Page 5 - Financial Sector

AU SFB appoints former RBI deputy guv HR Khan as non-executive chairman

The lender added that Khan's tenure will begin from the date of taking charge, January 30, 2024, after approval from the Board of Directors and from the RBI and shareholders of the bank

75% banks, NBFCs have chatbots, e-assistants: RBI's Michael Patra

Patra said that ensuring robust cybersecurity measures in banking organizations is imperative to maintain public trust in the financial system

Bajaj Finance Q3 results: Consolidated net profit up 22% at Rs 3,639 cr

The net interest margin continues to soften gradually on account of the lagged effect of the cost of funds increase, in Q3 FY24, BFL said in a statement

CMS Info Systems eyes buys in fintech, financial inclusion spaces

While scanning for inorganic growth opportunities, the company is also incubating some businesses like collections and logistics services for bullion

Funding winter shows signs of thaw but fintech industry is under scrutiny

The industry faces greater scrutiny and stricter governance norms

Health check for healers: The big audit firms are under the NFRA lens

Now, the national accounting watch­dog has turned the spotlight on audit firms themselves. These firms are perceived to be the eyes and ears of non-promoter investors

Future strategy is all about sustaining this growth: L&T Finance CEO

As far as retail growth is concerned, you would see the target was 25% growth, and we have consistently achieved more than 30% growth, he said

Financial sector set to see churn in 2024 with major leadership changes

Shaktikanta Das, governor of RBI and the chair of the Monetary Policy Committee (MPC), will complete his six-year term in December 2024. Das, who was first appointed in December 2018 for three years

Total amount of frauds reported by banks declines to six-year low: RBI

However, the number of frauds that were reported by banks have gone up from 7,263 frauds in 2020-21 to 13,576 in 2022-23

Uttar Pradesh govt invites bids for 100-acre fintech park in Noida

The fintech park, to be developed in Noida Sector 13, will encompass infrastructure amenable for the growth of financial services companies across the financial and allied value chain

RBI issues advisory to banks, financial cos to curb evergreening via AIFs

According to the RBI advisory, banks, NBFCs, and other financial institutions like Nabard and Sidbi will not be able to make investments in any scheme of AIFs which has downstream investments

Financial sector stocks, new listings take centerstage in November for MFs

The equity market witnessed a sharp rally last month. The benchmark Nifty50 rose by 5.5 per cent, the most since July 2022

Mumbai tops metros in reporting economic offences in 2022: NCRB data

India's financial capital Mumbai recorded 6,960 cases of economic offences in 2022, the highest in any metro city, according to the latest data released by the National Crime Records Bureau (NCRB). Cases of cyber crime also jumped in Mumbai to 4,724 last year from 2,883 in 2021, showed the data compiled by the NCRB, which is part of the Union home ministry. Hyderabad, with 6,015 cases of economic offences last year, was ranked second followed by Delhi (5007) on the third spot, as per the report. Among the total economic offences registered in Mumbai, 1,093 were of criminal breach of trust, whereas forgery, cheating and fraud cases stood at 5,855, it said. As per an analysis of the loss of property in metropolitan cities in 2022 due to criminal breach of trust, at least 18 cases were of amounts between Rs 10 crore and Rs 15 crore, 7 between Rs 25 crore and Rs 50 crore, 6 between Rs 50 crore and Rs 100 crore and one was above Rs 100 crore. In terms of registration of cyber crimes, .

Financial institutions told to strengthen fraud management system

The FIs consist of central banks, retail and commercial banks, internet banks, credit unions, savings and loan associations

High staff churn in India's financial sector to persist in FY24: TeamLease

"The demand for salespeople (selling personal, home, agriculture and other loans) is huge," said CEO for staffing at TeamLease

Financial stocks feel the pinch of RBI loan stance; Sensex falls 188 points

Sensex, Nifty decline intraday but finish with gains for a third week in a row

Hike in risk weights to affect banks' CAR by 60 basis points: S&P Ratings

The lending poses a risk for incremental nonperforming loans (NPLs). The increase in risk weights by the RBI is a prudent step, it said

UAE investors eye infra, education, food processing, fin sectors: Goyal

Investors from the UAE are keen to invest in different sectors in India such as clean energy, infrastructure, education, healthcare, food processing, and financial services, Commerce and Industry Minister Piyush Goyal said here on Thursday. He was in Abu Dhabi for the 11th meeting of the India-UAE High-Level Task Force on Investments. The airline sector holds a lot of promise for UAE investors in India as New Delhi is giving lot of thrust on travel and tourism sectors, he told reporters here. Investors are very very keen to invest in infra projects, education projects, healthcare and are looking at food and food processing in a very big way," the minister said. The UAE companies are also showing a lot of interest in financial services, he said. "I believe that in the days ahead, we will see significant flow of investments both in public markets and in the manufacturing and services sector," he said. Pharma, roads and highways, ports, other infra activities, clean energy, green ..

OECD urges India to pare govt ownership in banks, insurance companies

OECD advised the government to further increase the share of renewable energy by facilitating long-term investment in clean energy development projects

Beware of over-regulation

Regulation of unlisted firms must be rational, not reactive