Shares of Computer Age Management Services (CAMS) surged 3% after the company received the Certificate of Authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator.
CAMS, India’s largest mutual fund transfer agency, had received an in-principle authorization from the RBI back in February 2023. The company announced that it received the certificate of authorization bearing No 183/2024 on April 10, 2024.
The company’s payment business unit, CAMSPay, currently serves clients including mutual funds, insurance companies, banks, and non-banking financial companies (NBFCs).
CAMSPay caters to the needs of the banking, financial services, insurance (BFSI), and education technology (EdTech) sectors. It serves a diverse portfolio of clients, including mutual funds, insurance companies, banks, and NBFCs.
Last month, CAMSPay clocked a record-setting registration of more than 1.2 million mandates for UPI Autopay, underlining the company’s growing influence in the online digital payments segment. CAMS stated, “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 broad spectrum of payment services to the markets we serve.”
As of 9:35 am, CAMS shares were trading 3.59% higher at ₹3,159.65 on the National Stock Exchange (NSE).
