Finance

New small finance bank licenses on the way

The central bank plans to offer new licenses to set up small finance banks and allow payments banks to also apply for licenses, people familiar with the development told Moneycontrol. If payments banks are allowed to become small finance banks, it will allow them to offer a wider bouquet of services, including microloans. It will also be an acknowledgment of ... Read More »

Muthoot Finance threatens to close strike-hit branches

Kerala-based Muthoot Finance Company, facing a protest by a section of employees demanding revised salary structure and other benefits, on Tuesday threatened to close some of its branches in the state. The management of the nationwide network of non-banking financial services company alleged that some vested interests had launched the strike and the frequent strikes affected the operations of some of ... Read More »

Nirmala Sitharaman press conference: Bank mergers aimed at economic growth, says Finance Minister

Finance Minister Nirmala Sitharaman is addressing her second press briefing on economic slowdown. Based on the Finance Minister’s statements earlier this week, speculations are that two major announcements could be made in order to give the industry a leg-up. Reports also suggest that a mega consolidation plan for public sector banks could also be announced today. The Ministry of Finance ... Read More »

5 Reasons Personal Finance Should Be Taught In School

Piggy bank with glasses and blackboard GETTY Having basic personal financial skills is one of the most important things you can do to live a healthy, happy and secure life. Your level of understanding around the fundamentals of budgeting, saving, debt and investing will impact every part of your life and can mean the difference between prosperity or poverty. With ... Read More »

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 »