Page 57 - Aathira Varier

Irdai sets up 12-member committee to simplify insurance policy wordings

This comes in the backdrop of the Irdai's observation that policyholders often find it difficult to understand the terms and conditions in insurance policy contracts

Irdai excludes retail sector of general insurance from arbitration clause

Following the amendment, the clause will only apply to commercial lines of business

SBI Life Insurance Q2 net profit stays flat amid rise in expenses

During the quarter, the insurer's value of new business (VNB) surged 20.26 per cent to Rs 1,490 crore from Rs 1,239 crore in the first quarter of FY24

CRA to replace pension funds as FIP in account aggregator ecosystem

As per RBI, an Account Aggregator means a non-banking financial company (NBFC) that undertakes the business of an account aggregator, for a fee, among other services

Sustainable finance will foster economic growth: Deputy Guv Swaminathan J

He said that lenders need to go beyond mere compliance and must imbue the organisation's practices with sustainable finance principles in order to foster a culture of financial inclusion

Axis Bank net profit up 10% to Rs 5,864 crore, asset quality improves

The net interest income (NII), the difference between interest earned and interest expended, grew by 18.86 per cent to Rs 12314.6 crore in Q2FY24 as against Rs 10360.3 crore for Q2FY23

PNB Housing Finance Q2 results: Net profit rises 45.8% to Rs 383 crore

The net interest income (NII) inched 1.85 per cent up to Rs 661 crore from 649 crore. The Net Interest Margin (NIM) slipped down to 3.95 per cent from 4.14 per cent in Q2FY23

ICICI Bank Q2 net profit rises 35.8% on lower provisioning, higher income

Bank reported 23.81% increase in net interest income

Non-life insurance industry projected to grow by 14 to 15% CAGR by FY37

General insurance penetration in India remains low at 1 per cent as of FY21, compared to 3.4 per cent in Taiwan and 5.2 per cent in South Korea

24% growth in health cover premia drives non-life insurance sector

In the first half, the health insurance segment registered 18.92 per cent growth year-on-year

Equity, debt markets helped outward remittance rebound in August

The overall remittances increased by 43 per cent from July

RBI imposes Rs 2.50-cr penalty on L&T Finance for non-compliance of norms

The statutory inspection of the company was conducted by the RBI with reference to its financial position as of March 31, 2021, and March 31, 2022

Poonawalla Fincorp's Q2 results: Net profit up 77% to Rs 230 crore

Net Interest Margin (NIM) saw an improvement of 106 basis points to 11.42 per cent from the year-ago period

Irdai mandates TP insurance to employees travelling in employer's vehicle

IRDAI added that no additional premium will be charged until further directions are issued

ICICI Lombard Q2 results: Net profit dips by 2% due to rise in expenses

The underwriting loss narrowed to Rs 146 crore, down from Rs 152.3 crore in Q2FY23

Bajaj Finance Q2 results: Consolidated net profit up 28% to Rs 3,551 cr

With rising cost of funds BFL expects further compression in NIMs

I-T moves HC against tribunal for favouring LIC in Rs 5K cr tax cases

The litigation has been filed by the Principal Commissioner of Income Tax, Mumbai, for two claims: Rs 1,838.87 crore and Rs 3,153.97 crore from AY 2014

RBI imposes fines on Kotak Mahindra Bank, ICICI Bank for violating norms

ICICI Bank was also found marketed and engaged in the sale of non-financial products and failed to report frauds to the RBI within the prescribed timelines

ICICI Prudential Life Insurance Q2 net profit up 22.4% to Rs 244 crore

The net premium income of the company rose to Rs 10,022 crore, nearly 5 per cent higher from Rs 9,582 crore in the year-ago period

Bajaj Finance picks 26% stake in fintech firm Pennant Technologies

Pennant will become a related party of Bajaj Finance after completion of deal