Digital Financial News

Reliance Industries Limited (RIL) with its stronghold in almost every sector is set to hold its Annual Greet Meeting (AGM) on August 28 with a major focus on its financial services but announcements and a future roadmap for its retail arm could also be expected. “Expecting disclosures around the retail business to improve over the coming quarters,” said JPMorgan Chase, a leading global financial services firm. «The Street will want to know further plans for the retail business, which now forms the largest part of RIL’s valuation apart from announcements related to Jio Financial,» reported ET. Recently, even before the AGM, Reliance Retail made a big announcement that Qatar Investment Authority will pick up a nearly 1 per cent stake in the retail arm, valuing the country’s largest retail firm at $100 billion.

HDFC Bank, saw attrition rise to 34.15% in FY23 from 19.1% in FY22. According to its annual report, attrition was highest in non-supervisory staff roles, which include sales officers. IndusInd Bank and ICICI Bank reported attrition of 51% and 30.9%, respectively, in the same period.

Amidst a flurry of noteworthy developments in the crypto world, Bitcoin witnessed a slight dip, trading at $26,126 with a over 1% decrease on Friday. 

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Central banks in Ghana and Eswatini have made progress from introducing CBDCs to their countries, and have seen benefits emerge. CBDC usage has proved cost-efficient, convenient, and more secure than other digital payment methods. With the intention of prompting more of the 1.4 billion unbanked population engage in the digital economy, these initiatives have seen key developments and could pave the way for new markets and networks in the global digital payments sector.

Q:At Adobe’s Best of SUMMIT event, we discussed how ‘Experience Led Growth’ is foundational to the success of every business. How does digital transformation fit into your company's growth agenda? Khatri: FNP was one of the early adopters of digital. We were one of the first businesses to get an online presence back in 2004 and were way ahead of our competition in the adoption of digital technologies and an ‘App first’ approach.

The South Korean central bank, the Bank of Korea (BOK), is set to showcase a “blueprint” for its CBDC in September as the nation looks to speed up the progress of its digital KRW.

First it was a resurgence of vinyl records. Then film photography. Now print magazines are fashionable again, relaunching in Australia and attracting millions in luxury advertising revenue after years out of business. But while they’re back, it is with a different audience, purpose and model.

₹25 for unlimited trips/day or ₹3.50 per ride with no charges after 10 trips. According to a Moneycontrol report, officials say that the app has been offered free of cost since its launch but the subscription fees is needed to maintain the app, cover expenses and manage customer care centre.

Brightcom Group has been hitting lower circuit for the last three straight sessions. Retail Brightcom Group shareholders have been offloading their stake in the company since Wednesday after SEBI issued an interim order on Tuesday after the market hours raising concerns over the found lapses in preferential issue of the company.

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Artificial intelligence (AI) is one of the buzzwords of today. Its application has extended to various fields, including marketing and finance. From small to big businesses, everyone is looking at leveraging this technology. One of its most promising uses has been for data analysis and understanding consumers, which is now helping businesses in inventory management and supply chain. Predictive analytics uses AI and machine learning to predict trends and come up with business solutions.

Lt Governor Anil Baijal unveiled the application at the Raj Niwas here. The 'MCD 311' app is a user-friendly interface where citizens can conveniently register their grievances such as illegal dumping of construction debris, improper disposal of municipal solid waste, road potholes, malfunctioning streetlights, the presence of stray cattle, etc. Basically, the digital channel promises to streamline the process of reporting problems to authorities, promoting transparency and swift resolution.

leadership, a key recommendation was to develop a common regulatory framework for generative artificial intelligence (AI), said N Chandrasekaran, chairman, Tata Sons and chairperson of B20 India. Speaking at a press conference ahead of the three-day B20 India Summit, Chandrasekaran said, “Digital transformation by adopting AI at a scale is one of key objectives of this summit.

Universal AutofoundryAce investor Ashish Kacholia has picked up a stake in iron casting maker Universal Autofoundry through block deals on Thursday.PaytmAntfin is likely to sell 3.6% stake in fintech major Paytm through a block deal on Friday, according to reports.Read more: What changed the market while you were sleepingCoforgePromoter Baring PE, through its affiliate Huslt BV, has sold its entire stake in IT services company Coforge through bulk deals on Thursday.Max FinancialMax Ventures Investment Holdings, a promoter group entity of Max Financial Services, on Thursday, sold 3.3% stake in the company for Rs 982 crore.Union BankUnion Bank board approved closure of QIP on Thursday after receipt of application forms for an aggregate amount of Rs 5,000 crore.InfosysInfosys has on boarded Tennis icon Rafael Nadal as ambassador for the brand and Infosys’ Digital Innovation.Hero MotoCorpHero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, announced the launch of New Glamour.Astra MicrowaveThe company has bagged orders worth Rs 158 crore for supply of satellite sub-systems, airborne radar and sub-systems of radar and EW projects, from DRDO, ISRO and DPSU.

Indiabulls Housing Finance has repaid ₹2,232 crore of external commercial borrowings (ECBs) raised in 2018 from Barclays, Japan's MUFG and Sumitomo Mitsui Banking Corp, Taiwan's CTBC and Australia and New Zealand Banking Group (ANZ), bringing to an end a deleveraging process the company started after IL&FS had foundered in 2018. Chief executive Gagan Banga said with the repayment on Thursday, the company has repaid all of its $3 billion foreign currency borrowings availed of in the last few years and will now shift focus to growing its assets under management (AUM). «From here on our debt repayments are merely ₹400 crore to ₹700 crore a month. This will be more than comfortably covered by repayment from the loan portfolio.

HDFC Bank on Thursday launched a new credit card in partnership with international hotel chain Marriott to capitalise on the soaring domestic and global travel by Indians and gain market share in the most profitable segment of retail lending. The card is a co-branded product with Marriott Bonvoy, Marriott's customer loyalty programme.

Reliance Industries is likely to sell another 8-10% stake in Reliance Retail Ventures Ltd (RRVL) to fund expansion, retire debt and prepare for the initial public offering of the conglomerate's retail business, two senior industry executives aware of the plans said. This process will likely happen in tranches over 12-15 months and will be critical for the proposed IPO by the holding company of Reliance's retail operations, the executives said. The stake sale is crucial because at the current valuation of $100 billion (₹8.25 lakh crore), RRVL's IPO size will be humongous and the market may not have the liquidity to absorb such an offer. Hence, the company thinks, another 7-10% equity dilution will make the IPO size manageable to ensure its success since by then its valuation is also likely to go up, the people said. As per India's listing rules, the public shareholding, including those held by financial investors, of a company must be at least 25%.

«We've observed heightened interest from local and regional businesses seeking impactful yet budget-conscious advertising,» Sunil Kumar Mohapatra, Chief Revenue Officer, VerSe Innovation, told ET. «Over the past 2-3 years, our local and regional business sector has experienced significant growth. Year-on-year, we've witnessed a 2x-3x increase in clients and a similar growth in average order value from repeat clients.

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Amidst ongoing discussions about the trajectory of Bitcoin's value, the cryptocurrency market is abuzz with speculation.