Page 15 - Financial Services

RBI imposes Rs 6 lakh penalty on Hewlett-Packard Financial Services

The RBI on Tuesday said it has imposed a penalty of Rs 6 lakh on Hewlett-Packard Financial Services (India) Private Ltd, Bengaluru for non-compliance with certain directions issued by it.

Razorpay acquires TERA Finlabs; bags third firm in less than 3 years

TERA Finlabs is a Bengaluru-based startup that provides technology, risk and capital solutions.

IFSCA issues norms for setting up, operating ITFS to provide trade finance

The International Financial Services Centres Authority (IFSCA) on Monday released a framework for setting up and operating an international trade finance services platform

Paytm president Amit Nayyar, other top executives quit ahead of IPO

Paytm is headed for a $2.3-billion IPO by the end of 2021

CRMNEXT raises $16 million from Avataar Ventures, Ascent Capital

Startup provides enterprise solutions for banks and financial services companies, has offices in 11 countries

RBI tweaks norms for interest on unclaimed amount after deposit matures

The new norms are applicable for deposits in all commercial banks, small finance banks, local area banks, and cooperative banks.

RBI red flags concerns around big tech in financial services sector

Concerns such as level playing field with banks and operational risks have intensified lately: RBI

Tech giants' growth in digital financial services poses stability risk: RBI

India has seen massive interest from deep pocketed global technology players in recent years as Amazon.com Inc., Alphabet, others.

IPO buzz on the Street as dozen finserv players line up Rs 55,000 cr issues

As Paytm board reportedly approving a share sale plan running north of Rs 22,000 crore,IPO market is set for a big days as over a dozen finserv players are set to mop up over Rs 55,000 cr this fiscal

Persistent Systems appoints Suresh Prabhu as chief delivery officer

He joins Persistent from Epicor Software, where he was responsible for the development and delivery of on-premise and software-as-a-service solutions

Govt extends M R Kumar's term as LIC chairman till March 13, 2022

Kumar's term as LIC chairman was supposed to end on June 30, 2021, but the center has extended his term by almost nine more months till March 13, 2022.

Paytm has $500 mn ready cash, IPO timed to expand lead in fintech: Sources

IPO will foster public and institutional investors' trust, and seal the company's position as India's largest fintech player

Religare Enterprises to raise Rs 570 crore from preferential issue

Religare Enterprises (REL) on Tuesday said it proposes to raise Rs 570 crore via preferential issuance of shares to a clutch of investors, including existing shareholders, to fund its business plans.

SoftBank-backed Ola expands leadership team with appointment of new CFOs

G R Arun Kumar joins as the Group CFO for Ola and CFO for Ola Electric, while Swayam Saurabh has come in as CFO for Ola's mobility, financial services and foods biz

Jai Kisan, startup for financial services in rural India, raises $30 mm

Jai Kisan said it will use the funds to expand in tier-2, tier-3 cities and rural parts of the country.

Tough audit rules

RBI must consider the concerns of financial services players

Manufacturing employment nearly half of what it was five years ago

Manufacturing accounts for nearly 17% of India's GDP, but the sector has seen employment decline sharply in last 5 years - from employing 51 million Indians in 2016-17 to reach 27.3 million in 2020-21

Richard Verma appointed as Mastercard's Head of Global Public Policy

Former US Ambassador to India Richard Verma has been appointed as General Counsel and Head of Global Public Policy of Mastercard, according to an announcement by the financial services corporation

We will make haste, but slowly: SBFC Finance founder & CEO Aseem Dhru

Backed by the Singapore-based Clermont Group and Arpwood Partners, SBFC Finance wants to redefine the play in lending to micro-enterprises

Small business lender Five Star gets $234 mn in new investment round

Chennai-based registered non-banking finance company will use the capital to expand its business.