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MORNING DAILY - 2022-11-14

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ETBFSI Newsletter | Monday, November 14, 2022


Daily Newsletter



Top Stories



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 a..




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 d..




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 f..


 

Banking



Punjab & Sind Bank to take call on Rs 300 crore QIP in fourth quarter: MD Saha
During the previous two years (2020-21 and 2021-22), the government infused Rs
5,500 crore and Rs 4,600 crore through non-interest bearing recap bonds..




Bank of Maharashtra tops PSU lenders' list in Q2 credit growth
The second quarter of 202223 saw the Bank of Maharashtra (BoM) outperform other
public sector lenders in terms of percentage loan growth. According..




Bank of Baroda cuts home loan interest rate for these borrowers; know new rate,
who are eligible
Bank of Baroda has cut its interest rate on home loans by 25 basis points (bps)
to 8.25 per cent for select borrowers, according to a press release. T..




Barclays cuts investment banking jobs as deals languish
Investment bankers were awash with deals in 2021, but have seen few this year as
companies halt buyouts and listings amid volatility in the capital ma..




DICGC settles claims worth Rs 8,516.6 crore in FY22
Deposit Insurance and Credit Guarantee Corporation settled claims amounting to
Rs 8,516.6 crore during 2021-22 of about 12.94 lakh depositors of liqui..




Never invest because of FOMO: former SoftBank COO Marcelo Claure after FTX
debacle
Masayoshi Son's telecoms and technology conglomerate SoftBank is expected to
have written down $100 million after FTX meltdown.


 

Insurance



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 commissio..




HDFC Life gets PFRDA nod for change in shareholding ahead of merger of parent
and HDFC Bank
The amalgamation scheme remains subject to various statutory and regulatory
approvals, including from the NCLT and the respective shareholders of the ..


 

NBFC



Muthoot Finance confident of achieving 10 pc biz growth in FY23: MD George A
Muthoot
The country's largest gold loan company in terms of loan portfolio expects a 10
per cent business growth in current fiscal, George Alexander Muthoot, ..




Five Star Business Finance undersubscribed but sail through
The company received bids for 2.12 crore shares against the offered 3.05 crore
shares, according to the data available on the stock exchanges. Overall..




Gujarat-based NBFC tops NARCL bid for consolidated construction
Raj Radhe's offer was in response to a Swiss challenge called by banks after the
anchor bid by NARCL last month. This is the third offer received by b..




Manappuram Finance net up 11 pc to Rs 409 cr in Sept-quarter
The company's consolidated assets under management (AUM) grew by 7.89 per cent
to Rs 30,664.96 crore from Rs 28,421.63 crore a year ago, Manappuram Fi..


 

Fintech



Fintech SaaS firm company Lentra raises $60 million in funding
The Pune-based company is expected to enter Indonesia, Vietnam and the
Philippines by March next year and have an international presence across five
g..




Razorpay can go public in a few years without raising more funds, say company
founders
Winner or the Startup of the Year category at the ET Startup Awards 2022,
Razorpay has already surpassed its annual gross transaction value (GTV) targ..




Payworld to enter data-based credit services business; aims to double GTV to Rs
22,000 crore in a year
"Our annualized GTV run rate is around Rs 11,000 crore. We expect to double this
in the next 12 months to around Rs 22,000 crore," Payworld CEO Amit T..




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 tha..




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 Bitc..


 

Financial Services



Rising interest rates to mute bond issuance this fiscal: Report
Thanks to bumper sales in Q2, the overall bond issuances rose to Rs 3.3 lakh
crore in the first half, and the agency expects Rs 3.7-4.2 lakh crore sal..




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..




Asia shares mixed on Fed warning, China hopes
The news on COVID rules had stoked a short-covering bounce in the yuan last
week, which added to broad pressure on the dollar as yields dived. The dol..


 

Policy



Oct retail inflation to be below 7%, says RBI governor
Reserve Bank of India governor Shaktikanta Das said on Saturday that the
consumer price inflation numbers for October, which are to be released next w..




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 mark..


 

Industry



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 ..




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..




The unique opportunity that G20 presidency offers India to drive a global
narrative
G20 comprises 19 nations (Argentina, Australia, Brazil, Canada, China, France,
Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Rus..




Chinese premier says economy on 'upward trend', vows further support
China has created more than 10 million new urban jobs in the first 10 months of
the year, Li said. China aims to keep the urban jobless rate below 5.5..

 

 





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