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We have updated our terms and conditions and privacy policy Click "Continue" to accept and continue with ET BFSI 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 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 Financial Services TRADING APP ROBINHOOD LAYS OFF A QUARTER OF ITS STAFF The decision also comes as Robinhood posts second quarter results which show a 44% fall in revenues compared to the same period the year before on declining monthly active users and assets under custody LATEST NEWS * 5h hrs ago Sensex ends near 4-month high, surges 465 points; Nifty reclaims 17,500 * 5h hrs ago Bond yields rise tracking U.S. peers, RBI hike weakens sentiment * 5h hrs ago Households expect moderation in inflation * 5h hrs ago India needs to be watchful that GDP growth does not slip below 5%: SC Garg * 5h hrs ago Govt insurance dues: Punjab government pays 100 crore to private, govt hospitals * 5h hrs ago White collar hiring stabilises with almost all sectors showing an uptick in hiring: Monster Employment Index * 5h hrs ago WazirX tries to allay employees’ concerns about ED action and Binance dispute * 5h hrs ago SoftBank plans Vision Fund job cuts after record net loss View More Financial Services WHAT IS 'BHARAT BILL PAYMENT SYSTEM' THAT RBI HAS PROPOSED TO ACTIVATE FOR NRIS The RBI Governor, Shaktikanta Das while announcing the decisions and deliberations of the Monetary Policy Committee announced to enable Bharat Bill Payment System for non-resident Indians. ET BFSI explains what BPPS is, how it will facilitate NRIs in processing inward cross-border payments. Banking FINCARE SMALL FINANCE BANK FILES DRHP WITH SEBI The bank plans to raise funds via its Initial Public Offering through issue of equity share capital of face value ₹ 10 each comprising of fresh issue aggregating upto ₹ 625 crore. Banking CAN YES BANK MEET THE KEY ROA GROWTH TARGET OF 1.5%? The rescued lender will need loan growth in the mid-teens and cost efficiencies to achieve the targeted Return on Assets of 1-1.5 per cent by fiscal 2025, according to analysts. Policy THAILAND'S CENTRAL BANK TO PILOT RETAIL CBDC BY YEAR-END The Bank of Thailand plans on advancing the development of CBDC to a pilot phase aimed at assessing benefits and associated risks. Banking WHAT RECESSION? HERE'S WHY US BANKS ARE BETTING BIG ON CREDIT CARD PLAY Card issuers are pouring more money into marketing expenses such as credit-card mailers, advertising and extra rewards, betting that it will translate into new business. ET BFSI explains the question that comes to mind here that why are US banks betting big on credit card play despite fears of recession. Financial Services INDIA SPENDS $62 BILLION DEFENDING THE RUPEE, HOW MUCH MORE? If the current pace of around $6 billion weekly decline does not stop, India's foreign reserves could drop by $100 billion in just four months View More TOP FEATURED STORIES Editor's View / 9 days ago THE FEAR OF RECESSION.. While the US Fed may dispute whether its economy is in recession or not, the elephant in the room remains the sticky inflation. Fears of more Covid-led lockdowns in China and supply-side disruptions, mainly due to the Russian invasion of Ukraine, mean that inflation may not come down in a hurry an the US Fed is likely to do whatever it takes to clamp down on inflation. * Industry BFSI THIS WEEK : FED, RBI, FINTECHS, Q1 AND MORE * Blog WHY BUYING INDIVIDUAL HEALTH COVER IS A GOOD IDEA IN ADDITION TO GROUP HEALTH * Financial Services 'THERE IS A DISCONNECT BETWEEN EVERYDAY FINANCE AND GREEN FINANCE' CHIEF SUSTAINABILITY OFFICER, MAS * Banking NOT ALL BANK SYSTEMS ARE MEANT TO BE SUPPORTED BY CLOUD: CELINE LE COTONNEC View More BLOG * Gaurav Arora - Senior Vice President, CoinDCX INDIA MUST LEAD AND SHAPE THE EVOLVING WEB 3.0 ECONOMY * Arvind Agarwal - Co-Founder and CEO, C4D Partners ARE FINTECH COMPANIES READY TO SOLVE THE RURAL PUZZLE? * Labanya Prakash Jena - Regional Climate Finance Advisor, The Commonwealth Secretariat MAKING OF A GOOD SUSTAINABLE INSTITUTIONAL INVESTOR * Sameer Bansal - Chief Distribution Officer, PNB MetLife LIFE INSURANCE FOR RURAL INDIA: THE NEED FOR INCLUSION * Abhishek Rungta - Founder and CEO, Indus Net Technologies BLOCKCHAIN AS A TOOL TO MITIGATE DATA LEAKAGES IN BFSI INDUSTRY * Mayank Goyal - Founder and CEO, moneyHOP LINKAGE OF UPI WITH OVERSEAS COUNTRIES AND ITS IMPACT ON CROSS BORDER NEO BANKS View More FINTECH Fintech / 28 mins ago WAZIRX TRIES TO ALLAY EMPLOYEES’ CONCERNS ABOUT ED ACTION AND BINANCE DISPUTE In a Slack communication sent by WazirX’s human resources department on Monday, the company told employees that it disagrees with the ED’s allegations. * Fintech / 3 hrs ago PAYTM AT NEAR 6-MONTH HIGH AS QUARTERLY REVENUE SURGES * Fintech / 3 hrs ago INCRED APPOINTS RISHI KOHLI AS CIO FOR HEDGE FUND STRATEGIES * Fintech / 6 hrs ago BITCOIN FANS WATCH US STOCKS AFTER CRYPTO CRASH * Fintech / 10 hrs ago CRYPTO MOVEMENT AT A GLANCE: BITCOIN HOLDS $23,000; MERGE ON THE CARDS FOR ETHER View More POLICY Policy / 1 hr ago THAILAND'S CENTRAL BANK TO PILOT RETAIL CBDC BY YEAR-END The Bank of Thailand plans on advancing the development of CBDC to a pilot phase aimed at assessing benefits and associated risks. * Policy / 6 hrs ago EXPLAINED: WHY INDIA'S REPO RATE IS NOW 25 BASIS POINTS ABOVE THE PRE-PANDEMIC LEVEL * Policy / 2 days ago SEBI FORMS FPI ADVISORY COMMITTEE * Policy / 2 days ago RBI’S REPO RATE HIKES LIKELY TO START SLOWING PACE OF REAL ESTATE SECTOR’S GROWTH * Policy / 2 days ago RBI POLICY TO HELP PROP UP RUPEE, ENSURE FINANCIAL STABILITY: BANKERS View More NBFC * AWAITING GROWTH CAPITAL, PNB HOUSING MAY RE-ENTER CORPORATE LOANS AT APPROPRIATE TIME: MD&CEO PRASAD * MSME LENDER SEEDS AIMS RS 250 CR LOAN DISBURSEMENT THIS FISCAL * HDFC RAISES USD 1.1 BN 'SOCIAL LOAN' FOR FINANCING AFFORDABLE HOUSING SEGMENT * MANAPPURAM FINANCE REPORTS 32% FALL IN Q1 NET PROFIT AT RS 290 CRORE * SUNDARAM FINANCE HOLDINGS Q1 RESULTS: CONSOLIDATED PROFIT AT INR 41.14 CRORE * NBFCS POST STELLAR Q1 CREDIT GROWTH DESPITE INFLATION, RATE HIKES * LENDERS EXTEND DEADLINE TO SUBMIT RESOLUTION PLAN FOR RELIANCE CAPITAL FOR FIFTH TIME * ED ATTACHES 105CR IN BANK A/CS OF 12 NBFCS IN CHINESE MICRO LOAN CASE * LENDERS EXTEND DEADLINE TO SUBMIT RESOLUTION PLAN FOR RELIANCE CAPITAL FOR FIFTH TIME * ADITYA BIRLA CAPITAL'S NET PROFIT JUMPS 42% TO RS 429 CRORE * PIRAMAL CAPITAL SELLS ₹4,451-CR BAD LOANS AT A STEEP DISCOUNT * SHRIRAM GROUP GETS CCI NOD FOR FINANCIAL SERVICES BUSINESS MERGER * IIFL HOME FINANCE AIMS TO DOUBLE AFFORDABLE HOUSING BIZ IN NEXT FEW YEARS; OPENS 100 BRANCHES * RELIANCE CAPITAL BIDDERS SEEK EXTENSION OF DEADLINE TO SUBMIT RESOLUTION PLAN * HDFC RAISES HOME LOAN RATES BY 25 BPS FROM MONDAY * CHOLAMANDALAM INVESTMENT AND FINANCE REPORTS Q1 STANDALONE PROFIT AT RS 565.66 CR * HDFC TO FULLY ACQUIRE VENTURE CAPITAL ARM BY BUYING SHARES FROM SBI * HDFC LTD NET PROFIT RISES 22% YOY IN JUNE QUARTER * PNB HOUSING FIN'S RS 2,000 CRORE RIGHTS ISSUE EXPECTED TO BE COMPLETE BY DECEMBER: OFFICIAL * INCRED AND KKR INDIA FINANCIAL SERVICES COMPLETE MERGER View More MORE FROM ETBFSI * Financial Services / 5h hrs ago SENSEX ENDS NEAR 4-MONTH HIGH, SURGES 465 POINTS; NIFTY RECLAIMS 17,500 The 30-share pack Sensex advanced 465.14 points or 0.80 per cent to close at 58,853.07. Its broader peer, Nifty50, added 127.60 points or 0.73 per cent to close comfortably above the 17,500 mark. The benchmark has managed to close above 17,500 for the first time since April 12, 2022. * Financial Services / 5h hrs ago BOND YIELDS RISE TRACKING U.S. PEERS, RBI HIKE WEAKENS SENTIMENT The 10-year U.S Treasury yield jumped 16 basis points on Friday as stronger U.S. economic data strengthened bets of a 75 basis points rate hike by the Federal Reserve in September. * Industry / 5h hrs ago HOUSEHOLDS EXPECT MODERATION IN INFLATION Households’ median inflation perception for the current period- July'22 moderated by 80 basis points (bps- one bps is 0.01 per cent) to 9.3 per cent in the RBI's latest survey round. Significantly, inflation expectation dipped both sequentially as well as year-on-year basis. * Industry / 5h hrs ago INDIA NEEDS TO BE WATCHFUL THAT GDP GROWTH DOES NOT SLIP BELOW 5%: SC GARG The former finance secretary said that by hiking rates the RBI has rightly focussed on inflation management, but added that it may not augur well for credit creation and lead to an increase in borrowing costs of businesses. * Insurance / 5h hrs ago GOVT INSURANCE DUES: PUNJAB GOVERNMENT PAYS 100 CRORE TO PRIVATE, GOVT HOSPITALS The Punjab government on Saturday released Rs 100 crore to government and private hospitals empanelled under the Ayushman Bharat: Mukh Mantri Sehat Bima Yojana. * Industry / 5h hrs ago WHITE COLLAR HIRING STABILISES WITH ALMOST ALL SECTORS SHOWING AN UPTICK IN HIRING: MONSTER EMPLOYMENT INDEX White collar hiring across almost all sectors is showing signs of stability with even sectors like telecom and retail registering a double digit uptick in hiring. Industries such as BFSI, chemicals/ plastic/rubber, paints, fertilizer/pesticides, and office equipment/automation are also hiring, with the telecom sector in particular on an upswing on account of growing digitisation and the much anticipated rollout of 5G services. * Fintech / 5h hrs ago WAZIRX TRIES TO ALLAY EMPLOYEES’ CONCERNS ABOUT ED ACTION AND BINANCE DISPUTE In a Slack communication sent by WazirX’s human resources department on Monday, the company told employees that it disagrees with the ED’s allegations. * Banking / 5h hrs ago SOFTBANK PLANS VISION FUND JOB CUTS AFTER RECORD NET LOSS Vision Fund, which upended the world of venture capital with splashy bets on startups such as Uber and Didi, posted a $23.1 billion loss in the April-June quarter as value evaporated from its investments in the market rout. 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CRYPTOCURRENCY * NEW CRYPTO OVERSIGHT LEGISLATION ARRIVES AS INDUSTRY SHAKES * NEW CRYPTO OVERSIGHT LEGISLATION ARRIVES AS INDUSTRY SHAKES * CRYPTO WINTER MAY TEMPER FINTECH EARNINGS * TOP CRYPTO EXCHANGE BLOCKCHAIN.COM CUTS 25% OF ITS WORKFORCE * CRYPTO LOGICAL EXTENSION OF FINTECH, ITS USE AS ASSET, CURRENCY A CHALLENGE: MOS IT * "GLOBAL COLLABORATION" NEEDED: SITHARAMAN ON RBI'S RECOMMENDATION TO BAN CRYPTO * RBI BATS FOR CRYPTO BAN, GOVT SEEKS GLOBAL COLLABORATION FOR BETTER IMPLEMENTATION: FM SITHARAMAN * IAMAI DISSOLVES BACC; INDUSTRY SAYS WILL CONTINUE TO BAT FOR REGULATIONS * NFT MARKETPLACE OPENSEA SLASHES 20% OF JOBS View More BFSI TV * FINTECH DIARY WITH SHACHINDRA NATH, VICE CHAIRMAN AND MANAGING DIRECTOR, U GRO CAPITAL Catch our latest FinTech Diary chat with Shachindra Nath, Vice Chairman and Managing Director, U GRO Capital. * 21 days ago CREDIT GROWTH PICKING UP ACROSS ALL SECTORS; NO DAMPER IN CASE OF RATE HIKES: SHANTI LAL JAIN * 25 days ago FINTECH DIARY WITH NITHIN KAMATH, FOUNDER AND CEO, ZERODHA * 34 days ago INDIAN FINTECHS WILL MOVE TOWARDS 2ND ORDER PRODUCTS IN THE NEXT 3 YEARS, SAYS MADHUSUDHAN R View More EDITOR'S PICK * 1 hr ago THAILAND'S CENTRAL BANK TO PILOT RETAIL CBDC BY YEAR-END * 2 hrs ago TRADING APP ROBINHOOD LAYS OFF A QUARTER OF ITS STAFF * 3 hrs ago WEALTH CREATION PLATFORM DEZERV. 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