Page 6 - Financial Services

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

Govt expands scope of financial services that can be taken up at IFSC

The government has expanded the scope of activities that can be undertaken at the International Financial Services Centre (IFSC) by including services such as book keeping, and accounting. As per a gazette notification issued by the Ministry of Finance, various services, including book-keeping, accounting, taxation, and financial crime compliance, have been included as part of financial services. "Provided that the financial services shall be offered by units in an International Financial Service Centre regulated by the International Financial Services Centres Authority (IFSCA) to non-residents whose business is not set up either by splitting up of business already in existence in India; or reconstructing/reorganising of business already in existence in India," it said in a notification on January 18. The notification stipulates that these units should not offer services by way of transferring or receiving existing contracts or work arrangements from their group entities in India.

Trademo Chooses Google Cloud and Searce to Unlock Business Growth and Efficiency

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IFSCA forms committee on transition finance to formulate framework

The committee has been tasked to assess the trends in the segment and identify the best practices for transition finance in India by 2047

Fedbank Financial Services posts 25.12% growth in profit during Q2FY24

The Net Interest Income (NII) of the company rose by 29 per cent to Rs 207.30 crore from Rs 160.40 crore in the second quarter of the financial year 2023

Need to move towards data-based lending: Financial Services Secretary

Financial Services Secretary Vivek Joshi on Friday outlined the vision for 2047 and said financial institutions must move towards data-based lending, instead of judgement-based lending, in the medium-term. He said global Indian banks with a footprint across continents hold immense significance for Indian prowess and international influence as these serve as a conduit for foreign investment in the country. Speaking at the CII Global Economic Forum, Joshi said to exceed global average of per capita GDP by 2047, India's real GDP has to grow 7-7.5 per cent. "In the medium term, we must move towards data-based lending instead of judgement based lending especially for small business," Joshi said. He said there is a need to further deepen capital markets with active participation from diversfied investors. "In the context of robust financial services, it is imperative that in 2047, India will have a highly competitive viable banking sector with substantial indian ownership, universal acc

Nifty Financial Services, Nifty Private Bank: Avoid taking short positions

Consider booking profits on upward movements in Nifty Financial Services, suggests Ravi Nathani

Avoid mis-selling at banks, research before buying financial product

Rely on a fee-based advisor instead of bank relationship manager for investment advice

Fedbank Financial IPO to open on Nov 22 at price band of Rs 133 to Rs 140

Fedbank Financial Services provides loans to MSMEs and emerging self-employed individuals

GCCs to lease 62 million sq. ft. in India by 2025: CBRE Asia report

By 2025, it is estimated that there will be about 1,900 total operational GCCs in the country, up from the existing 1,580

Buy Nifty Financial near these levels to gain from a likely bullish upmove

Nifty Financial Services Index presents a bullish outlook, and traders are advised to closely monitor the resistance levels for potential breakout opportunities, said Ravi Nathani

InCred secures commitment to raise Rs 500 crore, to join unicorn club

Latest funding round values company at $1.05 bn

KFin Technologies launches compliance management platform Guardian

As per the financial services platform, Guardian will indentify unusual trends by monitoring overall trading patterns

M&M Financial Services banks on H2 recovery and strong valuations

In Q2FY24, net profit plummeted by 48 per cent Y-o-Y, while core profit before tax increased by 10 per cent Y-o-Y. This miss was largely due to higher provisions (up by 216 per cent Y-o-Y)