The Reserve Bank of India (RBI) has recognised the Fintech Association for Consumer Empowerment (FACE) as a self-regulatory organisation (SRO) in the fintech sector, the central bank announced on Wednesday. The banking regulator received three applications for fintech SRO. Of the remaining two applications, one has been returned by the RBI with a provision for resubmission after meeting specific requirements, while the third application is still under examination, said Governor Shaktikanta Das at the Global Fintech Fest in Mumbai.
One effect of the globalisation of Indian business has been the rise in the grant by companies to staffers of employee stock options.
Senior bankers point out that while they will eventually attract qualified professionals, onboarding them takes time.
IT companies would be entitled to the same tax benefits as SEZ developers.
However, Bengaluru is on a high with the share of IT/ITeS in the total office space transaction rising from 55 per cent in 2011 to 75 per cent till May 2012, according to data by DTZ, an international real estate research firm.
The effects of the sub-prime crisis and the resultant slowdown of the US market is evident on the margins of Indian information technology (IT) and IT-enabled Services (ITeS) firms. Business process outsourcing (BPO) firms such as Firstsource, Pune-based HOV Services, Zenta, Aegis BPO and others have been receiving inquiries from existing as well as new customers for ramping up their account receivables management (ARM) business.
According to Grant Thornton's January data, IT & ITeS tracked the highest in terms of value, with the industry investing $1.2 billion in M&A over 12 deals.
Information technology and IT-enabled Services will continue to drive the employment generation in the country for the quarter July-September 2005, according to a Ma Foi Employment Survey.
India's information technology industry is estimated to cross Rs 1 lakh crore in 2004-05 and employ over 10 lakh knowledge professionals, according to Nasscom.
The net leasing of Grade-A commercial office space in India will stagnate this financial year at 32-34 million square feet, with global uncertainties brewing caution among key tenant categories, according to the latest Crisil Ratings report. Major seven cities in India - Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune - had Grade-A office space with an operational stock of around 705 million square feet as of March 2023. India's commercial office space is dominated by technology companies, with information technology (IT) and IT-enabled services (ITeS) companies occupying 42-45 per cent of the operational stock.
The slowdown in the information technology sector has resulted in reduced demand for office space in India in the second quarter of the current financial year, says a report by global real estate consultancy CB Richard Ellis.
Advances in technology could render much of the Indian IT services industry obsolete.
Information technology (IT) giant Wipro has a strong pipeline of large artificial intelligence (AI)-led deals in the health care vertical, according to a senior company executive. Health care stands as the third-largest vertical for Wipro, contributing roughly 14 per cent to the company's overall revenue. Moreover, while most other verticals reported negative growth, health care demonstrated robust growth of 9.9 per cent year-on-year and 7.5 per cent quarter-on-quarter in constant currency during the October-December quarter.
The government has created a comprehensive budget with sharp focus on sustaining economic activity and investment but more clarity is needed on areas like taxation framework for adopting remote working on a long-term basis, IT body Nasscom said on Monday. The industry association noted that the IT/ITeS (Information Technology-enabled Services) industry has been a key driver of growth and jobs in 2020 and there is an opportunity to significantly accelerate it further. "For the IT sector, one of the biggest needs ahead of us is the development of future business models, with hybrid working becoming a reality. "We look forward for the government to provide clarity on providing a framework in direct taxes and indirect taxes for the industry to adopt WFH/remote working on a long-term basis," Nasscom said in a statement.
India's value proposition and overall shift towards offshore information technology and IT-enabled services will lead to an annual growth rate of 35 per cent in the sector.
To check cyber crimes like publishing sexually explicit material in electronic form, government introduced a Bill in Lok Sabha on Friday to amend the IT Act to enable service providers to set up and maintain e-signature facilities.
VCFs plan to disinvest their IT holdings to ITeS firms and gain from local markets
The number of frauds in the banking sector during the first half of the current financial year has increased substantially to 14,483 cases, although the amount involved is only 14.9 per cent of the previous year's amount, according to a RBI report. The report on Trend and Progress of Banking in India 2022-23, underlined the need to protect the banking system and the payments system from the risks of fraud and data breaches emanating from cyber threats. As many as 14,483 frauds were reported involving an amount of Rs 2,642 crore in the first half of current financial year, as compared to 5,396 cases (Rs 17,685 crore) in the same period a year ago.
The plan is to de-notify the entire SEZ.
As many as 86 per cent of senior business executives have deployed artificial intelligence (AI) to enhance revenue streams or create new ones, said a report by Tata Consultancy Services (TCS) on Wednesday. As many as 69 per cent of businesses are more focused on using AI for innovation and increasing revenue than on improving productivity and optimising cost, said the 'TCS AI for Business Study'.
Union Communications Minister, Dayanidhi Maran, wants India to accept market-driven technologies.
the Associated Chambers of Commerce and Industry on Wednesday said the country's IT industry is slated to grow by 26 per cent this year driven by strong economic performance.
Supply of space for corporate offices likely to cross 100 million sq ft by 2006.
In sectors like IT, cybersecurity, advanced manufacturing, and transportation, the H-1B One Workforce grant programme would be used to upskill the present workforce and train a new generation of workers.
Under the title of "legal enforcement", states and Union Territories were directed to appoint officers solely responsible for discharging the functions of Child Marriage Prohibition Officers at the district level.
Hiring by information technology and and IT-enabled services companies in India will go up by 13 per cent to about 60,000 people in the third quarter of the current fiscal as compared to the previous quarter, says a study by human resources firm, Ma
'We aim at establishing India as an early talent hub on a global scale and are actively recruiting professionals in areas like cybersecurity, machine learning, data science, and other relevant fields.'
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