CAMS gets RBI’s nod to operate as an online payment aggregator

The company made an application to RBI for the issue of a certificate of authorisation after the business became regulated consequent to the issue of ‘Guidelines on Regulation of Payment Aggregators and Payment Gateways’ (Guidelines) in March 2020.

Banks’ gold loans start to taper
The sharp growth seen in the gold loan portfolio of banks has started to moderate due to growing competition from gold loan companies and fintechs, and higher gold prices eroding individuals’ purchasing power to buy the yellow metal. 

Bank of Baroda hikes lending rates by 5 basis points across three tenures
The one-year MCLR has risen to 8.85 per cent, while the six-month and three-month MCLR rates have been increased to 8.65 per cent and 8.45 per cent, respectively. Most non-retail loans are linked to the one-year MCLR.

PSU banks beat private peers in market capitalisation gains during Q4
Mumbai: State-owned banks beat their private-sector peers, posting the highest gains in their market capitalisation in Q4 FY24, on the back of improved financial metrics. The government’s focus on long-term projects also largely benefits state-owned lenders, S&P Market Intelligence said in a note.

HDFC Bank opens branch in Lakshadweep's Kavaratti
HDFC Bank becomes only private bank to have presence in Lakshadweep
The Indian Express

Karnataka Bank partners with FISDOM

The 3-in-1 facility enables customers to streamline their investment journey by consolidating their demat and trading accounts. This integration eliminates the need for multiple platforms, simplifying account management and enhancing overall user experience, it said.

Bandhan Bank MD Ghosh asks staff not to worry over his resignation

He has also written to his employees, asking them “not to worry” over his surprise decision.

`Our UPI user base is growing rapidly' : Sameer Shetty,President and head of digital business and transformation, Axis Bank

What is open by Axis?

SBI eyes more market share across segments
Even as the competitive intensity for incremental lending business is expected to remain muted for some time in FY25, State Bank of India sees this as an opportunity to increase its market share in all lending segments. India’s largest bank has pencilled in domestic advances and domestic credit growth of 14.65 per cent and 14 per cent, respectively, in the current financial year.

SBI is a financial superstore, not just a bank: Dinesh Khara
State Bank of India has emerged as consistent return generator in the last three years. Is the market understanding the bank better now?

Delay in issue of RuPay debit cards enervates PMJDY
Hyderabad: The flagship financial inclusion scheme of the Centre, Pradhan Mantri Jan Dhan Yojana (PMJDY), has been able to expand its base rapidly, but the delay in the issue of RuPay Debit cards is obstructing the rollout of some benefits to the account holders. Also, non-issuance of cards to Jan Dhan account holders will weaken the scheme, which has been billed as the world’s largest financial inclusion scheme, as the beneficiaries will not be able to make transactions without going to a bank. Certain other facilities like overdraft are linked to the usage of cards.

68% CX leaders say customer service interactions top grievance in BFSI sector, reveals KaptureCX survey
India’s Banking, Financial Services and Insurance (BFSI) industry has been able to maintain an upward trajectory driven by robust strategies and commitment to inclusion. Having said that, the sector’s increased focus on investing in customer acquisition has led to a steady increase in customer grievances, with little or no attention being paid towards its redressal. While the sector prides itself upon being a service vertical, the lack of efforts in effectively addressing customer grievances appears to be counterintuitive to its very essence, stated a survey report released by KaptureCX, while identifying primary causes of customer grievances in the industry.

NBFCs to sustain AUM growth in Q4; NIM a worry
Non-banking financial companies (NBFCs) are expected to sustain the growth in their assets under management (AUM) in the January-March quarter, aided by strong disbursements. 

Microfinance AUM rises 31%, growth in low-ticket loans declines 15%
Mumbai: Portfolio outstanding of the microfinance sector grew 31 per cent on year and 6 per cent on quarter to ₹4.0-lakh crore as of December 2023. Active loans stood at ₹15.5 crore, higher by 23.2 per cent yoy and 4.1 per cent qoq. During the quarter, 186.8 lakh microfinance loans were originated worth ₹89,043 crore, according to CRIF Highmark’s ‘MicroLend’ report for Q3 FY24. The volume of loans disbursed was 9.8 per cent higher on year and the value of loans was up 27.1 per cent.

Utkarsh SFB pays SEBI ₹1.24 cr to settle charges
Source Credit: PTI, The Hindu Business Line

New Delhi: Utkarsh Small Finance Bank on Wednesday settled with capital markets regulator SEBI in a case pertaining to disclosure norms and paid ₹1.24 crore towards the settlement charges.

GNPA of banks to moderate to decadal low of 2.7% in Q4: Emkay Global
 

Money in your PhonePe, Paytm wallet? You can now use it to pay on any UPI app. What RBI's new rules say
While the Unified Payments Interface (UPI) has become a part of our everyday life, there's one limitation that hinders the user experience -- not being able to use the money in your online wallet to make UPI transactions to web or mobile application other than that provided by the prepaid payment instrument (PPI) issuer.

Paytm shares decline 4% after CEO resigns
The stock dipped 4 per cent to Rs 388 on both the BSE and NSE. The company’s market valuation eroded Rs 463.84 crore during the morning trade.

Freo plans insurance, wealth management forays
Digital banking platform Freo is planning to launch insurance and wealth management verticals in the next few months.

Mutual Funds: Net AUM declines marginally to ₹53 lakh crore in March, shows AMFI data
The mutual fund (MF) industry’s net assets under management (AUM) declined by 2 per cent to ₹53,40,194 crore at the end of March 2024, as against ₹54.54 lakh crore as on February 29 this year, data released by the Association of Mutual Funds in India (AMFI) reveals.

MF equity inflows slide 16% on small-cap weakness
Mumbai: Inflows into equity mutual fund schemes were down 16 per cent last month to ₹22,633 crore against ₹26,865 crore logged in February on the back of concern over high valuation.

Equity MF inflows drop 16% in March, debt funds record Rs 2 lakh crore outflows
Equity mutual fund inflows drop 16% in March hit by smallcap schemes; debt funds see massive Rs 2 lakh crore outflows
The Financial Express

Liquid mutual funds outflow exceeds Rs 1.5 trillion in March, shows data

Liquid mutual funds invest money in debt instruments like government securities, commercial papers and treasury bills that mature in 91 days. Hence, these instruments are less prone to risks associated with interest rate change.

Equity mutual funds attract `22,633 crore in March
Equity mutual funds ended the financial year 2023-24 on a positive note with a net inflow of Rs 22,633 crore in March, propelled by huge interest for thematic funds and launch of new fund offerings (NFOs). However, the latest flow was 16 per cent lower compared to an infusion of Rs 26,866 crore seen in the preceding month, data with the Association of Mutual Funds in India (AMFI) showed on Wednesday. Systematic Investment Plan (SIP) monthly inflow rose to a fresh high of Rs 19,270 crore during the month under review from Rs 19,187 crore in February. Total SIP contribution stood at Rs 2 lakh crore, an uptick of 28 per cent over the previous year.

India equity capital market issuances hit record at $ 14.8 billion

ECM proceeds jumped fivefold from the first quarter of the previous year when 70 deals worth $2.8 billion were launched. Citi topped the underwriting league table for Indian clients with a market share of 14 per cent. 

Private equity investments plummet to 6-year low at $1.77 billion in Jan-March 2024: LSEG Deals Intelligence
Private equity investments into India hit a six-year low in January-March 2024 at $1.77 billion, down 43.6 per cent over $3.15 billion a year ago, latest data from LSEG Deals Intelligence showed.   This latest downturn reflects the weakest start to the year since 2018, when PE investments into India touched $1.7 billion in January-March quarter, Elaine Tan, Senior Manager, LSEG Deals Intelligence, said.