Jan Dhan balance rises 18% to Rs 2.35 trillion in FY24
Net cash accretion in no-frills Pradhan Mantri Jan Dhan Yojana (PMJDY) bank accounts rose to an all-time high of Rs 36,153 crore in 2023-24, which also showed that average cash deposits per account at a high of Rs 4,524.

RBI announcements a boost for compliant co-branded credit & bank-Fintech collabs
Credit will play a key role in India’s journey towards financial inclusion and its ambition to become a $5-trillion economy. With the government and the Reserve Bank of India (RBI) actively advocating for technology-driven financial solutions, growth is inevitable. Efforts to cultivate a regulated financial ecosystem that offers convenient access to credit for all segments of society are underway.

Bandhan Bank effect: RBI declines Annapurna Finance’s universal bank request
The Reserve Bank of India, in a cautious move, declined Annapurna Finance Limited’s application for a universal bank license made in January 2023. The regulator, expressing hesitation about awarding a full-service bank license to the Odissa-based lender, largely focusing on microfinance loans, gave Annapurna Finance the option to become a small finance bank.

In defence of RBI’s calibrated pause
The Reserve Bank of India decision to maintain status quo on interest rates, keeping the repo rate unchanged at 6.5 per cent for the seventh consecutive time, has sparked debates around its policy stance.

Suryoday Small Finance Bank appoints Deepak Kumar Sharma as Additional Director
Mumbai: The Board of Directors of Suryoday Small Finance Bank have appointed Deepak Kumar Sharma as an Additional Director (under the Independent category) on the Board of the Bank, with effect from April 11, 2024. This appointment, which is on the basis of the recommendation of the Nomination and Remuneration Committee and subject to the approval of Shareholders of the Bank, is for a period of five consecutive years, with effect from April 11, 2024, per the Bank’s regulatory filing.

Bank of Baroda raises MCLR by 5 bps across four tenors
Mumbai: Bank of Baroda has upped its marginal cost of funding-based lending rate (MCLR) by 5 basis points on four of five tenors. The revised rates will be effective from April 12. The revised MCLRs are: overnight (8.10 per cent vs 8.05 per cent now); three months (8.45 per cent vs 8.40 per cent); six months (8.65 per cent vs 8.60 per cent); and one year (8.85 per cent vs 8.80 per cent).

HDFC becomes first private bank to open branch in Lakshadweep
Private lender HDFC Bank opened a branch at Kavaratti Island in Lakshadweep, making it the only private sector bank to have a branch in the Union Territory. This branch is aimed at upgrading the banking infrastructure in the Union Territory by offering a wide range of services with a focus on personal banking, and digital banking which also includes customised digital solutions including QR-based transaction to retailers.

Customers of this bank cannot withdraw money from their accounts after RBI direction – What should depositors do now?
Customers of Shirpur Merchants’ Co-operative Bank cannot withdraw money from their bank accounts as the Reserve Bank of India (RBI) has placed the lender under certain restrictions. The RBI in its directions has categorically mentioned that the lender, which is facing liquidity crunch, can neither accept fresh deposits nor disburse money to customers.

Asian Development Bank raises India’s GDP growth forecast to 7% for FY25
The Asian Development Bank (ADB) on Thursday raised India’s GDP growth forecast for the current fiscal to 7 per cent from 6.7 per cent earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.

Retail asset securitisation volume for FY24 touches all-time high of ₹2,05,000 cr: CareEdge Ratings
Mumbai: The volume of securitisation of retail asset in the secondary market (including pass-through certificate [PTC] issuance and direct assignment [DA] transactions) for FY24 touched an all-time high of ₹2,05,000 crore, registering a growth of around 17 per cent compared to FY23, according to CareEdge Ratings’ estimate.

Bajaj Finance, Shriram Finance follow banks, hike FD rates
Mumbai: Two leading NBFCs -Bajaj Finance and Shriram Finance -have hiked rates on term deposits following a slew of deposit rate hikes by banks in Q4 FY24. While traditionally NBFCs offer higher deposit rates than banks, intensified competition for deposit accretion has forced NBFCs to compete with smaller private banks and small finance banks which have turned more aggressive on rates.

NBFC lenders find borrowing a costly affair
Mumbai : Non-bank lenders are struggling through a spike in borrowing costs as banks have become cautious in lending to them following a regulatory warning, forcing these companies to diversify their money sources.

UPI Transactions: Volume surges 56% in H2 2023 but average ticket size shrinks 8%, says report
Unified Payments Interface (UPI) has continued to dominate the Indian digital payments space, with transactions volume increasing by a staggering 56% to 65.77 billion in the second half of 2023 from 42.09 billion in the corresponding period a year ago, according to a report by global payments technology firm Worldline.

India's UPI transactions way more than US digital payments, says Jaishankar
Speaking at an event in Rajasthan's Bikaner, Jaishankar emphasised, "Today, we do cashless payments through UPI. We have transactions worth Rs 120 crore in a month. While the US makes digital transactions worth Rs 40 crore in a year.

You should see how we have progressed in some areas and the world commends that."
 

Top mutual funds to invest in India: These 10 mid-cap MF schemes delivered the best return in five years. Check here
Top mutual funds to invest in India: Over the past five years, several notable mutual funds across different market segments have delivered impressive returns. As per data available on the AMFI website, among the top 10 best mutual funds in the mid-cap category, Quant Mid Cap Fund holds the highest position. It is followed closely by Motilal Oswal Midcap Fund and Mahindra Manulife Mid Cap Fund. Other notable performers include the PGIM India Midcap Opportunities Fund, Edelweiss Mid Cap Fund, and Baroda BNP Paribas Midcap Fund. HDFC Mid-Cap Opportunities Fund, Kotak Emerging Equity Fund, SBI Magnum Midcap Fund, and Invesco India Mid Cap Fund also feature among the top performers. These funds exhibit strong potential for growth and are favored choices for investors seeking exposure to mid-cap stocks within the mutual fund space.

Equity euphoria boosts mutual fund investor additions by 70% in FY24
The rebound in the pace of investor additions in FY24, according to experts, is largely a result of a reversal in equity market fortunes. The benchmark indices — Nifty 50 and Sensex — surged over 25 per cent in FY24, after delivering near-zero returns in FY23. The other factor is new fund launches in popular categories, as the promotion and marketing activities go up.

Mutual funds: SIP contributions jumped 28% to nearly ₹2 lakh crore in FY24, shows AMFI data
Thanks to the ongoing bull run, total inflow into equity mutual fund schemes during the fiscal year 2023-24 touched ₹1.84 lakh crore. Significantly, total inflow into all the mutual fund schemes via systematic investment plans (SIPs) stood at ₹1.99 lakh crore, 28 per cent higher than ₹1.56 lakh crore recorded in the preceding financial year.

Mutual Funds: Key benefits of having index funds in your MF portfolio
An index fund is basically a mutual fund designed to mirror the composition and performance of a particular index on a stock exchange. Such a fund is best suited for risk-averse investors who want to get exposure to the equity market but at a lesser cost and minimum risk. Index funds are less volatile as compared to peers and offer decent returns in line with the performance of respective indices.

Mutual Funds SIP investments rise to Rs 2 lakh core in FY24
Mutual funds: SIP contributions jumped 28% to nearly ₹2 lakh crore in FY24, shows AMFI data

Fed talk, geopolitical tensions may keep markets on edge
Mumbai: Indian equities are likely to come under pressure on Friday amid negative global cues. Gift Nifty slipped around 1 per cent on Thursday. Nifty futures at Gift City (8 pm IST) is hovering around 22,590 against Nifty futures at 22,812 on the NSE. Global stocks slid after US March inflation data came in hotter than expected, with a 3.5 per cent increase in consumer prices for the year to March. This has raised the probability of the US Federal Reserve maintaining a status quo in June, keeping interest rates higher for longer, and resorting to two rate cuts instead of three this year.

Fundraising via qualified institutional placements gains traction in 2024

So far, 23 companies have raised Rs 23,393 crore in 2024 through this route, almost half compared to the previous year. In 2023, 45 companies had raised Rs 52,350 crore through QIPs.

High valuation has not stopped Indian market performance: Vafa Ahmadi, CPR Asset Management
Investors in India are warming up to thematic investment, going by the recent trend in inflows. However, it is an established practice globally, especially among well informed investors. SBI Funds Management’s joint venture partner Amundi, the world’s fifth-largest asset manager, has a separate arm, CPR Asset Management, headquartered in Paris, which specialises in thematic investments. Of the assets worth €57 billion it manages, about 31 per cent are thematic. Vafa Ahmadi, Managing Director and Head of Global Thematic Equities, CPR AM, spoke to businessline on the emerging trends.

Edited excerpts from the interview:

Green shoots in private capex are visible: Assocham President Sanjay Nayar
After leading private equity (PE) firm KKR in India for a decade, Sanjay Nayar has taken over as president of the Associated Chambers of Commerce & Industry of India (Assocham) to steer the industry body at a crucial time. Nayar, who is also the founder of Sorin Investment Fund, spoke to Dev Chatterjee from Europe about Assocham’s priorities, pick up in private capex and the startup ecosystem.

Edited excerpts