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Financial Services


INDIA TO REACH ITS 'NET-ZERO' TARGET BY 2040: EXPERTS

While Prime Minister Narendra Modi committed India to reach net zero emissions
by 2070 at the COP26 summit, some ESG experts spoke about the possibility of
India reaching the 'net-zero' target 30 years ahead of the commitment, by 2040.
The ESG speakers spoke at a banking event in Mumbai, about India's ESG
landscape, BRSR, decarbonization, climate change, sustainable finance and much
more! Here's what they said :


LATEST NEWS

 * 5h hrs ago UBS sees RBI delivering 25-30 bps rate hike this week, and pausing
   after October
 * 5h hrs ago IIFL Home Finance aims to double affordable housing biz in next
   few years; opens 100 branches
 * 5h hrs ago Indian economy in much better position than most countries, FM
   says in Lok Sabha
 * 5h hrs ago Vehicle with no FC and permit; insurer still has to pay
   compensation: Karnataka High Court
 * 5h hrs ago Sticky food prices can pause tough policy challenge this fiscal:
   Crisil
 * 5h hrs ago Bombay HC dismisses plea to 'rechristen' PNB and BOB
 * 5h hrs ago Union Bank expects to recover Rs 15,000 crore from bad loans this
   fiscal
 * 5h hrs ago Punjab & Sind Bank profit rises 18 pc to Rs 205 crore in
   April-June

View More
Banking

RBI'S FOREX INTERVENTIONS, GST OUTFLOWS REDUCE BANKING SYSTEM LIQUIDITY SHARPLY

The banking system liquidity surplus had fallen from Rs 1.5 lakh crore at the
start of the week to about Rs 50,000 crore now. The interbank call money rate
closed sharply above the Reserve Bank of India's repo rate of 4.90 per cent on
Thursday

Insurance

HOW DOES 'PAY AS YOU DRIVE' VARIANT OF MOTOR INSURANCE ACTUALLY WORK?

While the names 'Pay As You Drive' or 'Pay How You Drive' already give a basic
idea of what the new customer centric variants of motor insurance have to offer,
ET BFSI spoke to a few leading insurance companies in the motor segment to get
an in depth understanding of how it works, along with other aspects like how it
will affect the business, calculation of claims and the rising importance of
User-Based Insurance in India.

Policy

RBI LIKELY TO HIKE POLICY RATES SUBSTANTIALLY ON AUG 5 AS INFLATION BITES

The hike will be accompanied by a change in the policy stance to "calibrated
tightening", Bofa Securities said while S&P Global sees a “significant”
increases in the policy rates in upcoming MPC meetings.

Financial Services

NAVIN CHANDANI ELEVATED TO REGIONAL MANAGING DIRECTOR - INDIA AND SOUTH ASIA AT
CRIF

In his new role, Navin will report to CRIF’s global CEO to develop and
accelerate growth by leveraging all CRIF companies in the region. Sanjeet Dawar
will be taking over the role of Managing Director for CRIF High Mark

Fintech

FINTECH ENABLER TARTAN RAISES $4.5 MILLION IN PRE SERIES A FUNDING

The latest funding round brings the total raised to ~$6 million since Tartan's
inception in June 2021. The additional capital infusion will be used to scale
the company’s go-to-market operations, expand its in-house engineering team and
further enhance its product offering, the company said in a release.

Editor's View

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.

View More


TOP FEATURED STORIES

Editor's View / 2 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

 * Mayank Goyal - Founder and CEO, moneyHOP
   
   LINKAGE OF UPI WITH OVERSEAS COUNTRIES AND ITS IMPACT ON CROSS BORDER NEO
   BANKS

 * Rajat Gandhi - Founder and CEO, Faircent
   
   ROLE OF P2P LENDING IN EMPOWERING SMES IN INDIA

 * Raghavendra Rao - Chief Distribution Officer, Future Generali Insurance India
   Ltd.
   
   WHY BUYING INDIVIDUAL HEALTH COVER IS A GOOD IDEA IN ADDITION TO GROUP HEALTH

 * Sanchay Kumar Sinha - Country Head, Liabilities & Branch Banking, South
   Indian Bank
   
   HOW DOES GEN Z LIKE TO FULFILL ITS BANKING NEEDS?

 * Ashok Haldia - Past Secretary, The Institute of Chartered Accountants of
   India
   
   BFIS SHOULD GEAR UP TO FACE CLIMATE CHANGE CHALLENGES

 * Abhay Bhutada - MD, Poonawalla Fincorp Limited
   
   HOW NEW-AGE NBFCS ARE CHANGING THE SMALL BUSINESS LOAN LANDSCAPE IN INDIA

View More


FINTECH

Fintech / 2 hrs ago


JULY TURNS BEST MONTH FOR CRYPTOS SO FAR THIS YEAR; WILL THE MOMENTUM CONTINUE?

The global crypto market was on a bullish trajectory last week thanks to a less
hawkish fed, ease in inflation worries and recovery in the risk appetite of
investors for riskier assets, leading to a steady recovery. Citing
CryptoCompare's report, Edul Patel, CEO and Co-founder of Mudrex said that
Ethereum and its related products have led the market to rebound in July.

 * Fintech / 5 hrs ago
   
   FINTECH ENABLER TARTAN RAISES $4.5 MILLION IN PRE SERIES A FUNDING

 * Fintech / 12 hrs ago
   
   CRYPTO CLIENTS BEG FOR THEIR CASH BACK AFTER LENDER'S CRASH

 * Fintech / 2 days ago
   
   FAKE LOAN APPS: LOC AGAINST KINGPINS IN CHINA; RS 6 CRORE DEPOSITED EVERY
   THIRD DAY

 * Fintech / 3 days ago
   
   RURAL FINTECH STARTUP JAI KISAN RAISES RS 390 CR IN SERIES-B ROUND

View More


POLICY

Policy / 2 mins ago


UBS SEES RBI DELIVERING 25-30 BPS RATE HIKE THIS WEEK, AND PAUSING AFTER OCTOBER

On the domestic front, the consensus view is that the economy will continue to
face headwinds from multiple fronts -- rising current account deficit (CAD),
falling balance of payments, high inflation and rupee depreciation which has
already plumbed the 80 mark against the greenback.

 * Policy / 6 hrs ago
   
   RBI LIKELY TO HIKE POLICY RATES SUBSTANTIALLY ON AUG 5 AS INFLATION BITES

 * Policy / 11 hrs ago
   
   RBI COULD RAISE REPO RATE BY UP TO 50 BPS

 * Policy / 3 days ago
   
   US FEDERAL RESERVE TO RAISE RATES BY ANOTHER 200 BPS IN 2022: REPORT

 * Policy / 3 days ago
   
   RBI MAY RAISE REPO RATE BY 35 BPS IN NEXT WEEK'S POLICY REVIEW: S&P

View More


NBFC



 * 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

 * PNB HOUSING FINANCE NET PROFIT DIPS 3.4 PC TO RS 235 CRORE IN APRIL-JUNE

 * MAHINDRA FINANCE Q1 PROFIT AT RS 240 CR

 * ADANI-BACKED NBFC PLANS RS 1,500 CRORE-IPO AS SOON AS 2024

 * BAJAJ FINSERV Q1 RESULTS: PROFIT SURGES 57% YOY TO RS 1,309 CRORE

 * HOMEFIRST FINANCE NET PROFIT RISES 46 PC TO RS 51 CR IN JUNE QUARTER

 * POONAWALLA FINCORP Q1 RESULTS: PROFIT JUMPS 117% YOY TO RS 141 CRORE

 * IIFL FINANCE NET PROFIT RISES 24 PC AT RS 330 CRORE IN JUNE QUARTER

 * BAJAJ FINANCE PROFIT MORE THAN DOUBLES TO RS 2,596 CR IN JUNE QUARTER

 * NIX LICENCE OF NON-BANKING FINANCE COMPANIES LINKED TO CHINESE LOAN APPS:
   ENFORCEMENT DIRECTORATE TO RBI

 * NCFDC, THE DIGITAL BACKBONE OF UCBS, TO START OPERATIONS IN EARLY 2023

 * MICRO FINANCE INSTITUTIONS' SECURITISATION VOLUME MORE THAN DOUBLES TO RS
   3,500 CRORE IN Q1: REPORT

 * HDFC TO RAISE UP TO RS 11,000 CRORE BY ISSUING BONDS THIS MONTH

View More


MORE FROM ETBFSI

 * Policy / 5h hrs ago
   
   
   UBS SEES RBI DELIVERING 25-30 BPS RATE HIKE THIS WEEK, AND PAUSING AFTER
   OCTOBER
   
   On the domestic front, the consensus view is that the economy will continue
   to face headwinds from multiple fronts -- rising current account deficit
   (CAD), falling balance of payments, high inflation and rupee depreciation
   which has already plumbed the 80 mark against the greenback.

 * NBFC / 5h hrs ago
   
   
   IIFL HOME FINANCE AIMS TO DOUBLE AFFORDABLE HOUSING BIZ IN NEXT FEW YEARS;
   OPENS 100 BRANCHES
   
   New Delhi, Aug 1 (PTI) IIFL Home Finance Limited aims to double its business
   from affordable housing segment to 20 per cent in the next few years as the
   company announces opening of over 100 branches simultaneously on Monday.

 * Industry / 5h hrs ago
   
   
   INDIAN ECONOMY IN MUCH BETTER POSITION THAN MOST COUNTRIES, FM SAYS IN LOK
   SABHA
   
   The Indian economy is in a much better position than most countries, finance
   minister Nirmala Sitharaman said in the Lok Sabha today.

 * Insurance / 5h hrs ago
   
   
   VEHICLE WITH NO FC AND PERMIT; INSURER STILL HAS TO PAY COMPENSATION:
   KARNATAKA HIGH COURT
   
   The HC overruled the judgement of a lower court which had earlier ordered the
   owner of the school bus to pay compensation to the family of an accident
   victim because the school bus did not have fitness certificate and permit on
   the day of accident.

 * Industry / 5h hrs ago
   
   
   STICKY FOOD PRICES CAN PAUSE TOUGH POLICY CHALLENGE THIS FISCAL: CRISIL
   
   The recent rise in food inflation is mainly supply shortages-led, driven by
   both global geopolitical conflicts and impact of local heat waves. Other
   factors such as rising input costs in agricultural production have played
   their part too.

 * Banking / 5h hrs ago
   
   
   BOMBAY HC DISMISSES PLEA TO 'RECHRISTEN' PNB AND BOB
   
   The Bombay high court has dismissed a public interest litigation to remove
   the regional words from the titles of Punjab National Bank (PNB) and Bank of
   Baroda (BoB) holding it to be misconceived and without public interest.

 * Banking / 5h hrs ago
   
   
   UNION BANK EXPECTS TO RECOVER RS 15,000 CRORE FROM BAD LOANS THIS FISCAL
   
   In the first quarter of FY23, the lender wrote off bad loans of around Rs
   4,000-4,500 crore against corporate sector loans; Rs 1,400 crore against MSME
   borrowings and Rs 200 crore against retail loans. The fresh slippages during
   April-June quarter of this fiscal were worth Rs 3,714 crore.

 * Banking / 5h hrs ago
   
   
   PUNJAB & SIND BANK PROFIT RISES 18 PC TO RS 205 CRORE IN APRIL-JUNE
   
   The total income of the bank during the reporting quarter declined to Rs
   1,91,547 crore from Rs 2,03,961 crore recorded in the same quarter of FY21,
   Punjab & Sind Bank said in a regulatory filing.However, net interest income
   grew by 22.45 per cent to Rs 709 crore in the first quarter of FY23.

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