In August, the Reserve Bank of India Governor Shaktikanta Das held a meeting with chief executive officers/ managing directors (CEOs/ MDs) of large non-banking financial corporations (NBFCs). The discussions included diversifying borrowing sources for NBFCs and housing finance companies (HFCs) to contain increasing reliance on bank borrowing, risks associated with high credit growth in retail segment in unsecured loans, prioritising IT upgrades and cyber-security, improving provisioning, monitoring of stressed exposures and slippages, ensuring robust liquidity and asset-liability management, ensuring transparency in pricing, creating robust grievance redress mechanisms.
Prime Minister Narendra Modi on Friday underlined the need for converting fintech initiatives into fintech revolution to provide a low-cost and reliable payment system to the masses. Speaking at the InFinity Forum, he said technology is bringing a big shift in finance, and mobile payment last year exceeded ATM withdrawals. Fully digital banks without any physical branch offices are already a reality and may become commonplace in less than a decade, he said.
'In case the El Nino pattern plays out negatively and/or the political situation becomes messy, we may see markets correcting and waiting for the situation to become clear by early/mid-2024.'
Loan against gold as a product is catching on fast. Let's keep the momentum going, but aim for sustainable growth. A few bad apples should not ruin the brunch, argues Tamal Bandyopadhyay.
Recent RBI data indicates net addition of credit cards is running strong at 18 per cent year-on-year (Y-o-Y), but growth in credit card limits is ahead of loans outstanding. Growth in lower limit cards is decelerating fastest. The West and South have more usage and online transactions are more popular than offline, with metros leading growth.
The third quarter (Q3) of 2023-24 (FY24) has proven to be pivotal, witnessing some startups turning profitable and others enhancing their performance as their businesses finally begin to deliver. Startups like Delhivery, Zomato, PolicyBazaar, Mamaearth, and Nykaa have either become profitable or improved their profit margins in Q3FY24. A renewed focus on profitability, supported by operational efficiencies, expense rein-in, and robust demand during the festival season, has empowered companies to strengthen their performance.
Get a new QR code from an alternative provider. PhonePe, Google Pay, Pine Labs, etc are some of the other service providers.
The banking regulator was uncomfortable with the runaway pace at which consumer credit was growing.
'Given that the market is now demanding disciplined growth, well-run companies should be able to demonstrate profitability with the cash on hand.'
Nominations and addresses are of paramount importance in bank accounts, insurance policies, mutual funds, etc.
Redress for a victim is not easy. It is not really painful to file a cyber-crime complaint.
But someone who is technically unsophisticated enough to fall for a scam will find it hard to navigate the processes, points out Devangshu Datta.
'We went from zero to about 10 million users in three months. Paytm came out with the wallet play and we came out with the UPI play.'
The newest entrant to the Rs 46-trillion mutual fund (MF) space - Zerodha - plans to focus strictly on the low-cost passive segment and offer its products solely through the commission-free digital route, as it aims to replicate its broking success in the MF space. "We will offer an array of exchange-traded funds (ETFs) and index funds that would help investors take varied exposures and build portfolios based on their financial needs and risk tolerance. "Zerodha Fund House (FH) products will be exclusively distributed online and available as direct plans to engage directly with individual investors and consumers, taking advantage of the pronounced shift from physical to digital interactions," said Vishal Jain, chief executive officer, Zerodha FH.
On the occasion of the National Stock Exchange's (NSE's) silver jubilee celebration, its MD and CEO Vikram Limaye, bottom, left, spoke to Somesh Jha to discuss the way forward and how the exchange plans to deal with the present set of issues.
The queue for mutual fund (MF) licences has thinned down due to quick clearances by the Securities and Exchange Board of India (Sebi) alongside applications being withdrawn amid regulatory changes. There were, at the end of September, only two pending MF applications: By AngelOne and Unifi Capital. By comparison, there were 11 applications lying before the market regulator at the start of calendar year 2023.
'Unless the government comes up with the rulebook, the technical requirements will not be clear to us.' 'Going by the Act, non-technical provisions can be complied with within six months.' 'But we need up to 24 months for provisions like parental consent.'
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
Ashok Vaswani, a banker with more than three-and-half decades experience in building and scaling up businesses across consumer and corporate banking and payments, will be the next managing director (MD) and chief executive officer (CEO) of Kotak Mahindra Bank. Last week, the Reserve Bank of India (RBI) had given its approval to Vaswani's appointment. Vaswani is currently President of Pagaya Technologies, a US-Israeli artificial intelligence (AI) fintech firm, which he joined in June 2022.
Prime Minister Narendra Modi on Friday said both public and private sectors need to leverage synergies and think out of the box to seize opportunities arising as a result of the emerging global environment. While interacting with noted economists and experts at NITI Aayog ahead of the Union Budget, the prime minister also applauded the success of the India Digital story and the rapid adoption of fintech across the country, an official statement said. During the meeting, economists offered suggestions on ways in which India can sustain its development momentum, it added.
The share of non-resident Indians (NRIs) and overseas investors in Indian mutual funds has been declining over time, despite adding half-a-trillion rupees to holdings over the last five years. Mutual fund holdings for the segment went up from Rs 0.95 trillion as of December 2018 to Rs 1.54 trillion as of December 2022, shows Business Standard analysis of data from the industry body Association of Mutual Funds in India (Amfi). Their share in overall mutual fund assets has fallen from 4.2 per cent to 3.9 per cent during the same period.
For long-term financial security, millennials must not only provide social security for their young families but also ensure that their financial burdens are not passed down to their families, says Casparus Kromhout.
The International Financial Services Centre Authority (IFSCA) plans to operationalise the framework for direct listing of companies at International Financial Services Centre (IFSC) exchanges by the end of the year, said Chairperson K Rajaraman. He added that the amendments would be notified within three months. Further, the GIFT City regulator is also considering the launch of separate payments system regulations - similar to that of the real time gross settlement (RTGS) for banking within a few months.
Flipkart, the e-commerce company owned by Walmart, is intensifying its efforts to achieve profitability as it is eyeing a valuation of approximately $60 billion at the time of its initial public offering (IPO), now planned in 2025-2026, instead of this year, according to people familiar with the matter. The firm might consider listing in the US or any other geography, including India. The company, which counts the likes of Amazon and Reliance's JioMart among its competitors in India's burgeoning e-commerce market, had also contemplated launching an IPO in 2022-2023.
An audit conducted by professional services firm Alvarez and Marsal confirms fintech firm's dealings with fake or non-existent vendors.
The recovering valuations, will lead to enhanced optimism among investors about funding startups.
'Midcap and smallcap indices are trading in the expensive zone.'
The Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market, sources said on Tuesday. The pilot in the wholesale segment, known as the Digital Rupee -Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. "RBI is now planning to go into the interbank borrowing market.
Financial institutions are 300 times more vulnerable to cyberattacks than any other industry.
Prime Minister Narendra Modi will visit Abu Dhabi on July 15.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
Notwithstanding record revenues in certain media sectors like film exhibition in the July-September quarter (second quarter, or Q2), the operational performance of the broadcasting business remained subdued. Zee Entertainment Enterprises and Sun TV are expected to experience a year-on-year (Y-o-Y) decline in advertising (ad) revenues during this period. Conversely, box office (BO) collections are anticipated to exceed Rs 3,000 crore in the quarter, propelled by a series of successful movie releases.
With the number of start-ups reaching the unicorn level falling drastically in 2023, the Hurun Unicorn Index said it has demoted eight gazelles - start-ups that were founded in 2000 and have the potential to go to unicorn in three years - to cheetahs.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
The benchmark indices are set to end their five-month gaining streak, but the market breadth continues to hold strong So far this month, stocks gaining have outnumbered those declining, a sign that the bulls still have the upper hand, even as the pullback in the S&P BSE Sensex and the National Stock Exchange Nifty indicates otherwise. On the BSE, 2,126 stocks have advanced and 1,955 have declined in August, translating into an advance/decline ratio (ADR) of 1.1.
With over 80 million Unified Payments Interface (UPI) users, Amazon Pay, the payments business of e-commerce giant Amazon, has been growing at 40-50 per cent year-on-year (Y-o-Y), said Mahendra Nerurkar, chief executive officer (CEO) and vice-president (V-P), Amazon Pay India. "Leveraging just the micro peer-to-peer (P2P) transactions on UPI is not a business model. "While we have enabled those features, we do not chase monthly active users based on this.
Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will soon surpass cash as Unified Payments Interface (UPI) is increasingly becoming the most preferred payment mechanism in the country. Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore said about 74 billion transactions amounting to more than Rs 126 trillion, which is approximately 2 trillion Singapore dolla, was done through UPI in 2022. "Many experts are estimating that very soon India's digital wallet transactions are going to overtake cash transactions," he said.
The interest charged on an inter-state loan given to a credit card holder without the use of a plastic card would not be subject to the integrated goods and services tax (IGST), a two-judge bench of the Calcutta high court has ruled. In this connection, it recently set aside a ruling by a single judge of the high court. The issue was a loan of Rs 650,000 granted by Citi Bank with an EMI of Rs 58,056 for 12 months and inclusive of integrated GST (IGST) on each installment of interest.
'We have a plan to plough back a 'This year in the first half we had profits of more than Rs 31,000 crore.' significant amount of profits this financial year.' 'We have seen this organic plough back of profit is one of best ways to support the equity of the bank.'
The Indian High Commissioner to the United Kingdom, Vikram Doraiswami, who was touring Scotland this week was blocked from entering a gurdwara in the capital Glasgow by pro-Khalistan extremists.
'There is a need for an innovation sandbox where the PSBs can collaborate and then they can do their own innovation on top of it.'
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