All Banking Update (2024)

20/05/2023

Karnataka Vikas Grameena Bank (KVGB) registered a net profit of ₹40.25 crore in 2022-23, against a net profit of ₹31.9 crore in 2021-22, recording a growth of 26.18 per cent. Shreekant M Bhandiwad, Chairman of KVGB, said the bank has strengthened its balance sheet by making suitable provisions and by giving importance for recovery. Stating that the bank has initiated various innovative recovery strategies to curtail fresh addition of NPAs (non-performing assets) and reduce the existing NPAs during 2022-23, he said the bank’s gross NPAs came down from 9.37 per cent in 2021-22 to 6.96 per cent in 2022-23....

https://www.allbankingupdate.com/kvg-bank-achieves-impressive-growth-in-fy23-introduces-innovative-recovery-strategies/

Karnataka Vikas Grameena Bank (KVGB) registered a net profit of ₹40.25 crore in 2022-23, against a net profit of ₹31.9 crore in 2021-22, recording a Read More

20/05/2023

Malabar Gold and Diamonds has become the first jewellery group in India to obtain a TRQ (Tariff Rate Quota) licence from the Director General of Foreign Trade for importing gold through India International Bullion Exchange. TRQ will help the group to import gold through the IIBX under India-UAE Comprehensive Economic Partnership Agreement at one per cent lesser import duty. Malabar Gold & Diamonds is the first qualified jeweller to put a trade to buy gold on IIBX under India-UAE CEPA directly through IIBX....

https://www.allbankingupdate.com/malabar-gold-diamonds-gets-trq-licence-to-import-gold-at-concessional-duty/

Malabar Gold and Diamonds has become the first jewellery group in India to obtain a TRQ (Tariff Rate Quota) licence from the Director General of Read More

20/05/2023

BankEdge Academy, a specialised banking and finance training company, targets to find placement for 30,000 graduates in three years on back of huge demand in the banking and allied financial sectors. Over the last nine years, the academy has effectively trained and placed over 30,000 young graduates in entry-level positions in the Retail Branch Banking and backend operations divisions of private sector banks and other financial institutions....

https://www.allbankingupdate.com/bankedge-academy-aims-to-place-30000-students-in-3-years/

BankEdge Academy, a specialised banking and finance training company, targets to find placement for 30,000 graduates in three years on back of huge demand in Read More

20/05/2023

Credit card spends fell to ₹1.33-lakh crore in April 2023, down 3.3 per cent from the record high of ₹1.37-lakh crore seen in the previous month, as per data released by the Reserve Bank of India. As per the data, 61 per cent of the credit card spends during the month were for e-commerce payments, and 39 per cent were for PoS (point-of-sale) transactions....

https://www.allbankingupdate.com/credit-card-spends-fall-3-3-in-april-after-touching-record-high-in-march/

Credit card spends fell to ₹1.33-lakh crore in April 2023, down 3.3 per cent from the record high of ₹1.37-lakh crore seen in the previous Read More

19/05/2023

The Reserve Bank of India’s Central Board of Directors on Friday approved the transfer of ₹87,416 crore as surplus to the Central government for the accounting year 2022-23. This is 188 per cent higher than previous financial year’s surplus transfer of ₹30,307 crore. The board decided to keep the contingency risk buffer (CRB) at 6 per cent (5.50 per cent in FY22)....

https://www.allbankingupdate.com/rbi-to-pay-%e2%82%b987416-crore-as-dividend-to-centre-for-fy23/

The Reserve Bank of India’s Central Board of Directors on Friday approved the transfer of ₹87,416 crore as surplus to the Central government for the Read More

19/05/2023

Worries over the “galloping” payments under the Liberalised Remittance Scheme (LRS) and the rising overseas use of high-value credit cards with limits higher than $2,50,000 are factors behind the Centre’s move to bring credit cards under the LRS ambit with 20 per cent tax collection at source (TCS). Debit cards were already covered under LRS. Outward LRS remittances have more than doubled to $27.1 billion in the last two years and the Centre is uncomfortable with this, especially because it believes, with strong reasons, that the actual figure could be considerably higher as credit cards were out of the LRS limits....

https://www.allbankingupdate.com/cards-under-lrs-to-curb-rising-global-spends/

Worries over the “galloping” payments under the Liberalised Remittance Scheme (LRS) and the rising overseas use of high-value credit cards with limits higher than $2,50,000 Read More

19/05/2023

In a statement, the Reserve Bank of India (RBI) has declared its decision to withdraw the circulation of ₹2,000 currency notes. The notes will, however, remain legal tender until September 30. To ensure a smooth transition, the RBI has instructed banks to provide deposit and/or exchange facilities for these notes until September 30, 2023. Additionally, the central bank has directed banks to cease the issuance of ₹2,000 notes immediately....

https://www.allbankingupdate.com/rbi-announces-withdrawal-of-%e2%82%b92000-currency-notes-legal-tender-until-september-30/

In a statement, the Reserve Bank of India (RBI) has declared its decision to withdraw the circulation of ₹2,000 currency notes. The notes will, however, Read More

19/05/2023

Nearly 70 per cent of the incremental demand for SBI Card comes from customers in tier-II and beyond towns and cities, says MD and CEO, Rama Mohan Rao Amara. “Tier-II-plus towns contribute almost 70 per cent of new card demand, and 66 per cent of online spend. So, we have been a beneficiary of the shift in consumer mindset,” said Amara at the launch of the SBI Paytm card on the RuPay network....

https://www.allbankingupdate.com/70-per-cent-of-new-demand-for-sbi-card-comes-from-tier-ii-and-beyond-towns-md-ceo/

Nearly 70 per cent of the incremental demand for SBI Card comes from customers in tier-II and beyond towns and cities, says MD and CEO, Read More

19/05/2023

The board of directors of Bandhan Bank will meet today (May 19) to consider and approve the audited financial results for Q4 FY23 as well as the complete FY23. The board will also consider recommending dividend for the said financial year, if any, the bank said in a notification to the BSE. Bandhan Bank’s MD and CEO Chandra Shekhar Ghosh will brief the media later during the day to inform about the bank’s performance during the quarter ended March 31....

https://www.allbankingupdate.com/bandhan-banks-board-to-meet-today-to-consider-financial-results/

The board of directors of Bandhan Bank will meet today (May 19) to consider and approve the audited financial results for Q4 FY23 as well Read More

19/05/2023

State Bank of India Chairman Dinesh Kumar Khara said there could be some moderation in credit growth in FY24. However, he is hopeful the bank will achieve overall credit growth of 12–14 per cent. “About ₹1.75 lakh crore worth of corporate loan proposals are already in the pipeline. When we look at the proposals that we have already sanctioned and are also awaiting disbursements, even that amount is somewhere around ₹1.78 lakh crore,” he said at a press conference to announce the bank’s fourth quarter results. ...

https://www.allbankingupdate.com/there-could-be-some-moderation-in-credit-growth-in-fy24-sbi-chief-khara/

State Bank of India Chairman Dinesh Kumar Khara said there could be some moderation in credit growth in FY24. However, he is hopeful the bank Read More

18/05/2023

The Competition Commission of India (CCI) has given its approval for the multi-billion dollar deal that recently saw Swiss investment bank UBS Group AG agreeing to buy its crisis ridden rival Credit Suisse AG for $ 3.2 billion (Swiss franc 3 billion). “CCI approves the proposed merger of Credit Suisse AG with UBS Group AG”, the Competition Commission of India (CCI) tweeted on Thursday....

https://www.allbankingupdate.com/cci-gives-nod-for-ubs-groups-buy-of-credit-suisse/

The Competition Commission of India (CCI) has given its approval for the multi-billion dollar deal that recently saw Swiss investment bank UBS Group AG agreeing Read More

18/05/2023

About 25 per cent of all new credit card issuances are happening on the RuPay network, according to Praveena Rai, COO, NPCI (National Payments Corporation of India). “Cards in force are growing fast, driven by the innovative product suite. Volume growth is multiplying; it’s more than doubling,” Rai said on the sidelines of the launch of the SBI Paytm credit card on the RuPay network....

https://www.allbankingupdate.com/25-of-new-credit-card-issues-happen-on-rupay-network-npci-rai/

About 25 per cent of all new credit card issuances are happening on the RuPay network, according to Praveena Rai, COO, NPCI (National Payments Corporation Read More

18/05/2023

Airtel Payments Bank (APB), a fintech, has recorded a 141 per cent increase in net profit for the fiscal year 2022–23 at ₹21.7 crore (₹9.2 crore). This is the second straight fiscal year that APB has recorded profits. For fiscal 2022–23, APB reported a 37 percent increase in revenues at ₹1,291 crore. In 2022–23, customer deposits grew by 59 percent Y-o-Y to ₹1,865 crore, fuelled by a healthy addition of new users. ...

https://www.allbankingupdate.com/airtel-payments-bank-net-up-141-to-%e2%82%b921-7-crore-in-fy23/

Airtel Payments Bank (APB), a fintech, has recorded a 141 per cent increase in net profit for the fiscal year 2022–23 at ₹21.7 crore (₹9.2 Read More

18/05/2023

SBI Funds Management has received RBI approval to increase stake in HDFC Bank to 9.99 per cent in six months. The investment will be made as part of the mutual fund schemes managed by SBI Funds Management. The approval was granted on an application made by SBI Funds Management to RBI, according to the HDFC Bank statement, which added that the approval is subject to a few conditions....

https://www.allbankingupdate.com/sbi-funds-management-gets-rbi-nod-to-raise-upto-9-99-stake-in-hdfc-bank/

SBI Funds Management has received RBI approval to increase stake in HDFC Bank to 9.99 per cent in six months. The investment will be made Read More

18/05/2023

State Bank of India (SBI) is likely to post a 66 per cent year-on-year (y-o-y) growth in the fourth quarter (Q4FY23) net profit on the back of healthy growth in net interest income, jump in fee income, and lower loan loss provisioning, as per analyst estimates. India’s largest bank is expected to report a net profit of about ₹15,100 crore, according to broking firm estimates....

https://www.allbankingupdate.com/sbi-likely-to-post-about-66-jump-in-q4fy23-net-profit/

State Bank of India (SBI) is likely to post a 66 per cent year-on-year (y-o-y) growth in the fourth quarter (Q4FY23) net profit on the Read More

21/04/2023

Chennai Despite several hikes in the repo rates over the last 10 months, there has not been a dampening of housing demand, which has now reached pre-Covid levels, says D Lakshminarayanan, Managing Director, Sundaram Home Finance. During the pre-Covid period, people were borrowing at 9-9.25%. But rates dropped during the Covid phase and it has reached the same pre-Covid levels now....

https://www.allbankingupdate.com/housing-demand-stays-intact-despite-multiple-rate-hikes-md-sundaram-home/

Chennai Despite several hikes in the repo rates over the last 10 months, there has not been a dampening of housing demand, which has now Read More

21/04/2023

Fairfax-backed IIFL Finance on Friday said it has fully repaid its maiden $400 million dollar-bonds issue due in April 2023 along with interest upon maturity. The Mumbai-based retail-focussed non-banking financial company (NBFC) had raised $400 million through a medium-term note (MTN) program in February 2020. Kapish Jain, Group CFO, IIFL Finance, in a statement, said, the company completed all its obligation towards its maiden MTN program, with full payment of $400 million to all its investors, a portion of which was prepaid earlier in fiscal 2023 itself....

https://www.allbankingupdate.com/iifl-finance-fully-repays-its-maiden-400-million-dollar-bonds-issue/

Fairfax-backed IIFL Finance on Friday said it has fully repaid its maiden $400 million dollar-bonds issue due in April 2023 along with interest upon maturity. The Read More

21/04/2023

The Reserve Bank of India (RBI) has asked HDFC Bank to continue to comply with regulatory requirements for cash reserve ratio (CRR), statutory liquidity ratio (SLR) and liquidity coverage ratio (LCR), without exceptions, post the merger of HDFC Limited. Post the merger, asset classification of loans will also continue to be as per applicable norms for banks. Investments, including subsidiaries and associates of HDFC, will continue as investments of HDFC Bank, the private sector lender said in an exchange filing....

https://www.allbankingupdate.com/rbi-asks-hdfc-bank-to-comply-with-crr-slr-lcr-post-hdfc-merger/

The Reserve Bank of India (RBI) has asked HDFC Bank to continue to comply with regulatory requirements for cash reserve ratio (CRR), statutory liquidity ratio Read More

21/04/2023

The government will come out with a commemorative coin on the 100th episode of radio programme Maan Ki Baat which will bebroadcasted on April 30. The coin will be in the denomination of ₹100. Though commemorative coins are considered a legal tender, they are not released for general circulation. One can source them from the specified agencies. Read also: Women empowerment playing big role in pushing India forward: PM Modi ...

https://www.allbankingupdate.com/govt-to-release-new-%e2%82%b9100-commemorative-coin-for-the-100th-episode-of-mann-ki-baat/

The government will come out with a commemorative coin on the 100th episode of radio programme Maan Ki Baat which will bebroadcasted on April 30. Read More

21/04/2023

All six members of the rate-setting Monetary Policy Committee (MPC) were on the same page on the need to evaluate the cumulative impact of monetary policy tightening so far, thereby unanimously voting for a pause at their last meeting, even as they left the door open for future rate hikes. The policy repo rate was left unchanged at 6.50 per cent at the last MPC meeting held between April 3 and April 6....

https://www.allbankingupdate.com/cumulative-impact-of-the-tightening-so-far-needs-to-be-monitored-closely-rbi-governor/

All six members of the rate-setting Monetary Policy Committee (MPC) were on the same page on the need to evaluate the cumulative impact of monetary Read More

21/04/2023

The committee of creditors (CoC) of Reliance Capital, in the their meeting on Thursday, refused to guarantee finality of the resolution process post the second auction. In response to bidders demanding that the extended challenge mechanism be the final step in the resolution process, lenders said they reserve the right to negotiate with the bidders even after the auction. The Employees Provident Fund Organisation (EPFO) and Life Insurance Corporation of India (LIC), which together control 30 per cent of the CoC, led the opposition to the borrowers’ demand for finality....

https://www.allbankingupdate.com/rcap-coc-refuses-guarantee-of-resolution-finality-post-second-auction/

The committee of creditors (CoC) of Reliance Capital, in the their meeting on Thursday, refused to guarantee finality of the resolution process post the second Read More

20/04/2023

Jayanth R Varma, the only monetary policy committee (MPC) member to express reservation on the “withdrawal of accommodation” stance, said he is unable to reconcile the language of the stance. In his statement at the last MPC meeting, the Indian Institute of Management, Ahmedabad professor, said: “Turning to the stance, I must confess that I fail to comprehend its meaning. My colleagues in the MPC assure me that the language is crystal clear to market participants and others....

https://www.allbankingupdate.com/mpc-member-varma-expressed-reservation-on-withdrawal-of-accommodation-stance/

Jayanth R Varma, the only monetary policy committee (MPC) member to express reservation on the “withdrawal of accommodation” stance, said he is unable to reconcile the language of Read More

20/04/2023

Cholamandalam Investment and Finance Company Limited (CIFCL) plans to raise up to ₹1,000 crore via its maiden public issue of secured, rated, listed redeemable non-convertible debentures (NCDs). Arulselvan D, President & CFO, said with the assets under management crossing the ₹1 lakh crore mark in December 2022, the company decided to diversify its borrowing avenues by tapping retail investors. Currently, bank term loans account for 57 per cent of the NBFCs total borrowings, followed by debentures (16 per cent), securitisation (10 per cent), among others....

https://www.allbankingupdate.com/cholamandalam-investment-and-finance-taps-retail-investors-with-maiden-public-ncd-issuance/

Cholamandalam Investment and Finance Company Limited (CIFCL) plans to raise up to ₹1,000 crore via its maiden public issue of secured, rated, listed redeemable non-convertible debentures (NCDs). Read More

20/04/2023

Royal Sundaram General Insurance Co. Ltd has introduced three add-on covers for its vehicle insurance policies. It has announced a ‘Smart Save’ add-on cover for private cars. This comes at a zero cost and will help the customer to get an upfront discount in Own Damage (OD) insurance premium, for repairing their vehicles at Royal Sundaram’s identified repair shops and garages in the event of a claim, said a statement....

https://www.allbankingupdate.com/royal-sundaram-launches-add-on-covers-for-vehicle-insurance-policies/

Royal Sundaram General Insurance Co. Ltd has introduced three add-on covers for its vehicle insurance policies. It has announced a ‘Smart Save’ add-on cover for Read More

20/04/2023

Federal Bank has entered into a Banking Correspondent agreement with Chennai-based KiVi, an agri fintech start-up operated by Agrosperity Tech Solutions, with a view to scaling and expanding its agri lending portfolio in Tamil Nadu. Federal Bank launched the instant KCC platform in September 2022. Claimed to be the first of its kind in agriculture lending, it offers farmers convenience and turnaround time....

https://www.allbankingupdate.com/federal-bank-signs-on-agri-fintech-start-up-kivi-as-banking-correspondent/

Federal Bank has entered into a Banking Correspondent agreement with Chennai-based KiVi, an agri fintech start-up operated by Agrosperity Tech Solutions, with a view to Read More

20/04/2023

HDFC Bank on Thursday said the Reserve Bank of India has approved the appointment of Kaizad Bharucha as Deputy Managing Director and Bhavesh Zaveri as Executive Director of the bank for three years with effect from April 19, 2023. The RBI approval comes upon the recommendation of the bank’s Board of Directors, HDFC Bank said in a regulatory filing. Also read: HDFC Bank’s Q4 PAT up 20% on strong growth in NII…...

https://www.allbankingupdate.com/rbi-approves-appointment-of-kaizad-bharucha-as-deputy-md-of-hdfc-bank-and-bhavesh-zaveri-as-ed/

HDFC Bank on Thursday said the Reserve Bank of India has approved the appointment of Kaizad Bharucha as Deputy Managing Director and Bhavesh Zaveri as Read More

20/04/2023

Buy-now-pay-later (BNPL) startup Simpl has laid off 150 employees out of its 500-member workforce, citing uncertain macroeconomic conditions, according to sources close to the development who spoke to businessline on the condition of anonymity. This move is said to have greatly impacted the engineering, product and analytic roles. In a company-wide email, Simpl CEO Nitya Sharma said, “the world is now changing, e-commerce growth has slowed down in the near terms and we need to focus on doing a few things that our customers value extremely well....

https://www.allbankingupdate.com/simpl-lays-off-150-employees/

Buy-now-pay-later (BNPL) startup Simpl has laid off 150 employees out of its 500-member workforce, citing uncertain macroeconomic conditions, according to sources close to the development Read More

19/04/2023

Encouraged by the recent judicial pronouncement of the Telangana High Court, microfinance lender Muthoot Microfin Ltd (MML), which is part of Muthoot Pappachan Group, plans to enter Andhra Pradesh and Telangana markets this year, its Chief Executive Officer Sadaf Sayeed said. “We will enter Andhra and Telangana in a calibrated manner. We will definitely open 50-60 branches in these two States in the next one year,” Sayeed told businessline....

https://www.allbankingupdate.com/muthoot-microfin-plans-to-enter-ap-telangana-markets-this-year-ceo/

Encouraged by the recent judicial pronouncement of the Telangana High Court, microfinance lender Muthoot Microfin Ltd (MML), which is part of Muthoot Pappachan Group, plans Read More

19/04/2023

India has reached closer to the peak of the interest rate cycle, and that the return of normalcy is in sight, said Sanjiv Chadha, MD and CEO, Bank of Baroda here Wednesday. Chadha, who was on a visit to International Financial Services Centre (IFSC) at GIFT City to inaugurate an expanded IFSC Business Unit, said, “We are probably very near to the peak of the interest rate cycle....

https://www.allbankingupdate.com/we-are-very-near-to-the-peak-of-interest-rates-cycle-md-bank-of-baroda/

India has reached closer to the peak of the interest rate cycle, and that the return of normalcy is in sight, said Sanjiv Chadha, MD Read More

19/04/2023

IndusInd Bank’s GIFT City IBU (IFSC Banking Unit) branch has entered into a $100 million long-term loan agreement with the Japan Bank for International Cooperation (JBIC) to foster the growth of Japanese construction equipment companies in India. The funds raised will be used to provide need-based credit facilities to upstream and downstream companies that comprise the supply chain of Japanese original equipment manufacturers (OEMs) in India, the lender said in a release, adding that this is the first of its kind lending by JBIC through any IFSC Banking unit at GIFT City....

https://www.allbankingupdate.com/indusind-bank-signs-100-million-loan-agreement-with-jbic/

IndusInd Bank’s GIFT City IBU (IFSC Banking Unit) branch has entered into a $100 million long-term loan agreement with the Japan Bank for International Cooperation Read More

19/04/2023

The CMI report showed that consumers aged 18-30 accounted for the greatest share of new credit inquiries, while the share in demand from rural areas has also increased marginally. | Photo Credit: powerofforever Credit demand in the quarter ending December 2022 remained robust, despite challenging global macroeconomic factors, according to the findings of the latest edition of the TransUnion CIBIL Credit Market Indicator (CMI) report. ...

https://www.allbankingupdate.com/marked-increase-in-demand-for-credit-cards-and-personal-loans-but-slowdown-in-home-loans-transunion-cibil/

The CMI report showed that consumers aged 18-30 accounted for the greatest share of new credit inquiries, while the share in demand from rural areas Read More

19/04/2023

Fintech major Razorpay has set up an Advisory Board consisting of industry thought leaders from different fields. It will include NS Vishwanathan, Former Deputy Governor, RBI (as Chairperson); along with Arijit Basu, Chairman, HDB Financial Services & Former MD, SBI; Aruna Sundararajan, IAS (Retd.) & Former Secretary, Ministries of Steel, IT & Telecom, GoI; and KP Krishnan, IAS (Retd.) & Former Secretary, Ministry of Skill Development and Entrepreneurship as Advisory Board members....

https://www.allbankingupdate.com/razorpay-sets-up-the-advisory-board/

Fintech major Razorpay has set up an Advisory Board consisting of industry thought leaders from different fields. It will include NS Vishwanathan, Former Deputy Governor, Read More

19/04/2023

The credit cost of microfinance institutions (MFIs) in FY24 is expected to remain lower than the average of about 2.5 per cent between FY17-22, according to an ICICI Securities report. Microfinance lenders are close to the end of the longest asset quality cycle (FY17-22) – starting with demonetisation in FY17, the floods, NBFC (non-banking finance company) crisis in FY18-19, and lastly Covid in FY21-22, said I-Sec research analysts Renish Bhuva and Chintan Shah....

https://www.allbankingupdate.com/mfis-credit-cost-in-fy24-expected-to-be-lower-than-average-of-2-5-per-cent-seen-during-fy17-22-i-sec/

The credit cost of microfinance institutions (MFIs) in FY24 is expected to remain lower than the average of about 2.5 per cent between FY17-22, according to an ICICI Read More

18/04/2023

ICICI Lombard General Insurance posted an increase of 40 per cent in net profit for Q4 FY23 to ₹437 crore, led by steady premium income growth and an improvement in the combined ratio. The combined ratio, stood at 104.2 per cent in Q4 compared with 103.2 per cent a year ago. Gross direct premium income (GDPI) was at ₹4,977 crore in Q4 FY23, a YoY growth of 6.7 per cent as against industry-level growth of 16.9 per cent....

https://www.allbankingupdate.com/icici-lombard-q4fy23-pat-jumps-40-to-%e2%82%b9437-cr/

ICICI Lombard General Insurance posted an increase of 40 per cent in net profit for Q4 FY23 to ₹437 crore, led by steady premium income Read More

18/04/2023

The Executive Committee of State Bank of India’s Central Board on Tuesday approved long term fund raising of up to $2 billion in US dollar or any other convertible currency during FY24. The fund raising will be in single/multiple tranches under ‘Reg-S/144A’, through a public offer and/or private placement of senior unsecured notes, India’s largest bank said in a regulatory filing....

https://www.allbankingupdate.com/sbi-to-raise-up-to-2-billion-in-fy24-from-overseas-markets/

The Executive Committee of State Bank of India’s Central Board on Tuesday approved long term fund raising of up to $2 billion in US dollar or any Read More

18/04/2023

Bank of India (BoI) is planning to ramp up its business correspondents (BCs) field force to 25,000 by June-end from about 19,000 now to expand banking services in the hinterland. Of the 19,000 field business correspondents (FBCs), about 14,000 are active, while the rest are being trained through the bank’s corporate BCs, according to M Karthikeyan, Executive Director. FBCs are intermediaries engaged by banks for providing financial and banking services in unbanked areas....

https://www.allbankingupdate.com/bank-of-india-to-expand-field-biz-correspondent-network-to-25000-by-june-end/

Bank of India (BoI) is planning to ramp up its business correspondents (BCs) field force to 25,000 by June-end from about 19,000 now to expand Read More

18/04/2023

The first wave of academic research applying ChatGPT to the world of finance is arriving — and judging by early results, the hype of the past few months is justified. Two new papers have been published this month that deployed the artificial intelligence chatbot in market-relevant tasks — one in deciphering whether Federal Reserve statements were hawkish or dovish, and another in determining whether headlines were good or bad for a stock....

https://www.allbankingupdate.com/chatgpt-can-decode-fed-speak-predict-stock-moves-from-headlines/

The first wave of academic research applying ChatGPT to the world of finance is arriving — and judging by early results, the hype of the Read More

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