"While automation can enhance efficiency and scalability, NBFCs should not allow themselves to be blinded by these models. It is crucial to recognise that rule-based credit engines are only as effective as the data and criteria upon which they are built. Over-reliance on historical data or algorithms may lead to oversights or inaccuracies in credit assessment, particularly in dynamic or evolving market conditions," Swaminathan said.
Some wealth managers said high-pitch advertising and marketing by fund houses and distributors along with strong returns from equity schemes have led to strong money flows into NFOs. Many investors used the new fund to diversify their existing portfolios.
Soon after a transaction by a scammer or the use of a mule account to purchase cryptos is tracked, the virtual digital assets (VDAs) can be moved to the proposed special account which would be under the control of a law enforcement agency (LEA).
Axis Bank has introduced the ‘ARISE ComeAsYouAre’ talent acquisition programme to recruit individuals from the LGBTQIA+ community across India for careers in banking. The initiative focuses on skills-based hiring, offering equal opportunities to fresh graduates and professionals up to 5 years of experience. The bank emphasizes diversity, equity, and inclusion, aiming to foster innovation and leverage talent diversity. This follows Axis Bank's previous efforts to support the LGBTQIA+ community, including offering joint accounts and insurance products.
State-run Power Finance Corporation (PFC), India's largest power sector lender, stated that the Reserve Bank of India's draft guidelines on infrastructure project financing will not impact its profitability. The company has sufficient capital adequacy to counter the provision if implemented. PFC reported an 18.4% increase in net profit for the March quarter and a 25% increase for the full financial year. The company's balance sheet crossed ₹10 lakh crore in FY24, with improved asset quality and lower NPAs. PFC's executive director Sandeep Kumar has been appointed as the chief financial officer.
The portion for non-institutional investors was subscribed 0.3 times. Overall, on day 1, the insurtech company's issue was subscribed 0.36 times. Fairfax-backed Go Digit General Insurance, which runs Digit Insurance, had already raised ₹1,176.5 crore from anchor investors a day ahead of its IPO.
The net profit in the year-ago period was Rs 1,180 crore. The company's board recommended a 450% dividend for FY24. In other words, shareholders would get Rs 9 per equity share of Rs 2 each, subject to their approval.
Razorpay unveils new employee health insurance policy covering vital treatments like HIV/AIDS and conditions such as polycystic ovary syndrome. Employees can customize plans to include siblings, LGBTQIA+ partners, and enhanced maternity benefits. The move aligns with the trend of personalized, comprehensive healthcare offerings in India.
Wholesale inflation hits a 13-month high of 1.26% in April, up from 0.53% in March, driven by food and fuel prices. Food articles see a significant rise, with double-digit inflation in rice, pulses, and vegetables. Rising crude prices contribute to fuel inflation. Experts predict continued inflation due to base effect and geopolitical tensions.
Sixteen domestic mutual funds, including Kotak and LIC, supported ICICI Bank's proposal to delist ICICI Securities, despite concerns raised by some shareholders. This led to a class-action lawsuit by retail investors and support from ICICI Prudential Mutual Fund.
Aurm partners with Tata AIG to provide innovative insurance coverage for valuables. Suraj HS, co-founder, emphasizes the collaboration as a milestone in asset security and insurance solutions.
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