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Industry cheers as Budget 2021 increases FDI limit in insurance to 74%

The Insurance Act presently says a company has to be 'Indian-owned and controlled'

Eco Survey suggests end to forbearance, another asset quality review round

Severely criticises RBI for not being able to unearth full extent of bad debt mess in banks in previous AQR round

Exploring indexing annuity rates to inflation or G-secs: Irdai Chairman

Annuity products may switch to floating rates from fixed, which generally give lower returns to customers

RBL Bank Q3 net doubles to Rs 147 cr on other income, low operating costs

Affordable housing and tractor loans are the new business segments that the bank is entering

RuPay's market share tops 60% in total cards issued, says RBI report

As of November 2020, around 603.6-million RuPay cards have been issued by nearly 1,158 banks

Axis Bank's net profit drops 36% in Q3 due to higher provisions

Provisioning cost rose 33 per cent year-on-year; proforma gross NPA at 4.55 per cent

Bank of Baroda clocks Rs 1K-cr profit, warns of stress in retail, SME loans

Despite interest income declining by almost 7 per cent, the lender's NII rose 8.65 per cent to Rs 7,749 crore

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