Page 3 - Finance

MFIs' net profit more than doubles in Q3 on buoyant interest income

The interest income expanded by 25% YoY to Rs 2,414 crore and sequentially, it rose 9.7% from Rs 2,201 crore in Q2FY23

Rupee pulls back from 82.95 on likely heavy US dollar selling by RBI

10-year bond yield rises above 7.45% for first time since November 7

Deposits by public sector banks up 8.8% in December quarter: RBI data

However, they still lag the pace of private banks

We need to have a level-playing field with banks: Manappuram Finance CEO

It makes sense to go for bank gold loans if customers are borrowing larger ticket sizes, like Rs 10 or Rs 15 lakh, and for a longer period

Explained: How RBI ensured payment system stayed Covid-proof

200 staff, bio bubble, three data centres among over 100 measures taken to preserve financial stability

G20: India walks tightrope to form consensus amongst competing interests

At the media briefing on Saturday, a visibly pleased Reserve Bank of India Governor Shaktikanta Das said that most of the G-20 partners agreed that cryptocurrencies should be regulated

ARC industry will need to reinvent itself

The RBI unveiled new regulations in October 2022, which enhanced governance standards and permitted ARCs to act as resolution applicants under the IBC's ambit

Can you outlive your life savings?

A good financial plan must identify the reasons why a person may run out of money in his lifetime and find a workable solution to it

It's a high-volume, low-margin game: PAs eye the online payments boom

Of the 28 new players, 19 have been granted in-principle authorisation by the central bank; the applications for the rest are under consideration

Enter the green age: The financial journey cannot be full of potholes

The details of the transition towards climate-change-related finance will require deft handling

Kotak Mahindra Bank takes corporate digital banking portal 'Kotak fyn' live

Portal will offer services across all products, including trade & services, account services, payments, and collections and make banking seamless for clients

More insurance players required for diverse needs of citizens: Irdai chief

Will look to move to risk-based solvency regime in the next two years, says Debasish Panda; 19 applications to set up shop are in the pipeline at various stages

India, Singapore link systems for real-time cross-border fund transfers

The India-Singapore payment connection is part of the trend in Asia where instantaneous, cross-border fund transfers via mobile phones are happening

HDFC prices its biggest ever rupee bond issuance; to raise Rs 25,000 crore

HDFC is stepping up borrowing from notes because its merger with HDFC Bank Ltd. will make accessing the bond market more difficult

SBI raises MCLR by 10 bps; increases deposit rates in some buckets

Lender announces decision after central bank last week raised the repo rate to 6.50%

US crackdown aims to push crypto industry back to the fringes of finance

The regulators are effectively building a wall between crypto trading and the banking and securities markets to prevent the types of systemic vulnerabilities that led to the 2008 financial crisis

Shriram Finance employs 3,536 people in Q3 hiring drive, to add 1,000 in Q4

Total workforce up 10% so far in FY23; recruitment also driven by merger of group firms

An idea whose time has come: Will NFIR be a game-changer for India?

The proposed financial registry will kill information asymmetry, and change the dynamics for every stakeholder in the economy for the better, reports Raghu Mohan

SBI likely to sell Rs 10,000 crore of AT-1 bonds around February 20

The bonds, which are likely to receive a rating of AA+, may go up for bidding on February 20 with issuance scheduled for the next day

D2C firm Mensa Brands raises Rs 300 crore debt from TradeCred

Direct-to-consumer (D2C) firm Mensa Brands on Tuesday said it has raised Rs 300 crore debt from TradeCred. The funds will be used for new brand acquisitions as well as brand growth, including product development, supply chain integration, and working capital investment, the company said in a statement. "With this additional capital, we will be able to double down on our growth ambition," Mensa Brands Founder & CEO Ananth Narayanan said. At present, Mensa has 25 brands across fashion, home, beauty and FMCG, including Dennis Lingo, Villain, Pebble, and MyFitness. Debt platform TradeCred has over Rs 2,200 crore of assets under management and more than 20,000 active users as of February 2022, the company said. "As part of Mensa's Rs 300 crore financing arrangement, 50 UHNIs (Ultra high-net-worth individuals) collectively participated," it added.