CREDIT SOLUTION INDIA LTD
MSMEs are on sustainability path but profitability focus can make the move faster
MSMEs contribute a big part to India’s manufacturing output and hence, it becomes critical they adopt energy-efficient technologies to reduce operational costs.
Comeback Trail: After IT, time for large private banks to make a comeback? 6 top private banks with an upside potential of upto 40%
Today, because one private sector bank and some of the PSU banks are under pressure, the bank nifty is trading in the red. Because the bank in question, Kotak Mahindra bank has come under pressure due to one specific development which tends to be eye-catching, the whole narrative shifts to something which is not related to the core business of banking. If one leaves aside what is happening in the banks today and looks at a slightly broader picture, probably there are underlying indications of something else. A probability of a tactical investment opportunity building in the private sector banks taking place. Look at the leaders from that space, HDFC bank which has been at the forefront of getting all negative news is pretty much close to its earlier highs.
Fintechs' secure credit play; New Jersey turns IT hub
Happy Monday! Fintech companies like Cred, PhonePe and Paytm are seeking partnerships with NBFCs to enter the secured credit market. This and more in today’s ETtech Morning Dispatch.
Indian financial services sector is experiencing a significant upswing: Inventure Growth & Securities’ Kanji B Rita
India's financial services sector is poised for sustained growth. By leveraging the demographic advantage, embracing technological advancements, and prioritizing financial inclusion, a robust and inclusive financial ecosystem can be built, says Inventure Growth’s Kanji B Rita.
PayU's LazyPay expands quick commerce partnership with Blinkit addition
LazyPay partners with Blinkit for seamless checkout, expanding its portfolio. PayU's revenue grows in India, driven by the credit business despite regulatory challenges. India remains a key market for digital payments, with significant growth projected in digital credit transactions.
RBI urges banks to address credit gaps for underserved sectors
Despite India's progress in banking access, micro and small business units, marginal farmers, and self-help group members still lack institutional credit and comprehensive financial services, as highlighted by the Reserve Bank of India.
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Global Economic Summit 2024 to empower MSMEs through fintech solutions
India's fintech sector is set to host the 9th Global Economic Summit in Mumbai from August 8-10, 2024, focusing on 'FinTech: Accelerating the Digital Revolution.' The event features support from ONDC, DLAI, and Atal Incubation Centre - RMP, with notable speakers discussing evolving market trends and critical technologies.
High yield credit investing due for exponential growth in India
High Yield Credit funds, also called 'Performing Credit' funds, primarily invest in bonds issued by SMEs or structured corporate issuances. These bonds are typically bilateral agreements between issuers and investors, characterized by low liquidity, which translates into higher yields for investors.
A report shows, India's non-cash payments on ecommerce platforms surge to 58.1% from 20.4% six years ago
India has seen the fastest jump in alternative payment share for ecommerce payments in the Asia Pacific region from 20.4% in 2018 to 58.1% in 2023 says a report by GlobalData, a data and analytics company. The report showed that such alternative payments are already popular in countries like China and India and are gaining traction in other APAC markets.
The Green Credit Programme can drive India’s circular bioeconomy and energy transition
The 2023 market-based mechanism, the Green Credit Programme, provides the opportunity for tackling greenhouse gas emissions and provides other environmental benefits. Not a cure all, the Green Credit Programme does with robust methodology provide a way forward to put wasted resources to good use. However, it will require concerted and coordinated action by stakeholders.
Neo Asset raises Rs 2,575 cr for Credit Opportunities Fund
Neo Asset Management has closed its first Special Credit Opportunities Fund, raising ₹2,575 crore from high-net-worth individuals and family offices. The fund targets a gross internal rate of return (IRR) of 22-24% by investing in non-triple-A-rated companies with operating profits.
Mukesh Ambani faces pushback in Ghana over exclusive 5G deal
The Ghanaian government’s plan to launch a 5G network using a company partnering with Mukesh Ambani is a bad deal for the debt-ridden nation, which needs funds for critical development projects, the National Democratic Congress (NDC) said in a statement on Monday.
Adani Group & ICICI Bank launch co-branded credit cards with airport lined benefits
Adani Group and ICICI Bank have joined hands to introduce co-branded credit cards offering airport-linked benefits, aiming to enhance customer experience across various businesses. The Adani One app, launched in December 2022, serves as a digital platform for booking tickets, accessing airport facilities, and more. The cards provide perks like Adani Reward Points on various spends, premium lounge access, free air tickets, discounts on duty-free shopping, and F&B expenses at airports.
Tata Steel credit metrics to improve in FY25: CreditSights
CreditSights predicts Tata Steel's credit metrics to improve this fiscal year due to increased domestic steel demand, lower coking coal prices, and a strong EBITDA growth in FY25. It expected net leverage to enhance. Despite a significant drop in consolidated net profit for the March quarter, CreditSights believes Tata Steel's annual results were better than expected, with revenues and EBITDA declining due to losses in Europe and higher expenses.
Recordent announces 100+ meets connecting 10,000 Indian SMEs across India
These events aim to serve as valuable networking platforms, enabling participants to gain insights and build connections within the industry.
$250K funding for ONDC hackathon topper firms
The Build for Bharat initiative was started in New Delhi in December last year in collaboration with the government’s Startup India platform, Google Cloud India, Antler in India, Protean and Paytm. It was organised in more than 50 cities with experts, leaders, venture capitalists and incubators onboard.
AbleCredit raises $1.25 million in funding round led by Merak Ventures
AbleCredit raised $1.25 million in a seed round led by Merak Ventures to address the credit gap in emerging nations using innovative AI solutions, aiming to process one million loan applications for small businesses.
How Jocata is helping financial services industry move from legacy systems to AI-powered solutions
Jocata’s low-code platform is driving the future of enterprise lending and embedded finance, says Prashant Muddu, Managing Director & CEO.
DGFT conducting study to identify and align best global practices in trade finance
The Directorate General of Foreign Trade (DGFT) is exploring global trade finance practices to align with India's future needs. Over 2.5 lakh bank realisation certificates (BRCs) have been self-generated under the revamped eBRC system, boosting ease of doing business. Stakeholders emphasize the importance of data flow in export credit and aim to enhance the trade finance ecosystem in India.
Vedanta subsidiary raises pricey Rs 1,804 crore debt to lend to parent
Vedanta Semiconductors, a wholly owned subsidiary of Vedanta, raised Rs 1,804 crore in debt from private creditors such as Varde Partners and Davidson Kempner. The proceeds will be used to lend to Vedanta Ltd to repay its debt, said people with knowledge of the matter.
Pine Labs ties up with largest bank in Dubai, set to offer payment solution
Emirates NBD will offer Pine Labs' newly launched credit issuing platform to deliver merchant acquiring solutions for its corporate and institutional clients, initially in the United Arab Emirates, then across the Kingdom of Saudi Arabia and Egypt.
10 Best Paper Shredders in India: Comprehensive Shredding Solutions
Delve into the world of document security with our curated list of the top 10 paper shredders. From compact home office solutions to heavy-duty machines for corporate environments, we explore the features, capacities, and durability of each model. Discover the perfect balance of efficiency and reliability to safeguard your sensitive information effectively.
SMFG invests Rs 1,300 crore in SMFG India Credit Co Limited via rights issue
The Sumitomo Mitsui Financial Group holds 100% in SMFG India Credit Co, which was formerly Fullerton India Credit Company Limited. Following the fund infusion, SMFG India Credit Co has invested Rs 150 crore in its wholly owned subsidiary SMFG India Home Finance Co. Ltd.
Major GST relief for holding companies in corporate guarantees case
The circular, issued in October by the Central Board of Indirect Taxes and Customs (CBIC), has been stayed via an interim order. The circular had held that a corporate guarantee provided by a holding company to a lender for the approval of credit to its subsidiary would be regarded a 'supply of service' liable to GST.
KKR joins global cos betting billions of dollars in fastest-growing India
KKR & Co. is optimistic about investment opportunities in India's consumer sector and expanding its private credit portfolio. Despite high valuations, the firm believes in India's long-term consumption growth. With global firms like Blackstone and Goldman Sachs also investing in India, KKR plans to deploy $10 billion at a faster pace. The firm is eyeing opportunities in manufacturing and may venture into real estate in the future. Despite challenges faced in the past, KKR remains committed to investing in India through various strategies, including its Asia credit fund and infrastructure projects.
Adani Energy in talks with banks to borrow up to $600 million
Adani Energy Solutions Ltd. is in talks for a $600 million credit facility to fund smart meter projects for electricity supply. The foreign currency loan could have a tenor of three to five years, with pricing likely linked to the Secured Overnight Financing Rate. Adani Energy Solutions recently formed a venture with UAE-based Esyasoft for smart meter projects in India and overseas. India plans to roll out 250 million smart meters to address billing inefficiencies in power distribution. The Adani Group has been regaining investor confidence since being targeted by US short seller Hindenburg Research last year.
DBS looks to be a banker to startups
DBS Bank is considering several startups including in healthcare, technology, and firms using Artificial intelligence (AI) in financial services such as insurance; transportation, logistics and retail, waste management companies and supply chain logistics spaces, Verma said.
RBI tells banks to improve effectiveness of tech solutions for compliance
“The review brought out that automation of the compliance monitoring process in SEs (supervised entities) remains a work in progress with various aspects of this function being carried out with significant manual intervention,” the RBI said on Wednesday.
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