RBI issues draft norms for offline payment aggregators, moots ₹15-cr net worth
The second circular covers revisions and updates to KYC and due diligence of merchants, operations in escrow accounts, etc, and are intended to further strengthen the payment ecosystem, the central bank said.

Subbarao’s memoir exposes government pressure on RBI for rosier growth narrative
New Delhi: The finance ministry under Pranab Mukherjee and P Chidambaram used to pressurise the RBI to soften interest rates and present a rosier picture of growth to shore up sentiments, recalled former RBI Governor Duvvuri Subbarao in his memoir.

Small finance bank stocks are on an uptrend. Does the rally have more legs?

Suryoday Small Finance Bank stock price has jumped 20.4 per cent so far this month, while stock price of Ujjivan SFB has surged 18.3 per cent. ESAF Small Finance Bank stock price, Jana Small Finance Bank stock price, AU Small Finance Bank stock price, Utkarsh Small Finance Bank stock price, and Equitas Small Finance Bank stock price, meanwhile, have moved up in the range of 6.4 per cent to 10.2 per cent during the period.

Kotak restores services after outages hit digital transactions
Kotak Mahindra Bank Ltd. restored services late on Monday after difficulties with its computer servers saw customers complain about problems with cash withdrawals and digital transactions.  

Dynacons secures contract worth Rs 233 crore from NABARD for core banking solution upgradation & migration on ASP Model
Dynacons Systems & Solutions Limited, a technology solutions provider, on Tuesday announced that it has secured a significant contract worth Rs 233 crore from the National Bank for Agriculture and Rural Development (NABARD). The contract, it added, encompasses the upgradation and migration of Core Banking Solution (CBS) from Finacle 7.0 to Finacle 10.2.25, operating on the Application Service Provider (ASP) model. The scope of the contract includes serving 1391 branches of 38 State Coop Banks across 8 states. 

Short of cash? Use credit card reward points to pay your card bill! Here’s how
Banks and credit card companies offer a variety of reward point programmes on their respective credit cards. Under these programmes, customers earn points based on their credit card spending. Different cards come with different offers. Once a customer accumulates a certain number of points on their cards, they can redeem these points for various benefits such as vouchers, cash back, air miles and other benefits.

How to claim insurance amount from Rupay debit cards? Here’s all you need to know
Many people possess cards that offer more than just convenience; they also provide complimentary insurance coverage. However, a significant number of cardholders are unaware of this additional benefit. Consequently, they may not inform their loved ones about the insurance coverage available to them in the event of their passing. 

India’s growth aids SBI’s loan growth, asset quality, profitability: S&P Global Ratings
Mumbai: S&P Global Ratings has forecast that State Bank of India’s weak loans (non-performing loans or NPLs, and restructured loans) will remain 2.5-3 per cent of total loans over the next 12-18 months, versus 2.3 per cent as of December-end 2023.

Jio Financial Services rises 5% after BlackRock wealth management JV
Shares of Jio Financial Services rose 5% on Tuesday, a day after it entered into a new joint venture with BlackRock to set up a wealth management and broking business in the country.

Kumar Mangalam Birla says financial services to grow 10-22% in 3-5 years
Mumbai: India’s financial services sector is expected grow at a CAGR of 19-21 per cent in three-five years, according to Aditya Birla Capital Digital (ABCD) Chairman Kumar Mangalam Birla.

Aditya Birla Group’s financial verticals to grow 10-22% in 3-5 years
Mumbai: Aditya Birla Group’s key financial verticals, under Aditya Birla Capital, are expected to grow at a CAGR of 19-21 per cent in three-five years, according to Chairman Kumar Mangalam Birla.

Aditya Birla Capital targets 30 million users from new fintech app
Aditya Birla Capital is targeting to onboard 30 million new customers with its new ABCD mobile application in the next three years, CEO Vishakha Mulye has said.

Paytm denies deferral of approval or fine on payments services arm
This clarification follows reports suggesting that the government deferred the approval of Paytm’s Rs 50 crore investment in PPSL due to concerns about Chinese shareholding in the parent company.

Govt delays approval of Paytm’s investment amidst Chinese shareholding concerns
The Government has deferred the approval of Paytm’s Rs 50 crore ($6 million) investment in the Paytm Payment Services arm, partially due to concerns regarding Chinese shareholding in the parent company, as per media reports and Reuters.

BharatPe elevates Nalin Negi as CEO
Fintech major BharatPe on Tuesday appointed Nalin Negi as the new CEO of the company. He had joined the firm as CFO in August 2022 and was appointed as interim CEO in January 2023, following the exit of former CEO Suhail Sameer.

Indians spending more on wealth, wellness, education and travel, reveals Razorpay report
Bengaluru: From investments in wealth, wellness and education, to spends increasing in movies, world cups, holidays, Indians are now redefining how money is being spent, according to Razorpay annual payments report which tracked the spending behaviour.

NPCI nudges new UPI players to incentivise users to snap duopoly
 

Stock market holiday: BSE, NSE to remain closed today for Ram Navami
Stock market holiday: The Indian stock market is closed today, Wednesday, April 17, on account of Ram Navami celebrations. There will be no trading in the Indian equity market as both the leading stock exchanges, BSE and the National Stock Exchange (NSE) are shut today for Ram Navami which is celebrated as the birth anniversary of Lord Ram.

Mutual fund assets soar 35% to record ₹53.4 lakh crore in FY24
The mutual fund assets surged by ₹14 lakh crore or 35 per cent year-on-year to a record ₹53.40 lakh crore in FY24, propelled by the growing participation of retail investors and buoyant equity markets. This percentage gain was the highest since fiscal 2021 when the industry had grown by 41 per cent, the Association of Mutual Funds in India (Amfi) said in its annual report.

Record surge in mutual fund assets and number of folios in FY2024! What are the factors behind this growth?
The fiscal year 2023-24 turned out to be one of the best years for the domestic mutual funds industry as assets under  management (AUM) spurted by nearly Rs 14 lakh crore to a record Rs 53.40 lakh crore as of March 2024 compared with Rs 39.42 lakh crore as of March 2023, according to AMFI data.

Birla targets top 3 spot in mutual fund, lending, and life insurance
 

Sovereign Wealth Funds, Pension Funds: One step away from the finish line
The infrastructure sector in India has been one of the focus areas for India’s economic growth and overall development. The government has taken various measures to boost infrastructure and investments in the said sector. One of such initiatives, to boost investment in infrastructure sector, was by the introduction (by the Finance Act, 2020) of an exemption provision by way of section 10(23FE) to the Income-Tax Act, 1961 (the Act).

NIIF eyes $1b for 2nd pvt markets fund
Mumbai : India’s quasi-sovereign National Investment and Infrastructure Fund Ltd (NIIF) is set to raise about $1 billion for its second Private Markets Fund (PMF), said people aware of the development. PMFII will back India-focused private equity and venture capital funds.
 

Why this Swedish PE firm is willing to bet $5 billion in India this year
Mumbai : After investing about $2 billion in India last year, Swedish private equity firm EQT is lining up deals that could lead to another $5 billion worth of investments in the country this year.