DBS Bank is considering several startups including in healthcare, technology, and firms using Artificial intelligence (AI) in financial services such as insurance; transportation, logistics and retail, waste management companies and supply chain logistics spaces, Verma said.
SEBI seeks explanation from rating agencies, Icra Ratings and Care Ratings, for their inaction following RBI's curbs on IIFL Finance and JM Finance Product. The Reserve Bank of India (RBI) banned IIFL Finance from giving new gold loans on March 4 due to lapses in the lending process, and on March 5, it banned JM Financial Product from undertaking any form of business in shares and bond funding. Curbs on the two high-margin revenue streams are expected to impact the profitability of both companies.
U.S. Federal Reserve Chair Jerome Powell said on Wednesday that continued progress on inflation "is not assured," though the central bank still expects to reduce its benchmark interest rate later this year.
RBI Governor Shaktikanta Das expects India's economic expansion in FY24 to be close to 8%, higher than official estimates. He clarified that recent RBI action was targeted at Paytm Payments Bank, not fintech companies. Internal surveys indicate high capacity utilisation and expectations of private investment picking up.
The notification follows a draft circular issued in July last year which asked banks to issue cards from more than one network provider giving an option to customers to choose any one among the multiple card networks.
IndusInd International Holdings had submitted its plan in June 2023 in the second round of bidding for the debt-laden company that was originally promoted by Anil Ambani.
The situation is worse in the case of the Indian IT industry, with none of the 54 companies in the NSE-1000 index having a female CEO. Market leader TCS, which employs more than 200,000 women (constituting over a third of its workforce), has no women in its key managerial personnel (KMPs), as per its annual report. In fact, among the top 5 IT companies, only Wipro has a woman in a KMP role - it appointed Aparna Iyer as CFO in September last year.
Banks had been pressing for immunity from arbitrary arrest or action by investigating agencies against their top executives for taking commercial decisions such as grant of loans, but there has been little headway on this demand so far.
The RBI on Friday extended the timeline for Paytm Payments Bank's customers to make deposits and access credit transactions till March 15. The central bank has also issued a set of FAQs relating to the Paytm crisis.
REL led by chairperson Rashmi Saluja has sought to obstruct the applications that need to be sent to the regulators for changes in shareholding, control and management of REL, said the letter by the Burmans, promoters of the Dabur Group. The action by the REL management “impedes the ability of regulatory authorities to perform their obligations,” the Burmans said in the letter, a copy of which ET has seen. “It also costs the public shareholders of Religare.”
Currently, those using Paytm to make UPI payments have virtual payment addresses (VPAs) ending in @paytm. After March 1, customers might find this changing to some other bank’s handle. Paytm aims to use three or more banks to start issuing new VPAs to its customers for use from next month, sources said.
Get updates on your preferred social platform
Follow us for the latest news, insider access to events and more.
