Page 30 - Aathira Varier

LIC launches single-premium micro-term insurance for financial groups

LIC's new plan offers simple and affordable life insurance for financial institutions to cover their members

Life insurance firms report 14% growth in new biz premiums in September

In H1, new business premiums of life companies was up 19% YoY

LIC reduces entry age for its new endowment plan to 50 years from 55

Endowment is an insurance policy that provides life cover and maturity benefit

AM Best upgrades credit ratings of GIC Re's to 'A-' (Excellent)

The outlook for both ratings has been revised to stable. In addition, AM Best has reaffirmed GIC Re's India National Scale Rating (NSR) of aaa.IN (Exceptional) with a stable outlook

Jio Finance App now available on Google Play Store, Apple Store, MyJio

In addition, features such as seamless Unified Payments Interface (UPI) payments, mobile recharge, and the ability to pay credit card bills are empowering customers to transact digitally with ease

Give borrower info until loan cycle or shutdown: RBI to credit institutions

In these cases, the repayment history of these entities' borrowers is not updated, even if they continue to repay or clear their dues

RBI asks ARCs to become members of all credit information companies

ARCs are also asked to rectify the rejected data received from CICs and upload the same with the CICs within seven days of receiving such data

Forensic probe by experts underway on the cyberattack: Star Health

A data breach recently at Star Health's servers reportedly put up for sale on the messaging platform Telegram sensitive data of 31 million customers, amounting to an estimated 7.24 terabytes

RBI proposes beneficiary name verification for RTGS and NEFT transactions

Payment Systems like UPI and IMPS provide a facility to the remitter to verify the name of the receiver before initiating a payment transaction

Lenders not allowed to levy foreclosure charges on MSEs, says RBI

Analysts said that the implementation of the norms will negatively impact the income of these lenders while increasing pre-payment of loans and balance transfers

LIC reduces 1st-year agent payout to 28% after surrender value revision

First insurer to change commission after revision in surrender value norms

Result preview: High Ulip share may weigh on life insurers' Q2 margins

Industry players had previously indicated that their margins will take a hit because of the revised norms

Banks record a higher deposit growth rate in Q2 FY25 than Q1 FY25

Four out of five banks have recorded growth at least 2-3 per cent higher than the pace seen in the quarter ended June 2024

LIC eyes less than 50% stake in standalone health insurance company

State-owned insurer doesn't want operational control but wants to have a say in the management

Trai's whitelisting norms: Majority of banks, insurers in compliance

Mandatory registration of URLs, APKs, OTT links in SMS traffic starts

Favourable biz environment drives firms' credit upgrades in H1FY25

Export-intensive segments vulnerable to global risks, warn rating agencies

Surrender value norms: Life insurers begin rolling out revised bestsellers

Most major life insurance companies have products in excess of 30. It was becoming difficult for the companies to revise all their products, in accordance with regulations by the deadline

SFBs should adopt responsible lending practices: RBI DG Swaminathan

The boards are also expected to ensure a proper succession planning for top management

State-owned banks on apprenticeship spree to strengthen customer services

Banks are hiring apprentices for the first time amid gradual decline in number of employees

Insurance companies enhance tech spending to meet evolving customer needs

Companies' tech spending sees marked rise to meet evolving consumer demands