Page 4 - Finance Sector

PayNearby plans to raise funds via IPO in FY27, says CEO Anand Kumar Bajaj

"We have initiated the IPO process and talks with three merchant bankers. We will soon select a merchant banker to proceed with the process," he said

US Banks to lean on India hubs as Trump imposes $100,000 visa fees

US lenders including Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. are among the biggest employers of India's so-called global capability centers

XIME launches Bloomberg Lab to train students in practical finance skills

XIME has launched its Bloomberg Xperiential Lab, offering students hands-on training, live market access, and globally recognised certifications to boost finance career readiness

Nabfid must now focus on urban local bodies, says DFS secy M Nagaraju

Addressing NaBFID's infrastructure conclave, Nagaraju said the institution should work on new instruments at scale so that banks can rebalance their portfolios every three to five years

If you are buying a home, check out the best home loan rates available

With home loan interest rates likely to remain stable in the near future, here are the various options available from lenders across the public and private sectors

GST cut to save discoms ₹3,000 crore annually on power costs: MNRE

MNRE said reducing GST on renewable devices to 5% from 12% will save discoms Rs 2,000-3,000 crore annually, lower solar project costs and boost clean energy investment

CSC e-Governance Services crosses ₹3,000 crore loan disbursal mark

CSC e-Governance Services India (CSC SPV) has crossed a milestone of Rs 3,000 crore in loan disbursals since July 2023, an official release said on Monday. The disbursal numbers mark a significant stride for financial inclusion under the Digital India initiative. By supporting rural households and small businesses, the initiative has also promoted entrepreneurship, strengthened families, and boosted local economies. "The programme has shown rapid growth, with disbursals of Rs 86 crore in FY 2023-24, Rs 1,631 crore in FY 2024-25, and Rs 1,300 crore till August 2025 in FY 2025-26," it said. So far, nearly 70,000 people have benefitted, of which many are first-time borrowers, seekers of small-ticket loans, and individuals from unbanked segments. Using the network of over 5.8 lakh Village Level Entrepreneurs (VLEs) and in partnership with Piramal Finance, CSC said it has enabled timely and affordable credit for underserved and marginalised communities in remote rural areas, through loa

Firstsource Solutions appoints Kumaran Shanmuhan as Chief Strategy Officer

Firstsource Solutions, a provider of business process management services, on Monday named Kumaran Shanmuhan as the Chief Strategy Officer, with immediate effect. The appointment is a step in advancing Firstsource's 'UnBPO vision', which the company described as transformative reimagining of outsourcing driven by expertise, technology, and outcome-oriented solutions. Announcing the appointment of Shanmuhan as the Chief Strategy Officer, a release by Firstsource, an RP-Sanjiv Goenka Group company, said he will spearhead the strategic consolidation of hyper-personalised solutions, AI-driven operations, domain expertise, and a partnership-first mindset, in line with a market strategy that amplifies momentum, accelerates growth, and maximises value. "As the industry undergoes a fundamental shift from labour arbitrage to technology-driven, outcome-focused solutions, having a clear and bold strategy is critical to staying ahead of disruption," Ritesh Idnani, Managing Director and CEO, ...

Crisil pegs FY26 bank credit growth at 12%, flags MSME loan stress

Domestic credit rating agency Crisil on Monday said banks' credit growth will accelerate in the second half of the fiscal year and inch up to 12 per cent in FY26. Retail credit will drive growth in loan books for banks in FY26, and corporate loans growth will be slower in the fiscal year, the agency said. The agency flagged some concerns for the industry, including a decline in households' contribution to deposit accretion, which can lead to issues over deposit stability, and lending to small businesses, which can impact asset quality. "The Q1 credit growth was slower at 9.5 per cent and while it has inched up to 10 per cent, it is still subdued. However, we expect the second half to lead to faster loan growth, which should take FY26 loan growth to 11-12 per cent," Crisil Chief Rating Officer Krishnan Sitaraman told reporters. He said government and regulatory measures, coupled with a likely reversal of an earlier trend of corporate borrowers going to alternatives like bond markets

PSBs outperform private peers again, but sector challenges remain

The banking sector's good run continues, but there are challenges, both on asset and liabilities turf

PSBs must emerge as global champions in Viksit Bharat 2047 vision: DFS Secy

The two-day programme, organised by DFS, brought together top policymakers, regulators, technologists and banking practitioners

ED attaches fresh ₹186 crore assets in bank fraud case against DHFL

Fresh assets worth about Rs 186 crore have been attached under the anti-money laundering law in an alleged bank loan fraud case against the Dewan Housing Finance Corporation Ltd (DHFL) and its promoters, the ED said on Tuesday. The assets provisionally attached under the Prevention of Money Laundering Act (PMLA) include 154 flats and movable assets in the form of receivables pertaining to 20 flats in Mumbai, the federal probe agency said in a statement. The total value of the attached properties is Rs 185.84 crore. An order was issued under the PMLA by the Mumbai zonal office of the agency on September 5, it said. The Enforcement Directorate (ED) case stems from a CBI FIR against DHFL, its promoters Kapil Wadhawan and Dheeraj Wadhawan, and others for allegedly cheating a consortium of 17 banks led by the Union Bank of India. The accused were involved in "siphoning off" and "misappropriation" of bank loan funds by "falsifying" the books of the DHFL and linked default of the bank ...

ASML becomes Mistral AI's top shareholder after latest funding round

The round will make Mistral the most valuable AI company in Europe with a 10-billion-euro ($11.7 billion) pre-money valuation in its latest Series C funding round, the people said

CBIC to address industry complaints of non-reduction in prices: Chairman

The Central Board of Indirect Taxes and Customs (CBIC) will take up industry bodies' complaints relating to non-reduction in prices of goods after the reduced GST rates are implemented from September 22, its chief Sanjay Kumar Agarwal has said. The GST Council, comprising the Centre and states, last week decided to cut tax rates on 375 items and reduce the number of slabs to just 2 from 4 currently. From September 22, a 5 per cent GST will be levied for most common-use goods and 18 per cent on everything else. The GST Council took a unanimous decision to do away with the 12 and 28 per cent slabs, the biggest rejig in 8 years since Goods and Services Tax (GST) was rolled out on July 1, 2017. Talking to PTI after the Council decision, the CBIC chief said the industry has, in the past, also reduced prices of goods as and when the GST Council has taken a decision to reduce taxes. Also, there are competitive forces at play in the market, which will bring about price reduction in the hand

RBI panel on financial stability reviews macroeconomic developments

RBI Governor Sanjay Malhotra-headed Sub-Committee of FSDC-SC on Thursday discussed major global and domestic macroeconomic and financial sector developments and various issues that may have financial stability implications. The panel reviewed the progress in several inter-regulatory matters including simplification of KYC processes and special drives for financial inclusion, the RBI said after a meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC-SC) chaired by the governor. "The FSDC-SC reaffirmed its commitment to continue its focus on improving financial sector resilience through inter-regulatory coordination; and keeping a close watch on emerging challenges including those from heightened trade uncertainty and persisting geopolitical frictions," it said. The panel also deliberated upon the National Strategy for Financial Inclusion (NSFI) 202530. It also reviewed the functioning of State-Level Coordination Committees (SLCCs) in states and Union

Amazon completes Axio acquisition, secures direct lending license in India

The Reserve Bank of India cleared the deal in June, said Mahendra Nerurkar, Amazon's vice president for payments for emerging markets. The deal has been in the works since December

ED arrests COO of Capital Protection Force in ₹792 cr fraud case

The Enforcement Directorate (ED) on Tuesday arrested Aryan Singh, Chief Operating Officer of M/s Capital Protection Force Pvt. Ltd., in connection with a massive Rs. 792 crore fraud linked to the company's "Falcon Invoice Discounting Scheme."Acting under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The arrest is part of an ongoing investigation into M/s Capital Protection Force Pvt. Ltd., Amardeep Kumar, and others, the agency said on Wednesday.Aryan Singh was produced before the Special PMLA Court on Wednesday, and the Court has remanded him to 14 days' judicial custody.ED initiated an investigation based on three FIRs registered by the Economic Offence Wing, Cyberabad, wherein it was alleged that Amardeep Kumar, Capital Protection Force Pvt. Ltd. & others fraudulently cheated gullible investors on the pretext of high returns on their investments.ED investigation revealed that M/s Capital Protection Force Pvt. Ltd., in the name and style of 'Falcon ...

Reliance plans to raise $2 billion through asset-backed securities

For the asset backed deal, the securities will be issued by a trust and backed by a pool of loans tied to the conglomerate's infrastructure and telecom divisions, the people said

Promoter group firms infuse ₹3,956 crore in Jio Financial Services

Jio Financial Services Ltd (JFSL) on Wednesday said promoter group companies have infused Rs 3,956 crore in the company to fund expansion. The Board of Directors of the company allotted 50 crore warrants for cash at a price of Rs 316.50 per warrant members of the promoter group -- Sikka Ports & Terminals Ltd and Jamnagar Utilities & Power Private Ltd upon receipt of Rs 3956.25 crore, JFSL said in a regulatory filing. Both the companies have been alloted 25 crore warrants each at Rs 316.50 per unit, it said. Subscription amount received by the company was 25 per cent of warrant issue price of Rs 316.50 per unit aggregating to Rs 3,956 crore. JFSL board in July had approved fund infusion of Rs 15,825 crore through preferential issue of convertible warrants to members of the promoter group. The promoters, including the Ambani family and different group holding entities, together own 47.12 per cent of the company. Jio Financial Services Ltd (JFSL) reported a 4 per cent increase in

CCI approves SMBC's 20% stake purchase in Yes Bank for $1.6 billion

SMBC in May had inked a deal to take a 20% stake in Yes Bank for $1.6 billion, making it the largest cross-border merger and acquisition deal in India's financial sector