P2P lenders focus on fixed tenure products after RBI rap
Peer-to-peer(P2P) lending platforms are increasingly focussing on fixed-tenure products as the Reserve Bank of India(RBI) has expressed displeasure over liquid funds or instant withdrawal products. Industry sources say that a majority of customers have migrated to fixed-tenure products from liquid funds in recent months. As a result, the impact on the overall business of platforms is considered insignificant.

RBI’s clampdown may raise cost of capital for institutions, impede growth
Mumbai: Reserve Bank of India’s recent regulatory measures will curtail lenders’ over-exuberance, enhance compliance culture, and safeguard customers. However, the drawback will be higher capital costs for institutions and impede growth, S&P Global said in a note. “India’s regulator has underscored its commitment to strengthening the financial sector. But the increased regulatory risk could impede growth and raise the cost of capital for financial institutions,” said S&P Global credit analyst Geeta Chugh.

ECB registrations in April-Jan surge 52% to reach 4-year high
Indian companies have turned on raising funds from overseas, with registrations for external commercial borrowing (ECB) reaching a four-year high of $38.7 billion in the April-January period of the current fiscal year. This marks a 52% surge from $25.4 billion recorded in 2022-23. Total disbursements during the first 10 months of FY24 stood at $30.1 billion, according to Reserve Bank of India (RBI) data.

Ujjivan Small Finance partners with Veefin Solutions for MSME growth
Ujjivan Small Finance Bank has partnered with Veefin Solutions Ltd to enhance supply chain finance offerings for MSMEs, addressing the sector’s working capital needs. Ujjivan SFB said that by leveraging Veefin’s platform, it aims to provide end-to-end solutions, bridging the credit gap in the MSME sector and fostering inclusive growth. “We are happy to partner with Veefin Solutions, which will enable us further enhance the credit accessibility needs of the MSMEs, thereby strengthening our digital MSME offerings. This association will help us build on the operational efficiency, thereby empowering more MSMEs to charter their growth path,” said Ittira Davis, MD & CEO at Ujjivan Small Finance Bank.

Shriram Fin, HDFC Bank to see most inflows in Nifty revamp
Mumbai: The semi-annual rejig of Nifty indices on March 28 is expected to result in cumulative inflows of $188 million in Shriram Finance, $94 million in HDFC Bank, $80 million in Jio Financial Services, $66 million in NTPC, $45 million in Adani Power and $45 million in Power Finance Corporation. Top outflows are expected in SBI ($103 million), UPL ($95 million) and ICICI Bank ($77 million), according to Nuvama Alternative & Quantitative Research.

Why ICICI Bank employees are dialling ICICI Securities shareholders
Mumbai : Employees of ICICI Bank reached out to small shareholders of ICICI Securities on the broking unit’s delisting vote that concluded on Tuesday, several investors who received the overtures said.

Federal Bank opens 600th branch of Kerala in Tanur
Kochi: Federal Bank has opened its 600th branch of Kerala in Tanur of Malappuram district on Monday. The branch was inaugurated by K Salmath, President of Tanur Block Panchayat. Nandakumar V, Head of Branch Banking, Federal Bank presided over the function.

Axis Bank introduces digital opening of US dollar fixed deposit for NRI customers at GIFT City
Axis Bank on Tuesday announced the introduction of digital US dollar fixed deposit (FD) for NRI customers at the IFSC Banking Unit (IBU) at GIFT City, Gujarat. With this introduction, Axis Bank becomes the first bank to offer a digital journey for GIFT City Deposits, the bank said in a statement.

Bank of Baroda wins co-branding rights for three Delhi Metro stations

These stations are Inderlok, South Extension and Rajouri Garden.

Federal Bank focuses on retail deposit growth, achieving 19% increase: Shalini Warrier, ED, Federal Bank
Amidst ongoing deposit competition in the industry, Federal Bank remains focused on strengthening its retail deposit base by focusing on right segments offering competitive interest rates and continuously delivering innovative liability product offerings. Shalini Warrier, the Bank’s Executive Director said that this effort has yielded positive results, as is evident from the fact that our deposits have grown by about 19 per cent (year-on-year) while industry growth is around 13.5-14 per cent.

RBI imposes Rs 59.90 lakh penalty on Nashik's Janalaxmi Cooperative Bank
RBI imposes Rs 59.90 lakh fine on Nashik's Janalaxmi Cooperative Bank
Business Standard

StanChart Bank likely to sell entire 7.2% stake in CDSL via block deals: Report
Standard Chartered set to exit CDSL with 7.18% stake sale
mint

How devaluation has hurt Axis credit card holders
 

Travel credit cards seeing strong growth as Indians warm up to reward miles, discounts
Mumbai Travel-based co-branded credit cards are seeing strong growth led by steady demand as more and more users utilise these cards for reward miles and discounts for their domestic and overseas travel.

Banks’ NIM to compress 10-20 bps over next two years: Fitch Ratings
Mumbai: Net interest margins (NIMs) of banks are expected to fall by 10-20 bps over the next two years from the current cyclical peak of 3.6 per cent in 9M FY24 driven by rising funding costs due to greater competition for deposits, normalising liquidity conditions and elevated loan growth.  “Improvement in their operating profit/risk-weighted assets could be limited if banks continue to fund higher risk-weighted loans, such as consumer credit and loans to non-bank financial institutions, aggressively,” Fitch Ratings said in a note, also highlighting banks’ high reliance on net interest income (NII) which contributed 75 per cent of total operating income in 9M FY24.

India's regulatory scrutiny may raise lenders' capital costs, slow loan growth, says S&P Global
RBI’s regulatory clampdown on banks, NBFCs may lead to higher cost of capital: S&P Global
The Indian Express

Ambit Finvest raises ₹415 crore as Daiwa acquires minority stake
Mumbai : Ambit Finvest, a non-banking financial company (NBFC) within the Ambit Group, has raised ₹415 crore from Japanese financial services firm Daiwa Securities Group Inc for a minority stake. This move aims to capitalize on the growth opportunities within India's NBFC sector while boosting financial inclusion across the country.

The dual significance of Holi & Finance in the month of March
March in India is a month where two significant events coincide – the vibrant festival of Holi and the financial importance that comes with the end of the fiscal year. Both celebrations hold immense value in the lives of people, impacting both the cultural and financial spheres of the country.

Avanse raises Rs 1,000 crore from investors led by Mubadala Investment Company
Avanse Financial Services, an education-focused non-banking financial company (NBFC), on Tuesday announced that it has raised primary capital of Rs 1,000 crore to fund business growth. This round of funding was led by Mubadala Investment Company (Mubadala), the Abu Dhabi-based investment company, with participation from Avendus PE Investment Advisors Private Ltd via its fund Avendus Future Leaders Fund II, the NBFC said in a statement.

Why the surge in gold loans raises red flags
Are regulators and policymakers getting worried about the gold loan market? Earlier this month, the Reserve Bank of India barred IIFL Finance, the country’s second-largest gold loan non-bank finance company (NBFC), from disbursing fresh gold loans.

Paytm exit effect: BharatPe sees 77% jump in merchant on-boarding in Feb
Mumbai: Payments platform BharatPe has seen a surge in business following the restrictions imposed by competitor Paytm and its payments bank arm on January 31, 2024. In February 2024, BharatPe’s merchant on-boarding surged by 77 per cent on month and platform’s website traffic for onboarding inquries increased by more than 47 per cent, the company told businessline.

Paytm FASTag: Here is how to recharge FASTag on Paytm now
Amid frenzy among Paytm FASTag users due to the regulatory warnings received by Paytm Payments Bank Limited (PPBL) and RBI imposing severe business restrictions on the company, Paytm on Tuesday announced that it is enabling FASTag recharges directly through its app. This move, it said, allows users to recharge their FASTags anytime and anywhere, avoiding long queues and delays at toll plazas. Furthermore, it said that Paytm users now have the option to purchase new FASTags from HDFC Bank on the app. 

Trust Fintech IPO: SME issue subscribed 3.34 times on day 1; check subscription status, GMP, other details
Trust Fintech IPO: The initial public offering (IPO) of small and medium-sized enterprise (SME) Trust Fintech opened for subscription on Tuesday, March 26, 2024. The SME IPO was subscribed 3.34 times by the end of the first day. The issue will remain open for subscription till Thursday, March 28, 2024.

Three altcoins seeing massive attention from Bitcoin (BTC) bulls ahead of the market rally: Ethereum (ETH), Solana (SOL), Retik Finance (RETIK)
Altcoins have long been considered the entrance to potentially lucrative profits in the fast-paced world of cryptocurrency investing, frequently beating Bitcoin (BTC) during strong market periods.As the cryptocurrency market braces for an expected surge, attention is shifting to three prominent altcoins that are gaining traction among Bitcoin bulls: Ethereum, Solana, and Retik Finance.In this article, we will look at the reasons for these altcoins’ increasing popularity among investors and why they are primed to shine during the upcoming bull run.Bitcoin serves as the cryptocurrency market’s bellwether, and its movements frequently impact the overall trajectory of the entire ecosystem. However, astute investors understand that, while Bitcoin could spearhead the charge, altcoins frequently provide the most substantial prospects for expansion and profit. ETH, SOL, and RETIK emerged as frontrunners in this regard, drawing prominence not only because of their breakthroughs in technology but also for their ability to disrupt existing sectors, redefine the future of finance, and deliver massive gains to investors.

Trial for fallen crypto tycoon begins, but he won’t attend
 

Editorial. A case for enhancing MF overseas investment limits
With mutual funds exhausting their $1 billion limit to invest in overseas Exchange Traded Funds (ETFs) this week, domestic investors can no longer diversify across the borders through the mutual fund route. The $7 billion limit that the Securities Exchange Board of India (SEBI) had set for Indian funds to invest in overseas stocks and bonds had run out in January 2022, pushing investors to explore ETFs in the past year. The mutual fund industry has been knocking at the regulators’ doors to enhance its overseas investment limits. SEBI and Reserve Bank of India (RBI) must favourably consider these requests.

Why this largest balanced advantage fund is a good investment choice
In the current markets, blue chip indices are near all-time highs. Bonds have rallied well in the last year, and yields have been falling for government securities. However, recent months have seen volatility in the mid- and small-cap spaces as valuations ran ahead of fundamentals. Market regulator SEBI has expressed concerns about liquidity in the space – so much so that it has asked funds to conduct stress tests.

Investors open wallets for equity mutual funds in choppy markets
In February alone, investors poured Rs 11,500 crore through the lump sum route, the highest since March 2022, according to data from the Association of Mutual Funds in India.

SBI’s parabolic rally has seen MFs book profits. Will investors continue to bet on Khara’s optimism?
Around three years ago, when State Bank of India (SBI) chairman Dinesh Kumar Khara said that ‘the elephant was ready to dance’, Dalal Street was divided into two camps – those who believed him and those who didn’t. At the time, SBI shares were hovering around INR400 apiece.

Markets regulator asks MFs if they mis-sold funds
 

PE firm Olympus to sell 9.8% stake in India's Aster DM for up to $234.5 mn
Private equity firm Olympus Capital Asia plans to sell a 9.8% stake in India's Aster DM Healthcare for up to 19.53 billion rupees (nearly $234.5 million), according to a term sheet seen by Reuters on Tuesday.

Visa, Mastercard agree to lower swipe fees, settling long-running lawsuit
Visa, Mastercard and the largest U.S. credit-card issuing banks have agreed to a settlement with merchants that have been suing them for nearly two decades over the fees they charge for swiping credit cards.