Re-directing aggrieved customers to alternate grievance machinery not desirable: RBI Governor
Mumbai: Re-directing aggrieved customers to the alternate grievance machinery of the Reserve Bank of India (RBI) ombudsman is not desirable, Governor Shaktikanta Das told regulated entities (REs) on Friday. He emphasised that regulated entities (Banks, non-banking financial companies, non-bank payment system participants and credit information companies) must comprehend that they are the first touch points in the overall grievance redress framework.

RBI may move some NBFCs to the ‘top layer’ this year
Mumbai: Nearly two years after introducing a revised regulatory framework for non-banking finance companies (NBFCs), the Reserve Bank of India is set to review the categorisation of NBFCs in 2024.

Functioning of internal ombudsman requires considerable improvement: Das
Even as the Reserve Bank of India (RBI) has put in place an Internal Ombudsman (IO) mechanism for regulated entities to strengthen their internal grievance redress mechanism, the functioning of IO mechanism needs considerable improvement, governor Shaktikanta Das said at the Annual Conference of RBI Ombudsman here today.

YES Bank, Axis Bank go live as payment service providers for Paytm
This comes a day after National Payments Corporation of India (NPCI) approved Paytm’s request to function as a third-party application provider (TPAP) on the Unified Payments Interface (UPI). Before the RBI’s restrictions on Paytm Payments Bank kicked in, the company’s payments bank enabled UPI transactions on Paytm.

Kotak Mahindra Bank appoints Kotak Securities’ MD Jaideep Hansraj as Group President – One Kotak
Kotak Mahindra Bank on Friday announced that the board of directors have approved the appointment of Jaideep Hansraj, currently Managing Director of Kotak Securities Limited, a wholly-owned subsidiary of the Bank, as Group President. “With reference to the captioned subject, we wish to inform you that, as part of the organisational restructuring at the Bank, the Board of Directors have, at their meeting held today, appointed Jaideep Hansraj, currently Managing Director of Kotak Securities Limited (KSL), a wholly-owned subsidiary of the Bank), as Group President – One Kotak of the Bank, for engaging in the collaboration and oversight of subsidiaries of the Bank,” it said in a regulatory filing.

Bank holidays in March 2024: Are banks closed today, March 16?
Bank Holidays in March 2024: Today, March 16 which is a Saturday and there might be confusion among people regarding if Banks will be open today. As it is a third Saturday, banks will remain open today. Saturdays are typically not designated as bank holidays, except for the second and fourth Saturdays of each month. For the unknown, we would also like to inform that, if a month happens to have a fifth Saturday, then banking activities are conducted as usual on that day as well.

ICRA maintains AA rating for JM Financial, monitors impact of regulatory orders
Mumbai: ICRA has maintained the rating of JM Financial Products at AA with a stable outlook factoring in the consolidated view of the JM Financial Group, of which JM Financial The rating agency, in a note issued on Thursday, said that both the Reserve Bank of India and the Securities and Exchange Board of India are yet to commence investigations into the NBFC and the key businesses of the group, such as equity capital markets, advisory (mergers and acquisitions, private equity syndication), mortgage lending (retail and wholesale), institutional and retail broking, asset management, and distressed assets are not directly impacted by their orders.

CRISIL upgrades InCred Finance rating to ‘AA-/Stable’
CRISIL Ratings has upgraded the long-term rating on InCred Finance to ‘AA-/Stable’ from ‘A+/Stable’.

Kerala Financial Corporation raises ₹307 crore through NCD issue
Kochi: Kerala Financial Corporation, a Thiruvananthapuram based Financial Institution, has successfully raised ₹307 crore by issuing Non-Convertible Debentures (NCDs). The 10-year term bond was raised through the BSE Electronic Book Platform (EBP) at a coupon rate of 8.89 per cent.

Margin concerns largely priced in for Muthoot, Manappuram Finance
The rising price of gold has a positive effect on the assets under management (AUM) of gold-backed lenders such as leading gold NBFCs, Muthoot Finance, and Manappuram Finance – AUM rises when gold price increases.
 

What will change in Paytm app after March 15: Wallets, FasTag, card machines, UPI, and other questions answered
With the deadline mandated by the Reserve Bank of India for Paytm Payments Bank ending today, the digital payments firm Paytm has assured users and merchants that its mobile app will continue to work past March 15. It said that the company is committed to providing its users and merchants “a seamless payment experience”. Amid the confusion and frenzy among users over what will work and what will not, Paytm has released an updated document addressing 14 FAQs. 

Paytm gets 5 handles to continue UPI transactions, existing one to continue

The company's existing handle @paytm is among the five handles that users can continue using without the need to make any changes at their end.

With Paytm Bank set to wind down, uncertainty clouds One97’s future
The ides of March is upon us and Paytm’s future hangs in the balance. March 15 is the deadline for subsidiary Paytm Payments Bank (PPBL) to wind down its operations, taking with it a significant portion of parent One97 Communication’s (OCL) business. One97 insists that it will be business as usual post March 15. While the financial implication of PPBL may seem negligible to One97’s overall business, it needs to be seen in the context of the payments bank perhaps being the only profitable entity of OCL’s associates and JVs, in addition to being a critical component of the overall payments piece given that a significant portion of the transactions were routed through the bank.

Paytm Payments Bank releases FAQs on refund, closing FASTag accounts
Paytm Payments Bank Ltd (PPBL) issued frequently asked questions (FAQs) for its users on Friday, addressing concerns about the minimum balance of FASTag accounts and the refund of security deposits.

Best crypto leaders worldwide making cryptocurrency mainstream
Cryptocurrency, once considered a niche interest for tech enthusiasts and financial mavericks, has rapidly gained mainstream acceptance and adoption in recent years. Behind this surge into the mainstream are visionary leaders who have championed the cause of digital assets, driving innovation, advocacy, and adoption on a global scale. These crypto leaders have played a pivotal role in bringing cryptocurrency out of the shadows and into the spotlight of mainstream finance. Let’s explore the best crypto leaders worldwide who are making cryptocurrency mainstream.

Volatile Bitcoin falls from record high as crypto frenzy hits pause
Bitcoin eased to a one-week low in volatile trade on Friday, as investors took profit from its run to a record high and as another upside surprise on U.S. inflation dimmed prospects of early rate cuts there and dented demand for riskier assets. Bitcoin fell more than 5% in the Asian session to bottom at $66,629.96, before paring some of its losses to last trade 3.5% lower.

Crypto exchange CoinSwitch to diversify into wealth management
Bengaluru/New Delhi: Cryptocurrency exchange and aggregator platform CoinSwitch would need to fast-track its move to diversify into the wider wealth-tech services amid a more than 80% slump in annual operating revenue in FY23.

Small and mid-cap funds to continue to garner investor interest, says ICRA Analytics
Small cap and mid cap funds, which have witnessed a steady surge in AUM (Assets under Management) over the last one year, are likely to hold investor interest in the medium to long term, said a report by ICRA. The surge, it added, is due to the value created in the entities backed by robust regulatory framework leading to better corporate governance practices and the government’s firm intent to push for an intrinsic growth in the country’s economy. 

Open-ended Vs Close-ended Mutual Fund: Which fund is good for investment?
Mutual funds offer investors the opportunity to invest in a diversified portfolio of securities managed by professionals. They are broadly categorized into two types: open-ended and close-ended funds. Understanding the differences between these two types can help investors make informed decisions based on their financial goals and risk tolerance.

Large MFs face higher risks, small/mid-cap stress test shows
Mumbai: The stress test on the mid- and small-cap mutual fund schemes mandated by market regulator SEBI has revealed that some of the larger players may be at higher risk compared to their smaller peers.

How India's top 10 small cap mutual funds stand on liquidity stress test
Mumbai : India's top small-cap fund managers will require substantial time, in some cases up to 30 days, to liquidate a quarter of their portfolios during market upheavals, as revealed by stress tests conducted by various fund houses.

Mutual Fund stress test: Edelweiss Small Cap Fund to take 3 days for 50% portfolio liquidation
Edelweiss Asset Management Company has announced the stress test results of its smallcap and midcap mutual funds schemes. It shows that the Edelweiss Small Cap Fund with asset under management of ₹3,198.9 crore would take three days for the liquidation of its 50% portfolio if a sharp selloff occurs in the stock market.

New Fund Offer: DSP Mutual Fund launches DSP S&P BSE Liquid Rate ETF – Check details
DSP Mutual Fund has announced the launch of DSP S&P BSE Liquid Rate ETF (DSP BLR ETF), an open-ended scheme replicating/ tracking S&P BSE Liquid Rate Index. The Fund offers investors easy cash management with ample liquidity and low risk.

After Sebi chief, S Naren of ICICI Prudential MF has a warning for fund managers.
A lot has happened over the last few days.