Securitisation volumes surge 60% YoY at Rs 53,000 crore in first quarter Securitisation volumes surged by more than 60 per cent year-on-year to touch Rs 53,000 crore in the first quarter ending June 2023, fuelled by high credit growth and favourable macroeconomic conditions, according to rating agency ICRA. Securitisation involves pooling of loans and selling them to a ...

Non-life insurance companies report 14% growth in June, shows GIC data Non-life insurance companies reported 14.01% growth in gross written premium in June to Rs 20,112.8 crore, latest data released by General Insurance Council showed. For the April-June period, these companies reported a growth of 17.5% to Rs 63,574.30 crore. General insurance companies, (excluding health insurers) posted ...

RBI governor Shaktikanta Das asks states to improve expenditure quality Flagging the need to enhance the health of finances, Reserve Bank of India governor Shaktikanta Das on Thursday asked state governments to focus on fiscal consolidation and improve quality of expenditure. In June 2023, RBI’s Financial Stability Report had sounded a note of caution on the high debt ...

15 financial transactions that cannot be done with an inoperative PAN The government created the permanent account number (PAN) to enable matching of information relating to investments, loans, and other business activities of taxpayers collected through various sources for expanding the tax base. As per section 139AA of the Income Tax Act, 1961, it was mandatory to link ...

Reserve Bank of India appoints P Vasudevan as new executive director The Reserve Bank of India (RBI) on Thursday said it has appointed P Vasudevan as Executive Director (ED) and he will look after three departments, including that of currency management. The appointment is with effect from July 3, RBI said in a statement. Prior to being ...

State Bank of India rejigs senior leadership roles to boost dominance Saikat Das State Bank of India, the country’s largest lender, is re-jigging its senior leadership positions with at least four key executives getting new roles, according to people familiar with the matter.   Rajay Sinha, chief general manager in charge of global markets, will become ...

PNB launches virtual branch in the Metaverse with immersive 3D experience PNB has developed the Bank’s Metaverse Branch, where its esteemed customers will get exclusive access to its virtual environment from the comfort of their home or office through their mobile phones and laptops, it said. State-owned Punjab National Bank (PNB) on Thursday announced the launch of a virtual ...

Phonepe launches point-of-sale systems so vendors can accept card payments PhonePe has launched a new device called point-of-sale (POS) that allows merchants to accept payments through debit cards, credit cards, and UPI. This device comes with the PhonePe POS App installed and supports various transaction methods such as tap, swipe, dip, and interoperable dynamic QR codes. This move by ...

A snapshot of term insurance plans with 2 riders offered by various firms New tax norm to hurt insurers; stocks attractive for the long run: Analysts Irdai grants permission to Go Digit Life Insurance to commence business How to book train insurance for less than a rupee, claim up to Rs 10 lakh Go Digit General Insurance re-files preliminary IPO ...

3/4 of all Indian households are debt-free, 69% save in banking instruments An overwhelming 69 per cent of all households in India have saved in banking instruments while barely 4 per cent of the country’s households save in post office, revealed a survey conducted by the People Research on India’s Consumer Economy (PRICE) an independent, not-for-profit think tank. ...