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According to PwC, the global market size of the MFI industry is expected to grow by USD122.46 billion from 2021 to 2026 at a compound annual growth rate of 11.61 per cent. Moreover, global development agencies and several governments have made concerted efforts to alleviate poverty through micro-credits, it said.
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The bank in a statement said it has partnered with auto-major Maruti Suzuki India Ltd to provide digital auto financing lead generation to customers.
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Sandeep Chhajer, the author, shares four unconventional ways to invest for the new year.
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A few large private and public banks have begun using the option, said one of the sources, a banker, who declined to name the banks. The advisory allowing the verification is not public and has not previously been reported. The verification is not mandatory and is intended for cases where another government identification card used for tax purposes, the PAN card, is not shared with banks.
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A few large private and public banks have begun using the option, said one of the sources, a banker, who declined to name the banks. The advisory allowing the verification is not public and has not previously been reported.
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Guide on how you can strategise you investing in your 30s
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The matter was adjourned since the Hinduja group entity, another bidder in the fray and the committee of creditors sought additional time to file their replies. Reliance Capital's proposed second auction was challenged by Torrent Investments, a bidder in the fray to acquire Anil Ambani promoted financial services company undergoing an insolvency process.
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Today, achieving financial freedom is no longer a choice but rather a crucial tool for empowering women and promoting their independence.
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Reasons why gold ETFs would be great fund for you
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Incentives worth Rs 2,600 crore have been approved for FY22-23 by the cabinet, as per the reports. The cabinet has said that incentives will be given on use of Rupay debit cards and BHIM UPI. It has likely approved setting up of three co-operative societies under the new Act, said the ET Now report.
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"Overall, we are looking at financial bids at least before second half (October-March) of next fiscal year," PTI quoted Pandey as saying. The bids for selling 30.48 per cent stake in IDBI Bank, along with 30.24 per cent stake of LIC were invited by the Department of Investment and Public Asset Management (DIPAM) in October.
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A note circulated by the administrator to the bidders, including Torrent Investments and Hinduja Group entity, says that this is a continuation of the previous auction that was held on December 21. The note states that no change in the financial proposal post the challenge mechanism shall be permitted.
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Union Budget 2023: While credit growth till October this fiscal has been 8.4%, retail and corporate lending is expected to be robust in the fourth quarter, which should lead to full-year estimated credit growth of 13-15%. That compares with ~8% compound annual growth rate between fiscals 2017 and 2022. In the milieu, a few facilitations in the Union Budget for next fiscal will help the sector be more supportive of macroeconomic growth.
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The administrator, Nageswara Rao Y, invited vote for second auction amidst protest from Torrent Investments, a bidder in the fray for acquiring the company. The Mumbai bench of National Company Law Tribunal will hear Torrent's petition Thursday which will see powerful representation of senior legal counsels.
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Union Budget 2023: The financial services sector is the backbone of any economy as it responds dynamically to movements in the global economy. The financial sector is hoping that the Government shall announce some pathbreaking reforms to propel growth in the sector. It is expected that the Government will try to simplify the structure of the capital gains tax regime including rationalizing the holding periods and rates for investments across equity, debt and other asset classes.
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Former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar were released from jail on Tuesday morning. The Bombay high court granted the couple interim bail on Monday in a loan fraud case linked to the Videocon group of companies. Chanda Kochhar walked out of the Byculla women's prison in Mumbai, while her husband was released from the Arthur Road jail, a police official said.
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The Bombay high court on Monday ordered the release of Chanda Kochhar, former CEO and MD of ICICI Bank, and her businessman-husband Deepak Kochhar on bail after holding that their arrest by the CBI four years following an FIR in a loan-fraud case was “unacceptable”.
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In July 2021, the RBI issued an advisory to banks and financial institutions to cease entering into new financial contracts that reference Libor as a benchmark and instead use any widely accepted alternative reference rate (ARR) by December 2021. The issue figured in a meeting between RBI and senior executives of all top banks in December.
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The Committee of Creditors (CoC) will meet on Monday to decide on the second round of auction as it is expecting bids upwards of Rs 10,000 crore from this. The first round of auction witnessed both Hindujas and Torrent trying to outbid each other by continuously sweetening their bids and offering more upfront cash, even after the auction got over, sources said.
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“First, there is room for further rise as RBI is expected to increase rates once more in February. Second, while rates will go up, it will be selective across certain tenures and not across the board,” said Bank of Baroda chief economist Madan Sabnavis.
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Talking about new initiatives, Punjab & Sind Bank MD Swarup Kumar Saha said the bank has recently partnered with SBI Card to launch co-brand credit cards for its customers. Available in three variants -- PSB SBI Card ELITE, PSB SBI Card PRIME and PSB SimplySAVE SBI Card -- will have access to a wide suite of exclusive privileges.
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JC Flowers, Carlyle Group, Canada-based Fairfax group and Japanese Bank Sumitomo Mitsui are understood to have evinced interest in IDBI Bank during roadshows held by the government for the stake sale. There has been no official confirmation of those that have submitted EoIs.
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