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ACCEPT THE UPDATED PRIVACY & COOKIE POLICY Dear user, ET BFSI privacy and cookie policy has been updated to align with the new data regulations in European Union. Please review and accept these changes below to continue using the website. You can see our privacy policy & our cookie policy. We use cookies to ensure the best experience for you on our website. If you choose to ignore this message, we'll assume that you are happy to receive all cookies on ET BFSI. * Analytics * Necessary * Newsletter NameProviderExpiryTypePurpose Google AnalyticsGoogle1 YearHTTPSTo track visitors to the site, their origin & behaviour.iBeat AnalyticsIbeat1 YearHTTPSTo track article's statisticsGrowthRx AnalyticsGrowthRx1 YearHTTPSTo track visitors to the site and their behaviour NameProviderExpiryTypePurpose optoutTimes Internet1 YearHTTPSStores the user's cookie consent state for the current domainPHPSESSIDTimes Internet1 dayHTTPSStores user's preferencesaccessCodeTimes Internet2.5 HoursHTTPSTo serve content relevant to a regionpfuuidTimes Internet1 YearHTTPSUniquely identify each userOSTIDTimes Internet1 YearHTTPSOauth secure tokenOSSOIDTimes Internet1 YearHTTPSOauth user identifierOSTPID Times Internet1 YearHTTPSused to sync accross portalsfpidTimes Internet1 YearHTTPSBrowser Fingerprinting to uniquely identify client browsers NamePurpose Daily NewsletterReceive daily list of important newsPromo MailersReceive information about events, industry, etc. I've read & accepted the terms and conditions NEWS SITES * Auto News * Retail News * Health News * Telecom News * Energy News * CIO News * Real Estate News * Brand Equity * CFO News * IT Security News * Government News * Hospitality News * HR News * Legal News * ET TravelWorld News * Infra News * B2B News * CIOSEA News * HRSEA News * HRME News Upcoming Event: CFO Meet & discussion on Revised Companies Act Sign in/Sign up * Follow us: * * * * * * * ETBFSI Exclusive * BANKING * INSURANCE * InsurTech * NBFC * FINTECH * Payments * Digital Lending * RegTech * Open API * BFSI Videos * Editor's View * Brand Solutions * ETBFSI AWARDS 2022 * GLOBAL INSURANCE BROKERS PVT. LTD * ETBFSI.COM CONVERGE Thriving in the world of digital * ETBFSI CXO CONCLAVE Connecting Financial Institutions Digitally * LAY THE GROUNDWORK TO ACCELERATE BANKING INNOVATION * ETBFSI FINNEXT SUMMIT The Future of NBFCs and FinTechs * SIDBI-ET MSMES/STARTUPS Roudtable Discussion * REIMAGINE NEXT * LEARNFEST * REIMAGINE NEXT - THE FUTURE OF LEARNING * ETBFSI.COM CONVERGE BFSI: The world of Hyper-personalization * ETBFSI EXCELLENCE AWARDS 2021 AWARDS FOR EXCELLENCE IN INNOVATION * FUTURE READY SECURITY FOR DIGITAL-FIRST BFSI * 3RD EDITION OF ETBFSI CXO CONCLAVE Unlocking the BFSI Potential * THE DIGITAL NEXT: SERIES 2.1 Live Virtual Summit * JOIN THE ECONOMIC TIMES FINANCIAL INCLUSION SUMMIT 2021 * 2ND EDITION OF ETBFSI VIRTUAL SUMMIT 2021 * ET BANKING LEADERSHIP SERIES PRESENTED BY MANIPAL ACADEMY * Millennial Finance * FinTech Diary * BFSI Tech Tales * Green Finance * IBC * ETBFSI Explains * BFSI Movement * More * Blogs * Innovation Masters * POLICY * FINANCIAL SERVICES x Insurance EXPLAINED: CHALLENGES, OPPORTUNITIES FOR, YET TO BECOME SIXTH LARGEST, INDIAN INSURANCE MARKET Reports have suggested that the Insurance penetration in India is set to increase due to financial inclusions and government schemes. However, there are some challenges as well pinned by them related to tech, distribution, consumer perception and upskilling. For this week’s ETBFSI explainer, we decode the current scenario of insurance sector in India and what lies ahead: LATEST NEWS * 2h hrs ago Big investors are giving up on crypto markets going mainstream * 2h hrs ago IMF says global economic outlook getting 'gloomier', risks abound * 2h hrs ago Sam Bankman-Fried: From crypto king to king of tech bubble’s losers * 2h hrs ago FPIs invest Rs 19,000 cr in equities in Nov on softening US inflation, dollar * 2h hrs ago Forex reserves are for rainy days, RBI didn't just pick them up to keep as showpiece: Shaktikanta Das * 2h hrs ago ACRE offers to buy LIC's Rs 3,400 crore Reliance Capital bonds * 2h hrs ago Insurance companies' commission to agents under GST scrutiny * 2h hrs ago Venture Catalysts ++ - the house of unicorns, soonicorns delivers 54 startups above $50 million in 7 years View More Fintech GREED, DESIRE AND NAIVENESS: NARRATION OF $1BN CRYPTO SCAM SO FAR Amid the government’s affirmation and rapid financial literacy of the masses, crypto is not an unknown term anymore. But is it safe of untouched by fraudsters? Here’s a look at some of the biggest scams that rocked the cryptocurrency world in the recent past: Fintech FINTECH INDUSTRY'S RESPONSE TO LIKELY FUNDING DROP MIXED Recently, reports have suggested that amid the tightening noose by the RBI through circulars and regulations, it is anticipated that there will be a downfall in funding of Fintechs. ETBFSI interacted with a few industry players to understand their view on the development. Here are the excerpts: Editor's View THE POLYCRISIS AND THE FUTURE OF FINTECHS: VIEW FROM SINGAPORE FINTECH FESTIVAL. SFF, which showcased the world of FinTechs in its seventh event, had hundreds of sessions and speakers. It had a remarkable line up from the top bankers, FinTechs, Central banks, Tech companies from more than 100 countries. Along with the global plenary sessions, there were specific segments like capital meets policy dialogue, coder workshops, elevandi insights, global FinTech Hackcelerator, Founders Peak etc. Blog BANKING IN 2023 Yogi Berra’s quote, “It’s difficult to make predictions, especially about the future”, is appropriate in such difficult times. Reading the tea leaves for the banking industry in this scenario is about looking for both long and short-term trends. Insurance INDIA'S INSURTECH MOMENT: THE GROWTH STORY OF LESS-TALKED SECTOR Funding to Indian insurtechs has grown at a CAGR of 34% from FY17-20. In 2021, Indian insurtech companies raised a total of US$ 800 million in equity funding, more than in 2019 (US$380 million) and 2020 (US$290 million) funding sums combined. Here we are narrating the saga of InsurTech -- the latest buzz in insurance sector: Fintech UPI CROSSES 7 BILLION TRANSACTIONS IN OCTOBER, HIGHEST SINCE INCEPTION The Unified Payments Interface has seen an exponential growth over the past 6 years, recording a whopping 7.3 billion transactions in October, compared to 678 crores transactions in September. View More TOP FEATURED STORIES Banking / 8 days ago ‘WELL CAPITALISED, LOOK TO UNLOCK INVESTMENTS IN CURRENT FY’: SBI CHIEF ON Q2 RESULTS SBI has posted the highest ever quarterly net profit at ₹13,265 crores whereas its year-on-year (YoY) net profit has risen to 73.93 per cent exact number. Here is the bank’s detailed report card and what the chief said about the performance: * Insurance ‘TO BOOST INSURANCE LIKE UPI DID TO BANKING’: LEADERS BET BIG ON BIMA SUGAM * Policy RBI TO REGULATE OFFLINE PAYMENT AGGREGATORS AT PAR WITH ONLINE PEERS; HERE'S WHAT EXPERTS SAY * Financial Services EXPLAINED: WHAT IS UPI-LINKED RUPAY CREDIT CARD AND HOW WILL IT WORK? * Insurance INSURERS BULLISH ON UBI IN INDIA, EXPECT LARGER ADOPTION OF 'PAY AS YOU DRIVE' View More BLOG * Rajiv Bajaj - Chairman & MD, Bajaj Capital Ltd. INVESTING STRATEGIES TO KEEP UP WITH SOARING INFLATION * Satish Gidugu - CEO, Medi Assist Healthcare Services Ltd HOW INDIAN TPAS CAN LEVERAGE GLOBAL OPPORTUNITIES IN HEALTH BENEFITS ADMINISTRATION * Meera Aranha and Srinivasa Reddy BANKING IN 2023 * Sanjeev Kumar - Co-founder & CEO, Spice Money TRANSFORMING RURAL INDIA THROUGH AEPS AND ASSISTED BANKING SERVICES * Balachander Sekhar - Co-founder, RenewBuy TSUNAMIC WAVE OF INSURTECH IN INDIA- THE FUTURE * Aditya Harkauli - Chief Business Officer, Indifi Technologies DIGITAL LENDING : WHY DESIGNING “CREDIT JOURNEYS” IS IMPORTANT TO COUNTERBALANCE GROWTH WITH RISK View More FINTECH Fintech / 3 hrs ago GREED, DESIRE AND NAIVENESS: NARRATION OF $1BN CRYPTO SCAM SO FAR Amid the government’s affirmation and rapid financial literacy of the masses, crypto is not an unknown term anymore. But is it safe of untouched by fraudsters? Here’s a look at some of the biggest scams that rocked the cryptocurrency world in the recent past: * Fintech / 3 hrs ago FINTECH INDUSTRY'S RESPONSE TO LIKELY FUNDING DROP MIXED * Fintech / 3 hrs ago BIG INVESTORS ARE GIVING UP ON CRYPTO MARKETS GOING MAINSTREAM * Fintech / 3 hrs ago SAM BANKMAN-FRIED: FROM CRYPTO KING TO KING OF TECH BUBBLE’S LOSERS * Fintech / 3 hrs ago VENTURE CATALYSTS ++ - THE HOUSE OF UNICORNS, SOONICORNS DELIVERS 54 STARTUPS ABOVE $50 MILLION IN 7 YEARS View More POLICY Policy / 3 hrs ago FOREX RESERVES ARE FOR RAINY DAYS, RBI DIDN'T JUST PICK THEM UP TO KEEP AS SHOWPIECE: SHAKTIKANTA DAS Das said that the policy tightening by central banks world over and especially those in advanced economies led by the US is causing the financial market turmoil and the spillover effects are being felt by emerging economies. * Policy / 2 days ago MUNICIPAL BONDS A CREDIBLE OPTION FOR CIVIC BODIES TO RAISE FUNDS: RBI * Policy / 3 days ago INFLATION LIKELY SLOWED IN OCTOBER, STILL WELL ABOVE RBI TARGET BAND: REPORT * Policy / 3 days ago DGFT NOTIFIES AMENDED FOREIGN TRADE POLICY NORMS FOR EXPORT BENEFITS ON RUPEE RECEIPTS * Policy / 4 days ago CENTRAL BANK DIGITAL CURRENCY COULD END RBI-ESMA ROW View More NBFC * MANAPPURAM FINANCE NET UP 11 PC TO RS 409 CR IN SEPT-QUARTER * MUTHOOT FINANCE CONFIDENT OF ACHIEVING 10 PC BIZ GROWTH IN FY23: MD GEORGE A MUTHOOT * GUJARAT-BASED NBFC TOPS NARCL BID FOR CONSOLIDATED CONSTRUCTION * PFS FORENSIC AUDITOR CNK RAISES LOAN EVERGREENING ISSUE, SAYS MGMT NOT COOPERATED IN PROVIDING INFORMATION * FIVE STAR BUSINESS FINANCE UNDERSUBSCRIBED BUT SAIL THROUGH * MUTHOOTTU MINI FINANCIERS INTRODUCES SAFE LOCK GOLD LOAN FACILITY * RBI CANCELS CERTIFICATE OF REGISTRATION FOR SEVEN NBFCS * RELIANCE CAPITAL Q2 RESULTS: FIRM SWINGS TO BLACK WITH NET PROFIT OF RS 215 CRORE * INDIA NEW ISSUE-KOTAK MAHINDRA PRIME TO REISSUE JAN 2025 BONDS - TRADERS * MUTHOOT FINANCE Q2 RESULTS: CONSOLIDATED PAT RISES TO RS 902CR, RS 3437CR SPIKE IN AUM * INDIA NEW ISSUE-KOTAK MAHINDRA PRIME TO REISSUE JAN 2025 BONDS - TRADERS * FIVESTAR BUSINESS FINANCE'S IPO GETS SUBSCRIBED 32 PER CENT ON SECOND DAY * PIRAMAL ENT POSTS RS 1,536-CR LOSS IN Q2 ON HIGH PROVISIONS * MUTHOOTTU MINI FINANCIERS INTRODUCES SAFE LOCK GOLD LOAN FACILITY * SUNDARAM FINANCE Q2 PAT UP 44% * SME LENDING STARTUP FTCASH GETS NBFC LICENCE FROM RBI * SBFC FINANCE FILES FOR DRHP OF RS.1600 CRORES WITH SEBI * NEW MICROFIN NORMS WILL BRING DOWN CREDIT RISK: RBI * CAPITAL INDIA FINANCE APPOINTS VIKAS SRIVASTAVA AS CFO * ADITYA BIRLA CAPITAL Q2 NET JUMPS 30 PC TO RS 488 CR View More MORE FROM ETBFSI * Fintech / 2h hrs ago BIG INVESTORS ARE GIVING UP ON CRYPTO MARKETS GOING MAINSTREAM The implosions and scandals of the past few months have laid waste to the key arguments of crypto boosters, and all but obliterated the notion of Bitcoin as safe haven in turbulent times. But none of those events -- from the TerraUSD collapse to the Celsius bankruptcy -- were as damning as the revelation that even FTX, until recently considered one of the most blue-chip names in crypto, was unsound. * Industry / 2h hrs ago IMF SAYS GLOBAL ECONOMIC OUTLOOK GETTING 'GLOOMIER', RISKS ABOUND IMF said recent purchasing manager indices that gauge manufacturing and services activity signaled weakness in most Group of 20 major economies, with economic activity set to contract while inflation remained stubbornly high. * Fintech / 2h hrs ago SAM BANKMAN-FRIED: FROM CRYPTO KING TO KING OF TECH BUBBLE’S LOSERS A week that began with two crypto CEOs tweeting barbs ended with the bankruptcy of FTX, one of the largest and most prominent crypto exchanges, along with around 130 other companies that it owned. * Financial Services / 2h hrs ago FPIS INVEST RS 19,000 CR IN EQUITIES IN NOV ON SOFTENING US INFLATION, DOLLAR Prior to these outflows, Foreign Portfolio Investors (FPIs) were net buyers in August to the tune of Rs 51,200 crore and nearly Rs 5,000 crore in July. Before that, foreign investors were net sellers in Indian equities for nine months in a row which started in October last year. * Policy / 2h hrs ago FOREX RESERVES ARE FOR RAINY DAYS, RBI DIDN'T JUST PICK THEM UP TO KEEP AS SHOWPIECE: SHAKTIKANTA DAS Das said that the policy tightening by central banks world over and especially those in advanced economies led by the US is causing the financial market turmoil and the spillover effects are being felt by emerging economies. * Industry / 2h hrs ago ACRE OFFERS TO BUY LIC'S RS 3,400 CRORE RELIANCE CAPITAL BONDS The ARC has offered 20-22 paise on a rupee recovery to the country's largest life insurer, one of the persons said. The binding bid by ACRE is aligned with the offers the administrator has received from bidders of Reliance Capital, an Anil Ambani Group company undergoing corporate insolvency. * Insurance / 2h hrs ago INSURANCE COMPANIES' COMMISSION TO AGENTS UNDER GST SCRUTINY The Directorate General of GST Intelligence (DGGI) has been investigating these companies for allegedly floating shell companies to pay high commissions and accounting for the payments under other heads to reduce tax outgo. During its probe, the Mumbai unit of DGGI conducted inspections on some companies and also summoned their executives, the people said. * Fintech / 2h hrs ago VENTURE CATALYSTS ++ - THE HOUSE OF UNICORNS, SOONICORNS DELIVERS 54 STARTUPS ABOVE $50 MILLION IN 7 YEARS Venture Catalysts Group (Vcats++), India’s first integrated incubator and a full-stack investor for early to growth stage startups, has announced that about 54 of its portfolio startups have crossed $50 million valuation this year. View More BFSI VIDEOS * BANK-FINTECH RELATIONSHIP A POSITIVE-SUM GAME: CASHE CTO & CBO The new guidelines pertaining to digital lending, introduced by the RBI are definitely a welcome move in terms of how the industry should adhere to a framework while handling customer’s data, said Yashoraj Tyagi, CTO and CBO, CASHe while speaking at the 4th Edition of ETBFSI CXO Conclave. There has been a massive shift in the last 5 years in the way customers handle digital credit. Invariably, this has led to a shift in the way organisations access data. "Ultimately, as the guidelines dictate, customers should be the centre of how they choose to give access to data," he said. Additionally, Tyagi spoke on how BNPL as a financial product, has worked in the Indian economy. “It has worked so far because India has shifted from a tabooed-economy to one which is driven by a healthy combination of savings and credit. However, the possibility of BNPL rising exponentially is doubtful.” Lastly, Tyagi acknowledged how the Bank-Fintech relationship is a positive-sum game. Both entities come with their own strengths and key values to the table. So, when such collaboration happen, both parties tend to benefit. * 21 days ago NEOBANKING & CLOUD: THE DIGITAL WAY FORWARD FOR FINTECH * 26 days ago FIRESIDE CHAT: BFSI: EMBRACING THE NEW DIGITAL TRANSFORMATION ERA * 27 days ago CISOS DISCUSSION: WHAT WILL MAKE BFSI BULLETPROOF AMIDST THE RISING CYBER ATTACKS View More SUBSCRIBE TO OUR NEWSLETTER 50000+ Industry Leaders read it everyday I have read Privacy Policy and Terms & Conditions and agree to receive newsletters and other communications on this email ID. 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