Author: Kushal Dixit

Public sector banks have showcased an impressive transformation, surpassing previous losses with a remarkable rebound. In a span of five years, they transitioned from a net loss of Rs 85,390 crore in 2017-18 to a substantial profit of Rs 1,04,649 crore in 2022-23. This noteworthy achievement reflects their commendable financial performance and strategic initiatives according to the Finance minister. Financial Performance Review Finance Minister Nirmala Sitharaman is scheduled to meet with the chiefs of public sector banks (PSBs) to review their financial performance. This meeting marks the first review since the announcement of the 2022-23 financial results, which showcased a…

IIFL Finance, a non-banking finance company, recently disclosed securing $175 million via an external commercial borrowing (ECB) method in June. The funds were sourced from various institutions, including $75 million from HSBC, $50 million each from Union Bank (Sydney), and Bank of Baroda (IFSC unit). This capital infusion strengthens IIFL Finance’s financial position and opens avenues for further growth IIFL Finance raises $175 million through external commercial borrowing IIFL Finance, one of India’s leading non-banking finance companies, has successfully raised $175 million through an external commercial borrowing (ECB) route. The funds were secured from prominent financial institutions, including HSBC, Union…

The collaboration between Shriram Finance and Paytm facilitates the availability of Shriram Finance products on Paytm’s digital platform, thereby expanding Paytm’s credit services and driving financial inclusion. A Strategic Collaboration for Enhanced Financial Inclusion In a move aimed at expanding financial services and fostering financial inclusion, One97 Communications Ltd, the parent company of Paytm, has entered into a strategic partnership with Shriram Finance Ltd, a leading retail non-banking finance company (NBFC). This collaboration aims to leverage the digital platform of Paytm to offer a wide range of financial products and services to its vast user base, including loan products. By…

Huawei’s Chief Financial Officer, Meng Wanzhou, shared her insights on the difficulties of implementing 5G technology in business during her keynote session at the Shanghai Mobile World Congress. Despite the challenges, she emphasised the potential benefits of 5G for consumption and the economy. Huawei has been actively exploring opportunities to offer cloud services to various industries, such as mining and finance. This article discusses company’s perspective on the challenges of 5.5G deployment, its cloud computing business, the readiness of Chinese companies for 5G adoption, and the impact of geopolitical factors on Huawei’s operations. The Challenges of Applying 5G Technology to Business…

The Reserve Bank of India’s (RBI) latest Financial Stability Report highlights a positive trend as scheduled commercial banks’ net non-performing assets (NPA) ratio hit a 10-year low at 3.9% in March 2024. However, concerns persist regarding the stability of the global financial system, with over 50% of respondents expressing diminished confidence in the face of potential global spillovers. Record Low NPA Ratio in Scheduled Commercial Banks In a groundbreaking achievement, scheduled commercial banks have reached an unprecedented milestone as their net non-performing assets (NPA) ratio plummeted to a 10-year low of 3.9% in March 2024, according to the latest Financial…

HDFC-HDFC Bank boards will convene on June 30 to proceed with the merger, following regulatory approvals on July 1. Deepak Parekh, Chairman of HDFC, confirmed the development, indicating a significant step towards the consolidation. The meeting aims to finalise the merger details, marking a crucial milestone in the process. Boards to Meet for Merger Approval The boards of HDFC-HDFC Bank are scheduled to convene on June 30 to finalise the merger plans after receiving necessary approvals from regulatory bodies.Deepak Parekh, Chairman of HDFC, announced the upcoming meeting, marking a significant milestone in the consolidation process.The upcoming board meetings of HDFC-HDFC…

L&T Finance Holdings Slashes Wholesale Finance Book by 66%, Declines from Rs 59,072 Cr to Rs 19,840 crores in FY23. Q4FY23 Saw a Reduction of Rs 11,586 crores. L&T Finance’s Transition to Retail Finance L&T Finance Holdings, a prominent financial institution, is strategically shifting its focus from wholesale finance to retail finance. Intending to become a 100 per cent retail finance company, the company aims to streamline its operations and enhance its customer-centric approach. Raju Dodti, the Chief Executive of Wholesale & SME Finance at L&T Finance, exclusively shared with Moneycontrol on June 26 that the company has significantly reduced…

Anichess, a subsidiary of Hong Kong-based gaming company Animoca Brands, has completed a highly successful seed funding round, raising $1.5 million. The round attracted prominent investors such as GameFi Ventures, Coin Operated Group, Koda Capital, Bing Ventures, 708 Capital, and Asymmetry Capital, as announced by AniChess. Introducing AniChess: A Revolutionary Decentralised Chess Game Anichess, a subsidiary of renowned blockchain gaming company Animoca Brands, has successfully concluded a seed funding round, raising $1.5 million to support the development of their decentralised chess game. Prominent investors, including GameFi Ventures, The Operating Group, Koda Capital, Bing Ventures, 708 Capital, and Asymmetry Capital, participated…

IdeaForge Secured Rs 60 Crore in Pre-IPO Round with Tata AIG, Motilal Oswal, and Think Investments PCC as Key Investors. The IPO includes a fresh equity share issue of up to Rs 240 crore and offers the sale of 4.86 million units, signalling strong market interest in the company’s growth potential. IdeaForge Technologies IPO: Subscription Dates and Anchor Investor Allocation The highly anticipated IPO of IdeaForge Technologies is set to attract significant investor interest, with subscription dates announced from June 26 to June 29. During this period, the public will have the opportunity to participate in the IPO by placing…

The Bank of America anticipates a transformative shift in financial and non-financing infrastructure and markets through the adoption of blockchain infrastructure and tokenisation within the next five to 10 years.Bank of America’s research report highlights the recent outperformance of risk assets compared to digital assets, which have lagged behind the Nasdaq stock index by 24% since May. Regulatory uncertainties resulting from SEC enforcement actions and ongoing lawsuits against prominent platforms like Binance and Coinbase have impacted digital asset sentiment. However, Bank of America emphasises that the rapid development and integration of distributed ledger and blockchain technology infrastructure, particularly private permissioned ledgers…