Digital Financial News

In the fast-evolving world of cryptocurrency, Q is making waves with its groundbreaking approach, combining artificial intelligence (AI) and decentralized finance (DeFi) while staying true to the core principles of cryptocurrency. As we stand on the brink of what many experts predict to be the next major bull run in the cryptocurrency market, Q offers a unique opportunity for those who believe in the fundamental values of decentralization and community-driven innovation.

micro and small business units, marginal farmers and self-help group members still suffer from unavailability of institutional credit, while grassroot customers do not get comprehensive financial services, Reserve Bank of India said. «Deepening financial inclusion is not merely about increasing the number of bank accounts but about ensuring that every individual has access to a comprehensive range of financial services tailored to their needs. This includes savings, credit, insurance and investment products that can enhance their economic well-being,» the deputy governor said on June 19 at the Conference of Convenors of State Level Bankers’ Committees, held at College of Agricultural Banking in Pune. RBI shared a copy of his speech Monday.

CoCo Coin ($CoCo) emerges at the forefront of digital innovation by seamlessly blending meme culture with financial incentives. This groundbreaking meme coin introduces a new concept where users can earn rewards through social media interactions on X.

financial inclusion through better coordination with government and NGOs in credit planning and promoting digital financial literacy. Observing that the role of SLBCs in fostering inclusive and sustainable growth is crucial and multifaceted, he said, it can drive significant progress in bridging the gap between financial services and the underserved populations. «By focusing on effective coordination with government and NGOs, adopting a scientific approach to credit planning, and emphasising digital financial literacy, SLBCs can create a more inclusive financial ecosystem,» he said at the Conference of Convenors of SLBCs at Pune on June 19. «As we move forward, it is essential to monitor and measure the tangible outcomes of our efforts, ensuring that the benefits of financial inclusion reach every corner of our country,» he said.

Quant Mutual Fund has received inquiries from Sebi in the suspected front-running case. The market regulator has seized mobile phones, computers and other digital devices while raiding Quant's Mumbai headquarter and the Hyderabad premises of suspected beneficiaries to find out who was leaking confidential information from the fund house to make profit. ETMutualFunds analysed the performance of Quant Small Cap Fund in a longer horizon of five years. The scheme was the topper in the last five years among all small cap funds. Quant Small Cap Fund offered 495% absolute return in the last five years. The scheme is benchmarked against Nifty Smallcap 250 — TRI which gave 250% absolute return in the same time period. The scheme manages assets of Rs 21,243 crore as of May 2024.

MK Dhanuka, MD, Dhanuka Agritech, says that in order to make the pesticide available at reasonable prices for the farmers, the government should definitely think of reducing the GST on agrochemicals from 18% to either 5% or at least up to 12% immediately. The industry tried very hard this time for GST reduction but it was not taken up. What is your expectation? Will it be taken up going forward and if it is taken up, how much improvement do you expect in the industry because of that?

Tokenized financial assets are poised to achieve a market size of approximately $2 trillion by 2030, according to analysts at consulting firm McKinsey & Company.

The recent backlash faced by the financial services platform Groww serves as a stark reminder of the potential risks associated with digital investment platforms.

Pranav Chawda, head of commercial banking for India, will expand his current responsibilities to become the head of India Corporate Banking and can confirm that PD Singh is leaving the firm, a JPMorgan representative said by email in response to queries from Bloomberg News.

Indonesia's national data centre and asked for an $8 million ransom, the country's communications minister was quoted by state news agency Antara as saying on Monday. The attack disrupted some government services, most notably at airports last week, though automated machines were now functional, the communications ministry said on Monday.

eInfochips, an Arrow Electronics company, a provider of product engineering and digital transformation services, announced that two of its client engagements have been recognised as Standout Case Studies by ISG, in the energy and healthcare, and life sciences categories within the North American region. According to a statement, eInfochips was recognised for its contribution to the development of ELSA, a “Brilliant Assistant” smart surgical display platform designed to streamline workflows and integrate AI into operating rooms. ELSA has delivered significant value, with the client SoftAcuity, a medical technology provider, estimating a tenfold increase in ROI, highlighting the transformative impact of this solution. According to ISG, this case study showcases collaborative new product development driven by specialised technological and engineering expertise.

India's Kotak Mahindra Bank will increase its pace of opening new branches and add about 175 to 200 branches in the financial year 2024-25, a senior official at the bank said, months after the central bank barred the private lender from sourcing new customers digitally. In April, the Reserve Bank of India (RBI) stopped Kotak from adding new customers via its online and mobile banking channels, and from issuing new credit cards, due to information technology-related deficiencies. «We have been adding roughly 150 odd branches for several years now. This year too, the momentum is going to continue,» Virat Diwanji, group president and head — consumer bank, told Reuters in an email interview on Monday.

Quant Mutual Fund has lakhs of investors worried about the fate of their investments. While raiding Quant's Mumbai headquarter and the Hyderabad premises of suspected beneficiaries, Sebi has seized mobile phones, computers and other digital devices to find out who was leaking confidential information from the asset management company to make illicit profit. The hand of either a dealer from a Quant entity or a broking firm through which the AMC places order is being suspected in the case, ET reported.

Non-Resident Indian (NRI) investors. The NDA's consistent emphasis on economic reforms, infrastructural development, and ease of doing business has historically resonated well with the investor community.This new tenure promises to build upon these foundations, potentially offering numerous opportunities for NRI investors.

OpenAI, the startup behind it, that seized the business world’s attention. But, as usual, big tech is back on the front foot. Nvidia, maker of accelerator chips that are at the core of generative artificial intelligence (AI), is now duelling with Microsoft, a tech giant of longer standing, to be the world’s most valuable company.

Mint. "We worked with a good master distiller and started contract manufacturing but the branding began about a year ago. This is a celebration drink, and there's a unique way that India celebrates.

Sebi conducted search and seizure operations in a suspected case of front-running, Quant Mutual Fund said it is cooperating with the regulator and remains committed to delivering superior risk-adjusted returns. «Recently, quant Mutual Fund has received inquiries from SEBI, and we want to address any concerns you may have regarding this matter. We want to assure you that Quant Mutual Fund is a regulated entity, and we are always fully committed to cooperate with the regulator throughout any review. We will provide all necessary support and continue to furnish data to SEBI on a regular and as-needed basis,» Quant said in a note to clients. While reiterating that its primary goal of delivering superior risk-adjusted returns to investors remains unchanged, the AMC said, «We appreciate the confidence, faith, and strength of 80 lacs plus folios and 93,000 AUM and we believe that the same support will continue as quant’s research capabilities and analytical tools will keep our investors ahead in the curve and we remain committed to delivering superior risk-adjusted returns in the future too.»

Godrej and Smita V Crishna are setting up a family council following the business realignment in April, said people with knowledge of the matter. In addition to this, the Crishna branch will set up a family office comprising Smita Crishna and her daughters Freyan and Nyrika. Nyrika, who is executive director at Godrej & Boyce, will head this family office. Her sister is a non-executive director of Godrej & Boyce.

After completing its acquisition of a 70% stake in Kotak General Insurance last week, Zurich Insurance Group is aiming to become a leading player in the rapidly growing Indian market. The Rs 5,560 crore deal makes it the largest foreign investment in the sector. It’s also the first stake acquisition by an overseas insurer since the FDI limit was raised to 74% from 49% in 2021. Tulsi Naidu, CEO, Asia Pacific, Zurich Insurance Group, spoke to Shilpy Sinha and Arijit Barman about the growth strategy. Edited excerpts: India opened up the insurance sector to foreign firms in 2000 and raised the FDI limit in 2021. Are you late to the market? The biggest thing that has always been important to us as a strategic investor is being a long-term player. If you look at Zurich’s history, we've consistently grown in global markets. We entered Switzerland in 1872, the US in the 1920s during the American century, and now we’re growing in Latin America and Asia. We believe India is an important market, and with the relaxation of FDI rules a few years ago, we started considering how to establish our presence here. For us, owning and operating our own business and contributing to the market is essential. In a significant market like India, we want to be fully present.

Facial recognition startup Clearview AI has reached a settlement in a lawsuit alleging its massive photographic collection of faces violated the subjects’ privacy rights

Disney workers are suing their employer, claiming they were fraudulently induced to move from California to Florida