Page 5 - Aathira Varier

Customer support and service major issues across fintechs: RBI study

An RBI bulletin study highlights customer support and grievance redressal as key challenges for fintechs, with users citing poor service, app glitches and loan processing issues

Outward remittances under LRS fell 11% to $2.45 billion in July: RBI

According to the latest RBI data, the amount remitted under LRS was down from $2.75 billion recorded in July 2024

No major rise in insurance sales despite zero GST, say distributors

The industry, however, believes that it is too early to see a proper trend

Festivals, GST cuts to drive credit card spends after 13.7% August rise

While spends saw a robust increase on a YoY basis, there was a slight moderation compared to previous month, where spends had touched Rs 1.93 trillion

GST 2.0: Pent-up demand behind spike in insurance sales on day one

The insurance industry has passed on the full reduction in GST to customers without changing product prices for now

IndusInd Bank names Viral Damania CFO amid leadership transition

IndusInd Bank has appointed Viral Damania as CFO and KMP with effect from September 22, while Santosh Kumar will continue as Deputy CFO after ceasing additional duties

Hospitals vs insurers: Policyholders bear the brunt of rising medical costs

The simmering conflict came to a head last month when Niva Bupa suspended cashless services at Max Hospitals on August 16, citing unresolved reimbursement issues

Insurance policy renewals see delay ahead of GST reforms' implementation

Fresh issuances stay steady as customers weigh renewal options before GST reform

Insurance executives knock on FinMin door for input tax credit fix

The insurance chiefs in a letter submitted to the finance ministry officials on Friday sought for implementation of the new GST rates on a prospective basis, while allowing for ITC on renewal premiums

Non-life insurance premiums up 1.6% in August on crop insurance drag

Non-life insurers saw premiums rise 1.6% in August to Rs 24,953 cr as crop insurance weakened; New India Assurance and National Insurance posted strong growth

Life insurers' new biz premiums fall 5.2% in Aug as LIC drags growth

New business premiums of life insurers fell 5.2% YoY in August to Rs 30,959 crore as LIC posted a sharp decline, while private insurers recorded double-digit growth

Ujjivan SFB to raise ₹2,000 crore via QIP; awaits RBI licence decision

Ujjivan SFB will raise Rs 2,000 crore through QIP in 18-24 months to fund growth towards a Rs 1-trillion loan book by FY30 while awaiting RBI's call on a universal bank licence

More senior citizens opt to port health insurance policies: Experts

Innovation, digital ease driving the shift, say insurers

Turtlemint Fintech Solutions files confidential DRHP with Sebi for IPO

The insurance distribution platform has filed a pre-filing DRHP with Sebi and stock exchanges, but clarified that the filing does not necessarily mean an IPO will follow

GST cut on health insurance: Policyholders may use free-look period option

It allows customers to review and cancel the insurance policy within 30 days of its purchase

Bima Sugam to roll out in phases for insurers, intermediaries, customers

Bima Sugam India Federation said the digital insurance marketplace will launch in phases this year with pilot insurer integrations and gradual customer onboarding

Input tax credit removal blunts impact of GST waiver on insurance

While the GST exemption on health and life insurance premiums will lower costs for consumers, insurers will absorb some impact due to the removal of input tax credit (ITC)

GST cut likely to defer insurance buying till new rates kick in

Experts expect spike in health and life insurance sales post-September 22, 2025, after GST exemption on individual policies takes effect, but many customers are likely to defer purchases until then

Govt draft norms to ease compliance for foreign investment in insurance

The draft norms for foreign investment in insurance propose easing compliance by scrapping residency requirements for directors and KMPs while retaining key leadership conditions

Former DEA secy Ajay Seth takes charge as Irdai chairman for 3-year tenure

Ajay Seth, a 1987-batch IAS officer and former DEA secretary, has taken charge as chairman of Irdai nearly a month after his appointment for a three-year tenure by the government