One of India’s largest mutual funds lends to Ujjivan microfinance lender

Bangalore-based Ujjivan Financial Services has become the first microfinance institution in India to raise funds directly from mutual funds, and that too one of the largest mutual funds in India. It raised Rs 50 cr from an unnamed mutual fund by placing ‘commercial paper’ (a kind of debt). “This is the first CP issuance by […]

Modi Govt needs to deliver on reforms, spare RBI powers; business confidence falling – Moody’s

Moody’s Analytics, a division of global ratings firm Moody’s, has warned that the current government at the center needs to start delivering on its reform promises as business confidence is starting to dip. The firm also warned that meddling in Reserve Bank of India’s powers to manage interest rates could have a bearing on India’s […]

LIC continues to lose market share to ICICI Pru, HDFC Standard and others

Life Insurance Corporation of India, India’s biggest life insurer, continued to lose new business to private sector players, particularly ICICI Prudential and HDFC Standard, last financial year, according to industry numbers. LIC managed to get 78,000 cr of first-year life-insurance premium out of a total of 113,142 cr, implying a market share of 69.2% of […]

IndusInd Bank completes acquisition of Diamond financing unit from RBS India

IndusInd Bank said it completed the acquisition of Diamond & Jewellery financing business and related deposit portfolio of Royal Bank of Scotland N.V. in India. With this, the Bank said, loan portfolio is approximately Rs.41 billion has been transferred to the bank from Royal Bank of Scotland. IndusInd Bank is a private bank in India […]

Indicash ATMs introduce cash-transfer facility

Indicash ATMs, the largest independent operator of cash dispensing machines in India, has introduced a new cash-transfer facility. “Customers simply need to dip their card at an Indicash™ ATM, enter the PIN followed by the 16-digit debit card number of the beneficiary and confirm the amount to be transferred.,” Tata Communications Payment Solutions Limited said. […]

NSE files defamation suit for reports on algo-trading

NSE has today filed a defamation suit against an organization for publishing what it called unsubstantiated and misleading reports against the exchange. The suit also names the officials of the organization that published such reports, the exchange said. “The exchange has sought withdrawal of those reports etc, as well as, has made a claim of […]