Fund review: SBI Magnum Income Fund Fund review: SBI Magnum Income Fund

Health Policies Beat Motor In Premium [ad_1] Mumbai: Health insurance is growing faster than motor policies after the pandemic. The share of health covers in non-life insurance premium has risen to 38% in September from 33% in March, driven by group policies. Before the pandemic struck, the share of motor insurance was 37%, as against 27% for health insurance. Motor ...

Bank of Baroda suspends employees for jacking up number of app users [ad_1] (This story originally appeared in on Oct 19, 2023) MUMBAI: Bank of Baroda is understood to have suspended over 50 employees across states, including several at the level of assistant general manager, as part of its action against irregularities in onboarding customers onto its mobile banking app ...

RBI's $5 billion USD/INR swap expiry fuels dollar shortage concern The Reserve Bank of India (RBI) had conducted a $5 billion sell/buy dollar/rupee swap last year. Under this swap, the RBI sold $5 billion to banks on April 28, 2022

Large banks preparing for maturity of RBI's $5 billion forex swap The $5 billion dollar/rupee swap that the Reserve Bank of India undertook in April 2022 will mature on Monday, meaning $5 billion can potentially be taken out of the banking system

RBI revises its KYC rules to strengthen money laundering prevention The revised norms clarify the standing of principal officers (PO) in regulated entities (RE) who are responsible for furnishing information

Adopt risk-based approach for periodic updation of KYC: RBI asks banks The Reserve Bank on Tuesday tightened the customer due diligence (CDD) norms by asking banks and regulated entities to adopt a risk-based approach for periodic updation of KYC. After a review, the central bank has made amendments to the Master Direction (MD) on Know Your Customer (KYC). Regulated Entities ...

IRM Energy collects Rs 160 crore from anchor investors ahead of IPO City gas distribution company IRM Energy Ltd on Tuesday said it has raised over Rs 160 crore from anchor investors ahead of its initial share sale that opens for subscription on Wednesday. The company has decided to allot 31.75 lakh equity shares to 12 funds at Rs 505 ...

DFS secretary Vivek Joshi chairs meet with private insurance companies The insurance companies were asked to encourage adoption of property/parametric covers to mitigate financial losses due to natural catastrophes

BoB World app scam could be tip of iceberg, RBI should appoint IT auditors in banks: Forum [ad_1] The RBI governor, Shaktikanta Das, has been urged by a civil society platform to implement an information security (IS) audit mechanism for banks that have mobile banking apps, and asked banks detect any malpractices, such as substitution of biometric details of customers ...