Indian News

Bancassurance landscape to see changes after merger of 10 PSBs to change the country's

Eco/Invest/Demography, Life, Non-Life       Aug 30, 2019

  Mumbai: With grand new merger schemes ready for the 10 public sector banks(PSU), which has been unveiled by the union finance minister Nirmala Sitharaman on Friday, the bancassurance landscape in terms of ownership and distribution network in country will be changing significantly.   While a few...

Prime Minster Narendra Modi

PM Modi says 12,000 Ayush centres to be set up across India

Eco/Invest/Demography, Health       Aug 30, 2019

New Delhi: Prime Minster Narendra Modi on Friday said that the government has set a target of setting up 12,500 Ayush centres across India, 4000 of which will be set up this year.   Speaking at Yoga Awards ceremony here, he also stressed for the need...

India's economic growth dips to 7-year low of 5% in April-June

Eco/Invest/Demography, Non-Life       Aug 30, 2019

  New Delhi: Sharp deceleration in manufacturing output and subdued farm sector activity pulled down India's gross domestic product (GDP) growth to a seven-year low of 5 per cent in the April-June quarter of 2019-20, according to official data released on Friday.   The gross value added...

Finance Minister Nirmala Sitharaman

FM unveils merger of 10 govt banks to revive economic growth from 5-yr low

  New Delhi: The government on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders as it looks to boost economic growth from a five-year low.   Finance Minister Nirmala Sitharaman, who...

Bank frauds worth Rs 71,500 crore detected in FY19 states RBI report

Mumbai: The number of cases of frauds reported by banks saw a jump of 15 per cent year-on-year basis in 2018-19, with the amount involved increasing by 73.8 per cent in the year, RBI’s annual report showed.   In FY19, banking sector reported 6,801 frauds involving...

Insurance broking body opposes 100% FDI in the sector

Intermediaries, Non-Life, Policy, Regulation       Aug 29, 2019

  New Delhi: The Insurance Brokers Association of India(IBAI), the representative body of over 400 Indian insurance brokers including joint ventures with foreign partners, in a majority has staunchly opposed the government move to increase the foreign direct investment (FDI) 100 per cent from 49 per...

100% FDI in insurance intermediaries notified 

Intermediaries, Non-Life       Aug 29, 2019

  New Delhi: The government on Wednesday notified 100 per cent FDI in insurance intermediaries which was announced in the Budget in July this year. The notification was issued by Department of Financial Services of the Finance Ministry.   Piyush Goyal,Commerce and Industry Minister,while announcing the government's...

Devesh Srivastava, CMD, GIC Re

D Srivastava to head GIC Re, M Poddar selected as AIC CMD

Life, Non-Life, Reinsurance       Aug 28, 2019

  New Delhi: The Banks Board Bureau (BBB), the recruitment body for selecting top officials of PSU banking and insurance companies, on Tuesday said it has selected Devesh Srivastava, 56, general manager, GIC Re as the CMD of the company.   Malay Kumar Podda, general manager, National...

Bank recapitalisation unlikely to deliver much, says S&P

  New Delhi: Given the weak credit demand from corporates and the lingering NBFC crisis, just announced recapitlisation of state-run banks will not deliver on the key objectives of higher lending and a recovering in their fortunes, warns a report.   It can be noted that fixed...