Finance

Sebi taps finance ministry over new tag for foreign-owned MFs

Mumbai: The markets regulator has written to the finance ministry over its recent circular tagging foreign-controlled mutual funds as investment vehicles, two people familiar with the matter said. The regulator’s intervention comes amid fears that the new rules could force several equity asset managers to freeze investment activity and even sell their holdings. The Securities and Exchange Board of India (Sebi) made its representation ... Read More »

Hero Corp could buy 10-15% stake in Max Financial Services Ltd

NEW DELHI: Sunil Kant Munjal’s Hero Corp is set to buy a significant minority stake from Analjit Singh in Max Financial Services LtdNSE -1.35 %, said two people familiar with the development. The listed Max Financial houses Max Life Insurance, the largest non-bank private life insurer in the country. Singh, who has pledged more than 90% of the promoter stake in Max Financial, ... Read More »

RBI flags shortcomings at Ujjivan Small Finance Bank

Mumbai: In its recent inspection report the Reserve Bank of India has made certain observations regarding Ujjivan Small Finance Bank’s lack of fraud management system, rating methodology and categorisation of priority sector loans among many others. The bank has filed initial papers to raise Rs 1,200 crore via an initial public offering (IPO) in August. Under the condition for small finance bank ... Read More »

Nissan names new finance chief, some managers to leave in latest shake-up

TOKYO- Nissan Motor Co on Friday appointed American Stephen Ma as its next chief financial officer and said Hitoshi Kawaguchi and other veteran executives were stepping down, a shake-up that one source said marked a “generational change” at the automaker. The announcement comes just weeks after the Japanese company named the head of its China business, Makoto Uchida, as its next chief executive. Following the ... Read More »

Fintech and legacy finance, not fintech vs legacy finance

Financial services firms have been able to weather the digital onslaught even as software has been eating the world. There is excitement about fintech eating traditional finance. The incumbents are institutions with legacy systems and older-generation leadership while the new-age challengers are building models on open APIs and have modular, scalable platforms. In the new world, customer engagement is expected ... Read More »

Morocco to issue international bond in November: Finance Minister

RABAT (Reuters) – Morocco plans a first international bond in four years in November, worth about $1 billion, but will wait before deciding on the exact amount, the currency and the date of issue, the Finance Minister said on Tuesday. Moroccan Minister of Finance Mohamed Benchaaboun speaks during a news conference in Rabat, Morocco October 22, 2019. REUTERS/Youssef Boudlal “We ... Read More »

Overseas firms looking to invest in Ujjivan Small Finance Bank via IPO

Overseas investment firms such as Elevar Equity Mauritius and NewQuest Asia Investments may be looking to invest in Ujjivan Small Finance Bank through its Rs 1,200-crore initial public offering, which is likely before November. The two are existing investors in Ujjivan Financial Services–the publicly listed holding company of the bank–along with International Finance Corporation and CX Partners. “Many existing investors of Ujjivan are showing interest ... Read More »

Indiabulls Housing Finance’s true test begins

Gagan Banga, Indiabulls Housing Finance’s (IBHF) managing director, is not disappointed after the Reserve Bank of India (RBI) rejected its proposed merger with Lakshmi Vilas Bank (LVB). “Frankly, this is a relief,” Banga tells Forbes India. “After months, I sat down with my team for three-and-a-half hours and discussed business strategy and disbursal targets. We are firmly back on the growth ... Read More »

Wipro banking on small US finance companies

BENGALURU: WiproNSE 0.46 % is adding more small banks as clients in the United States, where large lenders and financial institutions are reducing technology spending due to economic uncertainty, helping the Indian IT firm gain market share, CEO Abidali Neemuchwala told ET. In the quarter to September, Wipro saw its largest client, a bank, cut discretionary spending on technology projects due to ... Read More »

Family finance: Navi Mumbai-based Santosh should align investments to achieve goals with ease

Santosh J. lives with his homemaker wife and three-month-old child in his own house, in Navi Mumbai. He has taken a home loan of Rs 15 lakh, for which he is paying an EMI of Rs 24,500. He brings in a salary of Rs 55,000 a month, and after considering all expenses, he is left with a surplus of Rs ... Read More »