How the industry plans to deal with proposed taxation of traditional covers, Vignesh Shahane, Ageas Federal Life Insurance explains [ad_1] To deal with the proposed taxation of traditional plans, the industry is evolving a strategy to shift focus from high ticket size to number of policies sold, Vignesh Shahane, MD & CEO, Ageas Federal Life Insurance tells ET Wealth. The ...

Govt to infuse more capital in public sector general insurers next year The government may have to infuse more capital in the three public sector general insurance companies to improve their financial health, a senior government official said. The government last year provided Rs 5,000 crore capital to three insurers –National Insurance Company Limited, Oriental ...

After BoB, Bank of Maharashtra cuts home loan rate effective March 13 After Bank of Baroda, now Bank of Maharashtra (Mahabank) has reduced home loan rate by 20 basis points to 8.4 per cent per annum as the lender scales up efforts to cater to growing volumes ahead of the close of the financial year. ...

Lenders to miss March-end deadline to resolve key insolvency cases Indian lenders are set to miss March-end deadline to resolve several key bankruptcy accounts including Reliance Capital and Videocon Industries resulting in blockage of funds worth over Rs 1 trillion. The banks were targeting to conclude the entire process by March-end so that they can resolve these accounts. ...

FDIC, US Fed discuss fund to backstop deposits if more banks fail The Federal Deposit Insurance Corp. and the Federal Reserve are weighing creating a fund that would allow regulators to backstop more deposits at banks that run into trouble following Silicon Valley Bank’s collapse. Regulators discussed the new special vehicle in conversations with banking ...

SBV with Massachusetts branches seized by FDIC as depositors pull cash The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. The FDIC ordered the closure of Silicon Valley Bank and immediately took position of ...

Bank of Baroda plans to divest 49% stake in credit card subsidiary Public sector lender Bank of Baroda (BoB) is planning to rope in a strategic investor for its credit card subsidiary, BOB Financial Solutions (BFSL), by divesting 49 per cent stake. At present, BoB holds 100 per cent in the entity. While ...

RBI: ICICI Bank given time till Sept 2024 to pare stake in ICICI Lombard The Reserve Bank of India (RBI) has approved private sector lender ICICI Bank’s request seeking extension of time till September 9, 2024 for divesting its shareholding in its general insurance subsidiary, ICICI Lombard General Insurance, below 30 per cent. In a ...

Bank credit grows 15.5% YoY in Feb 24 fortnight to Rs 134.5 trillion Credit growth in the banking system has moderated further, growing at 15.5 per cent year-on-year (YoY) in the fortnight ended February 24, to Rs 134.50 trillion, latest data released by Reserve Bank of India (RBI) showed. While credit growth has moderated from ...

Self-regulation useful tool for setting rules for fintechs: RBI’s M K Jain The country’s fintech sector should attempt to organise itself under a self-regulatory organisation (SRO) that monitors the conduct of member fintech entities. This approach can help protect consumer interest and improve governance standards in fintech entities, said M K Jain, Deputy Governor, Reserve Bank of ...