In November 2020, Bombay Stock Exchange declared Karvy Stock Broking as a defaulter and removed the brokerage house from its membership after a similar action was initiated by the National Stock Exchange.
65% of borrowers sought for loans for the first time while 35% of them bought consumer durables such as refrigerators or washing machines on credit. Average ticket size of personal loans diminished by 40% between FY17 and FY21 from RS. 2.4 lakh to Rs 1.5 lakh.
The allegations are similar to a case Apple faces in the European Union, where regulators last year started an investigation into Apple's imposition of an in-app fee of 30% for distribution of paid digital content and other restrictions.
"...the bank failed to monitor/carry out ongoing due diligence in the said account to ensure that the transactions were consistent with its knowledge about the customer, customer's business and risk profile," it said in a statement.
RBI guidelines for regulation of payment aggregators (PAs) requires their business to be regulated and run by a separate company, after obtaining the licence from RBI. The new entity will include Paytm's online payment gateway business.
The scheme was launched by Prime Minister Narendra Modi on May 9, 2015, primarily targeting those working in the unorganised sector. Any citizen having a savings account with a bank or post office in the age group of 18-40 years can join the scheme.
The non-bank lender has tied up with Okinawa, Ather Energy and Ampere. The two-wheeler financing segment is 26-27 per cent of its total loan portfolio. Hero Electric has also collaborated with Wheels EMI to offer easy financing options for the purchase of electric two-wheelers in India.
"We want to build our businesses based out of this state only. It becomes a challenge at times. We have shifted many of our functions to Mumbai. We do allow people to work from home, but this specific role was such that the WFH option could not be exercised."
India Ratings and Research in a report said non-banks have adequate system liquidity (because of regulatory measures), sufficient capital buffers, stable margins due to low funding cost and on-balance sheet provisioning buffers.
Murty will take over from Joby C O, who has been the CEO of Dvara KGFS. He joined Dvara KGFS as Chief Business Officer (CBO) in 2016 and got promoted as Deputy CEO in the year 2019.
In an early morning investor call, MD & CEO Sanjay Agarwal said the bank has "nothing to hide" and there is nothing on the "governance issue", and rather it was a simple HR issue that the management of the company is trying to resolve.
The government has made it mandatory for UAN to be linked with Aadhaar so that employers are able to file Employee Cum Return (ECR) challan and deposit the money into your EPF account.
New business (first-year premium) contributed to the 3.5 per cent growth with a collection of Rs 1.8 lakh crore premium from 2.1 crore new policies.