Page 22 - Aathira Varier

Pump Rs 300 crore into Bima Sugam by February-end: Irdai to insurers

After multiple delays, Phase-I of Amazon-like one-step digital platform may be launched in mid-2025

BALIC becomes the first insurer to go live with Bima-ASBA facility

Through Bima-ASBA, policyholders can opt for UPI's One-Time Mandate (OTM) and authorise the blocking of a specified amount, i.e up to Rs 2 lakh, in their bank account via UPI

Govt should bring down stake in PSBs, says Bank of India MD & CEO

Karnatak said that the bank's external benchmark-linked loans (EBLR) are already reflecting the rate cut by the Reserve Bank of India (RBI)'s monetary policy committee (MPC)

RBI imposes penalty on Citibank, Asirvad Micro Finance, JM Fin Home Loans

The action was based on supervisory findings following a statutory inspection of the companies for their financial position as of March 31, 2023

Code of conduct must for freebies: Ex-RBI governor Duvvuri Subbarao

He said that although some people live at subsistence levels and the government must provide certain safeguards, there should be a limit on such provisions

Insurance firms asked to contribute capital to Bima Sugam by month's end

Insurance regulator Irdai has told insurance firms which will be shareholders in Bima Sugam to inject initial capital of Rs 300 crore

Reinsurance rates set to firm up in April: GIC Re CMD Ramaswamy Narayanan

We have been trying to reduce the underwriting losses. The domestic business has more or less remained where it is, said Ramaswamy Narayanan

Outward remittances under LRS drop 10% to $22.82 bn in 9MFY25: RBI

Outflows under the scheme were impacted by deposits, maintenance of close relatives, and the international travel segment, among others

Ex-SBI chairman Khara to head panel to implement amendment to insurance law

Highly placed sources in the insurance sector clarified that the panel will not propose any further amendments and that its mandate is to work on the proposed amendments

Plum to invest $6 mn over next 2 yrs to enter personal insurance segment

The company aims to simplify and democratise access to health coverage for individuals

Ensuring timely repayment to all our lenders, says Kinara Capital

Media reports on Tuesday said that the lender was grappling with financial challenges and has breached financial covenants, primarily due to elevated gross non-performing assets (GNPAs), profitability

Irdai permits insurance premium payment through blocked amount on UPI

Both the Life and General Insurance Councils have to issue a standard declaration within a week of Irdai's circular to be included in the proposal for authorisation.

Insurers manage over 4,500 compliances in a year: TeamLease RegTech

The report suggested that insurers should adopt RegTech solutions to automate compliance processes and reduce manual tracking

Govt asks private insurers to increase free look period to one year

Currently, the free look period offered by insurers is one month

RBI curbs on New India Co-op Bank: Deposit insurance offers silver lining

Customers pin hopes on Rs 5 lakh insurance payout as RBI freezes withdrawals

Bima Vahak's portal is ready for soft launch in April 2025, says Irdai

The regulator also said, "A compliant, simple, comprehensive, and customer-friendly model has been signed off by the top brass of the industry."

Bid to mitigate margin impact: Life insurers rejig agent fee structures

The companies had to launch all their products as per the new norms by December 31, 2024

UK-based Bupa likely to increase stake in Niva Bupa Health Insurance

Finance Minister Sitharaman recently announced a hike in FDI limit in insurance sector from 74% to 100%

Slowing growth of unsecured loans satisfactory: RBI Governor Malhotra

The RBI also noted that bank funding to non-banking finance companies (NBFCs) has declined following the increase in risk weight on bank loans to shadow banks

LIC's Q3 FY25 results: Net profit rises 17% to Rs 11,056.5 crore

Its expenses declined 20.76 per cent Y-o-Y to Rs 14,415.80 crore, aided by a nearly 30 per cent drop in employee-related expenses