CAMS shares in focus on RBI nod to operate as online payment aggregator

The  Reserve Bank of India (RBI) has authorised Computer Age Management Services (CAMS), India's largest mutual fund transfer agency, to operate as an online payment aggregator. Shares of CAMS ended 1.86% higher at Rs 3052.50 on Wednesday. Market cap of the firm rose to Rs 15,000 crore on BSE. The stock hit a 52 week high of Rs 3240 on  February 28, 2024 and a 52 week low of Rs 2,007.50 on April 25, 2023. The announcement was made after market hours.  The stock will be in focus when the equity market will open on Friday.

The company received an in-principle authorisation from RBI back in February 2023, the company said adding that the certificate of authorisation bearing No 183/2024 was received on April 10, 2024 by the company.

The company's payment business unit CAMSPay currently serves clients, which includes mutual funds, insurance companies, banks and NBFCs.

CAMSPAY, the payment business unit of the company caters to the needs of the banking, financial services, and Insurance (BFSI), and Education Technology (Ed-Tech) sectors. CAMSPay serves a diverse portfolio of clients which include mutual funds, insurance companies, banks, and non-banking finance companies.

Last month, CAMSPay clocked a record-setting registration of more than a 1.2 million mandates for UPI Autopay, underlining the company’s growing influence in online Digital Payments Segment. "The company’s collaboration with major Banks in the country and with the National Payments Corporation of India (NPCI) further enhances the capability to deliver a bbroad spectrum of payment services to the markets we serve," it said.