The consolidated loan AUM stood at Rs. 71,497 crores, up by 10% Q-o-Q and the consolidated Profit after Tax (PAT) stood at Rs. 1,009 crores for Q4FY23, up by 8% Q-o-Q. The standalone loan AUM stood at Rs. 63,210 crores, up by 9% Q-o-Q and the standalone PAT stood at Rs. 903 crores for Q4FY23.
Chief Economic Advisor V Anantha Nageswaran on Wednesday asked the finance industry to observe self-restraint and stop predatory practices, misselling of products and data misuse. The academic-turned-advisor said regulations can only work to an extent to stop robberies, but crime can be curtailed only when the robber chooses to reform.
Agriculture Insurance Company of India (AIC) has obtained a licence from IRDAI and will introduce products for the sericulture, aquaculture and livestock sectors, according to company officials. AIC already holds 50% share of the crop insurance market under the PMFBY scheme, run by Centre and state authorities.
The open house would be held at the Head Office of Irdai in Hyderabad from 11.00 AM to 1.00 PM on 15th of every month, it said, adding that if 15th happens to be a holiday, the open house will be held on the next working day. Further, the regulator said Irdai's Chairperson (in his/her absence, the senior most Whole-time Member) along with senior officials will be present at the open house.
The 131-day window to exchange junked 2000 rupee currency notes opened on Tuesday with a mixed bag of small queues and confusion at some banks over the requirement of officially valid identity cards like PAN or Aadhaar, and official forms. Unlike November 2016, when old 500 and 1000 rupee notes - constituting some 86 per cent of the currency in circulation - were banned overnight, resulting in sarpantine ques outside bank branches across the country, this time no crowding is being witnessed.
Paytm's UPI SDK is part of the existing UPI acquiring arrangement between Paytm Payments Services Ltd. and Paytm Payments Bank, under which Paytm Payments Services Ltd provides UPI acquisition service to merchants. This UPI SDK is an add-on feature under the same arrangement.
The users can now link their RuPay credit cards with Google Pay to pay at all online and offline merchants where RuPay credit cards are accepted. The feature is now available to RuPay credit card holders of Axis Bank, Bank of Baroda, Canara Bank, HDFC bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank and Union Bank of India, the company aid in a statement.
The Reserve Bank of India (RBI) had announced on May 19 the withdrawal of Rs 2,000 currency notes but gave the public until September 30 to either deposit the Rs 2,000 notes in accounts or exchange them at banks.
The Rs 2,000 was introduced with the primary purpose of quickly replenishing the value of money that was being taken out of the system, Das said.
With UPI being allowed on RuPay credit cards, NPCI is hoping to attract more lenders as it could be a major source of attraction for consumers.
Axis Bank features on the buy lists of most investors seeking a slice of Indian top-draw private banking. Since Amitabh Chaudhry stepped into the corner office in 2019, the stock is up nearly 50%, although it still trails peers. In an interview with Saloni Shukla and MC Govardhana Rangan, Chaudhry says that growth triggers are in place that could make it as good as the leader. Edited excerpts:
The Reserve Bank of India (RBI) Friday said ₹2,000 denomination notes can't be used for transactions after September 30 and asked banks to stop issuing this denomination to customers. "We don't see any major impact on the ATM front, already, as per RBI directions, stakeholders have submitted the plan for implementation of lockable cassettes in 30 cities for both white label and bank-run ATMs," said a senior bank executive.
State Bank of India (SBI) was slow in procuring goods and services from the government-owned GeM portal in 2022-23, while Canara Bank became the largest buyer, followed by Punjab National Bank and Indian Overseas Bank, according to government data. SBI was fourth on the list and purchased Rs 158.22 crore from the portal. The GeM portal was launched in 2016 for online purchasing of goods and services by central government ministries and departments, and currently has over 63,000 government buyer organisations and six crore sellers and service providers.
People reacted differently on Saturday following the announcement of Rs 2,000 note withdrwal. Some hoarders tried to buy gold at a premium, others tried target forex and donations but most avoided bank deposits.
According to GlobalData, the volume of funding deals in India declined by 62.5 percent (year-on-year) in January 2023, while the value of deals fell by 80.3 percent. The impact of this uncertainty on investor confidence in startups has been felt across the board, with venture capitalists becoming more cautious in their investments.
While the "global turnover" rule doesn't specifically apply to any particular section of firms, big tech companies are likely to be hit by it, given the nature of their business that cuts across jurisdictions. Usually, their revenues from India operations are only a fraction of their earnings in other key economies like the US and the EU.
The fundraising could be via debt or equity, or a combination of the two, with the final structure still under consideration, the bank’s Chief Executive Officer Shyam Srinivasan said in an interview. The capital will fund growth as Federal Bank pushes further into retail banking with plans to open about 100 branches this year, and seeks to buy a microfinance company, he added.
As a part of the partnership, Yobee will allow IIFL Securities’ customers to access the Tradebox application within the IIFL app and web. Additionally, customers can also begin their trading journey from the Tradebox website using the "Login with IIFL Securities" feature.
The National Company Law Tribunal on Friday dismissed IDBI Bank's insolvency plea against Subhash Chandra promoted Zee Entertainment Enterprises Ltd (ZEEL).
The Finance Ministry has clarified that foreign currency payments such as digital subscriptions to publications or goods bought on foreign ecommerce sites through international credit cards will count towards an individual's Liberalized Remittance Scheme (LRS) account and attract 20% tax collected at source (TCS). However, if these purchases are made in Indian rupees, they will not be counted against LRS and face any TCS. This change is intended to bring parity between remittances and overseas spending using debit and credit