One97 Communications (OCL), which owns brand Paytm, on Saturday said the company's president and chief operating officer (COO) Bhavesh Gupta has resigned from his position. Gupta, whose resignation comes amid a series of recent top level exits at the Noida-based fintech, will however move to an advisory role in the CEO office. Gupta quit citing personal reasons and his last day with the organisation.
Kotak Mahindra Bank's CEO, Ashok Vaswani, plans Rs 1,700 crore tech upgrades to address RBI's concerns. The bank recorded a 18% increase in net profit for Q4FY24, reaching Rs 4,133 crore.
RBI lifted digital lending restrictions on Bajaj Finance, allowing the company to resume loan issuance through 'eCOM' and 'Insta EMI Card'. The ban lift followed remedial actions by Bajaj Finance, impacting Q4FY24 profit by 4%.
The volume and value of UPI transactions decreased slightly in April compared to their all-time high level in March. However, the average daily transactions reached a new high, which indicates that the transition of UPI services from Paytm Payments Bank to its parent did not lead to any significant disruption.
The standalone health insurer’s gross written premium (GWP) rose to Rs 15,254 crore in FY24, an 18% increase when compared with the previous year of FY23.
Bank loans to the services and agriculture sectors were the primary contributors to the 20% increase in credit growth in FY24. Both sectors experienced growth of over 20%, as reported by the RBI. Although the rate of credit growth towards large industries more than doubled in FY24 (7%) compared to the previous year (3.1%), it still remained slow, leading to a continued decrease in market share.
The announcement of Roy's departure coincides with the unveiling of a slew of initiatives by Jio Financial Services, as revealed by its MD & CEO Hitesh Sethia, following the company's recent financial results published on April 19.
Besides, they were collecting advance instalments while still charging interest on the full loan amount.
The announcement of Roy's departure coincides with the unveiling of a slew of initiatives by Jio Financial Services, as revealed by its MD & CEO Hitesh Sethia, following the company's recent financial results published on April 19.
Private banks are experiencing a significant increase in information technology expenses as most transactions are now conducted digitally. Unlike the one-time capital expenses incurred when they migrated to core banking, IT is now becoming a recurring cost accounting for up to 10% of operating expenses. Bankers have responded to queries about their level of IT capabilities in light of the RBI action on Kotak Mahindra Bank freezing digital onboarding and issuing credit cards.
Private banks are experiencing a significant increase in information technology expenses as most transactions are now conducted digitally. Unlike the one-time capital expenses incurred when they migrated to core banking, IT is now becoming a recurring cost accounting for up to 10% of operating expenses. Bankers have responded to queries about their level of IT capabilities in light of the RBI action on Kotak Mahindra Bank freezing digital onboarding and issuing credit cards.
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