With Hitachi, SBI hopes to beat back competition from PayTM, PhonePe

State Bank of India and Hitachi Payment Services announced the start of operations of their payment processing venture in India as India’s largest bank tries to stay on top of the merchant-payment business. Hitachi took a 26% stake in SBI Payments in January for an undisclosed amount. SBI Payments was already India’s biggest merchant-enabler payment […]

Demo Man Hasmukh Adhia appointed Bank of Baroda chairman

Former Finance Secretary Dr. Hasmukh Adhia, credited with the effective implementation of demonetization two years ago, was on Friday appointed as the Non-Executive chairman of the Bank of Baroda for a period of three years. “The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for the appointment […]

RBI fines UCO Bank over fraud reporting

The Reserve Bank of India has fined the UCO Bank for discrepancies in complying with the central bank’s norms on classifying and reporting frauds and on collection of account payee instruments, the bank said. “..the Reserve Bank of India..under the Banking Regulation Act, 1949 imposed a penalty of Rs 2.00 crore for non-compliance of instructions […]

Flipkart’s PhonePe eyes PayTM as it readies to sign up half a crore merchants in 2019

PhonePe, the payment app backed by Flipkart, announced that it has crossed the 1 mln merchants milestone and plans to add another five million this year. This is likely to help the company narrow the gap with market leader PayTM, which had an estimated 10 mln (1 cr) merchants in its network as of late […]

Morgan Stanley calls dollar top, predicts end of Fed balance-sheet normalization

Morgan Stanley Research, part of the MS financial services group, said the US currency has likely peaked already and that the US Federal Reserve is likely to follow a more accommodative monetary policy going forward. Fed Chairman Jerome Powell had softened his stance early this month after his December comments about balance-sheet normalization at the […]

Edelweiss’ NBFC arm to raise up to Rs 1,000 cr via debentures

ECL Finance Ltd, the NBFC arm of Edelweiss Group, said it plans to raise up to Rs 1,000 cr in the form of non-convertible debentures, a form of debt. The non-convertible debentures have a face value of Rs. 1,000 each, and the company could raise anywhere between Rs 250 cr or Rs. 1,000 cr, depending […]

TCS acquires US-based management consultant Bridgepoint Group

Tata Consultancy Services said it has acquired the business of BridgePoint Group, LLC, a U.S. management consulting firm that caters to the financial services industry and specializes in retirement services, “through the purchase of select company assets”. The company did not disclose the value of the transaction. “TCS currently partners with eight of the top […]

PNB Housing raises Rs 1,775 cr from banks, mutual funds in a tight market

Even as liquidity remains tight for non-banking finance companies in India, PNB Housing Finance said it has raised Rs 1,775 cr from various mutual funds and banks by issuing commercial paper. Commercial paper refers to short-term loans raised by companies, and are typically used to meet short-term requirements like taking care of inventory and accounts […]

Nifty likely to remain below 10,000 as stocks enter long-term correction

The key Nifty 50 stock index in India is likely to breach the 10,000 support mark this week as the Indian stock market enters what many have called its deepest correction since the 2008 financial crisis. The Nifty, which reflects the stock prices of 50 bluechip stocks traded on the National Stock Exchange, had gone […]

ICRA revises YES Bank’s outlook from ‘positive’ to ‘stable’ on RBI order on Rana Kapoor

ICRA, a part of Moody’s Investors Service, revised its outlook on YES Bank’s borrowings to ‘stable’ from ‘positive’ on the basis of the Reserve Bank of India’s direction last week cutting short the tenure of the company’s CEO Rana Kapoor. “The revision in outlook to stable from positive considers the recent direction from RBI whereby […]

MARKET TURMOIL: RBI, SEBI says ‘closely monitoring’ situation

The Reserve Bank of India and the Securities and Exchange Board of India are “closely monitoring recent developments in financial markets” and are ready “to take appropriate actions, if necessary,” India’s central bank said in a one-line statement on Sunday. The move comes in the wake of what looks to be the beginning of prolonged […]

HCL to recruit over 1,000 finance graduates in Vijayawada

HCL SSHS, a joint venture between HCL Technologies and US-based State Street Corporation, said it plans to recruit over 1,000 graduates and post-graduates in commerce, accountancy and finance for its new office in Ganavaram, Vijayawada. The new office has been set up at Medha Tech Park and will be dedicated to finance-related processes such as Capital Markets […]