Kotak MF launches BSE PSU Index Fund; currently comprises 56 PSU stocks

Kotak Mahindra AMC on Wednesday launched the BSE PSU Index Fund, a passive equity scheme that will replicate the BSE PSU Index. The index currently comprises 56 public sector undertaking (PSU) stocks across sectors.
 

Devender Singhal, Fund Manager at the AMC, said, "While individual PSU stocks may exhibit varying performance, this index-based approach allows investors to potentially benefit from the overall growth and reforms in the public sector.

As India continues its economic trajectory, this fund offers investors a chance to be part of that journey through a comparatively cost-effective and systematically managed investment vehicle". The BSE PSU Index has doubled in the last one year, owing to strong momentum in PSU stocks.

HDFC Bank goes live on BBPS platform 

HDFC Bank, the largest credit card issuer in the country, has gone live on the Bharat Bill Payment System (BBPS) as a biller, the platform said on Thursday. The deadline to go live on the platform was June 30. Some large credit card issuers were yet to integrate on the platform despite the deadline passing. However, it was widely expected that all the credit card issuers would go live on the platform as billers in the first couple of weeks of this month.

(Disclaimer: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd)