Page 6 - Financial Services

North-East states, J&K lead in adopting Aadhar-enabled transactions: Report

North-eastern states and Jammu & Kashmir are increasingly adopting Aadhar-enabled financial services, according to a report. Meghalaya topped the list with a 1000 per cent growth in AePS (Aadhaar Enabled Payment System) transaction value and a 712 per cent increase in the number of transactions, followed by Nagaland and Assam, the report by fintech firm PayNearby said. Retail stores in Jammu and Kashmir witnessed a growth of over 134 per cent in value and 89 per cent in the volume of Aadhar-enabled payment transactions in FY24. The Atmanirbhar Bharat Digital Empowerment' report by PayNearby, a company that offers branchless banking and digital network, drew insights from transactions across 12 lakhs plus retail touchpoints throughout the country. The findings are based on business data gathered for the fiscal year 2023-24 compared to the previous fiscal year. Transaction value at MicroATMs of Mizoram and Meghalaya grew by 55 per cent and 43 per cent respectively, whereas volume ..

Nifty Fin Svcs, PSU Bank may turn bullish soon, say charts; check levels

The Nifty PSU Bank Index is currently trading at 7,456.75. The near-term trend is bullish on the charts; however, the index is approaching a significant resistance zone between 7,500 and 7,590

Mahindra Finance gets IRDAI nod to sell insurance as corporate agent

Mahindra & Mahindra Financial Services on Wednesday said it has received corporate agency licence from insurance regulator IRDAI, which will enable it to sell life and general insurance policies offered by various insurers. The registration shall be valid from May 21, 2024 to May 20, 2027, Mahindra Finance said in a regulatory filing. The registration as 'Corporate Agent (Composite)' will enable the company to undertake supplemental business activity of soliciting and procuring insurance business in the areas of life, health and general insurance -- both group and individual, it said. The process would augment the company's existing sources of revenue and profits as it would deploy its common infrastructure of branch network and feet on street. Mahindra Finance Managing Director & CEO Raul Rebello said, "This diversification will open new revenue models for us while delivering personalized services to customers across Mahindra Finance's 1360+ branches, thereby enhancing their .

Shanti Spintex Limited deliversstrongest set of financial results for FY24, Revenue surpasses Rs. 5 billion,PAT reaches Rs. 130 million

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IndiaFirst Life Insurance names Rushabh Gandhi as its next MD & CEO

Financial services veteran will have a 5-year term; incumbent R M Vishakha to retire in June

Concentrix to expand India operations by hiring 20,000 this year: CEO

''India will probably surpass the Philippines early next quarter both from a total growth and size perspective''

FSIB meet on May 21-22 to select State Bank of India's next chief

In October 2023, SBI chief Dinesh Kumar Khara's tenure was extended until August 2024

Wipro, Microsoft team up for AI virtual assistants for financial services

Wipro's new GenAI-powered cognitive assistants will operate on Microsoft Azure Open AI and will be accessible through Azure App Services

Why foreign financial firms have quit

A surge in prosperity between 2005 and 2008 was purely due to a massive global boom across all geographies

Geojit Financial Q4 results: PAT rises 73% to Rs 52 cr, revenue up 79%

Geojit Financial Services on Tuesday reported a 73 per cent rise in profit after tax to Rs 52 crore in the March quarter. The company had recorded a profit after tax of Rs 30 crore in the year-ago period. In the fourth quarter of the last financial year, the firm's consolidated revenue rose 79 per cent to Rs 209 crore. It was at Rs 117 crore a year ago, according to a release. For fiscal 2023-24, its profit after tax jumped 48 per cent to Rs 149 crore. At the end of March, the company's assets under custody and management stood at Rs 93,000 crore. The board of the company has also approved an investment of up to USD 1 million to establish an entity in Dubai International Financial Centre (DIFC) for expanding capital market business.

YES Bank collaborates with ANQ to launch 2 co-branded credit cards Pi, Phi

YES Bank has partnered with Bengaluru-based financial services provider, ANQ, to unveil two co-branded credit cards -- Pi and Phi. The strategic partnership aims to bridge the gap between traditional banking and the fintech industry, offering innovative solutions to meet evolving consumer needs, a release said. The YES Bank-ANQ Pi credit card is a digital-only card that offers credit on UPI for domestic transactions, providing users with convenient and secure payment options. The credit card caters to both domestic and international purchases with its physical card format, offering users versatility in their spending options, the release said. YES Bank is a full-service commercial bank headquartered in Mumbai. ANQ is a digital banking platform that harnesses the power of decentralised Finance (DeFi) to deliver next-generation financial services.

Banks asked to check mis-selling, safeguard customers' interest: DFS Secy

Financial Services Secretary Vivek Joshi has said that public sector banks have been asked to check mis-selling of insurance products and ensure protection of account holders' interest. Banks have been sensitised on the matter, as the Department of Financial Services (DFS) regularly gets complaints that fraudulent and unethical practices are being adopted by banks and life insurance companies for procuring policies from the bank customers, he told PTI in an interview. "Banks have been asked to give utmost importance to the interest of account holders," he said. There have been instances where life insurance policies were sold to customers aged above 75 years in tier-II and III cities. Usually, banks push products of their subsidiary insurers. When resisted by customers, branch officials would sheepishly admit that they are under pressure from the top. Insurance products are pushed when customers go to seek any kind of loan or buy a term deposit. It is also conveyed that the Centr

More than 2,500 fraud connections being cut daily, say DoT officials

DoT working on grievance redress portal

RBI revises timeline for completion of Regulatory Sandbox process

The updated framework for an RS also requires sandbox entities to ensure compliance with provisions of the Digital Personal Data Protection Act, 2023

Govt permits GSTN to share data with RBI's frictionless credit platform

The government has permitted GST Network to share data about GST-registered businesses, based on their consent, with the Reserve Bank's 'Public Tech Platform for Frictionless Credit'. The move will help entities get loans faster on the basis of shared Goods and Services Tax (GST)-related information. The platform, created by the Reserve Bank of India (RBI) subsidiary Reserve Bank Innovation Hub, is intended to enable seamless flow of necessary information to lenders to help in disbursing credit. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) has said "the Central Government, on the recommendation of the Council, notifies 'Public Tech Platform for Frictionless Credit' as the system with which information may be shared by the common portal based on consent...". The platform has been developed for the operation of a large ecosystem of credit, to ensure access of information from various data sources digitally. The financial service providers and multiple da

GenAI likely to add $66-80 billion to financial services GVA by 2030

Around 78 per cent of the respondents surveyed said that they had either implemented GenAI in at least one use case or had plans to pilot it over the next 12 months

Fin service providers must have regulatory nod for liquidation: IBBI

Liquidators need to ensure that financial service providers have the requisite permission from their respective regulator before commencing voluntary liquidation process under the insolvency law. The Insolvency and Bankruptcy Board of India (IBBI) on Tuesday issued a circular in this regard amid instances of Financial Service Providers (FSPs) commencing voluntary liquidation process without requisite approvals. Under the Insolvency and Bankruptcy Code (IBC), the definition of corporate persons excludes any FSP. FSPs notified by the central government after consulting financial regulators are allowed to undergo a voluntary liquidation process after obtaining prior permission of the appropriate regulator. The requirement is part of the Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority Rules, 2019. According to IBBI, it has been noted that some FSPs have commenced the voluntary liquidation process without notifying the ...

Govt blocks 1.4 lakh mobile numbers linked to digital financial frauds

To control digital frauds, the government has blocked 1.4 lakh mobile numbers so far that were involved in financial frauds, according to an official release. Financial Services Secretary Vivek Joshi on Friday chaired a meeting on cyber security in the financial services sector in which various issues including onboarding of banks and financial institutions on the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) platform through API integration were discussed. Integration of CFCFRMS platform with the National Cybercrime Reporting Portal (NCRP) to centralise the platform that will enable effective collaboration between Police, Banks, and Financial Institutions, allowing for real-time monitoring and prevention of fraudulent activities was deliberated, an official release said. The banks and financial institutions are required to phase out the use of regular 10-digit numbers and use specific number series such as '140xxx' for commercial or promotional activities

Burmans raise stake to 25% in Religare to acquire financial services firm

On September 25th, last year, the Burman family had announced an open offer for REL at Rs 235 per share

Japan's Mizuho finance group sets up global business centre in Chennai

Standard Chartered, Bank of America, NatWest among companies that already have such centres in Tamil Nadu's capital city