Page 10 - Financial Services

Curb on securitising short-term maturity loans may hurt micro loan biz

Change required by the central bank could make a certain portion of loan books ineligible for securitisation

Variable capital firms to boost India's fund management space, says Sahoo

Such entities have a variable capital base as they issues and redeems shares on an on-going basis. With every issue or redemption, the capital base of the VCC changes

Eye on maximum value, lenders say no to Reliance Capital liquidation

"Lenders will decide on the further course of action, including the stance for negotiations on Friday," the source said

Reserve Bank of India issues framework for Indian banks' foreign biz

The framework also specifies the applicability of these instructions to International Financial Services Centres in India, including Gujarat International Finance Tec-City

Reserve Bank of India, Japanese regulator hold talks on clearing houses

Dialogue on clearing houses come after CCIL derecognition by ESMA, BoE

RBI pauses onboarding of online merchants by Paytm Payments Services

Banking regulator RBI has put a pause on onboarding of online merchants by Paytm Payments Services, even as the company said it will have no material impact on its business, according to a regulatory filing. One97 Communications (OCL), which owns the Paytm brand, had proposed to transfer the payment aggregator services business undertaken by it to Paytm Payments Services (PPSL) in December 2020 to comply with payment aggregator (PA) guidelines of the Reserve Bank of India (RBI) but the banking regulator had rejected its application. The company had re-submitted the required documents in September 2021. Paytm said PPSL has now received a letter from RBI in response to an application for the authorisation to provide PA services for online merchants. As per the letter, PPSL is required to "Seek necessary approval for past downward investment from the company into PPSL, to comply with FDI Guidelines" and "not onboard new online merchants". Paytm, in the regulatory filing, said it can

Paytm Payments to reapply for authorisation of payment aggregator service

Ahead of that, the company will seek necessary approval for past downward investment from One97 Communications Ltd (OCL) into PPSL, to comply with FDI guidelines

RBI permits banks to open 12 special vostro accounts for trade in rupees

So far, not a single overseas trade transaction directly involving the rupee has taken place

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