CATEGORIES

Services PMI in Oct bounces back from 10-mth low

Growth in India's dominant services industry picked up last month after dipping to a 10-month low rate in September amid a marked expansion in demand, according to a private business survey that on Wednesday also reported improved job creation in the sector.

₹10,700 cr equity infusion into FCI cleared as working capital

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved an equity infusion of ₹10,700 crore in the state-owned Food Corporation of India (FCI) to boost its working capital requirements for the current financial year (FY25).

PM Vidyalaxmi scheme gets Cabinet approval

The Union Cabinet on Wednesday approved the PM-Vidyalaxmi scheme to provide monetary support to meritorious students in the form of education loans in both public and private institutions.

IFC to invest $400 mn in Bajaj Fin's $1 bn fundraise

International Finance Corporation (IFC) on Wednesday said that it will partner with Bajaj Finance to invest $400 million out of the $1 billion fundraising to aid in the expansion of the latter's EV fleet, energy-efficient consumer goods (EECG) and women empowerment.

Trump 2.0 may intensify focus on illegal immigration, Quad

In his second term as the US President, Donald Trump is expected to maintain an unwavering focus on curbing illegal immigration, while his opposition to the H1B visa regime may be less pronounced, foreign policy experts reckon.

FinMin asks PSBs to meet targets for agri-allied sector

The finance ministry has asked public-sector banks (PSBs) to meet loan targets for the agri-allied sector during the current financial year.

Biggest fall in nearly 5 months pulls down rupee to fresh low

Declines 0.20% to 84.28 a $; still 2nd best Asian currency

Regulation needed for innovation to thrive

At the Business Standard BFSI Insight Summit 2024, SHASHANK KUMAR, co-founder and managing director of Razorpay, said regulation was necessary for the growth of the financial technology (fintech) ecosystem, and norms did not necessarily stifle innovation at new-age companies. In a conversation with A K Bhattacharya of Business Standard, he pressed on the need for the Reserve Bank of India (RBI) to be the single regulator for all financial institutions, including traditional ones and fintech firms. Meanwhile, he acknowledged that while innovation at firms outpaced regulation, there must be a system to ensure the safety of the sector. He also added that the collaboration between banks and fintechs had demonstrated immense growth for the payments sector in the form of the Unified Payments Interface (UPI). Edited excerpts:

SFBs ready with systems to make the transition

Small finance banks (SFBs) in India have put in place systems to become universal banks, but they are not in a hurry to do so because they are building scale and capacities for long-term growth, according to their chief executive officers (CEOs).

RBI action specific, does not flag systemic concerns: NBFC chiefs

The heads of non-banking finance companies (NBFCs) opine that the recent action by the Reserve Bank of India (RBI) against four entities - Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited, and Navi Finserv Limited - will not affect the sector since the move was initiated by the regulator addressing specific concerns of these companies.

Interest rates not primary driver of deposit growth for private sector lenders

Customer service, not higher interest rates, will be the key driver for deposit mobilisation for private banks, said top executives from private sector banks at the Business Standard BFSI Insight Summit 2024.

Foreign banks focus on strengths to level up India play

India heads see new opportunities as Indian economy gains ground

Banking sector to be in a sweet spot as long as economy is robust: PSB chiefs

India's banking sector is expected to continue its good run on the back of solid economic growth and fundamentals, but needs to adopt a cautious approach and improve risk management practices and underwriting standards.

Banks driving deposits with value-added services

Slowdown in unsecured loan growth due to rising risk rates: SBI chief

B'desh chalks out plan to avert Adani's power cuts

Bangladesh is creating a \"dynamic payment plan\" for all electricity providers, including Adani Power, the country's power ministry chief said, as it races to stave off further blackouts after the company halved supply.

KKR may sell $750 million stake in JB Pharma

KKR & Co. is considering selling some of its controlling stake in JB Chemicals & Pharmaceuticals via a block trade in the market, according to people familiar with the matter.

Auto retail sales rise 32% in Oct

Inventory levels improve from record high in Sept

Jio sends 2nd legal opinion on satcom spectrum

Says Trai should ensure level playing field

Skoda plans hybrid car launch in India in 3 yrs

Skoda Auto is setting its sights on a hybrid future in India, with plans to introduce such variants in upcoming models, including the next-generation Kushaq, expected in three years, a senior company official said on Wednesday.

Jindal Steel's net profit falls 38% on subdued demand

Jindal Steel and Power reported a drop in second-quarter profit on Wednesday, hurt by weak domestic demand and lower steel prices.

Apple to build hostels for 100,000 Women Workers across India

Apple is executing an ambitious plan with its vendors to provide hostel facilities for 100,000 women employees across its factories, marking the largest such initiative by any company in India.

India one of our fastest-growing mkts: Microsoft AI CEO

During his first trip to India, Mustafa Suleyman, Microsoft Al's chief executive officer, expressed pride that India is one of the company's fastest-growing markets and highlighted that it has one of its strongest teams worldwide based in Bengaluru and Hyderabad.

Tata Steel back in black with ₹833 cr Q2 profit

Conditions in China continue to weigh on steel prices, says CEO & MD Narendran

Positives outweigh negatives in the economy: RBI governor

Leaders of financial sector strike a note of confidence, optimism

US plays the Trump card

His return to White House triggers fears of trade frictions with India

Technology changes BFSI sector

Firms in the industry are undergoing a major digital transformation, with technologies - Cloud, Al, GenAI, RPA, and blockchain - leading the way, says a Business Standard-Everest Group report

Making sense of India's real estate boom

Growth drivers in real estate include urbanisation, disposable incomes, and demand for residential, commercial, and logistics spaces, according to a Business Standard-Knight Frank report

THE BIGGEST BFSI SUMMIT IS EVEN BIGGER NOW

The largest financial sector event in the country - the Business Standard BFSI Insight Summit - is back this year in a bigger form.

Shares of Adani Ports anchor at 5-month low

Down 5% in two days after business update for October

Markets rebound as investors cast wide net for value

In-demand financial stocks drive the rally