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In her address, FM Sitharaman said that financial sector vision and strategy documents will be prepared.
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Retail loans are turning into a worry. While the RBI’s repeated warnings to banks over their retail lending spree has helped slow growth somewhat, it is still considered high. The same applies to even the non-banking sector
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The majority of cyber attacks on APIs deployed in the Indian financial sector was due to security misconfiguration, the joint white paper by CERT-In, Mastercard, and CSIRT-Fin said
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China’s central bank called on the financial sector to help fund technology research and M&A deals, the latest in a string of promises to revive a private sector devastated by a two-year regulatory crackdown.
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Silicon Valley Bank, which was just recently hailed as one of ‘America’s Best Banks’ by Forbes magazine was forced to shut shop on Friday. Meanwhile, the already troubled banking sector is also being pressured by a steep fall in shares of Credit Suisse, a Swiss Bank that has large US and global operations. Are we staring at a repeat of 2008 like GFC? Watch this video to find out!
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Sivaram, the Investment Director of Enam Holdings, does not see any issue with regard to the banking sector’s infrastructure lending to the Adani group or any other group.
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NASSCOM said that if state government laws such as stamp duty and registration charges are also amended, it will now be possible to make all property transactions paperless.
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Talking about opportunities, Subramanian said the Bilateral Netting of Qualified Financial Contracts law that had been passed recently paves the way for credit derivatives.
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Overall, vulnerabilities to the financial system have changed little since a prior report in May
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Kotak, the head of the private sector lender Kotak Mahindra Bank, said non-disruptive creative destruction is essential for the financial sector to help in winding up of businesses.
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Data breaches are common, but the one by NSO Group’s Pegasus is the kind of data breach that requires strong State-level diplomatic and policy-based responses.
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The Indian financial system has been fragile for some time. Banks have been grappling with non-performing assets since 2015. Towards the end of 2018, the problems were exacerbated by the failure of IL&FS.
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Describing the 24 PSU banks as "the 70 percent problem" (in reference to the over 70percent market share of these banks), he wondered what was the need for so many state-run lenders, which is the highest in the world after China.
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A bill on addressing bankruptcy issues in the financial sector is ready and is likely to be introduced in Parliament soon, Economic Affairs Secretary Shaktikanta Das said today.
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The customary post-Budget address of the Finance Minister before the boards of the two regulators comes against the backdrop of the government pegging fiscal deficit at 3.2 percent of GDP for the financial year ending March 2018.
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"As of now, we serve nine insurance companies, including eight life insurers, here. We are planning to take this to over 20 by December," chief executive and co-founder of Aureus Analytics, Anurag Shah told PTI here.
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Th government is likely to introduce a Bill for resolution of insolvent financial firms
during the ongoing session of Parliament.
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"The government does [support it] because I think they understand the complexity of this," McFarlane told Reuters on the sidelines of the World Economic Forum in Davos, Switzerland.
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In order to strengthen the consumer protection mechanism, the government has initiated an exercise to set up a unified body to address grievances of customers in the financial sector.
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In the latest episode of Indianomics, Hasib Drabu, Finance Minister Jammu & Kashmir (J&K), S Naren, CIO, ICICI Prudential AMC, Nilesh Shah, MD, Kotak AMC and MS Mani, Sr Director, Deloitte discuss the issue of dual control, and the worries of the financial sector regarding the GST.
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Besides, it will develop a new vertical for consumer lending business for better growth and profitability and will re-launch its commodity exchange with focus on diamond and crude oil futures. Diamond futures will be the flagship product with potential daily turnover of over Rs 6,000 crore.
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Parentlane, an online platform focussed on child development, has received undisclosed funding from Rohit MA, co-founder and Managing Director of Cloudnine Hospitals.
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Private equity currently seems to be concentrated on the start-up sector, says Prashant Mehra, Partner, Grant Thornton, adding, even in this particular month 55 percent of USD 1.1 billion invested was in the start-up sector.
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Vishwanathan, who joined the RBI in 1981 and has spent his entire career there, was handling banking regulation and non banking finance companies among other areas as executive director.
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Rupee depreciation has come along with Brexit and will have its impact on balance sheets of most of the companies on June 30 and inflation, says Ajay Srivastava of Dimensions Consulting, in an interview to CNBC-TV18.
