Considered as a cash cow for India’s IT services companies for long, the banking and financial sector is gradually being weaned off the outsourcing model. The companies are now opting to build and maintain software in-house.With emerging technologies, such as blockchain, which are touted to play a pivotal role in the financial sector, bankers are keen to keep their cards close to their chest and cut reliance on third parties for technology. India still continues to be the preferred destination for technology hubs though. Many foreign banks have set up global in-house centres (GIC) in cities such as Mumbai, Bengaluru, and Chennai.The banking domain has been key to the fortunes of Indian IT companies, but the share of the finance vertical in their earnings has been on a downward spiral in the past couple of years.Close The share of revenue derived from the banking sector by Tata Consultancy Services (TCS), the largest IT company in the country, declined by 2.3 percentage … [Read more...] about Indian IT companies take a hit as foreign banks switch to in-house tech solutions
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Applying for a home loan? Here we tell you everything you need to know about documents required for home loan.While applying for a home loan, most banks will give you a checklist of all the items you need to submit. You can also check the website of the bank and get a list of all the documents that you need to submit.Primarily, banks require proof for five factors—your age, address, income, property and details of other loans. You need to submit copies of government IDs, bank statements, salary slips, property papers, among other things. In the following sections, we discuss in details all the documents you need to submit.Documents Checklist for Salaried Individuals If you are a salaried person applying for a home loan, here are the documents required for home loan:Identity proof: It is mandatory to submit a copy of your PAN Card. Apart from that you can submit a copy of any one of the following:Voter CardAadhar CardValid PassportDriving LicensePhoto Credit CardPhoto Identity … [Read more...] about Documents required for home loan: Home loan documents list for salaried, self-employed and NRI applicants
Rahul AgarwalIn its latest Monetary Policy Committee (MPC) meeting on December 5, the Reserve Bank of India kept key rates unchanged at 5.15 per cent (lowest in nine years, after five straight cuts with a cumulative 135 bps reduction this calendar year, to boost the country’s sagging economy.RBI retained its 'accommodative' policy stance, which suggests that this is a pause rather than an end to the loosening cycle, and it still has room for a rate cut. Core inflation, which excludes energy and food items, slid beyond a seven-year low of 3.47 per cent, which clearly indicates that there is hardly any demand for non-food items in the market.Close Usually, a rate cut helps revive economic growth as it allows retail customers to avail cheaper loans and works like a big booster for the large industrial sector, who will be able to avail bulk loans at lower interest rates. related news Reliance forms a base, recommend delta appreciating based … [Read more...] about Are the RBI’s repo rate cuts enough to reinforce GDP growth?
Indian drug makers are staring at diminishing margins as raw material imports from China has increased while drug prices have stagnated. The cost of raw materials sourced from China has risen after Chinese government started cracking down on facilities that violate the country’s pollution control norms.Many production units have been mothballed till the required clearances are clinched. This has resulted in a drop in production, which has consequently led to price inflation. India is one of the largest markets for pharmaceuticals, but production of drugs is usually undertaken with imported raw materials and intermediaries.The pricing pressure on imports is hurting domestic manufacturers. Costly imports from China has led to an about 3 percent decline in Q1 FY19 margin for Laurus Labs, reports Business Line. Lack of an indigenous ecosystem for the extraction and processing of minerals, among other raw materials used in pharmaceuticals, could leave the sector vulnerable to … [Read more...] about Rising cost of Chinese raw materials eat into margins of Indian pharma companies
Bharat Bond ETF, the initiative of the Department of Investment and Public Asset Management (DIPAM) of the government, was launched on December 12.The government had announced plans for debt ETFs in Budget 2019. The ETF has a duration of 3 years maturing in 2023 with a yield return of 6.69 percent and another duration of 7 years maturing in 2030 with a yield return of 7.58 percent. Both will be listed on NSE and BSE.Stressing on the appeal factor of 3-year and 7-year duration, Deepak Jasani Head Retail Research, HDFC Securities said, "Returns of this 3-year variant could be compared to Banking and PSU debt funds that have an average maturity of 2-4 years and a similar portfolio holding. Longer duration variant (10-years) would naturally bear high duration risk and can be considered by informed investors who want to take high duration bets."Close This ETF is managed by Edelweiss Mutual Fund. So the fund is called Edelweiss BHARAT Bond ETF, and the fund will invest in the bonds … [Read more...] about Mutual funds wrap: Bharat Bond ETF NFO open until December 20; Will retail investors bite?