BSE StAR MF registers 1.52 cr transactions worth Rs 35,242 cr in Sep

The mutual fund transactions surpassed its all-time highest monthly record of 1.41 crore transactions achieved in August, the exchange said in a statement.

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SIPs in IT, mid- and small-cap mutual funds top returns chart

Equity mutual funds betting on information technology stocks, mid-caps and small caps have yielded the highest returns for investors who put money in these products through Systematic Investment Plans (SIPs) in the past decade.

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Insurance claim can be denied if vehicle driven without valid registration: Supreme Court

A bench headed by Justice U U Lalit said the claim of insurance amount be dismissed if there is a fundamental breach of the terms and conditions of the policy.

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New auto debit rules of RBI set to kick in from Friday

On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) under arrangements/practices not compliant with AFA would not be continued beyond March 31, 2021.

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Cancerians make the most money; Delhi adds maximum to the rich list

Among leading cities, Delhi added most number of rich Indians, followed by Mumbai and Bangalore, the report showed.

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IndusInd Bank inks gold loan co-lending pact with Indel Money

While IndusInd Bank will take into its book 80 per cent of the gold loan generated by the co-lending arrangement, the remaining 20 per cent will be funded by Indel Money, Mohanan said without disclosing how much incremental growth he expects in the AUM under this agreement.

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Festive stocking fires up consumer goods sales in September

Growth in value was more than that in volume in September, said Deepak Bansal, vice president of corporate planning, LG Electronics, India's largest white goods manufacturer.

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SEBI introduces swing pricing in debt mutual funds

Swing pricing is a mechanism by which fund houses can adjust a scheme’s net asset value (NAV) in response to the flows into or out of the fund. It is aimed at reducing the impact of large redemptions on existing investors by reducing dilution of the value of a fund’s units.

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NPCI looks at USD 1 trillion worth of transactions through UPI on annual basis

The NPCI chief said there is a large number of merchants who are accepting digital payments, including the smaller merchants, which is well over 50 million. "However, I still believe that 10X growth is possible. The cash in circulation is about Rs 30 lakh crore. While it has been increasing constantly, digital payments are also increasing, even as the cash is still high," he said.

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Indel Money enters partnership with IndusInd Bank to offer gold loans at competitive rates

Under the co-lending partnership, Indel Money will originate and process gold loans based on mutually formulated credit parameters and eligibility criteria. The company will service the customers through the entire lifecycle of the loans including sourcing, documentation, collection and loan servicing.

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HDFC bank issues 400,000 credit cards after embargo

After the embargo on HDFC Bank was lifted last month, they have issued over 400,000 credit cards. This signifies the aggressive growth that the private lender has made since then. This record issuance is as of September 21, 2021. HDFC Bank was looking to get back to its pre-embargo run rate of 300,000 credit cards per month, which they had planned to achieve in the next 2-3 months. After that, they expected to hit 500,000 credit cards per month from February 2022

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Edelweiss AMC launches Edelweiss NIFTY PSU Bond plus SDL Index Fund – 2027

Edelweiss Asset Management has announced the launch of a target maturity index fund called Edelweiss NIFTY PSU Bond plus SDL Index Fund – 2027.

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Suryoday Bank decides to shut down own ATMs, the first domestic lender to do so

The small finance bank is now formulating a strategy where it would offer its customers 5-7 transactions free per month when they use the ATM network of other banks to withdraw cash.

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UPI transaction value doubled to ₹6.06 lakh crore in July

UPI platforms saw a 109% jump as consumers took to digital payments for daily essentials at local stores as well as premium purchases.

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Mastercard rolls out buy now, pay later program

The Mastercard Installments program will be available in markets across the United States, the United Kingdom and Australia, the company said.

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Paytm becomes India's first platform to accept international remittances directly into digital wallet

This partnership makes Paytm the country’s first platform to accept international remittances directly into a digital wallet. On the other hand, Ria Money became the first money transfer company to connect with Paytm’s wallet users.

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UIDAI slashes Aadhaar authentication charge to Rs 3: CEO Saurabh Garg

"We have slashed the rate from Rs 20 per authentication to Rs 3 and the objective has been to ensure that different agencies, entities should be able to use the power of digital infrastructure which has been created by the state that needs to be used to provide people with ease of living with dignity," Garg said.

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ICICI Bank faces intermittent downtime on payment stack

It could not be ascertained what was the glitch that was causing this issue, though a few users said the issue was going on since a “few hours.” It could not be ascertained how many ICICI Bank customers were impacted due to the downtime.

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Sebi releases revised risk management framework for MFs

Sebi has come out with roles and responsibilities of board of AMC and trustees, chief executive officer (CEO), chief risk officer (CRO), chief investment officer (CIO), role of other CXOs and fund manager.

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RBI imposes Rs 2 crore penalty on RBL Bank

The RBI said it had also issued a notice to the bank asking it to explain why a penalty should not be imposed on it.

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Recurring card pays to be hit from next month

According to sources, around 75% of the banks have put in place the technology to meet RBI’s directive. However, there are some banks and merchants who are still in wait-and-watch mode.

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Look at the big picture in market, hunt in nooks and crannies

"To say the market is at an all-time high is a very misleading statement. The value of the Sensex or the Nifty is an indicator of the performance of our investments and as such should not be a barometer to deploy or redeem investments. Ultimately, when one buys equity either directly or through mutual funds, one participates in the earnings of a company or portfolio."

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Indian investors line up to buy newly listed Freshworks; Tesla falls out of favour

As of now, savvy Indian investors are infatuated with newly listed Freshworks Inc, which by their own admission made over 500 employees crorepatis. The stock has seen a significant increase in interest in the past few days, according to brokers who facilitate investments in the US-listed entities.

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How gold, silver, platinum performed during the week ending September 23, 2021

​Gold gave up earlier gains and ended flat after the US Fed made a road map for the withdrawal of stimulus.

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Is there an asset class that will die a slow death in India?

For centuries, Indians have been investing in gold and land to secure their future. We have had the banking system in our country running since the late 1800s. Availing loans from the Sahukars and putting out family's long-kept assets as mortgages had been some of the lending systems that were the only thing people knew about having an asset class.

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Delhi HC extends till November 31 deadline to seed Aadhaar with UAN

The court said that for employees whose Aadhaar numbers have already been provided to the EPFO, the provident fund shall be permitted to be deposited by the employers without awaiting verification from the Unique Identification Authority of India while the process of verification goes on.

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Survey finds over two-thirds of customers willing to switch to digital-only bank

Approximately 4,000 respondents were surveyed by McKinsey as part of a global report, which came at a time when digitalisation is growing and a slew of 'neo-banks' are coming up.

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Banks, builders pin hopes of a revival on India festival season

Lenders including SBI, HDFC, Kotak Mahindra Bank have slashed home loan rates by 15-60 basis points to between 6.5 per cent and 6.7 per cent — the lowest level in a decade.

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No plans to bring standard products for cyber liability insurance policy as of now: Member Irdai

A working group was formed by the regulator for examination of bringing standardisation of cyber liability insurance policy. Irdai issued a circular earlier this month for product structure for cyber insurance.

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Aditya Birla Sun Life AMC IPO to open on Sep 29

Aditya Birla Sun Life AMC on Friday said it has fixed a price band of Rs 695-712 a share for its over Rs 2,768-crore initial share-sale.

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Sunil Subramaniam on what is making market confident

“Demat accounts and even new folios for mutual funds have grown; SIP book has grown and NFOs for mutual funds are collecting more than ever before.”

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This NBFC is offering up to 9% per annum interest on its debt papers

The IIFL bonds offer highest effective yield of 8.75 per cent per annum for a tenure of 60 months. The company said it would also offer an incentive of 0.25 per cent per annum for the existing bond or equity shareholders of the company, taking their yield to 9 per cent.

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BPCL, SBI Card launch co-branded RuPay contactless credit card

The card will offer 13X reward points on every Rs 100 spent on fuel purchases at BPCL petrol pumps and a 1 per cent fuel surcharge waiver on every transaction up to Rs 4,000, translating to 4.25 per cent value back.

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CAMS, KFin Tech launches MFCentral: A one-stop shop for mutual funds

A collaborative effort of KFin Tech and CAMS in association with AMFI, MFCentral offers digital access to investor lifecycle engagement with the entire MF industry under one roof.

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UTI Credit Risk Fund's NAV jumps 8.44% in a day

Earlier when the rating of DHFL was downgraded to D, the fund house had marked down the security to zero.

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LIC HFL extends lowest home loan offer of 6.66 pc for loans up to Rs 2 cr

LIC Housing Finance's Managing Director and CEO Y Viswanatha Gowd said the lender has been an early mover in offering 6.66 per cent on home loans up to Rs 50 lakh from July 1, 2021 and now it has extended the same rate for loans up to Rs 2 crore.

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Infosys says new IT portal clocked 3 crore logins, 1.5 crore ITRs filed

The figures indicate that Infosys has been able to fix most of the IT portal glitches that taxpayers encountered since the new website went live in June. The company says it remains committed to making rapid progress on the website.

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Mutual fund houses irked as 'skin in the game' rules set to kick in

Mutual funds might struggle to retain or hire top talent at the middle and lower levels as they implement the capital markets regulator Sebi's circular, which requires key executives to invest in their own schemes beginning October 1.

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DoT notifies easier processes for consumers; now get mobile SIM at doorsteps by using Aadhaar, Digilocker docs

Department of Telecommunications (DoT) issued an order that enables customers to apply for a new mobile connection online and get the SIM delivered at their doorsteps after verifying themselves by using Aadhaar or any other eligible document stored in Digilocker.

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Trojan posing as IT refund skulking to attack Android phone bank customers

The phishing (a social engineering computer virus attack to steal personal data) malware is masquerading as an "income tax refund" and it can "effectively jeopardise the privacy of sensitive customer data and result in large-scale attacks and financial frauds", the CERT-In advisory issued on Tuesday said.

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Depositors of 21 failed cooperative banks including PMC to get deposit insurance cover

Banks have been asked to submit claims latest by October 15 and update the position as on November 29, 2021 along with principal and interest, in a final updated list, to enable DICGC settle the claim and discharge its insurance liability.

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HDFC's new fund offers entry into developed markets

Conservative mutual fund investors looking for global allocations could consider putting money in the HDFC Developed World Indexes Fund of Funds.

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Retail depositors earning negative returns; relook taxation on interest: SBI economists

In a note, which pegged the overall retail deposits in the system at Rs 102 lakh crore, the economists led by Soumya Kanti Ghosh said: "If not for all the depositors, the taxation review should be carried out for at least the deposits made by senior citizens who depend on the interest for their daily needs."

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Target maturity funds may help beat interest rate volatility

Fixed income investors unnerved by the volatility in interest rates and looking for predictable returns with low credit risk in debt mutual funds could opt for target maturity schemes, said investment advisors.

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EPFO adds 14.65 lakh net new subscribers in July

The provisional payroll data of EPFO, released on Monday, shows of the total 1.46 million net subscribers added during the month, around 0.90 million new members have come under the social security coverage of Employees’ Provident Funds Scheme for the first time.

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83% organisations in India say phishing attacks on the rise; attackers exploited users' need for information on Covid-19

Growth in home deliveries also gave rise to the problem as phishing messages purporting to be from home delivery cos became commonplace.

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For retired bankers, health insurance premiums set to rise

An increase in the claims ratio will push up the group mediclaim premium of retired staff members of public sector banks by as much as 40%.

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HDFC Bank inks pact with Paytm to ramp up credit card issuance

The credit cards will be powered by Visa and will include offerings targeted at millennials, business owners and merchants, an official statement said. Paytm has a reach of over 330 million consumers and 21 million merchants, while HDFC Bank has over 5 million debit, credit and prepaid cards, and serves 2 million merchants through its offerings.

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View: Dear RBI, don’t make digital payments difficult for consumers

The RBI, despite right intent, should avoid making decisions on behalf of consumers, and allow them choice and real agency. Consumers should be free to choose the modes of making digital payments, the amount which they are comfortable in transacting without additional authentication, and whether to securely store card details with merchants or not.

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Labour codes unlikely to be implemented this fiscal

The four codes have been passed by Parliament. But for implementation of these codes, rules under these must be notified by central as well as state governments for enforcing those in respective jurisdictions.

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