RBI, IRDAI to vet FDI proposals in banks with insurance ventures

Foreign direct investment (FDI) in banks with insurance ventures will require approval from both, the banking and insurance regulators, according to rules notified under the Foreign Exchange Management Act (FEMA). The new rules are pursuant to higher foreign investment ...

Infosys wins digital services deal from UK's UCAS

Infosys said it won a three-year digital services contract from UCAS, the admissions service for UK higher education that is focused on improving customer service. It did not disclose the deal value UCAS provides vital admissions and information services ...

Amazon CEO Andy Jassy to join executives at White House cybersecurity meeting: Report

Amazon Chief Executive Andy Jassy will join tech executives at a White House meeting with President Joe Biden on Wednesday to discuss efforts by private companies to improve cybersecurity, a source familiar with the matter told Reuters. The source ...

Wistron partners with India's Optiemus in challenge to China's manufacturing clout

Wistron Corp of Taiwan is partnering with India’s Optiemus Electronics to build products such as smartphones and laptops, a boost to Prime Minister Narendra Modi’s push to make the country an electronics manufacturing hub. As part of the deal ...

Gig apps for a pandemic economy: Part time, no commitment

For months, Gabrielle Walker had been looking for a part-time job. She applied to restaurant chains and retailers like Nando’s and Primark, and she scoured the job search site Indeed. Nothing. Then one day, Walker, a 19-year-old student at ...

Hike secures new funds from Tinder cofounder Justin Mateen, others

Social platform Hike has raised funding from a clutch of investors led by Tinder cofounder Justin Mateen and participation from SoftBank Vision Fund CEO Rajeev Misra, Tinder cofounder Sean Rad and Tribe Capital cofounder Arjun Sethi. Flipkart cofounder Binny ...

Khatabook gets $100-million funding, announces ESOP buyback

Mumbai: Digital bookkeeping app, Khatabook said it has raised $100 million in Series C funding round from investors led by Tribe Capital and Moore Strategic Ventures (MSV). The funding round now values the company at $600 million, the company ...

Zomato falls over 8% as lock-in period for anchor investors ends

Mumbai: The end of the 30-day lock-in period for anchor investors in Zomato ’s initial public offering on Monday sent the stock tumbling by as much as 10%. With the restrictions on sale of shares that these institutions got ...

Indians can now book Covid-19 vaccination appointments on WhatsApp

New Delhi: The Ministry of Health and MyGov announced on Tuesday that the MyGov Corona Helpdesk on WhatsApp now allows users to locate their nearest vaccination centre and book their vaccine-appointment. WhatsApp users across India will now be able ...

PEs put $150 million in QuEST Global for minority stake

Bengaluru: Global private equity firms ChrysCapital, True North and others have invested $150 million in QuEST Global for a minority stake in the engineering solutions provider. The investors purchased a portion of shares held by QuEST’s cofounders and management ...

Staff at unicorns on the horns of a dilemma over ESOP gains tax

Employees with stock options in unicorns are facing a tax dilemma as valuations surge. The quandary is whether they should exercise their options now and pay income tax now or wait and risk the valuations going further up, which ...

Bank of Maharashtra waives loan processing fees under special offer

State-owned Bank of Maharashtra (BoM) has announced a slew of offers, including concessional interest rates and a 100 per cent waiver on processing fees on retail loans. The bank under ‘Retail Bonanza-Monsoon Dhamaka’ waived the processing fee for its ...

Breathe Well-Being raises $5.5 million in funding led by Accel

Digital therapeutics company Breathe Well-Being has raised $5.5 million in its Series A round, led by Accel . General Catalyst, 3one4 Capital and Scott Shleifer, the global managing director of New York-based investment firm Tiger Global also participated in ...

Credit Saison puts $47 million in Indian arm

Credit Saison, a leading consumer finance firm and credit card issuer in Japan, has infused $47 million into its Indian non-bank arm, Kisetsu Saison Finance India (CS India), the company said on Monday. The fresh capital, which takes the ...

Govt wants to make India a data centre hub, plans Rs 12,000 crore sops

An ambitious incentive scheme worth up to Rs 12,000 crore is in the works to encourage companies to set up data centres in the country. The government is targeting an investment of Rs 3 lakh crore in the next ...

Groww, Upstox, Motilal Oswal to be hit by Sebi's latest rules on digital gold sale

The National Stock Exchange (NSE) has instructed all members, including stockbrokers and wealth managers, to wind down the sale of digital gold on their platforms by September 10. This came after capital markets regulator, the Securities and Exchange Board ...

RIL mulls super app based on Just Dial

Reliance Retail is refurbishing its Jio App launched months back primarily in the grocery space to include multiple consumer offerings by integrating the recent acquisition of Just Dial to make it a super app and a one stop window ...

Investors from non-metro cities flock to online brokerages, crypto platforms

A wave of young investors from non-metro cities are increasingly trading in stocks and buying cryptocurrency online, industry executives told ET, a development that coincided with the Covid-19 outbreak and subsequent national lockdown last year. Crypto-selling platforms and wealth ...

Honda plans to ship more cars, boosting New Delhi’s manufacturing enhancement program

Japanese automaker Honda Motor Co is readying plans to utilise its facilities to ship more cars to countries that drive on the right side of the road, leveraging India’s cost and technology edge and giving a boost to New ...

A lot of opportunity in top private sector banks: Sampath Reddy, Bajaj Allianz Life Insurance

We still like the top four-five private sector banks. They are very well positioned and their capital adequacy is exceptionally good. They have very strong management teams and most of them are embracing technology. There is a lot of ...

Demand for cloud professionals to hit 2 million by 2025: Nasscom

The demand for cloud professionals in India may touch two million by 2025 according to a report by National Association of Software and Services Companies (Nasscom), Cloud Skills: Powering India’s Digital DNA, launched in association with Draup. Tata Consultancy ...

Portfolio quality, high attrition areas of concern: Samit Ghosh, Ujjivan SFB

We were very concerned over two issues. One is the portfolio quality problem and how it is being managed because we have always been a very conservative organisation. We have been upfront or recognised all our problems and try ...

Carol Furtado emerges as top candidate for Ujiivan Bank's interim CEO

Ujjivan Small Finance Bank is likely to select Carol Furtado, an old timer at the organisation, as the interim chief executive officer after Nitin Chugh‘s exit and till the bank finds a new incumbent for the position. She would ...

3One4 Capital enlarges leadership team with promotions, hiring

3one4 Capital, an early-stage venture capital firm, said it has promoted Anurag Ramdasan to partner and Richard Pinto, Yash Baid and Ashwini Thulsaram to principal. The firm also hired Nruthya Madappa as principal. Pinto heads portfolio management and finance, ...

RBI against dropping card storage clause in new rules for making payments online

The Reserve Bank of India (RBI) is said to be against acceding to a demand by India’s payment gateways for exemptions on select new regulatory norms that are set to prohibit merchants from storing card details and payment operators ...

Birlasoft restructures service offerings

Mid-size IT services firm Birlasoft has restructured its service offerings to focus on demand-heavy areas. The company has started declaring revenue breakdown for its three core service lines – business and technology transformation, enterprise solutions and Cloud and base ...

Ujjivan Small Finance Bank chief Nitin Chugh steps down due to personal reasons

Ujjivan Small Finance Bank on Thursday said that it’s managing director and chief effective officer Nitin Chugh has tendered his resignation. The resignation will come into effect from September 30, 2021. “The bank has received a letter dated August ...

Oppo to add over 100 service centres in India by 2022

Chinese smartphone maker Oppo plans to expand its service centre network to over 600 stores by 2022, the company said on Monday. The brand currently has over 500 service centres spread across 500 cities in India. “The expansion of ...

Ethiopia to build local rival to Facebook, other platforms

ADDIS ABABA – Ethiopia has begun developing its own social media platform to rival Facebook, Twitter and Whatsapp, though it does not plan to block the global services, the state communications security agency said on Monday. Ethiopia has been ...

PayPal launches crypto buying and selling in the UK

LONDON, – PayPal Holdings Inc will allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week, the company said on Monday. The roll-out, which marks the first international expansion of PayPal’s cryptocurrencies ...

Competition Commission of India fines Maruti Suzuki Rs 2 billion over dealer discount policy

Antitrust regulator has fined Maruti Suzuki , the country’s biggest carmaker, 2 billion rupees ($27 million) for anti-competitive practices related to how it forced dealers to discount cars, the watchdog said in an order on Monday. The Competition Commission ...

OLX Autos crosses $1 billion-sales milestone

OLX Group on Monday said its trading platform OLX Autos for second-hand cars has crossed USD 1 billion (over Rs 7,420 crore) in sales in ten countries across Asia and the Americas. Every month, around half a million (5 ...

India Yamaha launches MT-15 Monster Energy Yamaha MotoGP edition at Rs 1.48 lakh

India Yamaha Motor on Monday said it has launched the Monster Energy Yamaha MotoGP-inspired edition of its MT-15 bike, priced at Rs 1.48 lakh (ex-showroom, Delhi). The trim gets Yamaha MotoGP branding on the tank shrouds, the fuel tank, ...

Indian banks brace for bad loans with stronger balance sheets, says new S&P report

Indian banks’ prior efforts to strengthen their balance sheets will help them mitigate the impact of asset quality as bad loans ticked higher in the April-to-June quarter following a deadlier wave of the COVID-19 pandemic, according to a new ...

Zetwerk enters unicorn club with $150 million funding led by D1 Capital Partners

Zetwerk Manufacturing, a contract maker of consumer and capital goods, has raised $150 million in Series E funding led by D1 Capital Partners, valuing the company at $1.33 billion post money and catapulting it into the unicorn club, a ...

India to play an important role in tech development for UBS

UBS said its India unit will play a more important role in product development as the Swiss bank pivots globally towards becoming a more agile organisation. A lot of work around automation and simplification of the core infrastructure would ...

Zetwerk turns unicorn after $150-million funding led by D1 Capital

New Delhi: Zetwerk has become India’s youngest billion-dollar startup, or unicorn, after raising $150 million in a Series E round led by D1 Capital Partners. The funding round also saw the participation of new investors Avenir and IIFL Group, ...

HSBC outpaces market on back of SME loans

Mumbai: Hong Kong and Shanghai Banking Corp’s (HSBC) India corporate loan book has grown at a compounded rate of 16% in the last five years led by a tripling in loans to small and medium enterprises (SMEs). The UK-based ...

What made HDFC Bank’s big boss write the Reserve Bank a thank-you note

The boss of India’s largest private bank can’t thank RBI enough for the eight-month ban on issuing new credit cards. HDFC Bank’s CEO Sashidhar Jagdishan in a company-wide communique said the central bank RBI‘s embargo enabled the bank to ...

Delhi court gives police three weeks to conclude Paytm ownership probe

New Delhi: An Indian court on Monday has given police three weeks to conclude an investigation into claims from a former Paytm director who said he co-founded the digital payment platform but did not receive shares owed. Ashok Kumar ...

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