RBI issues revised norms to streamline bill payments process
The Reserve Bank on Thursday issued revised norms to streamline the process of bill payments, enable greater participation, and enhance customer protection.

Term deposits formed 98% of incremental deposit growth in Apr-Dec: RBI
Term deposits accounted for a whopping 98% of incremental deposits between April-December 2023, with share of low-cost current account and savings account (CASA) falling to a low of 2% during the period, as more customers parked money in high yielding fixed, term deposits, according to the Reserve Bank of India’s (RBI) quarterly basic statistical returns on deposits-December 2023 report. 

Bank credit growth moderates to 16.2% in Jan 2024
Mumbai: Bank credit growth moderated to 16.2 per cent year-on-year (y-o-y) in January 2024 against 16.7 per cent a year ago due to relatively soft growth in credit to industry, services and personal loans sectors. Agriculture and allied activities was the only sector that showed improvement in credit growth to 20.1 per cent y-o-y in January 2024 from 14.4 per cent a year ago, per RBI data on Sectoral Deployment of Bank Credit.

Central banks’ functioning more transparent now, says RBI DG Rao
Even as communication for central banks is a “bit of tight rope”, as they must avoid inconsistency between what they say and what is understood and interpreted by the markets and stakeholders, the world has come a long way since the days when their commentary was shrouded in mystery, Reserve Bank of India (RBI) deputy governor M Rajeshwar Rao said at the Dr M V Pylee Memorial Lecture in Kochi.

Fintechs raise UPI payment charging concerns with FM Nirmala Sitharaman
"A few fintech players discussed monetisation in the payments space, highlighting the absence of MDR for UPI," said one person.

Punjab & Sind Bank Board approves capital raise of up to ₹2,000 crore
New Delhi: The Board of Punjab & Sind Bank, a public sector bank, has approved capital raising of up to ₹2,000 crore to fund business growth. The capital mop-up will be done in one or more tranches within a period of 12 months from Wednesday, said PSB in a stock exchange filing.

Kotak Bank launches ‘Smart Choice’ gold loans at 0.88% monthly fixed rate
Mumbai: Kotak Mahindra Bank has launched the ‘Smart Choice’ gold loan, under which it is offering same-day loan disbursements at a fixed monthly interest rate starting from 0.88 per cent with no processing fees, foreclosure options and minimal documentation for disbursements of up to ₹25 lakh.

HDFC Bank, ICICI Bank vie for slice of index flows into India
Large Indian lenders are vying with their global peers for a share of the billions of dollars that are expected to now flow following the inclusion of the nation’s bonds in JPMorgan Chase & Co’s emerging markets debt index.

Bank Holidays in March 2024: Banks to be closed on these days. Check the full list here
Bank Holidays in March 2024: Mark your calendars for the following upcoming bank holidays this month of March 2024. All banks will remain closed for at least 14 days in March. These include public holidays, some regional holidays, second and fourth Saturdays and all Sundays. The Reserve Bank of India (RBI) and the corresponding state governments determine the holidays.

Karnataka Bank opens 15 new branches, revamps website

The bank has also launched its revamped corporate website on this occasion as part of centenary celebrations. “This is the beginning of our ‘Open Banking’ initiatives inviting collaborations and enhancing coverage through cutting-edge technology-driven products,” said Srikrishnan H, Managing Director and Chief Executive Officer of Karnataka Bank in a statement. “Our opening of 15 new branches balances out digital and physical expansion strategy and will facilitate organic growth,” he added.

NBFC funding to stay in focus as costs rise: Report
The funding strategy of non-banking financial companies (NBFCs) will continue to be in focus in FY25 as the recent risk weight norms has led to a rise in the cost of borrowings. In such a scenario, NBFCs would mobilise commercial papers (CPs) in a higher proportion, depending on the tenure of asset segments, according to India Ratings and Research.

Banks’ deposit growth to moderate 12-13% in FY25
 

Bajaj Finance vs. Seetha Kumari: How an investor won INR33 crore arbitral award
In one of the rarer and larger victories of an individual shareholder over a large corporate broker, Ahmedabad-based high net worth investor (HNI) Seetha Kumari has won an arbitral award of INR33 crore against Bajaj Finance, a non-banking financial company (NBFC). The landmark order could have an impact on how the broker-investor relationship is conducted in such loan againstshares transactions and share pledges.

NBFC-MFIs seek revision in annual household income criteria for giving microfinance loans

The last time criteria relating to the annual household income limit for giving micro loans to individual borrowers was revised was in 2022, when it was upped from ₹1.25 lakh in rural areas and ₹2 lakh in urban- and semi-urban areas to a uniform ₹3 lakh.

Muthoottu Mini Financiers PAT surges 43% in Q3
 

SoftBank arm cuts 2.17 per cent stake in One 97 Communications
SoftBank arm SVF India Holdings has trimmed its holding in One 97 Communications by 2.17 per cent through the sale of 13.7 million shares in the open market over the past almost one month, according to a statutory filing on Thursday.

Is Paytm Payments Bank saga casting a shadow on India’s UPI success story? 3 experts weigh in
Notwithstanding the UPI’s success story that has earned commendation in India and overseas with volume of transactions surging at a frantic pace, the unanticipated crackdown on Paytm Payments Bank has caught everyone by surprise.    

SoftBank’s stake in Paytm falls under 3% as it sells more shares
Mumbai: Japanese investment firm SoftBank has further pared its stake in troubled Indian fintech One 97 Communications and brought its holding down to under 3 per cent. “SVF India Holdings (Cayman) Ltd has disposed of an aggregate of 13,784,787 equity shares of One97 Communication Ltd in a series of disposals undertaken between January 23,2024 and February 26, 2024, with a disposal on February 26, 2024, breaching the 2 per cent threshold specified in Regulation 29 (2) of the SEBI Takeover Regulation,” the firm said in a regulatory filing.

Crypto miner lawsuit sets back US effort to track booming power use
U.S. officials this week indefinitely withdrew a survey aimed at gathering information on the crypto-mining industry’s power use, hindering attempts to understand the sector’s impact on grids and energy prices at a time of record activity. Riot Platforms, among the biggest U.S. bitcoin miners, and industry group Texas Blockchain Council, sued to stop mandatory data requests after a new survey went out this month by the U.S. Energy Information Administration (EIA) to assess crypto-mining’s electricity use.

Hong Kong’s largest Bitcoin ETF assets up five-fold since October
Hong Kong’s largest bitcoin futures exchange-traded fund saw its assets under management swell five-fold in the past five months to just over $100 million, as local investors chased the rally in the world’s best-known cryptocurrency. Hong Kong has been a relative latecomer to crypto trading, approving its first three cryptocurrency futures ETFs in late 2022. CSOP Asset Management, which manages the CSOP Bitcoin Futures ETF, said demand grew substantially in February.

Soaring Bitcoin set for biggest monthly jump since 2020
Frenetic activity in bitcoin put it on course for its biggest monthly gain in more than three years on Thursday and it is within range of a record high as cash rushing to listed bitcoin funds propels a sweeping rally. The largest cryptocurrency by market capitalisation was steady in Asia morning trade at $61,100, having changed hands at as high as $63,933 overnight. Its monthly gain is more than 44%, the largest since December 2020. It is pulling the smaller ether along for the ride – it last bought $3,416, up 50% in February.

Bitcoin’s best month since 2020 revives crypto-linked stocks
A major rally in Bitcoin is refuelling gains in shares of cryptocurrency-linked mining and trading companies, putting the group back on track to add to last year’s big run.

Mirae Asset Mutual Fund seeks Sebi's approval for mid, smallcap funds
While the industry has always had large and midcap funds, there is no scheme that offers exposure only to mid- and smallcap stocks.

Keep emergency money ready before investing in any asset class, says Chirag Mehta of Quantum Mutual Fund
When it comes to investing, instead of obsessing about news and events outside your control, it’s important to manage what’s in your control, says Chirag Mehta, CIO, Quantum Mutual Fund.

Inflows into equity mutual funds surged for 35th month in a row: Report
Thanks to a considerable surge in mutual fund inflows, total mutual funds’ assets under management (AUM) hit a whopping ₹52.74 lakh crore last month against ₹50.78 lakh crore in December 2023.

Swan Energy raises over ₹3,300 crore via QIP; LIC, SBI Life among investors
Swan Energy has raised a little over ₹3,319 crore through a qualified institutional placement of shares that was subscribed by institutions such as Life Insurance Corporation, SBI Life Insurance, Quant Mutual Fund, BNP Paribas Mutual Fund, and Goldman Sachs. The shares were issued at a price of ₹670 per share against the floor price of ₹703.29 each. The issue opened on February 20, 2024, and closed on February 28, 2024.

MFs told to disclose stress-test reports of mid, smallcap schemes

The reports, which will also be published on Amfi's website, will have to be disclosed every 15 days.  
 

Oaktree top private credit lender in 2023

Mumbai: OakTree Capital, Kotak Alternative Asset Managers and Varde Partners have emerged as the three biggest lenders in the country's private credit segment last year, according to a report by REDD. Special situations fund Oaktree Capital topped the list, lending$ 1.6billion across five deals. Kotak Alternative Asset Managers followed as the second-largest lender, with a total amount of $866 million across 10 deals fol-lowed by Varde Partners with $791 million across 11 deals, the report revealed. Last year, Oaktree along-with JP Morgan, lent $550 million to Vedanta for refinancing holding company debt. lt also did a $ 361 million asset securitisation deal with Indiabulls Housing Finance. Kotak Alternate Asset Managers lent $129 million to Bio-con Biologics and another $132 million to Bharat Hotels. Varde lent $96 million to GMR airports towards refinancing. It also took part in $1.7 billion loan syndication for Shapoorji Pallonji by private credit funds. The real estate sector accounted for 29.5% of 2023 private credit volume. Vedanta complex's fundraising put the metals and mining sector a close second with a 28.2% share. The utilities sector came in third with 11.2% of total volume, with transactions from issuers like GI Hydro, Steamhouse India, Rattan lndia Power and Essar Power,the report stated. Indian private credit had a record year in 2023, with issuers raising $7.66 billion across 77 deals, according to the data. However, a large chunk of volume was concentrated in outsized deals such as Shapoorji Pallonji Group and Vedanta Resources. 

Why are Mutual Fund houses limiting one-time investments in their smallcap fund?
The recent upsurge in market prices of small-cap stocks has led to significant increases, resulting in valuations exceeding the fair value of the underlying businesses. Consequently, assets under management (AUM) have experienced significant growth. In response to this trend, certain mutual fund houses have taken proactive measures to restrict lump sum or one-time investments, aiming to safeguard investor interests. Recognising the importance of investor protection, the Securities and Exchange Board of India (SEBI) has articulated its concerns and urged mutual funds' asset management companies (AMCs) to adopt preemptive measures to ensure investor protection and market stability.

FDI inflows decline 13% to $32 billion in April-December 2023
Foreign direct investment (FDI) inflows in India declined 13 per cent to USD 32.03 billion in April-December 2023, dragged down by lower infusion in computer hardware and software, telecom, auto, and pharma sectors, according to the latest government data.

FPIs get licence to thrill, lap up $8.7 billion govt bonds in 5 months
Mumbai: Overseas ownership of Indian government bonds climbed about $9 billion in just five months since JP Morgan announced its decision to include local sovereign debt in its emerging markets index, illustrating the attractiveness of fixed-income assets in the world’s fastest-expanding major economy for bulge-bracket funds in a constant global hunt for stable currencies and credible investment options.
 

REC to issue deep-discount bonds to raise Rs 5,000 crore in March

The state-run financier plans to raise the money through 10-year, deep-discount bonds and the issue is likely to see strong investor demand, the sources said.

Adani Energy Solutions aims to raise about $400 mn via oversees bonds

Indian billionaire Gautam Adani’s conglomerate is looking to raise roughly $400 million through the private placement of overseas bonds, according to people familiar with the matter.