The GST Council has announced the formation of a new Group of Ministers to review the issue of GST rate reduction on health insurance.
IRDAI's says investigation was based on various charges arising from an on-site inspection and several regulations under the Insurance Act of 1938
Life insurance stocks: While analysts laud the proposal to withdraw GST on life, medical insurance premiums, they suggest investors wait for the Finance Ministry's before taking any investment call
Notably, SBI Life has recently broken out of this consolidation range and is now sustaining levels above it, indicating a potential upward trend
As part of the network expansion plan, State Bank of India (SBI) is planning to open 400 branches across the country in the current financial year. The country's biggest lender opened 137 branches last fiscal. Of the total, 59 new rural branches were launched. "Somebody asked me if 89 per cent of digital and 98 per cent transactions were happening outside the branch, whether the branch is required anymore. My answer is yes. It is still required because there are newer areas which are emerging," SBI Chairman Dinesh Kumar Khara told PTI in an interview. There are certain services like most of the advisory and wealth services that can be offered only from the branch, he said. "We will be identifying locations where the opportunity exists, and in those locations, we plan to open branches. Almost 400 branches we plan to add this year," he said. SBI has a network of 22,542 branches across the country as of March 2024. Asked about the monetisation of subsidiaries, Khara said that SBI wo
Insurance stocks to buy: In the immediate future, analysts said the revised surrender charges regulations, as and when they are announced, will be vital for growth trajectory in FY25
Indian life insurance industry, excluding LIC of India, Nuvama said, commands an impressive aggregate equity assets under management (AUM) of nearly Rs 4.5 trillion, Nuvama said
The recent regulatory push to increase the surrender value of a life policy through the revised concept of threshold limit and adjusted guaranteed surrender value for all non-linked policies, if implemented, will hit the margins of the insurers, warns a report. The Insurance Regulatory and Development Authority (Irdai) earlier this month put out a draft circular proposing an increase in the surrender value of a life policy by revising upwards threshold limits and the adjusted guaranteed surrender value for all non-linked policies, both par and non-par. Surrender value is the amount that an insurer pays to a policyholder in case he or she terminates the policy before maturity. The move if implemented as the current format will affect the overall margins of life insurance companies, India Ratings said in a note on Thursday without quantifying by how much given the complex calculations being proposed. But the agency also believes that defining the thresholds for surrender value will b
Closing Bell on September 29, 2023: The Nifty50, on the other hand, gained 115 points to shut shop at 19.638. Sectorally, the Nifty Pharma index jumped the most, up 2.7 per cent
Stocks to watch on July 26, 2023: Tata Motors announced the cancellation of its DVR shares. Under the scheme, 7 ordinary shares of the company will be issued for every 10 DVR shares
Stocks to watch on June 14, 2023: BHEL, Delta Corp, Indiabulls Housing Finance, IEX, India Cements and Manappuram Finance are the six stocks in F&O ban period today.
FY24 earnings growth to be led by BFSI, oil and gas, metal, and automotive
It also said it is expeditiously working on the process of integrating all these policyholders (of Sahara India Life) in its systems
Regulator Irdai on Friday directed SBI Life Insurance Company to take over the policy liabilities of around two lakh policies along with assets of Sahara India Life Insurance Co. Ltd (SILIC) with immediate effect. The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC. "The Authority has identified SBI Life Insurance Company Limited (SBI Life), which is one of the largest life insurers in the country with satisfactory financials, as the acquirer insurer of the life insurance business of SlLIC. "SBI Life shall take over the policy liabilities of around two lakh policies of SILIC, backed by the policyholders' assets, with immediate effect," Irdai said in its order. In a statement, the Irdai said it has also taken necessary steps to ensure the smooth transition for all policyholders of SILIC.
The net premium income for the reporting quarter jumped 14% to Rs 19,897 crore as against Rs 17,434 in the year-ago period
CLOSING BELL: There were 21 gainers of the 30-pack index, and 33 on the 50-pack index, led by Power Grid, Nestle India, Tata Consumer Products, IndusInd Bank, L&T, HCL Tech, Tata Motors, SBI Life, HUL
State Bank of India (SBI) on Friday said it is exploring options for installing an iris scanner at Banking Correspondent or Customer Service Point to address the challenges faced by senior pensioners or customers. This will save senior citizens from going to branches and withdrawing pensions at their nearest Bank Mitra channel. "Bank has also been examining options of installing Iris scanners at our BC/CSP (Bank Mitra) channels to address the challenges faced by our Senior Pensioners/ Customers," SBI said in a statement. SBI has always aligned its business goals with national priorities, and focused attention is given to a range of financial inclusion activities, it said. However, it said, an unfortunate incident has recently come to light where one of the senior citizen customers faced difficulty in withdrawing her old age pension from the nearby CSP (Bank Mitra) in Jharigaon block of Nabrangpur district of Odisha on account of her fading fingerprints not being recognised by the .
Adani Ports, Hindalco among stocks with 100 per cent 'Buy' rating by analysts.
Analysts expect stocks to remain under pressure in the near-term as the government's new tax regime push, with no tax saving deductions, could hurt demand for insurance products
Technically, prior to this announcement, the price structure of SBI Life Insurance Company and Max Financial Services were highlighting a bullish sentiment and were on the verge of the next up move