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Everyone is upset about India's banking mess except NBFCs. Here's the reason why

Everyone is upset about India's banking mess except NBFCs. Here's the reason why

Finance
When Infrastructure Development and Finance Co (IDFC) was granted universal banking licence in 2014 from among 26 applicants, it was the envy of those who missed out on the coveted prize. Three and a half years later, both investors and the managements that were not lucky enough, are smiling. A surge in liquidity, regulatory arbitrage, and the crippled state of banks converged to make the non-banking finance company (NBFC) business model a success with equity investors latching on to any business that would reflect the Indian financial services growth without its baggage of bad loans. Life has come a full circle with premium attached to banks shrinking while NBFCs gaining traction. IDFC Bank which came into being in 2015 has lost 15.91 per cent since, while its parent IDFC gained 16.33...
Incoming boss of India's SBI says bad debt numbers “will look better”

Incoming boss of India's SBI says bad debt numbers “will look better”

Finance
MUMBAI: Tackling bad loans will be a priority for India's largest bank, said the newly appointed chairman of State Bank of India, Rajnish Kumar, addressing his first press conference since the appointment was announced late on Wednesday. SBI, which accounts for more than a fifth of India's banking assets, has seen bad loans rise after it absorbed five subsidiary banks earlier this year. Kumar said SBI had tackled issues that came as a result of that deal and would see asset quality numbers "looking much better". Kumar replaces Arundhati Bhattacharya, who implemented major reforms during her four years at the helm and became one of India's most high-profile executives. Let's block ads! (Why?) Banking/Finance-Industry-The Economic Times
Why the world has much to learn from India's big digital leap

Why the world has much to learn from India's big digital leap

Finance
By Adhil Shetty At #ChampionsOfChange, a recent Niti Aayog Initiative for 200 corporate CEOs to interact with the Government of India, Prime Minister Narendra Modi spoke eloquently about using technology to solve India's challenges and driving the change we want to see in India. He cited the example of the Government e-Market (GeM), an online marketplace for government tenders that aims to curb corruption by bringing transparency to public procurement. He described the role of Aadhaar in reducing leakage in government subsidy schemes. As a financial services entrepreneur aiming to enable access to financial products for every Indian, I feel strongly that secure mobile Aadhaar-based technology combined with the upcoming privacy law will radically transform the financial service...