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Stripe raised $600 million in March at a valuation of $95 billion. That makes it the most valuable US startup and one of the biggest globally alongside TikTok parent ByteDance
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As many as 28 financial institutions and legal firms have already taken land in the fintech hub, for which foundation stone was laid in 2012, one year after Mamata Banerjee came to power ending three decades of Left rule.
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"I think the Reserve Bank has not changed the repo and reverse repo since May 2020 and they have been having the accommodative stance. Accordingly, the lending rates are low, deposit rates are also low. So, the NIM (net interest margin) of the banks is shrinking," Manju S Bolakani, chief general manager of State Bank of India (SBI), said.
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His appointment will come into effect from Friday (September 10, 2021). Ujjivan Financial said Barnwal will continue to be the company secretary (CS) and key managerial personnel (KMP) of the company.
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RBI Governor Shaktikanta Das said banks have capital buffers of over 16 per cent while the same for NBFCs is at 25 per cent, which are much above the regulatory mandates, and will help fight with any stress.
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The scheme of arrangement between Bharti AXA and ICICI Lombard came into effect on September 8, 2021. ICICI Lombard has allotted a total of 35,756,194 equity shares of the company to Bharti AXA shareholders -- Bharti General Ventures (18,235,659) and Societe Beaujon (17,520,535).
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Senior advocate Meenakshi Arora, appearing for the HDFC bank, said that the man had opened his account with the bank and he was given a net banking facility with the kit provided to him.
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Combined Securitisations volumes through both pass through certificates and direct assignments rose 2.3 times from Rs7500 crore in Q1 2020-21 to Rs 17200 crore Q1'2021-22. But the share of mortgaged backed securities rose from 26 per cent to 59 per cent in the same period.
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The bank also said it "structurally" valued Ethereum, the second-most traded crypto asset, at $26,000-$35,000 although to reach that level bitcoin would have to be near $175,000.
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Bounce rates rates tracked by NPCIs e-NACH platform came in at 33.0% and 26.8% by volume and value respectively for the month of August. In July these figures were at 33.2% and 27.4% by volume and value. This was down from a high of 35.9% and 30.7% in volume and value, registered in the month of May.
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Experts attributed the 'flash crash' to a lack of liquidity in crypto markets, which could give disproportionate power to large holders, and the fact that crypto markets are sentiment-driven and lack proper regulation.
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Bank’s MD & CEO Mahabaleshwara MS said the compact, lightweight and user-friendly device will be a game changer and transform the digital payment ecosystem associated with PoS machines.
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India provides a great ecosystem for Fintech development like access to bank accounts under the PM Jandhan Yojana, digilockers and scalable platforms including UPI.
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The big moves by the two global giants is a hint towards a changing landscape in the Indian financial services space which is attracting the best. The size of this market is 1.4 billion population.
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The listing of LIC is set to be India's biggest ever IPO.
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The jailed banker also took undue personal interest in risky investments in Dewan Housing Finance Limited (DHFL), resulting in huge losses.
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Ever got stuck in a network breakdown while making a payment? Visa may soon have new debit cards that allow people to make transactions up to Rs 2,000 without connectivity, says a TOI report.
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The Securities & Exchange Board of India is considering a reduction in the settlement cycle for completion of share transactions to T+1 — an abbreviation for ‘trade plus one day’ — says this ET report . This is a faster trade settlement system for stocks from the existing T+2.
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Ashish Kehair was the head of the wealth management division since 2017. In that role, he has been responsible for expanding assets under advisory since joining. He has previously held executive positions with IDFC Bank and ICICI Securities.
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Over the last few years, Indians have mostly bought bitcoin, the biggest and the most well-known of the cryptocurrencies. They are now hedging bets and buying others, leading to a spurt in volumes at exchanges.
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The CBI is also awaiting intimation on request to investigate 20 cases of disproportionate assets (DPA) allegedly amassed by central government employees. The CBI is the only federal agency to probe corrupt officials attached to central departments like the income tax, customs, GST and public sector undertakings.
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They said the collaboration will help faster and cheaper onboarding of customers and merchants by banks as well as enable fintech firms to build out new models of digital interfaces for customers launching RuPay credit card products.
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"...card issuers have been permitted to offer card tokenisation services as token service providers. The tokenisation of card data shall be done with explicit customer consent requiring additional factor of authentication (AFA)," the RBI said in a statement while extending device-based tokenisation framework to CoFT services.
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The rating company’s NPA estimate is much more benign than 9.8% projected by Reserve Bank of India’s Financial Stability Report even as it expressed concerns over significant stress on banks’ retail and MSME loan books. It projected overall stressed assets at 10.3% for FY22 expecting provisioning cost to rise to 1.9% from its earlier estimate of 1.5%.
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"We have maintained a stable outlook on the overall banking sector for the rest of FY22, supported by the continuing systemic support that has helped manage the system-wide COVID-19 linked stress," the rating agency said in its mid-year banks outlook released on Tuesday.
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Through its robust and extensive network of 650 branches and more than 136,000 banking access points, IPPB will make LIC Housing Finance Ltd's (LICHFL) home loan products accessible to its customers pan-India, the statement said.
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Autopay allows users to make recurring transactions below Rs 5,000 through UPI apps. Most of these currently take place through card-based mandates that are more sophisticated, and settlements more expensive.
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The biggest lesson from the pandemic is to have a strong balance sheet. A strong balance sheet with healthy debt-to-equity ratios can absorb higher provisioning and will allow access to liquidity even in challenging markets.
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Under this policy all employees can list their partners for mediclaim benefits irrespective of gender, sex or marital status. It has also put in place a Human Rights Policy that offers redressal to challenges faced by employees from this community.
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“Time has come to take a position for the future,” managing director Udaya Kumar Hebbar told ET in an interview. “How long can we hold back growth? The experience of the first wave and second wave (of the pandemic) gives us the confidence to navigate through future stress, if any.”
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"We are a large country and a large market which is underpenetrated in credit. The policy-led transformation of agri and strong policy support for MSMEs will continue to allow banks to find high growth opportunities for a long time to come without any undue credit concerns."
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"The company would like to grow at a similar rate of around 50 per cent in the current financial year as well," ABHICL CEO Mayank Bathwal said.
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