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RBI open to digital currency, examining the need to introduce CBDC

A CBDC is legal tender and a central bank liability in digital form denominated in a sovereign currency and appearing on the central bank's balance sheet.

Kotak Mahindra Bank Q3 consolidated net up 11% at Rs 2,602 cr on robust NII

Asset quality improves both YoY and sequentially; bank has also granted one-time recast of borrowers under RBI resolution framework, amounting to 0.28 per cent of its net advances

Irdai introduces 'Saral Pension', a standard individual annuity product

It is an immediate-anuuity product comes that all life insurers must start offering by April 1

NBFC norms will check regulatory arbitrage, support growth: Experts

An analyst with a rating agency said the regulation should be ownership neutral and avoid special treatment

May need to reverse Rs 800 cr in interest income: YES Bank's Prashant Kumar

A back-of-the-envelope calculation says interest reversal will be to the tune of Rs 700-800 crore in that particular quarter, says Kumar

RBI discussion paper proposes four-tier structure for NBFC regulations

Paper has also sought to raise net-owned funds required for new NBFCs from Rs 2 cr to Rs 20 cr. Timeline of five years for existing NBFCs to adhere to new norms

IL&FS board addresses nearly Rs 32,000 crore of debt by December

Last year, in June, the board of IL&FS laid down a road map to resolve 57 per cent of the group's nearly Rs 1 trillion debt pile

Retail health driving growth, motor insurance premiums inching up

Increasing new vehicle sales and strong momentum in retail sales during the festive season supported growth.

SBI Life Q3 net down 40% despite surge in investment, premium income

Net premium income up almost 18%, revenue from investment rises more than 3x

SBI Cards net profit down 52% to Rs 210 crore in Q3, total income dips

Impairment losses and bad debts jumped 72 per cent YoY in Q3FY21 to Rs 648 crore

Bandhan Bank's Q3 net profit down 13.5% on higher Covid provisioning

The lender has made provisioning to the tune of Rs 1,068 crore in Q3FY21, of which Rs 1,000 crore is covid-related

Bajaj Finance net down 30% to Rs 1,049 crore, forays into e-payments

With this app, Bajaj Finance will make an entry into the digital payments space

RBI to crack whip on recovery agents, calls for restricting messaging apps

Digital lending apps extend small amounts at exorbitant rates. Payment delays invite messages to customer or close family members, often with sensitive information such as Aadhaar and PAN Card scans

Auto dealers can work as sales channel for motor insurance: Irdai panel

They may work as insurance intermediaries in much the same way as an insurance broker, but must solicit motor insurance business only

Irdai working group proposes 'traffic violation premium' in motor insurance

It will float over own damage and third party sections and can be attached to any section of motor insurance cover bought

Raise tax deduction limit under Section 80D in Budget: Non-life insurers

Under Section 80D, one can get tax deduction of up to Rs 25,000 for health insurance premiums for individuals below 60 years

PhonePe beats Google Pay, tops UPI app space in December: NPCI data

Google Pay had seen 960-mn transactions amounting to Rs 1.6 trn in November

Open to opportunities of paring stake in IDBI Bank: LIC's Vipin Anand

An increase in economic activity since the unlock process started in June has resulted in an uptick in the business performance of LIC, says LIC MD Vipin Anand

Firms rush for vaccine liability cover as India kicks off vaccination drive

Insurers, too, have sought support for such coverage from India's largest reinsurer GIC Re. ICICI Lombard & New India Assurance have got support of $5 mn against risks

HDFC Bank's Q3 net profit surges 18% on growth in net interest income

Provisions and contingencies of the lender increased 12 per cent year on year