NOT Financial News

BJP, senior leader Rajnath Singh has said. Talking to ET, Singh said that BJP fielded several parliamentarians for the assembly polls as the party felt that their candidature may prove crucial in winning elections. BJP has fielded around one-and-a-half dozen Lok Sabha MPs, including Union ministers, in Madhya Pradesh, Rajasthan, Chhattisgarh and Telangana. Singh has been addressing several rallies in the last few days in Rajasthan.

BSP chief Mayawati on Thursday took a veiled dig at Rahul Gandhi, saying a senior leader of the Congress party is vociferously seeking a caste-based census now but the Congress governments in the past did not accept the demand of OBCs to provide reservation to them on the lines of SCs and STs. She also criticised the NDA government at the Centre for not giving separate quota to SC, ST and OBCs in the Women's Reservation bill which was recently passed in Parliament. Addressing an election rally at Peddapalli in Telangana, Mayawati recalled that those from most backward class had sought reservation benefits like SCs and STs, from the Congress, which was in power for a long period after India gained independence. «With a view to getting votes of SC, ST, OBCs, a senior leader of Congress is now campaigning in his election meetings that caste census should be conducted,» she said.

Nirmala Sitharaman on Thursday said non-banking financial companies (NBFCs) and small finance banks need to heed the central bank and exercise due caution while lending, without “going too far too soon”. Speaking at the Digital Acceleration & Transformation Expo in the capital, organised by Trescon, the minister said: «Enthusiasm is good but sometimes it becomes a bit too far for people to digest. So as a measure of caution the RBI (Reserve Bank of India) has also alerted small finance banks, NBFCs to be careful that they don't go too far too soon and face any downside risks later.» Earlier this month, the RBI tightened the norms for unsecured consumer loans, as it directed banks and shadow banks to assign a higher risk weight to such credit.

Melissa Barrera has responded publicly after she was fired from Scream VII over her comments on the recent Israel Hamas war. «I will continue to speak out for those that need it most and continue to advocate for peace and safety, for human rights and freedom.

Anil Kothuri, MD & CEO, Fedbank Financial Services, says RBI’s intent is to clamp down on unsecured lending which is used to fuel consumption and that is what they seek to moderate and put guardrails around. “The loans that we do are loans for working capital for self-employed customers. To the best of my understanding, that is outside the ambit of the circular that the RBI has recently issued. Almost all the loans that we do in Fedfina qualify for priority sector lending by banks.” In terms of your loan book, I believe, 86% of the portfolio is backed by the assets for the company. Where do you see this target going up? Do you expect this to be at these levels in terms of the secured loan book or could this vary and maybe see a bit of a reduction? We are in business to empower emerging India with easy access to loans. We serve the working capital requirements of the small self-employed customer. We do that against the pledge of gold, mortgage of property and we do unsecured loans too. Our unsecured book is about 14% of the overall portfolio. But it has the lowest behavioural tenor. Unsecured loans get repaid within 30 months as opposed to secured mortgage loans which get repaid in about eight years. Which is why with each passing month, the proportion of secured loans in the portfolio keeps increasing. So, this 14% that you see will keep coming down with the passage of time and we will move to a greater proportion of secured assets in our book.

Rahul Sharma, Director, JM Financial Services, says “unless and until Bank Nifty does not see a major short covering, we will see this slow, gradual up move to continue in Nifty. Testament to this is the midcap and smallcap indices which have created a new high, Nifty is expected to follow suit. So the broader market is not giving up and that is giving us confidence that eventually the ceiling should be taken out and on an immediate basis, 20,000 is what we are expecting the Nifty to test.” On Nifty, clearly we just touch 19,800 and then we see a fall coming in. What is the view coming in for the benchmark indices? Where can we expect it to sustain above 19800? Is that something we could expect to see going forward as well as now? Today's move could be because of the expiry data that we have and this indicates that probably in a day or two, Nifty should be taking on that ceiling of 19850 odd. The way we are reading things is either we close above the 19850 mark or there is a considerable dip which becomes a buying opportunity.

Prime Minister Narendra Modi participating in a garba dance. The authenticity of the video was initially questioned, with speculation that it might be a deepfake. Prime Minister Modi himself acknowledged the video, expressing doubts about its authenticity. However, it has now been clarified that the video was not a result of deepfake technology but rather a case of mistaken identity and false reporting. The individual in the video is Vikas Mahante, a Mumbai-based businessman and the proprietor of a steel packaging business in Malad. Mahante unintentionally found himself thrust into the limelight due to his resemblance to Prime Minister Modi. His uncanny similarity led to an invitation to London to partake in pre-Diwali festivities within the admirer's family circle. It was during this event that Mahante was mistakenly identified as Modi and filmed participating in the garba dance, causing a significant stir.

Federal Bank Limited is the promoter of Fedbank Financial Services, a non-banking finance company (NBFC) with retail in focus. According to the CRISIL Report, in the fiscal year 2023 and the three months ending on June 30, 2023, Fedbank Financial Services had the second and third lowest cost of borrowing among the micro, small, and medium-sized enterprises (MSMEs) gold loan and MSME & gold loan peer set in India.

capital markets regulator Sebi to seek inputs from shareholders while drafting norms and rework them if the proposals are perceived to be much too restrictive, finance minister Nirmala Sitharaman said on Thursday, seeking to allay industry concerns that «over-restrictive regulations» would kill innovation. Speaking at the Digital Acceleration & Transformation Expo in Bengaluru, organised by Trescon, the minister also exhorted state-run banks to further improve efficiency in drawing depositors while remaining cognisant of their role in satiating the vast credit appetite of a fast-growing economy. “Get deposits, give them (depositors) good interest rates, and then make good money out of it as well. But at the same time, be possibly conscious (of the fact that) India's growth depends on banks lending comfortably to people who want to set up units and grow them,” Sitharaman asked the public-sector banks. According to the Reserve Bank of India (RBI) data, non-food bank credit growth touched 15.3% in September, which is lower than the 16.9% a year before but well above the long-period trend. As for striking a balance between regulation and innovation, Sitharaman said: “The government has been suggesting to Sebi that before they come up with any regulation that can be perceived as being restrictive, they should actually consult industry and stakeholders.

Financial Times first reported the plot. Following this, Indian officials expressed "surprise and concern" when they were informed about the incident, said White House spokesperson Adrienne Watson. “We are treating this issue with utmost seriousness, and it has been raised by the US government with the Indian government, including at the senior-most levels." "They stated that activity of this nature was not their policy ...

₹288 to ₹304 per equity share of face value of ₹5. Flair IPO lot size is 49 equity shares and in multiples of 49 equity shares thereafter.

Maracana Stadium saw noisy scenes on Wednesday after the kickoff of the highly-anticipated World Cup qualifying clash between Brazil and Argentina ran into turbulence, leading to a delay of 30 minutes. The qualifier between the two South American football giants was scheduled to begin at 9:30 pm local time (0030 GMT Wednesday) but hit a delay after rival supporters clashed in the stands. Disturbances erupted after local fans and Argentinian supporters clashed during the national anthem ceremony, prompting Brazilian police to intervene. The guests, in turn, responded by tearing up seats and hurling them at the officers.

Jenna Ortega has exited “Scream 7” over clash with her “Wednesday” Season 2 shooting schedule. The development comes a day after her co-star Melissa was fired from the film due to her social media posts on Israel-Palestine conflict. Ortega's departure was reportedly in the works for months before the SAG-AFTRA strike and unrelated to the firing of Barrera.

The Governor of Spain’s central bank, Pablo Hernandez de Coz says there is no urgent desire among users in the jurisdiction for a Central Bank Digital Currency (CBDC), explains the digital euro’s roadmap.

Richard Liu, MD-Institutional Equities Research, JM Financial Institutional Securities, says “the way a lot of businesses are going about doing their business planning is that the endeavour is actually to grow faster than the GDP of the country. There are many categories of consumption, which are able to do that. If you are able to do that sustainably and profitably, that is where you have the winners.” Overall, from the investor's point of view, where does the interest lie and what is the view on India right now? The mood is bullish.

Philippines are conducting joint air and maritime patrols in the South China Sea, which come as the two countries step up cooperation in the face of growingly aggressive Chinese activity in the area. The Philippine Air Force said Wednesday its aircraft had taken part in joint patrols on Tuesday in the vicinity of Batanes, the northernmost province of the Philippines, which is only about 200 kilometers (125 miles) from Taiwan, a self-governed island that China claims as its own. The patrols run through Thursday and also include both the U.S. and Philippine navies.

The U.S. government has dealt a massive blow to Binance, the world’s largest cryptocurrency exchange

Edelweiss Mutual Fund MD & CEO Radhika Gupta has once again reiterated her concerns regarding investments in cryptocurrency noting the risks associated with investing in a sector that isn't well-regulated while hoping that the examples of Binance and FTX will be a strong reminder for people. In a post on X, Radhika Gupta wrote, “For years, when asked about crypto, I have had a single answer - what is not well regulated is not investment worthy.

Ashok Gehlot made an emotional appeal to voters on Tuesday as assembly elections draw near in the state. He urged voters to consider his image, even if the local candidate has limited impact, stating, «Imagine that I am contesting from all these 200 seats.» «There are 200 candidates contesting the election, I got requests from around 150 places but I can't go everywhere for campaign, so I am appealing to everyone that you imagine that I am contesting the election from all these 200 seats.

Enforcement Directorate's action to attach properties worth Rs 751 crores in the National Herald Case, Rajya Sabha MP Kapil Sibal said that the ED is guided by a panel of lawyers and asked ED to specify the law which says that shareholders become owners of assets. «ED should know what the law says. Properties are owned by companies. There are charges that Young India has taken over 99 per cent shares of AJL.

Fedbank Financial Services IPO opens today: The initial public offering (IPO) of Fedbank Financial Services Ltd has hit primary market today and it will remain open for bidding till 24th November 2023. This means Fedbank Financial Services IPO opens today and it will remain open for bidders till Friday this week. The NBFC has fixed Fedbank Financial Services IPO price at ₹133 to ₹140 per equity share.