Industry
Sovereign Gold Bonds | SGB: Eight years later, SGB-I returns glitter, ET BFSI
Mumbai: Investors in the first tranche of sovereign gold bonds (SGB), launched in November 2015, have made an annualised return of 10.87%. The Reserve Bank of India (RBI) announced a final redemption price of ₹6,132 per gram of gold when these bonds mature on November...
Seen huge increase in imports from India, says Swedish Financial Markets Minister, ET BFSI
Higher interest rates and various military conflicts may have dampened global economic demand, but imports of Indian goods to Sweden have registered a “huge increase” this year, Niklas Wykman, Minister for Financial Markets, Sweden, said to Bhaskar Dutta. In 2022,...
State Govt and Bank Holidays in Maharashtra 2024, BFSI News, ET BFSI
The Government of Maharashtra has published its list of public holidays for the year 2024 via a notification dated November 9, 2023. In India, public and bank holidays differ depending on the state and the region’s major festivals. Say for example, Maharashtra...
Finmin calls meeting of bankers, other senior officials to deal with digital payment fraud, ET BFSI
The Finance Ministry has called a meeting of senior bankers and RBI representatives on Tuesday to discuss steps to deal with increasing digital payment fraud and cyber security issue. The meeting to be chaired by Financial Services Secretary will discuss issues...
BFSI may just be the theme to bank on for future upside, BFSI News, ET BFSI
Mumbai: Investors eyeing a thematic bet can add a banking and financial services fund to their portfolio taking advantage of the underperformance of the banking sector compared to the Nifty 50.Strong bank balance sheets, a fresh start to the credit cycle, and...
RBI’s move on unsecured consumer credit to constrain loan growth in the segment: Report, ET BFSI
The Reserve Bank of India's recent decision that require banks and non-bank financial institutions to allocate more capital against unsecured consumer credit will constrain loan growth in the segment, according to a report. This should also reduce the potential for...
Customer data with account aggregators completely safe in India: Sitharaman, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Thursday assured that customer data shared with account aggregators (AA) is completely safe in India. Concerned over the slow movement of the AA scheme, she said, "It is not as much as I would want to see. It can be...
Go First lenders to vote on liquidation, BFSI News, ET BFSI
MUMBAI: Go First's lenders will vote on a proposal to liquidate the insolvent Indian airline, two banking sources said on Thursday, days after a deadline to bid for the company ended with no suitors. "The proposal whether or not to liquidate the airline has been...
Nirmala Sitharaman unveils pioneering ‘India Stack’ at DATE 2023, spearheading global digital transformation, ET BFSI
Union Finance Minister Nirmala Sitharaman (File Photo)Finance Minister Nirmala Sitharaman marked the commencement of the Digital Acceleration and Transformation Expo (DATE) 2023, a pivotal event held at Yashobhoomi in Dwarka, Delhi.The expo serves as a converging...
Liquidity with banks can upset RBI’s Monetary Policy transmission, ET BFSI
Is the RBI’s policy tightening guaranteed to reduce credit growth sufficiently so as to bring down inflation on a sustainable basis? The answer lies in what banks do in response.The Reserve Bank of India (RBI)’s monetary policy mandate is to manage the stock of money...
Asian Development Bank unleashes $170 million wave to transform Kochi’s water landscape, ET BFSI
In a significant development, the Asian Development Bank (ADB) has given the nod to a USD 170 million loan aimed at modernizing water supply services in Kochi, a bustling city in the southern Indian state of Kerala.According to ADB, this move is expected to play a...
Jefferies reshuffles portfolio to use spare cash, sells 3 stocks and buys 6, ET BFSI
NEW DELHI: Global brokerage firm Jefferies, which had tactically raised cash during the peak of the market in September, has now redeployed the idle capital to buy 6 stocks and also sold 4 counters. Jefferies has replaced Maruti Suzuki with Eicher Motors, Marico with...
SEBI tells SC it won’t ask for probe timeline extension, ET BFSI
Market regulator SEBI on Friday informed the Supreme Court that it will not be seeking an extension to complete its probe in the Adani-Hindenburg matter.A Supreme Court-appointed expert committee had in an interim report in May stated that it saw "no evident pattern...
Indian economy better poised than China to handle global headwinds, says Axis Bank’s chief Economist, ET BFSI
Despite strong global headwinds and aggressive liquidity tightening by the central bank, the Indian economy is still accelerating, said Axis Banks' chief Economist Neelkanth Mishra, who is also the part-time chairman of UIDAI. Speaking at ICFAI's NJ Yasaswy memorial...
Three entities sell Home First Finance shares for Rs 753 crore, ET BFSI
NEW DELHI: Home First Finance Company's two promoters as well as Warburg Pincus affiliate on Thursday sold shares of the affordable housing finance firm for Rs 753 crore through open market transactions.The company's promoters -- True North Fund V LLP and Aether...
Shippers spend $235 million in bid to bypass Panama Canal congestion, ET BFSI
Shipping companies have paid a total of $235 million so far this year to jump ahead of congestion at the Panama Canal as drought has dramatically limited how many ships can enter the waterway, according to data from Waypoint Port Services Ltd. That amount is 20%...
Gold price today of 22 Karat, 18 Karat, 14 karat from India Bullion and Jewellers Association, ET BFSI
Many people buy gold jewellery on Dhanteras eve and around Diwali because it is considered auspicious. However, it is important to note that gold jewellery is normally available in either 22karat, 18Karat or 14Karat purity. This is because gold with 22Karat, 18Karat...
Not disclosing pre-existing health conditions main reason for claim rejection, ET BFSI
Insurers commonly reject claims due to the non-disclosure of existing health conditions, reported TOI. Approximately 25% of health insurance claims face rejection due to the policyholder failing to disclose pre-existing conditions such as diabetes or hypertension...
G20 leaders back reform of multilateral banks: Finance Minister, ET BFSI
NEW DELHI: Finance minister Nirmala Sitharaman on Wednesday said that India’s push for reforming multilateral development banks has found support from several countries, as well as global agencies, which are moving ahead with implementing measures to be “bigger,...
No saviour flies in for Go First, airline may fly into liquidation, ET BFSI
Lenders to the bankrupt Go First Airlines are set to put to vote a proposal to liquidate the defunct carrier after they received no proposals for reviving the airline. The committee of creditors (CoC) met on Wednesday, the last day for prospective bidders to submit...
Jewellery sales shoot 137%, flight tickets double during festivities: Report, ET BFSI
As India embraced the festive season last month, the nation's economic landscape is illuminated with unprecedented optimism. With festivities like Navratri, Durga Puja, Dussehra, Diwali, Bhai Dooj, etc, celebrated from September-November, the festive fervor was at its...
NCLAT, BFSI News, ET BFSI
The National Company Law Appellate Tribunal (NCLAT) on Wednesday stated that it would not entertain more requests for adjournment in the State Bank of India (SBI)-led consortium of lender’s appeal against Jalan-Kalrock Consortium (JKC).“We make it clear that no...
India’s Finance Ministry, ET BFSI
With uncertainties linked to higher food and energy prices persisting amid geopolitical tensions, the Finance Ministry in its monthly review has said that risks of recession may reappear in 2024.Global trade numbers are expected to be under pressure owing to a...
Exclusive: France, US to propose ban on private finance to coal-fired plants at COP28: sources, ET BFSI
NEW DELHI/BRUSSELS/WASHINGTON: France, backed by the United States, plans to seek a halt to private financing for coal-based power plants during the U.N. climate conference later this month, three sources familiar with the deliberations told Reuters in India and...
Go First lenders in limbo as investors elusive; CoC meet likely today, ET BFSI
Hope is dimming for lenders of Go First as Jindal Power Ltd, the only company whose expression of interest to take over the airline was accepted by creditors, has reportedly decided not to bid. After this, the chances of the airline heading for liquidation are high,...
Economy lost momentum by 80-100 bps in Q2 to 6.8-7%: Analysts, ET BFSI
The economy has likely decelerated by 80-100 bps year-on-year in the second quarter to 6.8-7 per cent, with utilities, services and construction sectors showing robust growth on the back of strong domestic demand, while external demand continues to remain weak,...
RBI governor Shaktikanta Das asks banks to avoid ‘all forms of exuberance’, ET BFSI
MUMBAI: Reserve Bank of India (RBI) governor Shaktikanta Das on Wednesday cautioned the country's lenders against "all forms of exuberance" days after tightening rules for consumer loans.While credit growth is accelerating, banks and non bank finance companies (NBFCs)...
WeWork enters financing agreements with certain lenders, ET BFSI
File PhotoBENGALURU: WeWork said on Tuesday it had secured commitments for up to $682.5 million in debtor-in-possession financing from some of its lenders, weeks after the shared office space provider filed for bankruptcy protection.The SoftBank-backed company is...
India set for longer economic, financial cycle than past: Finance ministry, ET BFSI
NEW DELHI: India's growth experience in 2023-24 will continue to be a positive outlier as compared to other major economies and the country can look ahead to the prospect of a longer economic and financial cycle than in the past, subject to global factors, says the...
Sam Altman returns as OpenAI’s CEO with Taylor, Summers on board, ET BFSI
OpenAI will bring back Sam Altman and overhaul its board to bring on new directors including Larry Summers, a stunning reversal in a drama that’s transfixed Silicon Valley and the global AI industry.Altman is returning as chief executive officer and the initial board...
India to be $8 trillion economy by 2030-31; market cap can match GDP: Raamdeo Agrawal, ET BFSI
With India being one of the fastest growing economies in the world, it has the potential to reach $8 trillion by 2030-31, observed veteran investor Raamdeo Agrawal.India is in a different growth cycle, where aggregate earnings continue to grow faster than expected....
Mercedes-Benz Mobility introduces fully digital contract signing for leasing, ET BFSI
The financing and leasing process has been integrated into Mercedes-Benz's online sales since 2019. Customers can choose their desired form of financing and use the integrated rate calculator to calculate the individual rates for their desired vehicle. Mercedes-Benz...
Toyota to pay $60 million for illegal lending, credit reporting misconduct- US regulator, ET BFSI
ToyotaToyota's U.S.-based auto financing unit will pay $60 million in fines and restitution to settle a U.S. regulator's charges it illegally prevented borrowers from canceling product bundles that increased their monthly car loan payments.The Consumer Financial...
Thematic MFs gaining popularity among investors; attracts Rs 14,000 cr in 5 months, ET BFSI
New Delhi, Thematic mutual funds have been gaining traction among investors with the category attracting nearly Rs 14,000 crore in the past five months, signalling an increasing high-risk appetite among investors. The category has been attracting regular inflows since...
Here’s what the employees said, ET BFSI
After the OpenAI board fired CEO Sam Altman, more than 500 employees also threatened to resign. The turmoil at OpenAI over the weekend provided an opportunity to competitors like Google to reportedly poach some talent from the Microsoft-backed company. One of them was...
Drop in oil prices and US treasury yield good news for India but govt, RBI remain alert to inflation: Finmin, ET BFSI
The finance ministry on Tuesday said the combination of rapid reversal of rate hike expectations in the US, the slide in the 10-year US treasury yield and the decline in global oil prices is "good news" for India and other emerging markets.But downside risks from...
India’s Oct gold imports surge to 31-month high on festive demand, ET BFSI
India's October gold imports surged 60% from a year earlier to a 31-month high as a drop in prices ahead of a key festival prompted jewellers to ramp up purchases, a government source said on Monday.Higher imports by the world's second-biggest bullion consumer could...
B2B vendor-digitisation platform Bizongo acquires Titan Capital-backed FactoryPlus, ET BFSI
Business-to-business vendor-digitisation platform Bizongo has announced the acquisition of FactoryPlus, a factory management app for micro, small and medium enterprises (MSME).Better Capital and Titan Capital, seed-stage investors in FactoryPlus, have secured an exit...
Retail inflation for farm, rural workers marginally up in October, ET BFSI
Retail inflation for agricultural labourers and rural workers rose marginally to 7.08 per cent and 6.92 per cent in October, respectively, from 6.70 per cent and 6.55 per cent respectively in September 2023 due to higher prices of certain food items. Point to point...
PM advisor slams gold import habit, says Modi’s $5 tn GDP target would have been met long before, ET BFSI
India could have achieved Prime Minister Narendra Modi's dream of a USD 5 trillion GDP target "long before" if not for the habit of importing gold, a member of his economic advisory team said on Monday. Mutual fund industry veteran Nilesh Shah, a part-time member of...
Byju’s has ED trouble, as agency finds alleged forex violations of Rs 9,000 crore, ET BFSI
The Enforcement Directorate (ED) has found alleged forex violations to the tune of Rs 9,000 crore by edtech giant Byju’s, sources in the know told ET. However, a Byju’s spokesperson dismissed reports on the finding. “Byju’s unequivocally denies media reports that...
China and Saudi Arabia central banks sign local currency swap agreement, ET BFSI
The People's Bank of China and the central bank of Saudi Arabia recently signed a local currency swap agreement, China's central bank said in a statement on Monday, which will be valid for three years and can be extended by mutual agreement.Worth 50 billion yuan...
Outward remittance from India witnessed about 3% uptick in Sept’23, ET BFSI
According to latest data by 1Lattice, the outward remittances from India has witnessed an increase of approximately 3 per cent, month on month in September 2023. For the past 3 years, overseas travel and leisure has had the highest share in outward remittances from...
RBI directs Reliance Capital’s acquiring company IIHL BFSI (India) to maintain arm’s length distance from IndusInd parent, ET BFSI
The Reserve Bank of India (RBI) has directed that IIHL BFSI (India), the company acquiring Reliance Capital, should maintain an arm’s length distance from its parent company, IndusInd International Holdings Ltd (IIHL).This is one of the conditions that the banking...
Citi names Gutiérrez-Orrantia Europe banking and cluster head in restructure, ET BFSI
Nacho Gutierrez-Orrantia, one of Citi's most senior bankers in Europe, will become banking and cluster head for Europe as part of its planned restructuring, the banker told Reuters on Monday.The latest step in the bank's reorganisation was announced on Monday, with...
Hoping for a rate cut? Bond market doesn’t see one till 2024, ET BFSI
The one-year overnight indexed swap (OIS) rate, which indicates expectations of interest rate movements, hit three-month lows earlier in November. However, this decrease doesn't necessarily signal an anticipated repo rate cut in the next 12 months, according to...
BFSI industry faces a talent crunch in cybersecurity roles, BFSI News, ET BFSI
MUMBAI: Cybersecurity is among the top three important segments for companies in the Indian financial services industry but there is a gap in the industry needs and the availability of skills. Companies in general are looking for experienced professionals but this...
Jeremy Hunt warns of inflation risk as UK tax cut expectations grow, ET BFSI
Chancellor of the Exchequer Jeremy Hunt pushed back on the prospect of imminent cuts to income tax or national insurance, following weekend reports that he's considering doing so in his Autumn Statement this week."The one thing we won't do is any kind of tax cut that...
Report, BFSI News, ET BFSI
India's economy achieved a historic milestone on Sunday when its Gross Domestic Product (GDP) crossed the $4 trillion-mark in nominal terms for the first time ever, according to several media reports.Neither the finance ministry nor the National Statistical Office...
Startups will play important role in helping India become 3rd largest economy: CEA Nageswaran, ET BFSI
CEA V Anantha NageswaranTHIRUVANANTHAPURAM: Startups will play an important role in helping India become the third largest economy in the world, Chief Economic Advisor (CEA) to the Union government V Anantha Nageswaran has said.Nageswaran said that tier-2 and 3...
TVS Capital Funds appoints Ramesh Iyer as Board Member, BFSI News, ET BFSI
A rupee capital growth PE fund manager TVS Capital Funds has appointed Ramesh Iyer as a Board Member. As the Vice-Chairman and MD of Mahindra Finance, Iyer's primary responsibility has been to promote inclusive growth and foster rural prosperity. Iyer is member of...
Performance of High Frequency Indicators in October 2023, ET BFSI
By Javaria Rana and RiteshThe Indian economy is in a dynamic state as of October 2023, influenced by a variety of internal and external factors. One of the biggest and most varied economies in the world, India's economic path has been impacted by a number of events....
Global slowdown woes to stall office space demand growth this fiscal: CRISIL Ratings, ET BFSI
Net leasing of commercial office space in India is likely to stagnate the current financial year at 32-34 million sq ft with global uncertainties brewing caution among key tenant categories, said the ratings agency CRISIL Ratings.The inherent strengths of the Indian...
Sahara-Sebi refund account may be transferred to government, BFSI News, ET BFSI
The government is looking into the legality of transferring unclaimed funds of the Sahara-Sebi Refund Account to the Consolidated Fund of India, with a provision to refund investors who stake claims later.The death of Sahara Group founder Subrata Roy last week has put...
Plea in Supreme Court seeks contempt action against SEBI, ET BFSI
NEW DELHI: A plea has been filed in the Supreme Court for initiation of contempt proceedings against the Securities and Exchange Board of India (SEBI), alleging it has violated the timeline for completing the investigation and submitting its report on the allegations...
Sacked OpenAI CEO Sam Altman discusses possible return, mulls new AI venture, ET BFSI
NEW DELHI: A day after being sacked as CEO of OpenAI, Sam Altman has been mulling a possible return to the company behind the ChatGPT bot, even as he considers launching a new artificial intelligence (AI) venture, a person briefed on the matter told a news agency...
How to line up the Sustainable Development Goals’ money, BFSI News, ET BFSI
Sustainable development is essential not only for the well-being of future generations and preservation of ecosystems but also to meet the aspirations of the present generation. G20 Sustainable Finance Working Group (SFWG) is mandated to align financing and policies...
World Bank chief Ajay Banga on climate, inequality and India’s underemployment problem, ET BFSI
At the helm of the World Bank for the last five months, Ajay Banga spoke to Seema Sirohi in his Washington office about making changes, getting funds during two wars, tackling India's underemployment problem and other issues. Edited excerpts from the interview:Your...
Rich nations may have met $100 billion climate finance goal ahead of COP28: OECD, ET BFSI
NEW DELHI: Developed countries, for the first time, may have met their overdue target of mobilising $100 billion to help developing nations deal with the effects of climate change in 2022, indicates an estimate of the Organisation for Economic Cooperation and...
S. Venkitaramanan, Former RBI Governor During 1990s Crisis, Passes Away at 92, ET BFSI
Mumbai: S. Venkitaramanan, who navigated the Reserve Bank of India through the crucial years of the 1990 balance of payment crisis, subsequent economic reforms, and the Harshad Mehta scam, passed away on Saturday in Chennai at the age of 92.Appointed as the eighteenth...
India now has 72 unicorns at total valuation of $196 bn: Report, ET BFSI
India is ranked third with 72 unicorns (companies with a valuation of $1 billion and above), after the US (668) and China (172), according to the report from Forex.com, via data obtained and analysed from CB Insights. Despite a lower average valuation per unicorn at...
Ponzi co head, who duped 2.5 lakh of Rs 200 crore, arrested, BFSI News, ET BFSI
BHUBANESWAR: Chief executive officer (CEO) of an online Ponzi firm, wanted by Odisha EOW for allegedly duping 2.5 lakh investors of around Rs 200 crore in different states, has been arrested from Jaipur airport in Rajasthan while he was trying to escape to Dubai on...
Gold prices rally on Fed peak rate speculation. What’s next?, ET BFSI
Spot gold closed with a weekly gain of around 2.30% at $1980.87. Gold closed with a loss of $2 Friday on a slight rebound in the two-year US yields that came on somewhat better-than-expected housing starts data. US housing starts (October) came in at 1372K Vs the...
Maharashtra needs $1.53 trillion investment in 6 years, ET BFSI
Maharashtra will require cumulative investment of USD 1.53 trillion over the next six years to become a USD one trillion economy, a vision statement prepared by the Maharashtra Institution of Transformation (MITRA) said. A presentation of the vision statement was made...
New regulatory risk weights will hit Indian banks’ capital adequacy by 60 basis points: S&P, ET BFSI
The Reserve Bank of India's (RBI) move to make riskier credit more expensive will hit loan growth but ultimately support asset quality, said ratings agency S&P Global Ratings."Slower loan growth and an increased emphasis on risk management will likely support...
India’s move on risky loans to hit banks more than economy, ET BFSI
India’s central bank is clamping down on risky consumer lending as the economy booms, a move that’s likely to hurt banks but only have a limited impact on growth.The Reserve Bank of India on Thursday told lenders to set aside more capital for unsecured consumer loans,...
Jindal’s Rs 301 crore Future bid shocks lenders, ET BFSI
Mumbai: Jindal (India)'s bid for Kishore Biyani's debt-laden Future Enterprises (FEL) amounts to ₹301 crore, or less than 3%, of the total ₹12,265-crore loan exposure, making it almost irrelevant to the lenders, people familiar with the process said.Banks are still...
Softbank eyes $150-million share sale in Delhivery via block deals: Report, ET BFSI
MUMBAI - Japanese IT giant Softbank is looking at selling a partial stake in logistics service provider Delhivery for around $150 million through block deals on Friday, according to news reports. As of September end, Softbank, through its entity Svf Doorbell (Cayman)...
Two Japanese banks set to start operations in GIFT City: IFSCA chief, ET BFSI
Singapore: Two more Japanese banks are set to join 10 foreign and 16 local banks in the tax-free GIFT City, where more than 550 businesses with assets worth USD 47 billion have registered and begun operations, an official said.. This marks a significant expansion of...
Morgan Stanley turns overweight on SBI Life; stock jumps 5%, hits 52-week high, ET BFSI
Shares of SBI Life Insurance Company jumped over 5% to hit their 52-week high of Rs 1,434 in Friday's trade on the NSE. The gains were following Morgan Stanley's overweight stance on the counter for a price target of Rs 1,650.In a note, the US-based brokerage...
24 companies awarded for ‘Excellence in Innovation’ in the BFSI sector, ET BFSI
India’s expanding economic landscape has taken the country among the fastest-growing players in the recent past. In this growth story, people coming from different sections have participated which has increased the awareness among masses of financial...
Rashmi Saluja was issued huge amount of options in Religare & subsidiary without informing shareholders: Shriram Subramanian, ET BFSI
Shriram Subramanian, Founder & MD, InGovern, says: “When we looked at the annual report, we figured out that the executive chairperson, Rashmi Saluja, who was an independent director and in 2021, became the executive chairperson, has been issued options worth Rs...
SBI Cards, Bajaj Finance may be hit most by RBI risk weight increase on consumer loans, ET BFSI
The Reserve Bank of India's move to raise risk weight on consumer loans would impact SBI Cards and Bajaj Finance more, followed by larger private banks & select PSUs, according to a report by Jefferies. Bandhan and IndusInd Bank will see least impact, while Paytm...
BharatPe cofounder Ashneer Grover, wife stopped at Delhi airport while travelling to New York, ET BFSI
BharatPe's cofounder Ashneer Grover (right) and his wife Madhuri Jain (Illustration: Rahul Awasthi)BharatPe co-founder Ashneer Grover and his wife Madhuri Jain were stopped at the Indira Gandhi International Airport on Thursday on the basis of a lookout circular (LoC)...
RBI, BFSI News, ET BFSI
The Reserve Bank of India expects the Indian GDP to be ‘gaining momentum’ in Quarter 3 of FY24 due to festive demands. The bulletin released by RBI on Thursday says that “investment demand appears to be resilient with the government’s infrastructure spending” which...
Inside Ranjan Pai’s plan for his family office; the state of Silicon Valley amid AI frenzy, ET BFSI
Manipal Group’s Ranjan Pai, who has been in the news for investing in startups such as Byju's and PharmEasy is putting together a team to sharpen his startup bets. This and more in today’s ETtech Morning Dispatch.Also in this letter:■ Data centres to get new digital...
Thiruvananthapuram to be turned into major digital hub: Pinarayi Vijayan, ET BFSI
Chief Minister Pinarayi Vijayan on Thursday said the state capital will soon be developed into a major digital hub and a premier destination for start-ups.Chief Minister Pinarayi Vijayan on Thursday said the state capital will soon be developed into a major digital...
RBI Fintech department gets a new boss in P Vasudevan, ET BFSI
In a shuffle that happened earlier this month, the Reserve Bank of India has appointed executive director P Vasudevan as the person in charge of the fintech department.Ajay Kumar Choudhary, who was the previous executive director in charge of the fintech department...
Rupee little changed as RBI support aids, inflation data in focus, ET BFSI
The Indian rupee ended little changed on Monday as traders remained wary of adding large positions in a holiday-truncated week on expectations the central bank would step in to curb any volatility in the local currency.The rupee ended at 83.3325 against the dollar,...
India’s Q2 GDP growth seen at 6.7% on strong services play, BFSI News, ET BFSI
New Delhi: The Indian economy likely grew 6.7% in the July-September quarter, according to a median forecast of 10 economists polled by ET, boosted by a strong performance by the services sector.The Reserve Bank of India (RBI) has forecast 6.5% growth in the...
Anil Ambani, Dhoot, Biyani may face heat after SC ruling on personal guarantors, ET BFSI
Big ticket loan defaulters who have given huge personal guarantees may line up to settle their debt after the Supreme Court ruling allowing lenders to liquidate personal assets of promoters of companies under insolvency proceedings. The ruling enables banks to...
India’s GDP to grow 6-7.1 pc during 2024-2026, growth prospects remain strong: S&P, ET BFSI
New Delhi: India's economic growth prospects should remain strong over the medium term, with GDP expanding 6-7.1 per cent annually in fiscal years 2024-2026, S&P Global Ratings said on Thursday. In a report titled 'Global Banks Country-By-Country Outlook 2024',...
Jasmit Singh Gujral, ET BFSI
With the market getting crowded with wholesale asset reconstruction companies or ARCs, financial services conglomerate Shriram Group's decision to focus on retail ARC is seen as a foray at the "right time," said a top official. The Shriram group recently announced its...
OTO and Ather Join forces to offer seamless financing options for E2W purchase, ET BFSI
The collaboration with Ather Energy marks a pivotal milestone in OTO's trajectory, underscoring its dedication to harnessing cutting-edge technology for delivering seamless financial services. New Delhi: OTO, a pioneering digital commerce platform and a leading player...
UK inflation slows sharply, boosting Bank of England and PM Rishi Sunak, ET BFSI
British inflation cooled by more than expected in October as household energy prices dropped from a year ago while stubbornly high services sector price growth also eased, offering some relief to the Bank of England and Prime Minister Rishi Sunak.Annual consumer price...
InGovern alleges regulatory breach in ESOPs to REL Chairman, seeks regulatory probe, ET BFSI
New Delhi, Proxy advisory firm InGovern Research has raised a red flag against Religare Enterprises alleging "vested interest" of its Chairman Rashmi Saluja due to excessive remuneration as well as regulatory breaches. In the last 3-4 years, the total valuation of...
Employees’ State Insurance adds 18.88 lakh new members in Sep, ET BFSI
Gender-wise analysis of the data indicates that the net enrolment of women members was 3.51 lakh in SeptemberNew Delhi: Employees' State Insurance Corporation (ESIC) has added 18.88 lakh new workers under the ESI Scheme in September, as per the latest payroll data....
Sahara Group chairman Subrata Roy passes away, BFSI News, ET BFSI
Subrata Roy, the Chairman and Managing Worker of Sahara India Group, passed away at the age of 75 due to cardiorespiratory arrest at Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai. The announcement was made through a statement by the...
Rupee little changed as RBI support aids, inflation data in focus, ET BFSI
The Indian rupee ended little changed on Monday as traders remained wary of adding large positions in a holiday-truncated week on expectations the central bank would step in to curb any volatility in the local currency.The rupee ended at 83.3325 against the dollar,...
Undistributed funds worth over Rs 25,000 cr with Sebi in focus after death of Subrata Roy, ET BFSI
New Delhi, The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after...
Berkshire sheds General Motors, Procter & Gamble as it builds cash, ET BFSI
Berkshire sold USD 7 billion of stocks, including some of its big investment in Chevron, and bought just USD 1.7 billion in the third quarter.Berkshire Hathaway said on Tuesday it has shed its holdings in General Motors and Procter & Gamble, and trimmed its stake...
Cooperative banks to soon provide interest-free, short-term loans to farmers, ET BFSI
Patna, The Bihar government said that state cooperative banks would soon provide interest-free, short-term agriculture loans to farmers. Under this initiative, farmers will be given credit for meeting their financial requirements of agricultural and other allied...
Are you eligible to claim a refund? Check here, ET BFSI
The Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal was launched on July 18, 2023. This is an online portal to process refunds of four Sahara Group Co-operative Societies depositors.As of now, not all investors are eligible to claim for a refund...
Jaiprakash Associates to transfer 7.71% equity stake to ICICI Bank, ET BFSI
NEW DELHI: Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates Ltd (JAL) will give 7.71 per cent stake, worth Rs 366 crore at current market price, in the company to ICICI Bank to clear part of the outstanding loan.According to sources, ICICI bank has an...
Rupee little changed as RBI support aids, inflation data in focus, ET BFSI
The Indian rupee ended little changed on Monday as traders remained wary of adding large positions in a holiday-truncated week on expectations the central bank would step in to curb any volatility in the local currency.The rupee ended at 83.3325 against the dollar,...
India’s retail inflation eases to 4.87% in October from 5.02 in September, ET BFSI
Retail inflation in India eased to 4.87 per cent in October on an annual basis, data released by the Ministry of Statistics & Programme Implementation showed on Monday. A poll of 53 economists by Reuters had pegged the rate at 4.80 per cent. Inflation still...
Federal Bank’s arm Fedfina, IREDA get nod from Sebi to float IPOs, ET BFSI
Four firms -- Fedbank Financial Services, Indian Renewable Energy Development Agency, EPACK Durable and Suraj Estate Developers -- have received capital markets regulator Sebi's approval to raise funds through initial public offerings (IPO). These companies, which...
IIM Jammu, SIDBI to launch two batches of ‘skill to enterprise module’ for youth of J&K and Ladakh, ET BFSI
JAMMU: To bridge the gap between 'Skill and Entrepreneurship,' the Indian Institute of Management Jammu (IIM Jammu) and the Small Industries Development Bank of India (SIDBI) have collaborated to offer a specialized one-year Skill to Enterprise Module (STEM) program...
9 ideas to start investing for your child’s future, ET BFSI
Each year on November 14th, India celebrates Children’s Day, emphasising the significance of nurturing and safeguarding the future of its youth. Among the greatest gifts for children is the assurance of financial stability, particularly through a good education and a...
India, ADB sign $400-million loan pact for urban reforms, ET BFSI
Asian Development Bank (ADB) will extend a $400-million “policy-based loan” to the Indian government to support its urban reform agenda for creating quality urban infrastructure, improving service delivery and promoting efficient governance systems, the finance...
SC denial of IBC relief to personal guarantors opens new recovery window for lenders, ET BFSI
The Supreme Court (SC) order allowing bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery, potentially multiplying banks' realisations. It should improve lenders' leverage with defaultors and deter...
Go Air lenders make provisions after NPA tag, BFSI News, ET BFSI
MUMBAI: Lenders to Go First have made full provisions for their loans to the low-cost carrier, which have been classified as non-performing assets.Lenders, led by public sector banks Central Bank and Bank of Baroda, have a total exposure of Rs 6,251 crore to the...
India Inc on gifting spree to lift staff’s festive spirits, ET BFSI
Bengaluru | New Delhi: As Diwali festivities light up the country, corporate India is celebrating with employees including third-party blue-collar workers, sending out gift hampers, sustainable products, electronic gadgets and even silver coins.Even amid a funding...
India fastest growing large economy today, says EAM Jaishankar in London, ET BFSI
London [United Kingdom], November 13 (ANI): External Affairs Minister (EAM) S Jaishankar, who is on a four-day official trip to the UK, celebrated Diwali by offering prayers at the BAPS Shri Swaminarayan Mandir (Neasden Temple) in London.Speaking to the media outside,...
5 market wizards on how to invest in Samvat 2080, ET BFSI
As we say a good bye to Samvat 2079 and welcome Samvat 2080, a hindsight view portrays a rollercoaster year with benchmark Nifty 50 managing double-digit returns and 221 stocks turning multibaggers. Investors also turned wealthier by a staggering Rs 64 lakh crore...
The last 10 years, BFSI News, ET BFSI
Over the recent years, the financial landscape has transformed with rising demand for Bitcoin. While Gold and the US Dollar have long held their positions as stalwart players, Bitcoin has boldly entered the race, establishing itself as an emerging asset class. Each of...
Higher oil prices could lead to higher than expected inflation rates in 2024: Fitch, ET BFSI
Oil prices of the Indian crude basket rose to USD 90.08 in October, compared with USD 83.76 at the start of the fiscal, but have since declined to USD 85.55 in November.The geopolitical uncertainty from the conflict in Middle East could upend countries’ inflation and...
Dubai launches $136 million VC fund to finance tech startups, ET BFSI
The Dubai Integrated Economic Zones Authority (DIEZ) on Friday launched a venture capital (VC) fund worth $136 million designed to finance technology startups.The fund launched under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime...
N K Singh, ET BFSI
Annual private capital mobilisation by multilateral development banks needs to quadruple to $240 billion by 2030, co-chair of the Independent Expert Group of MDB reforms set up under India’s G20 presidency N K Singh said, while cautioning against a piecemeal approach...
Corporate bonds may get Vostro funds to boost trade settlement in rupee, ET BFSI
New Delhi: India is considering a plan to allow surpluses in Special Rupee Vostro Accounts (SRVAs) to be invested in corporate bonds in order to give a push to international trade settlement in rupees. Under existing regulations, investment from SRVAs is restricted to...
Buying gold coins, bars? The jeweller you buy it from is much more important than in case of gold jewellery, ET BFSI
If you are buying gold coins on Dhanteras and around Diwali, then it is critical to buy it from a seller or jeweller whom you trust fully. This is because hallmarking of 24 karat gold coins, bullions, bars is not mandatory as per law. Hallmarking is mandatory only for...
Q2 net profit up 36% amid lower gold prices and higher engagement, ET BFSI
Driven by a fall in gold prices and higher customer engagement, listed jewellery company Senco Gold & Diamonds has witnessed an increase of 36 percent in its net profit to Rs 11.9 crore in the second quarter of FY24 as compared to Q2 of FY23. The revenues from...
RBI gives nod to make ICICI Securities a wholly owned subsidiary of ICICI Bank, ET BFSI
New Delhi, ICICI Bank on Thursday said ICICI Securities will be its wholly owned subsidiary following the approval of the Reserve Bank of India. The ICICI Bank on June 29 had approved a proposal to delist ICICI Securities and become a wholly-owned subsidiary of the...
Moody’s retains India’s 2023 growth forecast at 6.7% on strong domestic demand, ET BFSI
New Delhi, Moody's Investors Service on Thursday retained India's economic growth forecast for 2023 at 6.7 per cent and said strong domestic demand will likely sustain the growth in the near term. With exports remaining weak against an unfavourable global economic...
World Bank approves USD 150 million for Sri Lanka’s banking sector stabilisation, ET BFSI
Colombo, The World Bank has approved USD 150 million to strengthen Sri Lanka's financial and institutional sectors, the Central Bank of the debt-trapped island nation said here on Friday. "Sri Lanka's economic crisis highlights the need for strong safety nets to...
India needs 8%-8.5% growth to create enough jobs, former RBI governor Raghuram Rajan says, ET BFSI
NEW DELHI: India’s economy is showing signs of steady growth but needs to expand at a pace of over 8% to create enough jobs for the world’s most populous nation, former Reserve Bank of India governor Raghuram Rajan said.“We should be going at 8%-8.5% given the needs...
What to expect from M&M, Coal India, LIC and Hindalco, ET BFSI
Friday is set to be quite a busy one for Dalal Street, as more than 3,000 companies are scheduled to release their earnings.Among index majors, Coal India, Eicher Motors, Hindalco Industries, Mahindra & Mahindra, and Oil and Natural Gas Corp are set to release...
ED raid on Kandala Cooperative Bank in Kerala continues, ET BFSI
Enforcement DirectorateThiruvananthapuram, The Enforcement Directorate (ED) raid on a cooperative bank in this southern Kerala district that began a day ago continued on Thursday. The ED raided the Kandala Services Cooperative Bank near Kattakada here and several...
US’ DFC to invest $553 million in Adani-backed Colombo port, ET BFSI
The contours of Adani Ports & SEZ’s record investment in a Colombo port broadened Wednesday with the US International Development Finance Corporation (DFC) announcing its funding into the project.DFC will lend $553 million to the Colombo West International...
Rural-focused retail home finance company Star HFL raises Rs 60 crore, ET BFSI
Star Housing Finance Limited (Star HFL), a BSE-listed rural-focused retail home finance company, has raised Rs 60 crore to fuel its growth and expansion plans.Star HFL raised the capital from a diverse set of investors, including High-Net-Worth Individuals (HNIs),...
SoftBank books another quarterly loss, as investment hits offset Arm, ET BFSI
SoftBank Group on Thursday booked 789 billion yen ($5.22 billion) loss, marking its fourth straight quarter in the red, as it wrote down the value of some investments and a weak yen lifted the cost of its dollar-denominated debt.The results come even as the Japanese...
RIL to raise Rs 20,000 crore via bonds, BFSI News, ET BFSI
Mumbai: Mukesh Ambani-owned Reliance Industries plans raising up to ₹20,000 crore in its largest ever domestic bond sale this week, marking the biggest such domestic issuance by a non-BFSI private entity in India where regulators want companies to rely on market...
SoftBank makes another bet on WeWork, hoping landlords will too, ET BFSI
File PhotoTOKYO: WeWork's $3 billion debt for equity swap deal with its creditors marks the latest effort by top shareholder SoftBank to revive the troubled office-space provider and recoup some of the billions it has invested.Whether the bet succeeds now depends on...
First sovereign gold bond (SGB) issue investors to get a bonanza on maturity, ET BFSI
The Reserve Bank of India (RBI) issued the first tranche of Sovereign Gold Bonds (SGB) in November 2015. Investors in this maiden tranche of SGB are set to get a bonanza when the bonds finally mature on November 30, 2023., This is because in the last 8 years, the...
China owed $1.3 trillion by nations in BRI debt: Research report, ET BFSI
BEIJING: After lending $1.3 trillion to developing countries, mainly for big-ticket infrastructure projects, China has shifted its focus to bailing out many of those same countries from piles of debt. The initial loans were mostly part of the Belt and Road Initiative,...
Weak coalition after 2024 polls, oil may hit growth stability: Morgan Stanley, ET BFSI
NEW DELHI: A weak coalition government in 2024 moving away from supply-side reforms could pose a key risk to India's growth stability along with oil prices inching up to $110 per barrel, said a Morgan Stanley report. "The key risk would be the emergence of a weak...
NABARD appoints Goverdhan Rawat, Ajay Sood as Deputy Managing Directors, ET BFSI
The National Bank for Agriculture and Rural Development (NABARD) announces the appointment of Shri Goverdhan S. Rawat and Dr. Ajay Kumar Sood as its Deputy Managing Directors. Goverdhan S Rawat, has a distinguished record of over three decades of experience within the...
IMF upgrades China’s 2023, 2024 GDP growth forecasts, ET BFSI
The International Monetary Fund on Tuesday upgraded its 2023 gross domestic product growth forecast for China to 5.4% from 5%, citing a "strong" post-COVID-19 recovery, but said the fund still expected the world's second-biggest economy to slow next year.GDP growth...
Bimaplan secures $3.5 million in fresh funding from Orios Venture Partners and others, ET BFSI
Y Combinator-backed insurtech startup Bimaplan has raised $3.5 million in a pre series A funding round led by Orios Venture Partners. Existing investors Finsight Ventures and 2am VC also participated in the round. This takes the total funding raised by the startup to...
WeWork’s downfall from $47 billion valuation to bankruptcy, ET BFSI
Beleaguered coworking firm WeWork filed for Chapter 11 bankruptcy protection in the United States on Monday, as part of what it described as a "comprehensive reorganization" of its business.The startup, which was once worth about $47 billion, had started sending...
ESAF SFB’s offer booked 19x; ASK Automotive’s issue subscribed 19% on Day 1, ET BFSI
The initial public offerings (IPOs) of Protean eGov Technologies, ESAF Small Finance Bank and ASK Automotive are currently open for public subscription. Here's a brief look at subscription status and other details.ESAF Small Finance BankThe public offer of ESAF Small...
SoftBank’s WeWork, once valued at $47 billion, files for bankruptcy, ET BFSI
WeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought U.S. bankruptcy protection on Monday, after its bets on companies using more of its office-sharing space soured.The move represents an admission by...
SoftBank’s WeWork, once most valuable US startup, succumbs to bankruptcy, ET BFSI
WeWork, the SoftBank Group -backed startup whose meteoric rise and fall reshaped the office sector globally, sought US bankruptcy protection on Monday, after its bets on companies using more of its office-sharing space soured.The move represents an admission by...
World Bank poised to host climate loss and damage fund, despite concerns, ET BFSI
Countries moved a step closer on Saturday to getting a fund off the ground to help poor states damaged by climate disasters, despite reservations from developing nations and the United States. The deal to create a "loss and damage" fund was hailed as a breakthrough...
Blue chips beat profit estimates as BFSI, carmakers drive growth, ET BFSI
MUMBAI: Blue-chip companies logged strong performance during the September quarter and have beaten analyst expectations. Most smaller companies have performed in line with expectations, analyst research showed.Of the 50 Nifty stocks, 36 companies have declared results...
Radhika Gupta becomes a ‘Shark’! Edelweiss Mutual Fund CEO joins ‘Shark Tank India’ jury, ET BFSI
A new ‘Shark’ is now aboard ‘Shark Tank India’! And it’s none other than Radhika Gupta, the Managing Director and CEO of Edelweiss Mutual Fund.The entrepreneur will join the jury for the third season of the popular reality TV show. On Sunday, Gupta broke the news to...
Finance facilitation platform TReDS a reliable supportive mechanism for MSMEs, says Kerala Industries Minister P Rajeeve, ET BFSI
TReDS is an electronic platform for facilitating the financing/discounting of trade receivables for MSMEs through multiple sources.Electronic platform TReDS, which facilitates in financing or discounting trade receivables for MSMEs, has proved a reliable supportive...
RBI’s rate hiking days may not be over yet, analysts say, ET BFSI
Global markets have been on pins and needles given the vexing geopolitical situation in Europe and the Middle East. Oil prices have fluctuated in recent weeks but worries are building over an eventual spike. Analysts say that this may force the Reserve Bank of India...
Employee productivity of India Inc has steadily gone up in 5 years, ET BFSI
Data compiled by ET Intelligence Group shows the cumulative revenue per employee of ET-500 companies - the top 500 listed companies based on their revenues - has climbed 36% from ₹1.46 crore in FY19, to almost ₹2 crore in FY23While the recent debate on 70-hour work...
Petitioner seeks early Supreme Court hearing, ET BFSI
NEW DELHI: A petitioner in the matter relating to the Hindenburg report on Adani Group has sought early listing and subsequent hearing before the Supreme Court on Monday.Advocate Prashant Bhushan, appearing for one of the petitioners, informed the top court that the...
Govt bans Mahadev, 21 illegal betting apps; cyberattacks against India spike, ET BFSI
Controversial betting app Mahadev is among 22 illegal betting apps that the government ordered to be blocked on Sunday, following an investigation and raids by the Enforcement Directorate (ED). This and more in today’s ETtech Morning Dispatch.Also in the letter:■...
Fitch raises India’s mid-term growth forecast to 6.2%; China’s woes hit brakes for emerging markets, ET BFSI
Fitch Ratings has raised India's medium-term potential growth estimate by 70 basis points to 6.2% even as it blamed China for reducing the estimate for 10 emerging markets to 4% on a GDP weighted-average basis."We have made large upgrades to India and Mexico, with the...
ESAF SFB’s offer booked 5x; Protean eGov Tech’s issue subscribed 46% on Day 1, ET BFSI
The initial public offerings (IPOs) of Protean eGov Technologies and ESAF Small Finance Bank are currently open for public subscription. Here's a brief look at the subscription and other details.ESAF Small Finance BankThe public offer of ESAF Small Finance Bank (SFB)...
‘India’s neutral geopolitical stance to help attract FDI, overseas business’, ET BFSI
India's neutral geopolitical position has played to the country's advantage when it comes to attracting global investment, as more and more countries direct trade towards friendly nations, Claudio Irigoyen, head of global economics research at Bank of America, tells...
Protean eGov Technologies IPO opens for subscription. Should you apply?, ET BFSI
The initial public offer (IPO) of Protean eGov Technologies kicked off for subscription. The issue will be available for the public to bid till November 8.Analysts are positive on the IPO, given the company's unique and niche business area, consistent profitability...
Government gets C-DAC, Quick Heal, K7 Security, eScan to develop bot removing tools available for free, ET BFSI
How will you safeguard your data, especially on your smartphone, amid rising numbers of cyber-attacks and scams? To address this issue, the central government has started introducing free bot removal tools. Bots are automated computer software programs which can be...
Vedanta nears deal to raise $1.25 billion via private loan, BFSI News, ET BFSI
Vedanta Group is in advanced talks to raise a $1.25 billion private loan with an interest rate between 18% and 20% as it seeks to overhaul its debt.The Indian conglomerate is nearing a deal after weeks of negotiations with lenders including Cerberus Capital Management...
India’s growth story – 2030: Private sector to play a key role, ET BFSI
India will be a USD 4 trillion economy by the end of 2023-24 and a USD 10 trillion by 2030. India’s vision for growth and development is focused with the aim to be the 3rd largest economy. Good governance, inclusivity, diversity, sustainability, Digi-tech and...
Eroding geopolitical risk premium not in favour of gold’s appeal, ET BFSI
Dismal US monthly job report and ISM services data Friday sank the US yields and consequently, the US Dollar index, which propelled the gold prices above $2000. However, reduced geopolitical concerns led to a decline from the day's high. Spot gold closed with a gain...
Enough material against Naresh Goyal, wife to show their complicity in bank fraud case: Court, ET BFSI
Mumbai: There is sufficient material at this stage to prima facie show involvement of Jet Airways founder Naresh Goyal and his wife Anita in a money laundering case linked to an alleged fraud of Rs 538 crore at Canara Bank, a special court here noted while taking...
Public money worth Rs 5,716 crore part of Jet crime proceeds: Judge, ET BFSI
MUMBAI: Taking cognisance of a chargesheet against Jet Airways (India) Ltd (JIL) founder Naresh Goyal, wife Anita Goyal and four companies, a special PMLA court has held that public money worth Rs 5,716 crore obtained from a consortium of banks led by State Bank of...
Joe Biden jabs at China ‘debt-trap diplomacy’ at Americas summit, ET BFSI
President Joe Biden pledged billions in support to help build up infrastructure throughout the Western Hemisphere as he hosted leaders from the region, part of an administration push to offer an alternative to China’s efforts to expand its economic influence.Biden...
FM Nirmala Sitharaman calls on companies to drive India-Lanka economic integration, ET BFSI
India and Sri Lanka must further bolster bilateral ties and explore policy options to minimise risks and volatility emanating from global economic and political developments, finance minister Nirmala Sitharaman has said, as she exhorted businesses to lead the efforts...
2 changes made to NPS exit, withdrawal rules that can benefit subscribers, ET BFSI
The Pension Fund Regulatory and Development Authority (PFRDA) has made proposed changes to NPS withdrawal for subscribers in the month of October 2023.The changes include instant bank account verification mandatory to ensure timely credit of National Pension System...
Fintechs wary of RBI’s new cross-border payments rules; telcos take on Big Tech over biz messaging, ET BFSI
The Reserve Bank of India’s (RBI) new rules on cross-border payments will bring fintech players operating in this space under the regulator’s direct supervision. More details on this in today’s ETtech Morning Dispatch.Also in the letter:■ Mamaearth parent’s IPO...
India’s first 50-year bond fully sold on growing insurer demand, ET BFSI
India’s auction of the debut 50-year bond met with firm demand Friday, underscoring growing interest from insurance and pension funds for ultra-long papers.The government sold 100 billion rupees ($1.2 billion) of the 2073 bond at a cutoff yield of 7.46%, the Reserve...
Who is not eligible to buy digital gold in India, BFSI News, ET BFSI
Indians' practise of purchasing physical gold at festivals such as Diwali, Dhanteras, and Akshaya Tritiya is gradually shifting to digital gold. Digital gold is not only safe and secure, but it is also easier to buy and sell than physical gold.What is Digital...
Pakistan, IMF commence negotiations for release of $710 mn second tranche of $3 bn loan, ET BFSI
Cash-strapped Pakistan and the IMF have kicked off the much-awaited loan review talks for the release of the USD 710 million second tranche of a USD 3 billion bailout package on a generally positive note. Caretaker Finance Minister Dr Shamshad Akhtar and the...
Go First lenders in jeopardy as DCGA says lessors can take away planes, ET BFSI
Recent changes to Indian laws that exclude leased aircraft from assets subject to freezing during an airline's bankruptcy proceedings could have retrospective implications, according to India's aviation regulator, as stated in a court filing on Wednesday.The...
Go First lenders to meet Monday, stare at Rs 6,500 crore in losses, ET BFSI
Lenders to the insolvent Go First will likely meet Monday to assess an earlier fund-infusion plan into the grounded carrier saddled with about Rs 6,500 crore of overdue payments, with regulatory approval to lessors to repossess leased aircraft making it unviable for...
Official, BFSI News, ET BFSI
New Delhi, Negotiations between senior officials of India and the UK on the proposed free trade agreement are going on with a view to bridge differences on issues related to goods and services sector, a senior government official said. "Talks on the 13th round is...
Banks offering lowest gold loan interest rates, BFSI News, ET BFSI
Most of the time a gold loan is an excellent way to meet your short-term cash needs. Banks and other institutions now do spot assessments and valuations of your gold in order to determine loan eligibility, which is followed by loan disbursement.Buying gold jewellery...
Indian companies may offer highest salary increases in Asia Pacific next year, ET BFSI
Indian companies expect to raise employee salaries by 9.8% in 2024, close to the 10% increase in 2023, making India the country with the highest salary hikes in Asia Pacific, according to WTW's Salary Budget Planning Report. The report cited tighter labour markets and...
Diamond industry plans to cut bank financing by 33% this FY, ET BFSI
India’s diamond industry plans to reduce its bank financing needs by a third to $4 billion for the current financial year from $6 billion in FY23 as waning global demand for the gems threatens to make accounts sticky. They are now busy clearing their inventory instead...
AU Small Finance Bank, ixigo unveil credit card for travellers, ET BFSI
New Delhi, AU Small Finance Bank (AU SFB) and travel platform ixigo on Thursday announced the launch of their co-branded credit card for travellers. Travellers using the card can avail discounts of up to 10 per cent on flight, bus and hotel bookings made through the...
Billionaire targeted by Hindenburg emerges richer and unbowed, ET BFSI
Timur Turlov is still trying to make sense of how Hindenburg Research’s bet against his Kazakh brokerage backfired so much that at one point it left him with a paper windfall of more than $1 billion.The US short seller took aim at the Kazakh billionaire’s Freedom...
How did massive Aadhaar data leak happen, its impact, BFSI News, ET BFSI
A recent alleged massive Aadhar data breach was identified where an individual with the alias "pwn001" shared a post on a dark web forum that listed the personal data of 815 million Indians (81.5 crore Indians).As per the US based cybersecurity firm Resecurity data...
Govt plans to raise sovereign masala bonds worth Rs 25,000 crore at GIFT City, ET BFSI
The Indian government is currently exploring the possibility of issuing sovereign bonds denominated in rupees worth Rs 20,000-25,000 crore at the GIFT City in Gandhinagar, a designated financial special economic zone aimed at attracting foreign investments. This...
Jet founder diverted crores in bank loans through wife, children: ED chargesheet, ET BFSI
MUMBAI: Jet Airways founder Naresh Goyal's wife, Anita, received Rs 12.2 crore and their son, Nivaan, Rs 2.9 crore for "consultancy services" but Jet could not provide documents to support the claim, the Enforcement Directorate (ED) said in its chargesheet submitted...
Recognising and rewarding excellence, ET BFSI
India is set to become the 3rd largest consumer economy by 2030, driven by a young population comprising 65% below the age of 35 years. In this journey, digital adoption continues to be propelled by rural India, and BFSI industry has been a flag-bearer of the...
RBI selects 5 companies’ products for MSME lending sandbox; launches fifth cohort, ET BFSI
The Reserve Bank of India (RBI) has identified the products of five entities as viable for lending to micro, small, and medium enterprises (MSMEs) within the regulatory sandbox cohort. The RBI further disclosed that all these entities are now exiting the cohort,...
Protean eGov Technologies IPO to open on Nov 6; Sets price band at Rs 752-792/share, ET BFSI
Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) on Wednesday announced the price bank of Rs 752-792 per share for its Rs 490-crore initial public offering.The maiden public issue will open for subscription on 6 November and will conclude...
How Elon Musk wants to control Twitter users ‘entire financial life’, ET BFSI
Elon Musk has outlined an ambitious plan to transform X, formerly known as Twitter, into a comprehensive financial hub aiming to replace the traditional banking system within a year. Musk made these intentions clear during an all-hands call with X employees.Musk...
ED chargesheets Naresh Goyal, wife and 4 firms, BFSI News, ET BFSI
The Enforcement Directorate (ED) on Tuesday submitted its Prosecution Complaint (PC) against Jet Airways founder Naresh Goyal in an alleged money laundering case. A PC filed by ED is equivalent to a chargesheet filed by the police under the provisions of CrPC.The...
Indians splurge big on festive season sales, buoying economy, BFSI News, ET BFSI
India’s festive season spending is booming as consumers splurge on cars, smartphones and TVs, buoying growth in one of the world’s fastest-expanding economies. Sales at online platforms like Amazon.com Inc., and Walmart Inc.-owned Flipkart was up by almost a fifth in...
GIFT taps RBI, finance ministry on family funds, BFSI News, ET BFSI
Family offices, used by the rich to park some of their wealth overseas, have found a policy patron in the GIFT City regulator amid a broader, unstated dilemma of allowing unchecked outflows of money. The International Financial Services Centres Authority (IFSCA) is...
Aadhaar Data Leak | Personal Data Of 81.5 Crore Indians On Sale On Dark Web: Report, ET BFSI
In what could be one of the biggest data breaches in Indian history, details of over 81.5 crore Indian citizens are on sale on the dark web, US-based cybersecurity firm Resecurity reported. The data sets on sale contain crucial information such as Aadhaar and passport...
Govt’s fiscal deficit rises to 39.3% of annual target in first half of FY24, ET BFSI
New Delhi, Central government's fiscal deficit touched 39.3 per cent of the full year target in the first half of the current financial year, slightly higher than 37.3 per cent recorded in the year-ago period. In actual terms, the fiscal deficit or the gap between...
Surging yields drive Indian corporate bond sales to 5-yr low in Oct, ET BFSI
The private placement of bonds by Indian corporates likely hit a five-year low in October as tight liquidity and the central bank's plan of debt sales prompted companies to push back their fundraising goals.Companies had raised around 285.5 billion rupees ($3.43...
India’s fiscal deficit for April-September at Rs 7.02 lakh crore, widens to 39.3% of FY24 aim, ET BFSI
India's fiscal deficit for the first half of this fiscal year through September stood at 7.02 lakh crore rupees, or 39.3% of annual estimates, government data showed today.The fiscal deficit widened from 37.3% reported in the comparable year-earlier period.Total...
Creating a Marketplace, BFSI News, ET BFSI
Whether it's about booking a flight or taking a cab via ride-hailing apps, from shopping to ordering food, from studying abroad or playing games online, it's a new Marketplace fuelled by finance.The demand is changing and there is a need for a Marketplace for...
Niti Aayog to consult India Inc before readying vision report, ET BFSI
NEW DELHI: Niti Aayog, the Centre's think tank, will hold consultations with business and thought leaders such as Reliance Industries chairman and managing director Mukesh Ambani, Tata Sons chairman N Chandrasekharan, CEO of Alphabet and Google Sundar Pichai, Adani...
High rates can compress India Inc’s margins, but it’s a manageable risk: Ramnath Krishnan, ET BFSI
The likelihood of repeated geopolitical conflicts, uncertainty in commodity prices and increasingly lower odds on interest rates staying higher for longer could squeeze India Inc's margins, said Ramnath Krishnan, Group CEO of ICRA, tells Gayatri Nayak and Bhaskar...
Finance Minister Nirmala Sitharaman bats for stricter customs enforcement at GCCEM 2023, ET BFSI
Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, delivered a keynote address at the Global Conference on Cooperation in Enforcement Matters (GCCEM) 2023, where she stressed the importance of making substantial advancements in the realm of customs...
Inflation picks up in US, Tokyo, BFSI News, ET BFSI
US underlying inflation picked up along with consumer spending as the third quarter drew to a close, government figures showed ahead of the Federal Reserve’s penultimate policy meeting of the year.Consumer price growth also gathered pace in Tokyo, an indicator of...
Niti Aayog CEO, ET BFSI
NEW DELHI: Niti Aayog CEO BVR Subrahmanyam on Sunday said a vision document is being prepared for India to become a developed economy of about USD 30 trillion by 2047. The vision document will outline the institutional and structural changes/ reforms that will be...
Invest in human capital, not longer work hours, BFSI News, ET BFSI
Infosys co-founder NR Narayana Murthy's suggestion to India's youth to work more hours has stirred a controversy in a country that has among the world's longest working weeks, yet trails in labour productivity by international standards. The obvious analogies to...
Lodha group expects to surpass Rs 17,500-crore project addition guidance in FY24, ET BFSI
Realty developer Lodha, listed at Macrotech Developers, is set to exceed its full year guidance of Rs 17,500 crore worth Gross Development Value (GDV) for new project additions in the current financial year, said a top company official.The company has already added...
What solutions former governor Raghuram Rajan offers for India’s current economic challenges, ET BFSI
Former Reserve Bank of India (RBI) governor Raghuram Rajan, in collaboration with economist Rohit Lamba, is set to release a book titled "Breaking the Mould: Reimagining India's Economic Future." Scheduled for publication on December 7 by Penguin Random House India,...
Some digital asset firms not doing enough to stop illicit finance: US, ET BFSI
The United States on Friday said some firms in the digital asset space were not doing enough to stop the flow of illicit finance.Cryptocurrency's role in terrorist financing and funding militant groups has come under renewed scrutiny following the deadly attacks in...
BFSI players stepping up hiring for entry-level roles, BFSI News, ET BFSI
Banking, financial services, and insurance (BFSI) companies are ramping up entry-level hiring - including campus placements from engineering colleges and B-schools - across functions to support business expansion amid high attrition due to a war for talent within the...
BFSI players stepping up hiring for entry-level roles, BFSI News, ET BFSI
Banking, financial services, and insurance (BFSI) companies are ramping up entry-level hiring - including campus placements from engineering colleges and B-schools - across functions to support business expansion amid high attrition due to a war for talent within the...
India poised to become USD 5 trillion economy; challenge is having 8-9 pc growth for next 3 decades: Kant, ET BFSI
India is poised to become a USD 5 trillion economy and the challenge for the country will be to grow at 8-9 per cent for the next three decades, India's G20 Sherpa Amitabh Kant said on Thursday. Addressing an event organised by Public Affairs Forum of India (PAFI) in...
Hindujas eye $35-40 billion valuation of their BFSI business, ET BFSI
The Hinduja group sees its banking, financial services and insurance (BFSI) business reach a valuation of $35 billion to $40 billion by 2030, Ashok Hinduja, Chairman of IndusInd International Holdings Ltd, said at a media interaction with him and his two brothers...
India’s festival season to bring some cheer to economy, say economists
Representative imageBENGALURU: Indian consumer spending during this year's festival season will be slightly better than in 2022, said economists polled by Reuters, but probably not enough to ramp up the speed of what is already the world's fastest-growing major...
Adani auditor EY faces inquiry by India’s accounting regulator, ET BFSI
One of the Adani Group’s longtime auditors is being scrutinized by India’s accounting regulator, according to people familiar with the matter.The National Financial Reporting Authority, or NFRA, has in recent weeks started an inquiry into one of the member firms of EY...
Finance leaders’ digital transformation plan for next 5 years falls short on ambition: Survey, ET BFSI
Finance leaders’ digital transformation plan for next 5 years falls short on ambition: SurveyIs the finance leaders’ desire to carry out a bold digital transformation plan fizzling out? As per a survey, their digital roadmap falls short on ambition for the next five...
Germany set to overtake Japan as 3rd-largest economy, BFSI News, ET BFSI
Germany's economy is projected to dislodge Japan's as the world's third largest in 2023, helped by a slide in the yen against the dollar and euro.The IMF's latest projections estimate Germany's nominal GDP at $4.4 trillion this year, compared with $4.2 trillion for...
India set to be world’s third-largest economy by 2030: S&P Global, ET BFSI
New Delhi: Brisk digital transformation and a rapidly growing middle class are expected to drive India's growth, lifting its economy to the third place by 2030, according to S&P Global Market Intelligence. This will put it behind only the US and China, overtaking...
Finance ministry report, BFSI News, ET BFSI
NEW DELHI: Domestic macro fundamentals remain strong and are improving but downside risks arise from global headwinds and uncertainties in weather conditions, the finance ministry's monthly economic report for September said.The report, which was released on Monday,...
Central Bank marks Rs 2,000 crore loans as NPA, makes 100% provisioning, ET BFSI
Central Bank of India has categorised its loans to Go First as non-performing assets (NPAs) for the second quarter of the fiscal year 2023-24 and made 100 percent provisioning on the loan. The exposure of the public sector bank, which includes government-guaranteed...
How AI is revolutionising the use of QR codes, ET BFSI
The surge of contactless payments, particularly in vast markets like India, has brought QR codes to the fingertips of almost every consumer. This ubiquitous technology is now witnessing a fusion with artificial intelligence (AI), ushering in new levels of utility and...
Why China’s Evergrande-type crisis is unlikely in India, BFSI News, ET BFSI
As India's real estate sector experiences a robust upswing, questions about its preparedness to handle this property boom have come to the forefront. This discussion inevitably draws parallels with the Evergrande crisis in China, where one of the world's largest real...
PwC India survey, ET BFSI
New Delhi: Crisis management, cyber resilience, and handling emergencies have taken centre stage, prompting corporates to take pre-emptive actions to deal with them, a PwC India survey said. According to India's Crisis and Resilience Survey 2023, the looming spectre...
Finance Ministry report, ET BFSI
New Delhi, India will remain the fastest-growing major economy in the world in 2023-24 fiscal on the back of strong domestic fundamentals and benign inflation expectations, a finance ministry report said on Monday. The September edition of the Monthly Economic Review...
Sequoia Surge to raise ceiling for seed-stage investments to $3 million, ET BFSI
Sequoia Capital's accelerator programme Surge will increase the amount of capital it will invest in seed-stage startups to be able to back a wider range of companies and stay with them longer as they achieve a product market fit, according to Rajan Anandan, MD, Surge...
Fin Min Eco Review, ET BFSI
The Indian economic growth is majorly being driven by strong private consumption in the recent period, even as two new drivers of growth have emerged, the Finance Ministry said in its latest monthly economic review. Further, the report says that India's fiscal...
India 4% inflation focus may not signal ‘higher for longer’ rates -rate panel’s Varma, Goyal, ET BFSI
"The focus, therefore, naturally shifts to the next stage of bringing the inflation to the target level," said Varma, adding that there is no ambiguity in the eventual inflation goal of 4%. India's monetary policy committee's (MPC) decision to reinforce the 4% retail...
Millennials high on investments this festive season, attractive FD rates add up, ET BFSI
Millennials are showing an increased interest in investing, driven by their desire to get better returns from the markets during the festivities. Though millennials and GenZ believe in living in the moment without necessarily worrying about the future, lured by...
Finance ministry may grant NREGS Rs 28,000 cr more, over and above budgeted Rs 60,000 cr, ET BFSI
The finance ministry could allocate about Rs 28,000 crore more for the rural job guarantee scheme this fiscal year, topping the budgeted Rs 60,000 crore, in the first batch of supplementary demands for grants, as work demand under the programme has beaten initial...
RIL, Axis Bank, Tech Mahindra, Maruti, PNB and others, ET BFSI
BodyVarious widely tracked companies like Axis Bank, Tech Mahindra, Asian Paints, Punjab National Bank, Reliance Industries, Maruti Suzuki, Bajaj Finserv and NTPC would be releasing their September quarter report cards this week. Here’s a list:October 23Torrent...
Adani Group raises $3.5 billion to refinance debt, BFSI News, ET BFSI
MUMBAI: The Adani Group said on Friday that it has refinanced part of the debt taken for the acquisition of Ambuja Cements and ACC through a $3.5 billion financing package raised from a clutch of international banks.The loan will have a tenor of three years and will...
Looking to cut debt burden, says Finance Minister Nirmala Sitharaman, ET BFSI
Finance minister Nirmala Sitharaman said on Friday that the government is looking at reducing its debt burden further and has already resorted to prudent spending by resisting the temptation of fiscal profligacy, especially after the pandemic, to avoid burdening...
Rbi, BFSI News, ET BFSI
Mumbai: High-frequency indicators point to a broad-based gaining of growth momentum, while moderating inflation bolsters macroeconomic fundamentals, the ‘state of the economy’ report published by RBI said.Higher year-on-year growth in air cargo, railway freight and...
Govt launches scheme to cover all fish farmers with Kisan Credit Card, ET BFSI
KCC for 1,59,903 have been sanctioned, at the cost of Rs 1746.16 crore.In a significant step towards enhancing financial inclusion and support for the fisheries sector, Dr. Abhilaksh Likhi, Secretary (Fisheries), chaired a meeting focusing on the 'Ghar-Ghar KCC...
Tata Group considers topping up another $1 billion for super-app arm, ET BFSI
Tata Group is weighing putting in $1 billion of fresh capital into its super app venture as the salt-to-software conglomerate seeks to improve the digital business, according to people familiar with the matter.The injection is on top of the $2 billion that Tata Group...
Adani Group set to refinance $3.5 billion debt taken for ACC-Ambuja buy, ET BFSI
The Adani Group is all set to sign a definitive agreement to refinance $3.5 billion of loans taken for last year’s acquisition of ACC Ltd and Ambuja Cement, people aware of the discussions told ET.At least 18 global banks have agreed to join the consortium led by...
IMF sees India meeting its FY24 deficit goal despite extra spending, ET BFSI
India has room to absorb additional expenditure towards subsidies and rural unemployment programme without raising its fiscal deficit target from 5.9% set for the current financial year, the International Monetary Fund said on Thursday.Prime Minister Narendra Modi's...
Finance Minister Sitharaman highlights global institutions’ declining effectiveness at Kautilya Economic Conclave, ET BFSI
At the opening session of the Kautilya Economic Conclave 2023, Finance Minister Nirmala Sitharaman voiced her apprehensions regarding the diminishing efficacy of worldwide multilateral organizations.The Kautilya Economic Conclave 2023 also features the participation...
Credit growth to surpass nominal GDP growth, unsecured credit not a worry: Report, ET BFSI
The ASCB data for the period FY01 to FY10 indicates that bank credit grew at an average of 1.82 times of nominal GDP growth, during a period of high growth. During FY11-20, the relationship broke down, and growth declined to 1 time largely, mostly because of the...
Google Cloud partners with Axis My India to build “a” multilingual Super-app, ET BFSI
Google Cloud has announced its partnership with Axis My India on Thursday at the Google for India 2023 annual event, to build an inclusive and multilingual super-app called “a”. This collaborative effort aims to address the issue of information accessibility, which...
Joe Biden supports two-state solution; announces $100 million humanitarian aid to Gaza and West Bank, ET BFSI
During his visit to Tel Aviv, U.S. President Joe Biden expressed his firm support for a two-state solution to bring peace between Israel and the Palestinian people. He also announced $100 million in humanitarian aid for Gaza and the West Bank. After his meeting with...
UK inflation holds firm at 6.7% in September, Bank of England maintains rates, ET BFSI
In the United Kingdom, official figures released on Wednesday indicate that inflation remained steadfast in September, holding at 6.7 percent. While the rate of food and beverage price hikes ceased, the uptick in gasoline costs for vehicles balanced out the decline,...
SC adjourns hearing on plea filed by ex-ICICI Bank CEO Chanda Kochhar seeking early retiral benefits, ET BFSI
The Supreme Court on Wednesday adjourned hearing on a plea filed by former ICICI Bank CEO and MD Chanda Kochhar seeking her early retirement benefits which were revoked by the bank's Board of Directors.A bench of Justices Sanjiv Khanna and P.S. Narasimha directed...
IMF director (Asia-Pacific) Krishna Srinivasan, ET BFSI
Last week, RBI governor Shaktikanta Das took on IMF over its stand on currency market intervention. In an interview, IMF director for Asia-Pacific Krishna Srinivasan explains the multilateral agency’s stand on the issue, while suggesting that countries like India...
DGGI detects GST evasion of Rs 57,000 crore since April 2020: Finance Ministry, ET BFSI
DGGI detects GST evasion of Rs 57,000 crore since April 2020: Finance ministryThe Directorate General of GST Intelligence (DGGI) has detected Goods and Services Tax (GST) evasion of Rs 57,000 crore from April 2020 to September 2023 involving over 6,000 fake instances...
Increasing access to formal credit using Gen AI on agenda, Google India VP, ET BFSI
Google for India 2023: The ninth edition of Google for India commenced on Thursday at the Pragati Maidan, New Delhi with an agenda to showcase its innovations and initiatives for the Indian market, ranging from artificial intelligence (AI) to internet access.Taking a...
UK inflation rate unexpectedly holds at 6.7% in September, BFSI News, ET BFSI
LONDON: British annual consumer price inflation (CPI) held at an 18-month low of 6.7% in September, bucking economists' expectations for a further decline, official data showed on Wednesday.The Bank of England had been expected by financial markets to leave interest...
Fin Min meets chiefs of private sector general insurers, ET BFSI
The finance ministry held a meeting on Tuesday with the General Insurance Council and chiefs of private sector general insurance companies.In a statement, the finance ministry said that several critical issues, including exploring the linking of insurance frauds to...
How high frequency indicators perform in August & September?, ET BFSI
-Arista MenezesAmid the RBI’s continuous pause on repo rates, and inflation cooling down to comfort level, there have been certain key steps taken by the government to curb the rising prices.Globally, interest rates are likely to remain higher before the world can...
Tyler Dickson, Investment Banking Head, Citi, ET BFSI
While global macroeconomic headwinds drive volatility in markets, India saw strong merger and acquisition (M&A) activities in 2023. The Indian IPO market saw a flurry of activity with stock markets toting up the greatest number ofnew listings in 2023 globally....
Goldman Sachs regrets deal with Apple, considering split, BFSI News, ET BFSI
Though not exactly on record, it's long been known that Goldman Sachs is unhappy about its partnership with Apple, as it continues to cost it hundreds of millions in losses and wants to split with the iPhone maker. Earlier this year, Goldman Sachs launched a joint...
PM Modi, Google CEO discuss financial inclusion via UPI, electronics manufacturing ecosystem, ET BFSI
PM Modi, Sundar Pichai discuss expanding electronics manufacturing ecosystem in IndiaPrime Minister Narendra Modi on Monday virtually interacted with CEO of Google and Alphabet Sundar Pichai.During the interaction, the Prime Minister and Pichai discussed Google's plan...
FICCI Economic Outlook Survey, ET BFSI
The Indian economy is projected to grow by 6.3 per cent in FY24 with a minimum and maximum growth estimate of 6.0 per cent and 6.6 per cent respectively, according to the latest Economic Outlook Survey released by the Federation of Indian Chambers of Commerce and...
PM Modi at Global Maritime India Summit, ET BFSI
Prime Minister Narendra Modi on Tuesday said the day is not far when India will be among the top three global economies, adding that everyone was looking at India in the hope that it will lead the efforts for a new world order.Inaugurating the three-day Global...
UP RERA asks banks to maintain three accounts for real estate project, ET BFSI
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has written to the State Level Bank Committee (SLBC) to ensure banks do not facilitate debit card, cheque book and net banking facility to the promoter of a real estate project to avoid siphoning of funds.UP...
World Bank chief economist Indermit Gill, ET BFSI
There is now a consensus that interest rates are going to be higher for longer, but there is less agreement about how much higher and how much longer, said Indermit Gill, chief economist, World Bank. In an interview with Deepshikha Sikarwar on the side lines of G20...
India’s wholesale prices fall 0.26% in September, BFSI News, ET BFSI
Wholesale inflation in India remained in the negative territory for the sixth straight month as prices fell 0.26 per cent in September, data showed on Monday. Wholesale inflation had risen to a five-month high of -0.52 per cent in the month of August.Economists polled...
G20 finance ministers and central bank governors embrace roadmap for Crypto asset regulation, ET BFSI
The G20 finance ministers and central bank governors Thursday adopted the roadmap to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets.The roadmap is based on a synthesis paper bringing together separate...
IMF MD, BFSI News, ET BFSI
Marrakech (Morocco): The Israel-Hamas conflict is a new cloud darkening the global economic outlook, International Monetary Fund (IMF) managing director Kristalina Georgieva said Thursday, mooting smartly packaged reforms to lift growth experiencing severe shocks. "We...
Domestic consumption, investment demand will drive growth, ET BFSI
Marrakech (Morocco): Domestic consumption and investment demand will continue to drive growth though global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in the coming months, finance minister Nirmala Sitharaman said...
India’s retail inflation eases to three-month low in September, ET BFSI
But the RBI earlier this month kept its key lending rate steady for a fourth consecutive policy meeting, and emphatically reiterated that it was targeting inflation of 4% and a print of below 6% might not suffice as a condition for easing rates.India's retail...
Bombay HC refuses bail to realtor Sanjay Chhabriaa in Yes Bank money laundering case, ET BFSI
The Bombay High Court has refused to grant default bail to realtor Sanjay Chhabriaa in the Yes Bank money laundering case, observing that money laundering involves intricate processes to make illegally-obtained money appear legitimate and hence require in-depth...
Joe Biden weighs freezing $6 billion for Iran after Hamas attack on Israel, ET BFSI
WASHINGTON: Biden administration officials are leaving open the possibility of re-freezing $6 billion in Iranian oil money that was released as part of a prisoner swap amid growing bipartisan criticism after Iran-backed Hamas militants attacked Israel.The $6 billion...
India’s retail inflation eases to 5% in September, drops within RBI tolerance band, ET BFSI
India's retail inflation eased to 5.02 per cent in September on an annual basis as against 6.83 per cent in August, showed data released by the ministry of statistics on Thursday.On a monthly basis, the prices deflated (-) 1.13 per cent. The food price inflation for...
Wadia Group stays away from Go First insolvency process, ET BFSI
Go First's former owner, the Wadia Group, has not shown an intent to bid for the grounded Indian airline and has stayed away from the insolvency process so far amid an ongoing legal tussle, three sources told Reuters.Cash-strapped Go First filed for bankruptcy in May,...
FM meets Brazil’s Minister of Economy, discusses issues of mutual interest, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Thursday met Brazil's Minister of Economy Fernando Haddad and discussed various issues of mutual interest, including the strengthening of Multilateral Development Banks (MDBs). The meeting took place on the sidelines...
World Bank must become bigger to be relevant for 4 decades: Ajay Banga, ET BFSI
Marrakech (Morocco): The World Bank must become "bigger and better" to become relevant for the next four decades to meet global developmental needs, multilateral lender's chief Ajay Banga said. The bank will soon approach its shareholders proposing a capital increase...
Wholesale inflation in US rises 2.2 per cent in September, biggest year-over-year gain since April, ET BFSI
US wholesale prices rose last month at the fastest pace since April, suggesting that inflationary pressures remain despite a year and a half of higher interest rates. The Labour Department reported on Wednesday that its producer price index - which measures inflation...
FM Nirmala Sitharaman, US Secy Janet Yellen discuss IMF’s policy priorities, ET BFSI
Union Finance Minister Nirmala Sitharaman held discussions with US Treasury Secretary Janet Yellen on the policy priorities of the International Monetary Fund and how the institution should support its membership.The two met on the sidelines of the ongoing IMF-World...
World Bank, BFSI News, ET BFSI
MARRAKECH: World Bank group's India-born chief economist Indermit Gill is upbeat on India's focus on infrastructure, digital public goods and overall economic management. In an interview with TOI, he calls for special attention on lowering debt, pushing manufacturing...
G24 backs multilateral development banks’ reforms, BFSI News, ET BFSI
MARRAKESH: G24, a group of developing nations, has backed the recommendations of the independent expert group on reform of multilateral development banks. "It strongly supported the strategy, the ambition, targets and quality of recommendations. This provides a very...
GST Council’s view on taxability of corporate guarantee is a mixed bag, say experts, ET BFSI
The GST council in its meeting held on October 7, has cleared the government’s position that corporate guarantees, such as those given by a parent company to its subsidiary will be subject to goods and services tax (GST). According to tax experts, the decisions...
World Bank chief says Gaza conflict is economic shock ‘we don’t need’, ET BFSI
World Bank President Ajay Banga said on Tuesday that the Israel-Gaza conflict is an unnecessary global economic shock that will make it harder for central banks to achieve soft landings in many economies if it spreads."It's a humanitarian tragedy and it's an economic...
HDFC Bank Chairman Atanu Chakraborty, ET BFSI
India is expected to become a USD 30-trillion economy by 2050 pushed by robust consumption and exports, HDFC Bank chairman and former economic affairs secretary Atanu Chakraborty said on Wednesday.International financial institutions have projected India's growth to...
IMF raises India’s FY24 growth forecast to 6.3%, ET BFSI
The International Monetary Fund (IMF) has bumped up India's growth forecast for FY24 to 6.3% from 6.1% estimated earlier, hailing the country as one of the "growth engines in the world economy".The upward revision reflects "stronger-than-expected consumption during...
Finance Ministry steps up vigil, but sees no major impact from Israel war for now, ET BFSI
New Delhi: The government is closely monitoring the conflict between Israel and Hamas, as it assesses the potential impact on multiple fronts, including oil price rise, capital outflows and a further strengthening of the dollar, as investors could flock to safe-haven...
India’s direct tax collection up 18% YoY as of October, BFSI News, ET BFSI
India's gross direct tax collection increased by 17.95 per cent on the year to Rs 11.07 lakh crore in the period from April 1 to October 9, the Ministry of Finance said in a statement on Tuesday.Net collections stood at Rs. 9.57 lakh crore, 21.82 per cent higher than...
Adani’s $3.5 billion Ambuja loan moves ahead after some banks get approval, ET BFSI
A group of banks that have been in talks to lend about $250 million each toward a syndicated loan of about $3.5 billion to refinance debt which the Adani Group took out to fund its purchase of Ambuja Cements Ltd. have received internal approval for the deal, according...
Mukesh Ambani reclaims India’s richest billionaire title, Adani’s fortune plummets post Hindenburg, ET BFSI
Mukesh Ambani reclaimed the title of the richest billionaire in India with a total wealth of Rs 8.08 trillion in 2023. According to the 360 ONE Wealth Hurun India Rich List 2023, Reliance Industries chairman and managing director surpassed Gautam Adani who held the...
Nirmala Sitharaman set to visit Morocco, attend IMF-World Bank Annual Meetings, ET BFSI
Union Finance Minister Nirmala Sitharaman will embark Tuesday on an official visit to Marrakech, Morocco, to attend the IMF-World Bank Annual Meetings 2023.The Union Finance Minister will also participate in the fourth G20 Finance Ministers and Central Bank Governors...
World Bank chief economist, ET BFSI
Rising debt levels among "seemingly healthy" countries in Asia could drag growth in the region below currently forecast levels, World Bank Chief Economist Indermit Gill told Reuters in an interview on Monday.Gill said he remained critical of the slow pace of debt...
Ahead of SC hearing, Adani Group says bid to tarnish reputation by foreign entities, ET BFSI
New Delhi: Adani Group on Monday said some foreign entities are continuing orchestrated attacks by rehashing old and baseless allegations to drag down its market value and tarnish the conglomerate's image ahead of the Supreme Court hearing. The Supreme Court slated a...
IMF raises India’s FY24 GDP growth forecast to 6.3% from 6.1%, ET BFSI
The International Monetary Fund (IMF) Tuesday bumped up India’s growth forecast for FY24 to 6.3% from 6.1% estimated earlier, citing stronger than expected consumption in the April-June quarter.IMF’s upgrade is the latest in several revisions for India that have seen...
Indian inflation seen easing to 5.50% in September on softening food price rises: Poll, ET BFSI
Indian retail inflation likely eased to 5.50% last month, within the Reserve Bank of India's (RBI) tolerance band, on moderating food price rises and government subsidies that offset a surge in the cost of crude oil, a Reuters poll found.The RBI kept monetary policy...
Finance minister Sitharaman reviews reform progress of MDBs, BFSI News, ET BFSI
NEW DELHI: Ahead of her departure to Marrakech for the annual meeting of the World Bank and the IMF, FM Nirmala Sitharaman took stock of the progress on multilateral development bank (MDB) reforms, a key item on India’s priority list during its presidency, with heads...
Business activity picks up greater pace in July-Sept, BFSI News, ET BFSI
New Delhi: Business activity gained further momentum in the July-September quarter, with business confidence rising to a three-quarter high, according to a private survey. The Confederation of Indian Industry's Business Confidence Index showed that two-thirds of the...
Analysts worry about the Israel War Impact on Indian economy, BFSI News, ET BFSI
The surprise Israel-Palestine war has brought the Indian markets and financial sector on the tenterhooks as it may have wide-ranging ramifications and repercussions across geographies, economies and sectors.Analysts see bond yields spiking and the stock market fall if...
Strong data send economic concerns rising in US, BFSI News, ET BFSI
US Treasury yields surged this week, sparking a broader selloff in global bond markets as investors brace for higher interest rates for longer.Longer-dated US government yields reached levels last seen in the financial crisis, fueled in part by strong job-market data....
Finance Minister Nirmala Sitharaman to chair the 52nd GST Council Meeting today, ET BFSI
Union Finance Minister Nirmala Sitharaman with preside over the 52nd Goods and Services Tax (GST) Council meeting at the Sushma Swaraj Bhawan in New Delhi on Saturday.A post on the official handle of Union Ministry of Finance on social media platform X read, "Union...
FY24 excise duty collection target may be cut by Rs 45,000 crore, ET BFSI
The Centre may revise the FY24 excise duty collection target downwards by Rs 45,000 crore, factoring in some possible fiscal support if crude oil prices continue to remain elevated, people familiar with deliberations told ET.This revision is not likely to impact the...
RBI Guv, BFSI News, ET BFSI
Mumbai, India is poised to become the new growth engine of the world, Reserve Bank of India Governor Shaktikanta Das said on Friday as the central bank retained the country's GDP growth forecast at 6.5 per cent for 2023-24, notwithstanding the slowing global economy....
Finance minister Nirmala Sitharaman, ET BFSI
NEW DELHI: Finance minister Nirmala Sitharaman on Thursday said political stability and policy consistency will be crucial for India to emerge as the world's third largest economy, a goal that PM Narendra Modi expects to be achieved by 2029."For anyone who indicates...
Bhashini to launch RBI’s platform for frictionless credit in multiple languages, ET BFSI
The Digital India Bhashini Division (DIBD) plans to launch the Reserve Bank of India's Public Tech Platform for Frictionless Credit in multiple languages to make financial services more accessible across languages.The DIBD will do this in collaboration with the...
Finance Ministers likely to endorse new World Bank plan next week, ET BFSI
NEW DELHI: The World Bank is ready with a new vision and mission that goes beyond its focus on poverty reduction to "address global challenges" such as climate change, and is seeking the mandate from its shareholders to look at innovative ways to mobilise more lending...
39,000 Compliances removed to boost ease of business: FM Sitharaman, ET BFSI
The NDA government has scrapped 39,000 unnecessary compliances and 1,500 archaic laws, finance minister Nirmala Sitharaman said Wednesday, highlighting a raft of steps taken by authorities to ensure ease of doing business in the country. Speaking on the occasion of...
World Bank for $100 billion extra annual lending capacity for climate change and poverty, ET BFSI
NEW DELHI: Ahead of the meeting of G20 finance ministers and central bankers, under India’s presidency, in Marrakech next week, the Development Committee of the World Bank has proposed the creation of additional annual lending capacity of more than $100 billion over...
India must grow at 8% to be ‘developed’ by 2047, says World Bank’s Kouame, ET BFSI
India needs to grow at 8% to achieve its goal of becoming a developed economy by 2047, and private investment needs to pick up to support it, the World Bank's India country director, Auguste Tano Kouame, said on Tuesday.The World Bank has, in its India Development...
Top BFSI appointments that grabbed headlines in Q3’CY23, ET BFSI
The months of July, August and September has seen some major developments in the BFSI sector and some important appointments which made into headlines. While the space witnessed the quarterly results, G20 developments, soaring inflation, companies filing for IPO, etc,...
Finance ministry seeks expenditure proposals from ministries for supplementary demands for grants, ET BFSI
New Delhi, Ahead of the winter session of Parliament, the finance ministry has sought expenditure proposals for the first batch of supplementary demands for grants from various ministries and departments. The first batch of supplementary demands for grants for 2023-24...
India’s retail inflation likely to ease by December: Finance Secretary, ET BFSI
India's retail inflation is likely to ease by December as seasonal factors become more favourable, Finance Secretary T V Somanathan told Reuters late on Tuesday.India's retail inflation remained above the upper end of the central bank's 2%-6% tolerance band for a...
SoftBank CEO Masayoshi Son, ET BFSI
SoftBank CEO Masayoshi Son said he believes artificial general intelligence (AGI), artificial intelligence that surpasses human intelligence in almost all areas, will be realised within 10 years.Speaking at the SoftBank World corporate conference, Son said he believes...
India services exports rise 8.4% to $28.72 billion in August, ET BFSI
India's services exports climbed 8.4% year-on-year to $28.72 billion in August, while imports fell 0.8% to $15.10 billion, provisional data by the Reserve Bank of India (RBI) showed on Tuesday.Data released by the government last month showed services exports were...
RBI steps up interaction with govt to have better grip on food prices, ET BFSI
NEW DELHI: With food prices being a key driver of inflation, RBI has intensified its interaction with government agencies, especially the department of consumer affairs at the Centre, to get a better grip over the issues.During last few months, at least two rounds of...
Air India partners with Tata Neu-HDFC Bank credit card, BFSI News, ET BFSI
Air India on Tuesday joined Tata Neu-HDFC Bank Credit Card as a partner, said Tata Digital in a press release.“Tata Neu HDFC Bank credit card customers can now earn 5 per cent NeuCoins with Tata Neu Infinity HDFC Bank Credit Card and 2% NeuCoins with Tata Neu Plus...
RBI-MPC’s decision on repo rate may be unanimous but not on the stance: Economists, ET BFSI
While there will be unanimity on not changing the repo rate from the current 6.5 per cent, there will be divergence within the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) as to the stance, said senior economists. The six-member MPC will meet from...
World Bk raises India’s inflation forecast to 5.9% for FY24 on higher oil prices, abnormal monsoon, ET BFSI
The World Bank Tuesday kept India's growth forecast unchanged at 6.3% for FY24, driven by investment, while sharply revising its inflation projection to 5.9% from 5.2%."Private consumption growth is likely to slow as the post-pandemic catch up fades, and external...
Former NITI Aayog Vice Chairman Rajiv Kumar, ET BFSI
Niti Aayog Vice Chairman Rajiv KumarNew Delhi: The Indian economy will grow at around 6.5 per cent in the current fiscal as the country's macroeconomic situation is benefiting from the reforms that have been taken up in the last nine years by the Narendra Modi-led...
World Bank maintains India’s 2023-24 GDP growth at 6.3 per cent, ET BFSI
NEW DELHI: The World Bank has retained India's GDP growth forecast for the financial year 2023-24 at 6.3 per cent and noted that the country continued to show resilience against the backdrop of a challenging global environment.The World Bank in its April report had...
How Mercedes is transforming car into a payment device, BFSI News, ET BFSI
EQS SUV Mercedes-BenzMercedes-Benz has introduced an innovative payment feature in Germany, allowing customers to make digital payments through the MBUX system using fingerprint authentication. In partnership with Mastercard, the company has launched this embedded...
Former NITI Aayog Vice Chairman Rajiv Kumar, ET BFSI
New Delhi, ) The Indian economy will grow at around 6.5 per cent in the current fiscal as the country's macroeconomic situation is benefiting from the reforms that have been taken up in the last nine years by the Narendra Modi-led government, former NITI Aayog Vice...
India’s unemployment rate declines to 1-year low in September, ET BFSI
India’s unemployment rate dropped to a one-year low in September as joblessness in rural areas fell despite weak monsoon rains. The overall joblessness rate slid to 7.09% last month, from 8.10% in August, data from private research firm Centre for Monitoring Indian...
Finance ministry notifies October 1 date for implementing amended GST law provisions for e-gaming, ET BFSI
NEW DELHI: The Finance Ministry has notified October 1 as the date for implementation of the amended GST law provisions for taxing e-gaming, casinos and horse racing. According to the changes to the Central GST Act, these supplies will henceforth be treated as...
Jul-Sept FY24 goods exports seen 4.8% down on year: EXIM Bank, ET BFSI
The Export-Import Bank of India expects the country to clock 4.8% lower merchandise exports in the second quarter of 2023-24 as against the previous fiscal, pulled down by a slowdown in its major trading partners and global geopolitical uncertainty.The Exim Bank has...
Liquidators can’t combine asset sales, deposits for fees: IBBI, ET BFSI
New Delhi: A liquidator won't be allowed to combine the proceeds from the sale of assets of a bankrupt company with its liquid assets such as cash deposits to calculate fees for their services, the insolvency regulator has clarified in its latest order, suggesting any...
Euro zone inflation hits 2-year low, BFSI News, ET BFSI
Inflation in the euro zone fell to its lowest level in two years in September, suggesting the European Central Bank's steady diet of interest rate hikes was succeeding in curbing runaway prices albeit at a growing cost for economic growth.Consumer prices in the 20...
World Bank maps out plans to further boost lending by $100 bln-plus over a decade, ET BFSI
WASHINGTON: The World Bank on Thursday proposed steps that would boost its lending to developing countries by an additional $100 billion over a decade as part of an ongoing reform process aimed at helping the bank expand its mission to include climate change.In a...
Inflation drops sharply in Europe. It offers a glimmer of hope, but higher oil prices loom, ET BFSI
FRANKFURT: Inflation that has been plaguing Europeans made a marked decline in September, strengthening hopes that consumers will eventually get relief from costlier groceries, vacations and haircuts — and that the European Central Bank won’t have to further restrict...
India’s fiscal deficit for April-August at 6.43 lakh crore, widens to 36% of FY24 aim, ET BFSI
India's fiscal deficit for the first five months of this fiscal year through August stood at 6.43 lakh crore rupees, or 36% of annual estimates, government data showed today.The fiscal deficit widened from 32.6% reported in the comparable year-earlier period.Total...
Mastercard India chief, ET BFSI
Chairman of Mastercard India Rajnish Kumar on Thursday said that the trust of the depositors is with the banking system and not with fintech companies. Speaking at the CII banking conclave here, Kumar, also the former chairman of the State Bank of India (SBI), said...
Cognizant appoints former Wipro finance chief Jatin Dalal as CFO, ET BFSI
Jatin Dalal Cognizant Technology Solutions on Thursday named former Wipro chief financial officer Jatin Dalal as its CFO, a week after his resignation from the Indian information technology (IT) major.Dalal is the second high profile hire by Cognizant in the past...
UK economy grows 0.2% in Q2 2023, BFSI News, ET BFSI
British gross domestic product in the second quarter of 2023 was 0.2% higher than the quarter before, figures from the Office for National Statistics showed on Friday.Economists polled by Reuters had forecast a reading showing quarterly growth of 0.2%, unchanged from...
2 new debit card, credit card rules applicable from October 1, 2023, ET BFSI
The Reserve Bank of India (RBI) has proposed that cardholders be given the option of selecting their network provider for debit card, credit card, or prepaid cards. This new rule will come into effect from October 1, 2023.At the moment, when you apply for a debit or...
Household savings at 16-year low threaten India’s growth, BFSI News, ET BFSI
Rising debt payments are eroding the spending power of Indian households and threatening to choke off the funds that fuel the fastest-growing major economy.Household financial assets, including bank deposits, cash and equity investments, after deducting debt servicing...
Nomura upgrades India’s rating over strong macro, BFSI News, ET BFSI
MUMBAI: Japan's Nomura Group on Wednesday became the latest global financial major to upgrade India's ratings to 'overweight' from 'neutral' on the back of strong macro-economic fundamentals and the expected benefits accruing to it from the 'China plus one'...
Festive wave may lift India’s industrial growth in coming months, ET BFSI
New Delhi: India's industrial economy is expected to receive a festive bump, growing around 6% year-on-year in the next couple of months with improvement in monsoon rains, softening inflation, and election-related rise in spending adding to the festive...
Report, BFSI News, ET BFSI
Mumbai: The credit growth is likely to moderate to 13-13.5 per cent this fiscal but will improve slightly to 13.5-14 per cent next financial year as the economic pace picks up, according to a report. The biggest factor driving the moderation is low demand in wholesale...
S&P sees growth crossing 6% on domestic uptick, private capex, ET BFSI
The ratings firm has projected inflation to hit 5.5% this year, up half a percentage point from its previous forecast.Earlier this week, S&P retained its forecast for India's economic growth at 6% for FY24 and 6.9% for the subsequent two years."The risks are...
Government to offer 50-year gilts, green bonds this fiscal, BFSI News, ET BFSI
MUMBAI: The government plans to borrow Rs 6.55 lakh crore, unchanged from what it had announced earlier, during the second half of the current fiscal. It further said that it would introduce bonds with a 50-year maturity as well as green bonds - both firsts for...
Food prices are rising as countries limit exports. Blame climate change, El Nino and Russia’s war, ET BFSI
How do you cook a meal when a staple ingredient is unaffordable?This question is playing out in households around the world as they face shortages of essential foods like rice, cooking oil and onions. That is because countries have imposed restrictions on the food...
Current Account Deficit | India Trade Deficit: India’s current account deficit widens sequentially on higher trade deficit, ET BFSI
India's current account deficit widened to $9.2 billion, or 1.1 per cent of the GDP, in the first quarter of the ongoing financial year on a sequential basis but narrowed on a year-on-year basis, Reserve Bank of India data showed on Thursday.In Q1FY23, India's CAD...
Indian startup funding at five-year low in Q3, says Tracxn, BFSI News, ET BFSI
Funding challenges continue for Indian tech startups with the third quarter (Q3) of 2023 (ended September 26) the least funded period in the past five years, data from the market intelligence firm Tracxn showed.Following a surge in startup funding during Q4 2022,...
Sri Lanka cabinet approves $200 million loan from Asian Development Bank, ET BFSI
COLOMBO: Sri Lanka's cabinet approved a $200 million loan from the Asian Development Bank (ADB), the Media Ministry said in a statement on Tuesday, as the country focuses on rebuilding its crisis-hit economy.The funds will be obtained in a five-year loan to help the...
Judge rules Donald Trump defrauded banks, insurers as he built real estate empire, ET BFSI
A judge has ruled that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House. Judge Arthur Engoron, ruling Tuesday in a civil lawsuit brought by New York's attorney general, found that the former...
Amazon looking to tie-up with more banks for credit card offerings, ET BFSI
Global e-commerce giant Amazon is looking to tie-up with more banks for credit card offerings, as it sees high growth in the segment, a senior official said on Wednesday. At present, the company has a tie-up with ICICI Bank for a co-branded credit card as part of...
Centre asks banks to depute doorstep executives to help bedridden pensioners submit life certificates, ET BFSI
New Delhi, The Centre has asked all pension disbursing banks to depute doorstep executives to help bedridden and hospitalised pensioners submit their life certificates. An order issued by the Department of Pension and Pensioners' Welfare (DoPPW) also asked all banks...
Global money with global rules of play, BFSI News, ET BFSI
Mumbai: India's inclusion in JP Morgan's GBI-EM bond index global suite starting June 2024 and the anticipation of such announcements by other index providers mean that the local bond market will now function within a universe of globalised investment...
Centre notifies final angel tax rules, retains all five valuation methodology from draft rules, ET BFSI
The centre on Tuesday notified Angel Tax rules retaining all the five valuation methodology from the draft rules and introducing a mechanism for arriving at the fair market value of Compulsorily Convertible Preference Shares (CCPS) for investment from residents as...
Centre sticks to target, to borrow Rs 6.55 lakh crore in H2, BFSI News, ET BFSI
The Centre will borrow ₹6.55 lakh crore from the market through dated securities in the second half of this financial year, staying with the budget estimate and indicating a comfortable fiscal situation for now.In the first half of 2023-24, the government announced...
JPMorgan sees India in its top 3 fastest-growing Asia markets in 2024, ET BFSI
MUMBAI: India could be among the three fastest growing markets for JPMorgan in the Asia Pacific region next year, alongside Australia and Japan, said a top official at the Wall Street bank."People are starting to get excited about the whole China plus one element and...
India will soon emerge as global economic powerhouse: PM Modi, ET BFSI
Ahmedabad, Prime Minister Narendra Modi on Wednesday said their aim is to make India a global growth engine and that the country will soon emerge as an economic powerhouse of the world. Speaking at an event to mark the completion of 20 years of the Vibrant Gujarat...
World Bank’s annual meeting to focus on ending poverty, BFSI News, ET BFSI
MARRAKECH: The World Bank-International Monetary Fund (IMF) Annual Meetings are set to return this year, taking place from October 9 to 15 in the city of Marrakech, Morocco.According to the World Bank, these meetings are a vital platform for international...
Kishore Biyani moves Bombay High Court against BDO and Bank of India, ET BFSI
Kishore Biyani, founder of the Future Group has challenged the forensic audit process and the report submitted by accounting firm BDO India LLP and its lender Bank of India at the Bombay High Court. On Monday, Future Retail said in the stock exchange announcement that...
Go First lenders on the hook as airline’s fate hangs in balance, ET BFSI
Go FirstTo remain current, the bankrupt airline requires approximately Rs 50 crore to Rs 70 crore every month even as the legal proceedings drag on.Go First, the budget airline backed by the Wadias, has been grounded for nearly five months due to complex bankruptcy...
REC signs MoU with PNB, to co-finance infrastructure projects amounting to Rs 55,000 cr over 3 yrs, ET BFSI
New Delhi: REC Limited and Punjab National Bank (PNB) on Tuesday announced the signing of a Memorandum of Understanding (MoU) to jointly fund projects in the power sector and infrastructure & logistics sector. The collaboration aims to co-finance debts totaling...
Govt considering Rs 600 billion housing loan interest subsidy scheme, ET BFSI
NEW DELHI/MUMBAI: India is considering spending 600 billion rupees ($7.2 billion) to provide subsidised loans for small urban housing over the next five years, two government sources told Reuters.Banks are likely to roll out the scheme in a couple of months, ahead of...
Promoters can hold onto CCCL as NCLAT backs settlement offer, BFSI News, ET BFSI
Mumbai: An appeals court has allowed a settlement offer from the promoters of engineering company Consolidated Construction Consortium (CCCL), setting aside a lower court's liquidation order and paving the way for the closure of a debt-resolution process that started...
Record fresh capital raised via IPOs this year points to capex revival, ET BFSI
Mumbai: Fresh capital raised via initial public offerings (IPO) this year has surged to the highest in more than a decade, pointing to the long-awaited revival in capital expenditure by India's private sector that believes a rapidly expanding economy will soon stretch...
Telangana inflation most volatile in country, BFSI News, ET BFSI
HYDERABAD:Telangana’s inflation rates have been the most volatile in the country, ranging from 10% in June 2022 to 8.5% in August 2023.Despite stabilising from a peak of 10% and a sharp drop to nearly 6% in July, rural inflation continues to remains high in the state....
India needs blended finance to scale up climate investment to $170 bn annually by 2030: IFC, ET BFSI
New Delhi: India must utilize blended finance in order to achieve its energy transition goals, according to International FInance Corporation (IFC). It said in a report India will need to significantly scale up climate investments — from $18 billion to $170 billion...
Majority of lenders of IL&FS Tamil Nadu Power Company seal loan recast deal, ET BFSI
A majority of the lenders have signed an agreement to restructure the ₹9,000-crore debt of IL&FS Tamil Nadu Power Company (ITPCL), allowing them to distribute the ₹3,134 crore cash in the company as early as next week after the board of the debt-laden financial...
G20 declaration should spur govt to give big push to MSMEs: Experts, ET BFSI
NEW DELHI: The declaration of G20 nations under India's presidency should spur the government to give a big push to the MSME sector by simplifying the regulatory process and enhancing their access to affordable capital, say experts. The commitments made in the G20's...
Indians have just five days to return withdrawn Rs 2,000 notes worth $3 billion, ET BFSI
Indians have just five days to return about $3 billion worth of now-withdrawn Rs 2,000 notes.The Reserve Bank of India (RBI) ordered the withdrawal of the 2,000-rupee note on May 19, giving people until the end of September to exchange or deposit them with banks. The...
AI can replace auditors and accountants, Union Finance secretary, ET BFSI
Union Finance Secretary and senior IAS officer T.V. Somanathan on Saturday said Artificial Intelligence (AI) can replace the work being done by auditors and accountants.He was delivering the CA S. Hariharan memorial lecture here.Somanathan said that AI has specific...
India fourth in number of startups with $50 million+ funding: Study, ET BFSI
India ranks fourth in the world in the number of scaleups, or startups that have received more than $50 million of disclosed VC investment. Ahead of India are the US, China, and the UK, the first edition of Startup Genome's Scaleup Report said.However, it's ahead of...
S&P retains India’s growth forecast at 6%; expects higher inflation and no rate cut this year, ET BFSI
Ratings agency S&P Global Ratings, Monday, retained India’s FY24 growth forecast at 6%, citing global economic slowdown, rising risks from sub-normal monsoon and delayed effect of rate hikes, even as it projected higher inflation in FY24.“Notwithstanding the...
India considering Rs 60,000 crore housing loan interest subsidy scheme, ET BFSI
India is considering spending Rs 60,000 crore ($7.2 billion) to provide subsidised loans for small urban housing over the next five years, two government sources told Reuters.Banks are likely to roll out the scheme in a couple of months, ahead of key state elections...
India bonds finally at global high table with index inclusion, ET BFSI
India’s $1 trillion government bond market has struggled for years to rise above the criticism of being insular.That is set to change after JPMorgan Chase & Co. Thursday became the first global index provider to include them on its emerging markets index. The...
Cooperative sector can boost India’s economy, development and employment: Shah, ET BFSI
After the cooperative movement started in India in 1904, in no time it spread to Maharashtra, Gujarat, Karnataka, Tamil Nadu, West Bengal and central India, he saidMumbai: Union Minister for Home and Cooperation, Amit Shah, said on Saturday that the 120-year-old...
Indian household savings hit half-a-century low as debt rises, ET BFSI
Financial assets of households drop to 5.1% of GDP in FY23; SBI economists say financial savings may have been channelled into physical savings due to the low interest rate environment in recent years.Indian households saw their financial assets, which include bank...
How India is pouring billions of dollars into Canada’s economy, ET BFSI
Students from Punjab who go to study in Canada spend about Rs 68,000 crore in that country, nearly $8 billion, annually. That's a recent estimate by Sikh Vox, a website on the Sikh diaspora. The estimate is based on the number of students studying in Canada and the...
Nearly 40% of Pakistan’s population now living below poverty line: World Bank, ET BFSI
NEW DELHI: Over 12.5 million Pakistanis fell below the poverty line in the past one year and now nearly 40% of the country's population is struggling to get its basic needs met, the World Bank has said as it urged the cash-strapped country to take urgent steps to...
World economy is set for a slowdown next year after “subpar” 2023, ET BFSI
The Federal Reserve and Bank of England left interest rates unchanged this week, while both left the door open to additional increases should inflation prove persistent.Policymakers in the US made their decision unanimously, while those in the UK were split. Meantime,...
Growth momentum in Q2 shaping up well but rise in oil price poses a risk: Finmin report, ET BFSI
The strong advance tax collections for the second quarter of FY24 suggest the private sector is in good health and that “they are investing”, it added.The finance ministry on Friday said economic activities in the second quarter of this fiscal are “shaping up well”,...
Growth momentum in Q2 shaping up well but rise in oil price poses a risk: Finmin report, ET BFSI
The finance ministry on Friday said economic activities in the second quarter of this fiscal are “shaping up well”, building on the momentum witnessed in the June quarter, even as it termed the recent run-up in global crude oil prices an “emerging concern” if not an...
World Bank’s IFC, Sunteck form platform for green urban housing, to invest Rs 750 cr, ET BFSI
In a significant move to address the acute affordable housing shortage in India, the World Bank member IFC and realty developer Sunteck Realty are partnering to create a joint platform to promote the development of 12,000 housing units with a total investment of up to...
Food prices that drove inflation are on a retreat, says DEA; highlights August rain deficit may impact crops, ET BFSI
Representative image. In its monthly economic review for August published on Friday, the Department of Economic Affairs (DEA) said that the prices of selected food items that drove the inflation rate above 7 per cent in July are on the retreat. "The calibrated...
FinMin confident of 6.5 per cent growth in FY24 despite symmetric risks, ET BFSI
The finance ministry on Friday exuded confidence that the country will achieve 6.5 per cent growth in FY24 on the back of improved corporate profitability, private capital formation and bank credit growth, notwithstanding the risks of rising crude oil prices and...
Economic outlook remains bright in current fiscal as activity maintained momentum: FinMin document, ET BFSI
New Delhi, India's economic outlook for 2023-24 remains bright as economic activity maintained its momentum in August, according to a finance ministry document. The monthly economic review released by the finance ministry on Friday stated that the monsoon deficit of...
RBI DG Patra, ET BFSI
India will be a USD 5 trillion economy and the third largest in the world by market exchange rates by 2027, aided by the demographic advantage and pace of financial sector development, Reserve Bank Deputy Governor Michael D Patra has said. Delivering a speech at the...
Bhargav Dasgupta resigns as MD and CEO of ICICI Lombard, BFSI News, ET BFSI
Bhargav Dasgupta has resigned from the role as Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Lombard. The company has confirmed that he will continue to discharge his duties until his final working day, which will be communicated in due...
RBI DG Patra, ET BFSI
India will be a USD 5 trillion economy and the third largest in the world by market exchange rates by 2027, aided by the demographic advantage and pace of financial sector development, Reserve Bank Deputy Governor Michael D Patra has said. Delivering a speech at the...
Wipro CFO Jatin Dalal resigns, Aparna Iyer named new finance chief, ET BFSI
IT services provider Wipro said on Thursday that Jatin Dalal has resigned as chief financial officer to pursue other opportunities after more than two decades with the company, according to a regulatory filing. Aparna Iyer, who has been with the IT major for over 20...
Finance ministry on dip in household savings, ET BFSI
NEW DELHI: The finance ministry on Thursday dismissed the criticism over the impact of declining household savings on the economy, saying people are investing in different financial products and "there is no distress".The statement posted on X by the ministry brushed...
UK homeowners hope Bank of England avoids another rate hike after inflation falls, ET BFSI
London, Sep 21 (AP) Homeowners across the UK are hoping that the Bank of England will decide to avoid raising interest rates Thursday for the first time in nearly two years, a decision that would come on the heels of similar action by the US Federal Reserve. Following...
HDFC MF gets Reserve Bank nod for raising stake in Federal Bank, Equitas SFB to 9.5 pc, ET BFSI
New Delhi, Reserve Bank has accorded approval to HDFC Mutual Fund to raise its stakes in Federal Bank as well as in Equitas Small Finance Bank to up to 9.5 per cent. The clearance has been granted with reference to the application made by HDFC AMC to RBI, according to...
SEBI will ‘corporate group’ definition amid offshore funds scrutiny, ET BFSI
SEBI will consider a listed company's major shareholders, affiliates and connected entities as part of a 'corporate group' as it increases scrutiny of investments by offshore funds in domestic entities, according to a written communication reviewed by Reuters.This...
ADB lowers India’s growth forecast to 6.3 per cent for FY24, raises inflation forecast, ET BFSI
Asian Development Bank, Wednesday, revised India’s growth forecast downward to 6.3% from 6.4% projected earlier, pointing out that erratic monsoons are likely to impact agricultural output.“Slowing exports could foment headwinds for the economy, and erratic rainfall...
Private debt placement by India Inc hits a high in FY23, ET BFSI
Mumbai: Fundraising through private placement of debt by India Inc hit a record high in the last financial year as a recovery in economic growth and surging interest rates abroad prompted companies to flock to the local market to raise capital.Resource mobilisation in...
Consumer Affairs Secy, ET BFSI
The grievance redressal mechanism of many big e-commerce players is not up to the mark as the number of complaints received by the National Consumer Helpline has risen sharply over the last four years, Consumer Affairs Secretary Rohit Kumar Singh said on Thursday....
FM Sitharaman calls for full digitisation of RRBs to ensure better services in rural areas, ET BFSI
Finance minister Nirmala Sitharaman on Tuesday called for full automation of regional rural banks and cooperative banks, and directed the Department of Financial Services to study the gap between loan sanction and disbursement for these lenders.Sitharaman's remarks...
Enforcement Directorate seeks extension to respond to Goyal’s plea over alleged ‘unlawful arrest’, ET BFSI
MUMBAI: The Bombay high court on Wednesday granted time to the Enforcement Directorate (ED)to file its response to a petition filed by Jet Airways founder Naresh Goyal, aged 74. Goyal's petition challenges his arrest in an alleged money laundering case, asserting that...
Global debt hits record $307 trillion, debt ratios climb- IIF, ET BFSI
Global debt hit a record $307 trillion in the second quarter of the year despite rising interest rates curbing bank credit, with markets such as the United States and Japan driving the rise, the Institute of International Finance (IIF) said on Tuesday.The financial...
Ind-Ra raises India’s growth forecast to 6.2% for FY24; projects inflation to be higher at 5.5%, ET BFSI
Indian economy is likely to grow a tad faster in this fiscal year at 6.2% compared to the earlier estimate of 5.9%, according to a new outlook released by India Ratings and Research.The rating agency predicted inflation to be higher at 5.5% from 5.4% projected earlier...
A Glimpse into the Future, ET BFSI
The BFSI (Banking, Financial Services, and Insurance) sector has always been at the forefront of technological change. In the digital age, where convenience, speed, and customer-centricity reign supreme, the need for innovation has never been more critical. In this...
CFOs in advanced countries facing ‘deadweight’ economy challenge, says Gartner, ET BFSI
CFOs in advanced countries facing ‘deadweight’ economy challenge, says GartnerChief Financial Officers (CFOs) are facing a “deadweight” economy that challenges an organisation’s ability to meet corporate performance expectations, according to analyst firm Gartner,...
RBI MPC member Ashima Goyal, ET BFSI
New Delhi, The Indian economy has started doing well even in an unsupportive global environment, as the Modi-led government implemented various reforms in the last nine years, resulting in improvements in key macroeconomic indicators, according to RBI Monetary Policy...
‘Economy gaining steam even as global growth slows’, ET BFSI
The Indian economy is gaining strength led by private consumption and public sector capital expenditure — even as global growth is losing momentum, RBI’s state of the economy report released on Monday said.“During the rest of the current decade as well as the next,...
RBI extends tenure of HDFC Bank MD Sashidhar Jagdishan by 3 years, ET BFSI
NEW DELHI: The country's biggest private sector lender HDFC Bank on Tuesday said the Reserve Bank has approved the re-appointment of its managing director Sashidhar Jagdishan for a period of three years with effect from October 27.Jagdishan was appointed the MD and...
Rise in global commodities a threat even as easing local vegetable prices cool inflation: RBI bulletin, ET BFSI
Mumbai: Even as easing vegetable prices have brought down retail inflation, risks are emerging from the global commodity markets as crude oil ruling above $90 per barrel poses a challenge, the latest state of the economy report published in the Reserve Bank of India...
S&P Global revises India’s FY24 growth forecast upwards to 6.6%; turns pessimistic on inflation, ET BFSI
India’s growth forecast was revised upwards to 6.6% for FY24 on the back of solid growth in the April-June quarter, S&P Global Market Intelligence said on Monday, marking a sharp revision from the 5.9% growth the analytics firm projected in August.But projected a...
Are banks closed for Ganesh Chaturthi? Check state-wise bank holiday list, ET BFSI
Banks will be closed in many states next week in observance of Ganesh Chaturthi (2023). Depending on the state, banks will be closed on 18, 19 and 20 for the festival.To ensure that customers are not inconvenienced and can plan their banking-related tasks accordingly,...
Tense diplomatic relations may not impact trade, investment ties between India, Canada: Experts, ET BFSI
NEW DELHI: The tense diplomatic relations between India and Canada are unlikely to impact trade and investments between the two countries as economic ties are driven by commercial considerations, according to experts. Both India and Canada trade in complementary...
Key points of women’s reservation bill, ET BFSI
NEW DELHI: Prime Minister Narendra Modi on Tuesday called on MPs to forget all past bitterness and start a new chapter, asserting that whatever they are going to do in the new complex, should be an inspiration for every citizen in the country.The Prime Minister said...
Inflation to trend down further in Sept riding on declining veg prices, improving monsoon, ET BFSI
India’s retail inflation is expected to trend down further in September as in the case of the upswing, the ebbing was driven by a reversal in the prices of vegetables. Hearteningly, the correction is not complete, RBI said in its report. It is to be noted that the...
Govt to provide up to 8% interest subsidy for Vishwakarma Yojana: FM, ET BFSI
NEW DELHI: Finance Minister Nirmala Sitharaman said the government will offer up to 8 per cent subsidy for loans given to artisans under the Vishwakarma Yojana launched by Prime Minister Narendra Modi on Sunday. The government has already made a provision of Rs 13,000...
India’s economic growth in FY24 to breach 6% on back of macroeconomic stability: MPC member, ET BFSI
India's economic growth will be above 6 per cent in the current fiscal as the country has managed to strengthen its macroeconomic stability and performance even in a period of large global shocks, RBI Monetary Policy Committee (MPC) Member Ashima Goyal said on Monday....
Global growth likely to slow in 2024, tighter financial conditions may prevail: RBI, ET BFSI
The Reserve Bank of India in its monthly bulletin flagged about looming concerns around a likely slowdown in global growth in 2024 after after outperforming expectations in 2023 so far. As such, tighter financial conditions may continue to prevail, it said."The global...
India’s e-commerce exports have a lot to complain about banking issues, ET BFSI
Expansion of India's e-commerce exports is being impeded by banking-related challenges, including a reluctance to process forex transactions through alternative channels and the imposition of high processing fees, the Global Trade Research Initiative (GTRI) said. To...
Eight per cent increase in white-collar hiring demand in April-June: Indeed, ET BFSI
The survey included data from 1,109 employers and 2,517 jobseekers or employees. The data covered many cities, sectors and big and small organisations.The information technology (IT) sector remained the preferred area for candidates looking for job opportunities...
FinMin says govt will provide up to 8% interest subsidy for Vishwakarma Yojana, ET BFSI
According to Finance Minister Nirmala Sitharaman, the government will provide a subsidy of up to 8 per cent for loans made to craftsmen as part of the Vishwakarma Yojana, which Prime Minister Narendra Modi unveiled on Sunday. In the Budget 2023–24, the government has...
As India gets closer to its GDP goal, experts warn of subdued nominal growth, ET BFSI
India may inch closer to its target of 6.5% real GDP growth in FY24, but economists contend that nominal growth may be lower than budgeted, challenging the fiscal math and pushing the target to become a $5 trillion economy by another year.Subdued wholesale inflation...
Parliament’s session may be short but is big on occasion, is of historic decisions: PM Modi, ET BFSI
New Delhi, Prime Minister Narendra Modi said on Monday that this Parliament session may be short in duration but is big on occasion, and is of "historic decisions". In his remarks to the media ahead of the five-day session, Modi noted that Parliament will move to the...
SoftBank left millions on the table to engineer a win for Masayoshi Son, ET BFSI
SoftBank Group Corp.’s Masayoshi Son, whose record on tech investing took a drubbing after flameouts like WeWork and DoorDash Inc. fueled a record $32 billion loss at its Vision Fund arm in the last fiscal year, was determined to turn the tide.So as he and the...
It’s time to be at Home, BFSI News, ET BFSI
“Housing wealth – the net equity held by households, consisting of the value of their homes minus their mortgage debt - is the most important source of wealth for all,” said Janet Yellen, the economist and former Chair of US Federal Reserve. Globally, real estate is...
G20 Finance Track will take up cryptocurrency, MDB reforms next, ET BFSI
Finance ministers and central bank governors of G20 nations will meet in Marrakech in October to deliberate over possible reforms at multilateral development banks (MDBs), crypto-asset regulations and the global economic outlook, economic affairs secretary Ajay Seth...
Tata Sons has to list by September 2025 under RBI norm, BFSI News, ET BFSI
MUMBAI: Tata Sons, the holding company of the $150-billion Tata Group, will have to be ready for a stock market listing by September 2025 with the RBI classifying it as an ‘upper-layer’ NBFC, which requires greater regulatory compliance.If Tata Sons gets listed, it...
Jet Airways chief Goyal petitions Bombay HC against ‘illegal arrest’, ET BFSI
MUMBAI: A day after the special PMLA court on Thursday remanded Jet Airways founder Naresh Goyal to 14-day judicial custody, till September 29, he petitioned the Bombay high court on Friday to challenge his arrest and remand orders as “unwarranted, arbitrary and...
Business insolvency in England and Wales jumps in August, BFSI News, ET BFSI
LONDON: Company insolvencies in England and Wales in August rose 19% year on year to the third highest level since monthly record started in January 2019, as firms grapple with rising costs and uncertain economic outlook, government data showed on Friday.The...
Finmin defends GDP growth estimates, BFSI News, ET BFSI
The finance ministry on Friday slammed a research report that claimed that India's 7.8% economic growth in the April-June quarter is overstated, as it defended the official estimates, saying if anything, the growth numbers might "understate the reality".This is...
India’s exports fall 6.8% in August; pace of decline slows, BFSI News, ET BFSI
An improvement in external demand helped contain the decline in India’s exports, as overall merchandise exports at $34.5 billion were just 6.8% lower from the previous year, compared to double-digit declines witnessed since the start of the year.“Green shoots in...
SAT stays Sebi’s order on Yes Bank’s former MD Rana Kapoor, ET BFSI
The Securities Appellate Tribunal (SAT) has granted an interim stay on a Sebi order that slapped a penalty of Rs 2 crore on Yes Bank's former MD Rana Kapoor in a case of mis-selling the private sector lender's AT1 bonds. Kapoor has been in jail since March 2020 in...
Congress prods SEBI to act against Adani firms, demands probe by JPC, ET BFSI
The Congress on Saturday questioned Securities and Exchange Board of India's (SEBI) move of not acting on money laundering allegations against "Adani-linked entities" and called for the formation of a joint parliamentary committee to discuss the issue during the...
India in talks with 22 countries for bilateral trade in Rupee: FM Sitharaman, ET BFSI
India is currently in discussions with around 22 countries for executing bilateral trade in Rupee, Finance Minister Nirmala Sitharaman said in a television interview on Friday."About 22 countries are negotiating and approaching us to see if bilateral trade can be held...
India wants World Bank to change how Logistic Performance Index is calculated, ET BFSI
India will urge the World Bank to reconsider how this multilateral agency tabulates the widely popular Logistic Performance Index (LPI). Speaking to journalists in New Delhi, Special Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Sumita...
Sri Lanka’s economy shrank 3.1% in Q2 amid financial crisis, BFSI News, ET BFSI
Sri Lanka's economy shrank 3.1% in the April-June quarter, official data showed on Friday, as the country struggles to claw out of its worst financial crisis in decades.The downturn was driven by high inflation, a depreciating currency and lower purchasing power, the...
IFC hails G20 declaration’s emphasis on digital public infrastructure, says key for SME expansion, ET BFSI
IFC Vice President for Industries, Mohamed Gouled has commended India's leadership at the G20 for its strong emphasis on the significance of digital public infrastructure (DPI) in achieving financial inclusion. He is currently on a two-day official visit to India.The...
SAT stays Sebi’s order on Yes Bank’s former MD Rana Kapoor, ET BFSI
The Securities Appellate Tribunal (SAT) has granted an interim stay on a Sebi order that slapped a penalty of Rs 2 crore on Yes Bank's former MD Rana Kapoor in a case of mis-selling the private sector lender's AT1 bonds. Kapoor has been in jail since March 2020 in...
Global economy to weaken in coming year but economists confident of India’s growth: WEF study, ET BFSI
NEW DELHI: Most economists expect the global economy to weaken in the coming year amid political and financial volatility, but a large majority of over 90 per cent are confident of moderate or strong growth in South Asia, notably India, a survey showed on Friday. At...
Jet Airways founder Naresh Goyal sent to 14-day judicial custody, ET BFSI
Mumbai, A court here on Thursday remanded Jet Airways founder Naresh Goyal to 14-day judicial custody in a money laundering case linked to an alleged fraud of Rs 538 crore at the Canara Bank. The Enforcement Directorate (ED) arrested Goyal on September 1 under the...
September rains in agricultural regions a good omen for cooling inflation, ET BFSI
A better monsoon in September for key agricultural regions has raised hopes that food inflation may ease, with higher precipitation helping the two major kharif crops, rice and soya bean, that have seen an increase in the area sown. A sharply deficient August created...
Wholesale inflation dips for fifth month to 0.5% in August, BFSI News, ET BFSI
Wholesale inflation declined for the fifth consecutive month in August to 0.52% from 1.4% in July providing further comfort to the Reserve Bank of India to hold rates ahead of the RBI's Monetary Policy Committee in early October, experts said."With fall in commodity...
China economic data show signs slowdown may be easing, as central bank acts to support growth, ET BFSI
China's factories picked up their pace and retail sales also gained momentum in August, the government reported Friday, suggesting the economy may be gradually recovering from its post-pandemic malaise. However, despite busy activity in restaurants and stores, the...
G20 Sfwg Meet Finalises Sustainable Finance Report, ET BFSI
Varanasi: The fourth and the last meeting of G20 Sustainable Finance Working Group (SFWG) held under India’s G20 presidency successfully concluded after finalising sustainable finance report and roadmap here on Thursday.The two-day meeting witnessed proactive...
US consumer inflation ticks up in August on gasoline prices, BFSI News, ET BFSI
Washington, Sep 13, 2023 -Consumer inflation in the United States rose for a second straight month in August, the government reported Wednesday, putting the heat on policymakers as they work to lower prices.The consumer price index (CPI), a key inflation gauge, jumped...
Creditors to IL&FS Tamil Nadu Power reject NARCL’s offer, BFSI News, ET BFSI
Mumbai: The Committee of Creditors for IL&FS Tamil Nadu Power Company (ITPCL), a consortium of 17 banks led by Punjab National Bank, have turned down a proposal from the National Asset Reconstruction Co (NARCL) to acquire the debt of ₹9,000 crore and is moving...
India’s wholesale inflation rate in negative category for 5th straight month, WPI down 0.52% in Aug, ET BFSI
Wholesale inflation in India decelerated by 0.52 per cent on an annual basis in August after declining 1.36 per cent in July, Department for Promotion of Industry and Internal Trade (DPIIT) data showed on Thursday. With this, the wholesale inflation rate has remained...
Fitch retains India’s growth forecast for FY’24 at 6.3 pc, flags inflation risks, ET BFSI
New Delhi, Fitch Ratings on Thursday retained India's growth forecast for the current fiscal at 6.3 per cent saying the Indian economy continues to show resilience despite tighter monetary policy and weakness in exports, but upped year-end inflation projection on El...
MasterCard appoints former SBI chief Rajnish Kumar as chairman, ET BFSI
On Thursday MasterCard India Appointed Rajnish Kumar, the former leader of State Bank of India (SBI), as its chairman in a non-executive advisory role.Kumar has nearly four decades of service with the largest lender in the country and has held a wide range of...
Credit growth to moderate to 13.2 pc in FY24; NPAs will improve further: Icra, ET BFSI
Mumbai, Credit growth in the banking system's will moderate to 12.1-13.2 per cent in the current fiscal from 15.4 per cent in the year-ago period, a domestic rating agency said on Thursday. Asset quality improvement will continue, while the Gross Non-Performing Assets...
Russia’s exclusion to give India more play in bond index, draw big money, ET BFSI
Mumbai: Odds are shortening that Indian sovereign debt will be included in JP Morgan's emerging market bond index after this month's scheduled rebalancing of the gauge seeks to fill the vacuum created by Russia's exclusion, potentially lowering borrowing costs in the...
India’s ONDC links with Singapore’s Proxtera to facilitate cross-border trade, ET BFSI
Whenever India does something good, Singapore doesn't stop, it just connects. For UPI also we were the first to connect outside India and for ONDC also we are doing it first, said Sopnendu Mohanty, Chief Financial Officer, Monetary Authority of Singapore setting the...
Rbi Events To Promote Finance Literacy Begin, BFSI News, ET BFSI
Varanasi: In the run-up to the G20 fourth Sustainable Finance Working Group meeting being organised here under India Presidency, the Reserve Bank of India, Lucknow is also holding various domestic outreach and Jan Bhagidari (JB) programmes in the city. The series of...
India growth may moderate in Q3 while China property slump casts shadow on global prospects: Fitch, ET BFSI
India's growth pace is likely to moderate in the third quarter, even as the economy continues to show resilience despite tighter monetary policy and weakness in exports, Fitch Ratings said today.The global rating agency left India's fiscal 2024 growth aim unchanged at...
‘g20 Trade Boost To Up Lending Biz’, BFSI News, ET BFSI
Kolkata: Indian banks might have an advantage of meeting an enhanced trade finance requirement of Indian corporates and the MSME (micro, small and medium enterprises) sector as the country’s foreign trade with G20 nations is expected to get a big boost, said Shekhar...
Adani in talks with banks to refinance debt taken on to fund Ambuja Cements purchase, ET BFSI
Adani Group is in talks with banks to refinance debt taken on to fund its purchase of Ambuja Cements Ltd, with lenders divided into three categories in what could be one of Asia's largest syndicated loan deals of the year.Banks are likely to refinance a total of $3.5...
Google McKinsey report, ET BFSI
New Delhi, The integration of AI with digital solutions is set to enable India's BFSI sector to unlock access to its entire spectrum of products for over 700 million internet users in the country, according to a Google and McKinsey report. Around 87 per cent of...
Reserve Bank of India may find little comfort in easing inflation, ET BFSI
The Reserve Bank of India won't lower its guard yon last month's weaker inflation pace as lingering weather concerns can lift prices again, according to economists. The consumer price index rose 6.83% in August, slowing from July's pace and coming in lower than...
BFSI firms’ leases large office spaces across major markets, BFSI News, ET BFSI
After a 2-year hiatus, the BFSI sector has made a robust comeback, with major global and domestic firms securing significant office space leases in the last six months.Recent transactions include Northern Trust securing 4.7 lakh sq ft in Bangalore, HDFC acquiring 8...
Financial experts highlight key outcomes of G20 leaders’ meet, ET BFSI
Varanasi: On the eve of the two-day 4th G20 Sustainable Finance Working Group (SFWG) Meeting commencing here on Wednesday, Reserve Bank of India (RBI) officials and experts from financial institutions took part in a domestic outreach event on 'G20 sustainable finance...
Zaggle IPO to open on Sept 14, price fixed at 156-164 per share, ET BFSI
Hyderabad: After a successful 98 crore pre-IPO (initial public offering) placement last month, Hyderabad-based spends management player Zaggle Prepaid Ocean Services Ltd has now fixed a price band of 156-164 per share of 1 each for its 564 crore IPO that will open on...
US alone accounted for 17 percent of FDI in FY’23, BFSI News, ET BFSI
The United States was the largest source of foreign direct investment -FDI - in India in 2022-23, a census of foreign assets and liabilities of firms having both inward and outward liabilities conducted by the Reserve Bank of India showed. The census results showed...
Inflation moderates to 6.83% in August after surging 7.4% in July, ET BFSI
Retail inflation in India moderated to 6.83 per cent in August on an annual basis after surging to 7.4 per cent in July, government data showed on Tuesday. Analysts had expected inflation to remain high in September due to rising cereal prices.Food price inflation...
How BFSI sector making LGBTQ community financially inclusive?, ET BFSI
India has been proactive in including the same sex audiences in every section of the society. Within the realm of the Banking and Financial Services Industry (BFSI), a transformative narrative is taking shape—one that places emphasis on inclusivity, diversity, and...
RBI leads re-rating India, BFSI News, ET BFSI
The top rating of A+ for RBI governor Shaktikanta Das by Global Finance magazine, comes at a time when India's sovereign rating is stuck at the lowest rung of the investment grade, as announced by all three major rating agencies. The low country or sovereign rating...
Ajay Banga, President, World Bank, ET BFSI
India has got a lot of things right, World Bank president Ajay Banga said in an interview with ET, adding that he's more optimistic about the country economically than he was 20-30 years ago. Banga, who was in Delhi for the G20 summit, spoke about the changing vision...
Finance minister, World Bank to work closely to create market structure from CSR demand side for maximising social impact, ET BFSI
New Delhi, The World Bank and the finance ministry on Sunday agreed to work closely to create a markstructure from the CSR demand side for maximising social impact. World Bank President Ajay Banga, who was in Delhi to attend the G20 Leaders' Summit, on Sunday met...
A defunct mall offers hope for future’s creditors, BFSI News, ET BFSI
Even as lenders to Kishore Biyani's Future Group struggle to recoup their losses from the debt-laden retailer, there could be some hope of recovery from a defunct mall in south Mumbai controlled by the Biyani family. Lenders to Bansi Mall Management Co (BMMCPL), which...
ADB commits concessional loan to India under Green Financing facility, ET BFSI
The Asian Development Bank (ADB) on Sunday assured India to provide concessional loans under the Green Financing facility to help in achieving its vision. ADB President Masasugu Asakawa, who is in Delhi to attend the G20 Leaders' Summit, on Sunday mFinance Minister...
G20’s Delhi Declaration goes as far as it can on global issues, says CEA V Anantha Nageswaran, ET BFSI
The G20 New Delhi Leaders' Declaration, under the prevailing global circumstances, goes as far as it can in recognising and comprehensively dealing with diverse global challenges, chief economic advisor V Anantha Nageswaran has said. The Indian G20 presidency has...
A $100 Million global demo day for Startups, ET BFSI
9Unicorns, a prominent multistage accelerator VC fund in India, has officially announced the upcoming launch of DDay 4, marking its fourth consecutive demo day scheduled for October 5, 2023.Based in Mumbai, this venture capital firm boasts a portfolio that includes...
DPIIT secretary Rajesh Kumar Singh, ET BFSI
New Delhi: The government is looking at further easing foreign direct investment (FDI) norms in the space sector to attract overseas players, a top official said on Monday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar...
India, UK for early conclusion of free trade pact, BFSI News, ET BFSI
NEW DELHI: India and the UK on Monday expressed their commitment to an early conclusion of the free trade agreement (FTA) between the two countries.Addressing a joint press conference with UK Chancellor of Exchequer Jeremy Hunt, Finance Minister Nirmala Sitharaman...
Gold edges higher on dollar dip; investors eye US inflation data, ET BFSI
Gold prices started the week on a firm footing on Monday, supported by a retreat in the dollar, as investors awaited U.S. inflation data due this week that would indicate the Federal Reserve's next interest rate move.FUNDAMENTALS* Spot gold was up 0.1% at $1,919.52...
As Delhi G20 Summit ends, Prime Minister Modi pitches for expansion of UNSC’s permanent membership, ET BFSI
Prime Minister Narendra Modi said data and technology need to be shared as part of a human-centric approach to growth during his address at the third session of the G20 summit in Delhi on Sunday. He also sought expansion of the United Nations Security Council's...
Lula da Silva, ET BFSI
Brazilian President Luiz Inacio Lula da Silva on Monday said that Brazil will put the inequality issue as the core issue during the G20 Summit under its Presidency and said it was a huge challenge for Brazil to take over the G20 presidency."We will put inequality at...
India hands over G20 presidency to Brazil for 2024, BFSI News, ET BFSI
Prime Minister Narendra Modi on Sunday handed over the G20 presidency to Brazilian President Luiz Inacio Lula da Silva on the second day of the two-day summit in New Delhi.Brazil officially will take over the mantle of the presidency of the elite grouping on December...
Propose to hold a virtual session in Nov to review subjects of G20 summit: PM Modi, ET BFSI
Officially announcing the closure of the G20 Summit in New Delhi, Prime Minister Narendra Modi on Sunday proposed holding a virtual session in November this year to review the subjects proposed during the meeting."India has the responsibility of G20 presidency till...
G20 for urgently, effectively addressing debt vulnerabilities in developing countries, ET BFSI
The leaders of G20 nations on Saturday agreed to urgently and effectively address debt vulnerabilities in developing countries, including Zambia, Ghana and Sri Lanka. Debt vulnerability-related issues of three countries -- Zambia, Ghana and Ethiopia -- are addressed...
G20 Finance Ministers, Central Bank Governors to discuss crypto-asset framework in October, ET BFSI
G20 members on Saturday reached a consensus on the New Delhi Leaders' Declaration including key financial parameters like Building Digital Public Infrastructure, Digital Economy, Cryptoassets, and CBDC, among others. One of the key aspects that everyone was eyeing was...
Consensus reached at G20, ‘New Delhi Leaders Declaration’ adopted: PM Modi, ET BFSI
Indian Prime minister and host of G20 Summit Narendra Modi has said on Saturday that the body had reached consensus on its leaders' declaration and announced its adoption."I have received good news. Due to the hard work of our team, consensus has been built on New...
Key takeaways from G20 Summit 2023 consensus, ET BFSI
Under India’s Presidency, G20 on Saturday reached a consensus on ‘New Delhi G20 Leaders' Summit Declaration’ and announced its adoption.Among the key issues discussed at the meeting were building Digital Public Infrastructure, Digital Economy, Cryptoassets, CBDC,...
All you need to know about it, ET BFSI
NEW DELHI: It's official now. After trying to get a seat at the the G20 table for many years, the African Union formally assumed its position as a new member of the G20 on Saturday, following an invitation from the summit host, Prime Minister Narendra Modi. It is the...
Modi and Sunak’s bilateral meet begins, ET BFSI
World leaders assembled in New Delhi as India plays host at the G20 Summit. India took over the G20 presidency on December 1 last year and organized approximately 200 meetings related to the G20 in 60 cities across the nation. World leaders, including US President Joe...
PM Narendra Modi greets world leaders at Bharat Mandapam, ET BFSI
Prime Minister Narendra Modi on Saturday welcomed his counterparts from Bangladesh, Australia, Canada and Mauritius among others at the Bharat Mandapam venue at Pragati Maidan where India is hosting the long G20 Summit. PM Modi welcomed Canadian counterpart Justin...
World Bank’s G20 document on India’s DPI testament to rapid progress and innovation: PM Modi, ET BFSI
Prime Minister Narendra Modi on Friday cited a G20 report prepared by the World Bank to highlight that India has achieved in just six years financial inclusion targets that would otherwise have taken at least 47 long years. "India's leap in financial inclusion,...
Big headway on crypto assets likely under India’s Presidency, BFSI News, ET BFSI
During the ongoing summit in Delhi, the G20 leaders are set to deliberate on more effective regulation of crypto assets, recognising the need for collaborative efforts in regulating these digital assets. India's G20 presidency is poised to leave a significant mark on...
FM holds bilateral meeting with US Treasury Secretary, discusses G20 priorities, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Friday held a bilateral meeting with US Treasury Secretary Janet Yellen and discussed G20 priorities. The bilateral meeting took place a day ahead of the G20 Leadership Summit beginning on Saturday here. "FM Smt....
Inclusive growth, climate finance among G20 priorities under India’s presidency: Amitabh Kant, ET BFSI
India's G20 presidency has focussed on six priorities, including accelerated and inclusive growth, climate finance, digital public infrastructure and reforming the multilateral development institutions for the 21st century, the country's G20 Sherpa Amitabh Kant said...
Online gig work is growing rapidly, but workers lack job protections, a World Bank report says, ET BFSI
Online gig work is growing globally, particularly in the developing world, creating an important source of employment for women and young people in poorer countries where jobs are scarce, according to a World Bank report released on Thursday. The report estimates the...
Reliance partners with Nvidia for developing AI infra in India, ET BFSI
Mukesh Ambani-owned Reliance Industries has tied up with US-based chipmaker Nvidia to develop India's own foundation large language model trained on the south Asian country's diverse languages and tailored for generative AI applications.In a statement, Nvidia said...
Demand lull amidst BFSI bite, mega deals to provide solid base: Infosys, ET BFSI
The overall demand environment for IT companies continues to be weak indicates an internal report by Kotak Institutional Equities quoting the management of India's second largest firm Infosys. However, Infosys said recently won mega deals will provide a strong growth...
G20 document prepared by World Bank lauds India’s progress under PM Modi’s leadership, ET BFSI
NEW DELHI: The World Bank has lauded India's progress under Prime Minister Narendra Modi's leadership ahead of the G20 Summit being held in New Delhi. A document prepared by the World Bank for G20, has highlighted the pivotal role of DPIs (Digital Public...
India’s G20 Presidency at crucial moment of global economy: OECD Sherpa, ET BFSI
OECD Sherpa to the G20 Andreas Schaal called India a "fantastic host" for the world. He stated that India has taken the G20 Presidency at a crucial moment of the global economy in which the world needs sustainable resilient growth.India is hosting the G20 Leaders...
India needs to grow at 8-9 pc for 20 years to become developed country by 2047: Deloitte, ET BFSI
New Delhi, India needs to grow at 8-9 per cent for the next 20 years to become a developed nation by 2047 as envisioned by Prime Minister Narendra Modi, Deloitte South Asia Ceo Romal Shetty said. He said India can benefit from the 'China plus one' strategy as no other...
G20 Summit may see a common framework for crypto assets, BFSI News, ET BFSI
This framework will consider a wide range of risks and also address the ongoing global implementation of Financial Action Task Force (FATF) standards to combat money laundering and terrorism financing risks.The G20 Summit, taking place under India's presidency, is...
US wants G20 to help reshape multilateral development banks like IMF and World Bank, ET BFSI
Washington, The US wants the G20 countries to help reshape and scale up multilateral development banks like the International Monetary Fund and the World Bank, a top White House official has said. White House National Security Council Coordinator for Strategic...
Barclays, BFSI News, ET BFSI
A majority government post the 2024 general elections may pivot India towards a higher 8% growth, which will help overtake China as the biggest contributor to global growth, according to the latest Barclays research."India is sto remain the fastest-growing major...
India inflation likely cooled in August, but still above RBI target range, ET BFSI
BENGALURU - Inflation in India was likely to have eased in August from a 15-month high in July, led by cooling vegetable prices, but held above the upper end of the Reserve Bank of India's 2%-6% target for a second month, a Reuters poll found.Erratic monsoon rains...
RBI Guv Shaktikanta Das, ET BFSI
Monetary policy measures are taken with future projections of inflation and growth rather than data of the past, Reserve Bank of India Governor Shaktikanta Das said, highlighting that recent inflation numbers would weigh less than what it expects to be in the medium...
RBI resisted govt push for Rs 3 lakh cr transfer in 2018 ahead of elections: Viral Acharya, ET BFSI
New Delhi, The Reserve Bank (RBI) resisted a "raid" planned by some in the government to extract Rs 2-3 lakh crore from its balance shein 2018 to meet populist spending in run-up to general elections, Viral Acharya, who was deputy governor at RBI at that time, has...
China’s exports and imports fall in August as weak global demand keeps its economy under pressure, ET BFSI
Hong Kong, Sep 7 (AP) China's exports and imports both fell in August from a year earlier, reflecting tepid global demand that is adding to pressures on its slowing economy. Customs data released on Thursday showed exports for August slumped 8.8 per cent to USD 284.87...
UIDAI unveils Aadhaar innovations at Global Fintech Festival 2023, ET BFSI
NEW DELHI: The Unique Identity Authority of India (UIDAI) made an appearance at the Global Fintech Festival (GFF) 2023 in Mumbai on Wednesday, where it showcased significant product enhancements and collaborative initiatives under the theme of "Reimagine...
India’s G20 presidency strives to bridge divides, sow seeds of collaboration: PM Modi, ET BFSI
New Delhi, Asserting that India's G20 presidency became a people-driven movement, Prime Minister Narendra Modi has said its leadership of the bloc has striven to bridge divides, dismantle barriers and sow seeds of collaboration that nourish a world where unity...
Family offices, ultra-HNIs set to drive private credit market in India: Survey, ET BFSI
Demand for private credit will hinge on stress-related, special situations, and capex financing for the present period and the next one to two years, says an EY report. Family offices, Ultra-High-Net-Worth Individuals (UHNWIs), and High-Net-Worth Individuals (HNWIs)...
India is “right country” at “right time” to hold G20 presidency:UK PM Rishi Sunak, ET BFSI
India's diversity and its extraordinary successes means it is the "right country" at the "right time" to hold the G20 presidency, British Prime Minister Rishi Sunak said on Wednesday, as he hailed Narendra Modi's leadership over the last year, noting that India's...
FinMin tightens PMLA rules, brings partners with 10% stake under its purview, ET BFSI
The finance ministry has tightened the anti-money laundering rules by bringing in partners holding 10 per cent stake in a firm, as against 15 per cent earlier, under the definition of beneficial owners. The ministry has amended the Prevention of Money-laundering...
India’s growth is sustainable; economy strong enough to weather high US rates, says CEA V Anantha Nageswaran, ET BFSI
India's economy is strong enough to weather high US interest rates, chief economic adviser V Anantha Nageswaran tells Deepshikha Sikarwar and Vinay Pandey in an interview. The medium-term risk for the country is securing energy supplies while the merchandise trade...
Ensure Nomination To Tackle Unclaimed Deposits, BFSI News, ET BFSI
MUMBAI: Finance minister Nirmala Sitharaman has urged banks and capital market institutions to ensure all accounts have a nomination to address concerns over rising unclaimed deposits and investments due to death of individuals. The FM’s statement comes four months...
GDP share of six new members being added to BRICS to be just 11 per cent: Report, ET BFSI
GDP share of the six new members, being added to the five-member BRICS grouping of emerging economies from January, will be just 11 per cent, with Saudi Arabia's contribution the highest at 4 per cent, an analysis shows. The proposed addition of Argentina, Egypt,...
RBI to highlight digital payments infrastructure at the Summit, ET BFSI
The G20 Summit is this week and Delhi is decking itself up to host the guests and delegates. The Reserve Bank of India (RBI) will highlight its digital payments infrastructure at the forthcoming G20 summit, with central bank digital currency (CBDC) and public tech...
India’s G20 summit will ‘show world’s major economies can work together even in challenging times’: White House, ET BFSI
WASHINGTON: The United States hoped that the G20 Summit, under India's presidency, would show the world's major economies can work together even in challenging times, a White House official said on Tuesday. National Security Advisor of the US, Jake Sullivan in a...
Nilesh Shah denies rumours of leaving Kotak MF to join Jio BlackRock, ET BFSI
NEW DELHI: Dalal Street's veteran fund manager Nilesh Shah on Wednesday denied rumours floating on social media claiming that he has resigned from Kotak Mahindra AMC and will join as CEO of the yet-to-be-launched Jio BlackRock Mutual Fund."There is absolutely no truth...
‘Food price shocks a risk to anchoring inflation’, ET BFSI
RBI Governor Shaktikanta Das NEW DELHI: The incidences of recurring food price shocks pose a risk to the anchoring of inflation expectations, which has been underway since September 2022 and of which the central bank will remain watchful, RBI governor Shaktikanta Das...
India’s journey to $30 trillion GDP future, ET BFSI
In a momentous achievement, India etched its name in history on August 23rd, 2023, by becoming the first country to reach the southern pole of the Moon with the successful Chandrayaan 3 mission. Joining an exclusive league, India stands as the fourth nation to land on...
Finance Ministry starts preparations; seeks inputs from various ministries, ET BFSI
Ahead of Lok Sabha polls which are due early next year, the process to prepare the interim Budget for 2024-25 has been commenced by the Ministry of Finance. It invited inputs on expenditure from different ministries and departments. However, the full Budget for the...
RBI Guv Shaktikanta Das, ET BFSI
Speaking at the G20 TechSprint Finale on Monday, the Reserve Bank of India (RBI) Governor Shaktikanta Das highlighted the need for bringing in solutions to tackle the key challenges to existing cross border payments including high cost, low speed, limited access and...
How corporate and citizen model took National Pension Scheme AUM past Rs 10 lakh crore, ET BFSI
The National Pension System (NPS) has achieved a significant milestone, with its assets under management (AUM), including the funds allocated to the Atal Pension Yojana (APY), reaching Rs 10 lakh crore on August 25, according to the Pension Fund Regulatory and...
At over Rs 5 lakh crore, vehicle loans see record surge in Q1; festive boost eyed, ET BFSI
Vehicle sales are hitting record highs with record sales. As vehicle sales record highs in the first quarter, loans too are surgingVehicle loans surpassed the Rs 5 lakh crore mark in June, growing by 23 percent to hit Rs 5.23 lakh crore in June, compared to the same...
India on track to become solid global player due to strong financial regulations, say experts, ET BFSI
Kerala: India is on the path to become a solid global player due to robust financial regulations, financial experts, including RBI Deputy Governor M Rajeshwar Rao, have said. The RBI Deputy Governor said India was in a "sweet spot" to grow robustly, despite global...
China slowdown means it may never overtake US economy, forecast shows, ET BFSI
WASHINGTON/BEIJING: China is no longer set to eclipse the US as the world’s biggest economy soon, and it may never consistently pull ahead to claim the top spot as the nation’s confidence slump becomes more entrenched. That’s according to Bloomberg Economics, which...
FSB to G20 leaders, ET BFSI
Ahead of the G20 Summit here, Switzerland-based Financial Stability Board (FSB) on Tuesday warned that higher interest rates alongside a slowing growth outlook, could impair the capacity of borrowers to service historically high levels of debt. The FSB has published...
India’s G20 Presidency brings global consensus on digital public infra: Rajeev Chandrasekhar, ET BFSI
Union minister of state for information technology Rajeev Chandrasekhar Outlining key achievements of India during the #G20 Digital Economy Ministers’ Meeting, Union minister of state for tech, Rajeev Chandrasekhar on Tuesday said that it was for the first time that a...
Mashreq appoints Norman Tambach as Group CFO, BFSI News, ET BFSI
Mashreq appoints Norman Tambach as Group CFO Mashreq, a financial institution in the MENA region, has appointed Norman Tambach as Group Chief Financial Officer ( CFO).In his new role, Norman will be responsible for playing a crucial part in supporting the future...
RBI Central Board reviews global, domestic economic situation, ET BFSI
The Central Board of Directors of the Reserve Bank of India on Friday reviewed the global and domestic economic situation and associated challenges, including the impact of current global geopolitical developments. The 603rd meeting of the Board, chaired by Governor...
BFSI HR heads bank on generative AI, ChatGPT to stay ahead in the game, ET BFSI
HR heads in BFSI firms are banking on Artificial Intelligence and new technologies to give an edge to their operations"This is a machine versus machine era. On one side, I am using AI to select the best candidate resume and on the other, the candidate is creating...
Indian economy off to a good start in September quarter, govt maintaining FY24 GDP target of 6.5%: CEA Nageswaran, ET BFSI
India's chief economic advisor V. Anantha Nageswaran termed the first quarter GDP growth of 7.8% as a "good number" and said that the government is comfortable maintaining GDP growth target of 6.5% for FY24. He was addressing the media after government released...
Leveraging information collateral to bring more people firms in credit fold, say govt finance honchos, ET BFSI
Bringing the non-GST small firms into the credit fold and disrupting working capital is important to break the digital divide in the country, according to senior government finance honchos.At a panel discussion on 'Democratising Digital Innovation-Government Way' at...
Tn Will Play Major Role In Turning India Into $30tn Economy: Goyal, ET BFSI
Coimbatore: Union minister for textiles, commerce and industry Piyush Goyal on Thursday said Tamil Nadu, which accounts for 30% of the country’s total textile output, would be a significant player in turning India into a $30 trillion economy in 30 years from now. The...
Europe’s inflation held steady in August as European Central Bank keeps an open mind on rates, ET BFSI
Frankfurt, Aug 31 (AP) Annual inflation held steady in Europe in August as food prices raced ahead of falling fuel costs, but there was no clarity about whether the European Central Bank can pause its record series of interest rate hikes. The consumer price index for...
NSO shows 7.8% GDP growth in Q1FY24, surges to four-quarter high, ET BFSI
India GDP growth: As per the official data released by the National Statistical Office (NSO) on Thursday, India's gross domestic product (GDP) has surged by 7.8% in the first quarter of current fiscal year (Q1FY24), compared to 6.1% in the previous January-March...
India’s April-July fiscal deficit at Rs 6.06 lakh crore, widens on-year to 33.9% of FY24 aim, ET BFSI
India's fiscal deficit for the first four months of this fiscal year through July stood at 6.06 lakh crore rupees, or 33.9% of annual estimates, government data showed today.The fiscal deficit widened from 20.5% reported in the comparable year-earlier period.The wider...
India’s GDP grows to four-quarter high of 7.8 per cent in Q1 FY24, ET BFSI
India’s GDP surged to a four-quarter high of 7.8 per cent in April to June (Q1) quarter of FY24 on an annual basis, data released by the National Statistical Office (NSO) showed on August 31, 2023.The growth can be attributed to central and state governments opening...
ED flags suspicious activities by 16 entities, including one private Indian bank, in Adani case, ET BFSI
Days after markets regulator SEBI submitted the status of its probe in the Adani-Hindenburg matter to the SC, reports say that the ED has investigated links of an Indian private bank and 15 more entities in the case related to short selling of Adani group companies'...
India’s Q1 GDP growth may hit one-year high banking on capex spike, services activity: Economists, ET BFSI
India's economy in April to June likely grew at the fastest pace in a year, bolstered by central and state governments opening up their wallets for capex, stronger consumption demand and higher activities in the services sector, according to some economists.A median...
China banks to cut rates on mortgages and deposits in stimulus to economy, ET BFSI
China's state banks are throwing nearly all they have at seeking to boost consumer spending, directed by policymakers who are digging deeper into their toolkit to shore up growth in the world's second-largest economy.As soon as Tuesday, China may announce that the big...
Private sector capex has taken off, says Finance Minister Nirmala Sitharaman, ET BFSI
India's private sector has started to invest, and the economy will do well in the coming quarters, finance minister Nirmala Sitharaman said, while exuding confidence that India will be able to manage the spillovers of high US interest rates.In a freewheeling interview...
Digital Inclusion and Transformation, ET BFSI
We are living in an era where over 80% of Indians have a bank account and around 76% of transactions of the total GDP are happening digitally. Also, there are reports saying that soon the UPI will reach $1 billion in transactions per day in India.Earlier, big...
Why MSMEs are reluctant to get insurance coverage despite the advantages, ET BFSI
Insurance cover is essential for MSMEs because of their limited appetite to absorb risks such as payment defaults. The supply chain crisis, geopolitical issues, inflation, economic slowdown, and other such issues have only increased the risks around exports in the...
What’s causing China’s economic slowdown and its global impact, ET BFSI
China's economic slowdown, which started in April, 2023, is a clear indication that the country's post-Covid recovery is running out of steam. Concerns for the world's second largest economy has further intensified last month after the country reported weaker than...
Aadhaar-based Payment System reviewed, NACH and ABPS route of wage payment extended till Dec ‘23, ET BFSI
The ABPS typically uses the Aadhaar number to identify beneficiaries for fund transfer, while the NACH uses their bank account details.The progress of the Aadhaar-based Payment System (ABPS) has been reviewed and the mixed route of wage payment (NACH and ABPS route)...
India’s rate setters become cautious of surging food prices, ET BFSI
The Reserve Bank of India must ensure there’s no spillover from the surge in food prices, two monetary policymakers said, as the odds for a rate hike begin to build with inflation at a 15-month high.The central bank is targeting to keep inflation between 2% and 6% but...
DEWG’s 5 key digital economy initiatives, BFSI News, ET BFSI
- Riddhima GuptaThe Digital Economy Working Group (DEWG), which fosters dialogue among international experts and delegates from G20 member nations has focused on three main areas under India's presidency.These meetings spanning across Indian cities, including Lucknow,...
India inflation to stay above 6% target until October at least: economists, ET BFSI
India's inflation rate will remain above the Reserve Bank of India's upper tolerance band of 6% at least until October, according to a Reuters poll of economists who sharply upgraded their price-rise forecasts for this quarter.Consumer prices in Asia's third-largest...
“Insolvency and Bankruptcy Code a crucial milestone in the economic reforms”: PM Modi, ET BFSI
Stressing that the Insolvency and Bankruptcy Code, implemented in 2016, is a crucial milestone in the economic reforms, Prime Minister Narendra Modi on Saturday said that India, which used to be counted among the "Fragile Five" economies, is now being considered a...
Brookfield will invest more in range of India opportunities, says Mark Carney, ET BFSI
Brookfield is looking to grow its $25-billion asset portfolio in the country further, said former central banker Mark Carney, also the UN Special Envoy for climate action and finance. The chair of Brookfield Asset Management and head of transition investing at the...
Top Jio Financial highlights from Mukesh Ambani’s address at the Reliance AGM, ET BFSI
Delighted to introduce the newest group company, Reliance Industries Limited (RIL) chairman Mukesh Ambani on 28 August, 2023 explained the basic mission of Jio Financial Services, which has been conceptualised to fill a critical gap in the financial services needs of...
G20 economies need to invest $35 trillion more to achieve net-zero, says study, ET BFSI
NEW DELHI:G20 economies would need to invest about an estimated $35 trillion this decade, over and above the current spending, to be on track to reach net zero greenhouse gas emissions by 2050, a study by McKinsey said.“While G20 economies have made tangible progress...
RIL Board recommends appointment of Isha Ambani, Akash Ambani and Anant Ambani on the Board of Directors, ET BFSI
The Board of Directors of RIL, at its meeting held today, on the recommendation of the Human Resources, Nomination and Remuneration Committee, considered and recommended to the shareholders for approval of appointment of Isha Ambani, Akash Ambani and Anant Ambani as...
MPC member Jayanth Varma, ET BFSI
The ongoing phase of high inflation will not last beyond a few months as monetary policy is tight enough to keep food price shocks from feeding into broader price pressures, said Jayanth Varma, external member of the Monetary Policy Committee (MPC). In an interview to...
Export gloom deepens, Euro area activity retrenches, ET BFSI
The contraction in euro area business activity deepened this month, most notably in Germany where the decline was the steepest since the pandemic brought the economy to a screeching halt in May 2020.France reported a third monthly drop in output, while the rest of the...
Global inflation pressures could become harder to manage in coming years, research suggests, ET BFSI
Rising trade barriers. Aging populations. A broad transition from carbon-spewing fossil fuels to renewable energy. The prevalence of such trends across the world could intensify global inflation pressures in the coming years and make it harder for the Federal Reserve...
Wider range of food items drive 7% plus inflation, ET BFSI
NEW DELHI: Staples like cereals and pulses are unlikely to offer relief in the near term amid hardening international prices and subdued sowing domestically. This raises the likelihood of inflation remaining above 7 per cent in August, said a research report by...
Risk of existential viability of earth takes precedence over business viability: Uday Kotak, ET BFSI
The risk of existential viability of earth has to be put a step above the business viability, said Uday Kotak, MD and CEO of Kotak Mahindra Bank during a panel discussion at the B20 summit on Saturday. The theme of the session was “Financing the Climate...
Jan Dhan accounts cross 50 crore-mark in less than 9 years: Govt, ET BFSI
The total number of Jan Dhan accounts in the country has crossed 50 crore-mark, with 56 per cent of the accounts belonging to women, the finance ministry said on Friday. About 67 per cent of these accounts have been opened in rural and semi-urban areas, it said in a...
SBI chairman Dinesh Kumar Khara, ET BFSI
India has leapfrogged over the last decade, and other countries can learn from the financial inclusion model and move much faster, said Dinesh Kumar Khara, SBI Chairman, on Thursday.“If you look at it in our country, I think it's a lesson for all of the globe on how...
India, South Africa have highest share of population below “economic empowerment” line among G20 nations: Report, ET BFSI
New Delhi: Among the G20 nations, the highest proportion of population, as a share of the country total, below the economic empowerment line live in India and South Africa (over 75 percent), followed by Brazil, China, Indonesia and Mexico (over 50 percent), according...
Sebi submits Adani report to Supreme Court, says probe completed, ET BFSI
India's market regulator has completed the investigation into whether Adani Group companies violated securities laws, it said in a submission to the Supreme Court on Friday. It has investigated 24 transactions - findings in 22 of them are final in nature, it said. The...
Japan’s SoftBank will likely sell shares in India’s Zomato
Bengaluru: Japan's SoftBank Group will likely sell shares in Indian food delivery firm Zomato as the lock-in for investors post the company's acquisition of Blinkit ends on Aug. 25, CNBC-TV18 reported on Friday, citing sources.Zomato, which acquired the quick...
FM Nirmala Sitharaman, ET BFSI
Central banks need to be cognizant of growth- and growth-related priorities even while equally looking at curbing inflation, finance minister Nirmala Sitharaman said Friday, while highlighting the unnecessary priority given to interest rates as a policy tool to curb...
Reliance Retail, BC Jindal group seek more time to conduct due diligence on Future Enterprises, ET BFSI
Reliance Retail and BC Jindal group have sought more time to conduct due diligence on Future Enterprises that owns lucrative stakes in insurance joint ventures that Future Group runs with Italian financial services major Generali, according to sources aware of the...
Shapoorji Pallonji Group promoters in talks to refinance Rs 18,000 crore of debt, ET BFSI
The Mistry family, promoters of Shapoorji Pallonji (SP) Group, have begun engagement with lenders to refinance the maturing ₹18,000 crore ($2.2 billion) it borrowed from Ares SSG and US hedge fund Farallon Capital. These bonds are coming up for repayment in June next...
Kazakhstan ready to be hub for Indian investments in region, says Kazakh envoy to India, ET BFSI
Kazakhstan has ranked 25th in the World Bank's Ease of Doing Business Report. The office of KAZAKH INVEST in India is ready to provide assistance, starting from an idea to the commissioning. The development and operation of INSTC will be key to increase India’s...
Lessors tell court that Go First planes stripped of key parts, ET BFSI
Aircraft lessors have told the Delhi High Court that bankrupt airline Go First is cannibalising key components from their aircraft according to documents and pictures seen by ET. The lessors are locked in legal battles with the airline to repossess their aircraft...
Food inflation worries mount as scanty August rains hit key crops, ET BFSI
Pune|New Delhi: Half way through the monsoon-season, an extremely dry August has increased concerns about the output of key kharif crops like arhar/tur, soyabean, cotton, maize, bajra and onions increasing upside to the food inflation, which has jumped to 11.51% in...
WEF President Borge Brende, ET BFSI
India will be the third-largest economy in the world in a few years, but it's important for India to continue reforms, build better infrastructure, and invest in education, World Economic Forum (WEF) President Borge Brende said at the B20 Summit in New Delhi on...
US Fed prepared to raise interest rates higher to bring down inflation: Jerome Powell, ET BFSI
The US Federal Reserve chairman Jerome Powell on Friday said that the central bank is prepared to raise interest rates higher -- and hold them there -- in order to bring down elevated inflation. "We are prepared to raise rates further if appropriate, and intend to...
India economic growth likely picked up pace in April-June: Reuters poll, ET BFSI
By Milounee PurohitBENGALURU - India economic growth likely accelerated to 7.7% in the April-June quarter, the fastest annual pace in a year, on robust service sector growth, strong demand and increased government capital expenditure, a Reuters poll found.All but two...
Moody’s India rating disappointing; govt’s FY24 market borrowing may be cut: official, ET BFSI
Global ratings agency Moody's failed to properly assess India’s robust macroeconomic fundamentals despite global turmoil when it retained its sovereign rating for the country at the lowest investment grade of 'Baa3' earlier this month, a senior finance ministry...
Govt’s priority is to tame inflation, says FM Nirmala Sitharaman at B20 Summit, ET BFSI
Government's priority is to tame inflation, said Finance Minister Nirmala Sitharaman while addressing the B20 Summit on Friday.Green shoots of pvt capital expenditure upcycle can be felt now because of high budget capex, said Sitharaman. Focusing on investments in...
Covid boosted adoption of digital financial services, says Dinesh Khara, SBI Chairman, ET BFSI
Dinesh Khara, the Chairman of the State Bank of India (SBI), Friday said Covid-19 boosted the adoption of digital financial services since 2020. About 40% of adults in developing economies, excluding China, use digital payment methods. Khara said 11 key priority...
Banks to remain closed in Delhi on these dates, BFSI News, ET BFSI
In order to ensure the security and orderly operation of the G20 Summit held in Delhi, the event dates have been declared as public holidays.The Delhi G20 Summit will take place on September 9 and 10, 2023, respectively. Banks, financial institutions, and commercial...
All eyes on Jio Financial Services in the upcoming Reliance Industries Limited AGM, ET BFSI
Reliance Industries Limited will hold its annual general meeting (AGM) with the shareholders on August 28. Investors will be glued to this 46th Reliance industries AGM as Chairman Mukesh Ambani usually makes key announcements related to growth and expansion plans in...
Diversification of supply chains to be critical for global growth: FM Sitharaman, ET BFSI
The world in the next 50-60 years can not afford one more jolt to the global supply chain as the one witnessed recently, said Nirmala Sitharaman, the Minister of Finance today."We need to quickly diversify our supply chains. Well functioning international markets with...
Watching China situation closely, but focused on ‘India’s Moment’, says FM Sitharaman, ET BFSI
B20 Summit 2023: Finance Minister Nirmala Sitharaman on Friday pointed out that the Indian economy speaks for itself, when seen from a global standpoint. Sustained global economic recovery, according to her will be a key issue for atleast the next few years as the...
Unicorn drought ends as Zepto raises $200 million at $1.4 billion valuation, ET BFSI
Mumbai-based quick commerce platform Zepto has raised $200 million in fresh capital at a valuation of $1.4 billion, making it the first unicorn to be minted in India in almost a year. New investors StepStone Group and Goodwater Capital, existing backers Nexus Venture...
Next wave of global growth to come from Global South, and India will be a growth flagbearer: Amitabh Kant, ET BFSI
The Global South's economic potential would increase with India leading the way on several fronts, Amitabh Kant, India's G20 Sherpa, said on Friday.The term Global South refers to countries that are often labelled as developing, less developed or underdeveloped. These...
Threat of losing companies forcing promoters to settle dues, ET BFSI
NCLT benches have concluded 6,811 cases after admission, whereas 25,565 cases were closed before reaching the admission stage, marking a significant 3.7-fold difference. Threats of losing their companies have prompted a considerable number of promoters to settle their...
Vegetable Prices | RBI Inflation: A lot depends on vegetable prices to find comfort for RBI’s inflation battle, ET BFSI
India's retail inflation rate will be back in the central bank's mandated 2-6% comfort band once the vegetable prices ease and that will also bring a clear picture to the inflation trajectory, said Ashima Goyal, a member of India's Monetary Policy Committee...
Donald Trump’s mug shot taken after Georgia arrest, ET BFSI
Former US President Donald Trump made history on Thursday when he surrendered at a Georgia jail on charges of racketeering and conspiracy. After his surrender, he was arrested and jail authorities took a mug shot of Trump. This was the first time that a mug shot was...
IBC recovery rates higher at 32.6% in large firms, shows IBBI data, ET BFSI
The aggregate recovery from large cases, each with admitted creditor claims exceeding Rs 1,000 crore, reached Rs 2.67 lakh crore out of admitted claims totalling Rs 8.18 lakh crore. Among the 720 companies salvaged through IBC up to June, 127 were considered large...
Mastercard signs up as ICC sponsor for 2023 World Cup, BFSI News, ET BFSI
MUMBAI: Digital payments company Mastercard has signed up as one of International Cricket Council’s (ICC) top-tier sponsors for the 2023 World Cup in India, which will be held between October 5 and November 19. With this, Mastercard joins ICC’s other global partners...
PM Modi at BRICS Summit, ET BFSI
Prime Minister of India Narendra Modi and South African President Cyril Ramaphosa arrive at the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg, South Africa on August 23.While addressing the 15th BRICS Summit in Johannesburg, Prime Minister...
India’s retail inflation surges on food prices in challenge to Modi government, ET BFSI
Representative ImageNew Delhi: India's annual retail inflation in July rose to its highest in 15 months as vegetable and cereals prices skyrocketed, beating all market expectations and putting pressure on the government to take action to bring down prices.India's...
PM Modi in virtual address at G20 meet, ET BFSI
New Delhi [India], August 24 (ANI): Prime Minister Narendra Modi on Thursday said India has moved from "red tape" to "red carpet" and has enabled unfettered Foreign Direct Investment (FDI) inflows in the last nine years.In a virtual address to the G20 Trade and...
ICRA, BFSI News, ET BFSI
New Reserve Bank of India (RBI) norms for infrastructure debt funds (IDFs) opens up new avenues of funding and capital raising and also provides these companies with wider segments for lending. However, easier guidelines alao mean that these companies will have to...
Inflation concerns re-emerge, panel flag need for close monitoring of situation, ET BFSI
With retail inflation hardening once again in July-August owing to a spike in vegetable prices, the rate-setting panel of the Reserve Bank of India stressed the need to monitor the situation closely given the risk of El Nino and uneven rainfall."While the vegetable...
India to clock highest growth rate among top 5 global economies in foreseeable future: Finance secy, ET BFSI
New Delhi, Finance secretary T V Somanathan on Thursday said India will continue to clock the highest growth rate among the top five economies in the world in the foreseeable future and asked Indian diaspora to act as a catalyst and supplement government efforts in...
Das, BFSI News, ET BFSI
Mumbai: RBI governor Shaktikanta Das has said there will be a slowdown in vegetable inflation from September, with the July spike correcting in August, led by tomato prices. The governor, however, called for supply side interventions to limit the impact and duration...
FY24 growth to be higher than 6.5%, credit growth continues in double digits: SBI Report, ET BFSI
Indian macroeconomic factors point towards a growing resilient economy, in in the current global landscape. The IMF growth forecast upward revision, robust credit growth and production data reveal strong financial health.The RBI projects real GDP growth for FY24 at...
India sees inflation abating soon after deploying its ‘toolkit’, ET BFSI
India’s inflation should abate in the coming months as policymakers are taking every possible step to cool down soaring prices, according to a top Finance Ministry official.“I am very confident that it is a temporary spike and will not sustain,” Finance Secretary TV...
PM Modi, BFSI News, ET BFSI
Prime Minister Narendra Modi on Thursday said India is seen as a combination of openness, opportunities and options as the world sees optimism and confidence in the Indian economy.In a video message at the G20 Trade and Investment Minister's meeting, prime minister...
PM to G20 ministers, ET BFSI
Jaipur, Prime Minister Narendra Modi on Thursday suggested the G20 trade ministers to work collectively to ensure equitable competition between large and small sellers as there are challenges in the fast growing cross-border e-commerce. In a video message at the G20...
Economy likely grew 7.8% in Q1, say economists, BFSI News, ET BFSI
India's economy likely expanded 7.8% in the June quarter, according to the median forecast of an ET poll of 20 economists.Resilient domestic demand, government capital expenditure and a nascent revival in private investment supported growth in the quarter amid a...
S African Prez Ramaphosa at Brics meet, ET BFSI
JOHANNESBURG: The new wave of protectionism and the subsequent impact of unilateral measures that are incompatible with WTO rules undermine global economic growth and development, South African President Cyril Ramaphosa said as he opened the 15th Brics Summit on...
Biden to push IMF and World Bank reforms at G20 summit: White House, ET BFSI
WASHINGTON: US President Joe Biden will urge reforms to the IMF and World Bank that will better serve developing country needs at the G20 summit in New Delhi next month, the White House said Tuesday.White House National Security Advisor Jake Sullivan said that the two...
CBI books bank officers, GTIL in Rs 4,000-crore loan fraud case, ET BFSI
NEW DELHI: The CBI has conducted searches at the office of GTL Infrastructure Ltd (GTIL) in Mumbai after registering an FIR against it and unidentified officials of banks in a loan-fraud case of more than Rs 4,000 crore, officials said on Tuesday.The officials of 13...
Mehul Choksi’s wife moves Mumbai court for cancellation of bailable warrant, ET BFSI
Preeti Kothari, wife of fugitive jeweller Mehul Choksi, moved a special court here on Tuesday seeking cancellation of the bailable warrant issued against her in connection with the over Rs 13,000-crore Punjab National Bank (PNB) loan fraud case. The probe agency,...
Jet Airways’ CoC agrees to a 30-day extension but differs on mode, ET BFSI
Jet Airways’ Committee of Creditors Monday informed the National Company Law Appellate Tribunal that they were ready to grant a month's extension for payment of Rs 350 crore but differed on the terms of payment suggested by the Jalan-Kalrock Consortium."How do we...
Future Group companies moves to Delhi HC against a debt recovery tribunal order, ET BFSI
The Future Group companies on Tuesday moved the Delhi High Court against a debt recovery tribunal's July 31 order that restrained them from alienating their assets in recovery proceedings initiated by lenders.A bench led by Chief Justice Satish Chandra Sharma, while...
Pragyan to roll out soon, BFSI News, ET BFSI
BENGALURU: India is on the Moon! In the next couple of hours, Pragyan the Chandrayaan-3 rover which is sitting in the lander’s (Vikram) belly is expected to emerge and roll out onto the lunar surface. A success at this will make Chandrayaan-3’s more...
US President Joe Biden will visit India from September 7-10 to attend G-20 summit, ET BFSI
NEW DELHI: US President Joe Biden will visit India from September 7-10 to attend a summit of the Group of 20 nations, White House national security adviser Jake Sullivan told a briefing on Tuesday.President Biden and G20 partners will discuss a range of joint efforts...
India to soon become USD 5 trillion economy, says PM Modi at BRICS Summit, ET BFSI
Prime Minister Narendra Modi on Tuesday said India will soon become a USD 5 trillion economy and is poised to become the growth engine of the world in the coming years. Speaking at the BRICS Business Forum Leaders' Dialogue, Modi highlighted that "mission-mode"...
India’s govt, RBI need to step up vigilance on higher inflation expectations, Finance Ministry says, ET BFSI
Global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in India for the coming months, the Finance Ministry said in a report released Tuesday."Going forward, while domestic consumption and investment demand are expected to...
Icra estimates India’s GDP growth at 8.5 pc in first quarter; maintains FY24 forecast at 6 pc, ET BFSI
India's economic growth will accelerate to 8.5 per cent in the April-June period of the current fiscal from the 6.1 per cent growth rate witnessed in the preceding January-March quarter, Icra Ratings said in a report on Tuesday. The rating agency attributed the faster...
ISRO’s landmark budget-friendly space odyssey poised for momentous lunar landing today, ET BFSI
On Wednesday, India prepared for its latest endeavor to land on the Moon, marking a historic moment for the world's most populous nation as it rapidly approaches milestones established by global space leaders.Scheduled for a 6:04 pm touchdown near the relatively...
Indian economy decoupling should lead to stronger rupee in medium term, ET BFSI
India’s fiscal year 2024 is showing more and more signs of the decoupling of the Indian Economy from the rest of the world. In a period when the US has witnessed declining manufacturing and services PMI, the US 2-year, and 10-year rates are close to peak backwardation...
Jet CoC agrees to a 30-day extension but differs on mode, ET BFSI
Jet Airways’ Committee of Creditors Monday informed the National Company Law Appellate Tribunal that they were ready to grant a month's extension for payment of Rs 350 crore but differed on the terms of payment suggested by the Jalan-Kalrock Consortium."How do we...
‘BRICS bank’ aims to issue first Indian rupee bond by October, ET BFSI
The development bank founded by the so-called BRICS countries is planning to issue its first Indian rupee bond by October, its chief operating officer said on Monday, as the lender comes under pressure to raise and lend more in local currencies.The New Development...
Smita Aggarwal appointed as Director of UNSGSA Office, BFSI News, ET BFSI
Smita Aggarwal gets appointed as the new Director of the Office of the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA). She will assume the leadership role in supporting Queen Máxima's efforts as the UNSGSA, based in...
Future Lifestyle resolution hits a bump over forensic auditor’s role, ET BFSI
The sale of Future Lifestyle Fashions (FLFL) under the corporate insolvency process has run into a roadblock due to a conflict of interest between promoter Kishore Biyani and the forensic auditor appointed by lenders, people aware of the development said. Dilip Dixit...
Relax about NRI-PIO fund transfers, BFSI News, ET BFSI
When old mindset and anxieties of the officialdom confront new realities, the aberrations in rules become obvious. One such oddity is the limit of $1 million a year, unchanged for two decades, that NRIs and PIOs can take out of the country after sale of inherited...
Trump to surrender in Georgia on Thursday to face racketeering charges, ET BFSI
Donald Trump said he will turn himself in on Thursday in Georgia to face racketeering and other charges stemming from his bid to overturn the 2020 election.Writing on his platform Truth Social on Monday, Trump said that that day he would be "ARRESTED by a Radical Left...
Adani hikes stake in flagship firm Adani Enterprises Ltd, ET BFSI
Billionaire Gautam Adani-led promoter group has increased its stake in the group's flagship firm as the ports-to-energy conglomerate continues to recover from the effects of a report by US short-seller Hindenburg Research. Promoter group has increased stake in Adani...
Indian startups raised $5.1 bln across 226 deals in Q2 CY23, signals a slowdown: Report, ET BFSI
Startups in India raised approximately USD 5.1 billion across 226 deals (early to late stages) in Q2 CY23, signaling a slowdown in amount of about 66 per cent and volume (about 36 per cent) as compared to Q2 CY22, revealed a recent report by 1Lattice (PGA...
Icra estimates India’s GDP growth at 8.5 pc in first quarter; maintains FY24 forecast at 6 pc, ET BFSI
India's economic growth will accelerate to 8.5 per cent in the April-June period of the current fiscal from the 6.1 per cent growth rate witnessed in the preceding January-March quarter, Icra Ratings said in a report on Tuesday. The rating agency attributed the faster...
Price pressure in food items to be transitory; global uncertainty, domestic disruption to keep inflation elevated: FinMin, ET BFSI
New Delhi, The finance ministry on Tuesday said the inflation in food items is likely to be transitory as preemptive measures by the government and arrival of fresh crops will cool prices, even though global uncertainty and domestic disruptions may keep inflationary...
Monsoon deficit worsens, reservoir levels in deficit, ET BFSI
India’s retail inflation for July hits 7.44% from 4.87% earlier in June with 11.5% spike in the food prices.Riding on tomatoes, vegetable prices soared 37.3% while cereals and pulses became over 13% costlier. The surge lifted the food bill of urban consumers by over...
India’s govt, RBI need to step up vigilance on higher inflation expectations, Finance Ministry says, ET BFSI
Global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in India for the coming months, the Finance Ministry said in a report released Tuesday."Going forward, while domestic consumption and investment demand are expected to...
Finance Minister Nirmala Sitharaman discusses road map for developed nation tag, ET BFSI
Finance and corporate affairs minister Nirmala Sitharaman on Monday huddled with over 100 senior officers of her ministries to deliberate on re-orienting policies and priorities to realise the goal of turning India into a developed nation by 2047.The meeting, part of...
Neelkanth Mishra appointed part-time Chairperson of UIDAI, ET BFSI
New Delhi [India], August 22 (ANI): The Centre has appointed Neelkanth Mishra, Chief Economist, Axis Bank and Head of Global Research, Axis Capital as part-time Chairperson of Unique Identification Authority of India (UIDAI).The government has also appointed Mausam,...
Stagflation risks low in India, says RBI report, BFSI News, ET BFSI
Despite the sharp pick-up in inflation, the risk of stagflation remains low at the current juncture, the Reserve Bank of India said.In its State of the Economy report, the central bank said that historical analysis shows that high stagflation risks were encountered...
Dalmia Group submits revised debt resolution plan for Birla Tyres, ET BFSI
According to Birla Tyres' website, the company has been in the business of manufacturing tyres for 25 years. It earlier had a collaboration with Italians tyre manufacturer Pirelli. New Delhi: Dalmia Group firms have submitted a revised debt resolution plan for INR...
Europe inflation high, US economy recovering, ET BFSI
China’s central bank unexpectedly lowered a key interest rate in a bid to invigorate an economy beset by a deepening property slump and lackluster consumer demand.Data this week showed home prices in China fell for a second month in July, while industrial production...
Court Allows Rana Kapoor’s Daughter To Visit Dubai, Us, BFSI News, ET BFSI
MUMBAI: Observing that she has every right to grab her career opportunities, a special court has allowed Yes Bank founder Rana Kapoor’s daughter Roshini Kapoor to visit the UAE and the US for about a month to broaden her career opportunities. “Of course, she is bound...
PM Modi to attend slew of BRICS meets over two days, BFSI News, ET BFSI
Prime Minister Narendra Modi will have a series of engagements between Tuesday and Thursday at the BRICS Summit hosted by South Africa and this includes his addresses to the BRICS Business Forum and BRICS plus meetings besides engaging with the strong Indian diaspora...
Govt imposes 40% duty on onion exports to check price rise, ET BFSI
The government on Saturday imposed an export duty of 40% on onions with immediate effect to check price rise and improve supplies in the domestic market. This export duty is valid till December 31, 2023.As per the data by the consumer affairs ministry, the all-India...
Min Launches Msme Helpdesk In Koc, BFSI News, ET BFSI
Kochi: The department of industries and commerce of the state in association with Institute of Chartered Accountants of India (ICAI), Kerala Chapter, launched a state-level micro, small and medium enterprises (MSME) helpdesk in Kochi on Saturday.Minister for law,...
India slotted low on women empowerment, gender parity, BFSI News, ET BFSI
NEW DELHI: India, despite figuring in the medium human development group of countries as per the Human Development Index, finds itself placed in the group of countries classified as low on empowerment on the first twin indices for women empowerment (WEI) and global...
Sitharaman Leads Push To Elevate Gift City’s Financial Profile, ET BFSI
Ahmedabad: Union finance minister Nirmala Sitharaman, on Saturday, chaired a high-level review meeting to advance India’s first International Financial Services Centre (IFSC) at GIFT City in Gandhinagar. The finance minister underlined the importance of all...
Survey, BFSI News, ET BFSI
Leading software reviews and selection platform Capterra India, recently released the results of its “Digitalisation of Indian SMEs survey- Part II”, a new study capturing the voice of small and medium businesses in India. The findings reveal key insights around the...
National e-commerce policy in final stages; to be presented before top-level: official, ET BFSI
The proposed national e-commerce policy being formulated by the commerce and industry ministry is in the final stages and no new draft policy will be issued now for seeking views of stakeholders, a senior government official said. The Department for Promotion of...
Vegetable prices likely to cool down next month, rising crude a concern: FinMin official, ET BFSI
The government expects vegetable prices to start cooling off from next month with the advent of new crops in the market, but rising crude oil prices is a concern even though it is still within the tolerable zone of $90 a barrel, a finance ministry official said. The...
Adani Group companies’ net profit surges 70%, BFSI News, ET BFSI
Adani group companies have seen their combined net profit surge nearly 70% on year in the June quarter, helped by robust performance in the ports, power and green energy businesses. Strong operational performance helped boost the group's net profit, although overall...
RBI paper, BFSI News, ET BFSI
NEW DELHI: The total cost of projects sanctioned by banks and financial institutions during 2022-23 increased to a record high of Rs 2,66,547 crore, highlighting the effect of the government's efforts to push capital expenditure.A Reserve Bank of India (RBI) paper...
Govt will adhere to fiscal deficit target of 5.9 pc for FY’24, ET BFSI
New Delhi, The government will stick to the fiscal deficit target of 5.9 per cent of the GDP as robust tax, non-tax collections will help meet the spending requirement and make up for any shortfall in disinvestment proceeds, Finance Secretary T V Somanathan said on...
Finance minister Nirmala Sitharaman calls on auditors to develop expertise in new areas like ESG, carbon accounting, ET BFSI
Finance minister Nirmala Sitharaman on Thursday called on chartered accountants to adequately familiarise themselves with new and growing areas of auditing, including ESG (environmental, social, and governance) and carbon accounting.Addressing an event of the...
Inflation to fall below RBI’s 6 pc upper tolerance from November: Morgan Stanley, ET BFSI
Morgan Stanley expects retail inflation to moderate to Reserve Bank of India's 6 per cent upper tolerance target only from November. Retail inflation in India rose sharply in July to 7.44 per cent and in the process breached RBI's 6 per cent upper tolerance target,...
MoS IT Rajeev Chandrasekhar, ET BFSI
Union MoS for Electronics and Information Technology Rajeev Chandrasekhar during the inauguration the G20 Digital Innovation Alliance Summit 2023 in Bengaluru on Thursday. (PTI Photo)Union Minister of State for Electronics and Information Technology Rajeev...
Headline inflation could stay ‘well above’ 6 per cent in second quarter: RBI, ET BFSI
Headline inflation is expected to average well above 6 per cent in the second quarter, said the Reserve Bank of India's monthly bulletin on Thursday."Headline inflation, after reaching a low of 4.3 per cent in May 2023, rose in June and is expected to surge during...
Performance of high-frequency indicators for July, ET BFSI
-Riddhima GuptaAs growth drags globally, and the apex bank is making efforts to curb the upsurge in inflation.Reserve Bank of India (RBI) recently took a third consecutive pause over the policy rates with retail inflation surged to a 15-month high of 7.44 % in July...
UK annual inflation drops to 15-month low, BFSI News, ET BFSI
LONDON: Britain's annual inflation rate dropped sharply in July to a 15-month low, official data revealed Wednesday, off the back of lower energy prices and in line with economists' expectations.The Consumer Prices Index (CPI) rose by an annual rate of 6.8 percent,...
Inflation risks from house prices not well captured in index may rise, ET BFSI
A section of the market is taking comfort from the falling core inflation (excluding food and fuel) but that may be deceptive. A substantial chunk of it is due to softer home price index that could be due to lack of uniform matrix to measure this inflation.The index...
Crisil, BFSI News, ET BFSI
Urban poor have been the most impacted by 15-month high consumer price inflation (CPI) in July, a domestic rating agency's arm said on Wednesday. The high-income segment in urban areas faced the lowest inflation burden, as food has a relatively low share in their...
India’s per capita income to rise 7.5-times by FY47: SBI Research, ET BFSI
India’s per capita income is set to increase 7.5 times to Rs 14.9 lakh ($12,400) per annum by FY47 from Rs 2 lakh ($2,500) in FY23, according to the latest study published by SBI Research economists on Tuesday.The government has set a target of FY47 to become a...
India has demography, democracy, diversity to realise all dreams: PM Modi, ET BFSI
Prime Minister Narendra Modi on Tuesday said that India has "demography, democracy and diversity" and these factors have the potential to realise the dreams of the country."Today, we have demography, democracy and diversity - these three together have the ability to...
Govt will take more steps to tackle inflation, says Prime Minister, ET BFSI
New Delhi, Prime Minister Narendra Modi on Tuesday said the government will be taking more measures to tackle inflation and minimise the burden of price rise on people. In his address to the nation on the 77th Independence Day, the prime minister said that his...
Government policies helped India become world’s third largest startup ecosystem: PM Modi, ET BFSI
Prime Minister Narendra Modi on Tuesday said the policies of the government are providing support to the youth of the country and their strength has helped India become the third largest startup ecosystem in the world. Addressing the nation on the 77th Independence...
Adani to buy remaining 51% stake in BQ-publisher Quintillion Business Media, ET BFSI
New Delhi, Billionaire Gautam Adani's group will acquire the remaining 51 per cent stake in Quintillion Business Media Pvt Ltd to take full control of the Raghav Bahl-curated digital business news platform. Adani Enterprises Ltd, the ports-to-energy conglomerate's...
PM’s I-Day Speech lays blueprint for India to become developed nation by 2047: Industry, ET BFSI
NEW DELHI: Prime Minister Narendra Modi's Independence Day speech outlined the notable achievements of his government in the last decade, which have laid the blueprint for India becoming a 'Viksit Bharat' by 2047, industry body CII said on Tuesday.India is at a...
Retail inflation for July much worse than expected, surprise economists, ET BFSI
A lot of the progress made in cooling interest rates post RBI’s rate hike pause in April 2023 could be undone, by what is clearly a transitory food inflation trend, said economists after the National Statistical Office (NSO) released the retail inflation data on...
Retail inflation worsens in July’23; Jumps to 15-month high of 7.44%, ET BFSI
According to the latest data released by the National Statistical Office (NSO) on Monday, India's consumer-based price index, or retail inflation has surged to a 15-month high of 7.44% (YoY) in July over 4.87% in June.Erratic monsoons over the past months attributed...
Retail inflation in July jumps to 15-month high of 7.44%, BFSI News, ET BFSI
NEW DELHI: India's retail inflation in July jumped to 7.44 per cent from 4.87 per cent in June, government data showed on Monday.The inflation, based on Consumer Price Index (CPI), is now once again above the RBI's comfort band of 2-6%.The figures had stayed within...
Wholesale inflation stays in negative for fourth month at (-) 1.36 pc in July, ET BFSI
New Delhi, The wholesale price based inflation remained in the negative territory for the fourth straight month in July at (-)1.36 per cent on easing prices of fuel, even though food articles turned costlier. The wholesale price index (WPI) based inflation rate has...
INDIA BONDS-Indian bond yields rise; state debt auction demand, inflation data in focus, ET BFSI
By Bhakti TambeMUMBAI, - Indian government bond yields rose on Monday tracking U.S. peers, while focus shifted to demand at a state debt auction later in the day and local inflation print due after market hours.The benchmark 7.26% 2033 bond yield was at 7.2122% as of...
RBI selects McKinsey and Company, Accenture Solutions to use AI, ML to improve regulatory supervision, ET BFSI
Mumbai: The Reserve Bank has selected global consultancy firms McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India to develop systems using artificial intelligence and machine learning for its supervisory functions. The RBI is looking to extensively...
US stays on moderate-inflation path, deflation in China raises concerns, ET BFSI
US inflation continued along a path of moderation that is bolstering prospects for an economic soft landing, while across the globe in China, consumer and producer prices fell in tandem.The US core consumer price index, a closely watched measure of underlying...
M-cap of seven of top 10 firms falls by Rs 74,603 crore; HDFC Bank biggest laggard, ET BFSI
The combined market valuation of seven of the top 10 valued firms declined by Rs 74,603.06 crore last week, with HDFC Bank emerging as the biggest laggard. The BSE benchmark declined 398.6 points or 0.60 per cent last week. ICICI Bank, Hindustan Unilever, Infosys and...
Build global debt data sharing platform to address global debt vulnerabilities: RBI Governor, ET BFSI
RBI Governor pitches for global debt data sharing platformStating that high and unsustainable debt levels have severely constrained the fiscal capacity of many countries, Reserve Bank of India Governor Shaktikanta Das on Friday pitched for a global debt data-sharing...
India’s job scene improves, Euro-zone returns to growth, ET BFSI
(Bloomberg) --US employers continued to add workers at a steady, yet more moderate pace, suggesting the economy has scope to avoid a recession despite higher interest rates.The economy in the euro area eked out modest growth in the second quarter, while the Bank of...
How rupee-dirham trade can give a fillip to internationalisation of the Indian currency, ET BFSI
The recent signing of a memorandum of understanding between the Reserve Bank of India and the Central Bank of the UAE to encourage cross-border trade using the rupee and the dirham is to boost the internationalisation of the rupee.India's trade with the UAE has been...
Consumer spending to exceed $4 trillion by 2030, UPI most preferred option: Report, ET BFSI
The consumer spending in India is expected to surpass $4 trillion by 2030, according to a report released by e-commerce enablement platform Shiprocket. The report sees the consumer spending in the country to rise at a CAGR of about 10% on account of increased domestic...
Sebi’s refunds to Sahara investors reach Rs 138.07 crore in 11 years, ET BFSI
NEW DELHI: Sebi has made refunds of Rs 138.07 crore to investors of two Sahara companies in 11 years, while the amount deposited in specially-opened bank accounts for the repayment has surged to more than Rs 25,000 crore.These disclosures have been made by the...
Centre’s debt profile safe and prudent; external debt-to-GDP ratio eases: Finance Ministry, ET BFSI
The Central government’s debt profile remains safe and the share of its external debt in the country’s gross domestic product dropped to 2.7% in FY23 from 3.3% in FY14 at the current exchange rate, the finance ministry told the Lok Sabha on Monday.In a written reply,...
India, US discuss G20 cross-border payments, global debt challenges, ET BFSI
India and the US have held wide-ranging discussions on cross-border payments issues including G20 payments roadmap, India's United Payments Interface (UPI) platform, and the Federal Reserve's implementation of the FedNow payments system.The meeting was held on August...
PayU and CSC Academy to offer financial education to underprivileged people, ET BFSI
A joint initiative to improve digital and financial literacy among the weak and underprivileged segments of society, particularly SC-ST, BPL, and women, has been launched by PayU India, a leading online payment service provider in the country, and CSC Academy, an SPV...
Inflationary pressure is not strong, despite weather, says Sanjeev Sanyal, ET BFSI
The underlying inflationary pressure is not strong despite the weather related spikes in vegetable prices, member of the economic advisory council to the Prime Minister, Sanjeev Sanyal said Tuesday, two days before the Reserve Bank of India's August monetary policy...
CAG asks FinMin to put in place online Customs refund system, BFSI News, ET BFSI
New Delhi, The Comptroller and Auditor General (CAG) has asked the Finance Ministry to consider having an online system for processing customs refunds along the lines of the GSTN system to make it more efficient. The official auditor has also flagged "inordinate...
Indian economy to grow at 6% in FY24, say NIPFP researchers, BFSI News, ET BFSI
Indian economy is likely to grow at 6% as global growth slowdown and lagged monetary policy effect weighs on growth, NIPFP researchers contended in the mid-year macroeconomic review on Friday. The researchers pointed that the industrial growth in the first quarter of...
India’s July inflation likely breached RBI’s 6% upper tolerance level: Poll, ET BFSI
India's retail inflation likely accelerated to 6.40% in July on surging food prices, breaching the upper end of the Reserve Bank of India's 2%-6% tolerance band for the first time in five months, a Reuters poll of economists found.Food prices, which account for nearly...
Will tomato prices push RBI to hike rates? Check old footprints of onion & potato, ET BFSI
Upsetting budgets of households and even burger chains, the prices of tomatoes have jumped 5 times since June. For RBI Governor Shaktikanta Das, vegetable inflation has made the 4% CPI inflation target look more elusive.To find out whether tomato-nomics will force RBI...
Sitharaman calls for debt relief for poor nations amidst unravelling multilateralism., ET BFSI
Mumbai: Finance Minister Nirmala Sitharaman said that after decades of integration, the global economy is witnessing unravelling multilateralism. She called for strengthening the capital base of multilateral development banks (MDBs) and providing debt relief to poor...
Global community must find ways for debt restructuring of low-income countries: Nirmala Sitharaman, ET BFSI
Union Finance Minister Nirmala Sitharaman The international community must collaborate and find stronger ways to coordinate debt restructuring for low-income and vulnerable middle-income countries facing debt distress, Union finance minister Nirmala Sitharaman said...
Finance minister Nirmala Sitharaman, ET BFSI
Finance minister Nirmala Sitharaman Thursday said India remains in a "rare position of being optimistic" about its future growth prospects even when the global economy is undergoing a period of gloomy growth and elevated inflation.She pledged more steps to boost...
Finance ministry cautions against frauds in name of Indian customs, ET BFSI
Finance Ministry on Wednesday cautioned people to guard against fraudsters extorting money in the name of Indian Customs. Updated On Aug 10, 2023 at 08:13 AM IST New Delhi: Finance Ministry on Wednesday cautioned people to guard against fraudsters extorting money in...
RBI retains GDP growth forecast at 6.5% on buoyant economic activity, ET BFSI
The Reserve Bank of India has retained its GDP growth forecast at 6.5 per cent for FY2023-24 on robust domestic demand, rising business optimism, investment activity gained further steam on the back of government capital and revival in private capex in certain key...
Despite global headwinds, Indian economy doing well, Nirmala Sitharaman says in Lok Sabha, ET BFSI
NEW DELHI: Union finance minister Nirmala Sitharaman said on Thursday that despite global headwinds, India is among the fastest growing economies in the world."In 2013, Morgan Stanley had included India in the list of five fragile economies of the world. India was...
Tomato worry to get over, India importing tomatoes from Nepal: FM, ET BFSI
Finance Minister Nirmala Sitharaman on Thursday said that India has initiated tomatoes import from Nepal and the first lot of it is supposed to reach by Friday."We have initiated import of tomatoes from Nepal, by removing the import restrictions and the first lot of...
Incremental CRR to neutralise liquidity surplus, say Economists, ET BFSI
-Riddhima GuptaEconomists express their views on the decisions and developments of the Reserve Bank MPC Meet. They discuss the unchanged policy rates, imposition of the ICCR and its impact on the liquidity in the economy and expectations for inflation &...
