Industry
Investors wealth rises by Rs 4.97 lakh crore in morning deals as markets rally, ET BFSI
New Delhi, Investors became richer by over Rs 4.97 lakh crore on Monday as equity benchmark indices jumped more than 1 per cent to hit life-time peaks after the BJP's win in three Hindi heartland states. BJP's clear majority in Madhya Pradesh, Rajasthan and...
ITAT upholds tax sop for interest earned on deposits with co-op bank, in the hands of a CHS, ET BFSI
MUMBAI: The Income-tax Appellate Tribunal (ITAT), Mumbai bench, in the case of Kinjal Heaven Co-operative Society (a housing society) has upheld its deduction claim under section 80P(2)(d) for interest earned on its deposits with a co-operative bank.Tax tribunal...
Apple eyes Chase partnership, as it plans to cut Goldman Sachs ties, ET BFSI
Apple has proposed splitting up with Goldman Sachs, as the latter wants to get out of its relationship with the iPhone maker and wind up its consumer lending business. As Apple bids farewell to Goldman, it is looking for a new partner to take on its credit card and...
MCX gold hits fresh lifetime high of Rs 64,000, YTD gains soar to Rs 8,900/10 gram, ET BFSI
Tracking a rally in the international market, gold prices in India also surged to fresh lifetime highs on MCX. February gold futures hit an all-time high Rs 64,063 per 10 grams in Monday's trade while on the Comex a peak of $2,146.79 per troy ounce was scaled. The...
Global warming could cost poor countries trillions. They’ve urged the UN climate summit to help, ET BFSI
Dubai, Dec 4 (AP) A prominent developing-world leader on the issue of climate change said Monday that global taxes on the financial services, oil and gas, and shipping industries could drum up hundreds of billions of dollars for poorer countries to adapt and cope with...
Nine bidders submit plans for Rolta India which owes Rs 14,000 crore, ET BFSI
Mumbai: Lenders to debt-laden software company Rolta India have received nine resolution plans under the ongoing bank-led insolvency process to settle more than ₹14,000 crore in unpaid dues owed to secured and unsecured creditors.People aware of the development told...
Warburg Pincus names Vishal Mahadevia as Asia private equity head, ET BFSI
Private equity firm Warburg Pincus on Monday named India head, Vishal Mahadevia, as head of Asia private equity, a newly created position, while veteran China head Frank Wei will step down amid an Asia-wide reshuffle at the U.S. investment firm.Mahadevia, a 17-year...
Piramal Alternatives to deploy Rs 200 crore in ATM player TSI India, ET BFSI
The country’s leading ATM operator, Transactions Solutions International (India), has secured Rs 200 crore of investment from Piramal Alternatives. TSI has more than 14,000 ATMs under management and offers automated Bill Pay solutions for utility companies. The...
Credit card customers cheated of Rs 31 lakh by cybercrooks, BFSI News, ET BFSI
Ahmedabad: Eighty-four credit card customers of a private bank were cheated of a total of Rs 31.25 lakh by cybercrooks over a period of six months. The fraudsters would call up the customers after the bank issued them credit cards, take their credentials and make...
India to become $5 trillion economy early in Amrit Kaal: FinMin, ET BFSI
NEW DELHI: Minister of state for finance Pankaj Chaudhary declared on Monday that India is poised to achieve the milestone of a USD 5 trillion economy in the early stages of the 'Amrit Kaal,' as part of its broader aim to become an advanced economy by 2047.According...
68% equity schemes underperform their benchmarks in five years, ET BFSI
Around 68 per cent equity schemes have failed to beat their respective benchmarks in a five year horizon, an analysis by ETMutualFunds showed. We analysed the daily rolling returns of 171 equity schemes that have completed five years of existence in the market and...
China frames ‘One Province, One Policy’ plan for financial risk, ET BFSI
China's regulator wants provinces to come up with their own plans to handle financial risks, according to a report, about a month after officials pledged to set up a mechanism to resolve local debt issues.The country should make a greater effort in financial risk...
Former Blackstone executive Mathew Cyriac set to buy ex-firm’s 51% stake in International ARC, ET BFSI
Blackstone, the world’s largest alternative asset manager, is exiting the distressed assets space in India by selling its controlling interest in a high-profile, five-year-old joint venture that includes the Tata Group, HDFC Bank and ICICI Bank as partners. Besides...
Copenhagen targets $3 bln for emerging market greenfield renewables fund, ET BFSI
DUBAI: Danish investment firm Copenhagen Infrastructure Partners is looking to raise $3 billion for a new fund focused on building renewable energy projects from scratch in emerging and middle-income countries, the heads of the fund told Reuters.The 14-year Growth...
Growth is slowing around the world, ET BFSI
The world’s advanced economies are heading into a deepening slowdown as markedly higher interest rates take a hefty toll on activity that could still become more acute, the OECD warned.Growth is losing momentum in many countries and won’t edge up until 2025, when real...
317 arrested for cyber frauds in Faridabad this year, Rs 5.2 crore recovered, ET BFSI
FARIDABAD: A total of 141 cybercrime cases have been registered in the city this year so far, according to the data released by the city police. An amount of Rs 5.2 crore has been recovered collectively from all the cases. The data stated that out of the registered...
This SGB series can be withdrawn at 111.5% higher than issue price, ET BFSI
The premature redemption price of Sovereign Gold Bond (SGB) 2017-18 Series X will be Rs 6,265 per unit, according to a press release by the Reserve Bank of India (RBI) dated December 1, 2023."The redemption price of SGB shall be based on the simple average of closing...
IMF ED KV Subramanian rebuts Raghuram Rajan, applauds India’s resilient 7.7% GDP growth, ET BFSI
IMF ED KV Subramanian rebuts critics, applauds India's resilient 7.7 per cent GDP growth.Responding to former RBI Governor Raghuram Rajan's comments on Indian GDP growth, KV Subramanian, Executive Director of the International Monetary Fund (IMF) and Former Chief...
What’s fuelling the surge?, BFSI News, ET BFSI
Domestic gold surged to a fresh all-time high as the most active MCX near-month futures boomed to Rs 63350 per ten grams last week. Firm overseas prices, weak Indian rupee and expectations of an increase in jewelry demand and peak wedding season propelled the...
India proposes to host UN climate conference in 2028; launches Green Credit Initiative, ET BFSI
DUBAI: Prime Minister Narendra Modi on Friday proposed to host the UN climate conference in 2028 or COP33 in India and launched the Green Credit Initiative focused on creating carbon sinks through people's participation.Addressing the high-level segment for heads of...
Narayan Sheshadri appointed IDRCL chair, incumbent Diwakar Gupta to head NARCL, ET BFSI
Former KPMG managing partner Narayan Seshadri will take over as chairman of the India Debt Resolution Co Ltd (IDRCL), the agent to government-backed bad bank, after the board of the company approved the appointment on Friday, people familiar with the development...
A strong third quarter on the cards for the Indian economy, ET BFSI
India's economy is set for a strong third quarter after a stellar show in the July-September period, showed a series of high-frequency indicators released on Friday.Manufacturing picked up pace in November, goods and services tax (GST) collections posted another month...
Barclays, Citi raise India’s growth closer to 7% after GDP beat, ET BFSI
Economists raised their full-year projections for India’s economy sharply after data on Thursday showed growth outperformed last quarter, fueled by a manufacturing boom.Barclays Plc and Citigroup Inc. predict the economy will now expand 6.7% in the fiscal year ending...
RBI data, BFSI News, ET BFSI
Bank credit to industry decelerated to 5.4 per cent in October compared to 13.5 per cent in the year-ago month, according to Reserve Bank data released on Thursday. The data also revealed that credit growth to agriculture and allied activities improved to 17.5 per...
Strong US GDP data drives rupee to a fresh low, ET BFSI
The rupee settled at a fresh closing low versus the dollar on Thursday as an unexpectedly strong US GDP estimate sparked speculation that much-awaited monetary policy easing by the Federal Reserve would be pushed further into 2024 as growth in the world’s largest...
RBI says Rs 2,000 notes totalling Rs 9,760 cr still with public, ET BFSI
Mumbai, The Reserve Bank of India (RBI) on Friday said nearly 97.26 per cent of the Rs 2,000 bank notes have been returned to the banking system, and only about Rs 9,760 crore worth of the notes are still with the public. On May 19, the RBI announced the withdrawal of...
Manufacturing activity regains momentum, rises to 56 in November, ET BFSI
Manufacturing activity regained momentum in November, aided by strengthening demand and lower input cost inflation, according to private survey data released Friday.The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 56...
GDP numbers suggest private capex gaining steam, say experts, BFSI News, ET BFSI
The second quarter GDP numbers driven by a strong rebound in the manufacturing sector suggest that private capex spending is gaining steam, experts said. India's economy grew 7.6 per cent in the September quarter of this fiscal and remained the fastest-growing large...
The brave nation builders of India Inc, BFSI News, ET BFSI
I find the men in orange safety jackets and helmets very courageous. Atop a 50-feet bridge, where there is barely any space you will find them going about their job nonchalantly while dealing with a blowing wind. At any hour of the day or night, you will see them...
GIFT City gears up for direct listings, re-insurance, BFSI News, ET BFSI
Gujarat International Finance Tec-City, India’s newest financial hub and a flagship project of Prime Minister Narendra Modi, is preparing for its next phase of growth.The first phase followed the creation in 2020 of a new regulator, the International Financial...
Barclays, Citi raise India’s economic growth closer to 7% after GDP boost, ET BFSI
Economists raised their full-year projections for India’s economy sharply after data on Thursday showed growth outperformed last quarter, fueled by a manufacturing boom.Barclays Plc and Citigroup Inc predict the economy will now expand 6.7% in the fiscal year ending...
Here is govt’s big plan to stop online frauds in India, BFSI News, ET BFSI
The government is planning to implement several measures to tackle the increasing problem of cyber fraud in the financial sector. These measures include blocking the unique mobile device identifier (IMEI) and imposing limits on withdrawals from suspicious accounts to...
Slowing speedometer in global race can’t deter the fastest growing economy, ET BFSI
There are two headlines that you can choose from India’s expected fiscal second quarter growth numbers. One is that the gross domestic product growth reading is likely to beat forecasts, the other is that the print will show a moderation from the first quarter number,...
Digital bank robberies key risk for central bank e-money, BIS report warns, ET BFSI
Digital bank robberies and other cyber hacks will be a key risk for countries launching digital versions of their currencies, a new report from the Bank for International Settlements has warned.The BIS, dubbed the central bankers' central bank, has been overseeing...
China FX regulator fines AgBank over FX related wrongdoings, ET BFSI
China's foreign exchange regulator fined Agricultural Bank of China 5.53 million yuan ($776,129) over some foreign exchange related wrongdoings.The State Administration of Foreign Exchange's Beijing bureau also gave a warning to the lender while it confiscated illegal...
Qualcomm to invest INR 175 crore at R&D unit in Bengaluru, projecting over 1500 jobs, ET BFSI
The committee approved eight projects, each with more than INR 50 crore investment, totaling INR 2,088.44 crore. These hold the potential to create 6,360 jobs.An investment proposal by the US semiconductor giant Qualcomm in Bengaluru is among the 62 investments...
IDFC First Bank, Hurun India unveil ‘Top 200 self-made entrepreneurs of the Millennia 2023’, ET BFSI
IDFC First Bank and Hurun India jointly released “Top 200 Self-made Entrepreneurs of the Millennia 2023”, Radhakishan Damani of Avenue Supermarts occupies the number 1 spot, followed by the founders of Flipkart and Zomato.The list recognises the 200 most valuable...
Meta Platforms’ paid ad-free service breaches EU consumer laws, claims complaint, ET BFSI
Meta Platforms' paid no-ads subscription service, which it rolled out in Europe this month, breaches EU consumer laws, Europe's largest consumer group said on Thursday as it took its grievance to consumer protection authorities.The joint complaint from the European...
Gold futures fall on low demand, BFSI News, ET BFSI
New Delhi, Gold price on Thursday fell Rs 4 to Rs 62,601 per 10 grams in futures trade as speculators reduced their positions. On the Multi Commodity Exchange, gold contracts for December delivery traded marginally lower by Rs 4 or 0.01 per cent at Rs 62,601 per 10...
OECD warns global economy risks losing momentum, BFSI News, ET BFSI
The world’s advanced economies are heading into a deepening slowdown as markedly higher interest rates take a hefty toll on activity that could still become more acute, the OECD warned.Moreover, the OECD said the risks to the forecast are tilted downwards amid...
Corporate debt servicing improves despite higher interest cost, ET BFSI
Despite a 60 basis point (0.60 per cent) rise in policy rates between September 2022 and September 23, corporate debt servicing as measured by interest coverage ratio improved from 4.49 in September'22 to 5.64 in September 23 implying higher lending rates have not hit...
GIFT City gears up for direct listings, re-insurance, BFSI News, ET BFSI
Gujarat International Finance Tec-City, India’s newest financial hub and a flagship project of Prime Minister Narendra Modi, is preparing for its next phase of growth.The first phase followed the creation in 2020 of a new regulator, the International Financial...
Centre suspends 70 lakh mobile numbers due to suspicious activity: DFS Secretary, ET BFSI
To check digital frauds, the government has suspended 70 lakh mobile numbers on account of suspicious transactions, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging out of a meeting to discuss issues related to financial cyber security and increasing...
Charlie Munger, the ‘Oracle of Pasadena’ who was Warren Buffett’s second-in-command dies, ET BFSI
Charles Munger, who died on Tuesday, went from working for Warren Buffett's grandfather for 20 cents an hour during the Great Depression to spending more than four decades as Buffett's second-in-command and foil atop Berkshire Hathaway Inc.Munger's family had advised...
High staff churn in India’s financial sector to persist in FY24: TeamLease executive, ET BFSI
Soaring attrition in India's financial sector will persist through next fiscal year due to a demand-supply mismatch, a senior executive at TeamLease, one of India's largest staffing services providers, said on Tuesday.HDFC Bank, India's largest private lender, saw its...
India on path to triple renewable energy capacity by 2030 but faces financing hurdle: Report, ET BFSI
New Delhi: India's 14th National Electricity Plan (NEP) sets it on a path to more than triple its renewable energy capacity by 2030, but the country needs a whopping USD 293 billion to achieve this, according to a report released by global energy think tank Ember on...
UAE likely to invest between USD 20-25 billion in cash-strapped Pakistan: Report, ET BFSI
Pakistan and the UAE have inked several agreements under which the Gulf nation is likely to invest between USD 20-25 billion in the cash-strapped nation, according to a media report. The signing ceremony took place on Monday in Abu Dhabi after caretaker Prime Minister...
Don’t miss these 8 money deadlines in December 2023! From bank locker agreement to free Aadhaar updation, MF nomination & UPI, ET BFSI
Don’t miss important deadlines! December 2023, the final month of the year, is a crucial period for various financial deadlines. Here are eight important deadlines to keep in mind:Bank locker agreement deadline: The Reserve Bank of India (RBI) has set December 31,...
Stock rally brings Gautam Adani back among world’s 20 richest billionaires, ET BFSI
Indian billionaire Gautam Adani has paved his way back into the top 20 richest people in the world riding on a back-to-back rally that has seen the combined market cap of Adani Group-owned companies go up by 1.33 lakh crore. Adani is now at the 19th spot in the...
US recession will prompt 175 basis points in Fed cuts next year, DB economists say, ET BFSI
The Federal Reserve will cut rates more aggressively than markets are currently pricing in as a mild U.S. recession arrives in the first half of next year, economists at Deutsche Bank projected on Monday.In an outlook report, the Deutsche Bank economists projected 175...
Companies pay more for debt fundraise as liquidity’s tight, ET BFSI
Mumbai: Bereft of the extra funds sloshing about within the financial system during the Covid pandemic, top-rated companies are now paying more to raise money through bond markets, with the pricing of issues by even the likes of Reliance Industries reflecting the...
China investors face huge losses over Zhongzhi, BFSI News, ET BFSI
As China's embattled shadow banking giant Zhongzhi Enterprise Group faces a criminal probe, lawyers and analysts are assessing the damage to investors. One estimate puts that at about $56 billion. More than three quarters of investor cash would be lost, with just 100...
India to remain fastest-growing major economy, but demand uneven, ET BFSI
BENGALURU: India's economic expansion likely moderated but remained strong in the September quarter, supported by robust service activity and solid urban demand despite a global slowdown dampening export growth, according to a Reuters poll of economists.Gross domestic...
Goa’s unpaid debt up 618% to Rs 31k crore in 2 decades: RBI, ET BFSI
Panaji: Goa’s gross fiscal deficit has increased by 680% since 2004-05 as the government struggles to earn enough revenue to meet its yearly expenses, particularly expenditure on social welfare schemes and infrastructure development. To try and fund this deficit, the...
S&P revises India’s FY24 growth upwards to 6.4%, ET BFSI
S&P Global Ratings, Monday, revised India’s growth forecast for FY24 upward to 6.4% from 6% projected earlier, bringing it in line with RBI’s estimate of 6.5%.“We have revised up our projection for India's GDP growth for fiscal 2024 (ending in March 2024) to 6.4%,...
Finance Minister Nirmala Sitharaman demands action, not words at COP 28, ET BFSI
DUBAI: Finance Minister Nirmala Sitharaman on Monday called for concrete action on climate funding and transfer of technology at the upcoming global climate summit, saying that India will be pushing forward to showcase what it has achieved with its own funds. The 28th...
LIC keen to keep part of its stake in IDBI Bank to reap benefit of bancassurance, ET BFSI
State-owned LIC, promoter of IDBI Bank, has said it plans to retain a part of its stake in the lender to harness the benefits of the bancassurance. Along with the government, Life Insurance Corporation (LIC) will also divest its stake in IDBI Bank but may not exit...
Net zero goal calls for $5 trillion in annual green investments: IMF, ET BFSI
The path to net zero by 2050 would require green investments to rise from $900 billion in 2020 to $5 trillion annually by 2030, according to the International Monetary Fund (IMF).In a blog, the IMF's Simon Black, Florence Jaumotte, and Prasad Ananthakrishnan argued...
Last dates for free Aadhaar updation, investing in special FDs, update bank locker agreement, ET BFSI
December is the last month of the calendar year and it is also a month with many financial deadlines. Some of these money deadlines include mutual fund nomination deadline, last date to invest in SBI Amrit Kalash, bank locker agreement deadline and many more. Here is...
RBI, BFSI News, ET BFSI
PANAJI: Goa's gross fiscal deficit has increased by 680% since 2004-05 as the government struggles to earn enough revenue to meet its yearly expenses, particularly expenditure on social welfare schemes and infrastructure development. To try and fund this deficit, the...
First Sovereign Gold Bond (SGB) maturity date is Nov 30; how to check bank account to receive redemption money, ET BFSI
The Reserve Bank of India has announced the final redemption date for the Sovereign Gold Bond (SGB) Scheme SGB 2015-I, which is set on November 30, 2023.The price for the final redemption due on November 30, 2023 shall be Rs 6,132 per unit of SGB based on the simple...
Kedara Capital backs decision made on ESOPs issued to Religare Chairperson, ET BFSI
New Delhi, Religare Enterprises on Monday said that Kedaara Capital, the largest shareholder of Care Health Insurance, backed the decision made by the board to issue ESOPs to Religare Chairperson Rashmi Saluja. The clarification comes amid allegations by the Dabur...
Sebi-registered advisors may keep Finfluencers away, says Stocktwits, ET BFSI
Stocktwits has initiated a program to onboard SEBI-registered Research Analysts (RAs), offering them a compelling value proposition as it looks to provide accurate insights to its vast community of retail investors while mitigating the influence of so-called...
Euro-Area recession looks likely, ET BFSI
A recession in the euro area is looking increasingly likely as the economic downturn persists in the final quarter of the year, private-sector activity surveys showed.Meantime, the outlook for global trade got a boost this week as South Korea’s exports are likely to...
‘Core inflation may bottom out around 4%’, BFSI News, ET BFSI
Core inflation, which excludes volatile food and energy prices, may stabilise around 4% in January with a limited scope for further decline as prices continue to be sticky in certain service sectors, according to economists. A higher core is likely to keep retail...
India Inc steps up focus on returning women professionals, ET BFSI
BENGALURU: Indian companies are rolling out “returnship” programmes to empower women seeking to rejoin the workforce after a career break.Companies across sectors--pharmaceuticals, insurance, technology, financial services and renewable energy--are accelerating their...
S&P revises India’s FY24 growth upwards to 6.4%, ET BFSI
S&P Global Ratings, Monday, revised India’s growth forecast for FY24 upward to 6.4% from 6% projected earlier, bringing it in line with RBI’s estimate of 6.5%.The American rating agency, however, lowered the FY25 growth estimate by 0.5 percentage points to 6.4%....
US jury asks TCS to pay $ 210 million, BFSI News, ET BFSI
BENGALURU: A US jury has asked TCS to pay $210 million for misappropriation of US IT services firm DXC’s (formerly CSC) source code to develop its software platform, TCS Bancs, that would compete with the latter.The US jury said TCS accessed a trade secret by...
Want to build a career in the BFSI sector? These skills will get you higher pay, ET BFSI
The banking, financial services and insurance (BFSI) segment has undergone a massive digital transformation as more financial transactions have moved online. This field offers a wide range of career opportunities in roles related to risk management, financial...
India to remain fastest-growing major economy, but demand uneven: Poll, ET BFSI
BENGALURU: India's economic expansion likely moderated but remained strong in the September quarter, supported by robust service activity and solid urban demand despite a global slowdown dampening export growth, according to a Reuters poll of economists.Gross domestic...
Veteran dealmaker Sanjay Nayar teams up with Peak Ventures for cleantech play, ET BFSI
Former KKR India CEO and chairman Sanjay Nayar, who now runs technology-focused venture capital fund Sorin Investments, is entering a new space: climatetech.Nayar is partnering with Peak Ventures – an early-stage firm focused on cleantech areas such as new energy,...
Report, BFSI News, ET BFSI
MUMBAI: If BFSIs were to be excluded, corporate sales in Q2 FY24 would register a half percentage point decline in sales even though overall profits rose nearly 30% due to drop in expenses. If banks and finance companies are included, the sales are up 2.8% while...
Sovereign Gold Bonds | SGB: Eight years later, SGB-I returns glitter, ET BFSI
Mumbai: Investors in the first tranche of sovereign gold bonds (SGB), launched in November 2015, have made an annualised return of 10.87%. The Reserve Bank of India (RBI) announced a final redemption price of ₹6,132 per gram of gold when these bonds mature on November...
Seen huge increase in imports from India, says Swedish Financial Markets Minister, ET BFSI
Higher interest rates and various military conflicts may have dampened global economic demand, but imports of Indian goods to Sweden have registered a “huge increase” this year, Niklas Wykman, Minister for Financial Markets, Sweden, said to Bhaskar Dutta. In 2022,...
State Govt and Bank Holidays in Maharashtra 2024, BFSI News, ET BFSI
The Government of Maharashtra has published its list of public holidays for the year 2024 via a notification dated November 9, 2023. In India, public and bank holidays differ depending on the state and the region’s major festivals. Say for example, Maharashtra...
Finmin calls meeting of bankers, other senior officials to deal with digital payment fraud, ET BFSI
The Finance Ministry has called a meeting of senior bankers and RBI representatives on Tuesday to discuss steps to deal with increasing digital payment fraud and cyber security issue. The meeting to be chaired by Financial Services Secretary will discuss issues...
BFSI may just be the theme to bank on for future upside, BFSI News, ET BFSI
Mumbai: Investors eyeing a thematic bet can add a banking and financial services fund to their portfolio taking advantage of the underperformance of the banking sector compared to the Nifty 50.Strong bank balance sheets, a fresh start to the credit cycle, and...
RBI’s move on unsecured consumer credit to constrain loan growth in the segment: Report, ET BFSI
The Reserve Bank of India's recent decision that require banks and non-bank financial institutions to allocate more capital against unsecured consumer credit will constrain loan growth in the segment, according to a report. This should also reduce the potential for...
Customer data with account aggregators completely safe in India: Sitharaman, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Thursday assured that customer data shared with account aggregators (AA) is completely safe in India. Concerned over the slow movement of the AA scheme, she said, "It is not as much as I would want to see. It can be...
Go First lenders to vote on liquidation, BFSI News, ET BFSI
MUMBAI: Go First's lenders will vote on a proposal to liquidate the insolvent Indian airline, two banking sources said on Thursday, days after a deadline to bid for the company ended with no suitors. "The proposal whether or not to liquidate the airline has been...
Nirmala Sitharaman unveils pioneering ‘India Stack’ at DATE 2023, spearheading global digital transformation, ET BFSI
Union Finance Minister Nirmala Sitharaman (File Photo)Finance Minister Nirmala Sitharaman marked the commencement of the Digital Acceleration and Transformation Expo (DATE) 2023, a pivotal event held at Yashobhoomi in Dwarka, Delhi.The expo serves as a converging...
Liquidity with banks can upset RBI’s Monetary Policy transmission, ET BFSI
Is the RBI’s policy tightening guaranteed to reduce credit growth sufficiently so as to bring down inflation on a sustainable basis? The answer lies in what banks do in response.The Reserve Bank of India (RBI)’s monetary policy mandate is to manage the stock of money...
Asian Development Bank unleashes $170 million wave to transform Kochi’s water landscape, ET BFSI
In a significant development, the Asian Development Bank (ADB) has given the nod to a USD 170 million loan aimed at modernizing water supply services in Kochi, a bustling city in the southern Indian state of Kerala.According to ADB, this move is expected to play a...
Jefferies reshuffles portfolio to use spare cash, sells 3 stocks and buys 6, ET BFSI
NEW DELHI: Global brokerage firm Jefferies, which had tactically raised cash during the peak of the market in September, has now redeployed the idle capital to buy 6 stocks and also sold 4 counters. Jefferies has replaced Maruti Suzuki with Eicher Motors, Marico with...
SEBI tells SC it won’t ask for probe timeline extension, ET BFSI
Market regulator SEBI on Friday informed the Supreme Court that it will not be seeking an extension to complete its probe in the Adani-Hindenburg matter.A Supreme Court-appointed expert committee had in an interim report in May stated that it saw "no evident pattern...
Indian economy better poised than China to handle global headwinds, says Axis Bank’s chief Economist, ET BFSI
Despite strong global headwinds and aggressive liquidity tightening by the central bank, the Indian economy is still accelerating, said Axis Banks' chief Economist Neelkanth Mishra, who is also the part-time chairman of UIDAI. Speaking at ICFAI's NJ Yasaswy memorial...
Three entities sell Home First Finance shares for Rs 753 crore, ET BFSI
NEW DELHI: Home First Finance Company's two promoters as well as Warburg Pincus affiliate on Thursday sold shares of the affordable housing finance firm for Rs 753 crore through open market transactions.The company's promoters -- True North Fund V LLP and Aether...
Shippers spend $235 million in bid to bypass Panama Canal congestion, ET BFSI
Shipping companies have paid a total of $235 million so far this year to jump ahead of congestion at the Panama Canal as drought has dramatically limited how many ships can enter the waterway, according to data from Waypoint Port Services Ltd. That amount is 20%...
Gold price today of 22 Karat, 18 Karat, 14 karat from India Bullion and Jewellers Association, ET BFSI
Many people buy gold jewellery on Dhanteras eve and around Diwali because it is considered auspicious. However, it is important to note that gold jewellery is normally available in either 22karat, 18Karat or 14Karat purity. This is because gold with 22Karat, 18Karat...
Not disclosing pre-existing health conditions main reason for claim rejection, ET BFSI
Insurers commonly reject claims due to the non-disclosure of existing health conditions, reported TOI. Approximately 25% of health insurance claims face rejection due to the policyholder failing to disclose pre-existing conditions such as diabetes or hypertension...
G20 leaders back reform of multilateral banks: Finance Minister, ET BFSI
NEW DELHI: Finance minister Nirmala Sitharaman on Wednesday said that India’s push for reforming multilateral development banks has found support from several countries, as well as global agencies, which are moving ahead with implementing measures to be “bigger,...
No saviour flies in for Go First, airline may fly into liquidation, ET BFSI
Lenders to the bankrupt Go First Airlines are set to put to vote a proposal to liquidate the defunct carrier after they received no proposals for reviving the airline. The committee of creditors (CoC) met on Wednesday, the last day for prospective bidders to submit...
Jewellery sales shoot 137%, flight tickets double during festivities: Report, ET BFSI
As India embraced the festive season last month, the nation's economic landscape is illuminated with unprecedented optimism. With festivities like Navratri, Durga Puja, Dussehra, Diwali, Bhai Dooj, etc, celebrated from September-November, the festive fervor was at its...
NCLAT, BFSI News, ET BFSI
The National Company Law Appellate Tribunal (NCLAT) on Wednesday stated that it would not entertain more requests for adjournment in the State Bank of India (SBI)-led consortium of lender’s appeal against Jalan-Kalrock Consortium (JKC).“We make it clear that no...
India’s Finance Ministry, ET BFSI
With uncertainties linked to higher food and energy prices persisting amid geopolitical tensions, the Finance Ministry in its monthly review has said that risks of recession may reappear in 2024.Global trade numbers are expected to be under pressure owing to a...
Exclusive: France, US to propose ban on private finance to coal-fired plants at COP28: sources, ET BFSI
NEW DELHI/BRUSSELS/WASHINGTON: France, backed by the United States, plans to seek a halt to private financing for coal-based power plants during the U.N. climate conference later this month, three sources familiar with the deliberations told Reuters in India and...
Go First lenders in limbo as investors elusive; CoC meet likely today, ET BFSI
Hope is dimming for lenders of Go First as Jindal Power Ltd, the only company whose expression of interest to take over the airline was accepted by creditors, has reportedly decided not to bid. After this, the chances of the airline heading for liquidation are high,...
Economy lost momentum by 80-100 bps in Q2 to 6.8-7%: Analysts, ET BFSI
The economy has likely decelerated by 80-100 bps year-on-year in the second quarter to 6.8-7 per cent, with utilities, services and construction sectors showing robust growth on the back of strong domestic demand, while external demand continues to remain weak,...
RBI governor Shaktikanta Das asks banks to avoid ‘all forms of exuberance’, ET BFSI
MUMBAI: Reserve Bank of India (RBI) governor Shaktikanta Das on Wednesday cautioned the country's lenders against "all forms of exuberance" days after tightening rules for consumer loans.While credit growth is accelerating, banks and non bank finance companies (NBFCs)...
WeWork enters financing agreements with certain lenders, ET BFSI
File PhotoBENGALURU: WeWork said on Tuesday it had secured commitments for up to $682.5 million in debtor-in-possession financing from some of its lenders, weeks after the shared office space provider filed for bankruptcy protection.The SoftBank-backed company is...
India set for longer economic, financial cycle than past: Finance ministry, ET BFSI
NEW DELHI: India's growth experience in 2023-24 will continue to be a positive outlier as compared to other major economies and the country can look ahead to the prospect of a longer economic and financial cycle than in the past, subject to global factors, says the...
Sam Altman returns as OpenAI’s CEO with Taylor, Summers on board, ET BFSI
OpenAI will bring back Sam Altman and overhaul its board to bring on new directors including Larry Summers, a stunning reversal in a drama that’s transfixed Silicon Valley and the global AI industry.Altman is returning as chief executive officer and the initial board...
India to be $8 trillion economy by 2030-31; market cap can match GDP: Raamdeo Agrawal, ET BFSI
With India being one of the fastest growing economies in the world, it has the potential to reach $8 trillion by 2030-31, observed veteran investor Raamdeo Agrawal.India is in a different growth cycle, where aggregate earnings continue to grow faster than expected....
Mercedes-Benz Mobility introduces fully digital contract signing for leasing, ET BFSI
The financing and leasing process has been integrated into Mercedes-Benz's online sales since 2019. Customers can choose their desired form of financing and use the integrated rate calculator to calculate the individual rates for their desired vehicle. Mercedes-Benz...
Toyota to pay $60 million for illegal lending, credit reporting misconduct- US regulator, ET BFSI
ToyotaToyota's U.S.-based auto financing unit will pay $60 million in fines and restitution to settle a U.S. regulator's charges it illegally prevented borrowers from canceling product bundles that increased their monthly car loan payments.The Consumer Financial...
Thematic MFs gaining popularity among investors; attracts Rs 14,000 cr in 5 months, ET BFSI
New Delhi, Thematic mutual funds have been gaining traction among investors with the category attracting nearly Rs 14,000 crore in the past five months, signalling an increasing high-risk appetite among investors. The category has been attracting regular inflows since...
Here’s what the employees said, ET BFSI
After the OpenAI board fired CEO Sam Altman, more than 500 employees also threatened to resign. The turmoil at OpenAI over the weekend provided an opportunity to competitors like Google to reportedly poach some talent from the Microsoft-backed company. One of them was...
Drop in oil prices and US treasury yield good news for India but govt, RBI remain alert to inflation: Finmin, ET BFSI
The finance ministry on Tuesday said the combination of rapid reversal of rate hike expectations in the US, the slide in the 10-year US treasury yield and the decline in global oil prices is "good news" for India and other emerging markets.But downside risks from...
India’s Oct gold imports surge to 31-month high on festive demand, ET BFSI
India's October gold imports surged 60% from a year earlier to a 31-month high as a drop in prices ahead of a key festival prompted jewellers to ramp up purchases, a government source said on Monday.Higher imports by the world's second-biggest bullion consumer could...
B2B vendor-digitisation platform Bizongo acquires Titan Capital-backed FactoryPlus, ET BFSI
Business-to-business vendor-digitisation platform Bizongo has announced the acquisition of FactoryPlus, a factory management app for micro, small and medium enterprises (MSME).Better Capital and Titan Capital, seed-stage investors in FactoryPlus, have secured an exit...
Retail inflation for farm, rural workers marginally up in October, ET BFSI
Retail inflation for agricultural labourers and rural workers rose marginally to 7.08 per cent and 6.92 per cent in October, respectively, from 6.70 per cent and 6.55 per cent respectively in September 2023 due to higher prices of certain food items. Point to point...
PM advisor slams gold import habit, says Modi’s $5 tn GDP target would have been met long before, ET BFSI
India could have achieved Prime Minister Narendra Modi's dream of a USD 5 trillion GDP target "long before" if not for the habit of importing gold, a member of his economic advisory team said on Monday. Mutual fund industry veteran Nilesh Shah, a part-time member of...
Byju’s has ED trouble, as agency finds alleged forex violations of Rs 9,000 crore, ET BFSI
The Enforcement Directorate (ED) has found alleged forex violations to the tune of Rs 9,000 crore by edtech giant Byju’s, sources in the know told ET. However, a Byju’s spokesperson dismissed reports on the finding. “Byju’s unequivocally denies media reports that...
China and Saudi Arabia central banks sign local currency swap agreement, ET BFSI
The People's Bank of China and the central bank of Saudi Arabia recently signed a local currency swap agreement, China's central bank said in a statement on Monday, which will be valid for three years and can be extended by mutual agreement.Worth 50 billion yuan...
Outward remittance from India witnessed about 3% uptick in Sept’23, ET BFSI
According to latest data by 1Lattice, the outward remittances from India has witnessed an increase of approximately 3 per cent, month on month in September 2023. For the past 3 years, overseas travel and leisure has had the highest share in outward remittances from...
RBI directs Reliance Capital’s acquiring company IIHL BFSI (India) to maintain arm’s length distance from IndusInd parent, ET BFSI
The Reserve Bank of India (RBI) has directed that IIHL BFSI (India), the company acquiring Reliance Capital, should maintain an arm’s length distance from its parent company, IndusInd International Holdings Ltd (IIHL).This is one of the conditions that the banking...
Citi names Gutiérrez-Orrantia Europe banking and cluster head in restructure, ET BFSI
Nacho Gutierrez-Orrantia, one of Citi's most senior bankers in Europe, will become banking and cluster head for Europe as part of its planned restructuring, the banker told Reuters on Monday.The latest step in the bank's reorganisation was announced on Monday, with...
Hoping for a rate cut? Bond market doesn’t see one till 2024, ET BFSI
The one-year overnight indexed swap (OIS) rate, which indicates expectations of interest rate movements, hit three-month lows earlier in November. However, this decrease doesn't necessarily signal an anticipated repo rate cut in the next 12 months, according to...
BFSI industry faces a talent crunch in cybersecurity roles, BFSI News, ET BFSI
MUMBAI: Cybersecurity is among the top three important segments for companies in the Indian financial services industry but there is a gap in the industry needs and the availability of skills. Companies in general are looking for experienced professionals but this...
Jeremy Hunt warns of inflation risk as UK tax cut expectations grow, ET BFSI
Chancellor of the Exchequer Jeremy Hunt pushed back on the prospect of imminent cuts to income tax or national insurance, following weekend reports that he's considering doing so in his Autumn Statement this week."The one thing we won't do is any kind of tax cut that...
Report, BFSI News, ET BFSI
India's economy achieved a historic milestone on Sunday when its Gross Domestic Product (GDP) crossed the $4 trillion-mark in nominal terms for the first time ever, according to several media reports.Neither the finance ministry nor the National Statistical Office...
Startups will play important role in helping India become 3rd largest economy: CEA Nageswaran, ET BFSI
CEA V Anantha NageswaranTHIRUVANANTHAPURAM: Startups will play an important role in helping India become the third largest economy in the world, Chief Economic Advisor (CEA) to the Union government V Anantha Nageswaran has said.Nageswaran said that tier-2 and 3...
TVS Capital Funds appoints Ramesh Iyer as Board Member, BFSI News, ET BFSI
A rupee capital growth PE fund manager TVS Capital Funds has appointed Ramesh Iyer as a Board Member. As the Vice-Chairman and MD of Mahindra Finance, Iyer's primary responsibility has been to promote inclusive growth and foster rural prosperity. Iyer is member of...
Performance of High Frequency Indicators in October 2023, ET BFSI
By Javaria Rana and RiteshThe Indian economy is in a dynamic state as of October 2023, influenced by a variety of internal and external factors. One of the biggest and most varied economies in the world, India's economic path has been impacted by a number of events....
Global slowdown woes to stall office space demand growth this fiscal: CRISIL Ratings, ET BFSI
Net leasing of commercial office space in India is likely to stagnate the current financial year at 32-34 million sq ft with global uncertainties brewing caution among key tenant categories, said the ratings agency CRISIL Ratings.The inherent strengths of the Indian...
Sahara-Sebi refund account may be transferred to government, BFSI News, ET BFSI
The government is looking into the legality of transferring unclaimed funds of the Sahara-Sebi Refund Account to the Consolidated Fund of India, with a provision to refund investors who stake claims later.The death of Sahara Group founder Subrata Roy last week has put...
Plea in Supreme Court seeks contempt action against SEBI, ET BFSI
NEW DELHI: A plea has been filed in the Supreme Court for initiation of contempt proceedings against the Securities and Exchange Board of India (SEBI), alleging it has violated the timeline for completing the investigation and submitting its report on the allegations...
Sacked OpenAI CEO Sam Altman discusses possible return, mulls new AI venture, ET BFSI
NEW DELHI: A day after being sacked as CEO of OpenAI, Sam Altman has been mulling a possible return to the company behind the ChatGPT bot, even as he considers launching a new artificial intelligence (AI) venture, a person briefed on the matter told a news agency...
How to line up the Sustainable Development Goals’ money, BFSI News, ET BFSI
Sustainable development is essential not only for the well-being of future generations and preservation of ecosystems but also to meet the aspirations of the present generation. G20 Sustainable Finance Working Group (SFWG) is mandated to align financing and policies...
World Bank chief Ajay Banga on climate, inequality and India’s underemployment problem, ET BFSI
At the helm of the World Bank for the last five months, Ajay Banga spoke to Seema Sirohi in his Washington office about making changes, getting funds during two wars, tackling India's underemployment problem and other issues. Edited excerpts from the interview:Your...
Rich nations may have met $100 billion climate finance goal ahead of COP28: OECD, ET BFSI
NEW DELHI: Developed countries, for the first time, may have met their overdue target of mobilising $100 billion to help developing nations deal with the effects of climate change in 2022, indicates an estimate of the Organisation for Economic Cooperation and...
S. Venkitaramanan, Former RBI Governor During 1990s Crisis, Passes Away at 92, ET BFSI
Mumbai: S. Venkitaramanan, who navigated the Reserve Bank of India through the crucial years of the 1990 balance of payment crisis, subsequent economic reforms, and the Harshad Mehta scam, passed away on Saturday in Chennai at the age of 92.Appointed as the eighteenth...
India now has 72 unicorns at total valuation of $196 bn: Report, ET BFSI
India is ranked third with 72 unicorns (companies with a valuation of $1 billion and above), after the US (668) and China (172), according to the report from Forex.com, via data obtained and analysed from CB Insights. Despite a lower average valuation per unicorn at...
Ponzi co head, who duped 2.5 lakh of Rs 200 crore, arrested, BFSI News, ET BFSI
BHUBANESWAR: Chief executive officer (CEO) of an online Ponzi firm, wanted by Odisha EOW for allegedly duping 2.5 lakh investors of around Rs 200 crore in different states, has been arrested from Jaipur airport in Rajasthan while he was trying to escape to Dubai on...
Gold prices rally on Fed peak rate speculation. What’s next?, ET BFSI
Spot gold closed with a weekly gain of around 2.30% at $1980.87. Gold closed with a loss of $2 Friday on a slight rebound in the two-year US yields that came on somewhat better-than-expected housing starts data. US housing starts (October) came in at 1372K Vs the...
Maharashtra needs $1.53 trillion investment in 6 years, ET BFSI
Maharashtra will require cumulative investment of USD 1.53 trillion over the next six years to become a USD one trillion economy, a vision statement prepared by the Maharashtra Institution of Transformation (MITRA) said. A presentation of the vision statement was made...
New regulatory risk weights will hit Indian banks’ capital adequacy by 60 basis points: S&P, ET BFSI
The Reserve Bank of India's (RBI) move to make riskier credit more expensive will hit loan growth but ultimately support asset quality, said ratings agency S&P Global Ratings."Slower loan growth and an increased emphasis on risk management will likely support...
India’s move on risky loans to hit banks more than economy, ET BFSI
India’s central bank is clamping down on risky consumer lending as the economy booms, a move that’s likely to hurt banks but only have a limited impact on growth.The Reserve Bank of India on Thursday told lenders to set aside more capital for unsecured consumer loans,...
Jindal’s Rs 301 crore Future bid shocks lenders, ET BFSI
Mumbai: Jindal (India)'s bid for Kishore Biyani's debt-laden Future Enterprises (FEL) amounts to ₹301 crore, or less than 3%, of the total ₹12,265-crore loan exposure, making it almost irrelevant to the lenders, people familiar with the process said.Banks are still...
Softbank eyes $150-million share sale in Delhivery via block deals: Report, ET BFSI
MUMBAI - Japanese IT giant Softbank is looking at selling a partial stake in logistics service provider Delhivery for around $150 million through block deals on Friday, according to news reports. As of September end, Softbank, through its entity Svf Doorbell (Cayman)...
Two Japanese banks set to start operations in GIFT City: IFSCA chief, ET BFSI
Singapore: Two more Japanese banks are set to join 10 foreign and 16 local banks in the tax-free GIFT City, where more than 550 businesses with assets worth USD 47 billion have registered and begun operations, an official said.. This marks a significant expansion of...
Morgan Stanley turns overweight on SBI Life; stock jumps 5%, hits 52-week high, ET BFSI
Shares of SBI Life Insurance Company jumped over 5% to hit their 52-week high of Rs 1,434 in Friday's trade on the NSE. The gains were following Morgan Stanley's overweight stance on the counter for a price target of Rs 1,650.In a note, the US-based brokerage...
24 companies awarded for ‘Excellence in Innovation’ in the BFSI sector, ET BFSI
India’s expanding economic landscape has taken the country among the fastest-growing players in the recent past. In this growth story, people coming from different sections have participated which has increased the awareness among masses of financial...
Rashmi Saluja was issued huge amount of options in Religare & subsidiary without informing shareholders: Shriram Subramanian, ET BFSI
Shriram Subramanian, Founder & MD, InGovern, says: “When we looked at the annual report, we figured out that the executive chairperson, Rashmi Saluja, who was an independent director and in 2021, became the executive chairperson, has been issued options worth Rs...
SBI Cards, Bajaj Finance may be hit most by RBI risk weight increase on consumer loans, ET BFSI
The Reserve Bank of India's move to raise risk weight on consumer loans would impact SBI Cards and Bajaj Finance more, followed by larger private banks & select PSUs, according to a report by Jefferies. Bandhan and IndusInd Bank will see least impact, while Paytm...
BharatPe cofounder Ashneer Grover, wife stopped at Delhi airport while travelling to New York, ET BFSI
BharatPe's cofounder Ashneer Grover (right) and his wife Madhuri Jain (Illustration: Rahul Awasthi)BharatPe co-founder Ashneer Grover and his wife Madhuri Jain were stopped at the Indira Gandhi International Airport on Thursday on the basis of a lookout circular (LoC)...
RBI, BFSI News, ET BFSI
The Reserve Bank of India expects the Indian GDP to be ‘gaining momentum’ in Quarter 3 of FY24 due to festive demands. The bulletin released by RBI on Thursday says that “investment demand appears to be resilient with the government’s infrastructure spending” which...
Inside Ranjan Pai’s plan for his family office; the state of Silicon Valley amid AI frenzy, ET BFSI
Manipal Group’s Ranjan Pai, who has been in the news for investing in startups such as Byju's and PharmEasy is putting together a team to sharpen his startup bets. This and more in today’s ETtech Morning Dispatch.Also in this letter:■ Data centres to get new digital...
Thiruvananthapuram to be turned into major digital hub: Pinarayi Vijayan, ET BFSI
Chief Minister Pinarayi Vijayan on Thursday said the state capital will soon be developed into a major digital hub and a premier destination for start-ups.Chief Minister Pinarayi Vijayan on Thursday said the state capital will soon be developed into a major digital...
RBI Fintech department gets a new boss in P Vasudevan, ET BFSI
In a shuffle that happened earlier this month, the Reserve Bank of India has appointed executive director P Vasudevan as the person in charge of the fintech department.Ajay Kumar Choudhary, who was the previous executive director in charge of the fintech department...
Rupee little changed as RBI support aids, inflation data in focus, ET BFSI
The Indian rupee ended little changed on Monday as traders remained wary of adding large positions in a holiday-truncated week on expectations the central bank would step in to curb any volatility in the local currency.The rupee ended at 83.3325 against the dollar,...
India’s Q2 GDP growth seen at 6.7% on strong services play, BFSI News, ET BFSI
New Delhi: The Indian economy likely grew 6.7% in the July-September quarter, according to a median forecast of 10 economists polled by ET, boosted by a strong performance by the services sector.The Reserve Bank of India (RBI) has forecast 6.5% growth in the...
Anil Ambani, Dhoot, Biyani may face heat after SC ruling on personal guarantors, ET BFSI
Big ticket loan defaulters who have given huge personal guarantees may line up to settle their debt after the Supreme Court ruling allowing lenders to liquidate personal assets of promoters of companies under insolvency proceedings. The ruling enables banks to...
India’s GDP to grow 6-7.1 pc during 2024-2026, growth prospects remain strong: S&P, ET BFSI
New Delhi: India's economic growth prospects should remain strong over the medium term, with GDP expanding 6-7.1 per cent annually in fiscal years 2024-2026, S&P Global Ratings said on Thursday. In a report titled 'Global Banks Country-By-Country Outlook 2024',...
Jasmit Singh Gujral, ET BFSI
With the market getting crowded with wholesale asset reconstruction companies or ARCs, financial services conglomerate Shriram Group's decision to focus on retail ARC is seen as a foray at the "right time," said a top official. The Shriram group recently announced its...
OTO and Ather Join forces to offer seamless financing options for E2W purchase, ET BFSI
The collaboration with Ather Energy marks a pivotal milestone in OTO's trajectory, underscoring its dedication to harnessing cutting-edge technology for delivering seamless financial services. New Delhi: OTO, a pioneering digital commerce platform and a leading player...
UK inflation slows sharply, boosting Bank of England and PM Rishi Sunak, ET BFSI
British inflation cooled by more than expected in October as household energy prices dropped from a year ago while stubbornly high services sector price growth also eased, offering some relief to the Bank of England and Prime Minister Rishi Sunak.Annual consumer price...
InGovern alleges regulatory breach in ESOPs to REL Chairman, seeks regulatory probe, ET BFSI
New Delhi, Proxy advisory firm InGovern Research has raised a red flag against Religare Enterprises alleging "vested interest" of its Chairman Rashmi Saluja due to excessive remuneration as well as regulatory breaches. In the last 3-4 years, the total valuation of...
Employees’ State Insurance adds 18.88 lakh new members in Sep, ET BFSI
Gender-wise analysis of the data indicates that the net enrolment of women members was 3.51 lakh in SeptemberNew Delhi: Employees' State Insurance Corporation (ESIC) has added 18.88 lakh new workers under the ESI Scheme in September, as per the latest payroll data....
Sahara Group chairman Subrata Roy passes away, BFSI News, ET BFSI
Subrata Roy, the Chairman and Managing Worker of Sahara India Group, passed away at the age of 75 due to cardiorespiratory arrest at Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai. The announcement was made through a statement by the...
Rupee little changed as RBI support aids, inflation data in focus, ET BFSI
The Indian rupee ended little changed on Monday as traders remained wary of adding large positions in a holiday-truncated week on expectations the central bank would step in to curb any volatility in the local currency.The rupee ended at 83.3325 against the dollar,...
Undistributed funds worth over Rs 25,000 cr with Sebi in focus after death of Subrata Roy, ET BFSI
New Delhi, The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after...
Berkshire sheds General Motors, Procter & Gamble as it builds cash, ET BFSI
Berkshire sold USD 7 billion of stocks, including some of its big investment in Chevron, and bought just USD 1.7 billion in the third quarter.Berkshire Hathaway said on Tuesday it has shed its holdings in General Motors and Procter & Gamble, and trimmed its stake...
Cooperative banks to soon provide interest-free, short-term loans to farmers, ET BFSI
Patna, The Bihar government said that state cooperative banks would soon provide interest-free, short-term agriculture loans to farmers. Under this initiative, farmers will be given credit for meeting their financial requirements of agricultural and other allied...
Are you eligible to claim a refund? Check here, ET BFSI
The Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal was launched on July 18, 2023. This is an online portal to process refunds of four Sahara Group Co-operative Societies depositors.As of now, not all investors are eligible to claim for a refund...
Jaiprakash Associates to transfer 7.71% equity stake to ICICI Bank, ET BFSI
NEW DELHI: Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates Ltd (JAL) will give 7.71 per cent stake, worth Rs 366 crore at current market price, in the company to ICICI Bank to clear part of the outstanding loan.According to sources, ICICI bank has an...
Rupee little changed as RBI support aids, inflation data in focus, ET BFSI
The Indian rupee ended little changed on Monday as traders remained wary of adding large positions in a holiday-truncated week on expectations the central bank would step in to curb any volatility in the local currency.The rupee ended at 83.3325 against the dollar,...
India’s retail inflation eases to 4.87% in October from 5.02 in September, ET BFSI
Retail inflation in India eased to 4.87 per cent in October on an annual basis, data released by the Ministry of Statistics & Programme Implementation showed on Monday. A poll of 53 economists by Reuters had pegged the rate at 4.80 per cent. Inflation still...
Federal Bank’s arm Fedfina, IREDA get nod from Sebi to float IPOs, ET BFSI
Four firms -- Fedbank Financial Services, Indian Renewable Energy Development Agency, EPACK Durable and Suraj Estate Developers -- have received capital markets regulator Sebi's approval to raise funds through initial public offerings (IPO). These companies, which...
IIM Jammu, SIDBI to launch two batches of ‘skill to enterprise module’ for youth of J&K and Ladakh, ET BFSI
JAMMU: To bridge the gap between 'Skill and Entrepreneurship,' the Indian Institute of Management Jammu (IIM Jammu) and the Small Industries Development Bank of India (SIDBI) have collaborated to offer a specialized one-year Skill to Enterprise Module (STEM) program...
9 ideas to start investing for your child’s future, ET BFSI
Each year on November 14th, India celebrates Children’s Day, emphasising the significance of nurturing and safeguarding the future of its youth. Among the greatest gifts for children is the assurance of financial stability, particularly through a good education and a...
India, ADB sign $400-million loan pact for urban reforms, ET BFSI
Asian Development Bank (ADB) will extend a $400-million “policy-based loan” to the Indian government to support its urban reform agenda for creating quality urban infrastructure, improving service delivery and promoting efficient governance systems, the finance...
SC denial of IBC relief to personal guarantors opens new recovery window for lenders, ET BFSI
The Supreme Court (SC) order allowing bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery, potentially multiplying banks' realisations. It should improve lenders' leverage with defaultors and deter...
Go Air lenders make provisions after NPA tag, BFSI News, ET BFSI
MUMBAI: Lenders to Go First have made full provisions for their loans to the low-cost carrier, which have been classified as non-performing assets.Lenders, led by public sector banks Central Bank and Bank of Baroda, have a total exposure of Rs 6,251 crore to the...
India Inc on gifting spree to lift staff’s festive spirits, ET BFSI
Bengaluru | New Delhi: As Diwali festivities light up the country, corporate India is celebrating with employees including third-party blue-collar workers, sending out gift hampers, sustainable products, electronic gadgets and even silver coins.Even amid a funding...
India fastest growing large economy today, says EAM Jaishankar in London, ET BFSI
London [United Kingdom], November 13 (ANI): External Affairs Minister (EAM) S Jaishankar, who is on a four-day official trip to the UK, celebrated Diwali by offering prayers at the BAPS Shri Swaminarayan Mandir (Neasden Temple) in London.Speaking to the media outside,...
5 market wizards on how to invest in Samvat 2080, ET BFSI
As we say a good bye to Samvat 2079 and welcome Samvat 2080, a hindsight view portrays a rollercoaster year with benchmark Nifty 50 managing double-digit returns and 221 stocks turning multibaggers. Investors also turned wealthier by a staggering Rs 64 lakh crore...
The last 10 years, BFSI News, ET BFSI
Over the recent years, the financial landscape has transformed with rising demand for Bitcoin. While Gold and the US Dollar have long held their positions as stalwart players, Bitcoin has boldly entered the race, establishing itself as an emerging asset class. Each of...
Higher oil prices could lead to higher than expected inflation rates in 2024: Fitch, ET BFSI
Oil prices of the Indian crude basket rose to USD 90.08 in October, compared with USD 83.76 at the start of the fiscal, but have since declined to USD 85.55 in November.The geopolitical uncertainty from the conflict in Middle East could upend countries’ inflation and...
Dubai launches $136 million VC fund to finance tech startups, ET BFSI
The Dubai Integrated Economic Zones Authority (DIEZ) on Friday launched a venture capital (VC) fund worth $136 million designed to finance technology startups.The fund launched under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime...
N K Singh, ET BFSI
Annual private capital mobilisation by multilateral development banks needs to quadruple to $240 billion by 2030, co-chair of the Independent Expert Group of MDB reforms set up under India’s G20 presidency N K Singh said, while cautioning against a piecemeal approach...
Corporate bonds may get Vostro funds to boost trade settlement in rupee, ET BFSI
New Delhi: India is considering a plan to allow surpluses in Special Rupee Vostro Accounts (SRVAs) to be invested in corporate bonds in order to give a push to international trade settlement in rupees. Under existing regulations, investment from SRVAs is restricted to...
Buying gold coins, bars? The jeweller you buy it from is much more important than in case of gold jewellery, ET BFSI
If you are buying gold coins on Dhanteras and around Diwali, then it is critical to buy it from a seller or jeweller whom you trust fully. This is because hallmarking of 24 karat gold coins, bullions, bars is not mandatory as per law. Hallmarking is mandatory only for...
Q2 net profit up 36% amid lower gold prices and higher engagement, ET BFSI
Driven by a fall in gold prices and higher customer engagement, listed jewellery company Senco Gold & Diamonds has witnessed an increase of 36 percent in its net profit to Rs 11.9 crore in the second quarter of FY24 as compared to Q2 of FY23. The revenues from...
RBI gives nod to make ICICI Securities a wholly owned subsidiary of ICICI Bank, ET BFSI
New Delhi, ICICI Bank on Thursday said ICICI Securities will be its wholly owned subsidiary following the approval of the Reserve Bank of India. The ICICI Bank on June 29 had approved a proposal to delist ICICI Securities and become a wholly-owned subsidiary of the...
Moody’s retains India’s 2023 growth forecast at 6.7% on strong domestic demand, ET BFSI
New Delhi, Moody's Investors Service on Thursday retained India's economic growth forecast for 2023 at 6.7 per cent and said strong domestic demand will likely sustain the growth in the near term. With exports remaining weak against an unfavourable global economic...
World Bank approves USD 150 million for Sri Lanka’s banking sector stabilisation, ET BFSI
Colombo, The World Bank has approved USD 150 million to strengthen Sri Lanka's financial and institutional sectors, the Central Bank of the debt-trapped island nation said here on Friday. "Sri Lanka's economic crisis highlights the need for strong safety nets to...
India needs 8%-8.5% growth to create enough jobs, former RBI governor Raghuram Rajan says, ET BFSI
NEW DELHI: India’s economy is showing signs of steady growth but needs to expand at a pace of over 8% to create enough jobs for the world’s most populous nation, former Reserve Bank of India governor Raghuram Rajan said.“We should be going at 8%-8.5% given the needs...
What to expect from M&M, Coal India, LIC and Hindalco, ET BFSI
Friday is set to be quite a busy one for Dalal Street, as more than 3,000 companies are scheduled to release their earnings.Among index majors, Coal India, Eicher Motors, Hindalco Industries, Mahindra & Mahindra, and Oil and Natural Gas Corp are set to release...
ED raid on Kandala Cooperative Bank in Kerala continues, ET BFSI
Enforcement DirectorateThiruvananthapuram, The Enforcement Directorate (ED) raid on a cooperative bank in this southern Kerala district that began a day ago continued on Thursday. The ED raided the Kandala Services Cooperative Bank near Kattakada here and several...
US’ DFC to invest $553 million in Adani-backed Colombo port, ET BFSI
The contours of Adani Ports & SEZ’s record investment in a Colombo port broadened Wednesday with the US International Development Finance Corporation (DFC) announcing its funding into the project.DFC will lend $553 million to the Colombo West International...
Rural-focused retail home finance company Star HFL raises Rs 60 crore, ET BFSI
Star Housing Finance Limited (Star HFL), a BSE-listed rural-focused retail home finance company, has raised Rs 60 crore to fuel its growth and expansion plans.Star HFL raised the capital from a diverse set of investors, including High-Net-Worth Individuals (HNIs),...
SoftBank books another quarterly loss, as investment hits offset Arm, ET BFSI
SoftBank Group on Thursday booked 789 billion yen ($5.22 billion) loss, marking its fourth straight quarter in the red, as it wrote down the value of some investments and a weak yen lifted the cost of its dollar-denominated debt.The results come even as the Japanese...
RIL to raise Rs 20,000 crore via bonds, BFSI News, ET BFSI
Mumbai: Mukesh Ambani-owned Reliance Industries plans raising up to ₹20,000 crore in its largest ever domestic bond sale this week, marking the biggest such domestic issuance by a non-BFSI private entity in India where regulators want companies to rely on market...
SoftBank makes another bet on WeWork, hoping landlords will too, ET BFSI
File PhotoTOKYO: WeWork's $3 billion debt for equity swap deal with its creditors marks the latest effort by top shareholder SoftBank to revive the troubled office-space provider and recoup some of the billions it has invested.Whether the bet succeeds now depends on...
First sovereign gold bond (SGB) issue investors to get a bonanza on maturity, ET BFSI
The Reserve Bank of India (RBI) issued the first tranche of Sovereign Gold Bonds (SGB) in November 2015. Investors in this maiden tranche of SGB are set to get a bonanza when the bonds finally mature on November 30, 2023., This is because in the last 8 years, the...
China owed $1.3 trillion by nations in BRI debt: Research report, ET BFSI
BEIJING: After lending $1.3 trillion to developing countries, mainly for big-ticket infrastructure projects, China has shifted its focus to bailing out many of those same countries from piles of debt. The initial loans were mostly part of the Belt and Road Initiative,...
Weak coalition after 2024 polls, oil may hit growth stability: Morgan Stanley, ET BFSI
NEW DELHI: A weak coalition government in 2024 moving away from supply-side reforms could pose a key risk to India's growth stability along with oil prices inching up to $110 per barrel, said a Morgan Stanley report. "The key risk would be the emergence of a weak...
NABARD appoints Goverdhan Rawat, Ajay Sood as Deputy Managing Directors, ET BFSI
The National Bank for Agriculture and Rural Development (NABARD) announces the appointment of Shri Goverdhan S. Rawat and Dr. Ajay Kumar Sood as its Deputy Managing Directors. Goverdhan S Rawat, has a distinguished record of over three decades of experience within the...
IMF upgrades China’s 2023, 2024 GDP growth forecasts, ET BFSI
The International Monetary Fund on Tuesday upgraded its 2023 gross domestic product growth forecast for China to 5.4% from 5%, citing a "strong" post-COVID-19 recovery, but said the fund still expected the world's second-biggest economy to slow next year.GDP growth...
Bimaplan secures $3.5 million in fresh funding from Orios Venture Partners and others, ET BFSI
Y Combinator-backed insurtech startup Bimaplan has raised $3.5 million in a pre series A funding round led by Orios Venture Partners. Existing investors Finsight Ventures and 2am VC also participated in the round. This takes the total funding raised by the startup to...
WeWork’s downfall from $47 billion valuation to bankruptcy, ET BFSI
Beleaguered coworking firm WeWork filed for Chapter 11 bankruptcy protection in the United States on Monday, as part of what it described as a "comprehensive reorganization" of its business.The startup, which was once worth about $47 billion, had started sending...
ESAF SFB’s offer booked 19x; ASK Automotive’s issue subscribed 19% on Day 1, ET BFSI
The initial public offerings (IPOs) of Protean eGov Technologies, ESAF Small Finance Bank and ASK Automotive are currently open for public subscription. Here's a brief look at subscription status and other details.ESAF Small Finance BankThe public offer of ESAF Small...
SoftBank’s WeWork, once valued at $47 billion, files for bankruptcy, ET BFSI
WeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought U.S. bankruptcy protection on Monday, after its bets on companies using more of its office-sharing space soured.The move represents an admission by...
SoftBank’s WeWork, once most valuable US startup, succumbs to bankruptcy, ET BFSI
WeWork, the SoftBank Group -backed startup whose meteoric rise and fall reshaped the office sector globally, sought US bankruptcy protection on Monday, after its bets on companies using more of its office-sharing space soured.The move represents an admission by...
World Bank poised to host climate loss and damage fund, despite concerns, ET BFSI
Countries moved a step closer on Saturday to getting a fund off the ground to help poor states damaged by climate disasters, despite reservations from developing nations and the United States. The deal to create a "loss and damage" fund was hailed as a breakthrough...
Blue chips beat profit estimates as BFSI, carmakers drive growth, ET BFSI
MUMBAI: Blue-chip companies logged strong performance during the September quarter and have beaten analyst expectations. Most smaller companies have performed in line with expectations, analyst research showed.Of the 50 Nifty stocks, 36 companies have declared results...
Radhika Gupta becomes a ‘Shark’! Edelweiss Mutual Fund CEO joins ‘Shark Tank India’ jury, ET BFSI
A new ‘Shark’ is now aboard ‘Shark Tank India’! And it’s none other than Radhika Gupta, the Managing Director and CEO of Edelweiss Mutual Fund.The entrepreneur will join the jury for the third season of the popular reality TV show. On Sunday, Gupta broke the news to...
Finance facilitation platform TReDS a reliable supportive mechanism for MSMEs, says Kerala Industries Minister P Rajeeve, ET BFSI
TReDS is an electronic platform for facilitating the financing/discounting of trade receivables for MSMEs through multiple sources.Electronic platform TReDS, which facilitates in financing or discounting trade receivables for MSMEs, has proved a reliable supportive...
RBI’s rate hiking days may not be over yet, analysts say, ET BFSI
Global markets have been on pins and needles given the vexing geopolitical situation in Europe and the Middle East. Oil prices have fluctuated in recent weeks but worries are building over an eventual spike. Analysts say that this may force the Reserve Bank of India...
Employee productivity of India Inc has steadily gone up in 5 years, ET BFSI
Data compiled by ET Intelligence Group shows the cumulative revenue per employee of ET-500 companies - the top 500 listed companies based on their revenues - has climbed 36% from ₹1.46 crore in FY19, to almost ₹2 crore in FY23While the recent debate on 70-hour work...
Petitioner seeks early Supreme Court hearing, ET BFSI
NEW DELHI: A petitioner in the matter relating to the Hindenburg report on Adani Group has sought early listing and subsequent hearing before the Supreme Court on Monday.Advocate Prashant Bhushan, appearing for one of the petitioners, informed the top court that the...
Govt bans Mahadev, 21 illegal betting apps; cyberattacks against India spike, ET BFSI
Controversial betting app Mahadev is among 22 illegal betting apps that the government ordered to be blocked on Sunday, following an investigation and raids by the Enforcement Directorate (ED). This and more in today’s ETtech Morning Dispatch.Also in the letter:■...
Fitch raises India’s mid-term growth forecast to 6.2%; China’s woes hit brakes for emerging markets, ET BFSI
Fitch Ratings has raised India's medium-term potential growth estimate by 70 basis points to 6.2% even as it blamed China for reducing the estimate for 10 emerging markets to 4% on a GDP weighted-average basis."We have made large upgrades to India and Mexico, with the...
ESAF SFB’s offer booked 5x; Protean eGov Tech’s issue subscribed 46% on Day 1, ET BFSI
The initial public offerings (IPOs) of Protean eGov Technologies and ESAF Small Finance Bank are currently open for public subscription. Here's a brief look at the subscription and other details.ESAF Small Finance BankThe public offer of ESAF Small Finance Bank (SFB)...
‘India’s neutral geopolitical stance to help attract FDI, overseas business’, ET BFSI
India's neutral geopolitical position has played to the country's advantage when it comes to attracting global investment, as more and more countries direct trade towards friendly nations, Claudio Irigoyen, head of global economics research at Bank of America, tells...
Protean eGov Technologies IPO opens for subscription. Should you apply?, ET BFSI
The initial public offer (IPO) of Protean eGov Technologies kicked off for subscription. The issue will be available for the public to bid till November 8.Analysts are positive on the IPO, given the company's unique and niche business area, consistent profitability...
Government gets C-DAC, Quick Heal, K7 Security, eScan to develop bot removing tools available for free, ET BFSI
How will you safeguard your data, especially on your smartphone, amid rising numbers of cyber-attacks and scams? To address this issue, the central government has started introducing free bot removal tools. Bots are automated computer software programs which can be...
Vedanta nears deal to raise $1.25 billion via private loan, BFSI News, ET BFSI
Vedanta Group is in advanced talks to raise a $1.25 billion private loan with an interest rate between 18% and 20% as it seeks to overhaul its debt.The Indian conglomerate is nearing a deal after weeks of negotiations with lenders including Cerberus Capital Management...
India’s growth story – 2030: Private sector to play a key role, ET BFSI
India will be a USD 4 trillion economy by the end of 2023-24 and a USD 10 trillion by 2030. India’s vision for growth and development is focused with the aim to be the 3rd largest economy. Good governance, inclusivity, diversity, sustainability, Digi-tech and...
Eroding geopolitical risk premium not in favour of gold’s appeal, ET BFSI
Dismal US monthly job report and ISM services data Friday sank the US yields and consequently, the US Dollar index, which propelled the gold prices above $2000. However, reduced geopolitical concerns led to a decline from the day's high. Spot gold closed with a gain...
Enough material against Naresh Goyal, wife to show their complicity in bank fraud case: Court, ET BFSI
Mumbai: There is sufficient material at this stage to prima facie show involvement of Jet Airways founder Naresh Goyal and his wife Anita in a money laundering case linked to an alleged fraud of Rs 538 crore at Canara Bank, a special court here noted while taking...
Public money worth Rs 5,716 crore part of Jet crime proceeds: Judge, ET BFSI
MUMBAI: Taking cognisance of a chargesheet against Jet Airways (India) Ltd (JIL) founder Naresh Goyal, wife Anita Goyal and four companies, a special PMLA court has held that public money worth Rs 5,716 crore obtained from a consortium of banks led by State Bank of...
Joe Biden jabs at China ‘debt-trap diplomacy’ at Americas summit, ET BFSI
President Joe Biden pledged billions in support to help build up infrastructure throughout the Western Hemisphere as he hosted leaders from the region, part of an administration push to offer an alternative to China’s efforts to expand its economic influence.Biden...
FM Nirmala Sitharaman calls on companies to drive India-Lanka economic integration, ET BFSI
India and Sri Lanka must further bolster bilateral ties and explore policy options to minimise risks and volatility emanating from global economic and political developments, finance minister Nirmala Sitharaman has said, as she exhorted businesses to lead the efforts...
2 changes made to NPS exit, withdrawal rules that can benefit subscribers, ET BFSI
The Pension Fund Regulatory and Development Authority (PFRDA) has made proposed changes to NPS withdrawal for subscribers in the month of October 2023.The changes include instant bank account verification mandatory to ensure timely credit of National Pension System...
Fintechs wary of RBI’s new cross-border payments rules; telcos take on Big Tech over biz messaging, ET BFSI
The Reserve Bank of India’s (RBI) new rules on cross-border payments will bring fintech players operating in this space under the regulator’s direct supervision. More details on this in today’s ETtech Morning Dispatch.Also in the letter:■ Mamaearth parent’s IPO...
India’s first 50-year bond fully sold on growing insurer demand, ET BFSI
India’s auction of the debut 50-year bond met with firm demand Friday, underscoring growing interest from insurance and pension funds for ultra-long papers.The government sold 100 billion rupees ($1.2 billion) of the 2073 bond at a cutoff yield of 7.46%, the Reserve...
Who is not eligible to buy digital gold in India, BFSI News, ET BFSI
Indians' practise of purchasing physical gold at festivals such as Diwali, Dhanteras, and Akshaya Tritiya is gradually shifting to digital gold. Digital gold is not only safe and secure, but it is also easier to buy and sell than physical gold.What is Digital...
Pakistan, IMF commence negotiations for release of $710 mn second tranche of $3 bn loan, ET BFSI
Cash-strapped Pakistan and the IMF have kicked off the much-awaited loan review talks for the release of the USD 710 million second tranche of a USD 3 billion bailout package on a generally positive note. Caretaker Finance Minister Dr Shamshad Akhtar and the...
Go First lenders in jeopardy as DCGA says lessors can take away planes, ET BFSI
Recent changes to Indian laws that exclude leased aircraft from assets subject to freezing during an airline's bankruptcy proceedings could have retrospective implications, according to India's aviation regulator, as stated in a court filing on Wednesday.The...
Go First lenders to meet Monday, stare at Rs 6,500 crore in losses, ET BFSI
Lenders to the insolvent Go First will likely meet Monday to assess an earlier fund-infusion plan into the grounded carrier saddled with about Rs 6,500 crore of overdue payments, with regulatory approval to lessors to repossess leased aircraft making it unviable for...
Official, BFSI News, ET BFSI
New Delhi, Negotiations between senior officials of India and the UK on the proposed free trade agreement are going on with a view to bridge differences on issues related to goods and services sector, a senior government official said. "Talks on the 13th round is...
Banks offering lowest gold loan interest rates, BFSI News, ET BFSI
Most of the time a gold loan is an excellent way to meet your short-term cash needs. Banks and other institutions now do spot assessments and valuations of your gold in order to determine loan eligibility, which is followed by loan disbursement.Buying gold jewellery...
Indian companies may offer highest salary increases in Asia Pacific next year, ET BFSI
Indian companies expect to raise employee salaries by 9.8% in 2024, close to the 10% increase in 2023, making India the country with the highest salary hikes in Asia Pacific, according to WTW's Salary Budget Planning Report. The report cited tighter labour markets and...
Diamond industry plans to cut bank financing by 33% this FY, ET BFSI
India’s diamond industry plans to reduce its bank financing needs by a third to $4 billion for the current financial year from $6 billion in FY23 as waning global demand for the gems threatens to make accounts sticky. They are now busy clearing their inventory instead...
AU Small Finance Bank, ixigo unveil credit card for travellers, ET BFSI
New Delhi, AU Small Finance Bank (AU SFB) and travel platform ixigo on Thursday announced the launch of their co-branded credit card for travellers. Travellers using the card can avail discounts of up to 10 per cent on flight, bus and hotel bookings made through the...
Billionaire targeted by Hindenburg emerges richer and unbowed, ET BFSI
Timur Turlov is still trying to make sense of how Hindenburg Research’s bet against his Kazakh brokerage backfired so much that at one point it left him with a paper windfall of more than $1 billion.The US short seller took aim at the Kazakh billionaire’s Freedom...
How did massive Aadhaar data leak happen, its impact, BFSI News, ET BFSI
A recent alleged massive Aadhar data breach was identified where an individual with the alias "pwn001" shared a post on a dark web forum that listed the personal data of 815 million Indians (81.5 crore Indians).As per the US based cybersecurity firm Resecurity data...
Govt plans to raise sovereign masala bonds worth Rs 25,000 crore at GIFT City, ET BFSI
The Indian government is currently exploring the possibility of issuing sovereign bonds denominated in rupees worth Rs 20,000-25,000 crore at the GIFT City in Gandhinagar, a designated financial special economic zone aimed at attracting foreign investments. This...
Jet founder diverted crores in bank loans through wife, children: ED chargesheet, ET BFSI
MUMBAI: Jet Airways founder Naresh Goyal's wife, Anita, received Rs 12.2 crore and their son, Nivaan, Rs 2.9 crore for "consultancy services" but Jet could not provide documents to support the claim, the Enforcement Directorate (ED) said in its chargesheet submitted...
Recognising and rewarding excellence, ET BFSI
India is set to become the 3rd largest consumer economy by 2030, driven by a young population comprising 65% below the age of 35 years. In this journey, digital adoption continues to be propelled by rural India, and BFSI industry has been a flag-bearer of the...
RBI selects 5 companies’ products for MSME lending sandbox; launches fifth cohort, ET BFSI
The Reserve Bank of India (RBI) has identified the products of five entities as viable for lending to micro, small, and medium enterprises (MSMEs) within the regulatory sandbox cohort. The RBI further disclosed that all these entities are now exiting the cohort,...
Protean eGov Technologies IPO to open on Nov 6; Sets price band at Rs 752-792/share, ET BFSI
Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) on Wednesday announced the price bank of Rs 752-792 per share for its Rs 490-crore initial public offering.The maiden public issue will open for subscription on 6 November and will conclude...
How Elon Musk wants to control Twitter users ‘entire financial life’, ET BFSI
Elon Musk has outlined an ambitious plan to transform X, formerly known as Twitter, into a comprehensive financial hub aiming to replace the traditional banking system within a year. Musk made these intentions clear during an all-hands call with X employees.Musk...
ED chargesheets Naresh Goyal, wife and 4 firms, BFSI News, ET BFSI
The Enforcement Directorate (ED) on Tuesday submitted its Prosecution Complaint (PC) against Jet Airways founder Naresh Goyal in an alleged money laundering case. A PC filed by ED is equivalent to a chargesheet filed by the police under the provisions of CrPC.The...
Indians splurge big on festive season sales, buoying economy, BFSI News, ET BFSI
India’s festive season spending is booming as consumers splurge on cars, smartphones and TVs, buoying growth in one of the world’s fastest-expanding economies. Sales at online platforms like Amazon.com Inc., and Walmart Inc.-owned Flipkart was up by almost a fifth in...
GIFT taps RBI, finance ministry on family funds, BFSI News, ET BFSI
Family offices, used by the rich to park some of their wealth overseas, have found a policy patron in the GIFT City regulator amid a broader, unstated dilemma of allowing unchecked outflows of money. The International Financial Services Centres Authority (IFSCA) is...
Aadhaar Data Leak | Personal Data Of 81.5 Crore Indians On Sale On Dark Web: Report, ET BFSI
In what could be one of the biggest data breaches in Indian history, details of over 81.5 crore Indian citizens are on sale on the dark web, US-based cybersecurity firm Resecurity reported. The data sets on sale contain crucial information such as Aadhaar and passport...
Govt’s fiscal deficit rises to 39.3% of annual target in first half of FY24, ET BFSI
New Delhi, Central government's fiscal deficit touched 39.3 per cent of the full year target in the first half of the current financial year, slightly higher than 37.3 per cent recorded in the year-ago period. In actual terms, the fiscal deficit or the gap between...
Surging yields drive Indian corporate bond sales to 5-yr low in Oct, ET BFSI
The private placement of bonds by Indian corporates likely hit a five-year low in October as tight liquidity and the central bank's plan of debt sales prompted companies to push back their fundraising goals.Companies had raised around 285.5 billion rupees ($3.43...
India’s fiscal deficit for April-September at Rs 7.02 lakh crore, widens to 39.3% of FY24 aim, ET BFSI
India's fiscal deficit for the first half of this fiscal year through September stood at 7.02 lakh crore rupees, or 39.3% of annual estimates, government data showed today.The fiscal deficit widened from 37.3% reported in the comparable year-earlier period.Total...
Creating a Marketplace, BFSI News, ET BFSI
Whether it's about booking a flight or taking a cab via ride-hailing apps, from shopping to ordering food, from studying abroad or playing games online, it's a new Marketplace fuelled by finance.The demand is changing and there is a need for a Marketplace for...
Niti Aayog to consult India Inc before readying vision report, ET BFSI
NEW DELHI: Niti Aayog, the Centre's think tank, will hold consultations with business and thought leaders such as Reliance Industries chairman and managing director Mukesh Ambani, Tata Sons chairman N Chandrasekharan, CEO of Alphabet and Google Sundar Pichai, Adani...
High rates can compress India Inc’s margins, but it’s a manageable risk: Ramnath Krishnan, ET BFSI
The likelihood of repeated geopolitical conflicts, uncertainty in commodity prices and increasingly lower odds on interest rates staying higher for longer could squeeze India Inc's margins, said Ramnath Krishnan, Group CEO of ICRA, tells Gayatri Nayak and Bhaskar...
Finance Minister Nirmala Sitharaman bats for stricter customs enforcement at GCCEM 2023, ET BFSI
Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, delivered a keynote address at the Global Conference on Cooperation in Enforcement Matters (GCCEM) 2023, where she stressed the importance of making substantial advancements in the realm of customs...
Inflation picks up in US, Tokyo, BFSI News, ET BFSI
US underlying inflation picked up along with consumer spending as the third quarter drew to a close, government figures showed ahead of the Federal Reserve’s penultimate policy meeting of the year.Consumer price growth also gathered pace in Tokyo, an indicator of...
Niti Aayog CEO, ET BFSI
NEW DELHI: Niti Aayog CEO BVR Subrahmanyam on Sunday said a vision document is being prepared for India to become a developed economy of about USD 30 trillion by 2047. The vision document will outline the institutional and structural changes/ reforms that will be...
Invest in human capital, not longer work hours, BFSI News, ET BFSI
Infosys co-founder NR Narayana Murthy's suggestion to India's youth to work more hours has stirred a controversy in a country that has among the world's longest working weeks, yet trails in labour productivity by international standards. The obvious analogies to...
Lodha group expects to surpass Rs 17,500-crore project addition guidance in FY24, ET BFSI
Realty developer Lodha, listed at Macrotech Developers, is set to exceed its full year guidance of Rs 17,500 crore worth Gross Development Value (GDV) for new project additions in the current financial year, said a top company official.The company has already added...
What solutions former governor Raghuram Rajan offers for India’s current economic challenges, ET BFSI
Former Reserve Bank of India (RBI) governor Raghuram Rajan, in collaboration with economist Rohit Lamba, is set to release a book titled "Breaking the Mould: Reimagining India's Economic Future." Scheduled for publication on December 7 by Penguin Random House India,...
Some digital asset firms not doing enough to stop illicit finance: US, ET BFSI
The United States on Friday said some firms in the digital asset space were not doing enough to stop the flow of illicit finance.Cryptocurrency's role in terrorist financing and funding militant groups has come under renewed scrutiny following the deadly attacks in...
BFSI players stepping up hiring for entry-level roles, BFSI News, ET BFSI
Banking, financial services, and insurance (BFSI) companies are ramping up entry-level hiring - including campus placements from engineering colleges and B-schools - across functions to support business expansion amid high attrition due to a war for talent within the...
BFSI players stepping up hiring for entry-level roles, BFSI News, ET BFSI
Banking, financial services, and insurance (BFSI) companies are ramping up entry-level hiring - including campus placements from engineering colleges and B-schools - across functions to support business expansion amid high attrition due to a war for talent within the...
India poised to become USD 5 trillion economy; challenge is having 8-9 pc growth for next 3 decades: Kant, ET BFSI
India is poised to become a USD 5 trillion economy and the challenge for the country will be to grow at 8-9 per cent for the next three decades, India's G20 Sherpa Amitabh Kant said on Thursday. Addressing an event organised by Public Affairs Forum of India (PAFI) in...
Hindujas eye $35-40 billion valuation of their BFSI business, ET BFSI
The Hinduja group sees its banking, financial services and insurance (BFSI) business reach a valuation of $35 billion to $40 billion by 2030, Ashok Hinduja, Chairman of IndusInd International Holdings Ltd, said at a media interaction with him and his two brothers...
India’s festival season to bring some cheer to economy, say economists
Representative imageBENGALURU: Indian consumer spending during this year's festival season will be slightly better than in 2022, said economists polled by Reuters, but probably not enough to ramp up the speed of what is already the world's fastest-growing major...
Adani auditor EY faces inquiry by India’s accounting regulator, ET BFSI
One of the Adani Group’s longtime auditors is being scrutinized by India’s accounting regulator, according to people familiar with the matter.The National Financial Reporting Authority, or NFRA, has in recent weeks started an inquiry into one of the member firms of EY...
Finance leaders’ digital transformation plan for next 5 years falls short on ambition: Survey, ET BFSI
Finance leaders’ digital transformation plan for next 5 years falls short on ambition: SurveyIs the finance leaders’ desire to carry out a bold digital transformation plan fizzling out? As per a survey, their digital roadmap falls short on ambition for the next five...
Germany set to overtake Japan as 3rd-largest economy, BFSI News, ET BFSI
Germany's economy is projected to dislodge Japan's as the world's third largest in 2023, helped by a slide in the yen against the dollar and euro.The IMF's latest projections estimate Germany's nominal GDP at $4.4 trillion this year, compared with $4.2 trillion for...
India set to be world’s third-largest economy by 2030: S&P Global, ET BFSI
New Delhi: Brisk digital transformation and a rapidly growing middle class are expected to drive India's growth, lifting its economy to the third place by 2030, according to S&P Global Market Intelligence. This will put it behind only the US and China, overtaking...
Finance ministry report, BFSI News, ET BFSI
NEW DELHI: Domestic macro fundamentals remain strong and are improving but downside risks arise from global headwinds and uncertainties in weather conditions, the finance ministry's monthly economic report for September said.The report, which was released on Monday,...
Central Bank marks Rs 2,000 crore loans as NPA, makes 100% provisioning, ET BFSI
Central Bank of India has categorised its loans to Go First as non-performing assets (NPAs) for the second quarter of the fiscal year 2023-24 and made 100 percent provisioning on the loan. The exposure of the public sector bank, which includes government-guaranteed...
How AI is revolutionising the use of QR codes, ET BFSI
The surge of contactless payments, particularly in vast markets like India, has brought QR codes to the fingertips of almost every consumer. This ubiquitous technology is now witnessing a fusion with artificial intelligence (AI), ushering in new levels of utility and...
Why China’s Evergrande-type crisis is unlikely in India, BFSI News, ET BFSI
As India's real estate sector experiences a robust upswing, questions about its preparedness to handle this property boom have come to the forefront. This discussion inevitably draws parallels with the Evergrande crisis in China, where one of the world's largest real...
PwC India survey, ET BFSI
New Delhi: Crisis management, cyber resilience, and handling emergencies have taken centre stage, prompting corporates to take pre-emptive actions to deal with them, a PwC India survey said. According to India's Crisis and Resilience Survey 2023, the looming spectre...
Finance Ministry report, ET BFSI
New Delhi, India will remain the fastest-growing major economy in the world in 2023-24 fiscal on the back of strong domestic fundamentals and benign inflation expectations, a finance ministry report said on Monday. The September edition of the Monthly Economic Review...
Sequoia Surge to raise ceiling for seed-stage investments to $3 million, ET BFSI
Sequoia Capital's accelerator programme Surge will increase the amount of capital it will invest in seed-stage startups to be able to back a wider range of companies and stay with them longer as they achieve a product market fit, according to Rajan Anandan, MD, Surge...
Fin Min Eco Review, ET BFSI
The Indian economic growth is majorly being driven by strong private consumption in the recent period, even as two new drivers of growth have emerged, the Finance Ministry said in its latest monthly economic review. Further, the report says that India's fiscal...
India 4% inflation focus may not signal ‘higher for longer’ rates -rate panel’s Varma, Goyal, ET BFSI
"The focus, therefore, naturally shifts to the next stage of bringing the inflation to the target level," said Varma, adding that there is no ambiguity in the eventual inflation goal of 4%. India's monetary policy committee's (MPC) decision to reinforce the 4% retail...
Millennials high on investments this festive season, attractive FD rates add up, ET BFSI
Millennials are showing an increased interest in investing, driven by their desire to get better returns from the markets during the festivities. Though millennials and GenZ believe in living in the moment without necessarily worrying about the future, lured by...
Finance ministry may grant NREGS Rs 28,000 cr more, over and above budgeted Rs 60,000 cr, ET BFSI
The finance ministry could allocate about Rs 28,000 crore more for the rural job guarantee scheme this fiscal year, topping the budgeted Rs 60,000 crore, in the first batch of supplementary demands for grants, as work demand under the programme has beaten initial...
RIL, Axis Bank, Tech Mahindra, Maruti, PNB and others, ET BFSI
BodyVarious widely tracked companies like Axis Bank, Tech Mahindra, Asian Paints, Punjab National Bank, Reliance Industries, Maruti Suzuki, Bajaj Finserv and NTPC would be releasing their September quarter report cards this week. Here’s a list:October 23Torrent...
Adani Group raises $3.5 billion to refinance debt, BFSI News, ET BFSI
MUMBAI: The Adani Group said on Friday that it has refinanced part of the debt taken for the acquisition of Ambuja Cements and ACC through a $3.5 billion financing package raised from a clutch of international banks.The loan will have a tenor of three years and will...
Looking to cut debt burden, says Finance Minister Nirmala Sitharaman, ET BFSI
Finance minister Nirmala Sitharaman said on Friday that the government is looking at reducing its debt burden further and has already resorted to prudent spending by resisting the temptation of fiscal profligacy, especially after the pandemic, to avoid burdening...
Rbi, BFSI News, ET BFSI
Mumbai: High-frequency indicators point to a broad-based gaining of growth momentum, while moderating inflation bolsters macroeconomic fundamentals, the ‘state of the economy’ report published by RBI said.Higher year-on-year growth in air cargo, railway freight and...
Govt launches scheme to cover all fish farmers with Kisan Credit Card, ET BFSI
KCC for 1,59,903 have been sanctioned, at the cost of Rs 1746.16 crore.In a significant step towards enhancing financial inclusion and support for the fisheries sector, Dr. Abhilaksh Likhi, Secretary (Fisheries), chaired a meeting focusing on the 'Ghar-Ghar KCC...
Tata Group considers topping up another $1 billion for super-app arm, ET BFSI
Tata Group is weighing putting in $1 billion of fresh capital into its super app venture as the salt-to-software conglomerate seeks to improve the digital business, according to people familiar with the matter.The injection is on top of the $2 billion that Tata Group...
Adani Group set to refinance $3.5 billion debt taken for ACC-Ambuja buy, ET BFSI
The Adani Group is all set to sign a definitive agreement to refinance $3.5 billion of loans taken for last year’s acquisition of ACC Ltd and Ambuja Cement, people aware of the discussions told ET.At least 18 global banks have agreed to join the consortium led by...
IMF sees India meeting its FY24 deficit goal despite extra spending, ET BFSI
India has room to absorb additional expenditure towards subsidies and rural unemployment programme without raising its fiscal deficit target from 5.9% set for the current financial year, the International Monetary Fund said on Thursday.Prime Minister Narendra Modi's...
Finance Minister Sitharaman highlights global institutions’ declining effectiveness at Kautilya Economic Conclave, ET BFSI
At the opening session of the Kautilya Economic Conclave 2023, Finance Minister Nirmala Sitharaman voiced her apprehensions regarding the diminishing efficacy of worldwide multilateral organizations.The Kautilya Economic Conclave 2023 also features the participation...
Credit growth to surpass nominal GDP growth, unsecured credit not a worry: Report, ET BFSI
The ASCB data for the period FY01 to FY10 indicates that bank credit grew at an average of 1.82 times of nominal GDP growth, during a period of high growth. During FY11-20, the relationship broke down, and growth declined to 1 time largely, mostly because of the...
Google Cloud partners with Axis My India to build “a” multilingual Super-app, ET BFSI
Google Cloud has announced its partnership with Axis My India on Thursday at the Google for India 2023 annual event, to build an inclusive and multilingual super-app called “a”. This collaborative effort aims to address the issue of information accessibility, which...
Joe Biden supports two-state solution; announces $100 million humanitarian aid to Gaza and West Bank, ET BFSI
During his visit to Tel Aviv, U.S. President Joe Biden expressed his firm support for a two-state solution to bring peace between Israel and the Palestinian people. He also announced $100 million in humanitarian aid for Gaza and the West Bank. After his meeting with...
UK inflation holds firm at 6.7% in September, Bank of England maintains rates, ET BFSI
In the United Kingdom, official figures released on Wednesday indicate that inflation remained steadfast in September, holding at 6.7 percent. While the rate of food and beverage price hikes ceased, the uptick in gasoline costs for vehicles balanced out the decline,...
SC adjourns hearing on plea filed by ex-ICICI Bank CEO Chanda Kochhar seeking early retiral benefits, ET BFSI
The Supreme Court on Wednesday adjourned hearing on a plea filed by former ICICI Bank CEO and MD Chanda Kochhar seeking her early retirement benefits which were revoked by the bank's Board of Directors.A bench of Justices Sanjiv Khanna and P.S. Narasimha directed...
IMF director (Asia-Pacific) Krishna Srinivasan, ET BFSI
Last week, RBI governor Shaktikanta Das took on IMF over its stand on currency market intervention. In an interview, IMF director for Asia-Pacific Krishna Srinivasan explains the multilateral agency’s stand on the issue, while suggesting that countries like India...
DGGI detects GST evasion of Rs 57,000 crore since April 2020: Finance Ministry, ET BFSI
DGGI detects GST evasion of Rs 57,000 crore since April 2020: Finance ministryThe Directorate General of GST Intelligence (DGGI) has detected Goods and Services Tax (GST) evasion of Rs 57,000 crore from April 2020 to September 2023 involving over 6,000 fake instances...
Increasing access to formal credit using Gen AI on agenda, Google India VP, ET BFSI
Google for India 2023: The ninth edition of Google for India commenced on Thursday at the Pragati Maidan, New Delhi with an agenda to showcase its innovations and initiatives for the Indian market, ranging from artificial intelligence (AI) to internet access.Taking a...
UK inflation rate unexpectedly holds at 6.7% in September, BFSI News, ET BFSI
LONDON: British annual consumer price inflation (CPI) held at an 18-month low of 6.7% in September, bucking economists' expectations for a further decline, official data showed on Wednesday.The Bank of England had been expected by financial markets to leave interest...
Fin Min meets chiefs of private sector general insurers, ET BFSI
The finance ministry held a meeting on Tuesday with the General Insurance Council and chiefs of private sector general insurance companies.In a statement, the finance ministry said that several critical issues, including exploring the linking of insurance frauds to...
How high frequency indicators perform in August & September?, ET BFSI
-Arista MenezesAmid the RBI’s continuous pause on repo rates, and inflation cooling down to comfort level, there have been certain key steps taken by the government to curb the rising prices.Globally, interest rates are likely to remain higher before the world can...
Tyler Dickson, Investment Banking Head, Citi, ET BFSI
While global macroeconomic headwinds drive volatility in markets, India saw strong merger and acquisition (M&A) activities in 2023. The Indian IPO market saw a flurry of activity with stock markets toting up the greatest number ofnew listings in 2023 globally....
Goldman Sachs regrets deal with Apple, considering split, BFSI News, ET BFSI
Though not exactly on record, it's long been known that Goldman Sachs is unhappy about its partnership with Apple, as it continues to cost it hundreds of millions in losses and wants to split with the iPhone maker. Earlier this year, Goldman Sachs launched a joint...
PM Modi, Google CEO discuss financial inclusion via UPI, electronics manufacturing ecosystem, ET BFSI
PM Modi, Sundar Pichai discuss expanding electronics manufacturing ecosystem in IndiaPrime Minister Narendra Modi on Monday virtually interacted with CEO of Google and Alphabet Sundar Pichai.During the interaction, the Prime Minister and Pichai discussed Google's plan...
FICCI Economic Outlook Survey, ET BFSI
The Indian economy is projected to grow by 6.3 per cent in FY24 with a minimum and maximum growth estimate of 6.0 per cent and 6.6 per cent respectively, according to the latest Economic Outlook Survey released by the Federation of Indian Chambers of Commerce and...
PM Modi at Global Maritime India Summit, ET BFSI
Prime Minister Narendra Modi on Tuesday said the day is not far when India will be among the top three global economies, adding that everyone was looking at India in the hope that it will lead the efforts for a new world order.Inaugurating the three-day Global...
UP RERA asks banks to maintain three accounts for real estate project, ET BFSI
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has written to the State Level Bank Committee (SLBC) to ensure banks do not facilitate debit card, cheque book and net banking facility to the promoter of a real estate project to avoid siphoning of funds.UP...
World Bank chief economist Indermit Gill, ET BFSI
There is now a consensus that interest rates are going to be higher for longer, but there is less agreement about how much higher and how much longer, said Indermit Gill, chief economist, World Bank. In an interview with Deepshikha Sikarwar on the side lines of G20...
India’s wholesale prices fall 0.26% in September, BFSI News, ET BFSI
Wholesale inflation in India remained in the negative territory for the sixth straight month as prices fell 0.26 per cent in September, data showed on Monday. Wholesale inflation had risen to a five-month high of -0.52 per cent in the month of August.Economists polled...
G20 finance ministers and central bank governors embrace roadmap for Crypto asset regulation, ET BFSI
The G20 finance ministers and central bank governors Thursday adopted the roadmap to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets.The roadmap is based on a synthesis paper bringing together separate...
IMF MD, BFSI News, ET BFSI
Marrakech (Morocco): The Israel-Hamas conflict is a new cloud darkening the global economic outlook, International Monetary Fund (IMF) managing director Kristalina Georgieva said Thursday, mooting smartly packaged reforms to lift growth experiencing severe shocks. "We...
Domestic consumption, investment demand will drive growth, ET BFSI
Marrakech (Morocco): Domestic consumption and investment demand will continue to drive growth though global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in the coming months, finance minister Nirmala Sitharaman said...
India’s retail inflation eases to three-month low in September, ET BFSI
But the RBI earlier this month kept its key lending rate steady for a fourth consecutive policy meeting, and emphatically reiterated that it was targeting inflation of 4% and a print of below 6% might not suffice as a condition for easing rates.India's retail...
Bombay HC refuses bail to realtor Sanjay Chhabriaa in Yes Bank money laundering case, ET BFSI
The Bombay High Court has refused to grant default bail to realtor Sanjay Chhabriaa in the Yes Bank money laundering case, observing that money laundering involves intricate processes to make illegally-obtained money appear legitimate and hence require in-depth...
Joe Biden weighs freezing $6 billion for Iran after Hamas attack on Israel, ET BFSI
WASHINGTON: Biden administration officials are leaving open the possibility of re-freezing $6 billion in Iranian oil money that was released as part of a prisoner swap amid growing bipartisan criticism after Iran-backed Hamas militants attacked Israel.The $6 billion...
India’s retail inflation eases to 5% in September, drops within RBI tolerance band, ET BFSI
India's retail inflation eased to 5.02 per cent in September on an annual basis as against 6.83 per cent in August, showed data released by the ministry of statistics on Thursday.On a monthly basis, the prices deflated (-) 1.13 per cent. The food price inflation for...
Wadia Group stays away from Go First insolvency process, ET BFSI
Go First's former owner, the Wadia Group, has not shown an intent to bid for the grounded Indian airline and has stayed away from the insolvency process so far amid an ongoing legal tussle, three sources told Reuters.Cash-strapped Go First filed for bankruptcy in May,...
FM meets Brazil’s Minister of Economy, discusses issues of mutual interest, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Thursday met Brazil's Minister of Economy Fernando Haddad and discussed various issues of mutual interest, including the strengthening of Multilateral Development Banks (MDBs). The meeting took place on the sidelines...
World Bank must become bigger to be relevant for 4 decades: Ajay Banga, ET BFSI
Marrakech (Morocco): The World Bank must become "bigger and better" to become relevant for the next four decades to meet global developmental needs, multilateral lender's chief Ajay Banga said. The bank will soon approach its shareholders proposing a capital increase...
Wholesale inflation in US rises 2.2 per cent in September, biggest year-over-year gain since April, ET BFSI
US wholesale prices rose last month at the fastest pace since April, suggesting that inflationary pressures remain despite a year and a half of higher interest rates. The Labour Department reported on Wednesday that its producer price index - which measures inflation...
FM Nirmala Sitharaman, US Secy Janet Yellen discuss IMF’s policy priorities, ET BFSI
Union Finance Minister Nirmala Sitharaman held discussions with US Treasury Secretary Janet Yellen on the policy priorities of the International Monetary Fund and how the institution should support its membership.The two met on the sidelines of the ongoing IMF-World...
World Bank, BFSI News, ET BFSI
MARRAKECH: World Bank group's India-born chief economist Indermit Gill is upbeat on India's focus on infrastructure, digital public goods and overall economic management. In an interview with TOI, he calls for special attention on lowering debt, pushing manufacturing...
G24 backs multilateral development banks’ reforms, BFSI News, ET BFSI
MARRAKESH: G24, a group of developing nations, has backed the recommendations of the independent expert group on reform of multilateral development banks. "It strongly supported the strategy, the ambition, targets and quality of recommendations. This provides a very...
GST Council’s view on taxability of corporate guarantee is a mixed bag, say experts, ET BFSI
The GST council in its meeting held on October 7, has cleared the government’s position that corporate guarantees, such as those given by a parent company to its subsidiary will be subject to goods and services tax (GST). According to tax experts, the decisions...
World Bank chief says Gaza conflict is economic shock ‘we don’t need’, ET BFSI
World Bank President Ajay Banga said on Tuesday that the Israel-Gaza conflict is an unnecessary global economic shock that will make it harder for central banks to achieve soft landings in many economies if it spreads."It's a humanitarian tragedy and it's an economic...
HDFC Bank Chairman Atanu Chakraborty, ET BFSI
India is expected to become a USD 30-trillion economy by 2050 pushed by robust consumption and exports, HDFC Bank chairman and former economic affairs secretary Atanu Chakraborty said on Wednesday.International financial institutions have projected India's growth to...
IMF raises India’s FY24 growth forecast to 6.3%, ET BFSI
The International Monetary Fund (IMF) has bumped up India's growth forecast for FY24 to 6.3% from 6.1% estimated earlier, hailing the country as one of the "growth engines in the world economy".The upward revision reflects "stronger-than-expected consumption during...
Finance Ministry steps up vigil, but sees no major impact from Israel war for now, ET BFSI
New Delhi: The government is closely monitoring the conflict between Israel and Hamas, as it assesses the potential impact on multiple fronts, including oil price rise, capital outflows and a further strengthening of the dollar, as investors could flock to safe-haven...
India’s direct tax collection up 18% YoY as of October, BFSI News, ET BFSI
India's gross direct tax collection increased by 17.95 per cent on the year to Rs 11.07 lakh crore in the period from April 1 to October 9, the Ministry of Finance said in a statement on Tuesday.Net collections stood at Rs. 9.57 lakh crore, 21.82 per cent higher than...
Adani’s $3.5 billion Ambuja loan moves ahead after some banks get approval, ET BFSI
A group of banks that have been in talks to lend about $250 million each toward a syndicated loan of about $3.5 billion to refinance debt which the Adani Group took out to fund its purchase of Ambuja Cements Ltd. have received internal approval for the deal, according...
Mukesh Ambani reclaims India’s richest billionaire title, Adani’s fortune plummets post Hindenburg, ET BFSI
Mukesh Ambani reclaimed the title of the richest billionaire in India with a total wealth of Rs 8.08 trillion in 2023. According to the 360 ONE Wealth Hurun India Rich List 2023, Reliance Industries chairman and managing director surpassed Gautam Adani who held the...
Nirmala Sitharaman set to visit Morocco, attend IMF-World Bank Annual Meetings, ET BFSI
Union Finance Minister Nirmala Sitharaman will embark Tuesday on an official visit to Marrakech, Morocco, to attend the IMF-World Bank Annual Meetings 2023.The Union Finance Minister will also participate in the fourth G20 Finance Ministers and Central Bank Governors...
World Bank chief economist, ET BFSI
Rising debt levels among "seemingly healthy" countries in Asia could drag growth in the region below currently forecast levels, World Bank Chief Economist Indermit Gill told Reuters in an interview on Monday.Gill said he remained critical of the slow pace of debt...
Ahead of SC hearing, Adani Group says bid to tarnish reputation by foreign entities, ET BFSI
New Delhi: Adani Group on Monday said some foreign entities are continuing orchestrated attacks by rehashing old and baseless allegations to drag down its market value and tarnish the conglomerate's image ahead of the Supreme Court hearing. The Supreme Court slated a...
IMF raises India’s FY24 GDP growth forecast to 6.3% from 6.1%, ET BFSI
The International Monetary Fund (IMF) Tuesday bumped up India’s growth forecast for FY24 to 6.3% from 6.1% estimated earlier, citing stronger than expected consumption in the April-June quarter.IMF’s upgrade is the latest in several revisions for India that have seen...
Indian inflation seen easing to 5.50% in September on softening food price rises: Poll, ET BFSI
Indian retail inflation likely eased to 5.50% last month, within the Reserve Bank of India's (RBI) tolerance band, on moderating food price rises and government subsidies that offset a surge in the cost of crude oil, a Reuters poll found.The RBI kept monetary policy...
Finance minister Sitharaman reviews reform progress of MDBs, BFSI News, ET BFSI
NEW DELHI: Ahead of her departure to Marrakech for the annual meeting of the World Bank and the IMF, FM Nirmala Sitharaman took stock of the progress on multilateral development bank (MDB) reforms, a key item on India’s priority list during its presidency, with heads...
Business activity picks up greater pace in July-Sept, BFSI News, ET BFSI
New Delhi: Business activity gained further momentum in the July-September quarter, with business confidence rising to a three-quarter high, according to a private survey. The Confederation of Indian Industry's Business Confidence Index showed that two-thirds of the...
Analysts worry about the Israel War Impact on Indian economy, BFSI News, ET BFSI
The surprise Israel-Palestine war has brought the Indian markets and financial sector on the tenterhooks as it may have wide-ranging ramifications and repercussions across geographies, economies and sectors.Analysts see bond yields spiking and the stock market fall if...
Strong data send economic concerns rising in US, BFSI News, ET BFSI
US Treasury yields surged this week, sparking a broader selloff in global bond markets as investors brace for higher interest rates for longer.Longer-dated US government yields reached levels last seen in the financial crisis, fueled in part by strong job-market data....
Finance Minister Nirmala Sitharaman to chair the 52nd GST Council Meeting today, ET BFSI
Union Finance Minister Nirmala Sitharaman with preside over the 52nd Goods and Services Tax (GST) Council meeting at the Sushma Swaraj Bhawan in New Delhi on Saturday.A post on the official handle of Union Ministry of Finance on social media platform X read, "Union...
FY24 excise duty collection target may be cut by Rs 45,000 crore, ET BFSI
The Centre may revise the FY24 excise duty collection target downwards by Rs 45,000 crore, factoring in some possible fiscal support if crude oil prices continue to remain elevated, people familiar with deliberations told ET.This revision is not likely to impact the...
RBI Guv, BFSI News, ET BFSI
Mumbai, India is poised to become the new growth engine of the world, Reserve Bank of India Governor Shaktikanta Das said on Friday as the central bank retained the country's GDP growth forecast at 6.5 per cent for 2023-24, notwithstanding the slowing global economy....
Finance minister Nirmala Sitharaman, ET BFSI
NEW DELHI: Finance minister Nirmala Sitharaman on Thursday said political stability and policy consistency will be crucial for India to emerge as the world's third largest economy, a goal that PM Narendra Modi expects to be achieved by 2029."For anyone who indicates...
Bhashini to launch RBI’s platform for frictionless credit in multiple languages, ET BFSI
The Digital India Bhashini Division (DIBD) plans to launch the Reserve Bank of India's Public Tech Platform for Frictionless Credit in multiple languages to make financial services more accessible across languages.The DIBD will do this in collaboration with the...
Finance Ministers likely to endorse new World Bank plan next week, ET BFSI
NEW DELHI: The World Bank is ready with a new vision and mission that goes beyond its focus on poverty reduction to "address global challenges" such as climate change, and is seeking the mandate from its shareholders to look at innovative ways to mobilise more lending...
39,000 Compliances removed to boost ease of business: FM Sitharaman, ET BFSI
The NDA government has scrapped 39,000 unnecessary compliances and 1,500 archaic laws, finance minister Nirmala Sitharaman said Wednesday, highlighting a raft of steps taken by authorities to ensure ease of doing business in the country. Speaking on the occasion of...
World Bank for $100 billion extra annual lending capacity for climate change and poverty, ET BFSI
NEW DELHI: Ahead of the meeting of G20 finance ministers and central bankers, under India’s presidency, in Marrakech next week, the Development Committee of the World Bank has proposed the creation of additional annual lending capacity of more than $100 billion over...
India must grow at 8% to be ‘developed’ by 2047, says World Bank’s Kouame, ET BFSI
India needs to grow at 8% to achieve its goal of becoming a developed economy by 2047, and private investment needs to pick up to support it, the World Bank's India country director, Auguste Tano Kouame, said on Tuesday.The World Bank has, in its India Development...
Top BFSI appointments that grabbed headlines in Q3’CY23, ET BFSI
The months of July, August and September has seen some major developments in the BFSI sector and some important appointments which made into headlines. While the space witnessed the quarterly results, G20 developments, soaring inflation, companies filing for IPO, etc,...
Finance ministry seeks expenditure proposals from ministries for supplementary demands for grants, ET BFSI
New Delhi, Ahead of the winter session of Parliament, the finance ministry has sought expenditure proposals for the first batch of supplementary demands for grants from various ministries and departments. The first batch of supplementary demands for grants for 2023-24...
India’s retail inflation likely to ease by December: Finance Secretary, ET BFSI
India's retail inflation is likely to ease by December as seasonal factors become more favourable, Finance Secretary T V Somanathan told Reuters late on Tuesday.India's retail inflation remained above the upper end of the central bank's 2%-6% tolerance band for a...
SoftBank CEO Masayoshi Son, ET BFSI
SoftBank CEO Masayoshi Son said he believes artificial general intelligence (AGI), artificial intelligence that surpasses human intelligence in almost all areas, will be realised within 10 years.Speaking at the SoftBank World corporate conference, Son said he believes...
India services exports rise 8.4% to $28.72 billion in August, ET BFSI
India's services exports climbed 8.4% year-on-year to $28.72 billion in August, while imports fell 0.8% to $15.10 billion, provisional data by the Reserve Bank of India (RBI) showed on Tuesday.Data released by the government last month showed services exports were...
RBI steps up interaction with govt to have better grip on food prices, ET BFSI
NEW DELHI: With food prices being a key driver of inflation, RBI has intensified its interaction with government agencies, especially the department of consumer affairs at the Centre, to get a better grip over the issues.During last few months, at least two rounds of...
Air India partners with Tata Neu-HDFC Bank credit card, BFSI News, ET BFSI
Air India on Tuesday joined Tata Neu-HDFC Bank Credit Card as a partner, said Tata Digital in a press release.“Tata Neu HDFC Bank credit card customers can now earn 5 per cent NeuCoins with Tata Neu Infinity HDFC Bank Credit Card and 2% NeuCoins with Tata Neu Plus...
RBI-MPC’s decision on repo rate may be unanimous but not on the stance: Economists, ET BFSI
While there will be unanimity on not changing the repo rate from the current 6.5 per cent, there will be divergence within the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) as to the stance, said senior economists. The six-member MPC will meet from...
World Bk raises India’s inflation forecast to 5.9% for FY24 on higher oil prices, abnormal monsoon, ET BFSI
The World Bank Tuesday kept India's growth forecast unchanged at 6.3% for FY24, driven by investment, while sharply revising its inflation projection to 5.9% from 5.2%."Private consumption growth is likely to slow as the post-pandemic catch up fades, and external...
Former NITI Aayog Vice Chairman Rajiv Kumar, ET BFSI
Niti Aayog Vice Chairman Rajiv KumarNew Delhi: The Indian economy will grow at around 6.5 per cent in the current fiscal as the country's macroeconomic situation is benefiting from the reforms that have been taken up in the last nine years by the Narendra Modi-led...
World Bank maintains India’s 2023-24 GDP growth at 6.3 per cent, ET BFSI
NEW DELHI: The World Bank has retained India's GDP growth forecast for the financial year 2023-24 at 6.3 per cent and noted that the country continued to show resilience against the backdrop of a challenging global environment.The World Bank in its April report had...
How Mercedes is transforming car into a payment device, BFSI News, ET BFSI
EQS SUV Mercedes-BenzMercedes-Benz has introduced an innovative payment feature in Germany, allowing customers to make digital payments through the MBUX system using fingerprint authentication. In partnership with Mastercard, the company has launched this embedded...
Former NITI Aayog Vice Chairman Rajiv Kumar, ET BFSI
New Delhi, ) The Indian economy will grow at around 6.5 per cent in the current fiscal as the country's macroeconomic situation is benefiting from the reforms that have been taken up in the last nine years by the Narendra Modi-led government, former NITI Aayog Vice...
India’s unemployment rate declines to 1-year low in September, ET BFSI
India’s unemployment rate dropped to a one-year low in September as joblessness in rural areas fell despite weak monsoon rains. The overall joblessness rate slid to 7.09% last month, from 8.10% in August, data from private research firm Centre for Monitoring Indian...
Finance ministry notifies October 1 date for implementing amended GST law provisions for e-gaming, ET BFSI
NEW DELHI: The Finance Ministry has notified October 1 as the date for implementation of the amended GST law provisions for taxing e-gaming, casinos and horse racing. According to the changes to the Central GST Act, these supplies will henceforth be treated as...
Jul-Sept FY24 goods exports seen 4.8% down on year: EXIM Bank, ET BFSI
The Export-Import Bank of India expects the country to clock 4.8% lower merchandise exports in the second quarter of 2023-24 as against the previous fiscal, pulled down by a slowdown in its major trading partners and global geopolitical uncertainty.The Exim Bank has...
Liquidators can’t combine asset sales, deposits for fees: IBBI, ET BFSI
New Delhi: A liquidator won't be allowed to combine the proceeds from the sale of assets of a bankrupt company with its liquid assets such as cash deposits to calculate fees for their services, the insolvency regulator has clarified in its latest order, suggesting any...
Euro zone inflation hits 2-year low, BFSI News, ET BFSI
Inflation in the euro zone fell to its lowest level in two years in September, suggesting the European Central Bank's steady diet of interest rate hikes was succeeding in curbing runaway prices albeit at a growing cost for economic growth.Consumer prices in the 20...
World Bank maps out plans to further boost lending by $100 bln-plus over a decade, ET BFSI
WASHINGTON: The World Bank on Thursday proposed steps that would boost its lending to developing countries by an additional $100 billion over a decade as part of an ongoing reform process aimed at helping the bank expand its mission to include climate change.In a...
Inflation drops sharply in Europe. It offers a glimmer of hope, but higher oil prices loom, ET BFSI
FRANKFURT: Inflation that has been plaguing Europeans made a marked decline in September, strengthening hopes that consumers will eventually get relief from costlier groceries, vacations and haircuts — and that the European Central Bank won’t have to further restrict...
India’s fiscal deficit for April-August at 6.43 lakh crore, widens to 36% of FY24 aim, ET BFSI
India's fiscal deficit for the first five months of this fiscal year through August stood at 6.43 lakh crore rupees, or 36% of annual estimates, government data showed today.The fiscal deficit widened from 32.6% reported in the comparable year-earlier period.Total...
Mastercard India chief, ET BFSI
Chairman of Mastercard India Rajnish Kumar on Thursday said that the trust of the depositors is with the banking system and not with fintech companies. Speaking at the CII banking conclave here, Kumar, also the former chairman of the State Bank of India (SBI), said...
Cognizant appoints former Wipro finance chief Jatin Dalal as CFO, ET BFSI
Jatin Dalal Cognizant Technology Solutions on Thursday named former Wipro chief financial officer Jatin Dalal as its CFO, a week after his resignation from the Indian information technology (IT) major.Dalal is the second high profile hire by Cognizant in the past...
UK economy grows 0.2% in Q2 2023, BFSI News, ET BFSI
British gross domestic product in the second quarter of 2023 was 0.2% higher than the quarter before, figures from the Office for National Statistics showed on Friday.Economists polled by Reuters had forecast a reading showing quarterly growth of 0.2%, unchanged from...
2 new debit card, credit card rules applicable from October 1, 2023, ET BFSI
The Reserve Bank of India (RBI) has proposed that cardholders be given the option of selecting their network provider for debit card, credit card, or prepaid cards. This new rule will come into effect from October 1, 2023.At the moment, when you apply for a debit or...
Household savings at 16-year low threaten India’s growth, BFSI News, ET BFSI
Rising debt payments are eroding the spending power of Indian households and threatening to choke off the funds that fuel the fastest-growing major economy.Household financial assets, including bank deposits, cash and equity investments, after deducting debt servicing...
Nomura upgrades India’s rating over strong macro, BFSI News, ET BFSI
MUMBAI: Japan's Nomura Group on Wednesday became the latest global financial major to upgrade India's ratings to 'overweight' from 'neutral' on the back of strong macro-economic fundamentals and the expected benefits accruing to it from the 'China plus one'...
Festive wave may lift India’s industrial growth in coming months, ET BFSI
New Delhi: India's industrial economy is expected to receive a festive bump, growing around 6% year-on-year in the next couple of months with improvement in monsoon rains, softening inflation, and election-related rise in spending adding to the festive...
Report, BFSI News, ET BFSI
Mumbai: The credit growth is likely to moderate to 13-13.5 per cent this fiscal but will improve slightly to 13.5-14 per cent next financial year as the economic pace picks up, according to a report. The biggest factor driving the moderation is low demand in wholesale...
S&P sees growth crossing 6% on domestic uptick, private capex, ET BFSI
The ratings firm has projected inflation to hit 5.5% this year, up half a percentage point from its previous forecast.Earlier this week, S&P retained its forecast for India's economic growth at 6% for FY24 and 6.9% for the subsequent two years."The risks are...
Government to offer 50-year gilts, green bonds this fiscal, BFSI News, ET BFSI
MUMBAI: The government plans to borrow Rs 6.55 lakh crore, unchanged from what it had announced earlier, during the second half of the current fiscal. It further said that it would introduce bonds with a 50-year maturity as well as green bonds - both firsts for...
Food prices are rising as countries limit exports. Blame climate change, El Nino and Russia’s war, ET BFSI
How do you cook a meal when a staple ingredient is unaffordable?This question is playing out in households around the world as they face shortages of essential foods like rice, cooking oil and onions. That is because countries have imposed restrictions on the food...
Current Account Deficit | India Trade Deficit: India’s current account deficit widens sequentially on higher trade deficit, ET BFSI
India's current account deficit widened to $9.2 billion, or 1.1 per cent of the GDP, in the first quarter of the ongoing financial year on a sequential basis but narrowed on a year-on-year basis, Reserve Bank of India data showed on Thursday.In Q1FY23, India's CAD...
Indian startup funding at five-year low in Q3, says Tracxn, BFSI News, ET BFSI
Funding challenges continue for Indian tech startups with the third quarter (Q3) of 2023 (ended September 26) the least funded period in the past five years, data from the market intelligence firm Tracxn showed.Following a surge in startup funding during Q4 2022,...
Sri Lanka cabinet approves $200 million loan from Asian Development Bank, ET BFSI
COLOMBO: Sri Lanka's cabinet approved a $200 million loan from the Asian Development Bank (ADB), the Media Ministry said in a statement on Tuesday, as the country focuses on rebuilding its crisis-hit economy.The funds will be obtained in a five-year loan to help the...
Judge rules Donald Trump defrauded banks, insurers as he built real estate empire, ET BFSI
A judge has ruled that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House. Judge Arthur Engoron, ruling Tuesday in a civil lawsuit brought by New York's attorney general, found that the former...
Amazon looking to tie-up with more banks for credit card offerings, ET BFSI
Global e-commerce giant Amazon is looking to tie-up with more banks for credit card offerings, as it sees high growth in the segment, a senior official said on Wednesday. At present, the company has a tie-up with ICICI Bank for a co-branded credit card as part of...
Centre asks banks to depute doorstep executives to help bedridden pensioners submit life certificates, ET BFSI
New Delhi, The Centre has asked all pension disbursing banks to depute doorstep executives to help bedridden and hospitalised pensioners submit their life certificates. An order issued by the Department of Pension and Pensioners' Welfare (DoPPW) also asked all banks...
Global money with global rules of play, BFSI News, ET BFSI
Mumbai: India's inclusion in JP Morgan's GBI-EM bond index global suite starting June 2024 and the anticipation of such announcements by other index providers mean that the local bond market will now function within a universe of globalised investment...
Centre notifies final angel tax rules, retains all five valuation methodology from draft rules, ET BFSI
The centre on Tuesday notified Angel Tax rules retaining all the five valuation methodology from the draft rules and introducing a mechanism for arriving at the fair market value of Compulsorily Convertible Preference Shares (CCPS) for investment from residents as...
Centre sticks to target, to borrow Rs 6.55 lakh crore in H2, BFSI News, ET BFSI
The Centre will borrow ₹6.55 lakh crore from the market through dated securities in the second half of this financial year, staying with the budget estimate and indicating a comfortable fiscal situation for now.In the first half of 2023-24, the government announced...
JPMorgan sees India in its top 3 fastest-growing Asia markets in 2024, ET BFSI
MUMBAI: India could be among the three fastest growing markets for JPMorgan in the Asia Pacific region next year, alongside Australia and Japan, said a top official at the Wall Street bank."People are starting to get excited about the whole China plus one element and...
India will soon emerge as global economic powerhouse: PM Modi, ET BFSI
Ahmedabad, Prime Minister Narendra Modi on Wednesday said their aim is to make India a global growth engine and that the country will soon emerge as an economic powerhouse of the world. Speaking at an event to mark the completion of 20 years of the Vibrant Gujarat...
World Bank’s annual meeting to focus on ending poverty, BFSI News, ET BFSI
MARRAKECH: The World Bank-International Monetary Fund (IMF) Annual Meetings are set to return this year, taking place from October 9 to 15 in the city of Marrakech, Morocco.According to the World Bank, these meetings are a vital platform for international...
Kishore Biyani moves Bombay High Court against BDO and Bank of India, ET BFSI
Kishore Biyani, founder of the Future Group has challenged the forensic audit process and the report submitted by accounting firm BDO India LLP and its lender Bank of India at the Bombay High Court. On Monday, Future Retail said in the stock exchange announcement that...
Go First lenders on the hook as airline’s fate hangs in balance, ET BFSI
Go FirstTo remain current, the bankrupt airline requires approximately Rs 50 crore to Rs 70 crore every month even as the legal proceedings drag on.Go First, the budget airline backed by the Wadias, has been grounded for nearly five months due to complex bankruptcy...
REC signs MoU with PNB, to co-finance infrastructure projects amounting to Rs 55,000 cr over 3 yrs, ET BFSI
New Delhi: REC Limited and Punjab National Bank (PNB) on Tuesday announced the signing of a Memorandum of Understanding (MoU) to jointly fund projects in the power sector and infrastructure & logistics sector. The collaboration aims to co-finance debts totaling...
Govt considering Rs 600 billion housing loan interest subsidy scheme, ET BFSI
NEW DELHI/MUMBAI: India is considering spending 600 billion rupees ($7.2 billion) to provide subsidised loans for small urban housing over the next five years, two government sources told Reuters.Banks are likely to roll out the scheme in a couple of months, ahead of...
Promoters can hold onto CCCL as NCLAT backs settlement offer, BFSI News, ET BFSI
Mumbai: An appeals court has allowed a settlement offer from the promoters of engineering company Consolidated Construction Consortium (CCCL), setting aside a lower court's liquidation order and paving the way for the closure of a debt-resolution process that started...
Record fresh capital raised via IPOs this year points to capex revival, ET BFSI
Mumbai: Fresh capital raised via initial public offerings (IPO) this year has surged to the highest in more than a decade, pointing to the long-awaited revival in capital expenditure by India's private sector that believes a rapidly expanding economy will soon stretch...
Telangana inflation most volatile in country, BFSI News, ET BFSI
HYDERABAD:Telangana’s inflation rates have been the most volatile in the country, ranging from 10% in June 2022 to 8.5% in August 2023.Despite stabilising from a peak of 10% and a sharp drop to nearly 6% in July, rural inflation continues to remains high in the state....
India needs blended finance to scale up climate investment to $170 bn annually by 2030: IFC, ET BFSI
New Delhi: India must utilize blended finance in order to achieve its energy transition goals, according to International FInance Corporation (IFC). It said in a report India will need to significantly scale up climate investments — from $18 billion to $170 billion...
Majority of lenders of IL&FS Tamil Nadu Power Company seal loan recast deal, ET BFSI
A majority of the lenders have signed an agreement to restructure the ₹9,000-crore debt of IL&FS Tamil Nadu Power Company (ITPCL), allowing them to distribute the ₹3,134 crore cash in the company as early as next week after the board of the debt-laden financial...
G20 declaration should spur govt to give big push to MSMEs: Experts, ET BFSI
NEW DELHI: The declaration of G20 nations under India's presidency should spur the government to give a big push to the MSME sector by simplifying the regulatory process and enhancing their access to affordable capital, say experts. The commitments made in the G20's...
Indians have just five days to return withdrawn Rs 2,000 notes worth $3 billion, ET BFSI
Indians have just five days to return about $3 billion worth of now-withdrawn Rs 2,000 notes.The Reserve Bank of India (RBI) ordered the withdrawal of the 2,000-rupee note on May 19, giving people until the end of September to exchange or deposit them with banks. The...
AI can replace auditors and accountants, Union Finance secretary, ET BFSI
Union Finance Secretary and senior IAS officer T.V. Somanathan on Saturday said Artificial Intelligence (AI) can replace the work being done by auditors and accountants.He was delivering the CA S. Hariharan memorial lecture here.Somanathan said that AI has specific...
India fourth in number of startups with $50 million+ funding: Study, ET BFSI
India ranks fourth in the world in the number of scaleups, or startups that have received more than $50 million of disclosed VC investment. Ahead of India are the US, China, and the UK, the first edition of Startup Genome's Scaleup Report said.However, it's ahead of...
S&P retains India’s growth forecast at 6%; expects higher inflation and no rate cut this year, ET BFSI
Ratings agency S&P Global Ratings, Monday, retained India’s FY24 growth forecast at 6%, citing global economic slowdown, rising risks from sub-normal monsoon and delayed effect of rate hikes, even as it projected higher inflation in FY24.“Notwithstanding the...
India considering Rs 60,000 crore housing loan interest subsidy scheme, ET BFSI
India is considering spending Rs 60,000 crore ($7.2 billion) to provide subsidised loans for small urban housing over the next five years, two government sources told Reuters.Banks are likely to roll out the scheme in a couple of months, ahead of key state elections...
India bonds finally at global high table with index inclusion, ET BFSI
India’s $1 trillion government bond market has struggled for years to rise above the criticism of being insular.That is set to change after JPMorgan Chase & Co. Thursday became the first global index provider to include them on its emerging markets index. The...
Cooperative sector can boost India’s economy, development and employment: Shah, ET BFSI
After the cooperative movement started in India in 1904, in no time it spread to Maharashtra, Gujarat, Karnataka, Tamil Nadu, West Bengal and central India, he saidMumbai: Union Minister for Home and Cooperation, Amit Shah, said on Saturday that the 120-year-old...
Indian household savings hit half-a-century low as debt rises, ET BFSI
Financial assets of households drop to 5.1% of GDP in FY23; SBI economists say financial savings may have been channelled into physical savings due to the low interest rate environment in recent years.Indian households saw their financial assets, which include bank...
How India is pouring billions of dollars into Canada’s economy, ET BFSI
Students from Punjab who go to study in Canada spend about Rs 68,000 crore in that country, nearly $8 billion, annually. That's a recent estimate by Sikh Vox, a website on the Sikh diaspora. The estimate is based on the number of students studying in Canada and the...
Nearly 40% of Pakistan’s population now living below poverty line: World Bank, ET BFSI
NEW DELHI: Over 12.5 million Pakistanis fell below the poverty line in the past one year and now nearly 40% of the country's population is struggling to get its basic needs met, the World Bank has said as it urged the cash-strapped country to take urgent steps to...
World economy is set for a slowdown next year after “subpar” 2023, ET BFSI
The Federal Reserve and Bank of England left interest rates unchanged this week, while both left the door open to additional increases should inflation prove persistent.Policymakers in the US made their decision unanimously, while those in the UK were split. Meantime,...
Growth momentum in Q2 shaping up well but rise in oil price poses a risk: Finmin report, ET BFSI
The strong advance tax collections for the second quarter of FY24 suggest the private sector is in good health and that “they are investing”, it added.The finance ministry on Friday said economic activities in the second quarter of this fiscal are “shaping up well”,...
Growth momentum in Q2 shaping up well but rise in oil price poses a risk: Finmin report, ET BFSI
The finance ministry on Friday said economic activities in the second quarter of this fiscal are “shaping up well”, building on the momentum witnessed in the June quarter, even as it termed the recent run-up in global crude oil prices an “emerging concern” if not an...
World Bank’s IFC, Sunteck form platform for green urban housing, to invest Rs 750 cr, ET BFSI
In a significant move to address the acute affordable housing shortage in India, the World Bank member IFC and realty developer Sunteck Realty are partnering to create a joint platform to promote the development of 12,000 housing units with a total investment of up to...
Food prices that drove inflation are on a retreat, says DEA; highlights August rain deficit may impact crops, ET BFSI
Representative image. In its monthly economic review for August published on Friday, the Department of Economic Affairs (DEA) said that the prices of selected food items that drove the inflation rate above 7 per cent in July are on the retreat. "The calibrated...
FinMin confident of 6.5 per cent growth in FY24 despite symmetric risks, ET BFSI
The finance ministry on Friday exuded confidence that the country will achieve 6.5 per cent growth in FY24 on the back of improved corporate profitability, private capital formation and bank credit growth, notwithstanding the risks of rising crude oil prices and...
Economic outlook remains bright in current fiscal as activity maintained momentum: FinMin document, ET BFSI
New Delhi, India's economic outlook for 2023-24 remains bright as economic activity maintained its momentum in August, according to a finance ministry document. The monthly economic review released by the finance ministry on Friday stated that the monsoon deficit of...
RBI DG Patra, ET BFSI
India will be a USD 5 trillion economy and the third largest in the world by market exchange rates by 2027, aided by the demographic advantage and pace of financial sector development, Reserve Bank Deputy Governor Michael D Patra has said. Delivering a speech at the...
Bhargav Dasgupta resigns as MD and CEO of ICICI Lombard, BFSI News, ET BFSI
Bhargav Dasgupta has resigned from the role as Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Lombard. The company has confirmed that he will continue to discharge his duties until his final working day, which will be communicated in due...
RBI DG Patra, ET BFSI
India will be a USD 5 trillion economy and the third largest in the world by market exchange rates by 2027, aided by the demographic advantage and pace of financial sector development, Reserve Bank Deputy Governor Michael D Patra has said. Delivering a speech at the...
Wipro CFO Jatin Dalal resigns, Aparna Iyer named new finance chief, ET BFSI
IT services provider Wipro said on Thursday that Jatin Dalal has resigned as chief financial officer to pursue other opportunities after more than two decades with the company, according to a regulatory filing. Aparna Iyer, who has been with the IT major for over 20...
Finance ministry on dip in household savings, ET BFSI
NEW DELHI: The finance ministry on Thursday dismissed the criticism over the impact of declining household savings on the economy, saying people are investing in different financial products and "there is no distress".The statement posted on X by the ministry brushed...
UK homeowners hope Bank of England avoids another rate hike after inflation falls, ET BFSI
London, Sep 21 (AP) Homeowners across the UK are hoping that the Bank of England will decide to avoid raising interest rates Thursday for the first time in nearly two years, a decision that would come on the heels of similar action by the US Federal Reserve. Following...
HDFC MF gets Reserve Bank nod for raising stake in Federal Bank, Equitas SFB to 9.5 pc, ET BFSI
New Delhi, Reserve Bank has accorded approval to HDFC Mutual Fund to raise its stakes in Federal Bank as well as in Equitas Small Finance Bank to up to 9.5 per cent. The clearance has been granted with reference to the application made by HDFC AMC to RBI, according to...
SEBI will ‘corporate group’ definition amid offshore funds scrutiny, ET BFSI
SEBI will consider a listed company's major shareholders, affiliates and connected entities as part of a 'corporate group' as it increases scrutiny of investments by offshore funds in domestic entities, according to a written communication reviewed by Reuters.This...
ADB lowers India’s growth forecast to 6.3 per cent for FY24, raises inflation forecast, ET BFSI
Asian Development Bank, Wednesday, revised India’s growth forecast downward to 6.3% from 6.4% projected earlier, pointing out that erratic monsoons are likely to impact agricultural output.“Slowing exports could foment headwinds for the economy, and erratic rainfall...
Private debt placement by India Inc hits a high in FY23, ET BFSI
Mumbai: Fundraising through private placement of debt by India Inc hit a record high in the last financial year as a recovery in economic growth and surging interest rates abroad prompted companies to flock to the local market to raise capital.Resource mobilisation in...
Consumer Affairs Secy, ET BFSI
The grievance redressal mechanism of many big e-commerce players is not up to the mark as the number of complaints received by the National Consumer Helpline has risen sharply over the last four years, Consumer Affairs Secretary Rohit Kumar Singh said on Thursday....
FM Sitharaman calls for full digitisation of RRBs to ensure better services in rural areas, ET BFSI
Finance minister Nirmala Sitharaman on Tuesday called for full automation of regional rural banks and cooperative banks, and directed the Department of Financial Services to study the gap between loan sanction and disbursement for these lenders.Sitharaman's remarks...