Indian News

Banks, telcos may be allowed to use Aadhaar again via legislation: Jaitley

Policy, Regulation       Oct 06, 2018

  New Delhi: Finance Minister Arun Jaitley Saturday said a Parliament approved legislation can restore mandatory linking of biometric ID Aadhaar with mobile phones and bank accounts, but did not say if the government will bring a new law for the same.   Sources said the move...

Finance ministrer Arun Jaitley

MoF holds two-day strategic meet to modernise PSU general insurers

Non Life-News       Oct 05, 2018

  New Delhi: The ministry of finance(MoF) has convened a two- day strategic meeting of all senior officials of public sector general insurers in New Delhi during Oct-5-6 termed as `Manthan’ to develop comprehensive reform agenda to modernise these companies. The MoF has roped in two...

LIC makes Rs 12,602 cr open offer for 26% stake in IDBI Bank

Life-News       Oct 04, 2018

  Mumbai: LIC came out with an open offer for acquiring 26 percent of equity in IDBI Bank at a price of Rs 61.73 per share, entailing total payout of over Rs 12,602 crore on October 4.   Earlier in the day, the IDBI Bank board approved...

IRDA's nod for Anil Ambani's Reliance Health Insurance

Health, Non Life-News, Regulation       Oct 03, 2018

  Hyderabad:  Anil Ambani owned Reliance Capital has received the final approval  from the insurance regulator IRDAI on Wednesday to float  a stand alone health insurance company Reliance Health Insurnace.     ``Reliance Health Insurance Limited, a Health Insurance Company, promoted by Reliance Capital Limited (100% wholly owned),...

IRDA keeps a tab on `non-promoters’ investments in insurance cos

Regulation       Oct 01, 2018

  Hyderabad: The insurance regulator IRDA now wants keep a tab on the non-promoters’ investments made in the insurance companies.   In an instruction to be complied with immediate effect  by the Indian insurers , IRDAI on Monday has asked them to provide information of the non-promoters’...

Govt mulls 100% FDI in insurance broking; insurers' cap to stay at 49%

Economy, Health, Intermediaries, Life-News, Non Life-News       Oct 02, 2018

  New Delhi: The government is mulling permitting 100 per cent foreign direct investment (FDI) in insurance broking to give a boost to the sector, sources said.   The FDI policy, at present, allows 49 per cent foreign investment in the insurance sector that encompasses insurance broking,...

IRDAI allows distribution of all micro-insurance products via PoS

Intermediaries, Life-News, Non Life-News, Regulation       Sep 30, 2018

  NEW DELHI:  Insurance regulator IRDAI has allowed distribution of all micro-insurance products through point-of-sales (PoS), with an aim further increase insurance penetration in the country.   The Insurance Regulatory and Development Authority of India (IRDAI) has created a special category of insurance policies called micro-insurance policies...

WhatsApp Message Destroys 71% of Indian E-Commerce Firm’s Value

Risk Management       Sep 28, 2018

  Mumbai; India’s Infibeam Avenues Ltd. lost 71 percent of its market value on a single day after a WhatsApp message circulating among traders raised concerns about the online iPhone and iPad retailer’s accounting practices.Speculation mounted before a shareholder meeting on Saturday after a message attributed...

 FPI outflow at 4-month high of Rs 210 bn in Sept on widening CAD, trade war

Economy       Sep 30, 2018

  Mumbai: Overseas investors pulled out a massive Rs 210 billion ($3 billion) from the capital markets in September, making it the steepest outflow in four months, on widening current account deficit amid global trade tensions.    The latest withdrawal comes following a net infusion of close...