Industry
Domestic demand to keep India’s growth above other G20 emerging markets: Moody’s, ET BFSI
New Delhi: Global rating agency Moody's expects India's economic growth in 2024-25 growth above that of other emerging market G20 peers, given its domestic demand managed to sustain momentum.India's real GDP growth accelerated to 8.4 per cent year over year in the...
CDPQ appoints Deloitte S Asia’s former CEO Venkatram as country chair, ET BFSI
Caisse de dépôt et placement du Québec (CDPQ), a leading global investor and one of Canada's largest pension funds, has appointed N Venkatram (Venkat) as Country Chair for CDPQ India.Venkat served as CEO & Managing Partner of Deloitte South Asia during 2015-2023...
Bangladesh, Sri Lanka, number of other countries want to start rupee trade with India: Goyal, ET BFSI
New Delhi: Many developed and developing countries including Bangladesh, Sri Lanka, and nations of the Gulf region are keen to start trade in rupee with India as it would help cut transaction costs for businesses, Commerce and Industry Minister Piyush Goyal has said....
The death of the WTO now looks inevitable, BFSI News, ET BFSI
At one point, last week’s 13th biennial conference of the World Trade Organization looked as though it might be the last. Talks dragged fruitlessly into the weekend, and outright collapse seemed likely. At the last minute, an effigy of a deal was done. Almost entirely...
India not to tailor policy for Tesla; EV maker as also other global players welcome in India: Goyal, ET BFSI
NEW DELHI: India will not tailor its policies to suit US EV maker Tesla, and its laws and tariff rules will be formulated to attract all-electric vehicle manufacturers from across the world to set up a base in the world's fastest-growing economy, Commerce and Industry...
Sibal on SBI plea on electoral bonds issue, ET BFSI
Terming the SBI's reasons for seeking an extension in disclosing electoral bond details "puerile", Rajya Sabha MP Kapil Sibal Sunday said it is the Supreme Court's responsibility to protect its dignity and that it "would not be easy" to accept the bank's plea when a...
What is it, how it works and more, BFSI News, ET BFSI
A WhatsApp investment scam is a deceptive scheme where criminals exploit your desire for financial gain by tricking you into investing in fake or risky ventures through the WhatsApp messaging platform. Scammers utilise various tactics to lure you in and steal your...
India, EFTA announce $100-bn free trade pact to promote investments, ET BFSI
India and four-nation European bloc EFTA on Sunday signed a free trade agreement to help promote investments and exports of key domestic services sectors such as IT, audio-visual, and movement of skilled professionals.The European Free Trade Association (EFTA) members...
Inside Trai’s plan to clamp down on unwanted calls, spammers, ET BFSI
The Telecom Regulatory Authority of India (Trai) is getting serious about spam. Again. Last month, it recommended that all network operators should implement caller name display service on mobile phones and that all smartphone makers should enable this feature within...
Waaree Renewable Tech to go ex-split; SBI Life, IIFL Securities ex-dividend and more, ET BFSI
There are a host of corporate actions scheduled for this week. SBI Life Insurance Company, IIFL Securities, and Kirloskar Ferrous Industries will trade ex-dividend, while Waaree Renewable Technologies will trade ex-split this week.On Thursday, 14 March, Data...
Rs 2.2 lakh crore revenue foregone due to excise duty cuts on petrol, diesel: Hardeep Puri, ET BFSI
New Delhi [India], March 9 (ANI): Around Rs 2.2 lakh crore of revenue was foregone because of cuts in excise duty on petrol and diesel announced between November 2021 and May 2022, Union Minister Hardeep Singh Puri on Saturday.Addressing a press conference, Hardeep...
Macroeconomic data, global cues, IPOs among 6 factors that will steer D-Street this week, ET BFSI
After clocking moderate gains last week, the overall bias for Indian equities remains positive, but the primary market will see more action as a plethora of companies will hit the market to raise capital, while as many as eight stocks are set to debut on Dalal...
27 Indian startups raise $308 million in funding this week, ET BFSI
Digital lending platform mPokket raised up to Rs 500 crore (around $60 million) in debt capital from BPEA Credit's private credit platform.At least 27 startups in India raised about $307.8 million this week, which includes 17 early-stage and seven growth-stage...
US embrace of remote working empties offices, weighs on banks, ET BFSI
WASHINGTON: The popularity of remote work in the United States has emptied office buildings, a cause for worry as their value falls and owners risk losses on property loans -- in turn putting pressure on smaller banks."There will be bank failures, but this is not the...
How Married Women’s Property (MWP) Act protects financial future of woman using life insurance policies even when nominations fail, ET BFSI
When buying a term insurance policy, the main aim is to secure the future of your family members in your absence. If you are married and you want to protect the future of your wife or kid or both, you can purchase a term insurance policy under the Married Women's...
Delhi HC reserves order on Bloomberg plea challenging Saket court order directing take down of article against Zee, ET BFSI
New Delhi [India], March 7 (ANI): The Delhi High Court on Thursday reserved the order on plea moved by Bloomberg Television Production Services India Private Limited challenging the order of the Saket district court directing it to take down an article titled "India...
How women formed a vote bank parties can ignore at own risk, ET BFSI
As India readies itself for the upcoming 18th Lok Sabha polls in the coming months, 'Nari Shakti' has taken centrestage. When thin margins can become a deciding factor on a large number of seats, no party can ignore this demographic which has coalesced into a new vote...
GetVantage launches Rs100 crore ‘Rise-Up Fund’ for women entrepreneurs, ET BFSI
GetVantage, an alternative-financing fintech platform, announced the launch of its Rise-Up Fund, dedicated to supporting women entrepreneurs businesses with inclusive capital. This non-dilutive fund with an initial corpus of Rs100 crore and aims to deploy the capital...
Women entrepreneurs outperform men in terms of loan repayment, ET BFSI
Women entrepreneurs outperform men in terms of loan repaymentThe Micro, Small & Medium Enterprises (MSME) entities that are owned by the women players are steps ahead in hiring women employees compared to those owned by the men players, a recent report said....
63% women dream of entrepreneurship yet 74% rely on family for investments: Report, ET BFSI
68% of women indicated willingness to take formal credit~ Shrishti SharmaThe financial landscape for women in India presents unique data points that diverge from the general landscape. Financial inclusion is crucial for societal progress, so understanding the...
More women opt for online loans compared to men, have higher ticket sizes, ET BFSI
In India, women have long encountered obstacles in accessing financial services, but recent trends suggest a shifting landscape. A recent survey by Easiloan reveal a notable uptick in women embracing technology and actively engaging in the country's financial...
India’s cut and polished diamond exports likely to hit five-year low in FY24, says CareEdge Ratings, ET BFSI
Representative imageThe cut and polished diamond (CPD) exports from India are expected to hit a five-year low in FY24 with a dip of around 25-30% to $15- $16 billion compared, according to CareEdge Ratings, a knowledge-based analytical group, whose parent company is...
RBI, Bank of Indonesia sign MoU promoting use of local currencies for trade, ET BFSI
The Reserve Bank of India and the Bank of Indonesia on Thursday signed a Memorandum of Understanding establishing a framework to promote the use of local currencies for cross-border transactions.“The MoU covers all current account transactions, permissible capital...
Banks have all details when it comes to loan default by farmers, says Uddhav, ET BFSI
Shiv Sena (UBT) chief Uddhav Thackeray on Thursday tried to corner the Union government over the time extension asked by the State Bank of India to give details of those who had bought electoral bonds.Speaking in Ausa in Latur, Thackeray said banks promptly come out...
Global patent filings fall for first time in over a decade: UN, ET BFSI
International patent filings declined last year for the first time in 14 years due to higher interest rates and economic uncertainty, the UN said Thursday, with India among the few countries bucking the trend.A total of 272,600 international patents were filed in...
Here’s why you need to close your Paytm FASTag much before March 15, ET BFSI
In line with its jurisdiction under section 35A of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) has prohibited Paytm Payments Bank (PPBL) from accepting new clients. Additionally, it said that after March 15, 2024 no customer accounts, prepaid...
Europe’s inflation down but no interest-rate cuts soon, ET BFSI
FRANKFURT, Germany - Europe's energy crisis sparked by Russia's war in Ukraine has eased. Inflation is way down from its painful double-digit peak. But there likely won't be an interest rate cut at the European Central Bank's meeting Thursday, even as higher borrowing...
Gold at record levels as Powell says Fed cuts likely this year, ET BFSI
Gold prices on Wednesday hovered near a record peak hit in the previous session after U.S. Federal Reserve Chair Jerome Powell said interest rate cuts are still likely in the coming months if inflation continues to ease.FUNDAMENTALS * Spot gold ticked 0.1% lower to...
IT minister:30-plus countries want to adopt India’s UPI payment system, ET BFSI
Union IT minister Ashwini Vaishnaw is upbeat on the global adoption of digital payment system Unified Payment Interface (UPI). Speaking to Times Now media at the third edition of the FinTech Festival India in New Delhi, the IT minister said that as many as 30...
Gold prices jump Rs 2,800 per 10 grams in 6 sessions. What should investors do now?, ET BFSI
Gold has turned dearer by more than Rs 2,800 per 10 grams led by a six-session rally. The yellow metal hit a fresh 52-week high of Rs 65,525 on Thursday, surpassing a key resistance level of Rs 65,500 within hours of its opening.The recent surge in yellow metal in the...
Women make gains in changing job market, BFSI News, ET BFSI
Women have mostly benefited from the polarisation of the workforce but the challenge is to keep those gains. Despite the extensive gender pay gaps exposed in the release of Australian data last week, women have mostly benefited from big changes to the workforce in...
Navigating the evolution of Input Service Distributor under GST, ET BFSI
The concept of Input Service Distributor (“ISD”) has passed through from the Service Tax regime to the GST regime. Despite the concept not being new, since the inception of GST, there has been a lot of confusion revolving around it.Undoubtedly, the concept of ISD...
Rajiv Jain’s GQG Partners picks 0.8% stake in Bharti Airtel for Rs 5,850 crore, ET BFSI
NRI Rajiv Jain-led GQG Partners on Thursday bought 49 million shares of telecom operator Bharti Airtel at Rs 1,193.70 from promoter group entity Singapore Telecommunications or Singtel. The deal for 0.8% stake in Airtel is valued at $710.81 million or Rs 5,849...
PM Modi brings 60 crore people into economic mainstream in 10 years: Amit Shah, ET BFSI
MUMBAI: In the last ten years, 60 crore people have been brought into the economic mainstream by Prime Minister Narendra Modi during his tenure, said Union home and co-operatives Minister Amit Shah on Wednesday at an investment summit in the city.India’s marketplace...
IT minister Ashwini Vaishnaw, ET BFSI
India can become a world leader in technology, ranging from artificial intelligence (AI) to semiconductor chips once it reaches the status of third-largest economy in the world, Union minister of electronics and IT Ashwini Vaishnaw said on Wednesday."Imagine what...
Aravind Maiya, Embassy REIT, ET BFSI
Aravind Maiya, CEO, Embassy REIT, says “for FY24, we have given a guidance where the NOI will be in excess of Rs 3,000 crore and from there it will grow. But in terms of cities, if you look at India and commercial real estate, there are broadly six cities – Bangalore,...
World Bank, Gates, UN pledge close to $600m to end cervical cancer, ET BFSI
London: Global health donors pledged nearly $600 million towards eliminating cervical cancer on Tuesday, at the first global forum dedicated to fighting the disease.The World Bank, the Bill & Melinda Gates Foundation and the U.N. children's agency UNICEF said in a...
Industrial and manufacturing sector dominates million-dollar CXO club, ET BFSI
Top bosses in the financial services sector came in second, followed by those in automotive and pharma sectors, respectively, showed a study conducted for ET by executive search firm EMA Partners IndiaCXOs from the industrial and manufacturing sector ruled the...
India pushes technology, fintech & startup partnership with Philippines, ET BFSI
India through its Embassy in Philippines on Tuesday launched the first India-Philippine Tech Summit (IPTS) to help boost tech and digital partnership with Manila.In his speech during the IPTS in Taguig City, Indian Ambassador to Manila Shambhu Kumaran referred to the...
Economic plans, Taiwan and other things to know from the opening of China’s legislature, ET BFSI
BEIJING - China's Premier Li Qiang promoted an image of confidence as he announced modest economic growth goals for the world's second largest economy, at one of the country's most important political gatherings.Li addressed a few thousand delegates of the country's...
Can China maintain growth and ‘transform’ its economy at the same time?, ET BFSI
BEIJING- Chinese Premier Li Qiang's vision for the country contains an inherent contradiction: his aim to "transform" the economic model may be incompatible with keeping growth rates steady at around 5%.In his maiden work report to China's parliament on Tuesday, Li...
How a 21-year-old student in Rajasthan trained an army of 500 youths in online fraud, fake stock returns, ET BFSI
A 21-year-old man, Yogesh Meena, was arrested on March 1 in Bundi district, Rajasthan for allegedly training around 500 youngsters from his village in cyber fraud. He was apprehended along with three others, one of whom was a minor. Yogesh is believed to be behind at...
Bloomberg moves Delhi HC against lower court order to remove defamatory article against ZEE, ET BFSI
New Delhi: Bloomberg Television Production Services India Pvt Ltd (Bloomberg) has moved Delhi High Court against a trial court order to take down an allegedly defamatory article published against ZEE Entertainment Enterprises Ltd (ZEE) on February 21. Additional...
Five in 10 employees in India believe their organisations will teach them required skills to adapt to AI, automation: Survey, ET BFSI
A significantly higher percentage of Indian respondents (56%) compared to the global average (45%) believe their organisations will teach them the skills they need to adapt to artificial intelligence (AI) and automation, said Mercer’s ‘Global Talent Trends’ report....
‘Exit Scam’ Blackcat Hackers Pull Disappearing Act: ‘Exit scam’
A message posted to Blackcat's website said it had been impounded "as part of a coordinated law enforcement action" by U.S. authorities and other law enforcement agencies. Among the logos of non-American agencies involved were those of Europol and Britain's National...
Regulatory compliance paramount while fostering innovation, say BFSI leader, ET BFSI
Experts have stressed on sustained innovation and maintaining a delicate balance with regulatory compliance in the fintech sector while cautioning against looking at AI as a universal remedy.Speaking at the ETBFSI CIO Digital Conclave 2024, Rohit Kilam, CTO, HDFC...
Blackstone’s giant property arm wants to double India warehouses, ET BFSI
Blackstone Inc. plans to more than double its holdings of Indian warehouses and may eventually take the logistics business public as the asset manager increases its bets on the world’s fastest-growing major economy.The New York-based firm may boost the warehouse space...
Demand for entry to junior-level frontline manpower in BFSI increases by 20–25% in 2024, ET BFSI
Industry executives said the surge in demand, particularly in sectors such as insurance, housing, NBFCs and retail banking, isn't limited to tier-1 cities as tier-2 and -3 cities are also experiencing a notable uptickDemand for entry to junior-level frontline manpower...
Gold holds above $2,100 near record high, focus on Powell testimony, ET BFSI
Gold prices held above the $2,100 level on Wednesday, near a record peak hit in the previous session as hopes for U.S. rates easing by mid-year mount, while traders awaited remarks on the economy's health from Federal Reserve Chair Jerome Powell. Spot gold edged down...
Claims worth over 369 crore settled in National Lok Adalat Pune, ET BFSI
Pune: Claims totalling at least Rs 369.78 crore in 1.40 lakh cases were settled at the National Lok Adalat in the district on Sunday.The Pune District Legal Services Authority (PDLSA) had taken up 2.43 lakh cases for settlement in the Lok Adalat. Of these, 1.40 lakh...
Demand for entry to junior-level frontline manpower in BFSI increases by 20–25% in 2024, ET BFSI
Demand for entry to junior-level frontline manpower in banking, financial services and insurance (BFSI) sector has increased 20-25% in 2024 compared to a year ago amid a surge in housing loans, personal loans and credit cards, even as the financial services industry...
World Bank report spotlights progress amid challenges, ET BFSI
New Delhi [India], March 5 (ANI): India's digital landscape has witnessed advancements, propelling the nation towards a tech-savvy future, as highlighted in the latest "Digital Progress and Trends Report 2023" by the World Bank Group.Despite facing challenges, India's...
Fractures in global trade deepen as WTO musters only a small win, ET BFSI
WTO The World Trade Organization’s ability to tear down barriers to commerce, ensure stability through global accords and enforce the rules came under renewed criticism following a chaotic and contentious meeting of its top officials.The 13th ministerial conference in...
Japan seeing signs of positive wage momentum, says senior official, ET BFSI
TOKYO - Japan is seeing early signs of achieving a positive cycle of rising inflation and wages, Deputy Chief Cabinet Secretary Hideki Murai said on Tuesday, stressing the administration's focus on broadening pay increases beyond big companies.The government is...
Ex-MD of multinational firm cheated of Rs 4.8 crore by online fraudsters, ET BFSI
Thane: A 67-year-old former managing director of a multinational company has allegedly been duped of Rs 4.80 crore by online fraudsters who accused him of being involved in drug trafficking and threatened police action against him, an official of the Thane crime...
Empowering growth companies, sustainable development, ET BFSI
New Delhi [India], March 5 (ANI): The Organisation for Economic Co-operation and Development (OECD) and Asian Development Bank Institute (ADBI) Roundtable on Capital Market and Financial Reform in Asia 2024 is slated for March 14-15.The event is dedicated in shaping...
Two more weeks left to update Aadhaar for free; How to update Aadhaar details online, ET BFSI
The Unique Identification Authority of India (UIDAI) has urged Aadhaar card holders to update the latest identity and address to enable ease of living, better service delivery and accurate authentication. Therefore, submitting recent identity and address documents is...
FASTag KYC deadline over; steps to check if your FASTag is still active, ET BFSI
The deadline for updating your FASTag KYC was February 29 as set by the National Highway Authority of India (NHAI). "One Vehicle, One FASTag" is a campaign that NHAI has started to prevent owners of single cars from participating in the multiple FASTag schemeET Online...
Step-by-step guide on how to get subsidy in your bank account within 30 days, ET BFSI
Under the direction of Prime Minister Shri Narendra Modi, the Union Cabinet has approved the PM-Surya Ghar Muft Bijli Yojana. This solar rooftop panel scheme can be used to install rooftop solar and give one crore homes free energy for up to 300 units per month.The...
Service activity eases to 60.6 in February; optimism dips, ET BFSI
A slowdown in growth in new orders and output led to service activity easing to 60.6 in February compared with 61.8 in the previous month, according to results of a private survey released Tuesday.The seasonally adjusted HSBC India Services Business remained above the...
HRA, gratuity, other components will also go up, ET BFSI
Central government employees are eagerly waiting for their next dearness allowance (DA) hike. Going by the Consumer Price Index for Industrial Workers (CPI-IW) numbers, as published by the Labour Bureau, a wing of the Ministry of Labour, the dearness allowance is...
Risk reigns in ocean shipping, industry and economic experts say, ET BFSI
LONG BEACH: Risk is the "new normal" for the global ocean shipping industry that handles 80% of global trade as pressure from geopolitical tensions, rising protectionism and climate change mounts."There are going to be global tensions ... and I think global dangers,...
Gold hovers near 3-month peak as eyes on Powell’s testimony, BFSI News, ET BFSI
Gold prices steadied near a three-month peak on Tuesday, supported by subdued U.S. manufacturing and construction spending, as investors awaited testimony from Federal Reserve Chair Jerome Powell and key jobs data later this week.Spot gold was flat at $2,114.59 per...
Economists, BFSI News, ET BFSI
Inflation in goods and services other than fuel and food is likely to remain low, around 3% in the near term, owing to weak rural demand, softness in housing inflation and lower input cost pressures, according to economists.India's core inflation declined to its...
Moody’s raises India’s 2024 GDP forecast to 6.8 per cent amidst positive economic outlook, ET BFSI
New Delhi [India], March 4 (ANI): In a development signaling confidence in India's economic trajectory, Moody's, the global credit rating agency, has revised its GDP forecast for the country upwards to 6.8 per cent for the year 2024.The optimistic outlook comes as...
Karnataka Minister MB Patil, ET BFSI
Bengaluru (Karnataka) [India], March 4 (ANI): Karnataka Large and Medium Industries Minister MB Patil addressed delegates from over 30 countries at the Bengaluru World Trade Centers Association and 54th WTCA Global Business Forum on Monday and said that the Karnataka...
Why is the Q3 GDP surprise not surprising?, ET BFSI
The robust 8.4% real GDP growth print for 3Q contrasts the grim reality of household consumption and income situation. The latest national expenditure survey (2022-23), released after a lag of 11 years shows real consumption grew modestly at 3% over the past 11 years...
Indians are saving up to 20% on all lifestyle spends, travel among top categories: Report, ET BFSI
Indians are saving upto 20% on all lifestyle spends, even as travel is the preferred category for spendvesting enthusiasts, with gadgets and shopping also significant, pointing to the popular lifestyle goals that drive financial decisions, said Spendvesting report by...
A good news and a bad news for Indian retailers, ET BFSI
India's consumer landscape is shifting in various ways which keeps retailers on toes. Recently released Household Consumption Expenditure Survey data showed Indians are spending less on food, particularly staples like rice and wheat, and more on discretionary items...
Flipkart Internet receives $111 million in new fund infusion, BFSI News, ET BFSI
Flipkart Internet, the marketplace arm of Walmart-owned ecommerce firm Flipkart, received a cash infusion of about Rs 924 crore ($111 million) in two parts from its related entities based in Singapore in January, regulatory filings with the Registrar of Companies...
Delhi Metro gets Rs 500 crore in Budget, over 60 lakh passengers use service every day: Atishi, ET BFSI
New Delhi: The Delhi government allocated Rs 500 crore for the Delhi Metro in its 2024-25 Budget tabled on Monday, with Finance Minister Atishi saying in the assembly that more than 60 lakh people commute on the service every day. In 2014, around 24 lakh passengers...
India-UAE non-oil trade target of USD 100 billion by 2030 ambitious, but achievable: CII President, ET BFSI
Abu Dhabi: The target of USD 100 billion non-oil trade between India and the UAE by 2030 is ambitious but achievable as huge business opportunities are there in both the nations for sectors such as textiles, jewellery and pharma, CII President R Dinesh said on Sunday....
Sony deal in past; Zee focus now on future, rebuilding business: Punit Goenka, ET BFSI
Zee (file image)No one has asked the Zee board for a change in management following the failed merger with Sony and subsequent crash in share price, Zee Entertainment Enterprises managing director and chief executive Punit Goenka said in an interview in Mumbai.In the...
MoS IT Rajeev Chandrasekhar, ET BFSI
Minister of State for Electronics and Information Technology Rajeev Chandrasekhar said on Monday that the government's advisory on large language models will not apply to startups and only to "significant platforms" . He was reacting to an Economic Times story...
Moody’s signals improving private investment outlook with rising capacity utilization, robust growth, ET BFSI
New Delhi [India], March 4 (ANI): India is poised to become the fastest-growing economy among the G20 nations, with Moody's projecting a robust expansion in its real GDP, driven by strong demand momentum.The latest report from Moody's Analytics reveals promising...
Probe unearths money trail of Rs 11k crore human hair racket, ET BFSI
HYDERABAD: Investigation into the Rs 11,793 crore human hair smuggling racket has unearthed the complex money trail and alleged money laundering from Hyderabad to Mizoram and on to Myanmar. Key details have emerged on how human hair smuggling money is routed back to...
Bridging the gender gap in employment could lead to 30% increase in India’s GDP: Study, ET BFSI
Bridging the gender gap in employment could potentially lead to a 30% increase in the country's GDP, as per the studyIndian women, despite constituting 48% of the population, contribute only 18% to the gross domestic product (GDP), found a study by the National Family...
Govt failed to realise ‘Make in India’ due to ‘complete inaction’, says Congress chief Mallikarjun Kharge, ET BFSI
NEW DELHI: Congress chief Mallikarjun Kharge on Saturday targeted the Centre on 'Make in India' and alleged that the government has failed to realise the initiative due to "complete inaction" in creating jobs and utilising funds. He posed several questions on why the...
Delhi court orders Bloomberg to take down ‘defamatory’ article against Zee, ET BFSI
Zee logoThe Delhi Sessions Court on Friday ordered Bloomberg Television Production Services India to remove an article published on Zee Entertainment Enterprises on February 21st after Zee argued that the article was "false and factually incorrect, with a premeditated...
GST collections for February at Rs 1.68 lakh crore, up 12.5%, ET BFSI
India collected Rs 1.68 lakh crore as the Goods and Services Tax (GST) for the month of February, up 12.5%, against the same month last year.The growth was driven by a 13.9% rise in goods and services tax from domestic transactions, showing resilience of india economy...
Minister Ashwini Vaishnaw on Google-Indian startups row, ET BFSI
Taking a strong view of Google pulling off some apps from its Play Store, the government on Saturday said delisting of Indian apps cannot be permitted and that the tech company and the startups concerned have been called for a meeting next week. In an interview to...
Govt calls Google, delisted apps for a meeting next week to resolve dispute, ET BFSI
The government has taken action in response to Google's delisting of certain applications from the Play Store by calling a meeting with the tech giant. Union Minister Ashwini Vaishnaw stated that the government strongly opposes the delisting of apps and will not allow...
US Report, BFSI News, ET BFSI
NEW DELHI: India has now officially eliminated 'extreme poverty', which can be seen through the sharp decline in headcount poverty ratio and stark increase in household consumption, American think tank Brookings said in a report.The report, authored by Surjit Bhalla...
India-Nepal enhance financial cooperation; digital payment to be inaugurated soon, ET BFSI
Nepal's Ambassador to India, Shankar Sharma on Saturday appreciated the new guidelines of the Reserve Bank of India, which allow multiple financial services between the people of India and Nepal.He said that now Nepal citizens can send Rs 2 lakh per transaction to...
Birlasoft eyes large clients to lead industry growth, ET BFSI
Birlasoft is eyeing large clients in the banking, financial services and insurance (BFSI) space as the mid-size information technology services company aims to mark its place in the top quadrant of the industry, its chief executive told ET.“Our endeavour is to start...
Economists raising India’s FY25 growth forecast on good nine-month show, ET BFSI
New Delhi: Economists have begun revising India's growth forecast for FY25 after data released earlier this week showed the economy grew at a better-than-expected pace in the first three quarters of the current fiscal.A revival in spending by private enterprises and...
Nirmala Sitharaman launches Rs 1,000 cr worth infra projects, BFSI News, ET BFSI
New Delhi, Union Finance Minister Nirmala Sitharaman on Friday virtually launched seven infrastructure projects worth over Rs 1,000 crore that include residential and office complexes for government officials. The Finance Minister said that projects like these renew...
Is the big upside surprise in GDP growth sustainable? Radhika Rao of DBS Bank explains, ET BFSI
Radhika Rao, Sr Economist & Executive Director, DBS Bank, says “if we look at the real GDP, I do not see any justification that the authorities might find to go too dovish too fast. Even this real rate gap that we all refer to, even that kind of loses the debate...
8 major money deadlines, changes in March 2024, ET BFSI
With the current financial year coming to an end, there are certain significant money deadline that shouldn't be overlooked as it can have an impact on your financial matters. These dates pertain to a few regulations that taxpayers and investors must follow in order...
SBI report deciphers India’s GDP surge and economic projections, ET BFSI
Representative imageNew Delhi [India], March 1 (ANI): In a research report titled "When 8 per cent becomes the new normal: Decoding the new normals of a GDP on swing," the State Bank of India's Economic Research Department unveils key insights into India's economic...
Think big and act big, ET BFSI
With Reliance Industries (RIL) subsidiary Viacom18 merging with Walt Disney's local unit Star India to create the country's biggest media and entertainment business valued at about $8.5 billion, RIL Chairman Mukesh Ambani has made his signature move — think big and...
China’s parliament to unveil more stimulus next week, bold reforms unlikely, ET BFSI
BEIJING - China's parliament is expected to unveil moderate stimulus plans to stabilise growth at an annual meeting beginning on Tuesday, but may disappoint those calling for a detailed roadmap of bold policies to fix the country's deep structural imbalances.Premier...
Step-by-step guide on how to get subsidy in your bank account within 30 days, ET BFSI
Under the direction of Prime Minister Shri Narendra Modi, the Union Cabinet has approved the PM-Surya Ghar Muft Bijli Yojana. This solar rooftop panel scheme can be used to install rooftop solar and give one crore homes free energy for up to 300 units per monthThe...
Tesla rolls out new incentives in China as price war escalates, ET BFSI
Tesla unveiled new incentives, including insurance subsidies, on Friday to woo consumers in the world's largest auto market, where the U.S. electric vehicle giant is in a protracted price war against entrenched rivals such as BYD.Pickups of existing inventories of...
China’s manufacturing activity contracts for 5th straight month despite policy support, ET BFSI
HONG KONG - Manufacturing in China contracted for a fifth consecutive month in February, according to an official survey of factory managers released Friday, reflecting persistent weakness in the economy ahead of annual legislative meetings where officials are...
India Q3 GDP data may overstate growth trends, economists say, ET BFSI
Representative imageMUMBAI - India's third-quarter gross domestic product (GDP), which rose by a stronger-than-expected 8.4% compared to a year ago, may be overstating growth, economists said, pointing to a more modest increase in gross value added in the...
MPC’s Ashima Goyal, ET BFSI
The Indian economy has done well despite multiple external shocks, but counter-cyclical macroeconomic policy measures will be required to aid the economy's natural resilience as geopolitical situation remains fragile, RBI's Monetary Policy Committee (MPC) member...
Is India’s stunning 8.4% Q3 GDP growth rate hiding something contradictory?, ET BFSI
Trumping economists’ expectations of a 6.6 per cent growth, the Indian economy grew at a mouth-watering rate of 8.4 per cent in Q3FY24, a six-quarter high. Digging deeper, economists say one must interpret the headline growth figure with a pinch of salt.The headline...
India is one of the fastest-growing major economies in world: PM Modi, ET BFSI
Dhanbad (Jharkhand): Stressing the importance of making India a developed nation by 2047, Prime Minister Narendra Modi on Friday said that India is one of the fastest-growing major economies in the world today and highlighted the economic statistics for the latest...
UnitedHealth confirms ‘Blackcat’ group behind recent cyber attack, ET BFSI
UnitedHealth Group said on Thursday that the recent cyberattack at its tech unit, Change Healthcare, was perpetrated by hackers who identified themselves as the 'Blackcat' ransomware group.The company said its experts were working with law enforcement authorities and...
India’s April-January fiscal deficit at Rs 11.03 lakh crore, narrows on-year to 63.6% of revised FY24 aim, ET BFSI
India's fiscal deficit for the first 10 months of this fiscal year through January stood at 11.03 lakh crore rupees, or 63.6% of revised annual estimates, government data showed today.The fiscal deficit narrowed from 67.8% reported in the comparable year-earlier...
PM Modi says ‘GDP data shows strength of Indian economy’, ET BFSI
NEW DELHI: The third quarter Gross Domestic Product (GDP) of FY 24 was at 8.4% against 4.3 per cent a year ago beating analysts' estimate of 6.6%. Prime Minister Narendra Modi said the numbers showed the strength and potential of Indian economy."Our efforts will...
India’s GDP growth is massive 8.4 % in Q3; FY24 growth upwardly revised at 7.6 %, ET BFSI
New Delhi [India], February 29 (ANI): India's GDP grew at a massive 8.4 per cent during the October-December quarter of the current financial year 2023-24 and the country continued to remain the fastest-growing major economy.The Indian economy grew 7.8 per cent and...
India’s GDP grows sharply at 8.4 per cent in Q3, FY24 estimate revised upwards to 7.6 per cent, ET BFSI
Surpassing the expectations of analysts, India's Gross Domestic Product (GDP) registered a robust growth of 8.4 per cent on an annual basis in the third quarter (October-December), as against a 8.1 per cent in the previous quarter, data released by the National...
Rating agencies should consider revising India’s FY24 growth projections: CEA Nageswaran, ET BFSI
After India posted a robust economic growth for the quarter ended on December 31, 2023 at 8.4 per cent, Chief Economic Advisor (CEA) Anant Nageswaran on Thursday said that agencies have a case to revise up their FY24 growth projections for India. It is to be noted...
Restoration of fully functional dispute settlement system of WTO top-most priority, says India, ET BFSI
ABU DHABI: India on Wednesday said that restoration of the fully functional dispute settlement system of the World Trade Organisation (WTO) is the "top-most" priority.The appellate body of the system had been non-functional since December 2019 due to the blocking of...
NHAI gives one-month extension to FASTag users to comply with the KYC norms, ET BFSI
The National Highways Authority of India (NHAI) has extended the ‘One Vehicle, One FASTag’ initiative compliance deadline to March-end, in view of the problems being faced by Paytm FASTag users.This means FASTag users will have another month to comply with...
Report, BFSI News, ET BFSI
Representative image (iStock)When advertisers, ad agencies and media planners pick a medium for an ad, they frequently ask: does it all add up?Any medium is many things, but do these many things add up to one thing - credibility. Credibility of a medium is crucial for...
Govt clears 3 semiconductor plants with investment of Rs 1.26 lakh crore, ET BFSI
Tata Semiconductor Assembly and Test Pvt Ltd will set up a semiconductor unit in Morigaon, Assam, at an investment of Rs 27,000 crore. Vaishnaw also informed that CG Power -- in partnership with Renesas Electronics Corporation, Japan, and Stars Microelectronics,...
Tatas’ investments in new ventures to cross $90 billion, ET BFSI
Tata Sons' anticipated capital infusion into new business areas and group priorities - semiconductors, defence, electric vehicles, and Air India, for instance - is set to exceed $120 billion in the coming years, sources told ET. Initial assessments had pegged about...
US to limit sale of personal data to foreign adversaries, ET BFSI
By Beiyi SeowWashington: President Joe Biden is set to issue an executive order Wednesday aimed at limiting the flow of sensitive US personal data abroad amid concerns of misuse by countries including China.Biden will direct the Justice Department to issue rules...
Reliance, Disney merge India media assets to create $8.5 billion powerhouse, ET BFSI
The combined entity will create a sports behemoth in India.India's top conglomerate Reliance Industries and Walt Disney on Wednesday announced the merger of their India TV and streaming media assets, creating an $8.5 billion entertainment juggernaut far ahead of...
End of the road? Sony withdraws agreement to merge India ops with Zee from NCLT, ET BFSI
Zee Sony CaseSony Group Corp. is said to have withdrawn the agreement to merge its India operations with Zee Entertainment Enterprises Ltd. from a local company court, taking the final step in scrapping a two-year-old plan that sought to create a $10 billion media...
Google-backed RCS isn’t a threat to WhatsApp Business, says Meta executive, ET BFSI
Barcelona: WhatsApp Business’ market share in the CPaaS (communications platform as a service) segment in India is not going to be threatened by the entry of Google-supported rich text messaging (RCS), said a top executive from Meta, the messaging platform’s...
NHAI likely to extend deadline for ‘One Vehicle, One FASTag’ initiative till March-end, ET BFSI
Representational image.State-owned National Highways Authority of India (NHAI) is likely to extend 'One Vehicle, One FASTag' initiative compliance deadline to March-end, in view of the problems being faced by Paytm FASTag users, a senior official said. NHAI had...
Can uniform KYC make customer onboarding efficient and cost effective?, ET BFSI
In response to the ongoing Paytm Payment Bank crisis and to address non-compliance issues, the government has formed a committee led by Finance Secretary TV Somanathan to propose effective strategies for enforcing a uniform Know Your Customer (KYC) mechanism.The...
Jacob Rothschild, financier from a family banking dynasty, dies at 87, ET BFSI
LONDON - Financier and philanthropist Jacob Rothschild, of the renowned Rothschild banking dynasty, has died at 87, his family said Monday. Rothschild began his career in the family bank, NM Rothschild & Sons, in 1963, before breaking away to start businesses and...
Housing prices jump 8.4% in Chennai in Q3; how much have residential property rates increased in your city?, ET BFSI
Housing prices in India have continued to increase in the third quarter of 2023-24, according to the data released by the Reserve Bank of India (RBI). The All-India Home Price Index (HPI) of the RBI jumped to 3.81% in the December quarter of 2023-24 from the year-ago...
SBI Economic Research Department forecasts Q3 FY24 GDP growth at 6.8 per cent amid global economic complexity, ET BFSI
Representative image.New Delhi [India], February 28 (ANI): The State Bank of India's Economic Research Department has released its analysis projecting the GDP growth for the third quarter of the financial year 2023-24.According to their report, the GDP growth is...
Preference for locally made goods to support mfg sector achieve 25% of the GDP of $30 trillion economy: Goyal, ET BFSI
A renewed focus on exports and preference of domestic consumers for locally made goods can help India become a global manufacturing powerhouse, said Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textile on...
Buffett’s Berkshire Posts Record Cash as Operating Earnings Rise, ET BFSI
Warren Buffett’s Berkshire Hathaway Inc. posted an increase in operating earnings as higher interest rates and fewer catastrophes benefited the conglomerate’s insurance business.The firm reported fourth-quarter operating earnings of $8.48 billion, versus $6.63 billion...
Hong Kong scraps property tightening measures to aid economic recovery, ET BFSI
HONG KONG - Hong Kong on Wednesday announced major measures to bolster its flagging real estate market by scrapping all tightening measures for residential properties, aimed at helping the city's economy which is expected to grow at a tepid 2.5%-3.5% this year.The...
H-1B denial rate at 3.5% in FY 2023 remain low compared to Trump-period, ET BFSI
MUMBAI: H-1B denial rates in fiscal year (FY) 2023 (12-month period ended Sept 30, 2023) remained low compared to the Trump-years but ticked up from FY 2022, according to a new National Foundation for American Policy (NFAP) study.Key highlights of this study are...
Why Zerodha’s Nithin Kamath, a fitness enthusiast, suffered a stroke? Doctors list possible reasons and offer life-saving advice, ET BFSI
Zerodha's CEO Nithin Kamath revealed on Monday that he experienced a "mild stroke" six weeks ago. He attributed the stroke to a combination of factors including the recent passing of his father, poor sleep, exhaustion, dehydration, and excessive exercise. The...
SGB premature redemption dates for April 2024 – September 2024 announced, check details, ET BFSI
The Reserve Bank of India (RBI) issued a press release outlining the details of the Sovereign Gold Bond (SGB) tranches scheduled for premature redemption during April 2024 – September 2024, as well as a window for submitting requests for premature redemptionSGB...
I am looking at a bounce back in funding, hiring & higher growth post elections, says Sanjeev Bikhchandani, ET BFSI
Sanjeev Bikhchandani, Founder, Info Edge, says recently “It has been a bit of a tightrope walk. So it is a balance and you gotta do it bottom up and figure out what makes sense, what does not make sense, what is just right and what is too much. And it has been bottom...
Where’s India? Key holdout country’s minister absent from WTO meeting, ET BFSI
India's trade minister, seen as the main holdout in global trade negotiations in Abu Dhabi, missed the start of a major World Trade Organization meeting on Monday, sparking concerns that his absence could hamper discussions.India's Commerce Minister Piyush Goyal is...
Brazil partners with largest climate finance alliance to boost green growth, ET BFSI
SAO PAULO: Brazil on Monday announced it would partner with the world's biggest financial climate coalition to turbocharge funding for clean energy and efforts to restore nature, such as reforesting the Amazon rainforest.Brazilian development bank BNDES will partner...
India’s economic mosaic – what do the big bang macro data releases say?, ET BFSI
By Dipti DeshpandeThis month has been packed with big macro releases — the interim union budget on February 1, the monetary policy review on February 8, the consumer price inflation and industrial production data on February 12 and the external trade data on February...
Take a small exposure to Canara’s new fund to gain from manufacturing push, ET BFSI
Mumbai: Long-term equity investors eyeing a thematic allocation and believe India is well positioned to become the next manufacturing hub, can consider a small allocation to the new fund offer of the Canara Robeco Manufacturing Fund. Conservative equity mutual fund...
These sectors are likely to see the highest salary increases this year, says Mercer, ET BFSI
Employees in the automobile, manufacturing and engineering, and life sciences sectors in India are projected to see the highest salary increases this year, a survey by HR consulting firm Mercer said.Median merit salary increments in India are expected to reach 10% in...
China vows to ramp up anti-hacking protections, ET BFSI
The Chinese government called for heightened data security measures and anti-hacking protections for sensitive domestic companies, vowing to "effectively prevent and control major risks" by 2026.China has in recent years accused other governments and foreign groups of...
Australian gender pay gap report exposes top companies, BFSI News, ET BFSI
The report exposes the yawning gulf between what men and women earn at some of Australia's biggest employers despite years of commentary from governments and corporations about closing the gender pay gapSYDNEY: The gender pay gap at some of Australia's top...
India’s ‘insourcing’ boom does not spell doom for outsourcing, tech execs say, ET BFSI
MUMBAI - Global companies are setting up more offices in India and expanding in-house teams but that does not mean the end of the road for Indian IT firms, which rely heavily on outsourcing deals, executives said at a Nasscom event last week.Companies opened 118...
WTO chief sees trade missing forecasts on growth headwinds, ET BFSI
The head of the World Trade Organization said global commerce, after proving resilient through the pandemic, is performing weaker than forecast amid multiple economic headwinds and a political tilt toward protectionism.“We need to repair the multilateral trading...
Key points from Warren Buffett’s letter, ET BFSI
Warren Buffett's Berkshire Hathaway Inc has announced that its cash reserves has reached an unprecedented level, as the veteran investor expressed his frustration over the scarcity of significant transactions that could potentially lead to remarkable gains.The...
Startups are going to be backbone of new India, it’s our time under the sun: Piyush Goyal, ET BFSI
Minister Goyal was speaking at the curtain raiser for the ‘Startup Mahakumbh’Union Minister of Commerce and Industry, Piyush Goyal on Tuesday said the startups in India are changing, and believed that they are going to be the backbone of new India. “It’s our time...
Subhash Chandra moves SAT against Sebi order, BFSI News, ET BFSI
Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises, has moved the Securities Appellate Tribunal (SAT), challenging the Securities & Exchange Board of India's (Sebi) confirmatory order issued last year that banned him from holding directorships in...
WTO backs India’s pitch to cut remittance cost, ET BFSI
India's proposal to lower the cost of cross-border remittances has found support from many World Trade Organization members including the European Union, officials said. Except for the US, most countries have favoured a work programme at the WTO for cheaper, faster...
Rip Van Winkle and 4 other investing hacks from Warren Buffett’s annual letter, ET BFSI
Whenever the 'God of Stocks' writes anything, investors from all over the world take note. This time Warren Buffett has written a 16-page annual letter to shareholders which begins by paying a rich tribute to his 'partner in crime' Charlie Munger who passed away last...
Annulling of electoral bonds will lead to greater transparency: Amartya Sen, ET BFSI
Eminent economist and Nobel laureate Amartya Sen on Monday welcomed the Supreme Court's recent judgment annulling the electoral bonds scheme, denouncing it as a scandal. Speaking to PTI from Massachusetts, USA, Sen said that the move will lead to greater transparency...
EU carbon tariff alone won’t curb global emissions, urges broader climate action: ADB, ET BFSI
The European Union's (EU) forthcoming Carbon Border Adjustment Mechanism (CBAM) is anticipated to yield only marginal reductions in global carbon emissions while modestly affecting trade flows, particularly in Asia and the Pacific, according to a recent study by the...
Gold off two-week highs as US dollar ticks higher, ET BFSI
Gold prices inched lower on Monday pressured by a gaining U.S. dollar, but bullion's losses were cushioned as growing tensions in the Middle East supported the safe-haven near last session's over two-week highs.Spot gold was down 0.2% at $2,032.3 per ounce, as of 0405...
HDFC Bank, ICICI Bank, SBI, Axis Bank, PNB, other top authorized issuers, ET BFSI
With the FASTag electronic toll collecting system, drivers may pay tolls on the go without having to stop and exchange currency. For a smooth toll payment experience, you must make sure you have enough balance in your FASTag account, and recharge it whenever...
Deloitte Report, BFSI News, ET BFSI
New Delhi: M&A deal value in India fell 27 per cent in 2023 to USD 136 billion but the deals market is expected to remain steady in the current year, Deloitte India said in a report on Monday. "Amidst significant global challenges posed by high-interest rates,...
What Joe Biden doesn’t get about the WTO?, BFSI News, ET BFSI
Excitement ahead of next week’s 13th Ministerial Conference of the World Trade Organization is, let’s say, well under control. The question is not whether this once-important gathering will fail, only if it will fail in a way that’s even worth noticing. The prevailing...
WTO aims for modest outcomes at Abu Dhabi meeting, ET BFSI
Trade ministers from nearly every country in the world gather in Abu Dhabi on Monday for a World Trade Organization meeting that aims to set new global commerce rules, but even its ambitious chief Ngozi Okonjo-Iweala has sought to curb expectations.The almost...
Election Commission ropes in banks and post offices to spread voter awareness, ET BFSI
NEW DELHI: The Election Commission on Monday roped in banks and post offices to spread voter awareness as part of its efforts to increase voting percentage in the upcoming Lok Sabha polls. The poll panel has often expressed concern over urban and youth apathy with...
The sick man of global trade?, BFSI News, ET BFSI
The WTO, which launches its 13th ministerial meeting Monday, regulates large swathes of global trade but is handicapped by a rule requiring full consensus and a dispute settlement system crippled by the United States.The World Trade Organization, which will hold its...
Accenture spots about 10% revenue upswing via GenAI, BFSI News, ET BFSI
Accenture has started to see a potential revenue upswing of about 10% with the use of generative artificial intelligence (GenAI) in some important business units, a top executive of the American technology services company told ET.Its clients across key sectors, which...
Peak XV unveils the latest cohort of Spark Fellowship for Women Entrepreneurs, ET BFSI
In recent years, the Indian economy has witnessed a transformative shift in its workforce dynamics, with a notable surge in individuals actively contributing to employment generation through various startup initiatives. This paradigm shift is not only fostering...
Majority of WTO members sign investment deal for development, ET BFSI
WTO Abu Dhabi, Feb 26, 2024 - More than 120 WTO member states have finalised an agreement that aims to facilitate investment in developing countries by improving transparency and clearing bureaucratic hurdles, the global trade body said Sunday.The Investment...
Coalitions at WTO to help India push for open payment systems adoption, cut remittance cost: GTRI, ET BFSI
Building coalitions with other WTO members will help India push for the adoption of open and interoperable payment systems like UPI with a view to cut the cost of money transfers or remittances, a report by think tank GTRI said on Monday. The dominance of a few large...
Goldman Sachs, Mubadala sign $1 bn private credit Asia-Pacific partnership deal, ET BFSI
Representative ImageAbu Dhabi's sovereign wealth fund Mubadala Investment Company has struck a $1 billion deal with Goldman Sachs to go after private credit deals in Asia, the companies said on Monday.Mubadala and the U.S. bank agreed on a partnership to co-invest in...
Currency-in-circulation growth dips to 3.7% in Feb, ET BFSI
The growth in currency in circulation decelerated to 3.7 per cent for the week ended February 9 from 8.2 per cent a year ago, reflecting the impact of the decision of the Reserve Bank of India (RBI) to withdraw Rs 2,000 banknotes. Currency-in-circulation (CiC) refers...
India-born economist Geeta Batra named as first woman Director of World Bank’s GEF, ET BFSI
Mumbai: Geeta Batra, an Indian economist, has been named as the new Director at the Independent Evaluation Office of the World Bank's Global Environment Facility (GEF), making her the first-ever woman from a developing country to hold the coveted post. Batra, 57, is...
GIDC Diverted 32cr Unspent Export Infra Fund to Repay Bank Loan: CAG, ET BFSI
PANAJI: The Comptroller and Auditor General of India (CAG) observed that the Goa Industrial Development Corporation (GIDC) submitted false utilisation certificates (UCs) to central govt and allegedly diverted the funds under Assistance to States for Infrastructure...
10kg gold, Rs 25 crore cash in offerings at Ram temple, BFSI News, ET BFSI
AYODHYA: In thirty days since the consecration ceremony of Ram Lalla at Ayodhya's Ram temple held on Jan 22 this year, the devotees have offered around 10 kilograms of gold, 25 kilograms of silver ornaments and another Rs 25 crores in cash, cheques and drafts.Office...
India completely stops Ravi river water flow to Pakistan. Historical context and significance, ET BFSI
The completion of the Shahpur Kandi barrage has effectively ceased the flow of water from the Ravi river into Pakistan, according to a report. Located on the Punjab-Jammu and Kashmir border, this development signifies a significant shift in water allocation, with the...
How did 5 key sectors perform during the quarter?, ET BFSI
As the results for the Oct-Dec quarter are unveiled, insights from management commentaries across various sectors provide valuable indicators of the Indian economy's health. Businesses serve as the backbone of the economy, and their performance reflects the overall...
NMDC, Jupiter Wagons to go ex-dividend, South Indian Bank right issue and more, ET BFSI
There are a host of corporate actions scheduled for this week. Natco Pharma, Suprajit Engineering, NMDC, and Jupiter Wagons will trade ex-dividend, while The South Indian Bank's rights issue's ex-date is fixed this week.On Monday, 26th February, Fineotex Chemical (Rs...
Germany reels from manufacturing downturn, ET BFSI
Germany’s economy is struggling to emerge from a downturn in manufacturing, which is weighing on growth overall.Gross domestic product will probably eke out a small gain this year before stronger momentum takes hold in 2025, according to the government’s estimates....
Startups can make India m-cap grow to $50 trillion in 20 years: NSE CEO, ET BFSI
India's market capitalisation can grow from $4.8 trillion now to $50 trillion in the next 20 years, National Stock Exchange (NSE) CEO Ashish Chauhan has predicted. If India must reach a market cap of $50 trillion in next 20 years, it will come on the back of...
Indians Spending Government Survey: Indians spending less on food, more on discretionary items
Representative imageMUMBAI: Indians are spending less on food, particularly staples like rice and wheat, and more on discretionary items such as processed food, as well as durables like televisions and fridges, government consumption data showed.The Household...
Sebi orders attachment of bank, demat accounts of DHFL’s ex-promoters in disclosure violation case, ET BFSI
Representative ImageMarkets regulator Sebi has ordered the attachment of bank accounts as well as shares and mutual fund holdings of Dheeraj Wadhawan and Kapil Wadhawan, the former promoters of Dewan Housing Finance Corp Ltd (DHFL), to recover dues totalling over Rs...
We’d like to return your money, BFSI News, ET BFSI
MUMBAI: With the arrest of a cyber fraudster who created a fake website of a hotel and fleeced an accountant of Rs 49,500 as booking charges for a room, police have stumbled upon a new modus operandi that gives scamsters easy access to mobile numbers of hundreds of...
GSTN to share data with RBI’s frictionless credit platform, ET BFSI
The government has permitted GST Network to share data about GST-registered businesses, based on their consent, with the Reserve Bank's 'Public Tech Platform for Frictionless Credit'. The move will help entities get loans faster on the basis of shared Goods and...
Rahul Gandhi calls PM Modi a ‘Vasuli Bhai’, says illegal donations are BJP’s ‘Ease of Doing Business’ guarantee, ET BFSI
In its latest attack aginst Prime Minister Narendra Modi and ruling BJP, Congress leader Rahul Gandhi has said that PM is doing the 'donation business' by misusing ED, IT and CBI like a 'Vasuli Bhai'. He also alleged that 'Illegal donations' and 'Electoral Bonds'...
Patanjali’s late bid for Rolta spurs more to join the race, ET BFSI
More bidders are queueing up for the debt-laden Rolta India after the National Company Law Tribunal (NCLT) allowed Patanjali Ayurved to submit a late bid for the company.Welspun Group's MGN Agro Properties and Mumbai-based B-Right Real Estate have successfully...
Swiss still love physical cash despite rise of payment apps, ET BFSI
ZURICH - Switzerland is still in love with bank notes and coins, a survey by the central bank showed on Friday, despite the growth of mobile payment apps and predictions of a cashless society.Cash remains the most widely accepted payment method for customer-facing...
India set to standardise ‘know your customer’ banking checks, BFSI News, ET BFSI
India's financial stability panel plans to roll out a uniform approach to verifying customers across the financial sector and prevent illegal lending based on online applications, it said on Wednesday.It is unclear when the plans will be enforced. Their announcement...
Shipping insurance rates soar on Red Sea missile attacks, ET BFSI
London, Feb 23, 2024 - Attacks by Yemen's Huthi rebels on commercial ships in the Red Sea have sent insurance premiums surging, exacerbating costs already stretched by soaring freight rates and longer alternative trade routes.The Huthis have carried out relentless...
India replaces China as third largest profitable region for HSBC, ET BFSI
India has replaced China as the third largest profitable region for Hong Kong and Shanghai Banking Corp Ltd (HSBC) led by strong growth in its global banking and markets division which services large corporations and includes treasury operations.HSBC, Europe’s largest...
Seven in 10 Indian employees believe they are underpaid: Report, ET BFSI
To respond to this, organisations are planning improvements to payroll over the next 12 months to address accuracy (91%), timeliness of employee pay (88%), data security (89%) and privacy (89%), according to 'The Future of Pay in India 2024' study by ADP, a human...
Third-party account takeover emerges largest fraud modus operandi in India: Report, ET BFSI
Accounting for 55% of all fraud in India, third-party account takeover fraud represents the biggest slice of the fraud pie in India, according to a report.In its report, fraud detection solutions provider BioCatch said every device found to participate in mule...
India proposes 24×7 global communication link to curb cybercrimes, ET BFSI
India has proposed using a round-the-clock global communication channel between countries to combat rising instances of phishing by “rendering phishing links inaccessible and identifying the abused information technology (IT) resources and the malicious actors”.The...
Singapore’s GIC, DigitalBridge, ADIA, Stonepeak, Permira, among others tapped for Carlyle’s 24% in Nxtra, ET BFSI
KOLKATA/MUMBAI: Sovereign wealth funds, private equity funds and global infrastructure asset managers, including GIC of Singapore, ADIA, Stonepeak, DigitalBridge, KKR and Permira are among those tapped to acquire US buyout group Carlyle’s 24.04% stake in Bharti...
Consumer, fintech top sectors for venture debt funding in 2023: Report, ET BFSI
Consumer and fintech emerged as the top sectors for raising funds through venture debt in India in 2023, leading in both deal volume and total funding raised respectively.About 190 startups raised a total of $1.2 billion last year, marking a 50% increase. Venture debt...
How to check SGB allotment status?, ET BFSI
Have you applied for the latest issue of the Sovereign Gold Bonds (SGB)? Whether you have applied for the Sovereign Gold Bonds 2023-24 Series IV offline or online, you must check your allotment details. But, how to check it? ET Wealth Online explains. The SGB 2023-24...
AI adoption will be widespread but slow in risk and compliance: Moody’s, ET BFSI
Chennai: Even as Artificial Intelligence (AI) is deepening its reach into everyday risk and compliance, the transition will not happen overnight, finds a survey by Moody's. The slow uptake of AI technologies, according to the respondents, is due to a combination of...
India to grow 6.5% in FY25, down from 6.9% this fiscal: Ind-Ra, ET BFSI
Sustained government capex, softness in global commodity prices, and green shoots in the private corporate capex cycle will help the Indian economy grow 6.5% in FY25, lower than the 6.9% projected for this fiscal year despite global headwinds, India Ratings and...
Institutions like World Bank need to become climate banks, suggests Amitabh Kant, ET BFSI
NEW DELHI: Speaking at India's flagship annual conference, Raisina Dialogue 2024, India's G20 sherpa, Amitabh Kant, emphasised the need for institutions like the World Bank to transform into climate banks, so as to take on the challenges emanating from climate...
Large stressed companies fetch higher recovery rate through IBC, ET BFSI
Lenders to large stressed firms, with a default of at least Rs 1,000 crore each, have taken smaller haircuts under the Insolvency and Bankruptcy Code (IBC) than those with exposure to smaller firms, showed the data sourced from the bankruptcy regulator.Creditors...
India’s outward remittances mark 28% surge in Dec’23, ET BFSI
The outward remittances from India has witnessed an uptick of approximately 28 per cent, month on month in December 2023. For the past 3 years, overseas travel and leisure has had the highest share in outward remittances from India, data released by 1Lattice said on...
Ex-LIC chief, former SBI MD among 3 new PSB chairmen, ET BFSI
Mumbai: Govt has appointed former LIC chairman M R Kumar, former SBI MD A Krishna Kumar and Bank of Baroda director Srinivasan Sridhar, as chairmen of public sector banks. The Appointments Committee of the Cabinet approved these postings, subject to certain...
Singapore’s GIC, DigitalBridge, ADIA, Stonepeak, Permira, among others tapped for Carlyle’s 24% in Nxtra, ET BFSI
Kolkata | Mumbai: Sovereign wealth funds, private equity funds and global infrastructure asset managers, including GIC of Singapore, ADIA, Stonepeak, DigitalBridge, KKR and Permira are among those tapped to acquire US buyout group Carlyle’s 24.04% stake in Bharti...
WEF President Borge Brende, ET BFSI
WEF President Borge Brende New Delhi: India is on track to become a USD 10 trillion economy in coming years and grab the third-largest slot soon, World Economic Forum President Borge Brende said on Thursday as he described the country as a place with optimism not seen...
Business activity in Feb accelerated to seven-month high on solid demand, ET BFSI
Indian business activity expanded at its fastest pace in seven months in February as demand remained strong for both manufacturing and services, according to a business survey released on Thursday, which also showed an easing in price pressures.That supports the...
Sajjan Jindal’s JSW Steel sounds out banks for $750 million loan, ET BFSI
Steel tycoon Sajjan Jindal plans to borrow $750 million for capital expenditure purposes as India’s largest mill targets a major capacity expansion, according to people familiar with the matter.JSW Steel Ltd., part of the $23 billion JSW Group, is sounding out lenders...
India’s debt to GDP ratio by 2030-31 will be much lower than IMF’s projection: RBI paper, ET BFSI
Indian government expenditure needs to be focused on development given the growth needs and the interim budget intentions signal that the general government debt-GDP ratio could decline to 73.4 per cent by 2030-31, around 5 percentage points lower than the IMF’s...
EBITDA growth of 234 cos outpace sales for 3 quarters; over 100 stocks turn multibaggers, ET BFSI
After seeing testing times in FY23 amid skyrocketing inflation and weak consumer demand, India Inc found solace in FY24 as several companies reported strong double-digit growth in earnings.One of the major factors driving this growth was easing inflationary...
Certifications ease career path in financial leadership roles, ET BFSI
Any job in finance needs some specialised knowledge, or at least specialised training. However, a leadership role in finance requires deep domain knowledge. What role does certifications play here? “In India, certified finance professionals earn about 20% more than...
Wencai Zhang assumes role of Managing Director and World Bank Group Chief Administrative Officer, ET BFSI
NEW DELHI: On Tuesday, the World Bank Group appointed Wencai Zhang as the Managing Director and World Bank Group Chief Administrative Officer, emphasising the organization's dedication to instigating transformative change and improving operational efficiency to...
Income Tax dept has withdrawn Rs 65 crore from banks ‘undemocratically’, alleges Congress, ET BFSI
The Congress on Wednesday alleged that the Income Tax department has "withdrawn" a sum of Rs 65 crore from its accounts in different banks "undemocratically" even when the case pertaining to their return for previous years is sub judice.Party treasurer Ajay Maken has...
India leads in salary growth projections in APAC; these sectors will give higher hikes this year, ET BFSI
The year 2024 is expected to see both headwinds and tailwinds impacting business growth. While increased government spending on infrastructure and logistics and easing of inflationary pressure indicate positive factors for growth, geopolitical tensions remain an...
What it means for national security, ET BFSI
Chinese companies are reviving a practice not seen since the 1970s by establishing their own volunteer armies, known as the People’s Armed Forces Departments. This move by Chinese firms, a 'legacy of the Mao Zedong era', reflects Beijing's growing worries about social...
Rights issue of $200 million fully subscribed, will restructure board: Byju Raveendran, ET BFSI
Byju’s $200 million rights issue has been fully subscribed, its founder informed shareholders, in a desperate relief to the financially beleaguered edtech startup just ahead of an extraordinary general meeting called by a group of investors to seek removal of Byju...
India’s economic growth seen to ease to 6% in Q3 dragged by industrial sector: ICRA, ET BFSI
India's Gross Domestic Product (GDP) growth is projected to moderate sequentially to 6 per cent year-on-year (YoY) in the third quarter of FY24 as against 7.6 per cent in Q2, according credit rating agency ICRA. Meanwhile, the Reserve Bank of India (RBI) projection...
Formal job creation under EPFO up 11.9% to 1.56 million in December 2023: Payroll Data, ET BFSI
Formal job creation under the Employees’ Provident Fund Organisation went up 11.9% in December to 1.56 million, the highest in the last three months, compared to 1.39 million added in November, shows the provisional payroll data released by the ministry of labour and...
AI Model Backed by Mukesh Ambani, Asia’s Richest Person, to Launch in March, ET BFSI
A consortium backed by Mukesh Ambani’s Reliance Industries Ltd and India’s top engineering schools aim to launch its first ChatGPT-style service next month, a big step in the country’s ambitions to become a player in the field of artificial intelligence.The BharatGPT...
Women still lonely at the top in Indian boardrooms, ET BFSI
ET Intelligence Group: The redesignation of Shanti Ekambaram from a wholetime director to the deputy managing director at Kotak Mahindra Bank is special, since it comes at a time when none of the top five listed private sector banks in India have a woman CEO or...
Zee shares crash 10% after Sebi finds $241 million accounting issue, ET BFSI
A day after ending the session 8% higher, shares of Zee Entertainment Enterprises (ZEEL) today hit the 10% lower circuit amid reports that markets regulator Sebi has unearthed a $241 million accounting issue at the media firm.Sebi investigation into Zee founders...
EPFO adds a net 15.62 lakh members in Dec; 8.41 lakh new subscribers join workforce, ET BFSI
This surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programmes, it explainedNew Delhi: Retirement fund body EPFO recorded a net...
China exerts grip on tech as Beijing expands economy control, ET BFSI
China’s ruling Communist Party will play a bigger role in steering its vast technology industry, the latest sign that Beijing intends to exert more influence over swathes of the world’s No. 2 economy.The Party will refine a mechanism through which top decision makers...
Poll panel chief Rajiv Kumar, ET BFSI
Chief Election Commissioner Rajiv Kumar on Saturday here said the poll panel will act in accordance with the directives of the Supreme Court regarding the electoral bonds scheme. Speaking to reporters, Kumar said the commission always works on the basis of...
Generative AI to boost value addition in financial services: EY, ET BFSI
Generative AI's impact on Gross Value Added in financial services is more significant than other sectors and could contribute an addition of another $66 to $80 billion by 2030, according to a survey by EY.The BFSI sector has recognized the potential of Generative AI...
Legal guarantee for MSP will make farmers drivers of GDP growth, says Rahul Gandhi, ET BFSI
Legal guarantee for MSP will not make Indian farmers a burden on the budget but ensure that they become drivers of GDP growth, Congress leader Rahul Gandhi said on Tuesday as he claimed that "lies" are being spread that the MSP guarantee is not feasible under the...
India seeks $26 bn of private nuclear power investments, BFSI News, ET BFSI
India will invite private firms to invest about $26 billion in its nuclear energy sector to increase the amount of electricity from sources that don't produce carbon dioxide emissions, two government sources told Reuters.This is the first time New Delhi is pursuing...
Indian official delegation heads for London for FTA talks, ET BFSI
New Delhi, With the negotiations for the proposed India-UK free trade agreement (FTA) reaching its last leg, a high-level Indian official delegation is heading for London to iron out differences on remaining issues, sources said on Tuesday. The chief negotiators of...
Bengaluru Courier fraud News:IT firm CEO loses Rs 2.3 crore, BFSI News, ET BFSI
BENGALURU: In a latest case of courier fraud, a 66-year-old founder-CEO of a software firm has lost ₹2.3 crore to fraudsters, reports Chaithanya Swamy.The conmen allegedly contacted the CEO, saying a parcel in his name being sent abroad contained drugs, passports and...
MoS IT Rajeev Chandrasekhar, ET BFSI
Entrepreneurs and companies should comply with the rules and laws, irrespective of their size, scale and growth momentum, minister of state for electronics and technology Rajeev Chandrasekhar said on Monday.“I have seen entrepreneurs beginning to trespass because the...
MoS Rajeev Chandrasekhar, ET BFSI
Union Minister of State Rajeev Chandrasekhar speaks via virtual mode during the Mumbai Tech Week on Monday.Union Minister of State for Skill Development and Entrepreneurship, Electronics and Information Technology Rajeev Chandrasekhar engaged in a discussion with...
DPI platform in works to find closest EV charging spot, more, ET BFSI
The team behind successful decentralised digital economy ecosystems such as the Open Network for Digital Commerce (ONDC), Kochi Open Mobility Network, Aadhaar, and National Common Mobility Card (NCMC) is now working on a digital public good which will let customers...
Department of Fisheries signs a MoU with ONDC to digitally empower fish farmers, fisheries entrepreneurs, ET BFSI
Objective of the collaboration is to enable traditional fishermen, fish farmers producer organization, entrepreneurs from fisheries sector to buy and sell their products through e-market place.The Department of Fisheries signed an Memorandum of Understanding (MoU)...
Central bank, BFSI News, ET BFSI
The central bank listed a litany of problems facing the export powerhouse, from slowing foreign demand to constrained consumer spending and domestic investment.German output is likely to shrink slightly in the first quarter, sending Europe's top economy into recession...
Zee Entertainment seeks to revive $10 billion merger with Sony, ET BFSI
BENGALURU: Zee Entertainment is making a final attempt to restart discussions with Japan's Sony Group to revive their $10 billion merger deal which was scrapped on January 22, Economic Times reported on Tuesday, citing people aware of the matter.Representatives from...
Goa to be 1st state to get World Bank climate fund, ET BFSI
PANAJI: A delegation from the World Bank has arrived in Goa for talks with state govt to set up what is going to be the first sub-national climate resilient green fund to address Goa's thrust towards adoption of renewable energy. The blended finance scheme will see...
Zomato plans for Blinkit to deliver more via ecommerce, BFSI News, ET BFSI
Zomato could find itself up against ecommerce marketplaces like Amazon and Flipkart as it explores adding brands across a gamut of new categories to its 10-minute delivery platform, Blinkit. This major push into the fast-growing direct-to-consumer (D2C) space would...
Dubai’s Golden Visas are helping the city defy global office slump, ET BFSI
At the height of the global pandemic, as Dubai faced an exodus of expatriates and mounting competition from neighboring business hubs, the government opened up. That decision is now helping the city dodge the commercial real estate crisis rippling across the globe.The...
Adani Group in talks with sovereign funds to raise $2.6 billion, reports BS, ET BFSI
BENGALURU -India's Adani Group is in advanced talks with West Asia-based sovereign funds to raise up to $2.6 billion for its airport expansion and green hydrogen projects, the Business Standard daily reported late on Sunday.The Adani Group's flagship firm Adani...
PM Modi unveils mega infra blitz in UP ahead of Lok Sabha polls, ET BFSI
NEW DELHI: Prime Minister Narendra Modi on Monday laid the foundation stone for over 14,000 projects worth a whopping Rs 10 lakh crore in Uttar Pradesh in a mega development push ahead of Lok Sabha elections.The PM also laid the foundation stone of Shri Kalki Dham...
Progress of India-UK trade pact talks reviewed at highest level, ET BFSI
There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights.With the negotiations for the proposed India-UK free trade agreement reaching an advanced stage, the Prime Minister's Office reviewed the progress of...
Indian print media industry is poised to record robust growth in 2024, ET BFSI
Mumbai: The Indian print media industry is poised to record robust growth in 2024, with advertising revenues projected to return to pre-pandemic levels and profit margins improving amid softening of newsprint prices. According to the Pitch Madison Advertising Report...
After data and analytics, AI puts BFSI on upskilling path again, ET BFSI
The banking and financial services (BFSI) sector was one of the early adopters of data and analytics. There is no doubt it has helped the companies. But technology keeps changing and now it is the age of artificial intelligence (AI). How are companies and leaders in...
At USD 365 bn, Tata Group grows bigger in size than entire Pakistan economy, ET BFSI
The Tatas have at least 25 companies listed on stock exchanges with only one of them (Tata Chemicals which is down 5% in one year) having eroded wealth in the last 12 months, shows data pulled from ACE Equity. With several Tata Group companies giving outsized returns...
Investors flag Byju’s failure to recover Rs 1,400 crore from reseller, ET BFSI
Byju's investors have raised red flags over the management's failure to recover about Rs 1,400 crore from a Dubai-based reseller, More Ideas General Trading LLC, while paying out Rs 300 crore in sales commissions at a time when the debt-laden edtech firm is battling a...
India’s current account deficit likely at below 1% of GDP in FY24, ET BFSI
Mumbai: A narrower-than-expected trade deficit and higher services exports in January have prompted economists to scale down the current account deficit (CAD) estimates for FY24.Capital inflows through both foreign direct investment (FDI) and portfolio flows are...
MoS Finance shares number of fraudulent loan apps removed from Google Play Store, ET BFSI
The Parliament has been notified by the government that over 2,200 loan apps, which were fraudulent, have been suspended or removed from Google’s Play Store between September 2022 and August 2023. Bhagwat K Karad, the Minister of State for Finance, stated in a written...
Who can use UPI, wallet, FASTag, banking services, RBI releases FAQs, ET BFSI
The Reserve Bank of India (RBI) announced that it has extended the certain timeline related to certain Patym Payments Banks related services. The central bank has also released detailed FAQs for customers of Paytm Payments Bank. RBI announced these on February 16,...
Congress-backed news channel in Kerala says its bank accounts frozen by tax authorities, ET BFSI
The management of Congress-backed Jaihind TV in Kerala on Saturday alleged that its bank accounts were frozen by the Centre, a day after the national party's main bank accounts were frozen by the I-T department over an outstanding tax demand. According to sources in...
Why does YouTube’s MrBeast say he’s not rich despite $700 mn annual earnings?, ET BFSI
Jimmy Donaldson, widely known as 'MrBeast,' reigns as the titan of YouTube, boasting an impressive 239 million subscribers and a staggering annual revenue ranging between $500 million to $700 million. However, despite his monumental success, Donaldson, in an interview...
Trump’s legal debts top a half-billion dollars. Will he have to pay?, ET BFSI
Donald Trump's legal debts might now exceed a half-billion dollars.A New York judge ordered Trump and his companies Friday to pay $355 million in fines, plus interest, after ruling that he had manipulated his net worth in financial statements.The stiff penalty comes...
How recession in the UK economy can impact Rishi Sunak, ET BFSI
In a potential setback to already beleaguered Prime Minister Rishi Sunak, Britain's economy fell into a recession in the second half of 2023 ahead of the elections which are likely to the place in the second half of this year. Britain joins Japan among the Group of...
Institute of Actuaries of India aims to grow actuary professional base to 1 lakh by 2035, says its President, ET BFSI
R Arunachalam, President of IAI The Institute of Actuaries of India (IAI) aims to grow the number of member associates and students from 10,000 to 35,000 in the next three years and 50,000 to 1 lakh by 2030-2035. The growth strategies of the IAI include increasing the...
Will Trump pay? What if he doesn’t?, ET BFSI
Former US President Donald Trump faced a significant setback on Friday when a judge in New York mandated that he and his business entities fork over $355 million in fines. This was for allegedly misleading banks and insurance companies by inflating the value of his...
Quess Corp to split into three independent listed companies, BFSI News, ET BFSI
The demerger proposal was approved at the company’s board meeting on FridayQuess Corp will split into three independent entities in what the business services provider said is a move aimed at unlocking shareholder value.The demerger proposal was approved at the...
New York judge in civil fraud case fines Trump $350 M, depleting available cash in election year, ET BFSI
New York: A local judge has dealt a blow to Donald Trump's purse and ego, hitting him with a massive fine of over $350 million, depleting available cash in an election year and barring the billionaire real estate developer from doing business in New York State for...
India’s small exporters reel as Red Sea crisis helps rivals nab business, ET BFSI
NEW DELHI - Atul Jhunjhunwala, an exporter in the Indian eastern city of Kolkata, is tearing his hair out, having just lost another order due to the Red Sea crisis that has jacked up his shipping costs and times."Last week, I lost a big order to a Polish competitor...
Over 700% rise in freight rates give exporters a sinking feeling, ET BFSI
Indian businesses cannot avoid the Red Sea as it is a crucial trade channel linking Europe, Asia and the Middle East as it is the gateway to the Suez Canal: nearly 12% of global commerce and a third of the world’s container ship traffic pass through this region. As...
Germany overtakes Japan as third-biggest economy, ET BFSI
Once forecast to become the world's biggest economy, Japan slipped below Germany last year to fourth place, official data showed Thursday, although India is projected to leapfrog both later this decade.Despite growing 1.9%, Japan's nominal 2023 gross domestic product...
SoftBank’s Masayoshi Son is seeking about $100 billion for AI chip venture, ET BFSI
SoftBank Group Corp. founder Masayoshi Son is seeking as much as $100 billion to bankroll a chip venture to compete with Nvidia Corp. and supply semiconductors essential for AI, according to people with knowledge of the matter.Code-named Izanagi, the project marks the...
UK economy entered recession in second half of 2023, ET BFSI
Britain's economy fell into a recession in the second half of 2023, a tough backdrop ahead of this year's expected election for Prime Minister Rishi Sunak who has promised to boost growth.Gross domestic product (GDP) contracted by 0.3% in the three months to December,...
More payment banks under scanner, BFSI News, ET BFSI
NEW DELHI: More payment banks may face regulatory action as the Financial Intelligence Unit (FIU) has detected about 50,000 accounts without know-your-customer (KYC) verification and potentially engaged in suspicious transactions and money laundering activities. About...
Financial frauds rise significantly in India as generative AI gains traction: Study, ET BFSI
India has recently experienced a significant upswing in fraudulent activities aided by the arrival of generative AI, according to a new study. A staggering 64% of respondents acknowledged experiencing an increase in fraud losses over the past year, according to the...
Indian shares extend gains, led by public sector banks, energy, ET BFSI
By Bharath RajeswaranBENGALURU -Indian shares advanced on Thursday, led by a rally in energy and public sector banks, and supported by a post-results jump in Mahindra & Mahindra.The NSE Nifty 50 index settled 0.32% higher at 21,910.75, while the S&P BSE Sensex...
What is it and how is it connected with poll funding?, ET BFSI
The Supreme Court has delivered its verdict on a series of petitions challenging the validity of the electoral bond scheme. This decision follows a five-judge bench, led by Chief Justice of India DY Chandrachud, reserving its judgment on the matter last year on...
Finance Minister to review economy at FSDC meeting on Feb 21, BFSI News, ET BFSI
Finance Minister Nirmala Sitharaman is scheduled to review the state of the economy amid global challenges at a meeting of the Financial Stability and Development Council (FSDC) on February 21. The 28th meeting of the high-level panel to be held here will be attended...
Need international cooperation to deal with AI, crypto challenges, says PM Modi, ET BFSI
NEW DELHI: Prime Minister Narendra Modi on Tuesday said the world needs inclusive, smart, clean and transparent and green govts, while calling for global cooperation on artificial intelligence (AI) and cryptocurrency.Addressing the World Govt Summit in Dubai, he...
SBICAPS appoints Virendra Bansal as MD & CEO, BFSI News, ET BFSI
SBI Capital Markets Limited (SBICAPS) on Wednesday announced the appointment of Virendra Bansal as its new Managing Director & Chief Executive Officer. Virendra Bansal replaces Rajay Kumar Sinha who has been appointed as the WholeTime Member (Finance and...
Amid Paytm crisis, Indian NBFCs explore options for loan disbursal, ET BFSI
Indian non-bank lenders are looking at options other than Paytm for for loan disbursal, worried about the regulatory crisis engulfing the firm that has led to a temporary halt of lending services, sources with direct knowledge of the matter said.ALSO READ: Paytm...
Bajaj Housing Finance unveils the ‘DIY Home Loan’ Application, transforming consumer experience, ET BFSI
Bajaj Housing Finance unveils the 'DIY Home Loan' Application, transforming consumer experienceNewsVoirPune (Maharashtra) [India], February 14: Bajaj Housing Finance Ltd, one of the country's fastest growing housing finance companies, announced the launch of its 'DIY'...
Around 51% of investments by women parked in FDs, savings account: Report, ET BFSI
New Delhi, Jan 29 (IANS) The Finance Ministry's comprehensive review on the Indian Economy, spanning 74 pages, offers a detailed assessment of the country's economic trajectory over the past decade.Around 47 per cent of women take financial decisions on their own. Age...
India’s retail inflation eases in January; here’s what experts have to say, ET BFSI
New Delhi [India], February 13 (ANI): Retail inflation in India eased in January to 5.10 per cent on an annual basis compared to a four-month high of 5.69 per cent in December.Inflation rates in rural and urban areas, respectively, stood at 5.34 per cent and 4.92 per...
PNB, Union Bank, three other firms included in MSCI Global Standard Index, ET BFSI
New Delhi, Punjab National Bank, Union Bank of India and three other Indian companies have been included in the MSCI Global Standard Index on Tuesday in its February review. NMDC, BHEL, and GMR Airports Infra were the other Indian companies that have been included in...
What is the solution? To reduce debt or redefine priorities?, ET BFSI
Since 2010, the external debt to GDP ratio has been in the 18-24 range. The general trend in the growth rate of the external debt-GDP ratio has been declining since 2010.The International Monetary Fund (IMF), in its annual Article IV Consultation Report released in...
ED conducts fresh raids at multiple locations in Kolkata, ET BFSI
Teams of the Enforcement Directorate (ED) began raids at multiple locations in the metropolis on Tuesday morning in connection with its ongoing probe into the multi-crore ration scam in West Bengal, a senior official said. Accompanied by central forces, the ED teams...
Fragile-five days long gone as funds pile into India, Indonesia, ET BFSI
India and Indonesia were once famously lumped together as part of Morgan Stanley’s “Fragile Five.” A decade later they are investor favorites.The outlook for the bonds and currencies of the two Asian behemoths has brightened following successful programs of reforms...
Reliance Industries becomes first Indian stock to cross Rs 20 lakh crore market cap, ET BFSI
Shares of Mukesh Ambani-led Reliance Industries (RIL) today become the first listed Indian entity to cross the Rs 20 lakh crore market capitalisation milestone after the stock rallied up to 1.89% to hit fresh 52-week high of Rs 2957.80 on BSE.In the last two weeks...
UPI’s arrival in Sri Lanka, Mauritius to boost cross-border commerce, tourism: Industry, ET BFSI
PM Modi underlined that fintech connectivity will further strengthen cross-border transactions and connections.The launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius by Prime Minister Narendra Modi is a significant step in establishing...
US inflation might have dropped below 3% last month for 1st time in 3 years, a milestone for Biden, ET BFSI
WASHINGTON - Inflation may have fallen below a 3% annual rate last month, which would be the lowest level in nearly three years and a potentially significant milestone as the Biden administration seeks to bolster Americans' views of the economy before the November...
Registration of companies, LLPs hits fresh high in FY24, ET BFSI
India incorporated 18% more companies in January than a year before and more than doubled the number of newly-registered limited liability partnerships (LLPs), adding to the already record float of such entities this fiscal year.In fact, the incorporation in the first...
Threatening Election Year Upsets Worldwide, ET BFSI
Eric Foucault is driving his hulking green tractor more slowly than he can walk. Shouting into his mobile phone above the cacophony of engines and horns, the farmer from south of Paris is one of 200 others clogging up the highway into the French capital.Foucault and...
5 ways to invest in SGB 2023-24 Series-IV, ET BFSI
The Sovereign Gold Bonds (SGB) 2023-24 Series-IV tranche is available for subscription starting today, February 12, 2024, and will be open until February 16, 2024. SGBs are normally allocated seven days after the subscription ends, so this tranche’s issuance date is...
Retail inflation eases in January; is there a rate cut coming?, ET BFSI
India's retail inflation in January eased to 5.10 percent annually from December's four-month high of 5.69 percent.Official data released by the Ministry of Statistics and Programme Implementation on Monday evening revealed that rural and urban inflation rates were...
Retail Traders India’s Options Market: Retail Traders Losing Billions in India’s Options Market
Like a movie star at a premiere, Mohammad Nasiruddin Ansari steps out of the back seat of a white Mercedes. Flanked by a phalanx of black-clad bodyguards, he strides into the lobby of a luxury hotel and takes center stage in a ballroom as indoor fireworks machines...
PSU stocks including LIC, IRFC witness sharp decline amid absence of cues, ET BFSI
PSU stocks including LIC, IRFC witness sharp decline amid absence of cues The PSU stocks have witnessed sharp decline leading to significant wealth erosion for investors across the board. But the heavy loss is incurred to the Government of India in this scenario who...
ED busts cyber scam in India on Irish complaint, BFSI News, ET BFSI
NEW DELHI: In a first of its kind money laundering case, a complaint lodged by an Irish woman in Dungarvan, a coastal town in Ireland, was taken up for investigation by Enforcement Directorate in India, triggering a series of searches across Bihar and West Bengal.It...
850 Homebuyers in Greater Noida West Finally Receive Flats After 5-Year Legal Battle, ET BFSI
Representative ImageNOIDA: In the cycle of legal disputes and delays that many housing projects in the city find themselves embroiled in, it’s a rare bright spot.Around 850 homebuyers of a condominium in Greater Noida West will get their homes, five years after filing...
UP RERA starts pre-hearing scrutiny of complaints to help homebuyers, ET BFSI
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) on Monday started pre-hearing scrutiny of complaints, in a move aimed at quick disposal of cases.UP RERA has an e-courts system for filing of complaints by the homebuyers and the promoters. It issued revised...
Disney, Reliance merger discussions reach last lap as Feb 17 exclusivity deadline draws near, ET BFSI
Mumbai: With a week to go before the exclusivity period deadline for bilateral negotiations comes to an end on February 17, Walt Disney Co and Reliance Industries (RIL) are in the last leg of negotiations to finalise their mega stock-and-cash merger to create India’s...
Amazon pumps in Rs 830 crore in its India marketplace entity, ET BFSI
Amazon Seller Services, the entity that runs the Amazon marketplace in India, said its US parent infused Rs 830 crore into the company.Amazon Seller Services said it allotted 830 million equity shares to Amazon Corporate Holdings Ltd and Amazon.com.inc as part of the...
AI regulation is priority for all but no country will do it, says Spiros Margaris, ET BFSI
Artificial intelligence (AI) will impact several areas of banking and financial services, including know-your-customer (KYC) processes, personalised loan applications and portfolio risk assessments for private equity, fintech venture capitalist Spiros Margaris of...
Recession risks are fading, business economists say, but political tensions pose threat to economy, ET BFSI
Washington: Feb 12 (AP) Just a quarter of business economists and analysts expect the United States to fall into recession this year. And any downturn would likely result from an external shock - such as a conflict involving China - rather than from domestic economic...
PM Modi to distribute over 1 lakh appointment letters at Rozgar Mela today, ET BFSI
Prime Minister Narendra Modi will distribute more than one lakh appointment letters to newly inducted recruits on Monday via video conferencing.Prime Minister will also lay the foundation stone of Phase I of the Integrated Complex "Karmayogi Bhavan" in the national...
FICCI Cascade puts thrust on int’l co-operation; launches new campaign to fight smuggling, ET BFSI
New Delhi: FICCI Cascade has been at the forefront when it comes to raising awareness about smuggling activities and initiating pro-active dialogues on how it can be tackled.Speaking on the occasion of FICCI CASCADE's 'Anti-Smuggling Day', a leading official of...
Hurun comes out with new rankings of India’s most aspirational and successful companies, ET BFSI
Hurun India, in collaboration with Axis Bank, has come out with the third edition of the Hurun India 500, which is a tally of the country's 500 most aspirational and successful companies.This year, the list -- titled Burgundy Private Hurun India 500 (Burgundy Private...
“Our economy has grown by 7.6 per cent in the last three quarters”, says Union Minister Hardeep S Puri, ET BFSI
Union Minister Hardeep Singh Puri lauded the economic growth of India, citing a robust expansion of 7.6 per cent in the last three quarters.Speaking at the Rozgar Mela where over a lakh appointment letters were distributed to newly recruited individuals, Puri...
What is the interest rate of Sovereign Gold Bond?, ET BFSI
Sovereign Gold Bond (SGBs) are substitutes for holding physical gold and are government securities denominated in grams of gold. The investors must pay the issue price in cash and the bonds will be redeemed in cash on maturity. SGB is issued by the Reserve Bank of...
India is leading the world with digital public goods, and solutions like Bhashini: Satya Nadella, ET BFSI
Microsoft chairman & CEO Satya Nadella says the ministry of IT’s sponsorship of the multilingual speech-to-text and text-to-speech stack is very impressive; predicts it will enable creation of incredible innovations like allowing students to summon AI tutors just...
What US still needs to be wary of even as economic risks from internal factors recede, ET BFSI
Just a quarter of business economists and analysts expect the United States to fall into recession this year. And any downturn would likely result from an external shock – such as a conflict involving China – rather than from domestic economic factors such as higher...
India Inc using various ploys on payments to small businesses for dodging tax impact, ET BFSI
Many big and small businesses are playing a cat-and-mouse game. Some are taking an aggressive stance, while most are waiting it out, knocking on the government's doors, as a well-meaning, yet unsettling, law aims to move the wheels of commerce faster. Under the law -...
Yellow metal futures fall by Rs 80/10 gram in opening trade. Should you buy or sell?, ET BFSI
Gold traded in a range on Monday as the Street awaits key data points including the inflation numbers in the US. Last week, top officials in the Federal Reserve reiterated their stance on interest rate cuts, suggesting that they would need more data before they start...
A Tesla rival is driving into India. What lies ahead for it, BFSI News, ET BFSI
A small unprofitable electric vehicle (EV) maker, which had briefly become the third most valuable auto manufacturer in the world last year after Tesla and Toyota, leaving behind General Motors and Ford Motor, as its stock rose nearly 700% days after its listing on...
AI regulation is priority for all but no country will do it, says Spiros Margaris, ET BFSI
Artificial intelligence (AI) will impact several areas of banking and financial services, including know-your-customer (KYC) processes, personalised loan applications and portfolio risk assessments for private equity, fintech venture capitalist Spiros Margaris of...
India inflation likely cooled to a three month low in January: Reuters poll, ET BFSI
India's retail inflation likely eased to a three-month low of 5.09% in January on slowing food price rises and favourable base effects, according to economists polled by Reuters who also predicted a moderation in core inflation to 3.70%.The Reserve Bank of India,...
RBI, government working together to ensure inflation remains in check: Piyush Goyal, ET BFSI
NEW DELHI: Commerce and industry minister Piyush Goyal on Friday said the Reserve Bank of India (RBI) and government are coordinating on monetary and fiscal policy to ensure that inflation remains under check and said his party, BJP, had trust in the people that the...
India’s fiscal health outshines the West as government debt decreases, ET BFSI
Indian government borrowings, in sharp contrast with elevated debt levels in the West, are gradually reducing as a percentage of national output as North Block sticks to its announced fiscal consolidation roadmap, aided by robust growth that promises to raise state...
Government, exporters, shippers discuss Red Sea crisis; commerce ministry asks FIEO to share specific issues, ET BFSI
Officials from ministries of finance, shipping as well as commerce and industry on February 7 discussed problems being faced by exporters due to the Red Sea crisis and the commerce ministry suggested sharing specific matters for their resolution, an official said. The...
Former PM PV Narasimha Rao to be conferred Bharat Ratna: PM Modi, ET BFSI
Former PM PV Narasimha Rao New Delhi [India], February 9 (ANI): Former Prime Minister and veteran leader of Congress, Late P V Narasimha Rao will be conferred with the country's highest civilian award Bharat Ratna, Prime Minister Narendra Modi announced on...
President Droupadi Murmu calls for more action to lift farmers out of poverty, ET BFSI
President Droupadi MurmuNew Delhi: President Droupadi Murmu on Friday called for more action to lift some farmers out of poverty and ensure right price for their produce even as the government is making speedy efforts to boost their income. The comments came in the...
Muddy Waters shorts Canada’s Fairfax Financial, alleges asset value manipulation, ET BFSI
Short seller Muddy Waters has placed bets against the shares of Canadian insurer Fairfax Financial alleging manipulation in its asset values.Shares of the property and casualty insurer sank 12% on Thursday, and set for their worst drop since Sept. 2008.Fairfax...
India consumption story driving mall operators, warehousing players’ growth, ICRA, ET BFSI
Representative imageThe outlook for Indian commercial real estate outlook presents a mixed bag across segments with strong consumption trends driving the growth for retail mall operators and warehousing sectors. However, the office segment, despite being resilient, is...
To build $30 trillion economy by 2047 focus on climate change, food security, skills, urbanisation, healthcare, ET BFSI
Though there has been an increase in the total expenditure on health from ₹79,221 crores in 2023-24 to ₹90,171 crores in 2024-25, India has to make a long-term strategy to ensure that at least 6-7% of GDP is utilized in healthcare spending.The Interim Budget announced...
Govt’s critcal role in enabling India’s turn to lead the global order by 2047, ET BFSI
This optimism, shared by a substantial majority, points out a prevailing belief in the nation's capacity to overcome current challenges and achieve significant socio-economic milestones in the coming decades. Seventy-seven years post-independence, India's narrative...
A fiery Sitharaman accuses UPA regime of lacking ‘neeyat and niyam’, ET BFSI
Accusing the Manmohan Singh-led UPA government of ruining India’s reputation globally, Finance Minister Nirmala Sitharaman on Friday said the Congress regime lacked ‘neeyat and niyam’, i.e., intention and adherence to the law during their 10-year tenure.The FM was...
Global financial crisis in 2008 wasn’t as serious as COVID-19, UPA govt should have handled with sincerity: FM Sitharaman, ET BFSI
New Delhi [India], [India], February 9 (ANI): Stressing that the global financial crisis in 2008 wasn't as serious as the COVID-19 pandemic, Union Finance Minister Nirmala Sitharaman on Friday said that the then Congress-led UPA government should have handled it with...
Reform IMF, WB to reflect interests of Global South, BRICS has role: Guterres, ET BFSI
United Nations, The international financial and development institutions should be reformed to reflect the interests of the Global South, Secretary-General Antonio Guterres has said.While the BRICS can play an important and complementary role for developing nations,...
Tata Sons to invest $1 billion more in digital arm, BFSI News, ET BFSI
Tata Sons is poised to invest about $1 billion in Tata Digital, over the next few years, people familiar with the matter said. This comes as the parent of the diversified Tata group puts a pause on external fundraising for the ecommerce entity, which houses the...
Tesco to sell banking operations to Barclays for up to 700 mn pounds, ET BFSI
Britain's biggest retailer Tesco said on Friday it would sell most of its banking operations to lender Barclays for up to 700 million pounds ($883 million).The supermarket group said the majority of the proceeds would be returned to shareholders through an additional...
‘instead Of Ease-of-doing Business, Upa Govt Gave Policy Uncertainty’, ET BFSI
New Delhi: In contrast to UPA’s performance, the govt white paper released on Thursday argued that Modi regime has taken a series of steps to fix the economy and initiated procedural and behavioural changes to make India the fastest growing major economy and the fifth...
What’s the difference?, BFSI News, ET BFSI
In response to the Central government's decision to present a 'White Paper' scrutinizing the economic performance during the UPA government's 10-year tenure (2004-2014), the Congress party has released a 'Black Paper' highlighting the Narendra Modi government's...
Congress releases ‘Black Paper’ highlighting Modi government’s failures; here’s what it says, ET BFSI
Congress president Mallikarjun Kharge on Thursday released 'Black Paper' highlighting Modi government's failures in the last 10 years. "We are releasing a Black Paper against the government because the government always glorifies itself in Parliament and hides its...
Japan’s SoftBank Group marks a return to profit as it cuts Vision Fund losses, ET BFSI
Tokyo, Feb 8 (AP): Japanese technology conglomerate SoftBank Group returned to profitability in October-December after four straight quarters in the red, the company said on Thursday. Tokyo-based SoftBank reported a 950 billion yen (USD 6.4 billion), profit for the...
NPCI appoints Ajay Kumar Choudhary as Board’s Non-Executive Chairman, ET BFSI
National Payments Corporation of India (NPCI) on Thursday announced the appointment of Ajay Kumar Choudhary as Non-Executive Chairman of the Board 2024. Ajay Kumar Choudhary is a distinguished central banker with an illustrious career spanning over three decades at...
From 2G to land for jobs, Modi govt enlists all UPA scams, ET BFSI
Union Finance Minister Nirmala Sitharaman on Thursday tabled the White Paper highlighting the government's achievements in the last 10 years. The document also enlisted multiple scams that took place during the UPA government before 2014. "There was pervasive...
UPA to be remembered for India’s largest power outage in 2012, leaving 62 crore people in darkness, Modi govt attacks Congress, ET BFSI
Attacking Congress-led previous UPA government, the government today said that the UPA government will always be remembered for the largest power outage in our history, in July 2012, which left 62 crore people in darkness and put national security at risk. The Central...
SoftBank posts $6.6 billion profit, first in five quarters, ET BFSI
Japan's SoftBank Group returned to profit for the first time in five quarters on Thursday, as the Japanese tech investment firm was buoyed by an upturn in portfolio companies, sparking hope it was emerging from a period of retrenchment.Net profit totalled 985.5...
Key Points from Centre’s White Paper on State of Indian Economy Before and After 10 Years of UPA Rule, ET BFSI
NEW DELHI: Finance minister Nirmala Sitharaman on Thursday tabled a 'white paper on the Indian economy' in the Lok Sabha. In her interim Budget speech on February 1, the FM had announced that the government would come out with a white paper on the economy outlining...
RBI allows hedging of gold price risk in IFSC, ET BFSI
The Reserve Bank of India (RBI) has decided to allow hedging of gold price risk in the Over the Counter (OTC) Market in the International Financial Services Centre (IFSC). The step has been taken with a view to providing flexibility to resident entities to hedge their...
Advent looking to deploy $5 to $10 billion in India over the next five years, ET BFSI
Advent International, the US private equity firm behind some of the biggest leveraged buyouts and conglomerate carve-outs, including the €17.2-billion acquisition of Thyssenkrupp’s elevator business in 2020 along with co-investors and the €1.8 billion joint takeover...
Merchandise exports set to moderate to USD 435 bn in FY24: Exim Bank, ET BFSI
Mumbai: India's merchandise exports are likely to moderate to USD 435.3 billion in FY24 against 447.46 billion in FY23, the Exim Bank said on Wednesday. The merchandise exports are set to grow by nearly 3 per cent to USD 118.2 billion in the March quarter compared to...
TTD justifies move to deposit Rs 10 crore in Tirupati cooperative bank, ET BFSI
TIRUPATI: Feb 07: Tirumala Tirupati Devasthanams -the world's richest Hindu temples trust justified it's decision to deposit Rs.10 crore in the Tirupati cooperative bank. Amidst criticism that the Tirupati trust's decision to deposit Rs.10 crore in the Tirupati based...
TCS in race to run Britain’s Faster Payments, BFSI News, ET BFSI
Tata Consultancy Services (TCS) has emerged as a top contender to take over the administration of Britain's Faster Payments Service, a critical component of the UK's economic infrastructure responsible for processing over 90% of salaries, 70% of household bills, and...
Senior citizen app Khyaal raises $4.2 million from 62 Ventures, others, ET BFSI
Titan Capital-backed startup Khyaal, which focuses on services for senior citizens, has raised $4.2 million in a funding round co-led by 62 Ventures, SVQuad and early-stage venture capital firm Inventus Capital Partners, which has earlier backed firms like...
GAME’s Ravi Venkatesan, ET BFSI
Benguluru-based Global Alliance for Mass Entrepreneurship (GAME) aims to build a thriving environment for mass entrepreneurship in India. In an interview with ET Online, Ravi Venkatesan, GAME’s founder, discusses the “missing middle” irregularity of the MSME sector,...
Adani starts talks for first dollar bond sale since Hindenburg, ET BFSI
Solar energy-producer Adani Green Energy Ltd. is discussing the planned transaction with a group of foreign banks, including a US firm, according to people familiar with the matter, who asked not to be identified because the matter is confidential. The sale, expected...
Need to create safeguards regarding personal liability of Independent Directors: CII, ET BFSI
Industry body CII on Monday suggested putting in place "legal and procedural safeguards" related to the personal liability of independent directors, arguing that criminal prosecution should be initiated against them only in exceptional circumstances to keep the risks...
These SGB investors will earn 101% on maturity this month, ET BFSI
The Reserve Bank of India has announced the final redemption date for the Sovereign Gold Bond (SGB) Scheme SGB 2016-I. The date has been set as February 8, 2024.Based on the simple average closing gold price for the week of January 29-February 02, 2024, the price for...
S&P Global Ratings, ET BFSI
Mumbai: Credit growth in India could moderate to between 12% and 14% in FY25, S&P Global Ratings said, because of inflated funding costs amid intensifying competition to garner funds.Separately, the share of unsecured loans is expected to rise despite the central...
India needs to secure at least 7 per cent GDP growth in 2024-25: RBI Bulletin, ET BFSI
MUMBAI: India needs to sustain the momentum of strong economic growth in 2024-25 by securing at least 7 per cent expansion in GDP, while bringing down retail inflation to the target of 4 per cent in the coming months, said the RBI's January Bulletin issued on...
Crisil upgrades rating on Adani Power bank loan facilities, BFSI News, ET BFSI
Crisil Ratings has upgraded its ratings on Adani Power's Rs 38,000 crore of bank loan facilities to 'AA-', saying the business and financial risk profile of the company has seen "strong improvement".The loan facilities were rated 'A' with a stable outlook earlier."The...
SGB series 2023-24:When will the next Sovereign Gold Bond issue open?, ET BFSI
The government along with the Reserve Bank of India (RBI) announced two more tranches to the Sovereign Gold Bond (SGB) Series 2023–24 schedule for the fiscal year 2023-2024Latest Sovereign Gold Bond (SGB) tranche issue price is the highest since launch in 2015The SGB...
India dealing with a British legacy problem for 200 years, ET BFSI
Nearly 200 years ago, India made a unique contribution to the annals of corporate governance by inventing managing agencies, a system for separating control from ownership very different from the executive-led corporation that would emerge later in the US. These were...
Ikea looks at next round of investment in India after fulfilling Rs 10,500-cr promise, ET BFSI
Swedish furniture retailer IKEA is looking at the next round of investment in India after exhausting its commitment of Rs 10,500 crore when it entered the country 10 years back, according to the company's India CEO Susanne Pulverer. The company, which kicked off its...
Alphas, cowboys and the strong, silent types, ET BFSI
Welcome to a new edition of Full Stack, a place where you’ll find unfiltered commentary on all things technology.Please keep the bouquets, brickbats and suggestions coming. You can reach me at samidha.sharma@timesgroup.com and follow me on Elon Musk's Twitter (sorry...
India’s services PMI rises to 6-month high in January on higher demand, new export sales, ET BFSI
India's services activity inched up to a six month high in January driven by buoyancy in demand, productivity gains and rising intakes of new work, a private survey data showed on Monday.India's services activity measured by HSBC India Services PMI rose to 61.8 in...
Bond Street cheers Budget prudence, eyes RBI MPC meet for further easing, ET BFSI
The bond market has expressed enthusiasm over the Interim Budget for 2024-25, as the government unveiled a borrowing program smaller than the market's most optimistic estimates. The Budget's fiscal restraint and the anticipation of demand for bonds exceeding supply...
Kotak-backed Phoenix ARC, Edelweiss keen to acquire SBI loan to HNG, ET BFSI
Kotak Mahindra Bank-backed Phoenix ARC and Edelweiss Asset Reconstruction Company are among half a dozen companies that have shown interest in acquiring State Bank of India's loan to Hindusthan National Glass (HNG), said people aware of the matter. Prudent ARC, UV ARC...
Paytm customers more than welcome to SBI, says Chairman Khara, ET BFSI
Mumbai: State Bank of India on Saturday said it is ready to help Paytm customers who will be affected by the Reserve Bank of India's order to stop almost all its activities from March 1. Addressing the media during the third quarter earnings here, SBI Chairman Dinesh...
Centre launches Digital India future LABS for R&D in automotive, compute, other areas, ET BFSI
The government on Saturday launched Digital India futureLABS to strengthen research and development (R&D) and innovation in areas such as automotive, computing, communication, strategic electronics, industrial electronics and internet-of-things in the country.The...
Indian Economy on Course to Retain Growth Momentum: Finance Minister, ET BFSI
Finance minister Nirmala Sitharaman has been leading the Modi government’s economic management in the second term. In a detailed interview after presenting her sixth straight budget, she spoke to TOI on a wide range of issues, and said that govt held its hand while...
US payrolls surge, China deflation pressures to continue, ET BFSI
US payrolls surged at the start of the year, exceeding the most-optimistic estimate and reducing odds that Federal Reserve policymakers will lower interest rates soon.The report followed a decision by Fed officials days earlier to hold interest rates at a 22-year high...
Startup salaries get reset as talent becomes affordable amid crises at Byju’s, Paytm, ET BFSI
A glut of CVs in the job market from laid-off startup and e-commerce employees, and those looking to exit companies like Byju’s, is leading to a sharp reset of salaries from the stratospheric levels scaled in the post-Covid 2021-22 hiring frenzy.Executive search and...
Economists pilloried for getting forecasts wrong, BFSI News, ET BFSI
Paris, Feb 04, 2024 -Economists are taking flak after missing the mark on inflation, failing to anticipate disruptions in global supply chains and forecasting a recession that has not materialised.The Covid-19 pandemic, Russia's war in Ukraine and more recently the...
Divestment not a tool for fiscal consolidation, says Finance Secretary TV Somanathan, ET BFSI
The government is confident of meeting the targets in the interim budget presented on Thursday, finance secretary TV Somanathan told Anuradha Shukla and Deepshikha Sikarawar in an interview. As for public spending, "government capital expenditure continues to be high...
Byju’s tells staff, ET BFSI
The senior management of cash-strapped edtech firm Byju’s told employees that the company has secured commitments to subscribe to more than 100% of its proposed $200 million rights issue of shares.In an email note to employees Friday, the management blamed an...
China pledges more help for its ailing property market, as IMF forecasts economy will slow, ET BFSI
BANGKOK - Markets in China sank Friday despite a fresh flurry of measures to help prop up the ailing property sector, as the International Monetary Fund forecast that the Chinese economy will continue to slow in coming years. The report by the IMF forecast that the...
Proactive inflation management helps keep inflation within manageable level: FM, ET BFSI
New Delhi: Proactive inflation management has helped keep the country's inflation within the manageable range, Finance Minister Nirmala Sitharaman said while presenting the interim Budget on Thursday. She also said that the inflation has moderated. The Reserve Bank of...
State Economic Review, ET BFSI
Thiruvananthapuram: Kerala's economy posted positive growth for the second consecutive year 2022-23 with the Gross State Domestic Product (GSDP) clocking 6.6 per cent growth at constant prices, according to the Economic Review tabled in the Kerala Assembly on Friday....
Sachin Pilot on finance minister’s Budget address, ET BFSI
JAIPUR: Terming finance minister Nirmala Sitharaman's Interim budget speech on Thursday an "election speech", Congress leader Sachin Pilot said that there was nothing new in the Budget speech and no measures were announced to provide relief to the common masses "who...
Cybercrooks Get Techie To Do ‘tasks’ Part Time, Fleece Her Of 80l, ET BFSI
BENGALURU: A woman software engineer, who was looking to earn some extra money by doing part-time jobs to clear her loan of Rs 20 lakh, lost Rs 80 lakh to cybercrooks. Further, in the guise of helping her get her money back, the fraudsters made her purchase...
Shyam Srinivasan, Federal Bank, ET BFSI
Shyam Srinivasan, MD & CEO, Federal Bank, says “the commitment and the consolidation focus around the fisc was clear. And if somebody had not followed India for a long period of time, and only heard the first 10-15 minutes of the speech of the finance minister, it...
Governments must focus on job creation, not freebies: Raghuram Rajan, ET BFSI
Speaking at the ongoing Jaipur Literature Festival, Rajan opined that the government must be ready to decentralise as its benefits can be seen in the education and healthcare sectors in states like Delhi, Kerala and Tamil NaduJaipur: Stressing that governments need to...
More ‘Power’ to EV Ecosystem, BFSI News, ET BFSI
Indore: The announcement by government in Interim Budget for 2024-25 to set up three major railway corridors, aimed at addressing congestion and reducing cost of logistics, is seen to boost economic growth, said industry associations while lauding government’s forward...
Moody’s’ Christian de Guzman explains why it is not yet time to give India higher sovereign rating, ET BFSI
Christian de Guzman, Senior Vice President, Sovereign Risk Group, Moody's Investors Service, says “while fiscal consolidation has proceeded apace since we left the pandemic. we need to bear in mind that before the pandemic, before we downgraded India to BAA3, at BAA2,...
Next 5 years will be of unprecedented development, golden moments, says Nirmala Sitharaman, ET BFSI
While announcing the Union Budget 2024, the Finance Minister Nirmala Sitharaman on Thursday said the next five years will be years of unprecedented development and golden moments to realize the goal of developed India by 2047.“Trinity of democracy, demography and...
Nirmala Sitharaman redefines GDP, focuses on more comprehensive approach, ET BFSI
Union Finance Minister Nirmala Sitharaman on Thursday redefined the Gross Development Product (GDP) to 'governance, development and performance' while presenting the interim budget for FY25. In her sixth budget presentation, Sitharaman said the government is equally...
Govt raises ‘Make in India’ stakes with huge jump in allocation to PLI, other schemes, ET BFSI
Union Budget 2024: Govt raises 'Make in India' stakes with huge jump in allocation to PLI, other schemes The government has upped the focus on economic growth as it raised allocations substantially to the schemes promoting manufacturing and sustainable development for...
Indian economy witnessed profound positive transformation in last 10 years, says FM, ET BFSI
The Indian economy has witnessed a profound positive transformation in the last 10 years, Finance Minister Nirmala Sitharaman said on Thursday.Sitharaman in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget, said...
Adani flagship’s profit jumps 130% as strong recovery continues, ET BFSI
Adani Enterprises Ltd.’s quarterly profit more than doubled boosted by higher earnings from its newer businesses as the port-to-power conglomerate continues to rebound from a brutal short seller attack early last year. Shares jumped as much as 3%.The flagship firm of...
Industry leaders and think tanks react to FM’s budget, ET BFSI
“This budget went beyond the expectations from a vote on account, unlike the 2019 budget, which was also an election year budget."Union Finance Minister Nirmala Sitharaman presented the Interim Union Budget 2024 ahead of the Lok Sabha elections in 2024. This is the...
Hong Kong billionaire Richard Li seeks to sell asset manager PineBridge
HONG KONG - Hong Kong investment firm Pacific Century Group (PCG), founded by billionaire Richard Li, is seeking to sell its majority stake in asset manager PineBridge Investments, according to three people with knowledge of the matter and a deal document seen by...
Pakistan’s monthly inflation rate increases to 28.5% amid economic crisis, ET BFSI
Islamabad [Pakistan], February 1 (ANI): Amid the economic crisis in Pakistan, the caretaker government revised its projection, stating that inflation may remain around 28.5 per cent in January due to food supply shocks, The Express Tribune reported on Wednesday. This...
India’s manufacturing PMI hits four-month high in January on robust demand, ET BFSI
The PMI's new orders sub-index, also supported by international demand, rose sharply to its highest since September, stretching the current sequence of expansion to over two-and-a-half years.India's manufacturing industry improved substantially at the start of 2024...
Sitharaman in Budget 2024, ET BFSI
A corpus of Rs 1 lakh crore will be established with 50-year interest free loans to encourage the private sector to scale up research and innovation in sunrise domains, Union Finance Minister Nirmala Sitharaman announced on Thursday. Presenting the interim Budget...
Launch new scheme to strengthen deep-tech, set corpus of Rs 1 lakh cr says FM Sitharaman, ET BFSI
The Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman proposed to create a corpus of Rs 1 Lakh Crore to boost private investment in sunrise technologies, while presenting the Interim Budget 2024-25 in Parliament today.The corpus will be...
Rs 312 cr for training of babus, Rs 10 cr for administrative reforms, ET BFSI
New Delhi: Over Rs 310 crore has been allocated to the Personnel Ministry for the next fiscal for the training of government employees, both in India and abroad, and augmenting necessary training related infrastructure, according to the interim Union Budget 2024-25...
Fiscal deficit reduced to 5.8% of GDP from target of 5.9%, ET BFSI
The FY24 fiscal deficit has been revised down to 5.8 percent of the GDP, Finance Minister Nirmala Sitharaman said. Revised estimate of revenue receipts expected higher than budgeted, she added.Revised estimate of revenue receipts expected higher than budgeted and the...
Budget 2024: Centre to unveil scheme to strengthen deep-tech for defence sector: FM, ET BFSI
A new scheme will be launched to strengthen deep tech for the defence sector, Finance Minister Nirmala Sitharaman said on Thursday. Presenting the interim Budget 2024-25, Finance Minister Nirmala Sitharaman also said the government will promote public and private...
PM Modi underlines Budget Session’s blueprint, criticises ‘trouble-making’ parliamentarians, ET BFSI
New Delhi [India], January 31 (ANI): Prime Minister Narendra Modi addressed the media ahead of the Budget session underlining that this would be an interim budget even as he questioned the conduct of opposition MPs in the last session. In his customary interaction...
Global gold demand at all-time high in 2023 backed by central bank purchases, ET BFSI
The global demand for gold surged to an all-time high of 4,899 tonnes in 2023, up 3% as compared to the previous year, as over-the-counter purchases and buying by central banks remained robust.Gold exchange-traded funds, though, saw investments being pulled out for...
Burman family hikes Religare stake to over 25%, increases grip on company, ET BFSI
The Burman family of Dabur already the single largest shareholder in shadow bank Religare Enterprises Limited (REL), has further consolidated their position in the company even as the incumbent board of directors, led chairperson Rashmi Saluja, are opposing their...
From tax relief to crypto regulation, what do millennials expect?, ET BFSI
~ By RiteshThe Annual Financial Statement of the Union Budget of India is soon going to be released on Thursday, February 1, 2024. The Budget details the government’s plan for the upcoming financial year. It consists of the revenue generated in the previous fiscal and...
President Murmu tells Parliament, ET BFSI
New Delhi [India], January 31 (ANI): The government has kept the inflation under control despite global challenges and did not allow the burden on people to increase, President Droupadi Murmu said on Wednesday."The world has faced two wars and Covid-19 in the past few...
Brand Finance, BFSI News, ET BFSI
Jio, the telecom and digital arm of billionaire Mukesh Ambani's Reliance, continues to be the strongest Indian brand, ahead of likes of Life Insurance Corporation and State Bank of India, according to the latest report 'Global-500 2024' published by Brand Finance. Jio...
India’s fiscal deficit for April-December at Rs 9.82 lakh crore, narrows to 55% of FY24 aim, ET BFSI
India's fiscal deficit for the first nine months of this fiscal year through December stood at 9.82 lakh crore rupees, or 55% of annual estimates, government data showed today.The fiscal deficit narrowed from 59.8% reported in the comparable year-earlier period.Total...
Nirmala Sitharaman to present budget with ‘disha-nirdeshak baatein’, says PM, ET BFSI
Prime Minister Narendra Modi addressed the media ahead of the Budget session underlining that this would be an interim budget.Prime Minister Narendra Modi said that the Budget session which commenced today with President Droupadi Murmu's address, is in a way a...
China manufacturing contracts for a 4th straight month in January, ET BFSI
A survey of factory managers in China released on Wednesday shows manufacturing contracted in January for a fourth straight month, reflecting weak demand and a faltering recovery in the world's second-largest economy.The official purchasing managers index, or PMI,...
No spending freeze at startups; Swiggy, PharmEasy FY23 report card, ET BFSI
Top internet firms didn’t let a ‘funding winter’ dampen their spending in the last fiscal, an ETtech analysis found. Details of this and more in today’s ETtech Dispatch.Also in this letter:■ Byju’s cap table reset■ Bids for modernisation of SCL■ Nasscom’s suggestions...
Budget 2024: More jobs, infra push or social security
Interim Budget: As India braces for the 2024 interim budget, the spotlight on rural jobs and schemes becomes even more critical, given the significant population dependent on agriculture and allied activities. In the purview of Lok Sabha elections this year, there is...
Order to liquidate China Evergrande is just one step in fixing China’s debt crisis, ET BFSI
A Hong Kong court's order to liquidate China Evergrande, the world's most heavily indebted real estate developer, is only a tentative step toward resolving a debt crisis that is haunting financial markets and dragging on the Chinese economy. Evergrande owes $340...
SBI to down-sell half of INR 11k cr loan to Adani’s Ganga Expressway project, ET BFSI
SBI refrained from selling down a portion of the loan in the previous year. The bank may decide to proportionately sell down the loan to all lenders based on their sanctions, the source added.More than a year after disbursing loans to Adani Group's Ganga Expressway...
President Murmu hopes for positive conversation on policies in new parliament, ET BFSI
NEW DELHI: President Droupadi Murmu, on Wednesday, hoped for a positive conversation on policies and hailed the government's key action. In her first address in the joint sitting of both Houses of Parliament, the President said, "This is my first address in the new...
Hong Kong court orders property firm China Evergrande to liquidate after plan for $300B debt fails, ET BFSI
Hong Kong, Jan 29 (AP): A Hong Kong court ordered China Evergrande, the world's most heavily indebted real estate developer, to undergo liquidation following a failed effort to restructure $300 billion owed to banks and bondholders that fuelled fears about China's...
BFSI sector sees surge in demand for legal, compliance professionals, ET BFSI
Demand for specialist legal and compliance professionals has surged in the banking, financial services and insurance (BFSI) sector in the past one year with banks, non-banking financial companies (NBFCs), insurance and fintech companies beefing up their senior...
Will Budget 2024 care to sell family silver as privatisation drive flops?, ET BFSI
After Air India and NINL privatisations, the government’s divestment dreams have come to a grinding halt with the government likely to miss its divestment targets for the fifth consecutive year. But what has forced the government to temper its expectations? Data shows...
Amit Shah launches Rs 225 cr projects to computerise ARDBs, RCSs in cooperative sector, ET BFSI
New Delhi: Union Cooperation Minister Amit Shah on Tuesday launched computerisation programmes for agriculture and rural development banks and Registrar of Cooperative Societies at an estimated cost of Rs 225 crore and said the digitisation efforts will help improve...
Investment provisions in ‘AI for India’, ET BFSI
Union Finance Minister Nirmala Sitharaman will present the Union Budget on February 1. This year, it will be an interim budget as Lok Sabha elections are scheduled this year. AI technology and its implications in various fields dominated 2023, and tech companies in...
15 expectations of individual taxpayers this Budget, ET BFSI
Finance Minister Nirmala Sitharaman is scheduled to announce the Interim Budget 2024 on February 1, 2024. Different sectors in India have put forth their needs and demands. Here are 15 important things in the wish list of the common man regarding income tax.1 Simplify...
Piramal Enterprises reports loss of Rs 2,378 cr in Q3 due to RBI’s norms, ET BFSI
New Delhi: Piramal Enterprises Ltd (PEL) on Monday posted a loss of Rs 2,378 crore on a consolidated basis in the December quarter on account of huge provisions towards its exposure in alternative investment funds. The diversified NBFC earned a consolidated net profit...
Opus CEO on workplace culture, empowering people and receiving ‘Great Place To Work’ certification, ET BFSI
Opus Technologies, a leading provider of payment technology solutions for banks and financial institutions, has recently been recognised as a 'Great Place To Work®'. This certification reflects the company's commitment to creating a positive and empowering work...
Parliamentary floor leaders meet ahead of Budget session, BFSI News, ET BFSI
New Delhi: Floor leaders of various parties on Tuesday attended an all-party meeting convened by the government ahead of the Budget session of Parliament. Defence Minister and Deputy Leader in the Lok Sabha, Rajnath Singh, Parliamentary Affairs Minister Pralhad Joshi...
Indian startups raised $4.3 bln across 183 deals in Q4 CY23, signals a slowdown: Report, ET BFSI
Startups in India raised approximately USD 4.3 billion across 183 deals in Q4 CY23, signaling a slowdown in total funding, of about 20 per cent, while deal volume decreased to 183 from 243 deals, a decline of about 17 per cent compared to Q3 CY23, revealed latest...
Govt, RBI measures have kept inflation in 2-6% range: Finance minister, ET BFSI
NEW DELHI: Finance ministry on Monday said the Indian economy has remained resilient amid global headwinds on the back of robust domestic demand, an investment-led strategy due to a transformed climate and high level of public spending, macro-economic stability, apart...
Indian investors favour long-term bonds anticipating conservative budget, ET BFSI
MUMBAI - Indian funds, insurers and banks have increased their positions in longer-duration bonds in anticipation of the federal government's interim budget being fiscally conservative with no pre-election spending surprises.India's finance minister is set to present...
Black Opal group raises $3 million from SBI and HDFC Bank, BFSI News, ET BFSI
Black Opal group has raised $3 million from SBI and HDFC Bank, to enhance services and expand the team at JustHomz.com, prop-fintech platform of the company.Addressing challenges in the real estate sector, such as privacy issues, unverified data, and a lack of...
An alarm bell for digital economy, BFSI News, ET BFSI
There are judicial precedents wherein the Consumer Courts have condemned dark patterns and imposed penalty on companies employing them.India's consumer digital economy is projected to reach the $1 trillion mark by 2030, with the e-commerce market expected to touch...
Teachers, Ex-servicemen Cheated Of 3crore In Fraud, ET BFSI
PUNE: The Pune police’s Economic Offences Wing (EOW) is investigating a Rs3.25 crore investment fraud in which 20 people, including teachers, ex-servicemen and private company employees, were cheated between July 2021 and Oct 2022 by a share trading company in Satara,...
A bold Budget can pave way for India to be Global South’s voice, ET BFSI
The recent G20 summit held under the chairmanship of India in New Delhi amply demonstrated India’s growing stature in the world arena in terms of its role and influence in various global fora. The G20 was a meticulously planned year-long event culminating into the...
ICCC’s India Mission 2024 To Revitalize India Canada Economic Relations, ET BFSI
New Delhi [India], January 29: By uniting Canadian innovation with Indian ingenuity, the delegation led by ICCC President Murarilal Thapliyal shall strive to take the Indo-Canada trade bonhomie to unprecedented heights.With the intention of fostering a deeper...
RIL shares zoom 5%, hit fresh 52-week high; m-cap tops Rs 19 lakh crore, ET BFSI
Shares of India's most valued company Reliance Industries (RIL) on Monday rallied over 5% to hit a fresh 52-week high of Rs 2,826 on Monday with its market capitalisation crossing the threshold of Rs 19 lakh crore.RIL's December quarter results were largely in-line...
What happens next after liquidation order?, ET BFSI
A Hong Kong court on Monday issued a winding-up order for Chinese real estate giant Evergrande, as the embattled firm teeters on the brink of bankruptcy.The firm's astronomical debt has become emblematic of a years-long crisis in China's property market -- with...
Indian national pleads guilty in dark web drug case; $150m in crypto, cash seized, ET BFSI
New York: An Indian national has admitted to selling controlled substances on dark web marketplaces and agreed to forfeit $150 million in what is believed to be the largest seizure of cryptocurrency in the history of the US Drug Enforcement Administration.Banmeet...
Want to see MSMEs compete not just for public but also private sector orders: DoT Secy, ET BFSI
The startup ecosystem will be a driver and enabler of employment, technology and manufacturing, going forward, he said.New Delhi: Noting that small, innovative companies are building some "excellent" products, Telecom Secretary Neeraj Mittal on Monday said he wished...
India’s job story has a major missing part, ET BFSI
Quality is something that remains a major missing detail when it comes to the Modi government's performance in job generation. There's a widespread sentiment that while jobs are indeed being created, the quality of these opportunities falls short of expectations.In...
Zee will sue Sony; promoter family to hike holding in Zee by 5%, says Subhash Chandra, ET BFSI
In 2021, Zee & Culver Max Entertainment (Sony) had announced plans to merge to create a $10 billion broadcasting company.Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises, has alleged that Sony intentionally prevented a merger despite the Zee...
S&P Global Market Intelligence, ET BFSI
Indian commercial banks' retail lending has risen faster than loans to large businesses since the COVID-19 pandemic, S&P Global Market Intelligence data showed, underscoring the central bank's concerns about unsecured loans.Retail loans was the fastest-growing...
13 ways the FM can simplify matters for income tax payers in interim Budget 2024: CII, ET BFSI
The Interim Budget 2024, will be presented by the finance minister, Nirmala Sitharaman, on February 1, 2024. As always, all quarters of the economy have certain expectations from the Budget.A few key steps that would help to rationalise and simplify taxes are as...
Govt may go for big hike in PM-Kisan payout and a housing & jobs push, ET BFSI
New Delhi: Economists expect some significant announcements on February 1 even though it's an interim budget, since the exercise comes just ahead of the general elections, an ET poll showed.The government will likely increase the amount of money transferred under its...
Budget 2024:Government likely to stick to fiscal discipline, may strengthen National Pension System, ET BFSI
The word stability runs parallel with the budget team. Finance Minister Nirmala Sitharaman has completed her entire term and is set to present her sixth consecutive Budget. Furthermore, there are at least two secretaries who will be participating in their fifth...
Budget 2024 expectations: 13 ways the FM can simplify matters for taxpayers: CII, ET BFSI
The Interim Budget 2024, will be presented by the finance minister, Nirmala Sitharaman, on February 1, 2024. As always, all quarters of the economy has certain expectations from the Budget. A few key steps that would help to rationalise and simplify taxes are as...
Disney Star mulls legal action against ZEEL for backing out from USD 1.4 bn deal, ET BFSI
ET had first reported on December 28 that there is uncertainty over the ICC TV deal since Zee had failed to submit financial commitments and guarantees to Disney Star. Disney Star is mulling legal actions against Zee Entertainment for backing out from a USD 1.4...
India’s divestment target could be its lowest in nine years, say sources, ET BFSI
Budget 2024: India could set a target for divestment from state firms in fiscal 2024-25 that falls short of this year's goal to stand at the lowest in nine years, as the government turns its focus to general elections due next year, a senior official said.The...
FM Nirmala Sitharaman hints at govt’s four focus areas ahead of Feb 1, ET BFSI
Budget expectations: Finance Minister Nirmala Sitharaman has emphasised that the government's policies will prioritise the welfare of youth, women, farmers, and the poor, TOI reported. The remarks are being viewed as a preview of the interim Budget, which is set to be...
To double GDP by 2030, India would need a Rs 2.5 lakh crore equity cap annually for the next seven years: AIBI, ET BFSI
Mumbai: To double the country's gross domestic product (GDP) by 2030 without excessive leverage, India would require an additional equity capitalisation of Rs 2.5 lakh crores annually for the next seven years, as estimated by the Association of Investment Bankers of...
LIC gets RBI nod to buy 9.99% stake in HDFC Bank, ET BFSI
Mumbai: Life Insurance Corporation of India (LIC), the country's largest insurer, has received approval from the Reserve Bank of India (RBI) to increase its stake in HDFC Bank, the largest private lender in India. RBI has allowed LIC to acquire an additional 4.8%...
India may keep 2024-25 gross borrowings close to current year’s level, ET BFSI
India's government may keep its gross market borrowing for 2024/25 close to this fiscal year's level, according to two government sources, as it looks to rein in its borrowings that have more than doubled, mainly due to pandemic spending.India may peg its gross market...
Red Sea crisis to impact agri commodities, marine foods companies: Crisil, ET BFSI
The ongoing crisis around the Red Sea in the Middle East is expected to impact players operating in sectors such as agricultural commodities and marine foods due to the perishable nature of their goods and/or lean margin profiles, which limit their ability to absorb...
Budget 2024 Income Tax: How income taxpayers can be given tax relief
By Kuldip Kumar and Tanu GuptaUnion Budget 2024: In view of elections nearby, this year’s budget to be presented on February 1, 2024, will be an interim budget. Although generally no significant changes are announced in the interim budgets, budget events always create...
Govt close to saturation in implementing social sector schemes: FM Sitharaman, ET BFSI
New Delhi: Finance Minister Nirmala Sitharaman on Thursday said the government is close to reaching saturation in implementing social sector schemes designed to provide basic necessities to the poor. Addressing the students of Hindu College on the occasion of its...
Nirmala Sitharaman may significantly enhance allocation for farm sector schemes, ET BFSI
Budget 2024: The government is likely to significantly enhance allocation for key farm sector schemes and push credit in the interim Budget to boost rural economy as growth in the agriculture sector is projected to decelerate to 1.8 per cent in 2023-24 from 4 percent...
EBRD invests record 1.3 bn euros in Poland in 2023, prepares new country strategy, ET BFSI
WARSAW - European Bank for Reconstruction and Development (EBRD) invested record 1.3 billion euros ($1.42 billion) in Poland in 2023 as it focuses more on green transition in the country, the multilateral lender said on Thursday.Helping cutting carbon dioxide...
US growth likely slowed last quarter but still pointed to a resilient economy, ET BFSI
The nation's economy was supposed to have sunk into recession by now, dragged down by the highest interest rates in two decades and a resulting slump in borrowing and spending. Instead, the US economy has kept chugging along. Even more encouraging, inflation, which...
Swiss group Sygnum raises over $40 mn to fund expansion, BFSI News, ET BFSI
Swiss digital asset group Sygnum said on Thursday it has raised more than $40 million in its latest funding round to finance its expansion into new geographical markets and accelerate product development.Italian asset management group Azimut Holding led the investment...
Modi-Macron talks to cover space and defence, digital ties, BFSI News, ET BFSI
Expanding space sector collaboration, including its defence aspects, and growing digital sector partnership will be among the key agenda for the Summit between PM Narendra Modi and French President Emmanuel Macron in Jaipur on Thursday.India and France have created a...
Foreign money to help Modi govt push near-record India bond sales, ET BFSI
Global funds are snapping up India’s sovereign bonds ahead of the country’s addition to global debt indexes, and traders expect them to be a key pillar of demand for the near-record government borrowing in the coming fiscal year.New Delhi will likely announce a gross...
GST, subsidy, affordable housing are India Inc’s wish list, ET BFSI
Noting that the Indian economy has grown rapidly in an environment where other major economies have slowed down, the Confederation of Indian Industry (CII) has offered a few policy suggestions for the Narendra Modi government that it may announce in the upcoming...
What Indian crypto industry wants from the Interim Budget, ET BFSI
The cryptocurrency industry is hopeful that the Union Budget will revisit the existing taxation structure on virtual digital assets (VDAs). Key expectations include the establishment of a self-regulatory body for the crypto and blockchain sectors, as well as the...
Amid IMF reclassification, rupee’s stability has increased in the last four months, ET BFSI
Amid the International Monetary Fund's reclassification of the exchange rate regime to “stabilised arrangement” from “floating” for the period from December 2022 to October 2023, the Indian rupee has maintained a remarkably stable position in the foreign exchange...
USA’s DFC, Norfund, two others provide $1 billion to SAEL Industries, ET BFSI
US International Development Finance Corporation or DFC, Norway government-owned Norfund and two other financiers have provided $1 billion in funding to waste-to-energy producer SAEL Industries, the company said in a release on Tuesday.Asian Development Bank and Tata...
Government to Acquire 5,000 Hectares around Yamuna Expressway in 10 Years, ET BFSI
NOIDA: The economic development and expansion of the city's urban sprawl along the Yamuna Expressway is set to gain pace this year, with the state government sanctioning a fresh interest-free loan of Rs 1,500 crore that will boost the process of acquiring land for...
Google Trends data can help gauge inflation fears: CRISIL report, ET BFSI
New Delhi: Google search interest regarding the prices of just three vegetables -- tomatoes, onions, and potatoes (TOP) -- has turned out to be a useful indicator of price anxiety in India, according to an CRISIL study released on Tuesday.The study, titled...
Ram Mandir to help create up to 2 lakh jobs around Ayodhya in 4-5 years, says Betterplace, ET BFSI
Mumbai: The opening of the Ram Mandir in Ayodhya could lead to creation of 150,000-200,000 direct and indirect jobs in the temple town and surrounding towns and cities in the next 4-5 years, estimates by human capital management platform Betterplace show.“That apart,...
NCP MLA Rohit Pawar appears before ED, ET BFSI
NCP MLA Rohit Pawar, the grand nephew of party supremo Sharad Pawar, appeared before the Enforcement Directorate here on Wednesday for questioning in connection with its money laundering probe into the alleged Maharashtra State Cooperative Bank scam, an official said....
India overtakes Hong Kong as world’s fourth-largest stock market, ET BFSI
India’s stock market has overtaken Hong Kong’s for the first time in another feat for the South Asian nation whose growth prospects and policy reforms have made it an investor darling.The combined value of shares listed on Indian exchanges reached $4.33 trillion as of...
Udaan announces senior-level organizational changes as Group CFO Aditya Pande exits, ET BFSI
Former Udaan chief financial officer Aditya PandeNew Delhi: Udaan, an e-business-to-business (e-B2B) platform, has announced senior-level organizational changes as Aditya Pande, who was the Group CFO for over three years, has decided to exit to pursue opportunities...
Malaysia considers legal proceedings against foreign banks linked to 1MDB graft, ET BFSI
KUALA LUMPUR: Malaysia is considering initiating legal proceedings against foreign banks linked to the multi-billion dollar 1Malaysia Development Berhad (1MDB) corruption scandal, the chairman of the 1MDB asset recovery taskforce said on Tuesday.Johari Abdul Ghani did...
Small banks like Dhanlaxmi may double; Indus Tower a dark horse: Sanjiv Bhasin, ET BFSI
Sanjiv Bhasin, Director, IIFL Securities, says “there is a huge under-ownership of PSUs and this sector will gather steam. As a disclosure, we have both IRCON and IRFC in our portfolios. But please do not chase them. But replace some of your real estate stocks with...
What’s next for Zee Entertainment, promoter family, and Punit Goenka, ET BFSI
Even if the stock takes a knock, there is nothing that can stop Zee Entertainment Enterprises CEO & MD Punit Goenka and the promoter family he belongs to from continuing to call the shots with a tiny equity stake, if other shareholders in the company once again...
Gold drifts higher as dollar slips ahead of cenbanks’ verdicts, ET BFSI
Gold prices rose on Tuesday, as the U.S. dollar softened while investors awaited interest rate decisions from a number of central banks and a slew of economic data in the United States this week. Spot gold rose 0.5% to $2,030.64 per ounce by 0545 GMT. U.S. gold...
Why Sony called off a $10 billion deal in India, ET BFSI
The Sony Group Corp has terminated the $10 billion merger of its India unit with Zee Entertainment due to a leadership stalemate.The entertainment giant sent a termination notice to Zee on the deal, which was announced more than two years ago.It is seeking $90 million...
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
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...
