Page 30 - Aathira Varier

Credit Card spends fall sharply in November after festive October high

Decline due to moderation in consumer spending; issuances come down

Outward remittances under LRS rise 10.6% in October, shows RBI data

In the August-October quarter of financial year 2024, Indians remitted $8.37 billion overseas, compared to $9.05 billion during the same period last year

We want to grow better than industry, mindful of biz quality: Naveen Jha

Health and motor insurance will continue to be our two most important segments

Non-life insurers' profit in green in FY24 after 2 straight years of losses

Net profit of life insurance companies rose by 10.79% Y-o-Y in FY24 to Rs 47,407 crore

Over Rs 20k cr of unclaimed amounts lie with life insurers at end of FY24

Irdai also adopted several measures to reduce existing unclaimed amounts, asking insurers to prompt policyholders to update their contact details at the time of renewal

NPS Vatsalya growing, onboards 75,000 people since launch: PFRDA chairman

Finance Minister Nirmala Sitharaman had in September launched NPS Vatsalya, a scheme for minors to secure their future

Shriram Finance consolidate green finance biz under Shriram Green Finance

Building on its existing expertise in financing electric vehicles, Shriram Green Finance will provide sharper focus and clarity to its sustainability efforts

RBI imposes fine on Manappuram Finance, IndusInd Bank over non-compliance

The statutory inspection of the companies was conducted by the RBI with reference to their financial position as of March 31, 2023

State govt fiscal situation improves; sops may crowd out resources

Market borrowing surged 32.8% in FY24, RBI report says

Insurance premium financing expected to see healthy growth of 25% annually

In premium financing, a borrower secures a loan from a third-party provider to cover the policy's premiums

RBI lifts restrictions on ECL Finance, Edelweiss ARC after compliance

RBI, in May this year, imposed business restrictions on ECL Finance and Edelweiss ARC

Life insurance firms adjust term premiums by 5-10% ahead of FY25 end

HDFC Life Insurance - the second largest life insurer in the country - has increased their term life insurance premiums by about 5 per cent for Rs 50 lakhs and above, as per distributors

ICICI Bank's board approves 19% stake sale in ICICI Merchant Services

The Board of Directors of ICICI Bank Limited ("the Bank"), at its meeting held today, approved a proposal for sale of 19% stake held in ICICI Merchant Services

India's foreign exchange reserves decline to 5-month low of $654.8 billion

The RBI is expected to have sold net dollars worth $61.1 billion to protect the domestic currency

Max Life rebrands to Axis Max Life Insurance after regulatory approval

Earlier this year, Axis Bank's board of directors approved the proposal to acquire Max Life shares

Life insurers adjust term premiums ahead of business end of financial year

While some companies are increasing rates, others are slashing them, and still others have made no change; GST changes on premium taxation may change outlook

Irdai may limit insurance companies' overdependence on parent banks

Irdai also plans to encourage diversification across multiple distribution channels to ensure balanced growth across the industry

Irdai to introduce norms for more qualified insurance sales personnel

Tripathy said that despite the rapid growth in the insurance industry in recent years, there is a gap in education and upskilling of the industry's employees

'Credit card delinquencies rise in June even as issuance growth drops'

According to CRIF Highmark report, highest delinquency was in credit cards with limits less than Rs 50,000

Banks compliant with Trai's new regulations on message traceability

According to senior public sector bank executives, all the mobile phone numbers are white-labelled for call centres, and compliances are in place as far as large commercial banks are concerned