Page 3 - Financial Services

Govt once again extends tenure of FSIB chairman, other members by one year

The government has extended the tenure of the chairperson and other members of FSIB, the headhunter for directors of state-owned banks and financial institutions, by another one year. With the extension, chairperson and other members would continue to serve the Bureau till June 30, 2026. FSIB is headed by Bhanu Pratap Sharma, former secretary of Department of Personnel and Training (DoPT). The Appointments Committee of the Cabinet has approved the extension of the term of following incumbent chairperson and part-time members of the FSIB, for a further period of one year beyond June 30, 2025, that is with effect from July 1, 2025 up to June 30, 2026 or until further orders, an official notification said. The term of Financial Services Institutions Bureau (FSIB) was extended by one year last year as well. Other members of the headhunter are Animesh Chauhan, former chairman and MD of erstwhile Oriental Bank of Commerce, RBI's ex-executive director Deepak Singhal, and Shailendra Bhand

JM Financial gets 1.4 lakh sq ft of office space in Mumbai's Mulund

The ₹150-cr space allotment at Prestige Trade Centre stems from a 2020 insolvency resolution involving the defunct Ariisto Developers

Beware if bank staff says insurance purchase mandatory for loan approval

Your guard should also go up if undue pressure is applied to purchase a policy immediately

HDB Financial Services gets Sebi approval for ₹12,500 crore IPO

HDB's IPO, the largest by an NBFC and fifth-largest overall, receives Sebi approval and is set to meet RBI's listing deadline for upper-layer NBFCs

Tech service providers leverage financial sector expertise for new biz

TSPs have long been associated with the transformation of the financial services industry; now, they are using that domain knowledge to help digital commerce and startups hire the right people

IFSCA, NISM collaborate to advance capacity building in financial sector

The International Financial Services Centres Authority (IFSCA) and the National Institute of Securities Markets (NISM) on Friday inked a pact to advance capacity building in the financial sector. As part of the agreement, NISM will act as a training partner for IFSCA and the various intermediaries registered with IFSCA, the markets regulator Sebi said in a statement. Also, NISM, a public trust established by Sebi, will conduct relevant certification examinations, including certification examinations mandated under the IFSCA Regulations, for the intermediaries registered with IFSCA. These skill development, professional training and certification programmes will ensure that the highest professional standards are maintained in the IFSCA ecosystem. "With a proven track record of over a decade, NISM is uniquely positioned to support the needs arising out of the burgeoning growth being seen at IFSCA," the regulator said. This Memorandum of Understanding (MOU) will be mutually benefici

Mphasis Q4 results: Net profit rises 13.6% to ₹446.5 cr on BFSI-led growth

IT company Mphasis on Friday said its net profit grew by 13.6 per cent to Rs 446.5 crore in January-March quarter of FY25, driven by higher margins and increased revenue from the BFSI segment. The company had reported a net profit of Rs 393.21 crore in the same period a year ago, Mphasis said in a regulatory filing. "We are pleased with a quarter of broad-based performance, reporting the highest quarter-on-quarter (QoQ) growth in 12 quarters, highest TCV (total contract value) wins in 7 quarters, highest ever quarterly and full year EPS, and 86 per cent YoY growth in pipeline. In this uncertain macro environment, our focus is on continued investments in growth, keeping tech and AI at the core, and leveraging solutions to transform and modernize our client's technology and operations stack," Nitin Rakesh, Chief Executive Officer and Managing Director, Mphasis, said in a statement. The consolidated revenue from operations of Mphasis grew by 8.7 per cent to Rs 3,710 crore during the ..

Indian real estate attracts nearly Rs 74K cr till Dec'24 from AIFs: Anarock

Alternative Investment Funds (AIFs) have cumulatively infused nearly Rs 74,000 crore in the Indian real estate space till December 2024, highest among all sectors, according to property consultant Anarock. AIF means any fund established or incorporated in India which is a privately pooled investment vehicle that collects funds from sophisticated investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors. Real estate consultant Anarock has compiled Sebi data related to AIFs, which invest in non-traditional assets like private equity, hedge funds, and real estate - offer niche, high-risk, high-reward opportunities suited for experienced investors. Till December 2024, AIFs have cumulatively invested Rs 5,06,196 crore across all sectors. The real estate sector accounted for the largest share of 15 per cent of cumulative net AIF investments at Rs 73,903 crore. "The rise of AIFs has significantly transformed real

CDSL to deposit Rs 3 cr as financial disincentive for technical glitches

The depository on Tuesday stated that Sebi's directions will have no impact on its operations or other activities

Decentro partners Singapore firm DigiAlly for South Asia expansion

The partnership will enable the Bengaluru-based company to enter global markets such as Singapore, Vietnam, South Korea, Australia, Philippine, Indonesia, and deepen presence in India

What global finance must do to fight digital fraud across sectors

Fraud methods have become sophisticated, challenging traditional detection systems

Payment aggregators push back against Juspay Tech's orchestration

Delays, token access hurdles spark industry opposition; open-source move under scrutiny

Tata Capital raises Rs 1,500 crore from Tata Sons, IFC via rights issue

The company will use the proceeds for further lending and to improve its leverage ratios

Bajaj Finance names Anup Kumar Saha as MD, Rajeev Jain becomes VC

Saha joined Bajaj Finance in 2017. He has served 25 years in the financial services industry, of which 14 years were with ICICI Bank and 11 years with non-bank entities

Financial services adoption increases with more women participation

The survey was conducted across 10,000 agents in the country, recording financial transactions of women consumers

Neobanking startup Zolve secures $251 million funding in equity, debt mix

The company has about 750,000 users and was launched in 2021

Perfios acquires debt recovery platform, second acquisition in a month

The inorganic push comes as the company plans to complete its value chain in financial offerings in the business-to-business (B2B) sector from underwriting to debt recovery

BNP Paribas leases office in Mumbai's BKC for Rs 811 per square feet

The French financial services firm will pay a total rent of Rs 28.36 lakh per month

Have 5-6 portfolio firms planning IPOs: ChrysCapital's Sanjay Kukreja

The common thread is backing grounded founders who are hands-on and have a relentless focus on execution

India tops global private capital exits with $27.9 bn in 2024: GPCA report

Notable exits in 2024 included EQT and Temasek selling O2 Power to JSW Neo Energy for $1.5 billion, Swiggy raising $1.3 billion via an initial public offering (IPO) and providing exits to 360 ONE