Starved of liquidity: Banks bid big in RBI’s VRR auction
With liquidity drying out temporarily during the end of the financial year because of Goods and Services Tax (GST) and advance tax, banks put in bids aggressively for the three variable report rate (VRR) auctions on Friday. The Reserve Bank of India (RBI) received bids of Rs 2.78 trillion – more than double the VRR auctions’ amount of Rs 1.25 trillion.  

RBI conducts 3 VRR auctions in a day as overnight rates go past MSF rate
The liquidity deficit in the system widened to Rs 1.38 trillion on Thursday, latest data by the central bank showed.

Hemendra Kothari's DSP group to enter NBFC space, awaits RBI approval
The company has applied to the Reserve Bank of India (RBI) for the licence, which is expected in a couple of months, sources added.
 

RBI offices dealing with govt business to remain open on Mar 30, 31
RBI’s offices dealing with govt biz to be open on March 30 and 31
The Hindu Business Line

Indian Banks’ Association appoints Central Bank of India’s MV Rao as chairman
The managing director and chief executive officer of Central Bank of India, MV Rao was elected as the Chairman of Indian Banks’ Association (IBA). The managing committee of the IBA made the decision on March 21, 2024, the Central Bank of India said in a statement. IBA is an industry lobby of banks in India.

Federal Bank launches RuPay smart key chain – Flash Pay for contactless payments
Federal Bank on Friday announced the launch of NCMC-enabled RuPay Smart key chain – “Flash Pay”. This smart keychain, it said, can be used during transit at NCMC-enabled metro stations without having to stand in a queue line to buy tickets or cards pertaining to respective metro stations. “Customers can perform the contactless payment transaction (without PIN) up to Rs 5000 and will require PIN authentication above it, with a per day limit of Rs 1,00,000 at any POS terminal,” the bank said in a statement.

Karur Vysya Bank to open two new branches; stock rises
Bengaluru: Karur Vysya Bank will be inagurating two of its branches next week. According to the stock exchange filing, the bank will open its office in Poyyamani on March 25, 2024, and another at Anna Salai, Little Mount, Chennai, on March 27, 2024. The bank has recently opened two other branches in Perumbakkam, Chennai, and Visalandhra Road, Vijayawada.

These banks offer higher FD interest rate above 7 percent. Details here
Before opening a fixed deposit (FD) account, depositors are meant to compare the interest rates offered by different commercial banks. Typically, the interest rates of most banks are in the same range but marginal difference over a long period of time can make significant difference to the overall wealth creation.

IDFC Bank MD and CEO Vaidyanathan gifts 7 lakh bank shares worth ₹5 crore
 

IDFC Bank MD and CEO Vaidyanathan gifts 7 lakh bank shares worth ₹5 crore
 

Karnataka Bank to raise up to ₹600 cr through QIP
Mangalore-based private sector lender Karnataka Bank will raise up to ₹600 crore through a qualified institutional placement (QIP), according to a term sheet seen by Mint. 

Banks’ NII to remain under pressure in Q4: CareEdge
The net interest income of banks is likely to remain under pressure in the January-March period due to delayed impact of deposit repricing and a fall in the proportion of low-cost current account savings account deposits, CareEdge said on Friday.

Credit growth trajectory likely to slow down to 12-14% YoY over FY25-27, says Emkay Global
India’s banking sector is expected to face a slowdown in credit growth and with banks exhausting strategies to sustain margins, the imperative for mobilizing deposits emerges, analysts said.

Can Paytm’s relief rally continue?
Shares of One 97 Communications Ltd, the parent company of Paytm, recovered from a recent low of ₹334 after it received approval from the National Payments Corporation of India (NPCI) on 14 March to continue its UPI business as a third-party application provider. The stock has now surpassed ₹400.

Post PA licence, Cashfree Payments’ transaction volumes have increased by 30%
Cashfree Payments transaction volume has grown by nearly 30 per cent after the Reserve Bank of India lifted the ban and granted the company final PA licence in December. “The transaction volume has grown by 25 to 30 per cent just in one quarter,” Akash Sinha, CEO and co-founder of the Bengaluru-based payments company told businessline.

Stock market holidays in March 2024: BSE, NSE to remain closed on Holi, Good Friday
Stock market holidays in March 2024: The Indian stock market will have a truncated week ahead as trading activities on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will remain closed for two sessions next week. As per the stock market holidays 2024 list, which is available on the BSE website, the Indian stock market will remain closed on Monday, 25th March 2024 for the Holi festival. After Holi 2024, the next stock market holiday will fall on 29th March 2024 i.e. Friday next week for the Good Friday. So, out of the regular five-week sessions, there will be no trading activities on Monday and Friday next week. The truncated week will have just three sessions from Tuesday to Thursday.

BSE to launch beta version of T+0 settlement next week. Check date, other details
Following guidelines of the Securities and Exchange Board of India (SEBI), the Bombay Stock Exchange (BSE) has declared to introduce a beta version of the T+0 settlement. The BSE said in a notice on Friday that it will introduce the beta version of the T+0 settlement on 28th March 2024 i.e. on Thursday next week. The BSE said that after the introduction of the beta version of T+0 settlement, all the charges/fees like Transaction Charges, STT, and Regulatory/Turnover Fees that are applicable for T+1 settled security will be applicable for T+0 settled security.

Buy these 3 altcoins before they pump 50x in 2024: Bonk (BONK), Retik Finance (RETIK), and Dogecoin (DOGE)
In the fast-paced world of cryptocurrency investing, recognizing the next big opportunity is frequently the key to unlocking significant rewards. It can be difficult to distinguish the winners from the unsuccessful in the market since thousands of cryptocurrencies are competing for users’ attention. Nonetheless, there might be enormous potential rewards for those who are prepared to put in the necessary research and take measured chances.This post will examine three altcoins that have the potential to increase in value by an astounding 50 times by 2024: Bonk (BONK), Retik Finance (RETIK), and Dogecoin (DOGE).For investors looking to profit from the expanding cryptocurrency market, each of these coins presents a distinctive value proposition and room for growth.

Navi Mumbai man loses over Rs 10 lakh in crypto scam
A 37-year-old man from Navi Mumbai allegedly lost more than Rs 10 lakh after fraudsters persuaded him to invest in cryptocurrency promising high returns, an official said on Friday.

What should investors know before investing in multi-asset funds?
The Indian mutual fund industry has been buzzing with new fund offerings, especially in the multi-asset allocation category. Over the past couple of years, more than a dozen new funds have hit the market from big players such as Aditya Birla, Kotak, and many others. This surge comes as stocks, bonds and gold have been performing strongly, prompting investors to reconsider their investment allocation.

Nippon’s small cap fund puts further curbs on inflows
Mumbai: Nippon India Small Cap Fund, the largest scheme in this mutual fund category with assets under management of ₹46,044 crore, has put further restrictions on flows from fresh systematic investment plan (SIP) and Systematic transfer plan (STP). The fund house will now only accept applications worth ₹50,000 per PAN per day from Friday.
 

MFs impose curbs on smallcap funds; Franklin MF latest to restrict inflows
Franklin Templeton Mutual Fund (MF) has become the latest fund house to limit the amount investors can put into its smallcap fund.
 

'New income tax regime is yet to have any meaningful impact on ELSS schemes': AMC Expert
Deepak Ramaraju, Senior Fund Manager at Shriram AMC, shares insights on the market, discussing both global and domestic conditions, and focusing on factors like inflation and geopolitical tensions. He predicts a market rebound post-elections driven by corporate earnings, particularly in the SMID space. Additionally, he recommends Equity Linked Savings Schemes (ELSS) as a tax-saving option offering long-term capital appreciation. Despite new tax regulations, ELSS remains appealing to investors due to its strong risk-adjusted returns, with about one-third of funds surpassing benchmarks.

These 8 flexi cap mutual fund schemes gave over 16 percent annualised returns in 10 years
Before investing in a mutual fund scheme, retail investors tend to compare the returns given by one scheme vis-à-vis other schemes in the same category in order to maximise their wealth creation.

Why this hybrid fund is a good investment amid volatile markets
After a relentless rally over the past few months, markets have turned volatile in recent weeks. The broader markets, especially, have raised concerns relating to elevated valuations. Market regulator SEBI pushing mutual funds to declare the stress test results on their holdings is also keeping investors on tenterhooks. With elections set to be conducted in a phased manner from April till the first week of June, the markets may remain volatile for the foreseeable future.

Midcap space most expensive segment of the market: Aniruddha Naha, CIO, Alternatives, PGIM India AMC
Equities may give high single-digit or low double-digit returns this year given the inflation scenario, rising raw material costs, and subdued earnings growth over the next two quarters, says Aniruddha Naha, CIO, Alternatives, PGIM India AMC. Naha believes that commodity and crude oil prices could fuel inflation and impact the trajectory of interest rates going ahead. 

Foreign flows in India underperformed China by 10% from its peak: Elara Capital
Initial signs of slowdown are being witnessed in foreign inflows in India, with total inflows into India dedicated funds of $144 million (Large + Mid+ Small) are slowest since May 2023, according to a report by brokerage firm Elara Capital.