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Motor insurance picked up pace, grew neck and neck with health in H1FY23

Motor insurance, which saw muted growth in the last two years, has finally seen some momentum, although the base is low

Committed to Axis deal; will follow earlier methodology: Max Life CEO

Max Life and Max Financial Services are committed to going ahead with the deal with Axis Bank, which will see the latter acquire another 7 per cent stake in the life insurance company, said the CEO

Bajaj Finance Q2 results: Net profit jumps 88% to Rs 2,781 crore

The company booked 6.76 million loans in Q2FY23, up 7 per cent YoY compared to 6.33 million loans booked in the year-ago period

Canara Bank Q2 profit jumps 89% to Rs 2,525 cr, asset quality improves

State-owned lender's gross global advances up 20% YoY to Rs 8.24 trn; retail lending portfolio grows 12.5%

IndiaFirst Life Insurance to file draft papers with Sebi in next few weeks

IndiaFirst Life insurance entered the insurance industry in 2009 as the 23rd private sector life insurance company

PSU general insurer employees irked with move to link pay with performance

Experts say the government's decision to link wage revision with performance could have been pivoted on the financial health of the four public-sector insurers

Competition for funds drives SBI to hike savings deposit rate by 30 bps

Balances of Rs 10 cr and above to earn 3% rate of interest Oct 15 onwards; 2.7% rate unchanged on deposits below Rs 10 cr

Axis Bank hikes MCLR by 25 bps, joining other lenders in policy action

Central bank's MPC has cumulatively increased the repo rate by 190 bps since May

Indians remitted $2.67 billion in August under LRS scheme, shows data

According to RBI data, in August, Indians remitted $467.52 million for overseas education, $330.70 million for maintenance of close relatives, and $221.31 million in gifts.

American Express to start reporting card information to NeSL in November

Decision is in compliance with 2017 RBI circular asking financial creditors to submit financial information to an information utility under Section 215 of IBC

Max Life to pay Rs 3 cr penalty imposed by Irdai to avoid legal escalations

The regulator indicated that the deal between Max Life and Axis Bank circumvented regulations on commission limits

Loan provisioning in banks: RBI for expected loss-based approach

Bankers say with low NPAs and high provisions, the time is ripe for global standards

Tata Sons, Bajaj Finance among 16 NFBCs put in RBI's upper layer list

HDFC, although qualified to be in the upper layer, has been kept out of the list as it is merging with HDFC Bank

Extending purview: RBI to regulate offline payment aggregators, too

Pinelabs, MSwipe, Ezetap, FSS, Hitachi payments, Worldline, etc. are some offline payment aggregators

System ready for tokenisation, says RBI deputy governor T Rabi Sankar

Roughly 350 million tokens have been created so far, Rabi Sankar said in the post-monetary policy press conference.

Action against M&M Financial Services won't affect other NBFCs: RBI

Experts had pointed out that in light of these directions against one entity, recovery activities of NBFC sector could get impacted as a majority of NBFCs rely on outsourced agents for loan recovery

RBI to publish paper on expected loss-based approach for loan provisioning

Banks now make loan loss provisions on incurred loss model, wherein provisions are made after defaults

Banks increase interest rates on bulk deposits as liquidity tightens

Loan, deposit growth gap at 10-year high

Industry prepared for potential disruptions as tokenisation nears

industry insiders say, the success rate of token-based transactions is higher, but inadequate testing of certain use-cases may result in some transactions not going through

Irdai mulling longer-tenure general insurance products, forms working group

In certain areas such as home insurance, it is exploring 20-year plans; in some others, tenures of 2, 3 and 5 years are being considered