Page 3 - Financial Services

Wipro, Microsoft team up for AI virtual assistants for financial services

Wipro's new GenAI-powered cognitive assistants will operate on Microsoft Azure Open AI and will be accessible through Azure App Services

Why foreign financial firms have quit

A surge in prosperity between 2005 and 2008 was purely due to a massive global boom across all geographies

Geojit Financial Q4 results: PAT rises 73% to Rs 52 cr, revenue up 79%

Geojit Financial Services on Tuesday reported a 73 per cent rise in profit after tax to Rs 52 crore in the March quarter. The company had recorded a profit after tax of Rs 30 crore in the year-ago period. In the fourth quarter of the last financial year, the firm's consolidated revenue rose 79 per cent to Rs 209 crore. It was at Rs 117 crore a year ago, according to a release. For fiscal 2023-24, its profit after tax jumped 48 per cent to Rs 149 crore. At the end of March, the company's assets under custody and management stood at Rs 93,000 crore. The board of the company has also approved an investment of up to USD 1 million to establish an entity in Dubai International Financial Centre (DIFC) for expanding capital market business.

YES Bank collaborates with ANQ to launch 2 co-branded credit cards Pi, Phi

YES Bank has partnered with Bengaluru-based financial services provider, ANQ, to unveil two co-branded credit cards -- Pi and Phi. The strategic partnership aims to bridge the gap between traditional banking and the fintech industry, offering innovative solutions to meet evolving consumer needs, a release said. The YES Bank-ANQ Pi credit card is a digital-only card that offers credit on UPI for domestic transactions, providing users with convenient and secure payment options. The credit card caters to both domestic and international purchases with its physical card format, offering users versatility in their spending options, the release said. YES Bank is a full-service commercial bank headquartered in Mumbai. ANQ is a digital banking platform that harnesses the power of decentralised Finance (DeFi) to deliver next-generation financial services.

Banks asked to check mis-selling, safeguard customers' interest: DFS Secy

Financial Services Secretary Vivek Joshi has said that public sector banks have been asked to check mis-selling of insurance products and ensure protection of account holders' interest. Banks have been sensitised on the matter, as the Department of Financial Services (DFS) regularly gets complaints that fraudulent and unethical practices are being adopted by banks and life insurance companies for procuring policies from the bank customers, he told PTI in an interview. "Banks have been asked to give utmost importance to the interest of account holders," he said. There have been instances where life insurance policies were sold to customers aged above 75 years in tier-II and III cities. Usually, banks push products of their subsidiary insurers. When resisted by customers, branch officials would sheepishly admit that they are under pressure from the top. Insurance products are pushed when customers go to seek any kind of loan or buy a term deposit. It is also conveyed that the Centr

More than 2,500 fraud connections being cut daily, say DoT officials

DoT working on grievance redress portal

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