The clock is ticking on India’s race to become a $5-trillion economy by 2024-25. According to the prediction made by the International Monetary Fund (IMF) in May, India’s $5-trillion economy plan is likely to be set back by about two years, to 2026-27. Everyone from industry experts to government officials say a major force that can drive this pursuit forward is an upgrade in India’s banking system. While India has made significant progress on many fronts — including Open Credit Enablement Network (OCEN), Open Network for Digital Commerce (ONDC), not to mention the Unique Identification Authority of India (UIDAI) and the goods and services tax ( GST ) which have made India’s financial services ecosystem one of the most advanced in the world — consolidation in the banking sector is critical to manage costs and gain scale. State of Banking To be fair, the banking sector’s outlook has improved, with asset quality and growth metrics possibly looking at their best over … [Read more...] about How Budget can help the banking sector keep up with India’s growth ambitions
Fidelity cuts Ant Group valuation by another 9% to $64 billion
Fintech giant Ant Group Co.’s valuation was trimmed again by Fidelity Investments, more than two years after the Chinese government torpedoed its record initial public offering. Boston-based Fidelity cut its estimate for Ant by about 9% to about $63.8 billion as of the end of November from the end of May, according to Bloomberg calculations based on filings. That’s down from $235 billion just before Ant’s IPO was halted in November 2020. Ant has been overhauling its business to comply with government demands, while awaiting a green light to apply for a financial holding company license that would ensure it can continue its fintech operations. In sign of progress, regulators recently allowed the firm’s consumer lending affiliate to increase capital and billionaire Jack Ma said in January that he’s ceding control of Ant. Following the move, the Communist Party chief of Hangzhou, where Ant is based, praised the company for following its leadership. Still, business … [Read more...] about Fidelity cuts Ant Group valuation by another 9% to $64 billion
Latest life insurance claim settlement ratios of insurance companies in India
As the main motto of buying a life insurance policy is to secure dependent family members in case of a policyholder's unfortunate death, the claim settlement ratio plays an important role when choosing the policy. Claim settlement ratio is a percentage of claims that the insurer has paid out against the number of outstanding claims during a financial year. So if you are planning to buy a new life insurance policy or renew your existing one, along with checking the premium amount and coverage, you must check the claim settlement ratio of the insurer. The Insurance Regulatory and Development Authority of India (Irdai) has published the details of claim settlements of all life insurance companies for the year 2021-22 in its annual report. As per this latest data, life insurance companies in India have registered a slight improvement in their individual death claim settlement record in 2021-22 compared to a year earlier, which was an extra ordinary year due to covid-19 related … [Read more...] about Latest life insurance claim settlement ratios of insurance companies in India
India’s forex reserves rise by $1.727 bn to $573.727 bn
India’s foreign exchange reserves increased by $1.727 billion to $573.727 billion in the week ended January 20, the Reserve Bank of India said on Friday. India’s forex reserves stood at $561.583 billion as on January 13, 2023. The Foreign Currency Assets stood at $503.65 billion. FCA is a major component of the overall reserves. Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. At the start of 2022, the overall forex reserves were at $633.61 billion and dropped to a two-year low in October. Much of the decline can be attributed to RBI 's intervention and a rise in the cost of imported goods. It is still down sharply from a peak of over $642 billion touched in September last year. "Indian forex reserves have come down probably due to some sales by the central bank. But the same can be replenished in case dollar supplies improve in 2023," Bhaskar Panda … [Read more...] about India’s forex reserves rise by $1.727 bn to $573.727 bn
Local game developers eye great opportunities at home
A gamer tries his hand at a virtual reality game. — Photo danviet.vn The bustling game market in Viet Nam is offering numerous opportunities for developers to expand their market share, according to experts. Le Quang Tu Do, Director of the Authority of Broadcasting, Television and Electronic Information under the Ministry of Information and Communications (MIC), cited data from App Annie 2020 showing that Viet Nam ranks seventh in the world, and second in Southeast Asia, in the number of game downloads. The country ranks third in the region in terms of game application manufacturers. For every 25 games downloaded, there is one produced in Vietnamese studios. According to the statistics of Sensor Tower and the Viet Nam Game Studio Club, there are currently about 5,000 games produced by Vietnamese people, mostly for children, entertainment, and education. Do said that the wage of each game developer in Viet Nam is about VND187 million (US$7,975) per year, while that of each … [Read more...] about Local game developers eye great opportunities at home