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Higher claims pushed up non-life insurers’ underwriting losses: Report General and health insurers’ underwriting losses widened in FY22 when their incurred claims ratio worsened on account of higher claims paid because of Covid-19. Insurers reported underwriting losses of Rs 31,810 crore, an increase of 59 per cent from the year-ago period. The incurred claims ratio ...

Union Bank of India raises Rs 663 cr from AT-1 bonds under Basel-III norms State-owned Union Bank of India on Friday said it has raised Rs 663 crore from Tier I bonds to fund business growth. “…the bank has allotted unsecured, subordinated, non-convertible, perpetual, taxable, fully paid-up Basel III compliant Additional Tier 1 bonds (AT-1) ...

Bandhan Bank to sell stressed loans to ARC for the first time: Source Bandhan Bank’s announcement of sale of stressed loans to an asset reconstruction company (ARC) will be the first such instance for the private lender, a source in the bank said. The lender had on Wednesday said it will sell stressed loans to ...

PNB raises Rs 582 cr through Basel III compliant Additional Tier-I bonds Public sector lender Punjab National Bank (PNB) has raised Rs 582 crore by issuing bonds on a private placement basis. The bank has issued and allotted Basel III compliant Additional Tier I bonds at a coupon of 8.40 per cent per annum, aggregating ...

P N Vasudevan to continue as Equitas Small Finance Bank MD, CEO After announcing earlier this year that he would step down from his post, P.N. Vasudevan, founder of Equitas said on Friday that he decided to continue as managing director and chief executive officer of Equitas Small Finance Bank. “Equitas Small Finance Bank is ...

Several insurance companies exceed limit on expenses in FY22: Irdai report In FY22, several insurance companies, both in the life and non-life segment, have exceeded the expense of management limits prescribed by the insurance regulator in its guidelines laid down in 2016, the annual report released by Irdai for 2021-22 revealed. As far as life ...

Canara Bank crosses business milestone of Rs 20 trn, stock down by 6.54% Canara Bank on Friday said it has crossed the business milestone of Rs 20 lakh crore. “Canara Bank has achieved a milestone of crossing the total global business of Rs 20,00,000 crore as on 22nd December, 2022,” the bank said in a ...

ICRA downgrades PTC Financial Services short-term rating over operations Rating agency ICRA has downgraded short term ratings for PTC Financial Services (PFS) from “A1+” to “A1”, citing significant moderation in the company’s operations, weakness in asset quality and moderate profitability indicators. PFS, a Delhi-based non-banking finance company (NBFC), was placed under watch in January 2022 ...

RBI’s forex reserves fall for first time in five weeks to $563.50 bn: Data The Reserve Bank of India’s (RBI’s) foreign exchange reserves declined for the first time in five weeks to $563.50 billion in the week ended December 16. The $571-million fall in the RBI’s reserves was primarily due to a decline in the ...

Public sector Indian Bank ties with Honda Cars to offer financing solutions Public sector Indian Bank has tied up with automaker Honda Cars India Ltd towards offering financing solutions to its customers, the city-headquartered bank said on Friday. This partnership would allow customers to bring home their favourite Honda vehicles through financing options provided by ...