Category: Personal Finance

UPI transactions hit a record high in August, but the growth pace slows, BFSI News, ET BFSI

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Unified payments interface (UPI) transactions hit a new record high in volume as well as in value for the third straight month in August.

UPI saw 3.55 billion transactions worth Rs 6.39 lakh crore in August, which is a 9.6% increase in volume and 5.4% surge in value compared with July.

However, the pace of growth has slowed in August. In July UPI had notched a record 3.24 billion transactions, up 15% over June figures. UPI transactions were subdued in April and May due to Covid restrictions.

In August 2021

Transactions through Bharat Bill Pay stood at 58.88 million, worth Rs 10,307 crore in August, a growth of 15.15% in volume and 7.2% in value from July.

FASTag transactions were at 201.2 million and Rs 3,076 crore in value in August, a 4.61% rise in volume and a 3.36% surge in value compared with July.

Transactions through Immediate Payment Service were at 377.94 million in terms of volume and Rs 3.18 lakh crore in value in August, an 8.05% rise in volume and 3.03% surge in value when compared with July.

Pandemic push

Since the beginning of the year, UPI transactions have grown 54% from 2.3 billion in January.

Since its launch in 2016, the UPI crossed 1 billion transactions for the first time in October 2019, which more than doubled to over 2 billion transactions in October 2020. The growth exploded during the pandemic as more people opted for contactless payment.

However, the transactions have picked up since the beginning of the pandemic as more consumers opted for digital payment options. They had been rising steadily to top 5 trln rupees in March and then 6 trln rupees in July.

Last fiscal jump

UPI transaction volumes surged 43.2% in the first quarter of the last fiscal, 98.5% in the second quarter 104.6% in the third and 112.5% in the fourth quarter.

While IMPS volumes degrew 9.6% in Q1, they rose 26% om Q2. 40.5% in the third quarter and 42.9% in the fourth quarter.

National Automated Clearing House (NACH) volumes grew 32.8 in the first quarter, 13 in second, 0.9 in third while they degrew 10.2 in the fourth.

BBPS volumes grew 66% in Q1, 103.2 in Q2, 84.4 in Q3 and 102.7 in Q4 while National Electronic Toll Collection, the NHAI’s Fastag system logged 83.9 growth in Q1, 249.2 in Q2, 195 in Q3 and 75.3 in the fourth quarter.

On the other hand, RTGS volumes degrew 26.2 in Q1, logged 3.1 in Q2, 10.2 in third and 31.1 in the fourth quarter.

NEFT volumes degrew 3.9% in the first quarter, grew 9.8 in second, 23.2 in third, 17.8 in the fourth quarter.



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Top Banks With Over 1 lakh APY Enrolments In Fiscal Year 2021-22

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Planning

oi-Sneha Kulkarni

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Any Indian citizen between the ages of 18 and 40 can join the APY through a bank or post office branch where they have a savings bank account.

From the age of 60, a subscriber would be eligible for a minimum guaranteed pension of Rs. 1,000 to Rs. 5,000 per month, based on his contribution. The same pension would be provided to the subscriber’s spouse, and if both the subscriber and the spouse died, the accrued pension wealth up to the age of 60 would be returned to the nominee.

Top Banks With Over 1 lakh APY Enrolments In Fiscal Year 2021-22

During the current fiscal year 2021-22, more than 28 lakh new APY accounts were opened under the Atal Pension Yojana (APY), a government-run guaranteed pension system operated by PFRDA. As of August 25, 2021, the total number of APY enrolments had surpassed 3.30 crore.

Top Banks With Over 1 lakh APY Enrolments In Fiscal Year 2021-22

Sr. No. Bank Name Number of APY acc from April 1, 2021- Aug 24, 2021
1 State Bank of India 7,99,428
2 Canara Bank 2,65,826
3 Airtel Payments Bank Limited 2,06,643
4 Bank Of Baroda 2,01,009
5 Union Bank of India 1,74,291
6 Bank Of India 1,30,362
7 Indian Bank 1,13,739
8 Central Bank of India 1,04,905
9 Punjab National Bank 1,01,459

The system is administered by 266 registered APY Service-Providers, which include a variety of banks and the Department of Posts. Because this scheme is only open to applicants who have a savings bank account, PFRDA recommends all banks to promote it to their current and prospective clients on a regular basis.

In order to broaden the reach of the APY Scheme and benefit existing and potential APY subscribers as well as APY seers, PFRDA has recently undertaken new initiatives such as the addition of new features to the APY mobile App and its availability on the Umang platform, the updating of APY FAQs, the issuance of the APY Subscriber Information Brochure and the APY Citizen Charter in 13 regional languages.

During the current fiscal year, about 8 lakh new subscribers have joined the Atal Pension Yojana (APY) through the State Bank of India (SBI). By August 25, the number of APY subscribers has surpassed 3.30 crore, according to data issued by the Pension Fund Regulatory and Development Authority (PFRDA).

Top states having more than 10 lakh enrolments under the APY as on 25th August 2021 are:

Sr. No State Name Number of APY enrolments
1 Uttar Pradesh 49,65,922
2 Bihar 31,31,675
3 West Bengal 26,18,656
4 Maharashtra 25,51,028
5 Tamil Nadu 24,55,438
6 Andhra Pradesh 19,80,374
7 Karnataka 19,74,610
8 Madhya Pradesh 19,19,795
9 Rajasthan 16,16,050
10 Gujarat 13,50,864
11 Orissa 12,45,837

According to PFRDA data, public sector banks have the most APY users, with over 2.33 crore. Regional rural banks (61.32 lakh), private banks (20.64 lakh), small finance banks and payment banks (10.78 lakh), the Department of Posts (3.40 lakh), and cooperative banks came in second and third, respectively (84,627).



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3 Listed REITs Stocks In India 2021

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Brookfield India Real Estate Trust REIT

Brookfield India Real Estate Trust REIT is a commercial real estate vehicle established in India. The Company’s goal is to offer its unitholders with risk-adjusted total returns. During the quarter ended June 30, 2021, Brookfield India Real Estate Trust recorded a 3.8 percent increase in net operating income to 169.6 crores. It also announced a 181.7 crore payout to unitholders.

Operating lease rental collections remained strong at nearly 99 percent. Operating lease rental income increased by 7.3 percent to 161.6 crores in the April-June quarter, up from 150.7 crores in the previous year’s quarter.

During the first quarter of this fiscal year, total revenue was 222.67 crore, with a profit of 73.83 crores, according to the company.

Embassy REIT

Embassy REIT

Embassy REIT owns and runs a 42.4 million square foot (“msf”) portfolio of eight infrastructure-like office parks and four city-center office buildings.

Embassy REIT, sponsored by Embassy and Blackstone, is Asia’s first and largest REIT (by area). The corporation owns and operates 42.4 million square feet of space (million square feet). It has eight office parks, two hotels, and a 100 megawatt solar power facility. Embassy Office Parks REIT reported a 12 percent increase in net operating income to Rs 2032 crore for the fiscal year ended March 2021, compared to the preceding financial year.

India’s first listed Real Estate Investment Trust (REIT) and Asia’s largest also recorded a 10% growth in revenues for FY2021 to Rs 2,360 crore, up from Rs 2144 crore in FY19-20, according to the company.

Mindspace REIT

Mindspace REIT

K Raheja Corp Group is the sponsor of Mindspace REIT. With a total leasable area of 30.2 msf, it has a solid portfolio of office spaces across Mumbai, Pune, Hyderabad, and Chennai. Mindspace Business Parks REIT, which is sponsored by K Raheja Corp and Blackstone Group, has announced a net operating income of over Rs 358 crore, with a portfolio size of 30.2 million sq ft, up from 29.5 million sq ft.

It has raised Rs 375 crore in market-linked debentures at a rate of 6.65 percent per annum, as well as Rs 75 crore in non-convertible debentures at a rate of 6.69 percent per annum. As of March 31, the REIT’s average cost of debt was 7.1 percent.

3 Listed REITs Stocks In India 2021

3 Listed REITs Stocks In India 2021

REITs Stocks BSE NSE
Brookfield India Real Estate Trust REIT 267.51 267.34
Embassy REIT 361.95 361.25
MINDSPACE BUSINESS REIT 290.44 290.00

How do REITs generate returns for investors?

How do REITs generate returns for investors?

Any investment should aim to build wealth for investors and/or provide a steady stream of income. REITs provide unitholders with both of these advantages. Investors can get monthly dividends and/or interest payouts, providing consistent income, while also receiving capital gains through the sale of REIT units on stock exchanges.

REITs use their Net Rental Income to pay out dividends and interest. After deducting some important expenses connected to management and maintenance of the facilities, this is the income that a REIT obtains from renting out and leasing Commercial Real Estate.

Because REITs are listed on stock exchanges and traded, the price of individual units fluctuates based on their performance and market demand. A REIT’s outstanding performance, like that of Equity Stocks and Mutual Funds, leads to an increase in the price of REIT units, which can then be sold for a profit and deliver Capital Gains to the investor.

Disclaimer

Disclaimer

Investing in stocks is risky and investors should do their own research. The author, the brokerage firms or Greynium Information Technologies are not responsible for any losses incurred due to a decision based on the above article. Investors should hence exercise due caution as are at record peaks. Please consult a professional advisor.



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3 Stocks For Gains Up To 23% In The Short Term By HDFC Securities

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Indiamart Intermesh:

The B2B company as per HDFC Securities is in intermediate uptrend as it has been making higher tops and higher bottoms for the last several months. Over the last several weeks, the stock has been consolidating in a range between the 6650-7844 levels. On Monday, the stock has broken out of this range on the back of above average volumes.

Technical indicators positive

Technical indicators are giving positive signals as the stock is trading above the 20 and 50 day SMA. Weekly momentum indicators like the 14-week RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue. With the intermediate technical setup too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. The stock has suggested a target price of Rs. 9715, against its current price of Rs. 7870, implying an upside of 23 percent.

Rain Industries:

Rain Industries:

The brokerage is bullish on the world’s leading producer of calcined petroleum coke, coal tar pitch as well as other high quality advanced materials. HDFC Securities has set out a target price of Rs. 270, implying gains of 20.53% from the current price of Rs. 224. The investment horizon or time horizon is a short term of 3 months.

As per the brokerage firm, “the stock has also breached above downward sloping trend line We observe a formation of bullish pattern on daily and weekly time frame. Momentum oscillators like RSI and MACD are giving bullish indication suggesting bullish movement for the stock for few more weeks. The overall chart pattern of RAIN indicates long trading opportunity.” “One may look to create positional long as per the levels mentioned above”, adds the brokerage report. HDFC Securities for the ‘Buy’ of Rain Industries recommends at stop loss of Rs. 193.

Shriram Transport:

Shriram Transport:

The company has suggested a target price of Rs. 1580, implying gains of 18% from the current price level of Rs.1340 per share.

Technical indicators paint a positive outlook for the scrip.

The stock after being in a range between the 1216-1320 levels for the last few sessions, the stock has broken out of this range on Monday on the back of healthy volumes. “Technical indicators are giving positive signals as the stock is trading above the 20 day SMA. Daily momentum indicators like the 14-day RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue. With the intermediate technical setup too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy”, says the brokerage report.

Disclaimer:

Disclaimer:

Stock markets investments are subject to risk. Investors should not construe the above report for investment advice. Please do your own study and analysis before making equity or equity related bets.



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Google Pay Join Hands With Equitas SFB To Offer Digital FD: Check Details

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Investment

oi-Vipul Das

|

For the investors who want to open a fixed deposit account from the convenience of their home just with some simple taps, Equitas Small Finance Bank has taken a move to provide its customers with the option to open a fixed deposit account through Google Pay. The bank has partnered with Google Pay (G Pay) to enable Google Pay (only Android) users to book an FD account without having or opening a savings account. Once the FD matures, the principal including the interest amount would be transferred to the Google Pay user’s existing or linked bank account, which means that starting from opening an account till maturity proceeds, the entire process will be done digitally and the collaboration undoubtedly will have a positive impact on senior citizens.

The partnership is timed to coincide with the bank’s 5th anniversary, which will take place on September 5th, 2021. Equitas Small Finance Bank currently offers up to 6.50% interest on FD, but apart from the higher interest rate compared to that of the leading public and private sector bank, customers who book an FD account with the bank will also get an insurance cover benefit up to Rs 5 lakh provided by the Deposit Insurance and Credit Guarantee Corporation which is nothing but a subsidiary of Reserve Bank of India.

Equitas Small Finance Bank Fixed Deposit

Equitas Small Finance Bank Fixed Deposit

Equitas SFB allows you to open a fixed deposit account for a maturity period ranging from 7 days to 10 years. This flexible tenure will result in you covering your both short-term and long-term financial goals. By offering higher yields on fixed deposits and a digital account maintaining approach through Google Pay, the bank is now the industry-first to join hands with Google Pay. To meet the needs of your investment and wealth creation, you can pick a term according to your goal and enjoy guaranteed returns by investing with Equitas FD through Google Pay. According to the official website of the bank, the benefits of opening a fixed deposit account are:

  • Idle funds can be used
  • Best in class Interest Rates
  • Attractive FD interest rates up to 6.5% p.a. for senior citizens
  • Partial and full premature withdrawal allowed
  • No premature withdrawal penalty for all FDs booked for senior citizens on or after 2nd December 2019 (Not applicable for grouping)
  • No penalty on premature withdrawal above 6 months
  • Nomination facility available
  • Interest frequency available – reinvestment, quarterly payout, and monthly payout.

Equitas Small Finance Bank Fixed Deposit Interest Rates

Equitas Small Finance Bank Fixed Deposit Interest Rates

With effect from 1st June 2021, fixed deposit rates for domestic/NRE/NRO (for INR) deposits of less than Rs 2 Cr are as follows.

Tenure Regular FD Rates Interest Rates For Senior Citizens
7 – 14 days 3.50% 4.00%
15 – 29 days 3.50% 4.00%
30 – 45 days 3.50% 4.00%
46 – 62 days 4.00% 4.50%
63 – 90 days 4.00% 4.50%
91 – 120 days 4.75% 5.25%
121 – 180 days 4.75% 5.25%
181 – 210 days 5.25% 5.75%
211 – 270 days 5.25% 5.75%
271 – 364 days 5.25% 5.75%
1 year to 18 months 6.35% 6.85%
18 months 1 day to 2 years 6.25% 6.75%
2 years 1 day to 887 days 6.35% 6.85%
888 days 6.50% 7.00%
889 days to 3 years 6.35% 6.85%
3 years 1 day to 4 years 6.25% 6.75%
4 years 1 day to 5 years 6.25% 6.75%
5 years 1 day to 10 years 6.50% 7.00%
Source: Bank Website

How to open Equitas SFB Fixed Deposit Account On Google Pay?

How to open Equitas SFB Fixed Deposit Account On Google Pay?

  • Open Google Pay app on your mobile phone and head to the ‘Businesses and bills’ section.
  • Tap on the logo of Equitas SFB or you can directly search for the same.
  • Now select the amount you want to deposit and then select the tenure for which you want to maintain your deposit through the Equitas Bank Spot.
  • Now enter your personal details and complete the KYC procedure by entering your PAN and Aadhaar number.
  • Now complete the transaction using your existing bank account through Google Pay UPI.
  • Customers can also track their existing deposits as well as open a new one online. They can also make premature withdrawals by following some simple in-app steps. Upon which the maturity proceeds will be directly transferred to the bank account linked with Google Pay on the same business day;

Story first published: Thursday, September 2, 2021, 9:47 [IST]



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SGX Nifty up 10 points; here’s what changed for market while you were sleeping, BFSI News, ET BFSI

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Domestic stocks are likely to open on a tepid note on Thursday amid a lack of directional cues from global markets. Asian peers were trading mostly higher in morning trade. Wall Street stocks settled mixed. The dollar was trading around a multi-week low ahead of US jobs data while oil prices declined on concerns over rising supply. Here’s breaking down the pre-market actions:

STATE OF THE MARKETS

SGX Nifty signals a flat start
Nifty futures on Singapore Exchange traded 10 points, or 0.06 per cent, higher at 17,109.50, signaling that Dalal Street was headed for a tepid start on Thursday.

  • Tech View: Nifty50 on Wednesday formed a bearish candle on the daily scale. Analysts said the index is likely to see short-term consolidation and advised traders to buy on dips.
  • India VIX: The fear gauge eased over 2 per cent to 14.18 level on Wednesday over its close at 14.52 on Tuesday.

Asian stocks gain in early trade
Asian markets opened mostly higher on Thursday in cautious trade after a mixed close on Wall Street, with investors looking ahead to US jobs data due this week. MSCI’s broadest index of Asia-Pacific shares outside Japan was up by 0.28 per cent.

  • Japan’s Nikkei added 0.05%
  • China’s Shanghai gained 0.15%
  • Hong Kong’s Hang Seng up 0.86%
  • Korea’s Kospi declined 0.52%
  • Australia’s ASX200 shed 1.06%

US stocks settled mixed
The Nasdaq closed Wednesday at a record high, with the S&P 500 ending near its previous peak, as September kicked off with renewed buying of technology stocks and private payrolls data, which supported the case for dovish monetary policy.

  • Dow Jones shed 0.14% to 35,312.53
  • S&P500 inched up 0.03% to 4,524.09
  • Nasdaq zoomed 0.33% to 15,309.38

Dollar hovers at multi-week low
The dollar loitered around multi-week lows on Thursday, pressured by softer-than-expected US labour data as traders awaited a fuller jobs readout, which is expected to guide the timing of Federal Reserve’s pullback in bond buying.

  • Dollar index fell to 92.497
  • Euro gained to $1.1857
  • Pound edged up to $1.3770
  • Yen rose to 109.97 per dollar
  • Yuan at 6.4613 against the greenback

Oil falls as OPEC+ sticks to raising supply
Oil prices fell on Thursday after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging and many US refiners, a key source of crude demand, remained offline. Brent crude was down by 52 cents, or 0.7 per cent, at $71.07 a barrel. US oil fell 56 cents, or 0.8 per cent, to $68.03 a barrel.FPIs buy shares worth Rs 667 crore
Net-net, foreign portfolio investors (FPIs) turned buyers of domestic stocks to the tune of Rs 666.66 crore, data available with NSE suggested. DIIs were sellers to the tune of Rs 1,287.87 crore, data suggests.

MONEY MARKETS

Rupee: The rupee snapped its four-session winning run to close 8 paise lower at 73.08 against the US dollar on Wednesday as muted domestic equities and a strengthening greenback overseas weighed on the market sentiment.

10-year bond: India 10-year bond yield eased 0.26 per cent to 6.20 after trading in 6.20 – 6.23 range.

Call rates: The overnight call money rate weighted average stood at 3.18 per cent on Wednesday, according to RBI data. It moved in a range of 2.00-3.40 per cent.

DATA/EVENTS TO WATCH

  • IN Balance of Trade Prel AUG (5:50 am)
  • IN Exports Prel AUG (5:50 am)
  • IN Imports Prel AUG (5:50 am)
  • AU Balance of Trade JUL (7 am)
  • AU Home Loans MoM JUL (7 am)
  • AU Imports MoM JUL (7 am)
  • US Balance of Trade JUL (6 pm)
  • US Nonfarm Productivity QoQ Final Q2 (6 pm)
  • US Initial Jobless Claims 28/AUG (6 pm)
  • US Jobless Claims 4-week Average AUG/28 (6 pm)
  • US Continuing Jobless Claims 21/AUG (6 pm)
  • US Factory Orders MoM JUL (7:30 pm)

MACROS

Economic recovery on track
India’s economic recovery remained on track in August with goods and services tax (GST) collections staying in excess of Rs 1 lakh crore while automakers sold more cars than in the year earlier despite a semiconductor and parts shortage. Petrol and diesel demand increased 14% and 16%, respectively, the railways carried 16.9% more freight and electricity demand rose 18.6%, suggesting greater movement of goods and people in the just concluded month.

Confusion over crypto tax
The tax department as well as investors are in a quandary over how to calculate gains on cryptocurrency for taxation purposes, especially since tax laws flounder and conflict against certain regulations and tax is calculated on the value declared by the assessee. The main problem for taxation is that there is no clarity on what cryptocurrencies are. That is, whether they are currency, asset, commodity or something else. Till that is articulated, investors and traders will be able to get around taxation. The other problem is that tax rates may also differ for someone who is an investor and someone who trades for a living.

Sebi plans norms for digital gold trades
The Securities and Exchange Board of India (Sebi) plans to regulate online trades in digital gold now sold by various fintech firms and brokerages, two people with direct knowledge of the matter told ET. The capital-markets watchdog is seeking to fill the regulatory vacuum in an asset class that’s becoming increasingly popular with new-age investors.

RBI to set up panel on NUE licences
The Reserve Bank of India (RBI) will set up a committee to scrutinise applications and give recommendations on new umbrella entity (NUE) licences, ET reported. NUEs will establish their own payment infrastructure to compete with National Payments Corp. of India (NPCI).



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Equitas SFB launches digital FDs on Google Pay in tie-up with Setu

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According to a bank release, customers can through the Google Pay app, book high interest rate FDs fully digitally.

Equitas Small Finance Bank (SFB) has launched an initiative enabling customers to book fixed deposits (FDs) on Google Pay in under two minutes without having to open a bank account. The offering was made possible by connecting application programming interfaces (APIs) built by fintech infrastructure provider Setu. To start with, this functionality will be available for Google Pay users who access the app from Android.

According to a bank release, customers can through the Google Pay app, book high interest rate FDs fully digitally — without having to open a savings account with Equitas Bank on its own spot integrated with the Google Pay platform.

“Google Pay users can book FDs from the comfort of their homes ensuring an easy, safe and hassle-free experience. On maturity, principal and interest of the FD go directly to the Google Pay user’s existing bank account, which could be in any bank in India,” it said.

As an RBI scheduled commercial bank, deposits in Equitas are covered by a deposit guarantee of up to Rs 5 lakh per depositor. Customers can enjoy returns of up to 6.35% for an FD of one year.

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Bank, realty, pharma may continue to outperform now, BFSI News, ET BFSI

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After a strong move of over 400 points on the upside, Nifty on Wednesday did consolidate on the expected lines. However, it showed a lot of internal strength. The index opened on a modestly positive note and got stronger in the first hour of the trade.

Just when it looked as if the market was continuing with its unabated rise, some profit taking kicked in on the anticipated lines. Nifty came off over 175 points from the intraday high point. While Nifty did not display any extraordinary weakness, it ended the day with a net loss of 55.95 points, or 0.33 per cent.

The weekly options expiry falls on Thursday and options data is showing a mixed picture. On one hand, very high Call OI open addition was seen at 17,000 level even as the 17,100 level held the highest Call OI. On the other hand, strike price 17,000 not only saw the addition of highest Put OI, but it also held the maximum PUT Open Interest as well. This means unless there is a tactical change on either side, the market may stay capped in a limited range.

Volatility declined as was evident from INDIA VIX coming off 2.30 per cent to 14.1850.

A steady but soft start for the market is expected on Thursday. The 17,100 and 17,145 levels may act as immediate resistance points, while supports will come in at 17, 010 and 16,970 levels.

The Relative Strength Index (RSI) on the daily chart stood at 78.57. RSI stays in the overbought territory. However, it remains neutral and does not show any divergence against the price. The daily MACD remains bullish and continues to trade above the Signal Line.

A Black Body occurred on the candle. This was the result of the market closing below its opening level. Apart from this, no other important formation was noticed. Banking stocks put up a resilient performance. Along with them, realty stocks also performed strongly. This is a classic case of the sectors that have relatively underperformed Nifty in the recent past trying to play catchup. This fabric of the market is likely to persist for some more time.

We expect banking, realty and pharma stocks to continue to show improved relative performance in the coming days. Since the possibility of a range-bound consolidation is not ruled out now, we recommend staying highly defensive while approaching the market. While shorts may be avoided as the market undercurrent remains strong, all profits on the long side should be vigilantly protected.

(Milan Vaishnav, CMT, MSTA, is a Consulting Technical Analyst and founder of EquityResearch.asia and ChartWizard.ae and is based at Vadodara. He can be reached at milan.vaishnav@equityresearch.asia)



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UPI transactions cross 3.5 billion in August

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As lockdowns and other mobility restrictions were lifted, digital payments picked up again in June and the months thereafter.

The volume of transactions made through the Unified Payments Interface (UPI) channel stood at 3.55 billion in August, up from 3.24 billion in the previous month. The value of transactions rose to Rs 6.39 lakh crore from Rs 6.06 lakh crore in July, the National Payments Corporation of India (NPCI) said on Wednesday.

Transactions through UPI as through other payment channels had seen a marginal dip in April and May, when the outbreak of the second Covid wave affected consumption. As lockdowns and other mobility restrictions were lifted, digital payments picked up again in June and the months thereafter.

The market share of UPI has constantly been increasing and stood at 80% over the first four months of FY22, up from 73% in FY21, according to a report by Motilal Oswal Financial Services.

Other payment channels operated by the NPCI also saw an uptick in usage during August. The volume of financial transactions via Aadhaar enabled Payments System (AePS) rose to 108.48 million from 88.84 million in July. The value of these transactions rose to Rs 27,354 crore from Rs 23,447 crore.

Immediate Payment Service (IMPS) clocked 378 million transactions worth Rs 3.18 lakh crore in August, up from 350 million transactions worth Rs 3.09 lakh crore in July. Transactions through Bharat Bill Payments System (BBPS) rose to 59 million from 51 million in the previous month, and the value of transactions increased to Rs 10,307 crore from Rs 9,613 crore.

Toll payments made through FASTag increased to 201 million from 192 million and their value rose to Rs 3,077 crore from Rs 2,976 crore in July.

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Sanjay Wadhwa joins as CFO of IIFL Wealth and Asset Management, BFSI News, ET BFSI

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IIFL Wealth and Asset Management has announced the appointment of Sanjay Wadhwa as the Chief Financial Officer (CFO) with effect from September 02, 2021.

Sanjay Wadhwa joins IIFL Wealth and Asset Management from L&T Financial Services, where he held the position of Group Financial Controller and was responsible for the finance control function of all the group entities, including CIC, NBFCs, and AMC.

Sanjay Wadhwa, CFO, IIFL Wealth and Asset Management, said, “The growth of IIFL Wealth and Asset Management has been incredible. I am privileged to have the opportunity to drive IIFL WAM’s growth, financial strategy and performance by being part of this dynamic team.”

Wadhwa brings a wealth of expertise in Finance across varied industries viz. Financial Services (Wealth Management, Asset Management, NBFC, Insurance Broking, Stock Broking, Commodity Exchange, Clearing Corporation, Commodity Broking), Manufacturing, Consulting and Audit.

Sanjay’s overall experience of 24 years and his judicious industry knowledge comes with an established track record of streamlining business and finance operations.

In addition to his proficiency in developing and implementing financial and process controls, he has strong skills in initiating and fostering strategic tie-ups, managing large treasury operations and M&A integration.

Karan Bhagat, Founder, MD & CEO, IIFL Wealth and Asset Management, said, “We are delighted to have Sanjay join IIFL Wealth and Asset Management as our CFO. His rich experience and depth of knowledge will add immense value as we maintain our sharp focus on growth, profitability and capital efficiency. I would also like to express our deep gratitude to Mihir Nanavati for his contribution as a CFO”.



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