Page 13 - Aathira Varier

We should just go for unified licences; must open up distribution: Singhel

Human memory is very short. The demand for health insurance is still fine, we still have a double digit growth, Tapan Singhel said

PNB, BoB, UCO cut lending rates after RBI slashes repo rate by 50 bps

After the RBI's surprise 50 bps repo rate cut, major state-run banks including PNB, Bank of Baroda and UCO Bank have reduced lending rates to boost transmission

Sat Pal Bhanoo takes interim charge as LIC MD & CEO for three months

Following Siddhartha Mohanty's term completion, Sat Pal Bhanoo has been given interim charge as LIC MD & CEO for three months or until a new incumbent is appointed

RBI repo rate cut by 50 bps: Corporate borrowing likely to remain tepid

CRR cut to partially offset margin pressure from rate cuts from H2 FY26

MFI stress to be steady in next few quarters: RBI Deputy Governor

RBI relaxes qualifying criteria for NBFCs to be treated as MFIs

Surety bonds' market faces multiple growth challenges despite govt push

The issuance of such bonds remains muted due to several challenges, such as collaboration between banks and insurance firms, data sharing, and regulatory parity, among others

BimaPay targets Rs 5,000 cr corporate insurance premium financing by FY30

The company will cover all sectors including IT, logistics, healthcare, manufacturing and more, offering products such as group medical, fire and group personal accident insurance

Shortage of ₹100, ₹200 notes may delay RBI's ATM target, say banks

Cash logistics firms and banks cite note supply and operational costs as key concerns in meeting RBI's target for ATMs dispensing ₹100 or ₹200 notes by September 2025

RBI's LRS review to align with wider economic, geopolitical conditions

The central bank is reassessing annual limits, permitted uses, currency options and compliance alignment in its Liberalised Remittance Scheme amid evolving economic realities

Banks' gold loan growth more than doubles in April on price surge

Gold loan growth rises 119.6% YoY to Rs 2.23 trillion in April 2025; RBI data shows slowdown in retail and NBFC credit growth despite robust rise in gold-backed lending

RBI plans guidelines to curb mis-selling of financial products in FY26

As complaints rise, RBI will frame rules in FY26 to curb mis-selling of financial products by banks and NBFCs, with possible impact on insurers' banca channels

Fake ₹500 notes at six-year high in FY25, ₹2000 counterfeits fall: RBI

The number of counterfeit notes below ₹200 denomination also rose by 13.9 per cent YoY to 32,600 pieces

Insured deposits rise 7% to ₹96.7 trillion as of Sept 2024: RBI report

RBI annual report shows insured deposits rose to ₹96.7 trillion with 97.7% of accounts covered; DIF grew 15.2% while ₹476 crore in claims was settled in FY25

General insurers launch ₹120-cr campaign to raise insurance awareness

With penetration slipping to 3.7% in FY24, general insurers roll out "Acha Kiya Insurance Liya" campaign modelled on mutual fund success to drive awareness

LIC Q4FY25 results: Net profit up 38% at ₹19,012 crore on lower costs

Insurer earned Rs 73,000 crore profit from equity markets in FY25

GIC Re Q4FY25 results: Net profit declines 17.4% to ₹2,182.89 crore

GIC Re's Q4 net profit fell 17.4% YoY to ₹2,182.89 crore due to underwriting loss; full-year profit up 3.1% to ₹6,701.36 crore; solvency ratio improves to 370%

Term life buyers opt for higher cover and avoid long tenure policies

Rising premiums for longer durations and features like smart exit prompt shift to shorter term insurance policies with higher sums assured of ₹2-5 crore

Credit card spends rise 18% to ₹1.84 trillion in April, shows RBI data

Credit card spends surged 18 per cent YoY in April but fell 8.7 per cent from March, as issuers remained cautious on new cards due to stress in unsecured portfolios

Motor TP premium hike crucial for survival: New India Assurance CMD

New India Assurance CMD Girija Subramanian says motor third-party premium hike is urgent to ensure business viability as incurred claims hit 108.2 per cent in FY25

Outward remittances under LRS fall 6.85% to $29.56 billion in FY25

RBI data shows LRS outflows dropped to $29.56 billion in FY25 due to weak income growth, rupee depreciation, and lower transfers for education and close relatives