Banks’ jewellery, auto auctions to rise

According to RBI data, loans against jewellery by banks stood at Rs 62,221 crore as of June 18, 2021 — an 80% increase over the previous year.

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Sebi extends instant cash facility to MFs’ overnight schemes

The Securities and Exchange Board of India (Sebi) on Friday said mutual funds can offer instant access facility in overnight schemes. This arrangement provides investors access to their money within few hours of placing their redemption request.

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Aditya Birla SL AMC picks 5 themes that may play out in next 3-5 years

Aditya Birla SL AMC said the phase of the economic cycle, the focus of government policies, industry disruptions and emerging sectors do lead to a change in trends. The fund house said that emerging sectors are initially ignored due to low revenues and perceived risks.

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Mahindra Manulife MF launches flexi cap yojana

Mahindra Manulife Flexi cap Yojana will have portfolio allocation based on top-down approach and bottom-up stock selection.

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Govt readies pension law revamp

The bill — which was being discussed by a committee of secretaries for several months — will also delink the National Pension System Trust from the regulator, while ensuring that the FDI is aligned with the one for the insurance sector, which is currently capped at 74%, official sources told TOI.

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New investor registrations cross 50 lakh on NSE in less than 4 months of FY22

Fresh registrations stood at 8.5 lakh during April-July 2019, 20 lakh in April-July 2020 and finally reached 51.3 lakh as of July 25, 2021.

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RBI cancels licence of Madgaum Urban Co-operative Bank Ltd, Margao

The RBI further said that as per the data submitted by the bank, about 99 per cent of the depositors will receive full amounts of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

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The most ridiculed Nifty stock gets largest retail attention in June quarter

Number of retail investors in the company grew by 4.31 lakh during the quarter to 25 lakh. They together now hold a 12.6 per cent stake in the company, up from 11.5 per cent at the end of March quarter.

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American Express to resume India business from August 7

The company has asked its partner banks and payment operators in India to recommence onboarding of new merchants on its network from August 7.

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Paytm Payments Bank crosses 1-crore FASTags mark

"Besides this, Paytm Payments Bank is also India's largest acquirer of toll plazas for the National Electronic Toll Collection (NETC) program offering an interoperable nationwide toll payment solution," Paytm Payments Bank said in a statement.

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Yes Bank, Indiabulls Housing Finance to give home loans under co-lending model

The bank is looking forward to further building a profitable and quality home loan portfolio through this partnership, Rajan Pental, Global Head - Retail Banking, Yes Bank said.

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Kotak AMC's global innovation fund of fund collects over Rs 1,650 crore

The mutual fund firm's global innovation FoF scheme has tied up to invest in Wellington Global Innovation Fund units, which in turn invests in global innovators such as Alphabet, Facebook, Amazon, Walt Disney, VISA, AstraZeneca, and Netflix.

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RBI imposes Rs 5 crore penalty on Axis Bank

They also include 'Financial Inclusion-Access to Banking Services-Basic Savings Bank Deposit Account'; and 'Frauds-Classification and Reporting'.

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No formal sector job loss during Covid as per EPFO payroll data, says government

“It is observed that there is addition in net payroll as represented by EPFO subscriber base in each month of 2020-21 except for the month of April and May 2020,” state labour minister Ramesawar Teli said.

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Fast growing gold loans turn sour hit by lockdowns

Banks for which gold loans contribute substantial amount to their profits, were hit in the first quarter. Out of the Rs 640 crore slippages that Federal Bank saw during the quarter, Rs 86 crore was from gold loans or linked to the product as a result, the bank's gross NPAs rose to 3.50% of advances, up from 2.96% a year.

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Free term life covers with SIPs proving costly for mutual funds

Surging premiums due to rising Covid-19 claims have forced fund houses to put the facility on hold for new investors

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PFRDA sets floor for pension funds to invest in IPOs

PFRDA has recently allowed investment in new-age assets, such as REITs and InvITs, to maintain a decent rate of return as interest rates plunge to record lows.

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Covid impact: Retail loans impairment rises as borrowers delay payments

Private lender Axis Bank reported fresh slippages of Rs 6,518 crore, up 23% from Rs 5285 crore in the March quarter. 84% of the net slippages were from the retail book.

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Missed allotment in IPO listings? Try participating via Edelweiss Recently Listed IPO Fund

IPOs like Zomato have seen stellar response and according to reports, at least nine companies are planning to raise over Rs 20,000 crore through IPOs over the next two weeks.

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Nearly Rs 49,000 crore lying unclaimed with banks, insurers: Karad

Giving the details in a written reply, the minister said as per information received from the Reserve Bank of India (RBI), the total amount of unclaimed deposits of banks stood at Rs 24,356 crore, as on December 31, 2020.

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I-T authorities unearth fictitious transactions of Rs 2,200 crore in pan-India search

The direct taxes body said the I-T department had found cyclical trading and transfer of funds among group companies, besides booking of bogus expenses and siphoning off of profits from listed companies, and routing of such funds into their closely held companies to make investments, making of circular transactions.

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Mutual funds' penetration remains extremely low in India: Navneet Munot of HDFC AMC

Mutual funds' penetration remains extremely low in the country despite strong growth in the past decade, HDFC Asset Management Company chief Navneet Munot said on Monday.

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Pandemic leaves Indians mired in massive medical debts

Indians pay about 63% of their medical expenses out-of-pocket. That's typical of many poor countries with inadequate government services.

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Sebi asks registrars to evolve common platform for mutual funds

Mumbai Markets regulator Sebi, in a circular on Monday, has asked Registrar and Transfer Agents (RTAs) to develop a common platform for the transaction of mutual fund units. Currently, investors face delays and have to deal with excess paperwork for non-commercial transactions.

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SC directs Franklin Templeton to not launch debt schemes till conclusion of case before SAT

The Supreme Court has also extended the time to file replies by Securities and Exchange Board of India(Sebi) in both the cases before the SAT by four weeks. It has also directed the tribunal to dispose of the Franklin matter expeditiously.

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Millennials make 25,000% returns on new crypto that blends gaming

The gaming token launched in November 2020 has gained over 25,000 per cent so far; this means an investment of Rs 1,000 would have become Rs 2.5 lakh in nine months.

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Covid-19 insurance claims to exceed 50% of Q1 health payouts; 16,000 crore cleared

In the first quarter of the current fiscal, Covid claims are expected to be more than 50%. Even now claims are coming in for reimbursement for hospitalisation and domiciliary treatment.

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Mastercard ban: RBI seeks action plan from banks

The Reserve Bank of India has also reached out to various lenders on the problems being faced by the broader banking system after it barred the US payments major from issuing new cards for its alleged failure to comply with data localisation rules.

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About 90% Indian consumers willing to pay a premium for buying EV: Survey

The EY Mobility Consumer Index (MCI), a survey of more than 9,000 respondents from 13 countries, including 1,000 respondents from India, also found that 40 per cent of the respondents were ready to pay a premium of up to 20 per cent. The survey concluded in the second half of July.

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Equity still good long-term bet; invest in staggered, diversified manner: Harsha Upadhyaya, Kotak AMC

Despite short-term worries about corporate earnings and high valuations, the Indian equity market is still a good bet for the long term, Harsha Upadhyaya, President and CIO-Equity, Kotak Mahindra AMC, tells ET Wealth.

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How gold, silver, platinum performed during the week ending July 22, 2021

In addition to dollar firmness, sale of old gold by Indians is also pulling gold prices now. Being a more volatile bullion, silver was down by 3.56% over the last week.

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Avoid aggressive buys in richly-valued companies like Zomato: Analysts

While the stock could extend the opening day gains in the coming days, thanks to appetite from institutional investors, higher valuations make it vulnerable to a sharp sell-off, they said.

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Investors opening new trading, demat account from Oct to get choice of providing nomination: Sebi

All existing eligible trading and demat accountholders will have to provide choice of nomination by March 31, 2022, failing which the trading and demat accounts will be frozen, Sebi said.

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India Post Payments Bank doubles transactions, plans digital inroads with India Post

Digital life certificate, which enables senior citizens to upload their proof of life for any pension scheme, instead of appearing in person before the authorities, is among several citizen services the payment bank introduced a few months ago.

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RBI is working on making virtual currency a reality

A CBDC is a form of virtual currency or cryptocurrency that is issued by a central bank as an alternative to its currency. These are largely stable coins backed by sovereign reserves and, unlike private crypto assets like Bitcoin or Ethereum, the value of these digital coins is not subject to volatile market fluctuations.

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Jumbo life covers bought by rich Indians under ED radar

Unbeknownst to most outside the secretive world of wealth management, such covers, sold at substantially lower premium than the rates charged by domestic insurers, are often structured as investment products with a single-premium ‘life insurance wrapper’.

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Why Indians lose most money in tech scams

Microsoft’s global survey – Global Tech Support Scam Research – that looks at tech support scams and their impact on consumers showed that India experienced a relatively high scam encounter rate of 69% in 2021, similar to the 70% rate experienced in 2018.

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Examining ways to enhance liquidity in Indian ETF market, says Sebi chief

Head of the capital market regulator Ajay Tyagi acknowledged that ETFs are steadily attracting new investors because of their low total expense ratio as compared to active management fees. The share of ETF assets under management in total AuM of mutual funds in India has risen from merely 2 per cent in 2015-16 to 9 per cent in 2020-21, he said.

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Mirae Asset launches Nifty Financial Services ETF

Mirae Asset Investment Managers (India) has announced the launch of an ETF tracking Nifty Financial Services Index – the ‘Mirae Asset Nifty Financial Services ETF

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Paytm Payment Gateway enables payment from fixed deposit account held with partner IndusInd Bank

"This will make way for greater convenience for the user and will also help them to liquidate their balances to make real-time payments with ease," a Paytm Payments Bank spokesperson said.

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90 unique problems related to new income tax e-filing portal reported: Govt

This was stated by the minister of state for finance Pankaj Chaudhary in a written reply in Rajya Sabha on July 20, 2021. These issues were reported by various stakeholders including tax professionals, ICAI and taxpayers.

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Finance ministry issues order to implement Cabinet decision on DA, DR hike from July 1

Last week, the Union Cabinet had approved an 11 percentage point hike in Dearness Allowance (DA) and Dearness Relief (DR) for central government employees and pensioners with effect from July 1, benefitting more than 48 lakh central government employees, and 65 lakh pensioners.

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Nippon India Mutual Fund to launch Flexi Cap Fund

Nippon India Mutual Fund (NIMF) has announced the launch of Nippon India Flexi Cap Fund- an open-ended dynamic equity scheme investing across market caps

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CBDT grants further relaxation in e-filing of Income Tax Forms to August 15

Taxpayers can now file Form 15 CA and Form 15 CB manually till August 15, the Ministry of Finance said. The decision was taken in view of rampant glitches on the new income tax filing online portal.

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Individuals can now update mobile numbers on Aadhaar at their doorstep with postman's help

The service will be available through a network of 650 India Post Payments Bank, 1.46 lakh postmen and Gramin Dak Sevaks (GDS).

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Unpaid overtime has soared since the beginning of the pandemic: Survey

One in ten workers (10%) globally are now giving away in excess of 20 hours per week for free to their employers – a proportion that has doubled in the last year from one in twenty (5%) before the pandemic. Given the demanding nature of their jobs, essential workers are putting in more unpaid overtime than non-essential workers.

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Why smallcaps should be part of your investment portfolio

Actively managed smallcap funds can outperform other segments of the market, especially during phases of economic recovery or growth. Historically too, the smallcap funds have managed to outperform other segments and generated alpha over the long term.

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What if you wanted to know how much Mukesh Ambani has in his account?

The latest case comes a couple of months after a concerted push by some major Indian banks against another related matter. In April this year, a bench had rejected a plea by HDFC Bank, SBI and others seeking recall of a six-year-old SC ruling that asked RBI to supply info on functioning of banks under RTI.

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Zomato share allotment status: Here's how to check it

Investors are eagerly waiting India's first startup unicorn listing, whose share allotment is likely to be finalised by Thursday. Last heard, unlisted shares of Zomato were commanding a Rs 16.75-17.25 premium in the grey market up from Rs 10 they was commanding just ahead of the issue.

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Sebi proposes swing pricing mechanism for debt mutual funds

Sebi on Monday proposed introducing swing pricing mechanism for open ended mutual fund debt schemes as part of efforts to ensure fairness in treatment of investors, especially during times of market dislocation.

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