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See whats happening in BFSI sector right now
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Only 6 out of 22 fintech unicorns profitable, chase continues
While FinTechs and startups today are chasing growth, numbers and profitability, latest and exclusive data by Tracxn revealed that only 6 out of 22 FinTech unicorns are profitable while few FinTech unicorns fell out of the profitability curve or achieved breakeven in FY23.
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Over 300 family offices in India, increased focus on startups & fintech: Report
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Bank credit offtake remains robust and broadbased in May, personal loans cool down
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Why did Zomato exit NBFC, payments space?
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What can salaried taxpayers expect from Union Budget 2024?
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ITR filing: Banks report credit card and forex spends separately in AIS
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Insurers' Budget Wishlist: GST relief, health regulator and more healthcare funds
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Budget 2024: Which sectors are likely to be in the limelight?
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Banks to be closed for 13 days in August 2024
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Over 300 family offices in India, increased focus on startups & fintech: Report
A recent report by PWC India highlighted that while family offices are on the rise, with over 300 family offices in India, their major attraction has been in fintechs and startups, with a total funding of USD 853.6 million in CY23 raised in fintech.
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Bank credit offtake remains robust and broadbased in May, personal loans cool down
Gross bank credit offtake growth rises 70 bps to 16.1% in May on the back of loan demand from services sector.
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Modi's message from Parliament on business and economy
Though PM Modi stressed his government's social agenda, he also confidently underlined the policy continuity. Speaking in the Rajya Sabha today, he said not only the markets are upbeat but the global community too is glad at the return of his government and is willing to raise its bet on India.
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What are new Sebi rules for brokers to stop market abuse
Broking firms and their senior management will now be held accountable for detecting and preventing fraud or market abuse by implementing robust surveillance and control systems.
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Rupee to trade in narrowest range in about 30 years on RBI's actions
FOREX-POLL-Rupee to trade in narrowest range in about 30 years on RBI's actions
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Mitsubishi UFJ's talks for stake in HDFC Bank said to hit snag
Mitsubishi UFJ Financial Group Inc. (MUFG) is facing hurdles in its negotiations to acquire a minority stake in HDFC Bank Ltd.'s consumer lending unit, HDB Financial Services Ltd. The main point of contention is the extent of control MUFG would have over HDBF's business strategy. While MUFG remains interested in the deal, talks are at risk of further delays or possibly collapsing altogether due to these disagreements.
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Sensex breaches 80,000 level for 1st time, Nifty at record high on gains in banking shares
The 30-share Sensex hit the historic 80,000 mark for the first time earlier in the day. It surged 632.85 points or 0.79 per cent to a record intraday high of 80,074.30.
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Paytm launches 'Health Saathi' protection plan for its merchant partners
'Health Saathi' plan will be available on the 'Paytm for Business' app.
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PE, VC investments reached $6.9 billion in May: Report
Investors are bullish on India as the economic growth rate is the fastest in the world. Private equity (PE) and venture capital (VC) funds invested $6.9 billion in May 2024 which is 54 per cent more on a year-on-year (YoY) basis, according to the EY-IVCA report.
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Jump in FII long-short ratio sans correction may be a new Normal
Market confuses with record FII long-short ratio surge, hinting at shifting dynamics post-election. Chandan Taparia notes unusual stability despite ratio near 5, credits India's growing equity culture for market surge.
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NABARD partners with Online PSB Loans Ltd to digitalize Jan Suraksha Schemes for regional rural banks
This initiative represents a significant stride towards bridging the financial gap in rural areas and will further empower Regional Rural Banks to leverage digital solutions for seamless enrolment and efficient settlement of Jan Suraksha schemes, NABARD said in a statement.
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Growth in NBFC sanctions slows to 1.8% in Q4FY24 on RBI measures
The segments were sanctions dropped from Q4 last year included equipment financing which was down 40%, gold loans (down 18%) and lease finance (down 48%).
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Indiabulls Housing Finance rebrands itself, name changed to Sammaan Capital
Indiabulls Housing Finance has rebranded itself as Sammaan Capital after receiving the necessary approvals from regulatory authorities. This includes the Certificate of Incorporation from the Registrar of Companies and the Certificate of Registration as an NBFC-ICC (Investment and Credit Company) from the Reserve Bank of India.
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Star Health Insurance forays into home health care service
The company has collaborated with four home healthcare service providers to offer the service in 50 cities across the country.
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RBI guv Das asks banks to strengthen governance, risk management
As part of the Reserve Bank's continuous engagement with the senior management of its regulated entities, Das held meetings with the managing directors (MDs) and chief executive officers (CEOs) of public sector banks and select private banks.
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ONDC to add banks, fintechs to take credit services to last mile
The homegrown Open Network for Digital Commerce (ONDC) will soon integrate banks such as HDFC Bank, IDFC First Bank and Karnataka Bank, alongside fintech companies like Fibe, sources told us. This comes as the network began early pilots for credit disbursal through its platform, by partnering with Tata Group superapp Tata Neu and Paisabazaar.
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RBI tells banks to find ways to bridge the gap between credit and deposit growth
The meeting addressed various banking challenges including credit-deposit ratio, cybersecurity, and digital frauds. Governor Das emphasized the need for robust cybersecurity controls and customer awareness initiatives to curb digital frauds.
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Federal Bank leads in loan expansion among Kerala banks in Q1
Federal Bank reported a 20% year-on-year rise in gross loan portfolio to Rs 2.24 lakh crore at the end of June. Fairfax-backed CSB Bank clocked a 17.8% rise in gross loans to Rs 25,099 crore while South India Bank's loan portfolio rose 11.4% to Rs 82,510 crore.
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Banks in a bind over Trai mandate on digital consent
Banks are grappling with new regulations from the Telecom Regulatory Authority of India (Trai) requiring digital consent for commercial communication. This has prompted lenders to seek government clarity on whether consent is needed for sharing transaction details, as per Reserve Bank of India guidelines. The move aims to combat cyber fraud, with banks also requesting special prefixes for customer calls following last month's finance ministry directive.
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Why did Zomato exit NBFC, payments space?
The withdrawal signals a cautious approach by Zomato, prioritising sustainability and core business strengths over diversification into heavily regulated financial services.