Financial Sector

Max Life rebrands to Axis Max Life Insurance after regulatory approval

Earlier this year, Axis Bank's board of directors approved the proposal to acquire Max Life shares

Need to differentiate between financial, non-financial regulation: CEA

Chief Economic Advisor V Anantha Nageswaran on Wednesday said there is a need to differentiate between regulation of financial and non-financial sectors as competition in financial sector can lead to excessive risk taking and bring instability. "We do need to make a distinction between regulation with respect to financial sector and regulation with respect to non-financial sector of the economy," Nageswaran said at the CII Global Economic Policy Forum 2024. He said in non-financial sector, except in case of natural utilities where one needs a regulator to protect customer interest, competition or market forces will take care of what the regulators do. In financial sector, regulators have the tendency to lean towards excessive regulations, as if things go wrong in this sector the state is expected to bail out and the effects are systemic. " In financial sector, competition sometimes leads to excessive risk taking and competition can be a source of instability rather than stability,

PSBs to launch new products in 3-4 months to ramp up credit growth

Financial Services Secretary M Nagaraju on Tuesday said public sector banks will unveil new products in the next few months to improve credit growth. "We are actually committed to enhancing, and we want to push as much credit as possible because we have a huge number of young people," he said while addressing the Financial Inclusion and Fintech Summit organised by CII here. Public sector banks are going to launch new products in the next 3-4 months to push credit for all sectors, including MSME, he said. Over the last few years, the government has already taken multiple steps to improve credit availability to small borrowers, including announcing a new credit model in the Budget to lend to borrowers with no previous financial records. Though the banking sector is robust, Nagaraju said rising digital frauds are posing a risk to financial sector stability, and banks should focus on addressing this challenge. Both digital innovations and financial literacy will help mitigate this, he

India's financial regulatory pillars set for a leadership shake-up

Four key positions will become vacant over the next four months, marking a potential reshuffle by the end of the current financial year

BFSI sector leasing projected to be over 11 mn square feet in 2024: JLL

Global players are involved in about 65 per cent of BFSI leasing activity in India

Foreign portfolio investor exodus: Financial sector bears the brunt

The velocity of the selling was so high that barely any sector was spared. However, metals and utilities still managed marginal inflows

Global financial services firm Waystone opens its first India office

Plans to employ over 200 people in Mumbai by the first half of 2025

Account aggregator ecosystem clocks 100 million consents on framework

With 1059% growth, India's AA ecosystem is the fastest growing open finance ecosystem in the world

RBI Governor Das for reskilling, upskilling amid digitalisation push

Goal is to balance effective regulation with fostering financial innovations in a safe, robust and trustworthy ecosystem, the RBI governor said

Global tech outage: 10 banks, NBFCs witness minor disruptions, says RBI

Overall Indian financial sector remained insulated from the global outage

Bernstein sees 20% upside in IndusInd Bank, 7% downside in Bajaj Finance

The downside in Bajaj Finance, Bernstein said, was because much of the positives are priced into the stock's rich valuations

Shriram Finance raises $468 million multi-currency funds as social loans

The fund raise is closely on the heels of a previous transaction where the company raised $404 million

Need to reconsider sachetisation of F&O trade to safeguard savings: CEA

Cautioning against household savings getting invested in futures and options trade, Chief Economic Advisor V Anantha Nageswaran on Saturday said there is a need to reconsider sachetisation of F&O trade because it requires different financial literacy. Speaking at the CII's Annual Business Summit, 2024, Nageswaran said whenever financial sector development precedes national development the story hasn't ended well for other countries as well. Asian crisis 1997-98 is a very important example, he said. When we take pride in the fact that we have the world's largest trading volume in futures and options (F&O), we need to ask ourselves is that a sign of progress or a sign of concern, the CEA said. He said the financial sector has a responsibility to ensure that capital market grows in those areas where we can actually harness Indian household savings for productive purposes. Many of the people currently engaged in the market do not understand them The sachetisation of futures and ...

RBI action could increase business volatility for some NBFCs: Fitch

Firms' implementation of regulatory instructions varies, says ratings agency

US protests: Why are faculty voices muted?

The silence of faculty underscores a shift where the pursuit of academic values takes a back seat to preserving financial interests

Setu unveils Sesame, India's first domain-specific LLM for BFSI sector

Developed in collaboration with indigenous AI research firm Sarvam AI, the company said this marks a "ChatGPT moment" in financial services

PNB Housing Finance Q4 results: Net profit rises 57% to Rs 439 crore

The net fees and other income increased to Rs 110 crore in Q4 FY24 from Rs 33 crore in the corresponding quarter of the year-ago period

Poonawalla Fincorp Q4 results: Net profit rises 67% to Rs 332 crore

FY24 PAT up 146 per cent year-on-year to Rs 1,683 crore; AUM crosses Rs 25,000 crore

Rate cuts, index inclusion likely to help bond prices rally in FY25

Followed by the lower borrowing, the calendar for the initial half of the financial year gave another cheer to the bond market

RBI's journey of 90 years: The building of India's financial fortress

Prime Minister Narendra Modi will join the commemoration at the National Centre for Performing Arts in Mumbai