Page 10 - Financial Services

M&M Financial Services' board approves Diwakar Gupta's appointment

Mahindra & Mahindra Financial Services on Friday said its board has approved the appointment of Diwakar Gupta as an Independent Director with effect from January 1, 2023. Gupta (69), a seasoned banker, have over 48 years of experience in banking and financial services sector. The company's board on Friday "approved and recommended to the shareholders of the company, the proposal for appointment of Diwakar Gupta as an Independent Director on the board of the company, for first term of 5 consecutive years with effect from January 1, 2023," according to a regulatory filing. He was associated with State Bank of India (SBI) for 39 years. He has worked in Aditya Birla Nuvo Ltd, Asian Development Bank, Manila, and as a member of the expert committee for resolution framework for Covid-19-related stress, constituted by RBI in 2020. Currently, Gupta is the independent director on the board of companies-- CRISIL Ratings Ltd, Mahindra Holidays & Resorts India Ltd, Holiday Club Resorts Oy .

Sensex hits record high, Nifty at new 1-year high: Factors behind the rally

Global stock markets jumped on Thursday after minutes of the US Federal Reserve's November policy meeting hinted at a possible moderation in the pace of interest rate hikes

Paytm has lost over Rs 1 trillion in market cap since its issue

Paytm's m-cap, which was over Rs 1.38 trillion at the time of the launch of the IPO, has declined 77 per cent in just over a year to Rs 30,971 crore

Ration shops to double up as financial service providers in Chhattisgarh

Besides banking correspondent services through tie-ups with banks, the shops will be allowed to sell other commodities and general store items

BFSI's share in India Inc's Q2 profits hits record high of 41.5%

The biggest gains came to banks, which reported a 35.8 per cent YoY growth rate in their combined net profit in Q2 FY23

Softbank to divest 29 mn shares in Paytm via block deals on Thursday

Floor price set at Rs 555, 8% discount to last close

South Korea's KB Group invests $100 mn in Elev8 Venture Partners Fund

Financing will help Elev8 identify investment opportunities in Indian technology companies

Edelweiss to slash wholesale loan book to Rs 2,900 crore in 2 years

In a filing with BSE, the company said improved macro environment and sell-down capabilities were driving faster book reduction

'Not possible to do away with repossession agents': Mahindra Finance MD

'Specialised people' needed to ensure loan defaulters don't cheat company, says Ramesh Iyer in interview

Global entities, fund managers keen to invest in India: IFSCA Chairman

Global entities and fund managers are keen to invest in India, Chairman of the International Financial Services Centres Authority (IFSCA) Injeti Srinivas has said, underlining the need to create a platform that intermediates global capital flows into the domestic economy. Srinivas is leading a delegation of senior officials from the International Financial Services Centre (IFSC) at GIFT City (Gujarat International Finance Tec-City), are currently in the US for meetings and roundtable discussions with American and global investors, banking and educational institutions for business opportunities. The delegation is on a visit to New York and Washington. "We had meetings with fund managers. They are all very keen to invest in India, Srinivas told PTI on Wednesday in an exclusive interview. He said the groups are happy to learn about various facilities available, apart from the regulatory comfort and overall financial ecosystem at GIFT. They were excited about the cooperation prospects

Chief labour commissioner to meet bank unions on proposed Nov 10 strike

Banks notices say normal services could get affected but they are taking action to keep work going

The irrelevance of regional rural banks

Scope of their survival is diminishing. Even as the overall business of rural financial institutions has generally been looking up, they are struggling to scale up business volumes

What is a regulatory sandbox?

Regulators SEwhat BI, RBI, IRDAI, IFSCA and PFRDA recently came together to allow an interoperable regulatory sandbox. But, what exactly is a regulatory sandbox? We explains it in this episode

Reliance Jio takes a bold call on financial services amid tough competition

By separating financial services from its core business through the listing, RIL wants to keep it at arm's length, which would be a necessary regulatory requirement for the financial services business

Jio Payments likely to become subsidiary of Jio Financial Services

Sources in the know say that this 70 per cent stake held by RIL will be transferred to JFS. SBI will continue to own the rest of the 30 per cent in RPB

EvolutionX Debt Capital makes maiden investment in PharmEasy parent firm

Debt financing platform's investment amount was not revealed; it will make equity infusion later

M&A recovery: Kotak Mahindra Bank plans to hire 20 investment bankers

The firm is looking to fill positions from analyst to director levels across sectors including financial services, health care and technology

We do much more than just enable payments: PayNearby CEO Anand K Bajaj

'We want to make India a more inclusive and empowered nation'

ESMA-Indian regulators logjam: European banks' loss may aid US peers

Foreign investors may switch to custodians backed by American banks for India exposure

K V Kamath is independent director of RIL, non-exec head of financial arm

Reliance Strategic Investments, of which he is the non-executive chairman, will be renamed Jio Financial Services Ltd, and will be listed on the bourses pursuant to a demerger scheme