Fintech firm One97 Communications, which owns the Paytm brand, on Wednesday said its loss in the fourth quarter of the financial year 2023-24 has widened to Rs 550 crore following the ban imposed by the RBI on transactions related to its payments bank. The company had posted a loss of Rs 167.5 crore in the same period a year ago, the company said in a regulatory filing. "Our fourth quarter FY24 results were impacted by temporary disruption on account of UPI transition etc. and permanent disruption because of the PPBL embargo.
FMPs remain an option for investors who believe interest rates could head downward over time and wish to lock in the current rates. TMFs have very low expense ratios, which makes them cost-efficient.
Sanjay Jha's importance lies in his connections to senior BJP and RSS leaders to maintain a smooth relationship within the NDA government in Bihar and at the Centre and to contest the 2025 Bihar assembly elections together under Nitish Kumar's leadership.
The Indian IT services sector is staring at a second consecutive year of muted revenue growth due to modest increase in tech spends in Europe and the US, a domestic rating agency said on Wednesday. Crisil Ratings said it expects the sector to grow at 5-7 per cent in FY25, after a growth of 6 per cent estimated to have been achieved in FY24. The overall industry size is pegged at $250 billion and it creates over 50 lakh direct jobs.
Bindra admitted that hopes will be high on the Indian shooting contingent in Paris after having notched up seven medals - India's best-ever tally - at the Tokyo Olympics.
Under the relevant law, the activist may get a jail term of two years or fine or both as the punishment.
'An in-house contest encourages employees to share yoga and well-being practices with their families.'
'The last year's growth is a foretaste of things to come in the retail credit market.'
Before framing regulations to curb 'misleading' messages and stock recommendations by finfluencers (a portmanteau of the phrase 'financial influencers'), the market regulator plans to put in place some 'building blocks' to ensure smooth enforcement. Madhabi Puri Buch, chairperson of Securities and Exchange Board of India (Sebi), is of the view that the 'traditional approach may not work' to rein in finfluencers. "There are many interlinked pieces in our regulations - investment advisor regulations, research analyst regulations, the fact that we don't have algorithmic (algo)-related regulations, what brokers are permitted to do, and what is incidental advice.
One97 Communications Ltd (OCL), the parent firm of fintech major Paytm, has denied reports about any investigation by the Enforcement Directorate (ED) into the company, its associates, and its founder and chief executive officer (CEO), Vijay Shekhar Sharma. The company, in an exchange filing on Sunday, said it had cooperated with the authorities when users or merchants on its platform were subject to enquiries in the past. "We would like to set the record straight and deny any involvement in anti-money laundering activities.
'There was a strong undercurrent of deprivation, and also frustration against misuse of power and authority.' 'This election was an opportunity for the manifestation of this discontentment.'
Fintech companies believe that the impact of Reserve Bank of India's order last week on unsecured loans will be visible in six to 12 months and prompt them to diversify and strengthen their secured portfolio. Fintechs which source funds through banks or non-banking finance companies (NBFCs) are looking at quickly building their secured portfolio options to at least 40 per cent of their total portfolio. "Over the medium to long term, as part of our product strategy, we are evaluating secured products which can be enabled over a digital platform" said Yogi Sadana, the founder of Zype, a lending-focussed fintech.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
'The sense of Constitutional propriety and political morality seems to be vanishing fast.' 'There are many things in today's politics of governance which Manmohan Singh would have never dreamt of saying or doing.'
'Madhubala stipulated in her contracts that she wanted only me to do her playback singing.'
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
Shane Bond, who has been associated with MI since 2015, won four IPL trophies as the bowling coach of the team.
Automotive (auto) major Mahindra & Mahindra (M&M), which is readying to launch nine sport utility vehicles (internal combustion engine/ICE), seven Born Electric Vehicles (BEVs), and seven light commercial vehicles by 2030, has outlined an investment of Rs 27,000 crore in its auto business between 2024-25 (FY25) and 2026-27 (FY27). Over the next three years, the company will deploy Rs 37,000 crore, including its auto business, farm business (Rs 5,000 crore), and service business (Rs 5,000 crore).
'A score of 750 and above is considered to be good, though these cut-offs can vary depending on the type of loan being sanctioned,' points out Arun Ramamurthy.
At the core of Nitish Kumar's decision was a cold political calculation. He assessed that the RJD's support base was unlikely to vote for JD-U candidates in the Lok Sabha polls. He was unsure of winning even half a dozen if he stayed with the RJD and the Congress.
'TMFs trump FMPs and FDs when it comes to investing in a high-duration product.'
Meanwhile, Sam Bahadur is fighting to find a place for itself.
'The censor board asked me for some strange cuts.' 'Otherwise, they would have given me an 'A' certificate.' 'One cut was where Girish Karnad was explaining artificial insemination in cattle.' 'These cuts never made any sense to me.'
Rohan Bopanna has set his sight on the Paris Olympics 2024 starting July 26 after winning his maiden men's doubles grand slam.
Telecom services providers have urged the Ministry of Finance to suspend the universal service obligation (USOF) till the existing corpus is exhausted. In their Budget recommendations, they have also pressed for an exemption from the service tax on "assignment of right to use natural resources" and the slashing of Customs duty on telecom equipment to zero. The Cellular Operators Association of India (Coai), which represents private sector telecom operators Reliance Jio, Bharti Airtel, and Vodafone Idea, called for abolishment of USOF levy.
As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
Ultimately, the choice between no-cost EMI and BNPL depends on an individual's financial situation, preferences, and ability to manage repayments responsibly.
'We are also conducting ongoing training and grooming at the branch level to pre-empt such cyberattacks.'
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
'I am excited to join CSK again.'
Asserting that the world does not have much time to correct the mistakes of the last century, Prime Minister Narendra Modi on Friday announced a 'Green Credit Initiative' focused on creating carbon sinks through people's participation and also proposed to host the United Nations climate conference in 2028, or COP33, in India.
The top 50 exposures, amounting to Rs 7.8 trillion, of government-registered non-banking financial companies (G-NBFCs) constitute about 40 per cent of corporate credit within the NBFC sector, indicating concentration risk, according to the Reserve Bank of India's report "Trend and Progress of Banking in India 2022-23". Notably, all the 50 are tied to the power sector, a domain fraught with inherent challenges, the report said. The report highlighted recognising the escalating systemic importance of G-NBFCs, the Prompt Corrective Action (PCA) framework had been expanded to include G-NBFCs excluding those falling within the base layer.
'We expect the bull-market phase to still persist, but now led by large-caps which offer better valuation and benefit from FII inflows.'
'We expect continued pressure on midcaps, but any sharp correction looks unlikely from here on.'
The BJP MLA alleged that Chief Minister Eknath Shinde is "trying to create a kingdom of criminals in Maharashtra".
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
False and acrimonious debates such as Modi versus Manmohan might allow for victories that are political and partisan. But the real loser is the nation, India and Bharat, notes Arvind Subramanian, former chief economic advisor to the Modi government in its first term.
"We will raise Rs 300 crore via bonds of two-, three- and five-year tenures. This will be our maiden bond issuance and is part of our effort to widen funding sources," says Vimal Bhandari, executive vice-chairman and chief executive officer (CEO), Arka Fincap. The firm, a subsidiary of Kirloskar Oil, is only five years old and small (assets of around Rs 5,000 crore with an "AA" rating), but the response to this float will be closely watched: It would be the first by a non-banking finance company (NBFC) after Mint Road upped the risk weights on bank exposures to them by 25 percentage points. The move by the Reserve Bank of India (RBI) has caught NBFCs off guard even though the issue had been flagged by Governor Shaktikanta Das with their corner-room occupants (and that of banks) in July and August 2023 - on consumer credit and the dependency on bank borrowings.
Kanugolu had also made forays in Rajasthan and Madhya Pradesh following a directive from the party's central leadership but regional satraps Ashok Gehlot and Kamal Nath reportedly were not on the same page as the poll strategist.
Goa Cricket Association president Chetan Dessai, secretary Vinod Phadke and treasurer Akbar Mulla were today arrested by police for alleged misappropriation of over Rs three crore belonging to the organisation.
While there is easy access to money, the flip side is the high interest rate and processing fees, points out Sarbajeet K Sen.
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