Page 17 - Finance Sector

COP29 meet: Cannot accept attempts to shift focus from finance, says India

India said on Thursday that it will not accept any effort by developed countries to shift the focus away from climate finance for developing countries and place it on emissions reductions in the Global South. It also said that without adequate support in terms of finance, technology, and capacity building, the fight against climate change would be severely impacted. In response to the draft text on the new climate finance goal released early Thursday, India's Environment and Climate Secretary Leena Nandan said the shift in focus at a time when it is crucial to ensure full support for mitigation actions through adequate finance is disappointing. "COP after COP, we keep talking about mitigation ambitions, what is to be done without talking about how it is to be done. This COP started with a focus on enablement through a new climate finance goal (NCQG), but as we move towards the end, we see shifting of the focus to mitigation," she said. Nandan, who is leading the Indian delegation a

Avoid mediocrity: Galloway's guide to mastering career and finances

In The Algebra of Wealth, Mr Galloway discusses why everyone, from an early age, must strive to achieve economic security

Attrition in private banks improving, but long way to go: Swaminathan

Substantial regulatory focus on customer in the coming days

Newer companies rise on UPI leaderboard, Navi now the fourth largest

The company processed 157.51 million transactions in October, overtaking Bengaluru-based Cred, which recorded 152.28 million transactions in the same month

Supply chain fintech VoloFin secures $50 mn in funding from major US bank

The Singapore-based fintech firm aims to increase this funding limit to $150 million over the next two to three years

CBIC should do away with IGCRS Rules for the export oriented units

The CBIC should do away with the IGCRS Rules for the EOUs, as they serve no useful purpose, only cause harassment and encourage corruption

Banks post profit gains, but NIM declines signal margin pressure

While the banking sector has improved its risk-management and underwriting skills to prevent bad loans, it needs to be innovative to mobilise deposits and keep the cost of money low

ACME Sun Power secures Rs 3,753-cr term loan from state-owned REC

ACME Sun Power, a wholly-owned subsidiary of ACME Solar Holdings, has secured a Rs 3,753-crore term loan from state-owned REC Ltd. The loan has been secured for the development and construction of a 320-MW firm and dispatchable renewable energy (FDRE) project in collaboration with SJVN. Wholly-owned subsidiary ACME Sun Power Secures Rs 3,753 crore loan from REC for FDRE projects in Rajasthan and Gujarat, ACME Solar Holdings said in a statement on Sunday. An FDRE plant ensures round-the-clock power supply, assisting power distribution companies (discoms) in fulfilling their renewable purchase obligations and energy storage obligations. The project would be located at high resource potential areas at Jaisalmer, Rajasthan for solar capacity and Bhuj and Jam Khambhaliya, Gujarat for wind sites, the company said. A power purchase agreement has been signed with SJVN and the grid connectivity has also been secured. The land acquisition process is in advanced stages, the company said. Ma

NFRA gets legal opinion on ICAI's powers to issue audit standards

'Only govt can take final call on audit standards'

New surrender value norms: Life insurers turn to policies with high value

Despite the fall in number of policies, the new business premiums of life insurers grew in double digits

Samsung Electronics plans $7.2 bn buyback to boost shareholder value

The board of directors will decide on ways to enhance shareholder value, including when and how to use the remaining seven trillion in the repurchase programme, the company said

Studying abroad; collecting vinyl records: Top personal finance stories

This week we write about how to build a corpus for your children's foreign education and how LP records are back in the groove

UCBs must strengthen liquidation process to secure depositors: RBI

Registrars of cooperative societies from various states participated in the conference which was attended by RBI and central government officials

Abu Dhabi's $1 trillion wealth fund rejigs strategy to speed up deals

ADIA is working with a wider range of hedge funds offering everything from long-only bets to quant wagers, although its overall exposure to that sector won't necessarily increase

Centre may urge states to cut delay in formation of finance commissions

Today's meet may focus on facilitating dialogue to enhance efficiency of SFCs

SBI, HDFC Bank, ICICI Bank continue to be systemically important: RBI

RBI had classified SBI and ICICI Bank as domestic systemically important banks (D-SIBs) in 2015 and 2016, respectively. In 2017, HDFC Bank was also classified as a D-SIB

Arvindar Singh Sahney will be new chairman of Indian Oil Corporation

Arvindar Singh Sahney will be the new chairman of Indian Oil Corporation, the nation's largest oil firm, according to an order issued by the petroleum ministry on Wednesday. Sahney, 54, is currently Executive Director (Business Development - Petrochemicals), Indian Oil Corporation Ltd (IOC). He was in August selected to be the company's director for business development but has now been appointed as the chairman of the firm. "The Appointments Committee of the Cabinet (ACC) has approved the proposal of this ministry for appointment of Shri Arvindar Singh Sahney, Executive Director, IOC to the post of Chairman, IOC, for a period of five years with effect from the date of his assumption of charge of the post, or till the date of his superannuation, or until further order, whichever is the earliest," the Ministry of Petroleum and Natural Gas said in an order. The post of chairman IOC fell vacant after Shrikant Madhav Vaidya completed his extended tenure on August 31, 2024. Currently, .

COP29: Rich nations try to shift pollution responsibility to India, China

But Global North is sidestepping their responsibilities and deflecting the core issue of historical pollution, participants said

NBFC-MFI sector growth to nosedive to 4% in FY25: CareEdge Ratings

As the sector faces these multifaceted challenges, vigilant monitoring and proactive management will be key to sustaining its viability and support for underserved communities

DBS Bank India awaits RBI nod for new CEO as incumbent Shome set to retire

Following a successful career at the helm of DBS Bank India since April 2015, Shome had indicated his desire to retire some time ago