Unclaimed financial assets such as insurance policy claims, bank...
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Sitharman meets trade unions for pre-budgetary consultations
The unions demanded that the government must withdraw the proposal...
Probe agencies can’t freeze bank accounts involved in cyber fraud transactions:HC
A probe agency can put the disputed amount on lien, but cannot...
Reliance Capital resolution: CoC warns of remedial action against Hinduja owned IIHL
Hinduja owned IIHL failed to meet the deadline of July 31. On August 1, Vistra ITCL, the trusteeship acting on behalf of the CoC, wrote a letter to IIHL that it had defaulted on the NCLT order, now lenders reserve their rights and remedies as per the resolution plan...
Small Indian banks back online after ransomware attack, payments authority says
The attack had affected C-Edge Technologies, a technology service provider to the banks. India has about 1,500 cooperative and rural regional banks, which largely serve customers in hinterland areas, one-fifth of which were affected by the attack MUMBAI: Nearly 300...
Emirates NBD and Kotak Mahindra Bank cleared by RBI to bid for IDBI Bank
The Indian government, which owns 45.48% in IDBI Bank, and state-owned Life Insurance Corporation of India which holds 49.24%, together plan to sell 60.7% of the lender MUMBAI/NEW DELHI: The Reserve Bank of India(RBI) has completed its review of potential buyers for a...
Financial bids for IDBI bank likely this fiscal; PSU banks sale on hold: DIPAM Secretary
Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) On the disinvestment of PSU banks, Pandey stated that the Department of Financial Services could provide more details, but he mentioned that it is not being pursued currently...
Ransomware attack forces hundreds of small Indian banks offline, sources say
The attack affected C-Edge Technologies, a provider of banking technology systems to small banks across the country, they said MUMBAI: A ransomware attack on a technology service provider has forced payment systems across nearly 300 small Indian local banks to shut...
ICICI Lombard General to partner with Karnataka Bank
ICICI Lombard has announced its collaboration with Karnataka Bank.The entire range of insurance products of ICICI Lombard General Insurance will now be accessible across Karnataka Bank's 915 branches, reaching over 13 million customers nationwide.
Eco-Survey: Banks and insurers must avoid mis-selling and address grievances to keep financial system healthy
Commercial banks and insurance companies, even as they aim to achieve greater market penetration, must keep in mind levels of financial literacy in the country, avoid over lending mis-selling and address grievances, such that the financial cycle stays healthy as long...
Household savings are choosing mutual funds, insurance and pension funds over banks to invest savings: RBI Governor
``While bank deposits continue to remain dominant as a percentage of the financial assets owned by the households, their share has been declining, with households increasingly allocating their savings to Mutual Funds, Insurance Funds, and Pension Funds" New Delhi:...
LIC ties up with IDFC First Bank for bancassurance
LIC has tied-up with IDFC First Bank, under corporate agency arrangement. This tie-up will facilitate more than 1 crore customers of IDFC First Bank who will now be able to buy LIC policies through the bank. The partnership will have a combined strength of a vast...
Consumer commission slaps Rs50k fine on insurance company for deficiency in services
Taking note of the evidence before it, the commission comprising President Inder Jeet Singh observed that the denial of the claim by the insurance company was "arbitrary, without any valid ground and contrary to the terms and conditions of the policy", besides...