Business Standard

Financial Services

Tata's financial services, insurance biz saw hefty profits in FY24

Realty, airline, and new-age businesses still struggling to make money

Tata's financial services, insurance biz saw hefty profits in FY24
Updated On : 08 Sep 2024 | 11:29 PM IST

Help PSBs create credit assessment model for MSMEs: DFS secy to fintechs

Joshi also emphasized that fintechs need to strike a balance between regulatory requirements and innovation while working to resolve challenges faced by banks

Help PSBs create credit assessment model for MSMEs: DFS secy to fintechs
Updated On : 07 Aug 2024 | 10:51 PM IST

Fintech Infibeam Avenues to acquire controlling stake in Rediff.com

Infibeam plans to combine its digital payment services, platform business offerings, and artificial intelligence solutions with Rediff.com's services

Fintech Infibeam Avenues to acquire controlling stake in Rediff.com
Updated On : 02 Aug 2024 | 11:12 PM IST

South Korea provides $400 million to small biz hit by Qoo10 payment delays

Missed payments by the e-commerce platforms have grown to around 210 billion won ($152 million), the government estimates

South Korea provides $400 million to small biz hit by Qoo10 payment delays
Updated On : 29 Jul 2024 | 1:18 PM IST

KFin Technologies Q1 results: Profit after tax jumps 57% to Rs 68 cr

Financial services firm KFin Technologies on Friday reported 57 per cent jump in profit after tax (PAT) at Rs 68.07 crore for June quarter 2024-25 driven by strong performance across business segments. The company had posted a PAT of Rs 43.38 crore for the same quarter a year ago, KFin Technologies said in a statement. Revenue from operations rose 31 per cent to Rs 237.56 crore in June quarter 2024-25 from Rs 181.5 crore in the year-ago period. "Throughout the quarter, we achieved significant milestones across our diverse business segments, marked by substantial new client wins, growth, and enhanced profitability. "Notably, we gained significant traction in new contract sign ups in the fast-growing business lines of global fund services (international), alternatives and wealth solutions, fund administration solutions, and technology solutions," said Sreekanth Nadella, Managing Director and CEO, KFin Technologies. The company provides SaaS based transaction management, channel ...

KFin Technologies Q1 results: Profit after tax jumps 57% to Rs 68 cr
Updated On : 26 Jul 2024 | 7:33 PM IST

Can the June 2024 quarter corporate earnings disappoint markets?

Disconnect between earnings growth and stock prices, Bernstein said, is even more visible in the small-and mid-cap (SMID) universe

Can the June 2024 quarter corporate earnings disappoint markets?
Updated On : 04 Jul 2024 | 10:56 PM IST

Infosys Foundation, ICT Academy join hands to skill 48,000 students

Infosys Foundation, the philanthropic and CSR arm of software services firm Infosys Ltd, and ICT Academy of Tamil Nadu, a non-profit organisation, have joined hands with an aim to skill 48,000 students over a period of three years in various fields. The students will be trained in IT, banking, financial services and insurance, retail, e-commerce, logistics, knowledge process outsourcing, and soft skills. Infosys Foundation has committed a grant of over Rs 33 crore towards this project, it said in a statement on Wednesday. It announced that it has signed a Memorandum of Understanding (MoU) with ICT Academy to increase the employability of young learners in rural India. "This collaboration will aim to enable students pursuing engineering, arts, and science courses in tier 2 and tier 3 cities across the country to gain relevant skills that are necessary today for career development," the statement said. Through this MoU, Infosys Foundation said it will further help establish 'Centres

Infosys Foundation, ICT Academy join hands to skill 48,000 students
Updated On : 03 Jul 2024 | 1:17 PM IST

Zomato withdraws NBFC application, says no plans to pursue lending

It comes at a time when the company was reportedly in talks with multiple NBFCs to offer working capital loans to its partner restaurants

Zomato withdraws NBFC application, says no plans to pursue lending
Updated On : 02 Jul 2024 | 7:56 PM IST

FSIB recommends Challa Sreenivasulu Setty as next chairman of SBI

Dinesh Khara, the current chairman of SBI, is set to retire on August 28

FSIB recommends Challa Sreenivasulu Setty as next chairman of SBI
Updated On : 29 Jun 2024 | 4:51 PM IST

Emkay Investment Managers launches new alternative fund; eyes Rs 500 crore

Portfolio management firm Emkay Investment Managers Ltd (EIML) on Thursday announced the launch of an alternative investment fund -- Emkay Capital Builder Fund-- through which it is aiming to mobilise Rs 500 crore in the next 6 to 8 months. The open-ended category III Alternative Investment Fund (AIF) -- Emkay Capital Builder Fund-- is hoping to generate long-term capital appreciation for investors from a portfolio of equity and equity-related securities. This will be a multi-cap portfolio of around 20-25 stocks. "Emkay Capital Builder AIF caters to the growing preference for Alternative Investment Funds as an investment avenue amongst UHNIs in India. Our bottom-up stock-picking strategy will help in formulating a winning AIF portfolio backed by the robust E-Qual model to mitigate risks related to management quality," Sachin Shah, Executive Director and Fund Manager, Emkay Investment Managers Ltd, said. In a webinar on opportunities in AIFs, the portfolio management firm said," EIM

Emkay Investment Managers launches new alternative fund; eyes Rs 500 crore
Updated On : 27 Jun 2024 | 3:35 PM IST

Technology to financial services: Cyber frauds hurt organisations

One reason for cyber frauds is limited investments in governance protocols

Technology to financial services: Cyber frauds hurt organisations
Updated On : 23 Jun 2024 | 10:57 PM IST

Salesforce starts public sector division; enters digital creditors' market

Salesforce on Wednesday announced the launch of its public sector division in India to tap into the booming market and unveiled its digital lending offering tailored to Indian needs, as the enterprise software giant underlined its firm commitment to the market here. The company also highlighted insights from an (International Data Corporation) IDC study, which indicated that the Salesforce economy is expanding, with AI accelerating its growth trajectory. The IDC study forecasts that Salesforce and its ecosystem of customers and partners in India are expected to create a net gain of 1.8 million new jobs and generate USD 88.6 billion in new revenues from 2022 to 2028. Arundhati Bhattacharya, CEO and Chairperson of Salesforce India said growth potential here is huge, with rapid digital transformation unfolding all across. "India has talent and capability and now we are seeing far quicker adoption," she said at a media briefing. India is an "outlier" in digital adoption, and while dig

Salesforce starts public sector division; enters digital creditors' market
Updated On : 19 Jun 2024 | 2:09 PM IST

Sebi imposes fine of Rs 35 lakh on PTC arm's top brass for governance lapse

PTC India Financial Services is a subsidiary of PTC, which holds around 65 per cent in the non-banking financial firm

Sebi imposes fine of Rs 35 lakh on PTC arm's top brass for governance lapse
Updated On : 12 Jun 2024 | 9:29 PM IST

Sebi bags 'Best Conduct of Business Regulator' award by The Asian Banker

Sebi has been given 'Best Conduct of Business Regulator' award in Asia Pacific by The Asian Banker for its role in enhancing the regulatory framework for securities markets in India. The award was received by Sebi's Whole Time Member Kamlesh Chandra Varshney in a ceremony held in Hong Kong. "This authority (Sebi) has been actively working towards instantaneous settlement. In 2021, T+1 settlement was introduced in a phased manner, which was fully implemented from January 2023. This move has provided investors with faster access to their funds following trade execution and settlement, enhancing market efficiency and liquidity," The Asian Banker said in a statement. Through rigorous enforcement and innovative regulatory practices, Sebi has significantly improved the conduct of business in the country's financial markets, ensuring fair treatment of consumers and robust market integrity, it added. The Asian Banker creates platforms to build a greater sense of community amongst players i

Sebi bags 'Best Conduct of Business Regulator' award by The Asian Banker
Updated On : 07 Jun 2024 | 4:02 PM IST

North-East states, J&K lead in adopting Aadhar-enabled transactions: Report

North-eastern states and Jammu & Kashmir are increasingly adopting Aadhar-enabled financial services, according to a report. Meghalaya topped the list with a 1000 per cent growth in AePS (Aadhaar Enabled Payment System) transaction value and a 712 per cent increase in the number of transactions, followed by Nagaland and Assam, the report by fintech firm PayNearby said. Retail stores in Jammu and Kashmir witnessed a growth of over 134 per cent in value and 89 per cent in the volume of Aadhar-enabled payment transactions in FY24. The Atmanirbhar Bharat Digital Empowerment' report by PayNearby, a company that offers branchless banking and digital network, drew insights from transactions across 12 lakhs plus retail touchpoints throughout the country. The findings are based on business data gathered for the fiscal year 2023-24 compared to the previous fiscal year. Transaction value at MicroATMs of Mizoram and Meghalaya grew by 55 per cent and 43 per cent respectively, whereas volume ..

North-East states, J&K lead in adopting Aadhar-enabled transactions: Report
Updated On : 29 May 2024 | 7:42 PM IST

Nifty Fin Svcs, PSU Bank may turn bullish soon, say charts; check levels

The Nifty PSU Bank Index is currently trading at 7,456.75. The near-term trend is bullish on the charts; however, the index is approaching a significant resistance zone between 7,500 and 7,590

Nifty Fin Svcs, PSU Bank may turn bullish soon, say charts; check levels
Updated On : 28 May 2024 | 6:33 AM IST

Mahindra Finance gets IRDAI nod to sell insurance as corporate agent

Mahindra & Mahindra Financial Services on Wednesday said it has received corporate agency licence from insurance regulator IRDAI, which will enable it to sell life and general insurance policies offered by various insurers. The registration shall be valid from May 21, 2024 to May 20, 2027, Mahindra Finance said in a regulatory filing. The registration as 'Corporate Agent (Composite)' will enable the company to undertake supplemental business activity of soliciting and procuring insurance business in the areas of life, health and general insurance -- both group and individual, it said. The process would augment the company's existing sources of revenue and profits as it would deploy its common infrastructure of branch network and feet on street. Mahindra Finance Managing Director & CEO Raul Rebello said, "This diversification will open new revenue models for us while delivering personalized services to customers across Mahindra Finance's 1360+ branches, thereby enhancing their .

Mahindra Finance gets IRDAI nod to sell insurance as corporate agent
Updated On : 22 May 2024 | 3:43 PM IST
Updated On : 16 May 2024 | 3:17 PM IST

IndiaFirst Life Insurance names Rushabh Gandhi as its next MD & CEO

Financial services veteran will have a 5-year term; incumbent R M Vishakha to retire in June

IndiaFirst Life Insurance names Rushabh Gandhi as its next MD & CEO
Updated On : 15 May 2024 | 1:31 PM IST

Concentrix to expand India operations by hiring 20,000 this year: CEO

''India will probably surpass the Philippines early next quarter both from a total growth and size perspective''

Concentrix to expand India operations by hiring 20,000 this year: CEO
Updated On : 13 May 2024 | 6:52 PM IST