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Irdai proposes single limit on expenses for non-life insurance firms

According to the exposure draft released by the regulator, non-life insurers cannot spend an amount exceeding 30 per cent of the gross premium written as company expense during a financial year

ICICI Bank, Bank of India, Indiabulls hike rates ahead of MPC meeting

The revised rates for new borrowers range between 7.80 per cent and 8.30 per cent, depending on credit and loan amount

UPI records 6 billion transactions in July, highest ever since 2016

UPI crossed 1 billion transactions for the first time in October 2019, almost three years after its launch

Non-life insurers not keen on paying obligatory cession to GIC Re

The obligatory cession was reduced from 5% to 4% for 2022-23. The impact of the reduction on GIC Re will be Rs 2,000 crore

Irdai may offer more flexibility to insurers in corporate agency tie-ups

Insurance regulator's board proposes limit on expenses of management for general insurers

We will grow VNB in line with industry after FY23: ICICI Pru Life MD & CEO

'Beyond FY23, our focus will be on the absolute value of VNB, not so much the margins', said Kannan

HDFC Ltd net profit surges 22% YoY to Rs 3,668 crore in June quarter

It looks to raise $1.1 billion in external commercial borrowing

SBI Card net profit more than doubles to Rs 627 crore in June quarter

SBI card shares of the lender were trading 4.2 per cent higher than the previous day's close at Rs 926.1

Card data storage: RBI relaxes rules for checkout on guest transactions

Sticks to Oct 1 deadline for card tokenisation; acquiring banks permitted to store card-on-file data until January

RBI gives payment aggregators another window till Sep to apply for licence

PAs should have a minimum net worth of Rs 15 crore as on March 31, 2022

SBI Life's net profit rises 18% YoY to Rs 263 crore in June quarter

Its VNB margins - a measure of profitability of life insurers - stood at 30.4 per cent, against 23.7 per cent in the year-ago period

IL&FS sells 2 firms in energy business for Rs 77.5 cr to reduce debt

IEDCL sold 27.75 per cent of its stake in Urjankur Nidhi Trust, where Maharashtra Energy Development Agency has a 50 per cent stake and Shree Datta Shetkari Sakhar Karkhana Ltd holds 22.25 per cent.

Eight PSBs join the account aggregator ecosystem ahead of deadline

The remaining four, which are in the testing phase, could be inducted soon

Bajaj Finance's first-quarter net profit surges 159% y-o-y to Rs 2,596 cr

Shares of the company closed at Rs 6,393.75 - up 2.14 per cent from the previous days' close

Digital payments record 29% annual growth at March-end 2022: RBI data

The newly constituted RBI's digital payment index (RBI-DPI) stood at 349.3 in March 2022 as against 304.06 in September 2021 and 270.59 in March 2021

Non-life insurers not keen on paying obligatory cession to GIC Re

The obligatory cession was reduced from 5 per cent to 4 per cent for FY23. The impact of the reduction on GIC Re would be around Rs 2,000 crore

Mastercard enables 200,000 merchants for card-on-file tokenisation

Mastercard said it worked with 45,000 merchants, 34 issuing banks, 10 acquiring banks, and 30-plus token requestors (including all major payment aggregators) to create 90 million tokens

Irdai carrying out series of reforms for ease of doing business: Minister

Irdai has also developed a mechanism to process applications filed for registration of new insurers and for grant of certificate of registration to commence the insurance business in India

Kotak Mahindra Bank's Q1 consolidated net profit up 53% to Rs 2,755 cr

Bank's standalone net profit was up 26% YoY, aided by loan growth and lower provisions

RuPay credit card-UPI linkage to be operational in 2 months, says NPCI CEO

NPCI will come up with the guidelines in consultation with the ecosystem. It will send a formal proposal to the RBI, and after the apex bank's nod, it will be operationalised.