ESG AND NON FINANCIAL REPORTING
Kotak Mahindra Bank says it has to do more to leverage technology
Kotak Mahindra Bank's new chief emphasizes tech transformation despite RBI ban. Auditors highlight IT system complexities affecting financial reporting. Industry experts link RBI actions to the bank's 811 offering success. The bank shows growth in customer base and financial metrics.
Navigating climate risks: India's financial sector gears up for transparency with RBI's draft guidelines
The introduction of the disclosure framework is a laudable first step, signalling a concerted effort towards addressing climate risks and fostering climate action within the financial sector.
India Inc. leverages ESG push to gain a competitive edge and attract investments: Jatinder Cheema
India Inc. is embracing ESG principles following government initiatives for long-term sustainability. Advocate Jatinder Cheema highlights the need for companies to adapt to new reporting norms. The Indian government's focus on ESG aligns with global trends and promotes sustainable development. Climate policies impact business regulations, emphasizing the shift towards sustainability and renewable energy sources.
72% financial institutions to invest in ESG tech: Survey by BCT Digital and Chartis Research
About 48% of the respondents identified risk assessment and mapping relevant ESG whereas another 48% viewed integrating ESG into operational and financial workflows as significant challenges.
ESG financing in India ahead of target, says DBS
DBS Bank's ESG finance book in India has surpassed its 60% growth target for 2024, ranking among the top three markets for the bank. With a significant increase in ESG financing, particularly in renewable energy, telecommunications, and agriculture, DBS aims to expand further. India's net profit for DBS India rose 37% to ₹228 crore in FY23.
ONDC monthly transactions hit 10 million in June: report
The government-backed Open Network for Digital Commerce’s (ONDC) has added one million monthly transactions over the past two months. The report said that ONDC has reduced financial incentives tied to order volume for network participants by as much as 75% starting in the second quarter of fiscal year 2025.
Gold price surge on weaker-than-expected US jobs report
The US services sector faced an unexpected contraction in the last quarter, with the ISM services gauge dropping to 48.80, marking the fastest pace of decline in four years. This contrasts with the S&P Global US Services Index, which reached its highest level since April 2022 at 55.30.
Midcaps stocks for long term investors: 5 stocks from different sectors with right financial & growth matrix and upside potential of up to 49%
Buying quality stocks should be one of the basic principles while investing in markets. But when one is buying mid-cap stocks this principle becomes even more important for multiple reasons. At this point of time, when valuations are high and small corrections can lead to strong negative reactions in stock prices. So, while capital gains is the objective, never lose the perspective of protecting capital from sudden shocks. Now how does one do it? Look at the underlying business which is best understood by going through its annual report and look at a certain basic ratio in order to figure out how much return that underlying business can generate in best and worst case.
FATF lauds India efforts to combat laundering and terrorist financing
The Financial Action Task Force (FATF) has recognized India's achievements in combating money laundering and terrorism funding. The MER, adopted in Singapore, places India in the'regular follow-up' category, a distinction shared by only four other G20 countries. The MER assessed India's measures and compliance with FATF norms.
RBI cautions against surge in private credit between corporates and non-banks
The Reserve Bank of India (RBI) warns of systemic risks from the rapid growth of private credit, which has quadrupled in the past decade, especially due to its opacity and interconnectedness with banks and non-banks. The RBI highlights potential vulnerabilities in this segment, including the risk of sharp losses during a credit cycle downturn and challenges posed by complex structures and liquidity risks.
Fintech lenders have high delinquency levels in small value loans says RBI
The RBI has highlighted concerns over consumer loans, noting that over half of borrowers have three or more loans simultaneously. The Financial Stability Report flags high delinquency rates, especially among personal loans under ₹50,000 and loans from fintech lenders. Despite overall improvements in credit quality, stress in retail loans remains significant, particularly for private sector banks.
Indian banks' gross NPA ratio at multi-year low of 2.8%, net NPA down to 0.6% in FY24: RBI Fin Stability Report
The Reserve Bank of India reported that Indian banks' gross NPA ratio reached a multi-year low of 2.8%, with net NPA at 0.6% by March 2024. The global economy faces risks from geopolitical tensions and high public debt, but India's financial system remains robust, supporting economic growth through sustained credit expansion, the RBI said.
Indian law firm SNG & Partners collaborates with Singapore-based ESG firm Snowkap
Mumbai-headquartered law firm SNG & Partners has partnered with Snowkap, a Singapore-based ESG firm, to support global organizations in their sustainability journey. Led by chairman Rajesh Gupta, SNG & Partners has analyzed over 4,000 ESG data points from Indian laws, integrating with Snowkap's capabilities. Co-founders Rajesh Patel and Giri Krishnaswamy highlight the transformative impact of this alliance on reshaping ESG commitments.
AI set to revolutionize global banking, boosting profits by $170 billion by 2028: CITI report
The report highlighted AI's role in combating financial fraud. While countries like the European Union, China, and Singapore have emerged as early adopters of AI regulation in finance, the United States has taken a cautious approach, lagging behind in regulatory initiatives. India, on the other hand, has shown a fluctuating stance on AI governance.
First NFRA annual report on eight audit firms by November
The National Financial Reporting Authority (NFRA) is set to conduct its first annual inspection of eight audit firms, including the Big Five, to reveal its findings by October or November. The inspection will focus on auditors' processes and standards, revealing how NFRA plans to strengthen the country's audit and accounting ecosystem to combat corporate frauds and uphold shareholders' interests in a rapidly growing economy.
India's non-banking financial sector grew by 10%; declined globally by 3 %
India's non-banking financial sector grew by 10% as per an SBI report, while the global sector saw a 3% decline. NBFI entities focus on lending and financing without public deposits. The report noted India as the third-largest in the sector, highlighting the banking system's resilience, improved asset quality, macroeconomic fundamentals, and government initiatives for a level playing field. RBI's proactive measures ensured stability, growth, innovation, and advancements in digital banking.
One in three elders report zero earnings in the past year, only 29% access pensions
The survey included 5,169 elderly people and 1,333 caregivers across 20 Tier I and Tier II cities in 10 states. The study captured the experiences of elderly people from cities such as Jaipur, Bikaner, Faridabad, Panipat, Kanpur, Bareilly, Indore, Ujjain, Kolkata, Siliguri, Bhubaneswar, Rourkela, Ahmedabad, Bhavnagar, Greater Mumbai, Solapur, Chennai, Salem, Bengaluru, and Hubli-Dharwad.
Green flavour not enticing enough for bond investors
Green bonds in India face challenges due to the absence of financial institutions focusing on green financing and investors enthusiastic about environment protection. Follow-up issuances have dried up a year after the first government green bond sale.
Understanding the difference between green jobs and ESG jobs
The demand for sustainability roles has surged, with a focus on ESG roles and green jobs. ESG roles encompass environmental, social, and governance aspects, while green jobs specifically target environmental sustainability.
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