FINANCIAL SERVICES

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• RBI action halts Kotak Bank's digital-only zero-balance saving accounts expansion

  Kotak Mahindra Bank with its 811 saving accounts had pioneered zero balance savings accounts that were digital only, but the Reserve Bank of India action has halted its plans to add customers through the route.

  

• BlackSoil logs 40 pc investment growth, $118 mn in disbursement in FY24

  In Q4 of FY24, BlackSoil's portfolio deployment amounted to over $49 million, signalling a whopping 110 per cent rise compared to the same quarter in the previous year (Q4FY23). The company invested in 11 new deals and exited 4 deals in Q4FY24. BlackSoil's portfolio during FY24 included MobiKwik, Tonbo, Genworks, BatterySmart, Pahal Financial Services and BlueStone.

  

• UK finance watchdog should not publicise probes sooner, lawmakers say

  "'Innocent until proven guilty' is a fundamental principle of our justice system. The committee is presently unconvinced that the FCA has justified departing from this important principle and taking an approach that is at odds with almost all other financial services regulators," the committee said in a statement. Read more:

  

• Macquarie's banking unit to stop new car loans to focus on mortgage growth

  Macquarie's Banking and Financial Services Group, which contributed 15.5% to the infrastructure investor's fiscal 2023 net operating income of A$19.12 billion ($12.33 billion), said the change will not impact existing customers. Car loan applications through direct as well as broker and novated leasing channels are required to be settled before May 17, Macquarie said.

  

• Aurionpro Solutions to acquire fintech startup Arya AI for $16.5 million

  Aurionpro Solutions CEO Ashish Rai told ET that the acquisition will enhance its business offerings by leveraging Arya.ai's capabilities in enterprise artificial intelligence (AI). “The acquisition empowers us to expand our geographical footprint into the US and Southeast Asia, tapping into new markets and opportunities,” Rai said. Read more here:

  

• Muthoot Finance inaugurates its first Delhi Metr0 Branch at Okhla NSIC Station

  ​​The strategic location of the new branch underscores Muthoot Finance's commitment to accessibility and convenience for its customers. By establishing a presence within the bustling Delhi Metro network, the company aims to cater to the financial needs of commuters and residents alike, offering a wide range of services including gold loans and other financial solutions.

  

• As GCC thrives, Broadridge floats plan for India unit

  Gokey said Broadridge has made about 45 acquisitions of smaller companies with promising technologies and is also exploring opportunities with Indian startups. The company is currently mentoring three startups through startup incubator T-Hub and about seven startups through Indian School of Business (ISB) in India. Read on to know more:

  

• PHF Leasing raises USD 10 mn in equity, debt

  The debt has been raised from existing lenders as well as by onboarding new lenders. Total 82 individuals and companies participated in the equity raising round and the company onboarded three new lenders in March 2024 including Cholamandalam Investment and Finance Company, SMC Moneywise and Vivriti Financial. Read more here:

  

• SBI General Insurance appoints Nainoor Desai as Business Head – Corporate

  In his new role, Nainoor Desai will be responsible for leading and driving the corporate business, serving a corporate customer base of over 5000 clients of SBI General Insurance.

  

• More than 74% stocks decline in negative market breadth

  There is selling pressure in the mid-caps stocks with the BSE Small Cap Select Index down 1.2 per cent. Among the top losers on Monday, IFCI is down more than 6 per cent, NBCC is down more than 4 per cent, Castrol is down more than 4 per cent, and Hindustan Zinc is down 4 per cent.

  

• ETMarkets Smart Talk: Steel & cement capex themes likely to make a decisive move post election: Rajesh Cheruvu

  Rajesh Cheruvu's insights point to a positive market momentum in FY25 driven by central bank rate cuts, primary industries capex, and potential earnings recovery, particularly in small & midcaps. Cheruvu says sustained domestic participation in equities coinciding with the formalization of businesses post-pandemic has helped attract interest in mid & small-sized firms. Investors should be considering sectoral allocation and gold hedging strategies for the year.