Finance News

Irdai forms task force to facilitate ease of doing KYC using Aadhaar Regulator Irdai has constituted a task force to facilitate ease of doing Know Your Customer (KYC) by insurers using Aadhaar, the 12-digit individual identification number. In a circular, the Insurance Regulatory and Development Authority of India (Irdai) said presently, the UIDAI framework allows insurance companies to ...

SBI Funds Management gets RBI’s nod to acquire 9.99% stake in HDFC Bank RBI hikes repo rate by 35 bps to 6.25%, cuts FY23 GDP forecast to 6.8% RBI MPC: Here is what experts have to say about the policy announcement HDFC Bank: Analysts see muted profit growth in Q4 amid higher provisions HDFC Bank shares fall post Q3 as ...

Banks express concern over high overnight funding costs, ask for RBI’s help By Dharamraj Dhutia and Siddhi Nayak MUMBAI (Reuters) – Indian banks put forth their concerns over elevated overnight rates at a money markets association meeting last week and have informally asked the Reserve Bank of India to help manage liquidity, senior treasury officials said on Wednesday. ...

HDFC launches India’s first mutual fund focused on defence sector HDFC Asset Management Company Ltd on Tuesday announced the launch of the country’s first mutual fund focussed on defence sector, a move that will provide investors an opportunity to participate in growth potential of this space. The new fund offering (NFO) of HDFC Defence Fund, an open-ended equity ...

Irdai relaxes norms for surety bonds to expand market for such products Regulator Irdai on Tuesday said it has relaxed norms for ‘surety bonds’, a type of insurance policy protecting parties involved in a transaction or contract from potential financial losses due to a breach of contract or other types of non-performance. The changes are aimed at expanding ...

IRDAI lowers the solvency requirement for surety bonds to 1.5 times The Insurance Regulatory and Development Authority of India (Irdai) has decided to lower the solvency requirement for surety bonds to 1.5 times, from 1.875 times after receiving feedback from the insurance players. “On the basis of the evaluation of various representations received, the solvency requirement applicable for such ...

Banks request RBI for 1 more year to implement new loan provisioning system Banks have requested the RBI for one more year’s time to implement the system of Expected Credit Loss (ECL) for provisioning of loans. At present, banks set aside money after an asset turns bad, and once the new system is put in place, it is ...

UPI-related scams account for 55% of total digital payments frauds in India Out of all the reported digital payment frauds in India, over half (55 per cent) were United Payments Interface (UPI)-related, a new report released on Tuesday revealed. Another 18 per cent are card related, 12 per cent are related to internet banking and nine per cent are from ...

70% of MSMEs believe more than 50% of customers will pay using UPI UPI continues to dominate digital payments thanks to wide use of QR codes ICICI Bank to offer EMI facility for UPI transactions above Rs 10,000 UPI processes record 7.82 bn transactions in December, ends 2022 on a high Is it the end of WhatsApp’s UPI ambition? ICICI ...

Banks tighten rules around lending money to airlines after Go Air crisis Repeated company failures dent the entire aviation industry’s creditworthiness, the chief financial officer of an airline said