Page 45 - Aathira Varier

RBI penalises SBI, Canara Bank, City Union Bank for flouting norms

The RBI took action after conducting Statutory Inspection for Supervisory Evaluation (ISE 2022) of the three lenders with reference to their financial position as on March 31, 2022

Zurich Insurance to acquire 70% stake in Kotak General for Rs 5,560 crore

The proposed 70 per cent acquisition is subject to regulatory approval from the Reserve Bank of India and the Insurance Regulatory and Development Authority of India

Use of AI can prevent stressed assets: IMF ED Krishnamurthy Subramanian

Subramanian said India should follow the global practice where the bourses and the regulator need to be informed when there is a violation of a technical covenant

Irdai retains obligatory cession of business to GIC Re at 4% for FY25

Obligatory cession refers to the part of the business that general insurance companies have to mandatorily cede to the national reinsurer

Bandhan Bank appoints Rajeev Mantri as CFO effective from February 22

Ghosh took charge as the Interim CFO from October 20, 2023, after Sunil Samdhani resigned from the post of CFO effective September 30, 2023, to explore opportunities outside the bank

South Indian Bank's board approves terms of rights issue worth Rs 1,151 cr

The bank will issue 523.1 million rights shares at Rs 22 each on a fully paid-up basis

Irdai to introduce collaterals for reinsurance transactions with CBRs

The proposed guidelines given in an exposure draft will be applicable for all the reinsurance placements with CBRs by cedants or insurers from India

Credit deposit ratio inch up Dec qtr; top PSBs report lower than pvt peers

The CD ratio is the ratio of the funds that banks lend compared to the funds raised in the form of deposits

HDFC Life International launches health plan for overseas Indian students

The plan enables customers to access top private medical facilities and services while avoiding the conventional hassle of going through lengthy appointment wait times, as seen in various countries

PNB Housing Finance offer limited period fixed deposit rates for 23 months

These interest rates are applicable on all new and renewed fixed deposits booked until March 31, 2024, with a minimum deposit amount of Rs 10,000

Conscious call not to accept high cost deposits, says HDFC Bank CEO

HDFC Bank shares came under pressure after the Oct-Dec earnings numbers due to slower than expected growth in deposits and compression in net interest margin

Outward remittances under LRS rise 20% to $24.80 billion in 9MFY24

The outflows under the scheme were mainly driven by the international travel segment, equity and debt investments, maintenance of close relatives, among others

PNB MetLife announces launch of PMLI small cap fund in ULIP segment

The product is a unit linked insurance plan that gives policyholders the chance to invest in a diversified equity portfolio with a focus on small-cap companies

Target for Ujjivan Small Finance Bank: 40% secured loan portfolio in 3 yrs

The bank's capital adequacy ratio saw an impact of 80 basis points after the Reserve Bank of India's (RBI's) decision to increase the risk weight on personal, unsecured, and other loans

PB Fintech subsidiary can now facilitate sale of reinsurance products

A composite insurance broker can also sell reinsurance products besides general and life insurance products

LIC launches a non-participating product 'Amritbaal' for children

The Minimum Sum Assured is Rs. 2,00,000, with no limit for the Maximum Basic Sum Assured

LIC employee unions refuse 14% salary hike offer by management

LIC has a five-year wage revision policy and last raise was given to employees in 2017

Irdai reconstitutes expert committee for Ind AS/IFRS implementation

The committee will also address the requirements of guidance notes, APS, and Education Material from respective professional institutes

LIC gets tax refund of Rs 21,740 crore from Income Tax department

Out of this, the Income Tax Department has released Rs 21,740.77 crore. The company further added that it is pursuing the balance with the Income Tax Department

Rating agencies need to review their framework, says CEA Nageswaran

Says global financial institutions tend to accentuate spillovers for developing economies