Page 47 - Finance Sector

Intuit executive Alex Chriss to become president and CEO of PayPal

Intuit executive Alex Chriss will become the president and CEO of digital payments company PayPal next month. Chriss will take over the CEO post from Dan Schulman, who told PayPal's board in February that he planned to retire at the end of the year. Schulman will stay on PayPal's board until its next annual shareholders meeting in May 2024. In January PayPal announced that it would cut about 7 per cent of its total workforce, or about 2,000 full-time workers, due to challenging macro-economic conditions. Chriss, who has worked at Intuit for 19 years, has served as executive vice president and general manager of Intuit's small business and self-employed group since January 2019. He led Intuit's USD 12 billion acquisition of Mailchimp in 2021. Other Intuit products include TurboTax and Credit Karma. Chriss will also join PayPal's board, effective September 27. PayPal Holdings Inc., which is based in San Jose, California, is the parent of Venmo, Xoom and Honey, among other brands. It

RBI's incremental CRR move a surprise, policy signal: Standard Chartered

The RBI asked banks to hold incremental CRR of 10% on an increase in deposits between May 19 and July 28 in Thursday's monetary policy decision, when it expectedly kept its key policy rate unchanged

India overnight rates jump on RBI's CRR tweak ahead of trading holidays

The weighted average interbank call money rate jumped to 6.66% from an average of 6.38% between Aug. 1 and Aug. 10, and above the policy repo rate of 6.5%

Why are South African expats flocking to this tiny island in the Irish Sea?

The island of 85,000 people is seeking skilled professionals in finance, insurance, technology and gaming to help bolster its economy. It is part of a drive to increase population to 100,000 by 2027

10% incremental CRR temporary, will drain out Rs 1 trn from system: RBI

Short-term rates on money market instruments like call money rates, treasury bills and commercial paper are likely to increase by 15-20 bps in the near term: ICRA

Incremental CRR move to help suck out Rs 1 trn of excess liquidity: Das

Reserve Bank Governor Shaktikanta Das on Thursday said the move to impose a 10 per cent incremental cash reserve ratio for a limited period will help suck out Rs 1 lakh crore of excess liquidity from the system. The move, announced along with the bi-monthly policy review, was the best option under the current circumstances and there is enough liquidity in the system for the banks to continue their lending operations, Das told reporters. While announcing the move, Das had said the return of Rs 2,000 notes since May 19 this year, has led to instances of excess liquidity for which the move was being introduced. Replying to a question on whether it will also include the impact of the merger of HDFC with HDFC Bank, Das said the move is applicable to all scheduled banks. Das said the recent spike in consumer price inflation is driven by food inflation and is expected to be short-lived if we were to go by past instances. However, if these idiosyncrasies persist and become generalised, th

RBI to introduce framework to switch from floating to fixed interest rates

The Reserve Bank on Thursday said it will come out with a framework allowing borrowers to switch to fixed interest rate from floating interest rate, a move that would provide relief to borrowers of home, auto and other loans reeling under the impact of high interest rate. Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said under the framework, to be put in place shortly, the lenders will have to clearly communicate with the borrowers about tenor and EMI. "The supervisory reviews undertaken by the Reserve Bank and the feedback and references from members of public have revealed several instances of unreasonable elongation of tenor of floating rate loans by lenders without proper consent and communication to the borrowers," he said. To address the issue, it is proposed to put in place a proper conduct framework to be implemented by all Regulated entities to address the issues faced by borrowers, he said. "The framework envisages that lenders should ..

Banks to maintain 10% additional CRR from Aug 12 as temporary measure: RBI

Action is part of central bank's efforts to reduce surplus liquidity, it says after monetary policy announcement

KredX to disburse Rs 2,000 cr in working capital for MSME sector

Tier-two cities expected to have 35% growth in demand for such financing compared to last year, says firm

Jana Small Finance Bank refiles IPO papers, seeks to raise Rs 575 cr

The offer consists of fresh issue of shares worth up to 5.75 billion rupees ($70 million) and an offer for sale of up to 4.1 million shares, according to the draft herring prospectus

Top headlines: India ripe for semiconductor boom, banks' loans, and more

Business Standard brings you the top headlines at this hour

At a crossroads: Finance, tech hub GIFT City looks for a new present

The concept is really of a tri-city--Gandhinagar and Ahmedabad on two sides of the GIFT City-almost merging the old and the new

J&K Bank Q1 results: Net profit jumps 96%, gross NPA ratio down to 5.77%

Gross NPAs for Q1FY24 stood at Rs 5103.68 crore, as compared to Rs 6982.02 crore in the corresponding period of the previous year

Private sector lender HDFC Bank expects 17-18% credit growth this year

Country's biggest private sector lender HDFC Bank expects 17-18 per cent loan growth during the current financial year as there is enough credit demand. Effective July 1, the parent mortgage firm HDFC Ltd merged with its subsidiary HDFC Bank making it the second biggest lender after State Bank of India. During the first quarter, the total advances of the bank rose by 15.8 per cent to Rs 16.15 lakh crore. "On an overall basis, we are confident that there is enough credit demand. It is for us to see which one we want and what time we start to build in," HDFC Bank Chief Financial Officer (CFO) Srinivasan Vaidyanathan said in a recent call with analysts. The bank will be selective in terms of credit and will not participate in certain loans, he said, adding, "if the price is not to our liking, we do not need it." Meanwhile, vice chairman of now merged entity HDFC Ltd Keki Mistry has become the most valued independent director. The market capitalisation of the listed companies includin

It's time to get real about rupee's role in international financial system

New Delhi's own experiment with Russian oil should be a sobering reminder of how little sanctions have done to dethrone the US currency. Internationalizing the rupee will neither be swift, nor easy

What is the average balance in a bank account in your state? Check it here

Using RBI data, we found out the average balance in a savings, current or a term deposit account across states in India. Read more to find out

G-20 finance chiefs to debate war, debt distress and inflation in India

The discussions among the Group of 20 nations come as the war drags on for nearly 17 months, slowing the global economy and keeping policymakers on edge over resurgent inflation and stuttering growth

LIVE: Maharashtra's new Deputy CM Ajit Pawar gets Finance and Planning dept

Catch all the latest updates from across the globe here

G20 to discuss int'l debt architecture, more loans to developing nations

Countries like Zambia and Ghana have been waiting for big creditors to make progress in providing debt relief under the so called "Common Framework", which is led by the G20

BoA to pay over $100 mn for doubling fees, opening accounts without consent

Bank of America must pay more than USD 100 million to customers for double-dipping on some fees, withholding reward bonuses and opening accounts without customer consent. The Office of the Comptroller of the Currency also found that the bank's double-dipping on fees was illegal. Bank of America will pay USD 90 million in penalties to its organisation and USD 60 million in penalties to the OCC, the Consumer Financial Protection Bureau said on Tuesday. Bank of America, based in Charlotte, North Carolina, serves 68 million people and small business clients. The bank had USD 2.4 trillion in consolidated assets and USD 1.9 trillion in domestic deposits as of March 31, making it the second- largest bank in the US.