RBI takes delivery of $5-billion dollar/rupee swap
The Reserve Bank of India (RBI) took delivery of $5-billion dollar/rupee swap that matured on Monday, releasing over Rs 40,000 crore of durable liquidity in the system. Sustained dollar flows and tight liquidity have prompted the central bank to take delivery of the swap, say bankers. The move will boost foreign exchange reserves.

RBI goes after ‘peer to peer’ transactions – Cred, NoBroker on radar
Days after crackdown against Paytm and Visa, the Reserve Bank of India is now focusing on the ‘peer to peer’ credit card payments. According to a report by the Hindu Business Line, the central bank has increased the scrutiny of such third-party service providers. Usually fintechs, such P2P lending platforms are facilitating the payments by retail customers using credit cards.

IndusInd Bank launched all-in-one payment wearables
IndusInd Bank introduced ‘Indus PayWear,’ a new wearable payment solution, available on Mastercard. These wearables enable users to tokenise their IndusInd Bank cards for tap-and-pay transactions at contactless Point-of-Sale (PoS) terminals worldwide. 

IOB gets new Executive Director
 

Navigating the mortgage landscape: Vision for affordable housing finance
The Indian home mortgage finance market is on the cusp of a remarkable growth trajectory, projected to expand at a robust 13 per cent Compound Annual Growth Rate (CAGR) over FY23-26. This expansion is driven by rising incomes, enhanced affordability and substantial government support. As the industry continues to evolve and expand, it is poised to play a vital role in meeting the housing needs of millions of individuals and contributing to the overall growth and development of the nation. As a result, the forthcoming quarters are expected to yield positive outcomes for both Housing Finance Companies (HFCs) and Non-Banking Financial Companies (NBFCs).

IIFL Finance files compliance report with RBI: Sources
Non-banking finance company (NBFC), IIFL Finance, has filed a compliance report with the Reserve Bank of India (RBI) on Friday after making some key systemic changes in its operating processes, said sources close to the development. The banking regulator on March 4 had barred the NBFC from offering gold loans due to norm violations.

Aditya Birla Finance to merge with parent in 12 months
Mumbai: The board of Aditya Birla Capital on Monday announced the merger of wholly-owned subsidiary Aditya Birla Finance with itself to create a large unified operating NBFC, with the merger expected to be completed in 9-12 months. The merger is being proposed to consolidate the business and number of entities, rationalise and simplify the Group structure, improve financial stability, pool the knowledge and expertise of both parties, align their business plans, enhance stakeholder value, increase operational efficiency, the company notified the exchanges.

FIDC issues advisory to NBFCs amid successive regulatory actions
Mumbai: Industry body Finance Industry Development Council (FIDC) has issued an advisory to NBFCs to comply with regulatory guidelines and put in place measures to monitor end use of funds. The advisory comes in the wake of back-to-back actions from RBI, first barring IIFL Finance from giving gold loans followed by asking JM Financial Products to stop financing against shares and debentures. Later, SEBI barred parent JM Financial from acting as the lead manager for any new debt public issue.

Capri Global Capital cuts gold loan rate by 100 bps for a limited period
Mumbai: Capri Global Capital Ltd (CGCL) announced on Monday a 100 basis point (bps) cut in gold loan rates in the run-up to the close of the financial year. The interest rate on gold loans will now start at 9.96 per cent against 10.96 per cent earlier. This reduced rate is available until March 31, 2024. The non-banking finance company said its gold loans come with zero processing fees.

IIFL Finance’s shares down on RBI imposing ban on gold lending
IIFL Finance Ltd.’s shares were down by 5.70 per cent to ₹396.45 at 11.34 am on the BSE, after the Reserve Bank of India (RBI) placed a ban on gold lending, impacting the operations and profitability of the company. This move comes in response to observed deviations in gold appraisal and certification of purity, as well as breaches in loan-to-value (LTV) ratios, raising concerns about the integrity of gold loan transactions.

L&T Finance, L&T Infra Credit and 5 other NBFCs surrender certificates of registration
L&T Finance, L&T Infra Credit among 7 NBFCs surrendering license to RBI

Aditya Birla Capital, Aditya Birla Finance announce a Scheme of Amalgamation for creation of a large NBFC
Aditya Birla Capital announces merger with Aditya Birla Finance, will create large unified operating NBFC
The Financial Express

Veefin Solutions partners with Muthoot FinCorp to launch supply chain finance operations
Veefin Solutions Ltd announced a collaboration with Muthoot FinCorp to initiate its Supply Chain Finance (SCF) operations across the country. Muthoot FinCorp aims to empower its branches nationwide through this integration. Veefin Solutions will serve as the technology partner for Muthoot FinCorp, providing Supply Chain Finance solutions. This includes facilitating the onboarding of suppliers and vendors, underwriting their loans using the Loan Origination Solution (LOS), and managing transactions through the Loan Management Solution (LMS). Additionally, Veefin’s Reporting & Business Intelligence solution will offer analysis capabilities.

India’s untapped gold loan market offer good biz prospects: Unimoni CEO
Focusing on the gold loan business in a big way, Unimoni Financial Services is eyeing a ₹1000 crore book by FY25. Currently, the gold loan book is at ₹250 crore which is expected to go up by ₹750 crore in the current fiscal, Krishnan R, Director and CEO, Unimoni India said. In a chat with businessline, he said the untapped gold loan market in India offers a good business opportunity and there is a need to move closer to the customers. Out of the available gold stock in the country, less than 10 per cent comes to the market for lending purpose, he said adding that the rising gold prices also augurs well for the market.

IFC checks out of Religare as battle for control rages
Mumbai/Bengaluru: The International Finance Corporation has sold its entire residual stake in Religare Enterprises Ltd, ending its 12-year engagement with the Delhi-based financial services company, even as the management of Religare and the Burman family continue to battle it out for control of the company.

Three years since launch, has Paytm’s mini app store lived up to expectations?
The recent conflict between Google and Indian app developers has reignited the debate for an indigenous app store yet again. Recently, digital payments and financial services firm PhonePe launched its alternative to Google and Apple’s app stores, marketed as a completely made-in-India product.

Bitcoin hits new record high above $70,400
Bitcoin hit a new record high on Monday above $70,400, as the surge in the biggest cryptocurrency showed no signs of slowing down.

How bitcoin made one big believer out of BlackRock
 

UTI AMC’s US market entry in 2024 secured with US SEC approval
New Delhi: UTI Asset Management Company (UTI AMC) together with its international arm UTI International are looking to commence their US operations this year, Vetri Subramaniam, Chief Investment Officer of this leading asset manager has said. 

Multicap mutual funds gain currency as investors seek diversification

Multicap funds invest a minimum 25 per cent in large, mid and smallcap stocks. The other diversified category is flexicap but they mostly invest in largecaps. 

MF assets owned by women up by 21%: AMFI
Interestingly, the share of MF assets owned by women from beyond top-30 cities increased to 28 per cent from 17 per cent and that of their folios was up to 18 per cent from 15 per cent during the same period, according to the Association of Mutual Funds in India data, curated by CRISIL.

Government bond yield curve may flatten more as long-term interest rates decline
The curve is the flattest in nine months, with the spread between the central bank policy rate and benchmark bond yield easing to 50 basis points on Monday, from 90 bps in October.