports on the finding. “Byju’s unequivocally denies media reports that...
China and Saudi Arabia central banks sign local currency swap agreement, ET BFSI
The People's Bank of China and the central bank of Saudi Arabia recently signed a local currency swap agreement, China's central bank said in a statement on Monday, which will be valid for three years and can be extended by mutual agreement.Worth 50 billion yuan...
Outward remittance from India witnessed about 3% uptick in Sept’23, ET BFSI
According to latest data by 1Lattice, the outward remittances from India has witnessed an increase of approximately 3 per cent, month on month in September 2023. For the past 3 years, overseas travel and leisure has had the highest share in outward remittances from...
RBI directs Reliance Capital’s acquiring company IIHL BFSI (India) to maintain arm’s length distance from IndusInd parent, ET BFSI
The Reserve Bank of India (RBI) has directed that IIHL BFSI (India), the company acquiring Reliance Capital, should maintain an arm’s length distance from its parent company, IndusInd International Holdings Ltd (IIHL).This is one of the conditions that the banking...
Citi names Gutiérrez-Orrantia Europe banking and cluster head in restructure, ET BFSI
Nacho Gutierrez-Orrantia, one of Citi's most senior bankers in Europe, will become banking and cluster head for Europe as part of its planned restructuring, the banker told Reuters on Monday.The latest step in the bank's reorganisation was announced on Monday, with...
Hoping for a rate cut? Bond market doesn’t see one till 2024, ET BFSI
The one-year overnight indexed swap (OIS) rate, which indicates expectations of interest rate movements, hit three-month lows earlier in November. However, this decrease doesn't necessarily signal an anticipated repo rate cut in the next 12 months, according to...
BFSI industry faces a talent crunch in cybersecurity roles, BFSI News, ET BFSI
MUMBAI: Cybersecurity is among the top three important segments for companies in the Indian financial services industry but there is a gap in the industry needs and the availability of skills. Companies in general are looking for experienced professionals but this...
Jeremy Hunt warns of inflation risk as UK tax cut expectations grow, ET BFSI
Chancellor of the Exchequer Jeremy Hunt pushed back on the prospect of imminent cuts to income tax or national insurance, following weekend reports that he's considering doing so in his Autumn Statement this week."The one thing we won't do is any kind of tax cut that...
Report, BFSI News, ET BFSI
India's economy achieved a historic milestone on Sunday when its Gross Domestic Product (GDP) crossed the $4 trillion-mark in nominal terms for the first time ever, according to several media reports.Neither the finance ministry nor the National Statistical Office...
Startups will play important role in helping India become 3rd largest economy: CEA Nageswaran, ET BFSI
CEA V Anantha NageswaranTHIRUVANANTHAPURAM: Startups will play an important role in helping India become the third largest economy in the world, Chief Economic Advisor (CEA) to the Union government V Anantha Nageswaran has said.Nageswaran said that tier-2 and 3...
TVS Capital Funds appoints Ramesh Iyer as Board Member, BFSI News, ET BFSI
A rupee capital growth PE fund manager TVS Capital Funds has appointed Ramesh Iyer as a Board Member. As the Vice-Chairman and MD of Mahindra Finance, Iyer's primary responsibility has been to promote inclusive growth and foster rural prosperity. Iyer is member of...
Performance of High Frequency Indicators in October 2023, ET BFSI
By Javaria Rana and RiteshThe Indian economy is in a dynamic state as of October 2023, influenced by a variety of internal and external factors. One of the biggest and most varied economies in the world, India's economic path has been impacted by a number of events....
Global slowdown woes to stall office space demand growth this fiscal: CRISIL Ratings, ET BFSI
Net leasing of commercial office space in India is likely to stagnate the current financial year at 32-34 million sq ft with global uncertainties brewing caution among key tenant categories, said the ratings agency CRISIL Ratings.The inherent strengths of the Indian...
Sahara-Sebi refund account may be transferred to government, BFSI News, ET BFSI
The government is looking into the legality of transferring unclaimed funds of the Sahara-Sebi Refund Account to the Consolidated Fund of India, with a provision to refund investors who stake claims later.The death of Sahara Group founder Subrata Roy last week has put...
Plea in Supreme Court seeks contempt action against SEBI, ET BFSI
NEW DELHI: A plea has been filed in the Supreme Court for initiation of contempt proceedings against the Securities and Exchange Board of India (SEBI), alleging it has violated the timeline for completing the investigation and submitting its report on the allegations...
Sacked OpenAI CEO Sam Altman discusses possible return, mulls new AI venture, ET BFSI
NEW DELHI: A day after being sacked as CEO of OpenAI, Sam Altman has been mulling a possible return to the company behind the ChatGPT bot, even as he considers launching a new artificial intelligence (AI) venture, a person briefed on the matter told a news agency...
How to line up the Sustainable Development Goals’ money, BFSI News, ET BFSI
Sustainable development is essential not only for the well-being of future generations and preservation of ecosystems but also to meet the aspirations of the present generation. G20 Sustainable Finance Working Group (SFWG) is mandated to align financing and policies...
World Bank chief Ajay Banga on climate, inequality and India’s underemployment problem, ET BFSI
At the helm of the World Bank for the last five months, Ajay Banga spoke to Seema Sirohi in his Washington office about making changes, getting funds during two wars, tackling India's underemployment problem and other issues. Edited excerpts from the interview:Your...
Rich nations may have met $100 billion climate finance goal ahead of COP28: OECD, ET BFSI
NEW DELHI: Developed countries, for the first time, may have met their overdue target of mobilising $100 billion to help developing nations deal with the effects of climate change in 2022, indicates an estimate of the Organisation for Economic Cooperation and...
S. Venkitaramanan, Former RBI Governor During 1990s Crisis, Passes Away at 92, ET BFSI
Mumbai: S. Venkitaramanan, who navigated the Reserve Bank of India through the crucial years of the 1990 balance of payment crisis, subsequent economic reforms, and the Harshad Mehta scam, passed away on Saturday in Chennai at the age of 92.Appointed as the eighteenth...
India now has 72 unicorns at total valuation of $196 bn: Report, ET BFSI
India is ranked third with 72 unicorns (companies with a valuation of $1 billion and above), after the US (668) and China (172), according to the report from Forex.com, via data obtained and analysed from CB Insights. Despite a lower average valuation per unicorn at...
Ponzi co head, who duped 2.5 lakh of Rs 200 crore, arrested, BFSI News, ET BFSI
BHUBANESWAR: Chief executive officer (CEO) of an online Ponzi firm, wanted by Odisha EOW for allegedly duping 2.5 lakh investors of around Rs 200 crore in different states, has been arrested from Jaipur airport in Rajasthan while he was trying to escape to Dubai on...
Gold prices rally on Fed peak rate speculation. What’s next?, ET BFSI
Spot gold closed with a weekly gain of around 2.30% at $1980.87. Gold closed with a loss of $2 Friday on a slight rebound in the two-year US yields that came on somewhat better-than-expected housing starts data. US housing starts (October) came in at 1372K Vs the...
Maharashtra needs $1.53 trillion investment in 6 years, ET BFSI
Maharashtra will require cumulative investment of USD 1.53 trillion over the next six years to become a USD one trillion economy, a vision statement prepared by the Maharashtra Institution of Transformation (MITRA) said. A presentation of the vision statement was made...
New regulatory risk weights will hit Indian banks’ capital adequacy by 60 basis points: S&P, ET BFSI
The Reserve Bank of India's (RBI) move to make riskier credit more expensive will hit loan growth but ultimately support asset quality, said ratings agency S&P Global Ratings."Slower loan growth and an increased emphasis on risk management will likely support...
India’s move on risky loans to hit banks more than economy, ET BFSI
India’s central bank is clamping down on risky consumer lending as the economy booms, a move that’s likely to hurt banks but only have a limited impact on growth.The Reserve Bank of India on Thursday told lenders to set aside more capital for unsecured consumer loans,...
Jindal’s Rs 301 crore Future bid shocks lenders, ET BFSI
Mumbai: Jindal (India)'s bid for Kishore Biyani's debt-laden Future Enterprises (FEL) amounts to ₹301 crore, or less than 3%, of the total ₹12,265-crore loan exposure, making it almost irrelevant to the lenders, people familiar with the process said.Banks are still...
Softbank eyes $150-million share sale in Delhivery via block deals: Report, ET BFSI
MUMBAI - Japanese IT giant Softbank is looking at selling a partial stake in logistics service provider Delhivery for around $150 million through block deals on Friday, according to news reports. As of September end, Softbank, through its entity Svf Doorbell (Cayman)...
Two Japanese banks set to start operations in GIFT City: IFSCA chief, ET BFSI
Singapore: Two more Japanese banks are set to join 10 foreign and 16 local banks in the tax-free GIFT City, where more than 550 businesses with assets worth USD 47 billion have registered and begun operations, an official said.. This marks a significant expansion of...
Morgan Stanley turns overweight on SBI Life; stock jumps 5%, hits 52-week high, ET BFSI
Shares of SBI Life Insurance Company jumped over 5% to hit their 52-week high of Rs 1,434 in Friday's trade on the NSE. The gains were following Morgan Stanley's overweight stance on the counter for a price target of Rs 1,650.In a note, the US-based brokerage...
24 companies awarded for ‘Excellence in Innovation’ in the BFSI sector, ET BFSI
India’s expanding economic landscape has taken the country among the fastest-growing players in the recent past. In this growth story, people coming from different sections have participated which has increased the awareness among masses of financial...
Rashmi Saluja was issued huge amount of options in Religare & subsidiary without informing shareholders: Shriram Subramanian, ET BFSI
Shriram Subramanian, Founder & MD, InGovern, says: “When we looked at the annual report, we figured out that the executive chairperson, Rashmi Saluja, who was an independent director and in 2021, became the executive chairperson, has been issued options worth Rs...
SBI Cards, Bajaj Finance may be hit most by RBI risk weight increase on consumer loans, ET BFSI
The Reserve Bank of India's move to raise risk weight on consumer loans would impact SBI Cards and Bajaj Finance more, followed by larger private banks & select PSUs, according to a report by Jefferies. Bandhan and IndusInd Bank will see least impact, while Paytm...
BharatPe cofounder Ashneer Grover, wife stopped at Delhi airport while travelling to New York, ET BFSI
BharatPe's cofounder Ashneer Grover (right) and his wife Madhuri Jain (Illustration: Rahul Awasthi)BharatPe co-founder Ashneer Grover and his wife Madhuri Jain were stopped at the Indira Gandhi International Airport on Thursday on the basis of a lookout circular (LoC)...
RBI, BFSI News, ET BFSI
The Reserve Bank of India expects the Indian GDP to be ‘gaining momentum’ in Quarter 3 of FY24 due to festive demands. The bulletin released by RBI on Thursday says that “investment demand appears to be resilient with the government’s infrastructure spending” which...
Inside Ranjan Pai’s plan for his family office; the state of Silicon Valley amid AI frenzy, ET BFSI
Manipal Group’s Ranjan Pai, who has been in the news for investing in startups such as Byju's and PharmEasy is putting together a team to sharpen his startup bets. This and more in today’s ETtech Morning Dispatch.Also in this letter:■ Data centres to get new digital...
Thiruvananthapuram to be turned into major digital hub: Pinarayi Vijayan, ET BFSI
Chief Minister Pinarayi Vijayan on Thursday said the state capital will soon be developed into a major digital hub and a premier destination for start-ups.Chief Minister Pinarayi Vijayan on Thursday said the state capital will soon be developed into a major digital...
RBI Fintech department gets a new boss in P Vasudevan, ET BFSI
In a shuffle that happened earlier this month, the Reserve Bank of India has appointed executive director P Vasudevan as the person in charge of the fintech department.Ajay Kumar Choudhary, who was the previous executive director in charge of the fintech department...
Rupee little changed as RBI support aids, inflation data in focus, ET BFSI
The Indian rupee ended little changed on Monday as traders remained wary of adding large positions in a holiday-truncated week on expectations the central bank would step in to curb any volatility in the local currency.The rupee ended at 83.3325 against the dollar,...
India’s Q2 GDP growth seen at 6.7% on strong services play, BFSI News, ET BFSI
New Delhi: The Indian economy likely grew 6.7% in the July-September quarter, according to a median forecast of 10 economists polled by ET, boosted by a strong performance by the services sector.The Reserve Bank of India (RBI) has forecast 6.5% growth in the...
Anil Ambani, Dhoot, Biyani may face heat after SC ruling on personal guarantors, ET BFSI
Big ticket loan defaulters who have given huge personal guarantees may line up to settle their debt after the Supreme Court ruling allowing lenders to liquidate personal assets of promoters of companies under insolvency proceedings. The ruling enables banks to...
India’s GDP to grow 6-7.1 pc during 2024-2026, growth prospects remain strong: S&P, ET BFSI
New Delhi: India's economic growth prospects should remain strong over the medium term, with GDP expanding 6-7.1 per cent annually in fiscal years 2024-2026, S&P Global Ratings said on Thursday. In a report titled 'Global Banks Country-By-Country Outlook 2024',...
Jasmit Singh Gujral, ET BFSI
With the market getting crowded with wholesale asset reconstruction companies or ARCs, financial services conglomerate Shriram Group's decision to focus on retail ARC is seen as a foray at the "right time," said a top official. The Shriram group recently announced its...
OTO and Ather Join forces to offer seamless financing options for E2W purchase, ET BFSI
The collaboration with Ather Energy marks a pivotal milestone in OTO's trajectory, underscoring its dedication to harnessing cutting-edge technology for delivering seamless financial services. New Delhi: OTO, a pioneering digital commerce platform and a leading player...
UK inflation slows sharply, boosting Bank of England and PM Rishi Sunak, ET BFSI
British inflation cooled by more than expected in October as household energy prices dropped from a year ago while stubbornly high services sector price growth also eased, offering some relief to the Bank of England and Prime Minister Rishi Sunak.Annual consumer price...
InGovern alleges regulatory breach in ESOPs to REL Chairman, seeks regulatory probe, ET BFSI
New Delhi, Proxy advisory firm InGovern Research has raised a red flag against Religare Enterprises alleging "vested interest" of its Chairman Rashmi Saluja due to excessive remuneration as well as regulatory breaches. In the last 3-4 years, the total valuation of...
Employees’ State Insurance adds 18.88 lakh new members in Sep, ET BFSI
Gender-wise analysis of the data indicates that the net enrolment of women members was 3.51 lakh in SeptemberNew Delhi: Employees' State Insurance Corporation (ESIC) has added 18.88 lakh new workers under the ESI Scheme in September, as per the latest payroll data....
Sahara Group chairman Subrata Roy passes away, BFSI News, ET BFSI
Subrata Roy, the Chairman and Managing Worker of Sahara India Group, passed away at the age of 75 due to cardiorespiratory arrest at Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai. The announcement was made through a statement by the...
Rupee little changed as RBI support aids, inflation data in focus, ET BFSI
The Indian rupee ended little changed on Monday as traders remained wary of adding large positions in a holiday-truncated week on expectations the central bank would step in to curb any volatility in the local currency.The rupee ended at 83.3325 against the dollar,...
Undistributed funds worth over Rs 25,000 cr with Sebi in focus after death of Subrata Roy, ET BFSI
New Delhi, The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after...
Berkshire sheds General Motors, Procter & Gamble as it builds cash, ET BFSI
Berkshire sold USD 7 billion of stocks, including some of its big investment in Chevron, and bought just USD 1.7 billion in the third quarter.Berkshire Hathaway said on Tuesday it has shed its holdings in General Motors and Procter & Gamble, and trimmed its stake...
Cooperative banks to soon provide interest-free, short-term loans to farmers, ET BFSI
Patna, The Bihar government said that state cooperative banks would soon provide interest-free, short-term agriculture loans to farmers. Under this initiative, farmers will be given credit for meeting their financial requirements of agricultural and other allied...
Are you eligible to claim a refund? Check here, ET BFSI
The Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal was launched on July 18, 2023. This is an online portal to process refunds of four Sahara Group Co-operative Societies depositors.As of now, not all investors are eligible to claim for a refund...
Jaiprakash Associates to transfer 7.71% equity stake to ICICI Bank, ET BFSI
NEW DELHI: Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates Ltd (JAL) will give 7.71 per cent stake, worth Rs 366 crore at current market price, in the company to ICICI Bank to clear part of the outstanding loan.According to sources, ICICI bank has an...
Rupee little changed as RBI support aids, inflation data in focus, ET BFSI
The Indian rupee ended little changed on Monday as traders remained wary of adding large positions in a holiday-truncated week on expectations the central bank would step in to curb any volatility in the local currency.The rupee ended at 83.3325 against the dollar,...
India’s retail inflation eases to 4.87% in October from 5.02 in September, ET BFSI
Retail inflation in India eased to 4.87 per cent in October on an annual basis, data released by the Ministry of Statistics & Programme Implementation showed on Monday. A poll of 53 economists by Reuters had pegged the rate at 4.80 per cent. Inflation still...
Federal Bank’s arm Fedfina, IREDA get nod from Sebi to float IPOs, ET BFSI
Four firms -- Fedbank Financial Services, Indian Renewable Energy Development Agency, EPACK Durable and Suraj Estate Developers -- have received capital markets regulator Sebi's approval to raise funds through initial public offerings (IPO). These companies, which...
IIM Jammu, SIDBI to launch two batches of ‘skill to enterprise module’ for youth of J&K and Ladakh, ET BFSI
JAMMU: To bridge the gap between 'Skill and Entrepreneurship,' the Indian Institute of Management Jammu (IIM Jammu) and the Small Industries Development Bank of India (SIDBI) have collaborated to offer a specialized one-year Skill to Enterprise Module (STEM) program...
9 ideas to start investing for your child’s future, ET BFSI
Each year on November 14th, India celebrates Children’s Day, emphasising the significance of nurturing and safeguarding the future of its youth. Among the greatest gifts for children is the assurance of financial stability, particularly through a good education and a...
India, ADB sign $400-million loan pact for urban reforms, ET BFSI
Asian Development Bank (ADB) will extend a $400-million “policy-based loan” to the Indian government to support its urban reform agenda for creating quality urban infrastructure, improving service delivery and promoting efficient governance systems, the finance...
SC denial of IBC relief to personal guarantors opens new recovery window for lenders, ET BFSI
The Supreme Court (SC) order allowing bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery, potentially multiplying banks' realisations. It should improve lenders' leverage with defaultors and deter...
Go Air lenders make provisions after NPA tag, BFSI News, ET BFSI
MUMBAI: Lenders to Go First have made full provisions for their loans to the low-cost carrier, which have been classified as non-performing assets.Lenders, led by public sector banks Central Bank and Bank of Baroda, have a total exposure of Rs 6,251 crore to the...
India Inc on gifting spree to lift staff’s festive spirits, ET BFSI
Bengaluru | New Delhi: As Diwali festivities light up the country, corporate India is celebrating with employees including third-party blue-collar workers, sending out gift hampers, sustainable products, electronic gadgets and even silver coins.Even amid a funding...
India fastest growing large economy today, says EAM Jaishankar in London, ET BFSI
London [United Kingdom], November 13 (ANI): External Affairs Minister (EAM) S Jaishankar, who is on a four-day official trip to the UK, celebrated Diwali by offering prayers at the BAPS Shri Swaminarayan Mandir (Neasden Temple) in London.Speaking to the media outside,...
5 market wizards on how to invest in Samvat 2080, ET BFSI
As we say a good bye to Samvat 2079 and welcome Samvat 2080, a hindsight view portrays a rollercoaster year with benchmark Nifty 50 managing double-digit returns and 221 stocks turning multibaggers. Investors also turned wealthier by a staggering Rs 64 lakh crore...
The last 10 years, BFSI News, ET BFSI
Over the recent years, the financial landscape has transformed with rising demand for Bitcoin. While Gold and the US Dollar have long held their positions as stalwart players, Bitcoin has boldly entered the race, establishing itself as an emerging asset class. Each of...
Higher oil prices could lead to higher than expected inflation rates in 2024: Fitch, ET BFSI
Oil prices of the Indian crude basket rose to USD 90.08 in October, compared with USD 83.76 at the start of the fiscal, but have since declined to USD 85.55 in November.The geopolitical uncertainty from the conflict in Middle East could upend countries’ inflation and...
Dubai launches $136 million VC fund to finance tech startups, ET BFSI
The Dubai Integrated Economic Zones Authority (DIEZ) on Friday launched a venture capital (VC) fund worth $136 million designed to finance technology startups.The fund launched under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime...
N K Singh, ET BFSI
Annual private capital mobilisation by multilateral development banks needs to quadruple to $240 billion by 2030, co-chair of the Independent Expert Group of MDB reforms set up under India’s G20 presidency N K Singh said, while cautioning against a piecemeal approach...
Corporate bonds may get Vostro funds to boost trade settlement in rupee, ET BFSI
New Delhi: India is considering a plan to allow surpluses in Special Rupee Vostro Accounts (SRVAs) to be invested in corporate bonds in order to give a push to international trade settlement in rupees. Under existing regulations, investment from SRVAs is restricted to...
Buying gold coins, bars? The jeweller you buy it from is much more important than in case of gold jewellery, ET BFSI
If you are buying gold coins on Dhanteras and around Diwali, then it is critical to buy it from a seller or jeweller whom you trust fully. This is because hallmarking of 24 karat gold coins, bullions, bars is not mandatory as per law. Hallmarking is mandatory only for...
Q2 net profit up 36% amid lower gold prices and higher engagement, ET BFSI
Driven by a fall in gold prices and higher customer engagement, listed jewellery company Senco Gold & Diamonds has witnessed an increase of 36 percent in its net profit to Rs 11.9 crore in the second quarter of FY24 as compared to Q2 of FY23. The revenues from...
RBI gives nod to make ICICI Securities a wholly owned subsidiary of ICICI Bank, ET BFSI
New Delhi, ICICI Bank on Thursday said ICICI Securities will be its wholly owned subsidiary following the approval of the Reserve Bank of India. The ICICI Bank on June 29 had approved a proposal to delist ICICI Securities and become a wholly-owned subsidiary of the...
Moody’s retains India’s 2023 growth forecast at 6.7% on strong domestic demand, ET BFSI
New Delhi, Moody's Investors Service on Thursday retained India's economic growth forecast for 2023 at 6.7 per cent and said strong domestic demand will likely sustain the growth in the near term. With exports remaining weak against an unfavourable global economic...
World Bank approves USD 150 million for Sri Lanka’s banking sector stabilisation, ET BFSI
Colombo, The World Bank has approved USD 150 million to strengthen Sri Lanka's financial and institutional sectors, the Central Bank of the debt-trapped island nation said here on Friday. "Sri Lanka's economic crisis highlights the need for strong safety nets to...
India needs 8%-8.5% growth to create enough jobs, former RBI governor Raghuram Rajan says, ET BFSI
NEW DELHI: India’s economy is showing signs of steady growth but needs to expand at a pace of over 8% to create enough jobs for the world’s most populous nation, former Reserve Bank of India governor Raghuram Rajan said.“We should be going at 8%-8.5% given the needs...
What to expect from M&M, Coal India, LIC and Hindalco, ET BFSI
Friday is set to be quite a busy one for Dalal Street, as more than 3,000 companies are scheduled to release their earnings.Among index majors, Coal India, Eicher Motors, Hindalco Industries, Mahindra & Mahindra, and Oil and Natural Gas Corp are set to release...
ED raid on Kandala Cooperative Bank in Kerala continues, ET BFSI
Enforcement DirectorateThiruvananthapuram, The Enforcement Directorate (ED) raid on a cooperative bank in this southern Kerala district that began a day ago continued on Thursday. The ED raided the Kandala Services Cooperative Bank near Kattakada here and several...
US’ DFC to invest $553 million in Adani-backed Colombo port, ET BFSI
The contours of Adani Ports & SEZ’s record investment in a Colombo port broadened Wednesday with the US International Development Finance Corporation (DFC) announcing its funding into the project.DFC will lend $553 million to the Colombo West International...
Rural-focused retail home finance company Star HFL raises Rs 60 crore, ET BFSI
Star Housing Finance Limited (Star HFL), a BSE-listed rural-focused retail home finance company, has raised Rs 60 crore to fuel its growth and expansion plans.Star HFL raised the capital from a diverse set of investors, including High-Net-Worth Individuals (HNIs),...
SoftBank books another quarterly loss, as investment hits offset Arm, ET BFSI
SoftBank Group on Thursday booked 789 billion yen ($5.22 billion) loss, marking its fourth straight quarter in the red, as it wrote down the value of some investments and a weak yen lifted the cost of its dollar-denominated debt.The results come even as the Japanese...
RIL to raise Rs 20,000 crore via bonds, BFSI News, ET BFSI
Mumbai: Mukesh Ambani-owned Reliance Industries plans raising up to ₹20,000 crore in its largest ever domestic bond sale this week, marking the biggest such domestic issuance by a non-BFSI private entity in India where regulators want companies to rely on market...
SoftBank makes another bet on WeWork, hoping landlords will too, ET BFSI
File PhotoTOKYO: WeWork's $3 billion debt for equity swap deal with its creditors marks the latest effort by top shareholder SoftBank to revive the troubled office-space provider and recoup some of the billions it has invested.Whether the bet succeeds now depends on...
First sovereign gold bond (SGB) issue investors to get a bonanza on maturity, ET BFSI
The Reserve Bank of India (RBI) issued the first tranche of Sovereign Gold Bonds (SGB) in November 2015. Investors in this maiden tranche of SGB are set to get a bonanza when the bonds finally mature on November 30, 2023., This is because in the last 8 years, the...
China owed $1.3 trillion by nations in BRI debt: Research report, ET BFSI
BEIJING: After lending $1.3 trillion to developing countries, mainly for big-ticket infrastructure projects, China has shifted its focus to bailing out many of those same countries from piles of debt. The initial loans were mostly part of the Belt and Road Initiative,...
Weak coalition after 2024 polls, oil may hit growth stability: Morgan Stanley, ET BFSI
NEW DELHI: A weak coalition government in 2024 moving away from supply-side reforms could pose a key risk to India's growth stability along with oil prices inching up to $110 per barrel, said a Morgan Stanley report. "The key risk would be the emergence of a weak...
NABARD appoints Goverdhan Rawat, Ajay Sood as Deputy Managing Directors, ET BFSI
The National Bank for Agriculture and Rural Development (NABARD) announces the appointment of Shri Goverdhan S. Rawat and Dr. Ajay Kumar Sood as its Deputy Managing Directors. Goverdhan S Rawat, has a distinguished record of over three decades of experience within the...
IMF upgrades China’s 2023, 2024 GDP growth forecasts, ET BFSI
The International Monetary Fund on Tuesday upgraded its 2023 gross domestic product growth forecast for China to 5.4% from 5%, citing a "strong" post-COVID-19 recovery, but said the fund still expected the world's second-biggest economy to slow next year.GDP growth...
Bimaplan secures $3.5 million in fresh funding from Orios Venture Partners and others, ET BFSI
Y Combinator-backed insurtech startup Bimaplan has raised $3.5 million in a pre series A funding round led by Orios Venture Partners. Existing investors Finsight Ventures and 2am VC also participated in the round. This takes the total funding raised by the startup to...
WeWork’s downfall from $47 billion valuation to bankruptcy, ET BFSI
Beleaguered coworking firm WeWork filed for Chapter 11 bankruptcy protection in the United States on Monday, as part of what it described as a "comprehensive reorganization" of its business.The startup, which was once worth about $47 billion, had started sending...
ESAF SFB’s offer booked 19x; ASK Automotive’s issue subscribed 19% on Day 1, ET BFSI
The initial public offerings (IPOs) of Protean eGov Technologies, ESAF Small Finance Bank and ASK Automotive are currently open for public subscription. Here's a brief look at subscription status and other details.ESAF Small Finance BankThe public offer of ESAF Small...
SoftBank’s WeWork, once valued at $47 billion, files for bankruptcy, ET BFSI
WeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought U.S. bankruptcy protection on Monday, after its bets on companies using more of its office-sharing space soured.The move represents an admission by...
SoftBank’s WeWork, once most valuable US startup, succumbs to bankruptcy, ET BFSI
WeWork, the SoftBank Group -backed startup whose meteoric rise and fall reshaped the office sector globally, sought US bankruptcy protection on Monday, after its bets on companies using more of its office-sharing space soured.The move represents an admission by...
World Bank poised to host climate loss and damage fund, despite concerns, ET BFSI
Countries moved a step closer on Saturday to getting a fund off the ground to help poor states damaged by climate disasters, despite reservations from developing nations and the United States. The deal to create a "loss and damage" fund was hailed as a breakthrough...
Blue chips beat profit estimates as BFSI, carmakers drive growth, ET BFSI
MUMBAI: Blue-chip companies logged strong performance during the September quarter and have beaten analyst expectations. Most smaller companies have performed in line with expectations, analyst research showed.Of the 50 Nifty stocks, 36 companies have declared results...
Radhika Gupta becomes a ‘Shark’! Edelweiss Mutual Fund CEO joins ‘Shark Tank India’ jury, ET BFSI
A new ‘Shark’ is now aboard ‘Shark Tank India’! And it’s none other than Radhika Gupta, the Managing Director and CEO of Edelweiss Mutual Fund.The entrepreneur will join the jury for the third season of the popular reality TV show. On Sunday, Gupta broke the news to...
Finance facilitation platform TReDS a reliable supportive mechanism for MSMEs, says Kerala Industries Minister P Rajeeve, ET BFSI
TReDS is an electronic platform for facilitating the financing/discounting of trade receivables for MSMEs through multiple sources.Electronic platform TReDS, which facilitates in financing or discounting trade receivables for MSMEs, has proved a reliable supportive...
RBI’s rate hiking days may not be over yet, analysts say, ET BFSI
Global markets have been on pins and needles given the vexing geopolitical situation in Europe and the Middle East. Oil prices have fluctuated in recent weeks but worries are building over an eventual spike. Analysts say that this may force the Reserve Bank of India...
Employee productivity of India Inc has steadily gone up in 5 years, ET BFSI
Data compiled by ET Intelligence Group shows the cumulative revenue per employee of ET-500 companies - the top 500 listed companies based on their revenues - has climbed 36% from ₹1.46 crore in FY19, to almost ₹2 crore in FY23While the recent debate on 70-hour work...
Petitioner seeks early Supreme Court hearing, ET BFSI
NEW DELHI: A petitioner in the matter relating to the Hindenburg report on Adani Group has sought early listing and subsequent hearing before the Supreme Court on Monday.Advocate Prashant Bhushan, appearing for one of the petitioners, informed the top court that the...
Govt bans Mahadev, 21 illegal betting apps; cyberattacks against India spike, ET BFSI
Controversial betting app Mahadev is among 22 illegal betting apps that the government ordered to be blocked on Sunday, following an investigation and raids by the Enforcement Directorate (ED). This and more in today’s ETtech Morning Dispatch.Also in the letter:■...
Fitch raises India’s mid-term growth forecast to 6.2%; China’s woes hit brakes for emerging markets, ET BFSI
Fitch Ratings has raised India's medium-term potential growth estimate by 70 basis points to 6.2% even as it blamed China for reducing the estimate for 10 emerging markets to 4% on a GDP weighted-average basis."We have made large upgrades to India and Mexico, with the...
ESAF SFB’s offer booked 5x; Protean eGov Tech’s issue subscribed 46% on Day 1, ET BFSI
The initial public offerings (IPOs) of Protean eGov Technologies and ESAF Small Finance Bank are currently open for public subscription. Here's a brief look at the subscription and other details.ESAF Small Finance BankThe public offer of ESAF Small Finance Bank (SFB)...
‘India’s neutral geopolitical stance to help attract FDI, overseas business’, ET BFSI
India's neutral geopolitical position has played to the country's advantage when it comes to attracting global investment, as more and more countries direct trade towards friendly nations, Claudio Irigoyen, head of global economics research at Bank of America, tells...
Protean eGov Technologies IPO opens for subscription. Should you apply?, ET BFSI
The initial public offer (IPO) of Protean eGov Technologies kicked off for subscription. The issue will be available for the public to bid till November 8.Analysts are positive on the IPO, given the company's unique and niche business area, consistent profitability...
Government gets C-DAC, Quick Heal, K7 Security, eScan to develop bot removing tools available for free, ET BFSI
How will you safeguard your data, especially on your smartphone, amid rising numbers of cyber-attacks and scams? To address this issue, the central government has started introducing free bot removal tools. Bots are automated computer software programs which can be...
Vedanta nears deal to raise $1.25 billion via private loan, BFSI News, ET BFSI
Vedanta Group is in advanced talks to raise a $1.25 billion private loan with an interest rate between 18% and 20% as it seeks to overhaul its debt.The Indian conglomerate is nearing a deal after weeks of negotiations with lenders including Cerberus Capital Management...
India’s growth story – 2030: Private sector to play a key role, ET BFSI
India will be a USD 4 trillion economy by the end of 2023-24 and a USD 10 trillion by 2030. India’s vision for growth and development is focused with the aim to be the 3rd largest economy. Good governance, inclusivity, diversity, sustainability, Digi-tech and...
Eroding geopolitical risk premium not in favour of gold’s appeal, ET BFSI
Dismal US monthly job report and ISM services data Friday sank the US yields and consequently, the US Dollar index, which propelled the gold prices above $2000. However, reduced geopolitical concerns led to a decline from the day's high. Spot gold closed with a gain...
Enough material against Naresh Goyal, wife to show their complicity in bank fraud case: Court, ET BFSI
Mumbai: There is sufficient material at this stage to prima facie show involvement of Jet Airways founder Naresh Goyal and his wife Anita in a money laundering case linked to an alleged fraud of Rs 538 crore at Canara Bank, a special court here noted while taking...
Public money worth Rs 5,716 crore part of Jet crime proceeds: Judge, ET BFSI
MUMBAI: Taking cognisance of a chargesheet against Jet Airways (India) Ltd (JIL) founder Naresh Goyal, wife Anita Goyal and four companies, a special PMLA court has held that public money worth Rs 5,716 crore obtained from a consortium of banks led by State Bank of...
Joe Biden jabs at China ‘debt-trap diplomacy’ at Americas summit, ET BFSI
President Joe Biden pledged billions in support to help build up infrastructure throughout the Western Hemisphere as he hosted leaders from the region, part of an administration push to offer an alternative to China’s efforts to expand its economic influence.Biden...
FM Nirmala Sitharaman calls on companies to drive India-Lanka economic integration, ET BFSI
India and Sri Lanka must further bolster bilateral ties and explore policy options to minimise risks and volatility emanating from global economic and political developments, finance minister Nirmala Sitharaman has said, as she exhorted businesses to lead the efforts...
2 changes made to NPS exit, withdrawal rules that can benefit subscribers, ET BFSI
The Pension Fund Regulatory and Development Authority (PFRDA) has made proposed changes to NPS withdrawal for subscribers in the month of October 2023.The changes include instant bank account verification mandatory to ensure timely credit of National Pension System...
Fintechs wary of RBI’s new cross-border payments rules; telcos take on Big Tech over biz messaging, ET BFSI
The Reserve Bank of India’s (RBI) new rules on cross-border payments will bring fintech players operating in this space under the regulator’s direct supervision. More details on this in today’s ETtech Morning Dispatch.Also in the letter:■ Mamaearth parent’s IPO...
India’s first 50-year bond fully sold on growing insurer demand, ET BFSI
India’s auction of the debut 50-year bond met with firm demand Friday, underscoring growing interest from insurance and pension funds for ultra-long papers.The government sold 100 billion rupees ($1.2 billion) of the 2073 bond at a cutoff yield of 7.46%, the Reserve...
Who is not eligible to buy digital gold in India, BFSI News, ET BFSI
Indians' practise of purchasing physical gold at festivals such as Diwali, Dhanteras, and Akshaya Tritiya is gradually shifting to digital gold. Digital gold is not only safe and secure, but it is also easier to buy and sell than physical gold.What is Digital...
Pakistan, IMF commence negotiations for release of $710 mn second tranche of $3 bn loan, ET BFSI
Cash-strapped Pakistan and the IMF have kicked off the much-awaited loan review talks for the release of the USD 710 million second tranche of a USD 3 billion bailout package on a generally positive note. Caretaker Finance Minister Dr Shamshad Akhtar and the...
Go First lenders in jeopardy as DCGA says lessors can take away planes, ET BFSI
Recent changes to Indian laws that exclude leased aircraft from assets subject to freezing during an airline's bankruptcy proceedings could have retrospective implications, according to India's aviation regulator, as stated in a court filing on Wednesday.The...
Go First lenders to meet Monday, stare at Rs 6,500 crore in losses, ET BFSI
Lenders to the insolvent Go First will likely meet Monday to assess an earlier fund-infusion plan into the grounded carrier saddled with about Rs 6,500 crore of overdue payments, with regulatory approval to lessors to repossess leased aircraft making it unviable for...
Official, BFSI News, ET BFSI
New Delhi, Negotiations between senior officials of India and the UK on the proposed free trade agreement are going on with a view to bridge differences on issues related to goods and services sector, a senior government official said. "Talks on the 13th round is...
Banks offering lowest gold loan interest rates, BFSI News, ET BFSI
Most of the time a gold loan is an excellent way to meet your short-term cash needs. Banks and other institutions now do spot assessments and valuations of your gold in order to determine loan eligibility, which is followed by loan disbursement.Buying gold jewellery...
Indian companies may offer highest salary increases in Asia Pacific next year, ET BFSI
Indian companies expect to raise employee salaries by 9.8% in 2024, close to the 10% increase in 2023, making India the country with the highest salary hikes in Asia Pacific, according to WTW's Salary Budget Planning Report. The report cited tighter labour markets and...
Diamond industry plans to cut bank financing by 33% this FY, ET BFSI
India’s diamond industry plans to reduce its bank financing needs by a third to $4 billion for the current financial year from $6 billion in FY23 as waning global demand for the gems threatens to make accounts sticky. They are now busy clearing their inventory instead...
AU Small Finance Bank, ixigo unveil credit card for travellers, ET BFSI
New Delhi, AU Small Finance Bank (AU SFB) and travel platform ixigo on Thursday announced the launch of their co-branded credit card for travellers. Travellers using the card can avail discounts of up to 10 per cent on flight, bus and hotel bookings made through the...
Billionaire targeted by Hindenburg emerges richer and unbowed, ET BFSI
Timur Turlov is still trying to make sense of how Hindenburg Research’s bet against his Kazakh brokerage backfired so much that at one point it left him with a paper windfall of more than $1 billion.The US short seller took aim at the Kazakh billionaire’s Freedom...
How did massive Aadhaar data leak happen, its impact, BFSI News, ET BFSI
A recent alleged massive Aadhar data breach was identified where an individual with the alias "pwn001" shared a post on a dark web forum that listed the personal data of 815 million Indians (81.5 crore Indians).As per the US based cybersecurity firm Resecurity data...
Govt plans to raise sovereign masala bonds worth Rs 25,000 crore at GIFT City, ET BFSI
The Indian government is currently exploring the possibility of issuing sovereign bonds denominated in rupees worth Rs 20,000-25,000 crore at the GIFT City in Gandhinagar, a designated financial special economic zone aimed at attracting foreign investments. This...
Jet founder diverted crores in bank loans through wife, children: ED chargesheet, ET BFSI
MUMBAI: Jet Airways founder Naresh Goyal's wife, Anita, received Rs 12.2 crore and their son, Nivaan, Rs 2.9 crore for "consultancy services" but Jet could not provide documents to support the claim, the Enforcement Directorate (ED) said in its chargesheet submitted...
Recognising and rewarding excellence, ET BFSI
India is set to become the 3rd largest consumer economy by 2030, driven by a young population comprising 65% below the age of 35 years. In this journey, digital adoption continues to be propelled by rural India, and BFSI industry has been a flag-bearer of the...
RBI selects 5 companies’ products for MSME lending sandbox; launches fifth cohort, ET BFSI
The Reserve Bank of India (RBI) has identified the products of five entities as viable for lending to micro, small, and medium enterprises (MSMEs) within the regulatory sandbox cohort. The RBI further disclosed that all these entities are now exiting the cohort,...
Protean eGov Technologies IPO to open on Nov 6; Sets price band at Rs 752-792/share, ET BFSI
Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) on Wednesday announced the price bank of Rs 752-792 per share for its Rs 490-crore initial public offering.The maiden public issue will open for subscription on 6 November and will conclude...
How Elon Musk wants to control Twitter users ‘entire financial life’, ET BFSI
Elon Musk has outlined an ambitious plan to transform X, formerly known as Twitter, into a comprehensive financial hub aiming to replace the traditional banking system within a year. Musk made these intentions clear during an all-hands call with X employees.Musk...
ED chargesheets Naresh Goyal, wife and 4 firms, BFSI News, ET BFSI
The Enforcement Directorate (ED) on Tuesday submitted its Prosecution Complaint (PC) against Jet Airways founder Naresh Goyal in an alleged money laundering case. A PC filed by ED is equivalent to a chargesheet filed by the police under the provisions of CrPC.The...
Indians splurge big on festive season sales, buoying economy, BFSI News, ET BFSI
India’s festive season spending is booming as consumers splurge on cars, smartphones and TVs, buoying growth in one of the world’s fastest-expanding economies. Sales at online platforms like Amazon.com Inc., and Walmart Inc.-owned Flipkart was up by almost a fifth in...
GIFT taps RBI, finance ministry on family funds, BFSI News, ET BFSI
Family offices, used by the rich to park some of their wealth overseas, have found a policy patron in the GIFT City regulator amid a broader, unstated dilemma of allowing unchecked outflows of money. The International Financial Services Centres Authority (IFSCA) is...
Aadhaar Data Leak | Personal Data Of 81.5 Crore Indians On Sale On Dark Web: Report, ET BFSI
In what could be one of the biggest data breaches in Indian history, details of over 81.5 crore Indian citizens are on sale on the dark web, US-based cybersecurity firm Resecurity reported. The data sets on sale contain crucial information such as Aadhaar and passport...
Govt’s fiscal deficit rises to 39.3% of annual target in first half of FY24, ET BFSI
New Delhi, Central government's fiscal deficit touched 39.3 per cent of the full year target in the first half of the current financial year, slightly higher than 37.3 per cent recorded in the year-ago period. In actual terms, the fiscal deficit or the gap between...
Surging yields drive Indian corporate bond sales to 5-yr low in Oct, ET BFSI
The private placement of bonds by Indian corporates likely hit a five-year low in October as tight liquidity and the central bank's plan of debt sales prompted companies to push back their fundraising goals.Companies had raised around 285.5 billion rupees ($3.43...
India’s fiscal deficit for April-September at Rs 7.02 lakh crore, widens to 39.3% of FY24 aim, ET BFSI
India's fiscal deficit for the first half of this fiscal year through September stood at 7.02 lakh crore rupees, or 39.3% of annual estimates, government data showed today.The fiscal deficit widened from 37.3% reported in the comparable year-earlier period.Total...
Creating a Marketplace, BFSI News, ET BFSI
Whether it's about booking a flight or taking a cab via ride-hailing apps, from shopping to ordering food, from studying abroad or playing games online, it's a new Marketplace fuelled by finance.The demand is changing and there is a need for a Marketplace for...
Niti Aayog to consult India Inc before readying vision report, ET BFSI
NEW DELHI: Niti Aayog, the Centre's think tank, will hold consultations with business and thought leaders such as Reliance Industries chairman and managing director Mukesh Ambani, Tata Sons chairman N Chandrasekharan, CEO of Alphabet and Google Sundar Pichai, Adani...
High rates can compress India Inc’s margins, but it’s a manageable risk: Ramnath Krishnan, ET BFSI
The likelihood of repeated geopolitical conflicts, uncertainty in commodity prices and increasingly lower odds on interest rates staying higher for longer could squeeze India Inc's margins, said Ramnath Krishnan, Group CEO of ICRA, tells Gayatri Nayak and Bhaskar...
Finance Minister Nirmala Sitharaman bats for stricter customs enforcement at GCCEM 2023, ET BFSI
Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, delivered a keynote address at the Global Conference on Cooperation in Enforcement Matters (GCCEM) 2023, where she stressed the importance of making substantial advancements in the realm of customs...
Inflation picks up in US, Tokyo, BFSI News, ET BFSI
US underlying inflation picked up along with consumer spending as the third quarter drew to a close, government figures showed ahead of the Federal Reserve’s penultimate policy meeting of the year.Consumer price growth also gathered pace in Tokyo, an indicator of...
Niti Aayog CEO, ET BFSI
NEW DELHI: Niti Aayog CEO BVR Subrahmanyam on Sunday said a vision document is being prepared for India to become a developed economy of about USD 30 trillion by 2047. The vision document will outline the institutional and structural changes/ reforms that will be...
Invest in human capital, not longer work hours, BFSI News, ET BFSI
Infosys co-founder NR Narayana Murthy's suggestion to India's youth to work more hours has stirred a controversy in a country that has among the world's longest working weeks, yet trails in labour productivity by international standards. The obvious analogies to...
Lodha group expects to surpass Rs 17,500-crore project addition guidance in FY24, ET BFSI
Realty developer Lodha, listed at Macrotech Developers, is set to exceed its full year guidance of Rs 17,500 crore worth Gross Development Value (GDV) for new project additions in the current financial year, said a top company official.The company has already added...
What solutions former governor Raghuram Rajan offers for India’s current economic challenges, ET BFSI
Former Reserve Bank of India (RBI) governor Raghuram Rajan, in collaboration with economist Rohit Lamba, is set to release a book titled "Breaking the Mould: Reimagining India's Economic Future." Scheduled for publication on December 7 by Penguin Random House India,...
Some digital asset firms not doing enough to stop illicit finance: US, ET BFSI
The United States on Friday said some firms in the digital asset space were not doing enough to stop the flow of illicit finance.Cryptocurrency's role in terrorist financing and funding militant groups has come under renewed scrutiny following the deadly attacks in...
BFSI players stepping up hiring for entry-level roles, BFSI News, ET BFSI
Banking, financial services, and insurance (BFSI) companies are ramping up entry-level hiring - including campus placements from engineering colleges and B-schools - across functions to support business expansion amid high attrition due to a war for talent within the...
BFSI players stepping up hiring for entry-level roles, BFSI News, ET BFSI
Banking, financial services, and insurance (BFSI) companies are ramping up entry-level hiring - including campus placements from engineering colleges and B-schools - across functions to support business expansion amid high attrition due to a war for talent within the...
India poised to become USD 5 trillion economy; challenge is having 8-9 pc growth for next 3 decades: Kant, ET BFSI
India is poised to become a USD 5 trillion economy and the challenge for the country will be to grow at 8-9 per cent for the next three decades, India's G20 Sherpa Amitabh Kant said on Thursday. Addressing an event organised by Public Affairs Forum of India (PAFI) in...
Hindujas eye $35-40 billion valuation of their BFSI business, ET BFSI
The Hinduja group sees its banking, financial services and insurance (BFSI) business reach a valuation of $35 billion to $40 billion by 2030, Ashok Hinduja, Chairman of IndusInd International Holdings Ltd, said at a media interaction with him and his two brothers...
India’s festival season to bring some cheer to economy, say economists
Representative imageBENGALURU: Indian consumer spending during this year's festival season will be slightly better than in 2022, said economists polled by Reuters, but probably not enough to ramp up the speed of what is already the world's fastest-growing major...
Adani auditor EY faces inquiry by India’s accounting regulator, ET BFSI
One of the Adani Group’s longtime auditors is being scrutinized by India’s accounting regulator, according to people familiar with the matter.The National Financial Reporting Authority, or NFRA, has in recent weeks started an inquiry into one of the member firms of EY...
Finance leaders’ digital transformation plan for next 5 years falls short on ambition: Survey, ET BFSI
Finance leaders’ digital transformation plan for next 5 years falls short on ambition: SurveyIs the finance leaders’ desire to carry out a bold digital transformation plan fizzling out? As per a survey, their digital roadmap falls short on ambition for the next five...
Germany set to overtake Japan as 3rd-largest economy, BFSI News, ET BFSI
Germany's economy is projected to dislodge Japan's as the world's third largest in 2023, helped by a slide in the yen against the dollar and euro.The IMF's latest projections estimate Germany's nominal GDP at $4.4 trillion this year, compared with $4.2 trillion for...
India set to be world’s third-largest economy by 2030: S&P Global, ET BFSI
New Delhi: Brisk digital transformation and a rapidly growing middle class are expected to drive India's growth, lifting its economy to the third place by 2030, according to S&P Global Market Intelligence. This will put it behind only the US and China, overtaking...
Finance ministry report, BFSI News, ET BFSI
NEW DELHI: Domestic macro fundamentals remain strong and are improving but downside risks arise from global headwinds and uncertainties in weather conditions, the finance ministry's monthly economic report for September said.The report, which was released on Monday,...
Central Bank marks Rs 2,000 crore loans as NPA, makes 100% provisioning, ET BFSI
Central Bank of India has categorised its loans to Go First as non-performing assets (NPAs) for the second quarter of the fiscal year 2023-24 and made 100 percent provisioning on the loan. The exposure of the public sector bank, which includes government-guaranteed...
How AI is revolutionising the use of QR codes, ET BFSI
The surge of contactless payments, particularly in vast markets like India, has brought QR codes to the fingertips of almost every consumer. This ubiquitous technology is now witnessing a fusion with artificial intelligence (AI), ushering in new levels of utility and...
Why China’s Evergrande-type crisis is unlikely in India, BFSI News, ET BFSI
As India's real estate sector experiences a robust upswing, questions about its preparedness to handle this property boom have come to the forefront. This discussion inevitably draws parallels with the Evergrande crisis in China, where one of the world's largest real...
PwC India survey, ET BFSI
New Delhi: Crisis management, cyber resilience, and handling emergencies have taken centre stage, prompting corporates to take pre-emptive actions to deal with them, a PwC India survey said. According to India's Crisis and Resilience Survey 2023, the looming spectre...
Finance Ministry report, ET BFSI
New Delhi, India will remain the fastest-growing major economy in the world in 2023-24 fiscal on the back of strong domestic fundamentals and benign inflation expectations, a finance ministry report said on Monday. The September edition of the Monthly Economic Review...
Sequoia Surge to raise ceiling for seed-stage investments to $3 million, ET BFSI
Sequoia Capital's accelerator programme Surge will increase the amount of capital it will invest in seed-stage startups to be able to back a wider range of companies and stay with them longer as they achieve a product market fit, according to Rajan Anandan, MD, Surge...
Fin Min Eco Review, ET BFSI
The Indian economic growth is majorly being driven by strong private consumption in the recent period, even as two new drivers of growth have emerged, the Finance Ministry said in its latest monthly economic review. Further, the report says that India's fiscal...
India 4% inflation focus may not signal ‘higher for longer’ rates -rate panel’s Varma, Goyal, ET BFSI
"The focus, therefore, naturally shifts to the next stage of bringing the inflation to the target level," said Varma, adding that there is no ambiguity in the eventual inflation goal of 4%. India's monetary policy committee's (MPC) decision to reinforce the 4% retail...
Millennials high on investments this festive season, attractive FD rates add up, ET BFSI
Millennials are showing an increased interest in investing, driven by their desire to get better returns from the markets during the festivities. Though millennials and GenZ believe in living in the moment without necessarily worrying about the future, lured by...
Finance ministry may grant NREGS Rs 28,000 cr more, over and above budgeted Rs 60,000 cr, ET BFSI
The finance ministry could allocate about Rs 28,000 crore more for the rural job guarantee scheme this fiscal year, topping the budgeted Rs 60,000 crore, in the first batch of supplementary demands for grants, as work demand under the programme has beaten initial...
RIL, Axis Bank, Tech Mahindra, Maruti, PNB and others, ET BFSI
BodyVarious widely tracked companies like Axis Bank, Tech Mahindra, Asian Paints, Punjab National Bank, Reliance Industries, Maruti Suzuki, Bajaj Finserv and NTPC would be releasing their September quarter report cards this week. Here’s a list:October 23Torrent...
Adani Group raises $3.5 billion to refinance debt, BFSI News, ET BFSI
MUMBAI: The Adani Group said on Friday that it has refinanced part of the debt taken for the acquisition of Ambuja Cements and ACC through a $3.5 billion financing package raised from a clutch of international banks.The loan will have a tenor of three years and will...
Looking to cut debt burden, says Finance Minister Nirmala Sitharaman, ET BFSI
Finance minister Nirmala Sitharaman said on Friday that the government is looking at reducing its debt burden further and has already resorted to prudent spending by resisting the temptation of fiscal profligacy, especially after the pandemic, to avoid burdening...
Rbi, BFSI News, ET BFSI
Mumbai: High-frequency indicators point to a broad-based gaining of growth momentum, while moderating inflation bolsters macroeconomic fundamentals, the ‘state of the economy’ report published by RBI said.Higher year-on-year growth in air cargo, railway freight and...
Govt launches scheme to cover all fish farmers with Kisan Credit Card, ET BFSI
KCC for 1,59,903 have been sanctioned, at the cost of Rs 1746.16 crore.In a significant step towards enhancing financial inclusion and support for the fisheries sector, Dr. Abhilaksh Likhi, Secretary (Fisheries), chaired a meeting focusing on the 'Ghar-Ghar KCC...
Tata Group considers topping up another $1 billion for super-app arm, ET BFSI
Tata Group is weighing putting in $1 billion of fresh capital into its super app venture as the salt-to-software conglomerate seeks to improve the digital business, according to people familiar with the matter.The injection is on top of the $2 billion that Tata Group...
Adani Group set to refinance $3.5 billion debt taken for ACC-Ambuja buy, ET BFSI
The Adani Group is all set to sign a definitive agreement to refinance $3.5 billion of loans taken for last year’s acquisition of ACC Ltd and Ambuja Cement, people aware of the discussions told ET.At least 18 global banks have agreed to join the consortium led by...
IMF sees India meeting its FY24 deficit goal despite extra spending, ET BFSI
India has room to absorb additional expenditure towards subsidies and rural unemployment programme without raising its fiscal deficit target from 5.9% set for the current financial year, the International Monetary Fund said on Thursday.Prime Minister Narendra Modi's...
Finance Minister Sitharaman highlights global institutions’ declining effectiveness at Kautilya Economic Conclave, ET BFSI
At the opening session of the Kautilya Economic Conclave 2023, Finance Minister Nirmala Sitharaman voiced her apprehensions regarding the diminishing efficacy of worldwide multilateral organizations.The Kautilya Economic Conclave 2023 also features the participation...
Credit growth to surpass nominal GDP growth, unsecured credit not a worry: Report, ET BFSI
The ASCB data for the period FY01 to FY10 indicates that bank credit grew at an average of 1.82 times of nominal GDP growth, during a period of high growth. During FY11-20, the relationship broke down, and growth declined to 1 time largely, mostly because of the...
Google Cloud partners with Axis My India to build “a” multilingual Super-app, ET BFSI
Google Cloud has announced its partnership with Axis My India on Thursday at the Google for India 2023 annual event, to build an inclusive and multilingual super-app called “a”. This collaborative effort aims to address the issue of information accessibility, which...
Joe Biden supports two-state solution; announces $100 million humanitarian aid to Gaza and West Bank, ET BFSI
During his visit to Tel Aviv, U.S. President Joe Biden expressed his firm support for a two-state solution to bring peace between Israel and the Palestinian people. He also announced $100 million in humanitarian aid for Gaza and the West Bank. After his meeting with...
UK inflation holds firm at 6.7% in September, Bank of England maintains rates, ET BFSI
In the United Kingdom, official figures released on Wednesday indicate that inflation remained steadfast in September, holding at 6.7 percent. While the rate of food and beverage price hikes ceased, the uptick in gasoline costs for vehicles balanced out the decline,...
SC adjourns hearing on plea filed by ex-ICICI Bank CEO Chanda Kochhar seeking early retiral benefits, ET BFSI
The Supreme Court on Wednesday adjourned hearing on a plea filed by former ICICI Bank CEO and MD Chanda Kochhar seeking her early retirement benefits which were revoked by the bank's Board of Directors.A bench of Justices Sanjiv Khanna and P.S. Narasimha directed...
IMF director (Asia-Pacific) Krishna Srinivasan, ET BFSI
Last week, RBI governor Shaktikanta Das took on IMF over its stand on currency market intervention. In an interview, IMF director for Asia-Pacific Krishna Srinivasan explains the multilateral agency’s stand on the issue, while suggesting that countries like India...
DGGI detects GST evasion of Rs 57,000 crore since April 2020: Finance Ministry, ET BFSI
DGGI detects GST evasion of Rs 57,000 crore since April 2020: Finance ministryThe Directorate General of GST Intelligence (DGGI) has detected Goods and Services Tax (GST) evasion of Rs 57,000 crore from April 2020 to September 2023 involving over 6,000 fake instances...
Increasing access to formal credit using Gen AI on agenda, Google India VP, ET BFSI
Google for India 2023: The ninth edition of Google for India commenced on Thursday at the Pragati Maidan, New Delhi with an agenda to showcase its innovations and initiatives for the Indian market, ranging from artificial intelligence (AI) to internet access.Taking a...
UK inflation rate unexpectedly holds at 6.7% in September, BFSI News, ET BFSI
LONDON: British annual consumer price inflation (CPI) held at an 18-month low of 6.7% in September, bucking economists' expectations for a further decline, official data showed on Wednesday.The Bank of England had been expected by financial markets to leave interest...
Fin Min meets chiefs of private sector general insurers, ET BFSI
The finance ministry held a meeting on Tuesday with the General Insurance Council and chiefs of private sector general insurance companies.In a statement, the finance ministry said that several critical issues, including exploring the linking of insurance frauds to...
How high frequency indicators perform in August & September?, ET BFSI
-Arista MenezesAmid the RBI’s continuous pause on repo rates, and inflation cooling down to comfort level, there have been certain key steps taken by the government to curb the rising prices.Globally, interest rates are likely to remain higher before the world can...
Tyler Dickson, Investment Banking Head, Citi, ET BFSI
While global macroeconomic headwinds drive volatility in markets, India saw strong merger and acquisition (M&A) activities in 2023. The Indian IPO market saw a flurry of activity with stock markets toting up the greatest number ofnew listings in 2023 globally....
Goldman Sachs regrets deal with Apple, considering split, BFSI News, ET BFSI
Though not exactly on record, it's long been known that Goldman Sachs is unhappy about its partnership with Apple, as it continues to cost it hundreds of millions in losses and wants to split with the iPhone maker. Earlier this year, Goldman Sachs launched a joint...
PM Modi, Google CEO discuss financial inclusion via UPI, electronics manufacturing ecosystem, ET BFSI
PM Modi, Sundar Pichai discuss expanding electronics manufacturing ecosystem in IndiaPrime Minister Narendra Modi on Monday virtually interacted with CEO of Google and Alphabet Sundar Pichai.During the interaction, the Prime Minister and Pichai discussed Google's plan...
FICCI Economic Outlook Survey, ET BFSI
The Indian economy is projected to grow by 6.3 per cent in FY24 with a minimum and maximum growth estimate of 6.0 per cent and 6.6 per cent respectively, according to the latest Economic Outlook Survey released by the Federation of Indian Chambers of Commerce and...
PM Modi at Global Maritime India Summit, ET BFSI
Prime Minister Narendra Modi on Tuesday said the day is not far when India will be among the top three global economies, adding that everyone was looking at India in the hope that it will lead the efforts for a new world order.Inaugurating the three-day Global...
UP RERA asks banks to maintain three accounts for real estate project, ET BFSI
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has written to the State Level Bank Committee (SLBC) to ensure banks do not facilitate debit card, cheque book and net banking facility to the promoter of a real estate project to avoid siphoning of funds.UP...
World Bank chief economist Indermit Gill, ET BFSI
There is now a consensus that interest rates are going to be higher for longer, but there is less agreement about how much higher and how much longer, said Indermit Gill, chief economist, World Bank. In an interview with Deepshikha Sikarwar on the side lines of G20...
India’s wholesale prices fall 0.26% in September, BFSI News, ET BFSI
Wholesale inflation in India remained in the negative territory for the sixth straight month as prices fell 0.26 per cent in September, data showed on Monday. Wholesale inflation had risen to a five-month high of -0.52 per cent in the month of August.Economists polled...
G20 finance ministers and central bank governors embrace roadmap for Crypto asset regulation, ET BFSI
The G20 finance ministers and central bank governors Thursday adopted the roadmap to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets.The roadmap is based on a synthesis paper bringing together separate...
IMF MD, BFSI News, ET BFSI
Marrakech (Morocco): The Israel-Hamas conflict is a new cloud darkening the global economic outlook, International Monetary Fund (IMF) managing director Kristalina Georgieva said Thursday, mooting smartly packaged reforms to lift growth experiencing severe shocks. "We...
Domestic consumption, investment demand will drive growth, ET BFSI
Marrakech (Morocco): Domestic consumption and investment demand will continue to drive growth though global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in the coming months, finance minister Nirmala Sitharaman said...
India’s retail inflation eases to three-month low in September, ET BFSI
But the RBI earlier this month kept its key lending rate steady for a fourth consecutive policy meeting, and emphatically reiterated that it was targeting inflation of 4% and a print of below 6% might not suffice as a condition for easing rates.India's retail...
Bombay HC refuses bail to realtor Sanjay Chhabriaa in Yes Bank money laundering case, ET BFSI
The Bombay High Court has refused to grant default bail to realtor Sanjay Chhabriaa in the Yes Bank money laundering case, observing that money laundering involves intricate processes to make illegally-obtained money appear legitimate and hence require in-depth...
Joe Biden weighs freezing $6 billion for Iran after Hamas attack on Israel, ET BFSI
WASHINGTON: Biden administration officials are leaving open the possibility of re-freezing $6 billion in Iranian oil money that was released as part of a prisoner swap amid growing bipartisan criticism after Iran-backed Hamas militants attacked Israel.The $6 billion...
India’s retail inflation eases to 5% in September, drops within RBI tolerance band, ET BFSI
India's retail inflation eased to 5.02 per cent in September on an annual basis as against 6.83 per cent in August, showed data released by the ministry of statistics on Thursday.On a monthly basis, the prices deflated (-) 1.13 per cent. The food price inflation for...
Wadia Group stays away from Go First insolvency process, ET BFSI
Go First's former owner, the Wadia Group, has not shown an intent to bid for the grounded Indian airline and has stayed away from the insolvency process so far amid an ongoing legal tussle, three sources told Reuters.Cash-strapped Go First filed for bankruptcy in May,...
FM meets Brazil’s Minister of Economy, discusses issues of mutual interest, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Thursday met Brazil's Minister of Economy Fernando Haddad and discussed various issues of mutual interest, including the strengthening of Multilateral Development Banks (MDBs). The meeting took place on the sidelines...
World Bank must become bigger to be relevant for 4 decades: Ajay Banga, ET BFSI
Marrakech (Morocco): The World Bank must become "bigger and better" to become relevant for the next four decades to meet global developmental needs, multilateral lender's chief Ajay Banga said. The bank will soon approach its shareholders proposing a capital increase...
Wholesale inflation in US rises 2.2 per cent in September, biggest year-over-year gain since April, ET BFSI
US wholesale prices rose last month at the fastest pace since April, suggesting that inflationary pressures remain despite a year and a half of higher interest rates. The Labour Department reported on Wednesday that its producer price index - which measures inflation...
FM Nirmala Sitharaman, US Secy Janet Yellen discuss IMF’s policy priorities, ET BFSI
Union Finance Minister Nirmala Sitharaman held discussions with US Treasury Secretary Janet Yellen on the policy priorities of the International Monetary Fund and how the institution should support its membership.The two met on the sidelines of the ongoing IMF-World...
World Bank, BFSI News, ET BFSI
MARRAKECH: World Bank group's India-born chief economist Indermit Gill is upbeat on India's focus on infrastructure, digital public goods and overall economic management. In an interview with TOI, he calls for special attention on lowering debt, pushing manufacturing...
G24 backs multilateral development banks’ reforms, BFSI News, ET BFSI
MARRAKESH: G24, a group of developing nations, has backed the recommendations of the independent expert group on reform of multilateral development banks. "It strongly supported the strategy, the ambition, targets and quality of recommendations. This provides a very...
GST Council’s view on taxability of corporate guarantee is a mixed bag, say experts, ET BFSI
The GST council in its meeting held on October 7, has cleared the government’s position that corporate guarantees, such as those given by a parent company to its subsidiary will be subject to goods and services tax (GST). According to tax experts, the decisions...
World Bank chief says Gaza conflict is economic shock ‘we don’t need’, ET BFSI
World Bank President Ajay Banga said on Tuesday that the Israel-Gaza conflict is an unnecessary global economic shock that will make it harder for central banks to achieve soft landings in many economies if it spreads."It's a humanitarian tragedy and it's an economic...
HDFC Bank Chairman Atanu Chakraborty, ET BFSI
India is expected to become a USD 30-trillion economy by 2050 pushed by robust consumption and exports, HDFC Bank chairman and former economic affairs secretary Atanu Chakraborty said on Wednesday.International financial institutions have projected India's growth to...
IMF raises India’s FY24 growth forecast to 6.3%, ET BFSI
The International Monetary Fund (IMF) has bumped up India's growth forecast for FY24 to 6.3% from 6.1% estimated earlier, hailing the country as one of the "growth engines in the world economy".The upward revision reflects "stronger-than-expected consumption during...
Finance Ministry steps up vigil, but sees no major impact from Israel war for now, ET BFSI
New Delhi: The government is closely monitoring the conflict between Israel and Hamas, as it assesses the potential impact on multiple fronts, including oil price rise, capital outflows and a further strengthening of the dollar, as investors could flock to safe-haven...
India’s direct tax collection up 18% YoY as of October, BFSI News, ET BFSI
India's gross direct tax collection increased by 17.95 per cent on the year to Rs 11.07 lakh crore in the period from April 1 to October 9, the Ministry of Finance said in a statement on Tuesday.Net collections stood at Rs. 9.57 lakh crore, 21.82 per cent higher than...
Adani’s $3.5 billion Ambuja loan moves ahead after some banks get approval, ET BFSI
A group of banks that have been in talks to lend about $250 million each toward a syndicated loan of about $3.5 billion to refinance debt which the Adani Group took out to fund its purchase of Ambuja Cements Ltd. have received internal approval for the deal, according...
Mukesh Ambani reclaims India’s richest billionaire title, Adani’s fortune plummets post Hindenburg, ET BFSI
Mukesh Ambani reclaimed the title of the richest billionaire in India with a total wealth of Rs 8.08 trillion in 2023. According to the 360 ONE Wealth Hurun India Rich List 2023, Reliance Industries chairman and managing director surpassed Gautam Adani who held the...
Nirmala Sitharaman set to visit Morocco, attend IMF-World Bank Annual Meetings, ET BFSI
Union Finance Minister Nirmala Sitharaman will embark Tuesday on an official visit to Marrakech, Morocco, to attend the IMF-World Bank Annual Meetings 2023.The Union Finance Minister will also participate in the fourth G20 Finance Ministers and Central Bank Governors...
World Bank chief economist, ET BFSI
Rising debt levels among "seemingly healthy" countries in Asia could drag growth in the region below currently forecast levels, World Bank Chief Economist Indermit Gill told Reuters in an interview on Monday.Gill said he remained critical of the slow pace of debt...
Ahead of SC hearing, Adani Group says bid to tarnish reputation by foreign entities, ET BFSI
New Delhi: Adani Group on Monday said some foreign entities are continuing orchestrated attacks by rehashing old and baseless allegations to drag down its market value and tarnish the conglomerate's image ahead of the Supreme Court hearing. The Supreme Court slated a...
IMF raises India’s FY24 GDP growth forecast to 6.3% from 6.1%, ET BFSI
The International Monetary Fund (IMF) Tuesday bumped up India’s growth forecast for FY24 to 6.3% from 6.1% estimated earlier, citing stronger than expected consumption in the April-June quarter.IMF’s upgrade is the latest in several revisions for India that have seen...
Indian inflation seen easing to 5.50% in September on softening food price rises: Poll, ET BFSI
Indian retail inflation likely eased to 5.50% last month, within the Reserve Bank of India's (RBI) tolerance band, on moderating food price rises and government subsidies that offset a surge in the cost of crude oil, a Reuters poll found.The RBI kept monetary policy...
Finance minister Sitharaman reviews reform progress of MDBs, BFSI News, ET BFSI
NEW DELHI: Ahead of her departure to Marrakech for the annual meeting of the World Bank and the IMF, FM Nirmala Sitharaman took stock of the progress on multilateral development bank (MDB) reforms, a key item on India’s priority list during its presidency, with heads...
Business activity picks up greater pace in July-Sept, BFSI News, ET BFSI
New Delhi: Business activity gained further momentum in the July-September quarter, with business confidence rising to a three-quarter high, according to a private survey. The Confederation of Indian Industry's Business Confidence Index showed that two-thirds of the...
Analysts worry about the Israel War Impact on Indian economy, BFSI News, ET BFSI
The surprise Israel-Palestine war has brought the Indian markets and financial sector on the tenterhooks as it may have wide-ranging ramifications and repercussions across geographies, economies and sectors.Analysts see bond yields spiking and the stock market fall if...
Strong data send economic concerns rising in US, BFSI News, ET BFSI
US Treasury yields surged this week, sparking a broader selloff in global bond markets as investors brace for higher interest rates for longer.Longer-dated US government yields reached levels last seen in the financial crisis, fueled in part by strong job-market data....
Finance Minister Nirmala Sitharaman to chair the 52nd GST Council Meeting today, ET BFSI
Union Finance Minister Nirmala Sitharaman with preside over the 52nd Goods and Services Tax (GST) Council meeting at the Sushma Swaraj Bhawan in New Delhi on Saturday.A post on the official handle of Union Ministry of Finance on social media platform X read, "Union...
FY24 excise duty collection target may be cut by Rs 45,000 crore, ET BFSI
The Centre may revise the FY24 excise duty collection target downwards by Rs 45,000 crore, factoring in some possible fiscal support if crude oil prices continue to remain elevated, people familiar with deliberations told ET.This revision is not likely to impact the...
RBI Guv, BFSI News, ET BFSI
Mumbai, India is poised to become the new growth engine of the world, Reserve Bank of India Governor Shaktikanta Das said on Friday as the central bank retained the country's GDP growth forecast at 6.5 per cent for 2023-24, notwithstanding the slowing global economy....
Finance minister Nirmala Sitharaman, ET BFSI
NEW DELHI: Finance minister Nirmala Sitharaman on Thursday said political stability and policy consistency will be crucial for India to emerge as the world's third largest economy, a goal that PM Narendra Modi expects to be achieved by 2029."For anyone who indicates...
Bhashini to launch RBI’s platform for frictionless credit in multiple languages, ET BFSI
The Digital India Bhashini Division (DIBD) plans to launch the Reserve Bank of India's Public Tech Platform for Frictionless Credit in multiple languages to make financial services more accessible across languages.The DIBD will do this in collaboration with the...
Finance Ministers likely to endorse new World Bank plan next week, ET BFSI
NEW DELHI: The World Bank is ready with a new vision and mission that goes beyond its focus on poverty reduction to "address global challenges" such as climate change, and is seeking the mandate from its shareholders to look at innovative ways to mobilise more lending...
39,000 Compliances removed to boost ease of business: FM Sitharaman, ET BFSI
The NDA government has scrapped 39,000 unnecessary compliances and 1,500 archaic laws, finance minister Nirmala Sitharaman said Wednesday, highlighting a raft of steps taken by authorities to ensure ease of doing business in the country. Speaking on the occasion of...
World Bank for $100 billion extra annual lending capacity for climate change and poverty, ET BFSI
NEW DELHI: Ahead of the meeting of G20 finance ministers and central bankers, under India’s presidency, in Marrakech next week, the Development Committee of the World Bank has proposed the creation of additional annual lending capacity of more than $100 billion over...
India must grow at 8% to be ‘developed’ by 2047, says World Bank’s Kouame, ET BFSI
India needs to grow at 8% to achieve its goal of becoming a developed economy by 2047, and private investment needs to pick up to support it, the World Bank's India country director, Auguste Tano Kouame, said on Tuesday.The World Bank has, in its India Development...
Top BFSI appointments that grabbed headlines in Q3’CY23, ET BFSI
The months of July, August and September has seen some major developments in the BFSI sector and some important appointments which made into headlines. While the space witnessed the quarterly results, G20 developments, soaring inflation, companies filing for IPO, etc,...
Finance ministry seeks expenditure proposals from ministries for supplementary demands for grants, ET BFSI
New Delhi, Ahead of the winter session of Parliament, the finance ministry has sought expenditure proposals for the first batch of supplementary demands for grants from various ministries and departments. The first batch of supplementary demands for grants for 2023-24...
India’s retail inflation likely to ease by December: Finance Secretary, ET BFSI
India's retail inflation is likely to ease by December as seasonal factors become more favourable, Finance Secretary T V Somanathan told Reuters late on Tuesday.India's retail inflation remained above the upper end of the central bank's 2%-6% tolerance band for a...
SoftBank CEO Masayoshi Son, ET BFSI
SoftBank CEO Masayoshi Son said he believes artificial general intelligence (AGI), artificial intelligence that surpasses human intelligence in almost all areas, will be realised within 10 years.Speaking at the SoftBank World corporate conference, Son said he believes...
India services exports rise 8.4% to $28.72 billion in August, ET BFSI
India's services exports climbed 8.4% year-on-year to $28.72 billion in August, while imports fell 0.8% to $15.10 billion, provisional data by the Reserve Bank of India (RBI) showed on Tuesday.Data released by the government last month showed services exports were...
RBI steps up interaction with govt to have better grip on food prices, ET BFSI
NEW DELHI: With food prices being a key driver of inflation, RBI has intensified its interaction with government agencies, especially the department of consumer affairs at the Centre, to get a better grip over the issues.During last few months, at least two rounds of...
Air India partners with Tata Neu-HDFC Bank credit card, BFSI News, ET BFSI
Air India on Tuesday joined Tata Neu-HDFC Bank Credit Card as a partner, said Tata Digital in a press release.“Tata Neu HDFC Bank credit card customers can now earn 5 per cent NeuCoins with Tata Neu Infinity HDFC Bank Credit Card and 2% NeuCoins with Tata Neu Plus...
RBI-MPC’s decision on repo rate may be unanimous but not on the stance: Economists, ET BFSI
While there will be unanimity on not changing the repo rate from the current 6.5 per cent, there will be divergence within the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) as to the stance, said senior economists. The six-member MPC will meet from...
World Bk raises India’s inflation forecast to 5.9% for FY24 on higher oil prices, abnormal monsoon, ET BFSI
The World Bank Tuesday kept India's growth forecast unchanged at 6.3% for FY24, driven by investment, while sharply revising its inflation projection to 5.9% from 5.2%."Private consumption growth is likely to slow as the post-pandemic catch up fades, and external...
Former NITI Aayog Vice Chairman Rajiv Kumar, ET BFSI
Niti Aayog Vice Chairman Rajiv KumarNew Delhi: The Indian economy will grow at around 6.5 per cent in the current fiscal as the country's macroeconomic situation is benefiting from the reforms that have been taken up in the last nine years by the Narendra Modi-led...
World Bank maintains India’s 2023-24 GDP growth at 6.3 per cent, ET BFSI
NEW DELHI: The World Bank has retained India's GDP growth forecast for the financial year 2023-24 at 6.3 per cent and noted that the country continued to show resilience against the backdrop of a challenging global environment.The World Bank in its April report had...
How Mercedes is transforming car into a payment device, BFSI News, ET BFSI
EQS SUV Mercedes-BenzMercedes-Benz has introduced an innovative payment feature in Germany, allowing customers to make digital payments through the MBUX system using fingerprint authentication. In partnership with Mastercard, the company has launched this embedded...
Former NITI Aayog Vice Chairman Rajiv Kumar, ET BFSI
New Delhi, ) The Indian economy will grow at around 6.5 per cent in the current fiscal as the country's macroeconomic situation is benefiting from the reforms that have been taken up in the last nine years by the Narendra Modi-led government, former NITI Aayog Vice...
India’s unemployment rate declines to 1-year low in September, ET BFSI
India’s unemployment rate dropped to a one-year low in September as joblessness in rural areas fell despite weak monsoon rains. The overall joblessness rate slid to 7.09% last month, from 8.10% in August, data from private research firm Centre for Monitoring Indian...
Finance ministry notifies October 1 date for implementing amended GST law provisions for e-gaming, ET BFSI
NEW DELHI: The Finance Ministry has notified October 1 as the date for implementation of the amended GST law provisions for taxing e-gaming, casinos and horse racing. According to the changes to the Central GST Act, these supplies will henceforth be treated as...
Jul-Sept FY24 goods exports seen 4.8% down on year: EXIM Bank, ET BFSI
The Export-Import Bank of India expects the country to clock 4.8% lower merchandise exports in the second quarter of 2023-24 as against the previous fiscal, pulled down by a slowdown in its major trading partners and global geopolitical uncertainty.The Exim Bank has...
Liquidators can’t combine asset sales, deposits for fees: IBBI, ET BFSI
New Delhi: A liquidator won't be allowed to combine the proceeds from the sale of assets of a bankrupt company with its liquid assets such as cash deposits to calculate fees for their services, the insolvency regulator has clarified in its latest order, suggesting any...
Euro zone inflation hits 2-year low, BFSI News, ET BFSI
Inflation in the euro zone fell to its lowest level in two years in September, suggesting the European Central Bank's steady diet of interest rate hikes was succeeding in curbing runaway prices albeit at a growing cost for economic growth.Consumer prices in the 20...
World Bank maps out plans to further boost lending by $100 bln-plus over a decade, ET BFSI
WASHINGTON: The World Bank on Thursday proposed steps that would boost its lending to developing countries by an additional $100 billion over a decade as part of an ongoing reform process aimed at helping the bank expand its mission to include climate change.In a...
Inflation drops sharply in Europe. It offers a glimmer of hope, but higher oil prices loom, ET BFSI
FRANKFURT: Inflation that has been plaguing Europeans made a marked decline in September, strengthening hopes that consumers will eventually get relief from costlier groceries, vacations and haircuts — and that the European Central Bank won’t have to further restrict...
India’s fiscal deficit for April-August at 6.43 lakh crore, widens to 36% of FY24 aim, ET BFSI
India's fiscal deficit for the first five months of this fiscal year through August stood at 6.43 lakh crore rupees, or 36% of annual estimates, government data showed today.The fiscal deficit widened from 32.6% reported in the comparable year-earlier period.Total...
Mastercard India chief, ET BFSI
Chairman of Mastercard India Rajnish Kumar on Thursday said that the trust of the depositors is with the banking system and not with fintech companies. Speaking at the CII banking conclave here, Kumar, also the former chairman of the State Bank of India (SBI), said...
Cognizant appoints former Wipro finance chief Jatin Dalal as CFO, ET BFSI
Jatin Dalal Cognizant Technology Solutions on Thursday named former Wipro chief financial officer Jatin Dalal as its CFO, a week after his resignation from the Indian information technology (IT) major.Dalal is the second high profile hire by Cognizant in the past...
UK economy grows 0.2% in Q2 2023, BFSI News, ET BFSI
British gross domestic product in the second quarter of 2023 was 0.2% higher than the quarter before, figures from the Office for National Statistics showed on Friday.Economists polled by Reuters had forecast a reading showing quarterly growth of 0.2%, unchanged from...
2 new debit card, credit card rules applicable from October 1, 2023, ET BFSI
The Reserve Bank of India (RBI) has proposed that cardholders be given the option of selecting their network provider for debit card, credit card, or prepaid cards. This new rule will come into effect from October 1, 2023.At the moment, when you apply for a debit or...
Household savings at 16-year low threaten India’s growth, BFSI News, ET BFSI
Rising debt payments are eroding the spending power of Indian households and threatening to choke off the funds that fuel the fastest-growing major economy.Household financial assets, including bank deposits, cash and equity investments, after deducting debt servicing...
Nomura upgrades India’s rating over strong macro, BFSI News, ET BFSI
MUMBAI: Japan's Nomura Group on Wednesday became the latest global financial major to upgrade India's ratings to 'overweight' from 'neutral' on the back of strong macro-economic fundamentals and the expected benefits accruing to it from the 'China plus one'...
Festive wave may lift India’s industrial growth in coming months, ET BFSI
New Delhi: India's industrial economy is expected to receive a festive bump, growing around 6% year-on-year in the next couple of months with improvement in monsoon rains, softening inflation, and election-related rise in spending adding to the festive...
Report, BFSI News, ET BFSI
Mumbai: The credit growth is likely to moderate to 13-13.5 per cent this fiscal but will improve slightly to 13.5-14 per cent next financial year as the economic pace picks up, according to a report. The biggest factor driving the moderation is low demand in wholesale...
S&P sees growth crossing 6% on domestic uptick, private capex, ET BFSI
The ratings firm has projected inflation to hit 5.5% this year, up half a percentage point from its previous forecast.Earlier this week, S&P retained its forecast for India's economic growth at 6% for FY24 and 6.9% for the subsequent two years."The risks are...
Government to offer 50-year gilts, green bonds this fiscal, BFSI News, ET BFSI
MUMBAI: The government plans to borrow Rs 6.55 lakh crore, unchanged from what it had announced earlier, during the second half of the current fiscal. It further said that it would introduce bonds with a 50-year maturity as well as green bonds - both firsts for...
Food prices are rising as countries limit exports. Blame climate change, El Nino and Russia’s war, ET BFSI
How do you cook a meal when a staple ingredient is unaffordable?This question is playing out in households around the world as they face shortages of essential foods like rice, cooking oil and onions. That is because countries have imposed restrictions on the food...
Current Account Deficit | India Trade Deficit: India’s current account deficit widens sequentially on higher trade deficit, ET BFSI
India's current account deficit widened to $9.2 billion, or 1.1 per cent of the GDP, in the first quarter of the ongoing financial year on a sequential basis but narrowed on a year-on-year basis, Reserve Bank of India data showed on Thursday.In Q1FY23, India's CAD...
Indian startup funding at five-year low in Q3, says Tracxn, BFSI News, ET BFSI
Funding challenges continue for Indian tech startups with the third quarter (Q3) of 2023 (ended September 26) the least funded period in the past five years, data from the market intelligence firm Tracxn showed.Following a surge in startup funding during Q4 2022,...
Sri Lanka cabinet approves $200 million loan from Asian Development Bank, ET BFSI
COLOMBO: Sri Lanka's cabinet approved a $200 million loan from the Asian Development Bank (ADB), the Media Ministry said in a statement on Tuesday, as the country focuses on rebuilding its crisis-hit economy.The funds will be obtained in a five-year loan to help the...
Judge rules Donald Trump defrauded banks, insurers as he built real estate empire, ET BFSI
A judge has ruled that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House. Judge Arthur Engoron, ruling Tuesday in a civil lawsuit brought by New York's attorney general, found that the former...
Amazon looking to tie-up with more banks for credit card offerings, ET BFSI
Global e-commerce giant Amazon is looking to tie-up with more banks for credit card offerings, as it sees high growth in the segment, a senior official said on Wednesday. At present, the company has a tie-up with ICICI Bank for a co-branded credit card as part of...
Centre asks banks to depute doorstep executives to help bedridden pensioners submit life certificates, ET BFSI
New Delhi, The Centre has asked all pension disbursing banks to depute doorstep executives to help bedridden and hospitalised pensioners submit their life certificates. An order issued by the Department of Pension and Pensioners' Welfare (DoPPW) also asked all banks...
Global money with global rules of play, BFSI News, ET BFSI
Mumbai: India's inclusion in JP Morgan's GBI-EM bond index global suite starting June 2024 and the anticipation of such announcements by other index providers mean that the local bond market will now function within a universe of globalised investment...
Centre notifies final angel tax rules, retains all five valuation methodology from draft rules, ET BFSI
The centre on Tuesday notified Angel Tax rules retaining all the five valuation methodology from the draft rules and introducing a mechanism for arriving at the fair market value of Compulsorily Convertible Preference Shares (CCPS) for investment from residents as...
Centre sticks to target, to borrow Rs 6.55 lakh crore in H2, BFSI News, ET BFSI
The Centre will borrow ₹6.55 lakh crore from the market through dated securities in the second half of this financial year, staying with the budget estimate and indicating a comfortable fiscal situation for now.In the first half of 2023-24, the government announced...
JPMorgan sees India in its top 3 fastest-growing Asia markets in 2024, ET BFSI
MUMBAI: India could be among the three fastest growing markets for JPMorgan in the Asia Pacific region next year, alongside Australia and Japan, said a top official at the Wall Street bank."People are starting to get excited about the whole China plus one element and...
India will soon emerge as global economic powerhouse: PM Modi, ET BFSI
Ahmedabad, Prime Minister Narendra Modi on Wednesday said their aim is to make India a global growth engine and that the country will soon emerge as an economic powerhouse of the world. Speaking at an event to mark the completion of 20 years of the Vibrant Gujarat...
World Bank’s annual meeting to focus on ending poverty, BFSI News, ET BFSI
MARRAKECH: The World Bank-International Monetary Fund (IMF) Annual Meetings are set to return this year, taking place from October 9 to 15 in the city of Marrakech, Morocco.According to the World Bank, these meetings are a vital platform for international...
Kishore Biyani moves Bombay High Court against BDO and Bank of India, ET BFSI
Kishore Biyani, founder of the Future Group has challenged the forensic audit process and the report submitted by accounting firm BDO India LLP and its lender Bank of India at the Bombay High Court. On Monday, Future Retail said in the stock exchange announcement that...
Go First lenders on the hook as airline’s fate hangs in balance, ET BFSI
Go FirstTo remain current, the bankrupt airline requires approximately Rs 50 crore to Rs 70 crore every month even as the legal proceedings drag on.Go First, the budget airline backed by the Wadias, has been grounded for nearly five months due to complex bankruptcy...
REC signs MoU with PNB, to co-finance infrastructure projects amounting to Rs 55,000 cr over 3 yrs, ET BFSI
New Delhi: REC Limited and Punjab National Bank (PNB) on Tuesday announced the signing of a Memorandum of Understanding (MoU) to jointly fund projects in the power sector and infrastructure & logistics sector. The collaboration aims to co-finance debts totaling...
Govt considering Rs 600 billion housing loan interest subsidy scheme, ET BFSI
NEW DELHI/MUMBAI: India is considering spending 600 billion rupees ($7.2 billion) to provide subsidised loans for small urban housing over the next five years, two government sources told Reuters.Banks are likely to roll out the scheme in a couple of months, ahead of...
Promoters can hold onto CCCL as NCLAT backs settlement offer, BFSI News, ET BFSI
Mumbai: An appeals court has allowed a settlement offer from the promoters of engineering company Consolidated Construction Consortium (CCCL), setting aside a lower court's liquidation order and paving the way for the closure of a debt-resolution process that started...
Record fresh capital raised via IPOs this year points to capex revival, ET BFSI
Mumbai: Fresh capital raised via initial public offerings (IPO) this year has surged to the highest in more than a decade, pointing to the long-awaited revival in capital expenditure by India's private sector that believes a rapidly expanding economy will soon stretch...
Telangana inflation most volatile in country, BFSI News, ET BFSI
HYDERABAD:Telangana’s inflation rates have been the most volatile in the country, ranging from 10% in June 2022 to 8.5% in August 2023.Despite stabilising from a peak of 10% and a sharp drop to nearly 6% in July, rural inflation continues to remains high in the state....
India needs blended finance to scale up climate investment to $170 bn annually by 2030: IFC, ET BFSI
New Delhi: India must utilize blended finance in order to achieve its energy transition goals, according to International FInance Corporation (IFC). It said in a report India will need to significantly scale up climate investments — from $18 billion to $170 billion...
Majority of lenders of IL&FS Tamil Nadu Power Company seal loan recast deal, ET BFSI
A majority of the lenders have signed an agreement to restructure the ₹9,000-crore debt of IL&FS Tamil Nadu Power Company (ITPCL), allowing them to distribute the ₹3,134 crore cash in the company as early as next week after the board of the debt-laden financial...
G20 declaration should spur govt to give big push to MSMEs: Experts, ET BFSI
NEW DELHI: The declaration of G20 nations under India's presidency should spur the government to give a big push to the MSME sector by simplifying the regulatory process and enhancing their access to affordable capital, say experts. The commitments made in the G20's...
Indians have just five days to return withdrawn Rs 2,000 notes worth $3 billion, ET BFSI
Indians have just five days to return about $3 billion worth of now-withdrawn Rs 2,000 notes.The Reserve Bank of India (RBI) ordered the withdrawal of the 2,000-rupee note on May 19, giving people until the end of September to exchange or deposit them with banks. The...
AI can replace auditors and accountants, Union Finance secretary, ET BFSI
Union Finance Secretary and senior IAS officer T.V. Somanathan on Saturday said Artificial Intelligence (AI) can replace the work being done by auditors and accountants.He was delivering the CA S. Hariharan memorial lecture here.Somanathan said that AI has specific...
India fourth in number of startups with $50 million+ funding: Study, ET BFSI
India ranks fourth in the world in the number of scaleups, or startups that have received more than $50 million of disclosed VC investment. Ahead of India are the US, China, and the UK, the first edition of Startup Genome's Scaleup Report said.However, it's ahead of...
S&P retains India’s growth forecast at 6%; expects higher inflation and no rate cut this year, ET BFSI
Ratings agency S&P Global Ratings, Monday, retained India’s FY24 growth forecast at 6%, citing global economic slowdown, rising risks from sub-normal monsoon and delayed effect of rate hikes, even as it projected higher inflation in FY24.“Notwithstanding the...
India considering Rs 60,000 crore housing loan interest subsidy scheme, ET BFSI
India is considering spending Rs 60,000 crore ($7.2 billion) to provide subsidised loans for small urban housing over the next five years, two government sources told Reuters.Banks are likely to roll out the scheme in a couple of months, ahead of key state elections...
India bonds finally at global high table with index inclusion, ET BFSI
India’s $1 trillion government bond market has struggled for years to rise above the criticism of being insular.That is set to change after JPMorgan Chase & Co. Thursday became the first global index provider to include them on its emerging markets index. The...
Cooperative sector can boost India’s economy, development and employment: Shah, ET BFSI
After the cooperative movement started in India in 1904, in no time it spread to Maharashtra, Gujarat, Karnataka, Tamil Nadu, West Bengal and central India, he saidMumbai: Union Minister for Home and Cooperation, Amit Shah, said on Saturday that the 120-year-old...
Indian household savings hit half-a-century low as debt rises, ET BFSI
Financial assets of households drop to 5.1% of GDP in FY23; SBI economists say financial savings may have been channelled into physical savings due to the low interest rate environment in recent years.Indian households saw their financial assets, which include bank...
How India is pouring billions of dollars into Canada’s economy, ET BFSI
Students from Punjab who go to study in Canada spend about Rs 68,000 crore in that country, nearly $8 billion, annually. That's a recent estimate by Sikh Vox, a website on the Sikh diaspora. The estimate is based on the number of students studying in Canada and the...
Nearly 40% of Pakistan’s population now living below poverty line: World Bank, ET BFSI
NEW DELHI: Over 12.5 million Pakistanis fell below the poverty line in the past one year and now nearly 40% of the country's population is struggling to get its basic needs met, the World Bank has said as it urged the cash-strapped country to take urgent steps to...
World economy is set for a slowdown next year after “subpar” 2023, ET BFSI
The Federal Reserve and Bank of England left interest rates unchanged this week, while both left the door open to additional increases should inflation prove persistent.Policymakers in the US made their decision unanimously, while those in the UK were split. Meantime,...
Growth momentum in Q2 shaping up well but rise in oil price poses a risk: Finmin report, ET BFSI
The strong advance tax collections for the second quarter of FY24 suggest the private sector is in good health and that “they are investing”, it added.The finance ministry on Friday said economic activities in the second quarter of this fiscal are “shaping up well”,...
Growth momentum in Q2 shaping up well but rise in oil price poses a risk: Finmin report, ET BFSI
The finance ministry on Friday said economic activities in the second quarter of this fiscal are “shaping up well”, building on the momentum witnessed in the June quarter, even as it termed the recent run-up in global crude oil prices an “emerging concern” if not an...
World Bank’s IFC, Sunteck form platform for green urban housing, to invest Rs 750 cr, ET BFSI
In a significant move to address the acute affordable housing shortage in India, the World Bank member IFC and realty developer Sunteck Realty are partnering to create a joint platform to promote the development of 12,000 housing units with a total investment of up to...
Food prices that drove inflation are on a retreat, says DEA; highlights August rain deficit may impact crops, ET BFSI
Representative image. In its monthly economic review for August published on Friday, the Department of Economic Affairs (DEA) said that the prices of selected food items that drove the inflation rate above 7 per cent in July are on the retreat. "The calibrated...
FinMin confident of 6.5 per cent growth in FY24 despite symmetric risks, ET BFSI
The finance ministry on Friday exuded confidence that the country will achieve 6.5 per cent growth in FY24 on the back of improved corporate profitability, private capital formation and bank credit growth, notwithstanding the risks of rising crude oil prices and...
Economic outlook remains bright in current fiscal as activity maintained momentum: FinMin document, ET BFSI
New Delhi, India's economic outlook for 2023-24 remains bright as economic activity maintained its momentum in August, according to a finance ministry document. The monthly economic review released by the finance ministry on Friday stated that the monsoon deficit of...
RBI DG Patra, ET BFSI
India will be a USD 5 trillion economy and the third largest in the world by market exchange rates by 2027, aided by the demographic advantage and pace of financial sector development, Reserve Bank Deputy Governor Michael D Patra has said. Delivering a speech at the...
Bhargav Dasgupta resigns as MD and CEO of ICICI Lombard, BFSI News, ET BFSI
Bhargav Dasgupta has resigned from the role as Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Lombard. The company has confirmed that he will continue to discharge his duties until his final working day, which will be communicated in due...
RBI DG Patra, ET BFSI
India will be a USD 5 trillion economy and the third largest in the world by market exchange rates by 2027, aided by the demographic advantage and pace of financial sector development, Reserve Bank Deputy Governor Michael D Patra has said. Delivering a speech at the...
Wipro CFO Jatin Dalal resigns, Aparna Iyer named new finance chief, ET BFSI
IT services provider Wipro said on Thursday that Jatin Dalal has resigned as chief financial officer to pursue other opportunities after more than two decades with the company, according to a regulatory filing. Aparna Iyer, who has been with the IT major for over 20...
Finance ministry on dip in household savings, ET BFSI
NEW DELHI: The finance ministry on Thursday dismissed the criticism over the impact of declining household savings on the economy, saying people are investing in different financial products and "there is no distress".The statement posted on X by the ministry brushed...
UK homeowners hope Bank of England avoids another rate hike after inflation falls, ET BFSI
London, Sep 21 (AP) Homeowners across the UK are hoping that the Bank of England will decide to avoid raising interest rates Thursday for the first time in nearly two years, a decision that would come on the heels of similar action by the US Federal Reserve. Following...
HDFC MF gets Reserve Bank nod for raising stake in Federal Bank, Equitas SFB to 9.5 pc, ET BFSI
New Delhi, Reserve Bank has accorded approval to HDFC Mutual Fund to raise its stakes in Federal Bank as well as in Equitas Small Finance Bank to up to 9.5 per cent. The clearance has been granted with reference to the application made by HDFC AMC to RBI, according to...
SEBI will ‘corporate group’ definition amid offshore funds scrutiny, ET BFSI
SEBI will consider a listed company's major shareholders, affiliates and connected entities as part of a 'corporate group' as it increases scrutiny of investments by offshore funds in domestic entities, according to a written communication reviewed by Reuters.This...
ADB lowers India’s growth forecast to 6.3 per cent for FY24, raises inflation forecast, ET BFSI
Asian Development Bank, Wednesday, revised India’s growth forecast downward to 6.3% from 6.4% projected earlier, pointing out that erratic monsoons are likely to impact agricultural output.“Slowing exports could foment headwinds for the economy, and erratic rainfall...
Private debt placement by India Inc hits a high in FY23, ET BFSI
Mumbai: Fundraising through private placement of debt by India Inc hit a record high in the last financial year as a recovery in economic growth and surging interest rates abroad prompted companies to flock to the local market to raise capital.Resource mobilisation in...
Consumer Affairs Secy, ET BFSI
The grievance redressal mechanism of many big e-commerce players is not up to the mark as the number of complaints received by the National Consumer Helpline has risen sharply over the last four years, Consumer Affairs Secretary Rohit Kumar Singh said on Thursday....
FM Sitharaman calls for full digitisation of RRBs to ensure better services in rural areas, ET BFSI
Finance minister Nirmala Sitharaman on Tuesday called for full automation of regional rural banks and cooperative banks, and directed the Department of Financial Services to study the gap between loan sanction and disbursement for these lenders.Sitharaman's remarks...
Enforcement Directorate seeks extension to respond to Goyal’s plea over alleged ‘unlawful arrest’, ET BFSI
MUMBAI: The Bombay high court on Wednesday granted time to the Enforcement Directorate (ED)to file its response to a petition filed by Jet Airways founder Naresh Goyal, aged 74. Goyal's petition challenges his arrest in an alleged money laundering case, asserting that...
Global debt hits record $307 trillion, debt ratios climb- IIF, ET BFSI
Global debt hit a record $307 trillion in the second quarter of the year despite rising interest rates curbing bank credit, with markets such as the United States and Japan driving the rise, the Institute of International Finance (IIF) said on Tuesday.The financial...
Ind-Ra raises India’s growth forecast to 6.2% for FY24; projects inflation to be higher at 5.5%, ET BFSI
Indian economy is likely to grow a tad faster in this fiscal year at 6.2% compared to the earlier estimate of 5.9%, according to a new outlook released by India Ratings and Research.The rating agency predicted inflation to be higher at 5.5% from 5.4% projected earlier...
A Glimpse into the Future, ET BFSI
The BFSI (Banking, Financial Services, and Insurance) sector has always been at the forefront of technological change. In the digital age, where convenience, speed, and customer-centricity reign supreme, the need for innovation has never been more critical. In this...
CFOs in advanced countries facing ‘deadweight’ economy challenge, says Gartner, ET BFSI
CFOs in advanced countries facing ‘deadweight’ economy challenge, says GartnerChief Financial Officers (CFOs) are facing a “deadweight” economy that challenges an organisation’s ability to meet corporate performance expectations, according to analyst firm Gartner,...
RBI MPC member Ashima Goyal, ET BFSI
New Delhi, The Indian economy has started doing well even in an unsupportive global environment, as the Modi-led government implemented various reforms in the last nine years, resulting in improvements in key macroeconomic indicators, according to RBI Monetary Policy...
‘Economy gaining steam even as global growth slows’, ET BFSI
The Indian economy is gaining strength led by private consumption and public sector capital expenditure — even as global growth is losing momentum, RBI’s state of the economy report released on Monday said.“During the rest of the current decade as well as the next,...
RBI extends tenure of HDFC Bank MD Sashidhar Jagdishan by 3 years, ET BFSI
NEW DELHI: The country's biggest private sector lender HDFC Bank on Tuesday said the Reserve Bank has approved the re-appointment of its managing director Sashidhar Jagdishan for a period of three years with effect from October 27.Jagdishan was appointed the MD and...
Rise in global commodities a threat even as easing local vegetable prices cool inflation: RBI bulletin, ET BFSI
Mumbai: Even as easing vegetable prices have brought down retail inflation, risks are emerging from the global commodity markets as crude oil ruling above $90 per barrel poses a challenge, the latest state of the economy report published in the Reserve Bank of India...
S&P Global revises India’s FY24 growth forecast upwards to 6.6%; turns pessimistic on inflation, ET BFSI
India’s growth forecast was revised upwards to 6.6% for FY24 on the back of solid growth in the April-June quarter, S&P Global Market Intelligence said on Monday, marking a sharp revision from the 5.9% growth the analytics firm projected in August.But projected a...
Are banks closed for Ganesh Chaturthi? Check state-wise bank holiday list, ET BFSI
Banks will be closed in many states next week in observance of Ganesh Chaturthi (2023). Depending on the state, banks will be closed on 18, 19 and 20 for the festival.To ensure that customers are not inconvenienced and can plan their banking-related tasks accordingly,...
Tense diplomatic relations may not impact trade, investment ties between India, Canada: Experts, ET BFSI
NEW DELHI: The tense diplomatic relations between India and Canada are unlikely to impact trade and investments between the two countries as economic ties are driven by commercial considerations, according to experts. Both India and Canada trade in complementary...
Key points of women’s reservation bill, ET BFSI
NEW DELHI: Prime Minister Narendra Modi on Tuesday called on MPs to forget all past bitterness and start a new chapter, asserting that whatever they are going to do in the new complex, should be an inspiration for every citizen in the country.The Prime Minister said...
Inflation to trend down further in Sept riding on declining veg prices, improving monsoon, ET BFSI
India’s retail inflation is expected to trend down further in September as in the case of the upswing, the ebbing was driven by a reversal in the prices of vegetables. Hearteningly, the correction is not complete, RBI said in its report. It is to be noted that the...
Govt to provide up to 8% interest subsidy for Vishwakarma Yojana: FM, ET BFSI
NEW DELHI: Finance Minister Nirmala Sitharaman said the government will offer up to 8 per cent subsidy for loans given to artisans under the Vishwakarma Yojana launched by Prime Minister Narendra Modi on Sunday. The government has already made a provision of Rs 13,000...
India’s economic growth in FY24 to breach 6% on back of macroeconomic stability: MPC member, ET BFSI
India's economic growth will be above 6 per cent in the current fiscal as the country has managed to strengthen its macroeconomic stability and performance even in a period of large global shocks, RBI Monetary Policy Committee (MPC) Member Ashima Goyal said on Monday....
Global growth likely to slow in 2024, tighter financial conditions may prevail: RBI, ET BFSI
The Reserve Bank of India in its monthly bulletin flagged about looming concerns around a likely slowdown in global growth in 2024 after after outperforming expectations in 2023 so far. As such, tighter financial conditions may continue to prevail, it said."The global...
India’s e-commerce exports have a lot to complain about banking issues, ET BFSI
Expansion of India's e-commerce exports is being impeded by banking-related challenges, including a reluctance to process forex transactions through alternative channels and the imposition of high processing fees, the Global Trade Research Initiative (GTRI) said. To...
Eight per cent increase in white-collar hiring demand in April-June: Indeed, ET BFSI
The survey included data from 1,109 employers and 2,517 jobseekers or employees. The data covered many cities, sectors and big and small organisations.The information technology (IT) sector remained the preferred area for candidates looking for job opportunities...
FinMin says govt will provide up to 8% interest subsidy for Vishwakarma Yojana, ET BFSI
According to Finance Minister Nirmala Sitharaman, the government will provide a subsidy of up to 8 per cent for loans made to craftsmen as part of the Vishwakarma Yojana, which Prime Minister Narendra Modi unveiled on Sunday. In the Budget 2023–24, the government has...
As India gets closer to its GDP goal, experts warn of subdued nominal growth, ET BFSI
India may inch closer to its target of 6.5% real GDP growth in FY24, but economists contend that nominal growth may be lower than budgeted, challenging the fiscal math and pushing the target to become a $5 trillion economy by another year.Subdued wholesale inflation...
Parliament’s session may be short but is big on occasion, is of historic decisions: PM Modi, ET BFSI
New Delhi, Prime Minister Narendra Modi said on Monday that this Parliament session may be short in duration but is big on occasion, and is of "historic decisions". In his remarks to the media ahead of the five-day session, Modi noted that Parliament will move to the...
SoftBank left millions on the table to engineer a win for Masayoshi Son, ET BFSI
SoftBank Group Corp.’s Masayoshi Son, whose record on tech investing took a drubbing after flameouts like WeWork and DoorDash Inc. fueled a record $32 billion loss at its Vision Fund arm in the last fiscal year, was determined to turn the tide.So as he and the...
It’s time to be at Home, BFSI News, ET BFSI
“Housing wealth – the net equity held by households, consisting of the value of their homes minus their mortgage debt - is the most important source of wealth for all,” said Janet Yellen, the economist and former Chair of US Federal Reserve. Globally, real estate is...
G20 Finance Track will take up cryptocurrency, MDB reforms next, ET BFSI
Finance ministers and central bank governors of G20 nations will meet in Marrakech in October to deliberate over possible reforms at multilateral development banks (MDBs), crypto-asset regulations and the global economic outlook, economic affairs secretary Ajay Seth...
Tata Sons has to list by September 2025 under RBI norm, BFSI News, ET BFSI
MUMBAI: Tata Sons, the holding company of the $150-billion Tata Group, will have to be ready for a stock market listing by September 2025 with the RBI classifying it as an ‘upper-layer’ NBFC, which requires greater regulatory compliance.If Tata Sons gets listed, it...
Jet Airways chief Goyal petitions Bombay HC against ‘illegal arrest’, ET BFSI
MUMBAI: A day after the special PMLA court on Thursday remanded Jet Airways founder Naresh Goyal to 14-day judicial custody, till September 29, he petitioned the Bombay high court on Friday to challenge his arrest and remand orders as “unwarranted, arbitrary and...
Business insolvency in England and Wales jumps in August, BFSI News, ET BFSI
LONDON: Company insolvencies in England and Wales in August rose 19% year on year to the third highest level since monthly record started in January 2019, as firms grapple with rising costs and uncertain economic outlook, government data showed on Friday.The...
Finmin defends GDP growth estimates, BFSI News, ET BFSI
The finance ministry on Friday slammed a research report that claimed that India's 7.8% economic growth in the April-June quarter is overstated, as it defended the official estimates, saying if anything, the growth numbers might "understate the reality".This is...
India’s exports fall 6.8% in August; pace of decline slows, BFSI News, ET BFSI
An improvement in external demand helped contain the decline in India’s exports, as overall merchandise exports at $34.5 billion were just 6.8% lower from the previous year, compared to double-digit declines witnessed since the start of the year.“Green shoots in...
SAT stays Sebi’s order on Yes Bank’s former MD Rana Kapoor, ET BFSI
The Securities Appellate Tribunal (SAT) has granted an interim stay on a Sebi order that slapped a penalty of Rs 2 crore on Yes Bank's former MD Rana Kapoor in a case of mis-selling the private sector lender's AT1 bonds. Kapoor has been in jail since March 2020 in...
Congress prods SEBI to act against Adani firms, demands probe by JPC, ET BFSI
The Congress on Saturday questioned Securities and Exchange Board of India's (SEBI) move of not acting on money laundering allegations against "Adani-linked entities" and called for the formation of a joint parliamentary committee to discuss the issue during the...
India in talks with 22 countries for bilateral trade in Rupee: FM Sitharaman, ET BFSI
India is currently in discussions with around 22 countries for executing bilateral trade in Rupee, Finance Minister Nirmala Sitharaman said in a television interview on Friday."About 22 countries are negotiating and approaching us to see if bilateral trade can be held...
India wants World Bank to change how Logistic Performance Index is calculated, ET BFSI
India will urge the World Bank to reconsider how this multilateral agency tabulates the widely popular Logistic Performance Index (LPI). Speaking to journalists in New Delhi, Special Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Sumita...
Sri Lanka’s economy shrank 3.1% in Q2 amid financial crisis, BFSI News, ET BFSI
Sri Lanka's economy shrank 3.1% in the April-June quarter, official data showed on Friday, as the country struggles to claw out of its worst financial crisis in decades.The downturn was driven by high inflation, a depreciating currency and lower purchasing power, the...
IFC hails G20 declaration’s emphasis on digital public infrastructure, says key for SME expansion, ET BFSI
IFC Vice President for Industries, Mohamed Gouled has commended India's leadership at the G20 for its strong emphasis on the significance of digital public infrastructure (DPI) in achieving financial inclusion. He is currently on a two-day official visit to India.The...
SAT stays Sebi’s order on Yes Bank’s former MD Rana Kapoor, ET BFSI
The Securities Appellate Tribunal (SAT) has granted an interim stay on a Sebi order that slapped a penalty of Rs 2 crore on Yes Bank's former MD Rana Kapoor in a case of mis-selling the private sector lender's AT1 bonds. Kapoor has been in jail since March 2020 in...
Global economy to weaken in coming year but economists confident of India’s growth: WEF study, ET BFSI
NEW DELHI: Most economists expect the global economy to weaken in the coming year amid political and financial volatility, but a large majority of over 90 per cent are confident of moderate or strong growth in South Asia, notably India, a survey showed on Friday. At...
Jet Airways founder Naresh Goyal sent to 14-day judicial custody, ET BFSI
Mumbai, A court here on Thursday remanded Jet Airways founder Naresh Goyal to 14-day judicial custody in a money laundering case linked to an alleged fraud of Rs 538 crore at the Canara Bank. The Enforcement Directorate (ED) arrested Goyal on September 1 under the...
September rains in agricultural regions a good omen for cooling inflation, ET BFSI
A better monsoon in September for key agricultural regions has raised hopes that food inflation may ease, with higher precipitation helping the two major kharif crops, rice and soya bean, that have seen an increase in the area sown. A sharply deficient August created...
Wholesale inflation dips for fifth month to 0.5% in August, BFSI News, ET BFSI
Wholesale inflation declined for the fifth consecutive month in August to 0.52% from 1.4% in July providing further comfort to the Reserve Bank of India to hold rates ahead of the RBI's Monetary Policy Committee in early October, experts said."With fall in commodity...
China economic data show signs slowdown may be easing, as central bank acts to support growth, ET BFSI
China's factories picked up their pace and retail sales also gained momentum in August, the government reported Friday, suggesting the economy may be gradually recovering from its post-pandemic malaise. However, despite busy activity in restaurants and stores, the...
G20 Sfwg Meet Finalises Sustainable Finance Report, ET BFSI
Varanasi: The fourth and the last meeting of G20 Sustainable Finance Working Group (SFWG) held under India’s G20 presidency successfully concluded after finalising sustainable finance report and roadmap here on Thursday.The two-day meeting witnessed proactive...
US consumer inflation ticks up in August on gasoline prices, BFSI News, ET BFSI
Washington, Sep 13, 2023 -Consumer inflation in the United States rose for a second straight month in August, the government reported Wednesday, putting the heat on policymakers as they work to lower prices.The consumer price index (CPI), a key inflation gauge, jumped...
Creditors to IL&FS Tamil Nadu Power reject NARCL’s offer, BFSI News, ET BFSI
Mumbai: The Committee of Creditors for IL&FS Tamil Nadu Power Company (ITPCL), a consortium of 17 banks led by Punjab National Bank, have turned down a proposal from the National Asset Reconstruction Co (NARCL) to acquire the debt of ₹9,000 crore and is moving...
India’s wholesale inflation rate in negative category for 5th straight month, WPI down 0.52% in Aug, ET BFSI
Wholesale inflation in India decelerated by 0.52 per cent on an annual basis in August after declining 1.36 per cent in July, Department for Promotion of Industry and Internal Trade (DPIIT) data showed on Thursday. With this, the wholesale inflation rate has remained...
Fitch retains India’s growth forecast for FY’24 at 6.3 pc, flags inflation risks, ET BFSI
New Delhi, Fitch Ratings on Thursday retained India's growth forecast for the current fiscal at 6.3 per cent saying the Indian economy continues to show resilience despite tighter monetary policy and weakness in exports, but upped year-end inflation projection on El...
MasterCard appoints former SBI chief Rajnish Kumar as chairman, ET BFSI
On Thursday MasterCard India Appointed Rajnish Kumar, the former leader of State Bank of India (SBI), as its chairman in a non-executive advisory role.Kumar has nearly four decades of service with the largest lender in the country and has held a wide range of...
Credit growth to moderate to 13.2 pc in FY24; NPAs will improve further: Icra, ET BFSI
Mumbai, Credit growth in the banking system's will moderate to 12.1-13.2 per cent in the current fiscal from 15.4 per cent in the year-ago period, a domestic rating agency said on Thursday. Asset quality improvement will continue, while the Gross Non-Performing Assets...
Russia’s exclusion to give India more play in bond index, draw big money, ET BFSI
Mumbai: Odds are shortening that Indian sovereign debt will be included in JP Morgan's emerging market bond index after this month's scheduled rebalancing of the gauge seeks to fill the vacuum created by Russia's exclusion, potentially lowering borrowing costs in the...
India’s ONDC links with Singapore’s Proxtera to facilitate cross-border trade, ET BFSI
Whenever India does something good, Singapore doesn't stop, it just connects. For UPI also we were the first to connect outside India and for ONDC also we are doing it first, said Sopnendu Mohanty, Chief Financial Officer, Monetary Authority of Singapore setting the...
Rbi Events To Promote Finance Literacy Begin, BFSI News, ET BFSI
Varanasi: In the run-up to the G20 fourth Sustainable Finance Working Group meeting being organised here under India Presidency, the Reserve Bank of India, Lucknow is also holding various domestic outreach and Jan Bhagidari (JB) programmes in the city. The series of...
India growth may moderate in Q3 while China property slump casts shadow on global prospects: Fitch, ET BFSI
India's growth pace is likely to moderate in the third quarter, even as the economy continues to show resilience despite tighter monetary policy and weakness in exports, Fitch Ratings said today.The global rating agency left India's fiscal 2024 growth aim unchanged at...
‘g20 Trade Boost To Up Lending Biz’, BFSI News, ET BFSI
Kolkata: Indian banks might have an advantage of meeting an enhanced trade finance requirement of Indian corporates and the MSME (micro, small and medium enterprises) sector as the country’s foreign trade with G20 nations is expected to get a big boost, said Shekhar...
Adani in talks with banks to refinance debt taken on to fund Ambuja Cements purchase, ET BFSI
Adani Group is in talks with banks to refinance debt taken on to fund its purchase of Ambuja Cements Ltd, with lenders divided into three categories in what could be one of Asia's largest syndicated loan deals of the year.Banks are likely to refinance a total of $3.5...
Google McKinsey report, ET BFSI
New Delhi, The integration of AI with digital solutions is set to enable India's BFSI sector to unlock access to its entire spectrum of products for over 700 million internet users in the country, according to a Google and McKinsey report. Around 87 per cent of...
Reserve Bank of India may find little comfort in easing inflation, ET BFSI
The Reserve Bank of India won't lower its guard yon last month's weaker inflation pace as lingering weather concerns can lift prices again, according to economists. The consumer price index rose 6.83% in August, slowing from July's pace and coming in lower than...
BFSI firms’ leases large office spaces across major markets, BFSI News, ET BFSI
After a 2-year hiatus, the BFSI sector has made a robust comeback, with major global and domestic firms securing significant office space leases in the last six months.Recent transactions include Northern Trust securing 4.7 lakh sq ft in Bangalore, HDFC acquiring 8...
Financial experts highlight key outcomes of G20 leaders’ meet, ET BFSI
Varanasi: On the eve of the two-day 4th G20 Sustainable Finance Working Group (SFWG) Meeting commencing here on Wednesday, Reserve Bank of India (RBI) officials and experts from financial institutions took part in a domestic outreach event on 'G20 sustainable finance...
Zaggle IPO to open on Sept 14, price fixed at 156-164 per share, ET BFSI
Hyderabad: After a successful 98 crore pre-IPO (initial public offering) placement last month, Hyderabad-based spends management player Zaggle Prepaid Ocean Services Ltd has now fixed a price band of 156-164 per share of 1 each for its 564 crore IPO that will open on...
US alone accounted for 17 percent of FDI in FY’23, BFSI News, ET BFSI
The United States was the largest source of foreign direct investment -FDI - in India in 2022-23, a census of foreign assets and liabilities of firms having both inward and outward liabilities conducted by the Reserve Bank of India showed. The census results showed...
Inflation moderates to 6.83% in August after surging 7.4% in July, ET BFSI
Retail inflation in India moderated to 6.83 per cent in August on an annual basis after surging to 7.4 per cent in July, government data showed on Tuesday. Analysts had expected inflation to remain high in September due to rising cereal prices.Food price inflation...
How BFSI sector making LGBTQ community financially inclusive?, ET BFSI
India has been proactive in including the same sex audiences in every section of the society. Within the realm of the Banking and Financial Services Industry (BFSI), a transformative narrative is taking shape—one that places emphasis on inclusivity, diversity, and...
RBI leads re-rating India, BFSI News, ET BFSI
The top rating of A+ for RBI governor Shaktikanta Das by Global Finance magazine, comes at a time when India's sovereign rating is stuck at the lowest rung of the investment grade, as announced by all three major rating agencies. The low country or sovereign rating...
Ajay Banga, President, World Bank, ET BFSI
India has got a lot of things right, World Bank president Ajay Banga said in an interview with ET, adding that he's more optimistic about the country economically than he was 20-30 years ago. Banga, who was in Delhi for the G20 summit, spoke about the changing vision...
Finance minister, World Bank to work closely to create market structure from CSR demand side for maximising social impact, ET BFSI
New Delhi, The World Bank and the finance ministry on Sunday agreed to work closely to create a markstructure from the CSR demand side for maximising social impact. World Bank President Ajay Banga, who was in Delhi to attend the G20 Leaders' Summit, on Sunday met...
A defunct mall offers hope for future’s creditors, BFSI News, ET BFSI
Even as lenders to Kishore Biyani's Future Group struggle to recoup their losses from the debt-laden retailer, there could be some hope of recovery from a defunct mall in south Mumbai controlled by the Biyani family. Lenders to Bansi Mall Management Co (BMMCPL), which...
ADB commits concessional loan to India under Green Financing facility, ET BFSI
The Asian Development Bank (ADB) on Sunday assured India to provide concessional loans under the Green Financing facility to help in achieving its vision. ADB President Masasugu Asakawa, who is in Delhi to attend the G20 Leaders' Summit, on Sunday mFinance Minister...
G20’s Delhi Declaration goes as far as it can on global issues, says CEA V Anantha Nageswaran, ET BFSI
The G20 New Delhi Leaders' Declaration, under the prevailing global circumstances, goes as far as it can in recognising and comprehensively dealing with diverse global challenges, chief economic advisor V Anantha Nageswaran has said. The Indian G20 presidency has...
A $100 Million global demo day for Startups, ET BFSI
9Unicorns, a prominent multistage accelerator VC fund in India, has officially announced the upcoming launch of DDay 4, marking its fourth consecutive demo day scheduled for October 5, 2023.Based in Mumbai, this venture capital firm boasts a portfolio that includes...
DPIIT secretary Rajesh Kumar Singh, ET BFSI
New Delhi: The government is looking at further easing foreign direct investment (FDI) norms in the space sector to attract overseas players, a top official said on Monday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar...
India, UK for early conclusion of free trade pact, BFSI News, ET BFSI
NEW DELHI: India and the UK on Monday expressed their commitment to an early conclusion of the free trade agreement (FTA) between the two countries.Addressing a joint press conference with UK Chancellor of Exchequer Jeremy Hunt, Finance Minister Nirmala Sitharaman...
Gold edges higher on dollar dip; investors eye US inflation data, ET BFSI
Gold prices started the week on a firm footing on Monday, supported by a retreat in the dollar, as investors awaited U.S. inflation data due this week that would indicate the Federal Reserve's next interest rate move.FUNDAMENTALS* Spot gold was up 0.1% at $1,919.52...
As Delhi G20 Summit ends, Prime Minister Modi pitches for expansion of UNSC’s permanent membership, ET BFSI
Prime Minister Narendra Modi said data and technology need to be shared as part of a human-centric approach to growth during his address at the third session of the G20 summit in Delhi on Sunday. He also sought expansion of the United Nations Security Council's...
Lula da Silva, ET BFSI
Brazilian President Luiz Inacio Lula da Silva on Monday said that Brazil will put the inequality issue as the core issue during the G20 Summit under its Presidency and said it was a huge challenge for Brazil to take over the G20 presidency."We will put inequality at...
India hands over G20 presidency to Brazil for 2024, BFSI News, ET BFSI
Prime Minister Narendra Modi on Sunday handed over the G20 presidency to Brazilian President Luiz Inacio Lula da Silva on the second day of the two-day summit in New Delhi.Brazil officially will take over the mantle of the presidency of the elite grouping on December...
Propose to hold a virtual session in Nov to review subjects of G20 summit: PM Modi, ET BFSI
Officially announcing the closure of the G20 Summit in New Delhi, Prime Minister Narendra Modi on Sunday proposed holding a virtual session in November this year to review the subjects proposed during the meeting."India has the responsibility of G20 presidency till...
G20 for urgently, effectively addressing debt vulnerabilities in developing countries, ET BFSI
The leaders of G20 nations on Saturday agreed to urgently and effectively address debt vulnerabilities in developing countries, including Zambia, Ghana and Sri Lanka. Debt vulnerability-related issues of three countries -- Zambia, Ghana and Ethiopia -- are addressed...
G20 Finance Ministers, Central Bank Governors to discuss crypto-asset framework in October, ET BFSI
G20 members on Saturday reached a consensus on the New Delhi Leaders' Declaration including key financial parameters like Building Digital Public Infrastructure, Digital Economy, Cryptoassets, and CBDC, among others. One of the key aspects that everyone was eyeing was...
Consensus reached at G20, ‘New Delhi Leaders Declaration’ adopted: PM Modi, ET BFSI
Indian Prime minister and host of G20 Summit Narendra Modi has said on Saturday that the body had reached consensus on its leaders' declaration and announced its adoption."I have received good news. Due to the hard work of our team, consensus has been built on New...
Key takeaways from G20 Summit 2023 consensus, ET BFSI
Under India’s Presidency, G20 on Saturday reached a consensus on ‘New Delhi G20 Leaders' Summit Declaration’ and announced its adoption.Among the key issues discussed at the meeting were building Digital Public Infrastructure, Digital Economy, Cryptoassets, CBDC,...
All you need to know about it, ET BFSI
NEW DELHI: It's official now. After trying to get a seat at the the G20 table for many years, the African Union formally assumed its position as a new member of the G20 on Saturday, following an invitation from the summit host, Prime Minister Narendra Modi. It is the...
Modi and Sunak’s bilateral meet begins, ET BFSI
World leaders assembled in New Delhi as India plays host at the G20 Summit. India took over the G20 presidency on December 1 last year and organized approximately 200 meetings related to the G20 in 60 cities across the nation. World leaders, including US President Joe...
PM Narendra Modi greets world leaders at Bharat Mandapam, ET BFSI
Prime Minister Narendra Modi on Saturday welcomed his counterparts from Bangladesh, Australia, Canada and Mauritius among others at the Bharat Mandapam venue at Pragati Maidan where India is hosting the long G20 Summit. PM Modi welcomed Canadian counterpart Justin...
World Bank’s G20 document on India’s DPI testament to rapid progress and innovation: PM Modi, ET BFSI
Prime Minister Narendra Modi on Friday cited a G20 report prepared by the World Bank to highlight that India has achieved in just six years financial inclusion targets that would otherwise have taken at least 47 long years. "India's leap in financial inclusion,...
Big headway on crypto assets likely under India’s Presidency, BFSI News, ET BFSI
During the ongoing summit in Delhi, the G20 leaders are set to deliberate on more effective regulation of crypto assets, recognising the need for collaborative efforts in regulating these digital assets. India's G20 presidency is poised to leave a significant mark on...
FM holds bilateral meeting with US Treasury Secretary, discusses G20 priorities, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Friday held a bilateral meeting with US Treasury Secretary Janet Yellen and discussed G20 priorities. The bilateral meeting took place a day ahead of the G20 Leadership Summit beginning on Saturday here. "FM Smt....
Inclusive growth, climate finance among G20 priorities under India’s presidency: Amitabh Kant, ET BFSI
India's G20 presidency has focussed on six priorities, including accelerated and inclusive growth, climate finance, digital public infrastructure and reforming the multilateral development institutions for the 21st century, the country's G20 Sherpa Amitabh Kant said...
Online gig work is growing rapidly, but workers lack job protections, a World Bank report says, ET BFSI
Online gig work is growing globally, particularly in the developing world, creating an important source of employment for women and young people in poorer countries where jobs are scarce, according to a World Bank report released on Thursday. The report estimates the...
Reliance partners with Nvidia for developing AI infra in India, ET BFSI
Mukesh Ambani-owned Reliance Industries has tied up with US-based chipmaker Nvidia to develop India's own foundation large language model trained on the south Asian country's diverse languages and tailored for generative AI applications.In a statement, Nvidia said...
Demand lull amidst BFSI bite, mega deals to provide solid base: Infosys, ET BFSI
The overall demand environment for IT companies continues to be weak indicates an internal report by Kotak Institutional Equities quoting the management of India's second largest firm Infosys. However, Infosys said recently won mega deals will provide a strong growth...
G20 document prepared by World Bank lauds India’s progress under PM Modi’s leadership, ET BFSI
NEW DELHI: The World Bank has lauded India's progress under Prime Minister Narendra Modi's leadership ahead of the G20 Summit being held in New Delhi. A document prepared by the World Bank for G20, has highlighted the pivotal role of DPIs (Digital Public...
India’s G20 Presidency at crucial moment of global economy: OECD Sherpa, ET BFSI
OECD Sherpa to the G20 Andreas Schaal called India a "fantastic host" for the world. He stated that India has taken the G20 Presidency at a crucial moment of the global economy in which the world needs sustainable resilient growth.India is hosting the G20 Leaders...
India needs to grow at 8-9 pc for 20 years to become developed country by 2047: Deloitte, ET BFSI
New Delhi, India needs to grow at 8-9 per cent for the next 20 years to become a developed nation by 2047 as envisioned by Prime Minister Narendra Modi, Deloitte South Asia Ceo Romal Shetty said. He said India can benefit from the 'China plus one' strategy as no other...
G20 Summit may see a common framework for crypto assets, BFSI News, ET BFSI
This framework will consider a wide range of risks and also address the ongoing global implementation of Financial Action Task Force (FATF) standards to combat money laundering and terrorism financing risks.The G20 Summit, taking place under India's presidency, is...
US wants G20 to help reshape multilateral development banks like IMF and World Bank, ET BFSI
Washington, The US wants the G20 countries to help reshape and scale up multilateral development banks like the International Monetary Fund and the World Bank, a top White House official has said. White House National Security Council Coordinator for Strategic...
Barclays, BFSI News, ET BFSI
A majority government post the 2024 general elections may pivot India towards a higher 8% growth, which will help overtake China as the biggest contributor to global growth, according to the latest Barclays research."India is sto remain the fastest-growing major...
India inflation likely cooled in August, but still above RBI target range, ET BFSI
BENGALURU - Inflation in India was likely to have eased in August from a 15-month high in July, led by cooling vegetable prices, but held above the upper end of the Reserve Bank of India's 2%-6% target for a second month, a Reuters poll found.Erratic monsoon rains...
RBI Guv Shaktikanta Das, ET BFSI
Monetary policy measures are taken with future projections of inflation and growth rather than data of the past, Reserve Bank of India Governor Shaktikanta Das said, highlighting that recent inflation numbers would weigh less than what it expects to be in the medium...
RBI resisted govt push for Rs 3 lakh cr transfer in 2018 ahead of elections: Viral Acharya, ET BFSI
New Delhi, The Reserve Bank (RBI) resisted a "raid" planned by some in the government to extract Rs 2-3 lakh crore from its balance shein 2018 to meet populist spending in run-up to general elections, Viral Acharya, who was deputy governor at RBI at that time, has...
China’s exports and imports fall in August as weak global demand keeps its economy under pressure, ET BFSI
Hong Kong, Sep 7 (AP) China's exports and imports both fell in August from a year earlier, reflecting tepid global demand that is adding to pressures on its slowing economy. Customs data released on Thursday showed exports for August slumped 8.8 per cent to USD 284.87...
UIDAI unveils Aadhaar innovations at Global Fintech Festival 2023, ET BFSI
NEW DELHI: The Unique Identity Authority of India (UIDAI) made an appearance at the Global Fintech Festival (GFF) 2023 in Mumbai on Wednesday, where it showcased significant product enhancements and collaborative initiatives under the theme of "Reimagine...
India’s G20 presidency strives to bridge divides, sow seeds of collaboration: PM Modi, ET BFSI
New Delhi, Asserting that India's G20 presidency became a people-driven movement, Prime Minister Narendra Modi has said its leadership of the bloc has striven to bridge divides, dismantle barriers and sow seeds of collaboration that nourish a world where unity...
Family offices, ultra-HNIs set to drive private credit market in India: Survey, ET BFSI
Demand for private credit will hinge on stress-related, special situations, and capex financing for the present period and the next one to two years, says an EY report. Family offices, Ultra-High-Net-Worth Individuals (UHNWIs), and High-Net-Worth Individuals (HNWIs)...
India is “right country” at “right time” to hold G20 presidency:UK PM Rishi Sunak, ET BFSI
India's diversity and its extraordinary successes means it is the "right country" at the "right time" to hold the G20 presidency, British Prime Minister Rishi Sunak said on Wednesday, as he hailed Narendra Modi's leadership over the last year, noting that India's...
FinMin tightens PMLA rules, brings partners with 10% stake under its purview, ET BFSI
The finance ministry has tightened the anti-money laundering rules by bringing in partners holding 10 per cent stake in a firm, as against 15 per cent earlier, under the definition of beneficial owners. The ministry has amended the Prevention of Money-laundering...
India’s growth is sustainable; economy strong enough to weather high US rates, says CEA V Anantha Nageswaran, ET BFSI
India's economy is strong enough to weather high US interest rates, chief economic adviser V Anantha Nageswaran tells Deepshikha Sikarwar and Vinay Pandey in an interview. The medium-term risk for the country is securing energy supplies while the merchandise trade...
Ensure Nomination To Tackle Unclaimed Deposits, BFSI News, ET BFSI
MUMBAI: Finance minister Nirmala Sitharaman has urged banks and capital market institutions to ensure all accounts have a nomination to address concerns over rising unclaimed deposits and investments due to death of individuals. The FM’s statement comes four months...
GDP share of six new members being added to BRICS to be just 11 per cent: Report, ET BFSI
GDP share of the six new members, being added to the five-member BRICS grouping of emerging economies from January, will be just 11 per cent, with Saudi Arabia's contribution the highest at 4 per cent, an analysis shows. The proposed addition of Argentina, Egypt,...
RBI to highlight digital payments infrastructure at the Summit, ET BFSI
The G20 Summit is this week and Delhi is decking itself up to host the guests and delegates. The Reserve Bank of India (RBI) will highlight its digital payments infrastructure at the forthcoming G20 summit, with central bank digital currency (CBDC) and public tech...
India’s G20 summit will ‘show world’s major economies can work together even in challenging times’: White House, ET BFSI
WASHINGTON: The United States hoped that the G20 Summit, under India's presidency, would show the world's major economies can work together even in challenging times, a White House official said on Tuesday. National Security Advisor of the US, Jake Sullivan in a...
Nilesh Shah denies rumours of leaving Kotak MF to join Jio BlackRock, ET BFSI
NEW DELHI: Dalal Street's veteran fund manager Nilesh Shah on Wednesday denied rumours floating on social media claiming that he has resigned from Kotak Mahindra AMC and will join as CEO of the yet-to-be-launched Jio BlackRock Mutual Fund."There is absolutely no truth...
‘Food price shocks a risk to anchoring inflation’, ET BFSI
RBI Governor Shaktikanta Das NEW DELHI: The incidences of recurring food price shocks pose a risk to the anchoring of inflation expectations, which has been underway since September 2022 and of which the central bank will remain watchful, RBI governor Shaktikanta Das...
India’s journey to $30 trillion GDP future, ET BFSI
In a momentous achievement, India etched its name in history on August 23rd, 2023, by becoming the first country to reach the southern pole of the Moon with the successful Chandrayaan 3 mission. Joining an exclusive league, India stands as the fourth nation to land on...
Finance Ministry starts preparations; seeks inputs from various ministries, ET BFSI
Ahead of Lok Sabha polls which are due early next year, the process to prepare the interim Budget for 2024-25 has been commenced by the Ministry of Finance. It invited inputs on expenditure from different ministries and departments. However, the full Budget for the...
RBI Guv Shaktikanta Das, ET BFSI
Speaking at the G20 TechSprint Finale on Monday, the Reserve Bank of India (RBI) Governor Shaktikanta Das highlighted the need for bringing in solutions to tackle the key challenges to existing cross border payments including high cost, low speed, limited access and...
How corporate and citizen model took National Pension Scheme AUM past Rs 10 lakh crore, ET BFSI
The National Pension System (NPS) has achieved a significant milestone, with its assets under management (AUM), including the funds allocated to the Atal Pension Yojana (APY), reaching Rs 10 lakh crore on August 25, according to the Pension Fund Regulatory and...
At over Rs 5 lakh crore, vehicle loans see record surge in Q1; festive boost eyed, ET BFSI
Vehicle sales are hitting record highs with record sales. As vehicle sales record highs in the first quarter, loans too are surgingVehicle loans surpassed the Rs 5 lakh crore mark in June, growing by 23 percent to hit Rs 5.23 lakh crore in June, compared to the same...
India on track to become solid global player due to strong financial regulations, say experts, ET BFSI
Kerala: India is on the path to become a solid global player due to robust financial regulations, financial experts, including RBI Deputy Governor M Rajeshwar Rao, have said. The RBI Deputy Governor said India was in a "sweet spot" to grow robustly, despite global...
China slowdown means it may never overtake US economy, forecast shows, ET BFSI
WASHINGTON/BEIJING: China is no longer set to eclipse the US as the world’s biggest economy soon, and it may never consistently pull ahead to claim the top spot as the nation’s confidence slump becomes more entrenched. That’s according to Bloomberg Economics, which...
FSB to G20 leaders, ET BFSI
Ahead of the G20 Summit here, Switzerland-based Financial Stability Board (FSB) on Tuesday warned that higher interest rates alongside a slowing growth outlook, could impair the capacity of borrowers to service historically high levels of debt. The FSB has published...
India’s G20 Presidency brings global consensus on digital public infra: Rajeev Chandrasekhar, ET BFSI
Union minister of state for information technology Rajeev Chandrasekhar Outlining key achievements of India during the #G20 Digital Economy Ministers’ Meeting, Union minister of state for tech, Rajeev Chandrasekhar on Tuesday said that it was for the first time that a...
Mashreq appoints Norman Tambach as Group CFO, BFSI News, ET BFSI
Mashreq appoints Norman Tambach as Group CFO Mashreq, a financial institution in the MENA region, has appointed Norman Tambach as Group Chief Financial Officer ( CFO).In his new role, Norman will be responsible for playing a crucial part in supporting the future...
RBI Central Board reviews global, domestic economic situation, ET BFSI
The Central Board of Directors of the Reserve Bank of India on Friday reviewed the global and domestic economic situation and associated challenges, including the impact of current global geopolitical developments. The 603rd meeting of the Board, chaired by Governor...
BFSI HR heads bank on generative AI, ChatGPT to stay ahead in the game, ET BFSI
HR heads in BFSI firms are banking on Artificial Intelligence and new technologies to give an edge to their operations"This is a machine versus machine era. On one side, I am using AI to select the best candidate resume and on the other, the candidate is creating...
Indian economy off to a good start in September quarter, govt maintaining FY24 GDP target of 6.5%: CEA Nageswaran, ET BFSI
India's chief economic advisor V. Anantha Nageswaran termed the first quarter GDP growth of 7.8% as a "good number" and said that the government is comfortable maintaining GDP growth target of 6.5% for FY24. He was addressing the media after government released...
Leveraging information collateral to bring more people firms in credit fold, say govt finance honchos, ET BFSI
Bringing the non-GST small firms into the credit fold and disrupting working capital is important to break the digital divide in the country, according to senior government finance honchos.At a panel discussion on 'Democratising Digital Innovation-Government Way' at...
Tn Will Play Major Role In Turning India Into $30tn Economy: Goyal, ET BFSI
Coimbatore: Union minister for textiles, commerce and industry Piyush Goyal on Thursday said Tamil Nadu, which accounts for 30% of the country’s total textile output, would be a significant player in turning India into a $30 trillion economy in 30 years from now. The...
Europe’s inflation held steady in August as European Central Bank keeps an open mind on rates, ET BFSI
Frankfurt, Aug 31 (AP) Annual inflation held steady in Europe in August as food prices raced ahead of falling fuel costs, but there was no clarity about whether the European Central Bank can pause its record series of interest rate hikes. The consumer price index for...
NSO shows 7.8% GDP growth in Q1FY24, surges to four-quarter high, ET BFSI
India GDP growth: As per the official data released by the National Statistical Office (NSO) on Thursday, India's gross domestic product (GDP) has surged by 7.8% in the first quarter of current fiscal year (Q1FY24), compared to 6.1% in the previous January-March...
India’s April-July fiscal deficit at Rs 6.06 lakh crore, widens on-year to 33.9% of FY24 aim, ET BFSI
India's fiscal deficit for the first four months of this fiscal year through July stood at 6.06 lakh crore rupees, or 33.9% of annual estimates, government data showed today.The fiscal deficit widened from 20.5% reported in the comparable year-earlier period.The wider...
India’s GDP grows to four-quarter high of 7.8 per cent in Q1 FY24, ET BFSI
India’s GDP surged to a four-quarter high of 7.8 per cent in April to June (Q1) quarter of FY24 on an annual basis, data released by the National Statistical Office (NSO) showed on August 31, 2023.The growth can be attributed to central and state governments opening...
ED flags suspicious activities by 16 entities, including one private Indian bank, in Adani case, ET BFSI
Days after markets regulator SEBI submitted the status of its probe in the Adani-Hindenburg matter to the SC, reports say that the ED has investigated links of an Indian private bank and 15 more entities in the case related to short selling of Adani group companies'...
India’s Q1 GDP growth may hit one-year high banking on capex spike, services activity: Economists, ET BFSI
India's economy in April to June likely grew at the fastest pace in a year, bolstered by central and state governments opening up their wallets for capex, stronger consumption demand and higher activities in the services sector, according to some economists.A median...
China banks to cut rates on mortgages and deposits in stimulus to economy, ET BFSI
China's state banks are throwing nearly all they have at seeking to boost consumer spending, directed by policymakers who are digging deeper into their toolkit to shore up growth in the world's second-largest economy.As soon as Tuesday, China may announce that the big...
Private sector capex has taken off, says Finance Minister Nirmala Sitharaman, ET BFSI
India's private sector has started to invest, and the economy will do well in the coming quarters, finance minister Nirmala Sitharaman said, while exuding confidence that India will be able to manage the spillovers of high US interest rates.In a freewheeling interview...
Digital Inclusion and Transformation, ET BFSI
We are living in an era where over 80% of Indians have a bank account and around 76% of transactions of the total GDP are happening digitally. Also, there are reports saying that soon the UPI will reach $1 billion in transactions per day in India.Earlier, big...
Why MSMEs are reluctant to get insurance coverage despite the advantages, ET BFSI
Insurance cover is essential for MSMEs because of their limited appetite to absorb risks such as payment defaults. The supply chain crisis, geopolitical issues, inflation, economic slowdown, and other such issues have only increased the risks around exports in the...
What’s causing China’s economic slowdown and its global impact, ET BFSI
China's economic slowdown, which started in April, 2023, is a clear indication that the country's post-Covid recovery is running out of steam. Concerns for the world's second largest economy has further intensified last month after the country reported weaker than...
Aadhaar-based Payment System reviewed, NACH and ABPS route of wage payment extended till Dec ‘23, ET BFSI
The ABPS typically uses the Aadhaar number to identify beneficiaries for fund transfer, while the NACH uses their bank account details.The progress of the Aadhaar-based Payment System (ABPS) has been reviewed and the mixed route of wage payment (NACH and ABPS route)...
India’s rate setters become cautious of surging food prices, ET BFSI
The Reserve Bank of India must ensure there’s no spillover from the surge in food prices, two monetary policymakers said, as the odds for a rate hike begin to build with inflation at a 15-month high.The central bank is targeting to keep inflation between 2% and 6% but...
DEWG’s 5 key digital economy initiatives, BFSI News, ET BFSI
- Riddhima GuptaThe Digital Economy Working Group (DEWG), which fosters dialogue among international experts and delegates from G20 member nations has focused on three main areas under India's presidency.These meetings spanning across Indian cities, including Lucknow,...
India inflation to stay above 6% target until October at least: economists, ET BFSI
India's inflation rate will remain above the Reserve Bank of India's upper tolerance band of 6% at least until October, according to a Reuters poll of economists who sharply upgraded their price-rise forecasts for this quarter.Consumer prices in Asia's third-largest...
“Insolvency and Bankruptcy Code a crucial milestone in the economic reforms”: PM Modi, ET BFSI
Stressing that the Insolvency and Bankruptcy Code, implemented in 2016, is a crucial milestone in the economic reforms, Prime Minister Narendra Modi on Saturday said that India, which used to be counted among the "Fragile Five" economies, is now being considered a...
Brookfield will invest more in range of India opportunities, says Mark Carney, ET BFSI
Brookfield is looking to grow its $25-billion asset portfolio in the country further, said former central banker Mark Carney, also the UN Special Envoy for climate action and finance. The chair of Brookfield Asset Management and head of transition investing at the...
Top Jio Financial highlights from Mukesh Ambani’s address at the Reliance AGM, ET BFSI
Delighted to introduce the newest group company, Reliance Industries Limited (RIL) chairman Mukesh Ambani on 28 August, 2023 explained the basic mission of Jio Financial Services, which has been conceptualised to fill a critical gap in the financial services needs of...
G20 economies need to invest $35 trillion more to achieve net-zero, says study, ET BFSI
NEW DELHI:G20 economies would need to invest about an estimated $35 trillion this decade, over and above the current spending, to be on track to reach net zero greenhouse gas emissions by 2050, a study by McKinsey said.“While G20 economies have made tangible progress...
RIL Board recommends appointment of Isha Ambani, Akash Ambani and Anant Ambani on the Board of Directors, ET BFSI
The Board of Directors of RIL, at its meeting held today, on the recommendation of the Human Resources, Nomination and Remuneration Committee, considered and recommended to the shareholders for approval of appointment of Isha Ambani, Akash Ambani and Anant Ambani as...
MPC member Jayanth Varma, ET BFSI
The ongoing phase of high inflation will not last beyond a few months as monetary policy is tight enough to keep food price shocks from feeding into broader price pressures, said Jayanth Varma, external member of the Monetary Policy Committee (MPC). In an interview to...
Export gloom deepens, Euro area activity retrenches, ET BFSI
The contraction in euro area business activity deepened this month, most notably in Germany where the decline was the steepest since the pandemic brought the economy to a screeching halt in May 2020.France reported a third monthly drop in output, while the rest of the...
Global inflation pressures could become harder to manage in coming years, research suggests, ET BFSI
Rising trade barriers. Aging populations. A broad transition from carbon-spewing fossil fuels to renewable energy. The prevalence of such trends across the world could intensify global inflation pressures in the coming years and make it harder for the Federal Reserve...
