The CEO told that the company is closing this quarter (Q4FY24) at Rs 1600 crores of AUM with revenue around Rs 200 crores and profitability around Rs 50 crores. 'We are confident of achieving this on account of continuing credit squeeze, high cost of retail credit and the record gold prices,' he said. Mohanan also said the company is planning to go public by 2027 ..read more

A fresh set of 'alert indicators' have been issued by India's financial intelligence unit (FIU) for capital markets, insurance companies, online payment gateway intermediaries and crypto currency service providers for effective checking of suspicious transactions in their channels as part of the anti-money laundering and counter-terrorism financing regime ..read more

The tier-2 bonds have a loss absorbency feature, which means that if a bank fails, its tier-2 bondholders will absorb any losses ahead of its depositors. LVB had reported about ₹3,000 crore in accumulated losses, one-fourth of its loan book had turned sour, and tier-1 capital had turned negative ..read more

Goyal pointed out that the ILO report also shows that youth unemployment has been falling in the recent period, it was 17.5 per cent in 2019 and 10 per cent in 2023 ..read more

The US data this week indicated inflation accelerated in the first quarter, reinforcing expectations the Federal Reserve is likely to keep interest rates higher for longer ..read more

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 ..read more

"Construction and agriculture are likely to be impacted more. Within agriculture, the vegetable output might get impacted more, as most of the cereal sowing will start later," said Sunil Kumar Sinha, principal economist, India Ratings and Research ..read more

As per the approved resolution plan, IIHL has to make an upfront payment of Rs 9,650 crore to the RCAP lenders ..read more

A Delhi High Court order on Friday allowing lessors to repossess their aircraft has further dented hopes of reviving Go First, they said. Ajay Singh, promoter of SpiceJet, and an entity owned by Nishant Pitti-owner of online travel portal EaseMyTrip had jointly bid for the airline. The second bid is from Sharjah-based Sky One ..read more

The currency in circulation has more than doubled from Rs 13.35 lakh crore in March 2017 to Rs 35.15 lakh crore in end March 2024. Significantly the currency in circulation has happened despite the central bank deciding to withdraw the Rs 2000 denomination banknotes from circulation from May 2023 which resulted in the central bank getting 97.83 percent of Rs 3.56 lakh crore worth notes back to the banking system ..read more