Page 4 - Financial Sector

Capitalise PSBs, create bad bank to absorb NPAs, says financial sector

Rating agency CARE Ratings said, given that bank credit growth would be higher in FY22 than in FY21, incremental credit would be Rs 10-11 trillion

Budget 2021: Super agency to probe financial sector frauds on cards

Move, proposed by CII in Budget wish list, could enhance ease of doing biz

The new playbook: RBI steps in to stem the nexus between banks and fintechs

With the RBI red-flagging mushrooming of digital apps, the tango between banks and fintechs may be in for a big change, report Hamsini Karthik and Raghu Mohan

NSE launches derivatives on Nifty financial services index

This will give more flexibility to institutional as well as retail investors to manage their hedge

Volkswagen Finance acquires majority stake in KUWY Tech for undisclosed sum

KUWY is an Automotive FinTech Company, powering Instant Lending across Point of Sale

Credit Suisse to slide into red as it sets aside $850 mn for US litigation

MBIA sued Credit Suisse in 2009 over hundreds of millions of dollars it paid out to compensate investors after thousands of mortgages failed

Integrating ESG into financial sector to benefit all stakeholders: Report

There has been a shift in focus of many businesses and investors from profits to people as the pandemic unrolled

Blackstone in talks to merge Alight with blank-check acquisition firm

The merger with Foley Trasimene Acquisition Corp would result in Alight becoming a publicly-listed company at a valuation of more than $8 billion, including debt

FSDC deliberated on challenges in transition from Libor-based contracts

In a meeting, chaired by FM Sitharaman, it noted that a multi-pronged strategy involving relevant stakeholder institutions and departments is required in this regard

Fitch now expects lower GDP contraction in India at 9.4% for FY21

Says Covid vaccines aren't likely to reach majority even in a year, Cautions against weak balance sheets, challenges in financial sector

Fin sector must reduce reliance on banking system for fundraise: Sebi chief

t would be a challenging task to achieve the government''s target of having Rs 100 trillion investments in infrastructure by 2024-25 unless the bond market is adequately developed, Tyagi added

It's tough to balance needs of customers and security

People and businesses today are more connected than ever, linking all types of devices and systems to the internet, which can open the door to common cyber-attack methods including ransomware

Financial sector is in the middle of a perfect storm: Pankaj Murarka

"September quarter earnings will be somewhat a mixed bag, as the pandemic has had varying impact on companies across sectors," says Murarka.

IMF says India needs another fiscal stimulus, income support to fight Covid

In the short term, a detailed well communicated and credible medium-term fiscal consolidation plan is also important, alongside an increase in fiscal transparency, IMF said

Cloud over banks, NBFC stocks as moratorium ends and NPA concerns weigh

Impact of rising bad loans may become discernible only in the second half of FY21. This may hurt asset quality and earnings growth, particularly of small and medium-sized banks

FM Sitharaman to hold review meeting with lenders on loan recast scheme

Most state-owned bank execs expect 5-7% of their loan books will require restructuring

Financial sector firms hit market to prepare for post-Covid world

Most private banks and non-banking firms are able to raise money on the strength of their profile

Regulators on guard to stave off a potential sovereign rating downgrade

Trimming of India's sovereign ratings to the lowest investment grade by Moody's Investors Service has triggered the move

PM Modi meets financial regulators, discusses steps to revive economy

According to sources, the meeting discussed various steps that regulators, especially the Reserve Bank of India, can take to push economic growth staring at the risk of contraction

Govt stands behind financial sector for India's growth, says PM Modi

Banks, NBFCs give lowdown on credit flow to PM; present ideas on financial inclusion, housing finance