Finance

ESAF Small Finance Bank opens new branch in Coimbatore

ESAF Small Finance Bank on Tuesday opened a new branch here, the 275th in the country. Speaking at the inaugural function, the bank’s Vice President K Swaminathan said the bank has a vision to be India’s leading social bank that offers equal opportunities to society through universal access and financial deepening, thus promising financial inclusion, livelihood and economic development. As ... Read More »

AI In Financial Services: Is Finance Ready For AutoML

Windows of Skyscraper Business Office of qingdao ,china GETTY This past month I attended the AI for Finance show in New York where I was the host for a one-hour “tech talk” on the subject of AutoML in the world of financial services. With over 150 people in attendance, the audience was able to provide some pointed input on the topic of ... Read More »

Finance minister Nirmala Sitharaman announces raft of measures to boost economy, more steps on anvil

Finance Minister Nirmala Sitharaman. (ANI) The government on Friday announced a raft of measures, including rollback of enhanced super-rich tax on foreign and domestic equity investors, exemption of startups from ‘angel tax’, a package to address distress in the auto sector and upfront infusion of Rs 70,000 crore to public sector banks, in efforts to boost economic growth from a ... Read More »

Mahindra Finance to acquire a majority stake in Lankan firm

With this joint venture, Mahindra Finance aims to replicate in Sri Lanka its socially inclusive business model which is focused on the rural and semi-urban markets. (Bloomberg) Mahindra & Mahindra Financial Services on Tuesday announced to acquire a 58.2% stake in Ideal Finance (IFL), a fully owned subsidiary of a Sri Lankan conglomerate, Ideal Group. Mahindra Finance will invest Rs 80 ... Read More »

Manappuram Finance Q1 net profit rises 36% to Rs 272 cr

Manappuram Finance on August 13 reported a 36 per cent rise in its profit after tax (PAT) to Rs 272.23 crore on a consolidated basis during the first quarter ended June 30. The company had posted a net profit of Rs 199.99 crore during the April-June period of the previous fiscal. Income (consolidated) rose to Rs 1,184.70 crore in the three months ... Read More »

Buy Bajaj Finance; target of Rs 3860: Prabhudas Lilladher

We initiate coverage on Bajaj Finance (BAF) with a BUY given formidable franchise in consumer financing, strong growth momentum in rural finance and expected uptick in mortgage business post spin off in step down subsidiary. BAF has emerged strong in the recent NBFC rout given 1) <2% GNPA and 65-70% PCR across cycles, avg. 40% positive ALM gap in short ... Read More »

India Post Payments Bank to be converted into small finance bank

New Delhi: The postal department said it has decided to convert the India Post Payments Bank into a small finance bank, enabling it to offer small loans to customers. Besides, the department looks to open one crore accounts for IPPB in 100 days. The decisions were taken at the annual Heads of Circles Conference held at Srinagar in Jammu and Kashmir from July ... Read More »

Fincare Small Finance expanding networks in Andhra Pradesh

Fincare Small Finance Bank is expanding its branch and outlet networks in Andhra Pradesh, “a key market in South India”. “We have a number of banking outlets – 108 – in Andhra Pradesh and we have seven branches in the State, the seventh being the Vizag one. We will open the next branch in Kakinada,” said Rajeev Yadav, Managing Director ... Read More »

Finance (No 2) Bill-2019 is unconstitutional and unrealistic: P Chidambaram

Finance minister Nirmala Sitharaman It takes a lot of courage to speak in a House of Parliament where the Opposition benches are empty. That is precisely what the Finance Minister, Ms Nirmala Sitharaman, did on July 23, 2019, in the Rajya Sabha! She piloted her maiden Finance Bill, the Rajya Sabha (minus the Opposition) ‘considered and returned’ the Bill, and all ... Read More »

Mahindra Finance registers 66% fall in consolidated net profit to Rs 108.5 crore

Mahindra and Mahindra Financial Services (Mahindra Finance) has posted a decline of 66 per cent in its consolidated net profit to Rs 108.50 crore in the first quarter ended June 30, the company said on July 23. It had registered a net profit of Rs 322.30 crore in the corresponding quarter of the previous financial year. Total income (consolidated) was, however, ... Read More »