Page 4 - Financial Services

Regulatory compliance important to stay ahead of fraudsters: DFS Secy

He stressed the importance of regulatory compliance to stay one step ahead of fraudsters in the industry

BS BFSI: Compliance doesn't impede progress, say financial services heads

BS BFSI Summit: While compliance requires significant investment, it does not impede industry progress, said CTOs and CEOs as they discussed the role of regulation in India

Bandhan Financial Services acquires Genisys Group, expands global footprint

The acquisition will help Bandhan Group expand its global footprint with new offices in the US, UK, and India, significantly enhancing its presence in these markets

Bumps on MFI road: Microfinance biz turns cautious as delinquencies rise

Business correspondents have helped deepen banking penetration in the nearly two decades they have been around. Can they play a role on the field for MFIs?

Vijay Naidu: From the Lanes of Maharashtra to the Forefront of Global Fintech Innovation

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On the table: FinMin to review public sector banks co-lending, MSME credit

DFS secy M Nagaraju to chair meeting on November 5

Microfinance institutions must refrain from reckless lending: DFS secretary

Microfinance institutions (MFIs) have played a crucial role in fostering financial inclusion but they should refrain from any reckless lending, Financial Services Secretary M Nagaraju said on Wednesday. "We should all be careful on this. Any reckless or poor underwriting norms regarding lending to Self Help Groups (SHGs) or Joint Liability Groups (JLGs) will only harm the sector," he said at an event organised by Sa-Dhan here. Anything that will impact their capacity to repay back will actually harm MFIs, he said. "So, we should be very careful in what we lend, when we lend and how we lend because their financial literacy is limitedtheir exposure to the outside world is limited. We should not capitalize on that. We should actually try to empower them, provide the needed finance and also ensure hand holding so that they flourish," he said. Nagaraju said under the SHG-Bank Linkage Programme, there are more than 77 lakh groups with Rs 2.6 lakh crore outstanding loans benefitting about

Geojit Financial Services Q2 results: PAT jumps 53% to Rs 57.42 cr

Geojit Financial Services Ltd on Friday reported a 53 per cent year-on-year jump in profit after tax to Rs 57.42 crore in three months ended September 2024. In comparison, the company had posted a profit after tax (PAT) of Rs 37.48 crore in the year-ago period. On a quarter-on-quarter (QoQ) basis, its PAT rose by 25 per cent, Geojit Financial Services said in a statement. Revenue increased by 50 per cent to Rs 218.55 crore in the July-September quarter of FY25 from Rs 145.51 crore a year ago. On a QoQ basis, it grew by 21 per cent.

Tata Digital's financial services bet pays off as credit cards top 1.5 mn

According to Tata Digital's FY24 annual report, its financial services have witnessed significant growth, with its co-branded credit card reaching 1.18 million cards

Salaries in India to rise 9.5% in 2025, led by engineering, mfg hikes: Aon

Attrition rate in 2024 fell to 16.9 per cent from 18.7 per cent in 2023 and 21.4 per cent in 2022

BharatPe settles with former co-founder Ashneer Grover; drops legal action

BharatPe has settled with former co-founder Ashneer Grover and has decided not to pursue any legal action. The case pertains to Bharatpe's allegations against Grover of fraud worth Rs 81 crore

Private equity deals in India pick up after two years of decline

Up 9% at $24 bn in first nine months of 2024; financial services, consumer sectors lead

FPIs pump Rs 33,700 cr in Indian equities in Sept amid US rate cut

Foreign investors have injected close to Rs 33,700 crore in domestic equities in this month so far primarily due to interest rate cut in the US and resilience of the Indian market. This also marks the second highest inflow in a month in this year so far, the last one being in March, when Foreign Portfolio Investors (FPIs) infused Rs 35,100 crore, data with the depositories showed. Going ahead, the trend of FPIs buying is likely to continue in the coming days, V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said. According to the data with the depositories, Foreign Portfolio Investors put in a net investment of Rs 33,691 crore into equities this month (till September 20). With this, FPIs investment in equities reached Rs 76,572 crore so far this year. Since June, FPIs have been consistently buying equities. Before that, they pulled out funds to the tune of Rs 34,252 crore in April-May. In September, FPIs remained bullish, purchasing Indian equities on ...

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

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

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

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

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

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 ...

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

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