Page 2 - Aathira Varier

Irdai approves Patanjali Ayurved, DS Group's acquisition of Magma General

Regulator clears acquisition of Magma General Insurance from Sanoti Properties, with Patanjali to acquire a 73.56% stake and DS Group 24.50%

Irdai grants licence to ProTec General Insurance, fourth approval in 2026

Regulator also approves reforms covering investment norms, intermediary registration, capital raising, governance and policyholder protection measures

Banks double cyber insurance cover to $100 mn as digital threats intensify

Higher cyberattacks, rising claim severity and tighter regulatory scrutiny are prompting banks and financial institutions to significantly increase cyber insurance cover

Canara HSBC Life guides for 22-23% VNB margin in FY27: Anuj Mathur

Canara HSBC Life plans to expand its agency network to 5,000 distributors, grow alternate channels and deepen AI adoption to drive growth and profitability

Tata Capital's Q1FY27 results: Net profit rises 56% to ₹1,547 crore

The net interest income (NII) of the NBFC rose 25 per cent year-on-year to Rs 3,571 crore, while total income grew 23 per cent year-on-year to Rs 4,455 crore

Bank of Baroda aims $3 bn in FCNR (B) deposits: MD & CEO Debadatta Chand

Bank of Baroda expects RoA above 1% in the remaining FY27 quarters, despite a one-time litigation settlement, while retaining confidence in growth and profitability

Targeting ₹20,000 cr gold loan goal portfolio in 3 years: Umesh Revankar

Shriram Finance retains FY27 AUM growth guidance despite fuel price concerns, bets on aggressive gold loan expansion and expects NIMs to stay strong

Credit card spends hit ₹2 trillion for the second straight month in June

Overall spending rose 9.8 per cent year-on-year as HDFC Bank and SBI Card led growth, while outstanding credit cards crossed 121.6 million

Shriram Finance's Q1FY27 results: Earnings zoom 60% to ₹3,444 crore

Shriram Finance posted a 60% jump in Q1FY27 net profit to ₹3,444 crore, driven by strong NII growth, higher AUM and an improvement in net interest margin

Private bank attrition eases in FY26 amid digitisation-led workforce cuts

ICICI Bank, Axis Bank and Kotak Mahindra Bank reported lower attrition in FY26, while HDFC Bank saw a marginal rise as technology and digitisation reduced headcount

Marine war-risk premiums harden amid renewed West Asia tensions

War-risk insurance premiums on Gulf shipping routes have surged amid renewed West Asia tensions, raising costs for vessels avoiding high-risk corridors

Outward LRS remittances rise 3.6% to $2.39 billion in May 2026: RBI

Higher overseas investments and deposit-related remittances lifted outward LRS flows in May, although spending on travel and overseas education declined

NRI deposit inflows fall 29% to $1.33 billion in April-May 2026: RBI

The moderation was driven by weaker inflows into NRE and FCNR(B) accounts, though recent RBI measures have triggered a sharp rise in fresh FCNR(B) deposits

UCO Bank posts 8% rise in Q1 profit; provisions more than double

The state-owned lender reported higher net interest and non-interest income in the June quarter, while provisions surged mainly due to tax-related liabilities

Mahindra Finance's Q1 profit up 70% on higher income, better asset quality

Total income from operations increased 12 per cent Y-o-Y to ₹4,973.9 crore during the quarter

New CEO will ensure continuity of strategy at South Indian Bank: Seshadri

Seshadri said as the bank is not offering leverage, their proposition is attractive to smaller depositors and customers in geographies where leveraged products do not enjoy tax advantage

India's outward FDI falls 47.9% to $3 billion in June: RBI data

India's outward FDI commitments fell 47.9 per cent year-on-year to $3 billion in June as equity, debt and guarantee commitments declined, according to RBI data

Forex inflows from concessional swap scheme at $20.72 bn till July 17: RBI

The RBI said inflows under its concessional swap schemes reached $20.72 billion till July 17, led by FCNR(B) deposits, while India's outward FDI fell nearly 48 per cent in June

Banks post modest treasury gains in Q1 despite softer bond yields

Banks booked modest treasury gains in Q1FY27 despite softer bond yields as they pared excess SLR holdings and sold government securities to support credit growth

Axis Bank Q1 net profit rises 23% to ₹7,114 crore as provisions fall

Axis Bank's June-quarter profit rose on lower provisions and an 8 per cent increase in net interest income, even as margins narrowed and bad loans edged higher