Surya Financial Infotech

 Mcap of 7 of top-10 most valued firms climbs ₹71,301 crore last week; Bharti Airtel shines : The combined market valuation of seven of the top-10 most valued firms climbed ₹71,301.34 crore in the holiday-shortened last week, with Bharti Airtel emerging as the lead gainer.  In a record-breaking rally last week, the BSE benchmark climbed 374.04 points or 0.50 per cent. Stock markets were closed on Friday for Mahashivratri. The 30-share BSE Sensex on Thursday settled at a new closing peak of 74,119.39. The Nifty also ended at a fresh closing high of 22,493.55. - Business Line..

 FPIs quizzed on 'loans' for trading : Several foreign portfolio investors (FPIs) have been asked by the Indian tax office on whether they have borrowed money to trade on stock exchanges. It’s unclear why the information was sought, but the Income Tax (I-T) department has directed these offshore funds to disclose the identities of the lenders, the latter’s source of money, and the nature of agreement between the two parties. The move to fish out such information could well be to trace any possible and indirect links between overseas portfolio managers with Indian companies and promoters, feel some of the tax and finance professionals. - economic times.

    FPIs inject over ₹6,100 crore in equities in March on strong economic growth, market resilience : Foreign Portfolio Investors (FPIs) are turning steady buyers as they bought Indian equities worth ₹6,139 crore so far this month driven by strong economic growth, market resilience and decline in US bond yields. This came following a modest investment of ₹1,539 crore in February and massive outflow of ₹25,743 crore in January, data with the depositories snowed. "FPI inflows have shown a positive trend as compared to the previous month. Thanks to the recent announcement of Q3 GDP numbers at 8.4 per cent, persistence performance of large Indian corporates being major factors for turning the tide green for the Indian equity market," Manoj Purohit, Partner and leader - FS Tax, Tax and Regulatory Services, BDO India, said. - Business Line.

 ATM ecosystem players looking to adapt UPI for making cash deposits : If UPI (Unified Payments Interface) can be used for cardless cash withdrawal at an ATM, can it not be adapted for making a cash deposit at a cash recyler machine (CRM)? This may be possible, going by the innovation that players in the ATM ecosystem are working on. Currently, when a customer chooses the ‘UPI cardless cash” withdrawal option on the ATM screen, he will be prompted to enter the amount to be withdrawn. After entering the amount, a single use dynamic QR code is displayed and the customer needs to scan the same using any Bank’s mobile banking app and authorise the transaction with UPI PIN to get cash. - Business Line.

  Jio Payments to disrupt market with entry into soundbox segment : Jio Payments is set to enter what has been the domain of Paytm and PhonePe so far - the soundbox segment. Reckoned as a payments and audio verification device, Jio is all set to venture into the soundbox play across retail merchants.  The full-fledged launch is after 8-9 months of rigorous pilot launch of the soundbox across Reliance Retail stores. Initially, the device was tested across retail entities of the Reliance group in tier-2 cities and smaller metros such as Jaipur, Indore, and Lucknow. With this round of testing proving to be successful, Jio’s soundbox entered urban markets; albeit within the group’s retail outlets.  - Business Line.

  EbixCash up for sale but buyers not in sight  : In less than three months of filing for bankruptcy in the US, Ebix is said to have put its Indian operations on the block. The decision to sell EbixCash follows the grime or no prospects left for listing the Indian operations. In December 2022, EbixCash has filed its papers for ₹6,000 crore of initial public offering (IPO). Sources say the IPO plans didn’t glide smoothly even with the market regulator as SEBI had sought for further information on litigations surrounding the company. An updated red herring prospectus hasn’t been filed since.- Business Line .

 RBI cracking down on P2P credit card transactions : After barring Visa from undertaking certain commercial business-to-business (B2B) credit card transactions, the Reserve Bank of India is now seen cracking down on peer-to-peer (P2P) credit card payments made via third-party service providers, sources told businessline.  This comes after the central bank has found instances of retail customers using credit cards to pay rent and tuition fees through third party apps. These third-party players, usually fintechs, allow customers to make a credit card payment to their authorised merchant account. They then instantaneously transfer the money to the bank account of the recipient (for instance a landlord in case of rent payments) in exchange for a commission.“Credit card transactions are only meant to be between merchants and customers (P2M). If funds are being routed through an escrow account operated by a third party, it is bypassing the regulations and will not be allowed,” a sen...

     AU Small Finance Bank aims to become universal bank in 3-5 years : AU Small Finance Bank, which received RBI's approval to merge Fincare Small Finance Bank with itself last week, aims to become a universal bank or full-scale bank in the next 3-5 years. "This year we want to stabilise the merger first and really want to showcase to the world that the team can manage complex issues of merger in terms of technology integration, people management, product availability, customer service and offerings," AU Small Finance Bank MD and CEO Sanjay Agarwal said. Although the Fincare branches would become outlets of AU Small Finance Bank from April 1, the entire integration process would take 9-12 months, he said. "The way we have grown ourselves in the last 28 years, the ultimate destination is universal (banking licence). We are not in a hurry... of course, in the next 3-5 years we will become (a universal bank)," he told PTI in an interaction. - economic times.

🍒       Brajesh Kumar Singh is new Executive Director, Indian Bank : Public sector Indian Bank on Sunday said the Central government has appointed Brajesh Kumar Singh as its Executive Director for three years. Prior to taking up the new responsibility, Singh was serving Bank of Baroda as its Chief General Manager – Human Resources. "…the Central Government vide Notification No 4/1(viii) dated March 9, 2024, appointed Brajesh Kumar Singh, Chief General Manager, Bank of Baroda as Executive Director of Indian Bank for a period of three years, with effect the date of assumption of office on or after March 10, or until further orders, whichever is earlier," Indian Bank said in a BSE filing on Sunday. Singh, an agriculture graduate from Allahabad Agriculture Institute, has banking experience of over 28 years and has held various responsibilities in the Bank of Baroda including Credit Officer, Branch Head, and Regional Head. He has steered Retail Assets and Human Resource ...