NON BANK FINANCIAL FIRMS
Rate derivatives: Banks seek hike in foreign investor cap
Banks asked RBI to increase foreign OIS transaction limits post JP Morgan's index inclusion spiked demand. The ₹350 crore limit is near exhaustion at ₹11.3 crore by July 10, per Clearing Corporation. OIS transactions for hedging and rate bets settle in rupees, convert to US dollars. Foreign investors purchased $11 billion of Indian government bonds.
Jio Financial Services gets RBI nod to become core investment company
The Reserve Bank of India on Thursday evening approved Jio Financial's conversion from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC), the company said in a filing.
China dials up scrutiny of Big Four audit firms after Evergrande probe, sources say
China's Ministry of Finance is intensifying checks on Big Four auditing firms like Deloitte, EY, PwC, KPMG for local companies. Focus on audits of financial firms and highly leveraged companies. Regulatory probe into intermediaries like auditors following China Evergrande scandal. Increased scrutiny to restore confidence in stock markets and assess financial sector vulnerabilities.
TFCILTD in focus: Adani Group advisor and former MD & CEO of Karnataka Bank join TFCILTD
TFCILTD, an NBFC, appoints Deepak Amitabh and Dr Mahabaleshwara MS, boosting strategic capabilities. Amitabh, an Adani Group advisor, is strong in financial strategy. Dr. Mahabaleshwara, ex-MD & CEO of Karnataka Bank, enhanced digital footprint, key for financial planning, management, governance, and exploring growth avenues.
Piramal Finance plans up to $500 million debut dollar-bond issue
Billionaire Ajay Piramal’s firm is in talks with a group of global investment banks to raise $300 million to $500 million via such notes with a tenor of three to five years, the people said, asking not to be identified as the discussion are private.
GIFT Nifty signals a negative start for D-Street. Here's the trading setup for today's session
Equity markets saw slight gains and traded within a limited range on Thursday. Analysts noted that the release of preliminary business updates ahead of quarterly reports is boosting confidence in strong Q1 earnings.
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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.
Competitive intensity in used vehicle market to be on the rise: India Ratings
India Ratings and Research predicts that vehicle financiers will increase the share of used vehicles in their AUM due to rising new vehicle prices, food inflation, heat wave, moderation in capacity utilization due to elections, and slowing rural economy. The agency also expects a decrease in FY25 growth rates from FY24 levels. The agency expects non-bank finance companies to focus on used vehicles as assets class, presenting a favorable risk-return in terms of asset quality and pricing power.
Why these Chinese working mothers don't want more babies
A woman leading a financial team earning more than her husband, another pursuing a dream to become a civil servant, and a budding influencer aiming to be the family breadwinner are all young mothers in China who have one thing in common: they are raising one child and don't want another, regardless of their husbands' opinions or the government's incentives aimed at addressing an aging population.
ETtech Deep Dive: How RBI and NPCI are working to tackle mule account frauds
The RBI, the National Payments Corporation of India, and the Ministry of Home Affairs are teaming up with banks, financial institutions, and tech security companies to crack down on mule accounts and prevent fraud in the country's banking system.
India’s new finance hub in Gujarat eyes real-time dollar settlement by 2025
Real-time dollar settlement in India’s newest financial hub in Gujarat, GIFT City, is set to begin later this year. The service aims to attract foreign investors by streamlining transactions and reducing delays.
Perform or perish: Government asks PSBs to identify non-performing vendors, create negative list
The government directs public sector banks (PSBs) to blacklist underperforming service providers and collaborate to enhance efficiency. Finance ministry mandates periodic reviews of empaneled advocates' performance in Debt Recovery Tribunals (DRTs). PSBs urged to scale up utilities and peer-to-peer collaboration for improved services.
Tech View: Nifty giving non-directional moves. Here’s how to trade on Friday
According to experts, the short-term trend of Nifty remains positive despite high volatility. After surpassing the resistance level of 22,250, the index shows a probability of moving towards the next resistance at 23,200 in the near term. Immediate support is at 22,640
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.
FIDC urges RBI to relax draft guidelines on infrastructure provisioning
The Finance Industry Development Council (FIDC) has urged the Reserve Bank of India (RBI) to reconsider and clarify certain proposals in its recent draft circular on infrastructure provisioning, arguing for more flexibility to support the infrastructure sector, specifically addressing concerns regarding standard asset provisions during the construction phase and minimum financing limits.
Hot Stocks: CLSA lists stocks that could benefit from the 100-day plan for Modi 3.0
Global brokerage CLSA lists out stocks such as L&T, IRB, and NCC, among others that can benefit from Modi 3.0's 100-day plan, while Goldman Sachs is positive on private banks, Jefferies prefers Aavas Financiers, Can Fin Homes as top housing finance companies and Morgan Stanley are overweight on HDFC Life.
Gold firms on Fed rate cut hopes; investors await more US data
Gold prices edged higher on Monday as signs of cooling U.S. inflation lifted hopes for interest rate cuts from the Federal Reserve this year, while traders awaited a slew of U.S. economic data due this week.
RBI to boost rupee's internationalisation, liberalise norms for non-residents
The Reserve Bank of India (RBI) is intensifying efforts to internationalize the Indian Rupee (INR) by making regulatory changes for non-residents and enhancing the appeal of the GIFT City as an international financial center. The RBI plans to liberalize regulations related to INR accounts for non-residents and allow them to open rupee accounts outside India.
South African regulator fines SBI's branch
The bank informed the stock exchange that the financial penalty consists of an immediately payable portion of 5.50 million rand, which the SBI branch in South Africa has already paid. The remaining 4.50 million rand is suspended for 36 months, contingent on compliance within this period.
IDBI SASF gets 18 offers for bad loans
IDBI Bank's Stressed Assets Stabilisation Fund (SASF) aims to recover 11.59% by selling non-performing loans worth ₹6,151 crore.
Karur Vysya Bank to open 100 new branches in current financial year: MD & CEO
Karur Vysya Bank aims to open 100 new branches this year, with Chairperson Meena Hemchandra inaugurating the 840th branch in Ayodhya. MD and CEO B Ramesh Babu plans to add 100 branches, achieving a record net profit of Rs 1,605 crore, and maintaining a 0.40% NPA as of March 31, 2024.
FD interest rate up to 8.6%: 10 corporate fixed deposits with the highest interest rates
A corporate fixed deposit, or corporate FD, is a term deposit with fixed interest rates kept for a predetermined amount of time majorly issued by Non-Banking Financial Corporations (NBFCs) & Housing Finance Companies (HFCs). Here is list of company fixed deposit interest rates.
IFSC regulator looking to allow NBFCs operate as risk aggregators
The International Financial Services Centres Authority is exploring the option of non-bank financial players acting as risk aggregators for small customers in GIFT City to facilitate FX transactions and manage interest rate risk exposures.
TBO Tek sees robust listing. What should investors do now?
TBO Tek strong listing can be attributed to the unwavering investor confidence in the company’s solid technological foundation and its potential for continued growth in the online travel sector.
Mother's Day gift: Can credit card be a good gift to your mother especially when she is not earning?
Mother's day: This mother's day give her the gift of financial freedom by by taking out a credit card and giving to her. A credit card will be useful for her in many situations like in case of emergencies, household shopping, etc. A credit card will also help a non-working mother by giving her better autonomy.
TBO Tek shares debut at 55% premium over issue price
TBO Tek's shares debuted on NSE and BSE at premiums of 55% and 50% respectively. The company's appeal stems from its robust technological foundation, leveraging a proprietary platform. It raised funds from anchor investors for growth and inorganic acquisitions. IPO opening witnessed strong interest. General Atlantic acquired a minority stake in TBO.
TBO Tek shares to debut on Wednesday. What GMP signals ahead of listing
The TBO Tek IPO was booked over 80 times at close on strong interest from non-institutional investors. Ahead of the IPO opening, the company raised nearly Rs 697 crore from anchor investors.
RBI says 15 NBFCs surrendered registration certificates
The Reserve Bank of India (RBI) announced on Friday that 15 Non-Banking Financial Companies (NBFCs), including Tata Capital Financial Services and Revolving Investments, have surrendered their certificates of registration for various reasons. Among these, nine NBFCs have ceased to exist as legal entities due to factors such as amalgamation, merger, dissolution, or voluntary strike-off. These nine include Tata Capital Financial Services, Tata Cleantech Capital, Naperol Investments, USG Financial Services, Urja Capital, Vandana Dealers, ABRN Finance, Jodhani Management, and JDS Securities.
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