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Banking & Bancassurance
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IRDAI drops plans to tweak existing bancassurance rules for curbing mis-selling by insurers
(L to R)-R Venkatachalam Iyer, MD & CEO Tata AIA, Amit...
Finance ministry asks pvt banks to increase their participation in implementation of govt schemes
M Nagaraju, Secretary,Department of Financial Services "Secretary...
UPI payment limit to hospitals, educational institutes raised to Rs 5 lakh: RBI
"Under the e-mandate framework, an additional factor of authentication (AFA) is required for recurring transactions exceeding Rs 15,000 currently. It is now proposed to enhance this limit to Rs 1 lakh per transaction for recurring payments of mutual fund...
RBI holds rates, raises GDP growth forecast to 7 pc, no plan to loosen interest rates
"The Indian economy presents a picture of resilience and momentum. Growth remains resilient and robust, surprising everyone. There is no plan to loosen interest rates as inflation continues to be the top priority for the central bank," ," Reserve Bank of India (RBI)...
Aon’s first-of-its-kind collaboration with AfDB and AI startup to catalyze regenerative agriculture in Africa
The collaboration intends to leverage first-of-its-kind, farm-level data produced by Amini that is intended to enable Aon’s support of the African Development Bank’s Africa Climate Risk Insurance Facility for Adaptation to develop innovative de-risking solutions and...
“We are likely to come out with a set of pension regulations soon”
Gujarat International Finance Tec-City, India’s newest financial hub and a flagship project of Prime Minister Narendra Modi, is preparing for its next phase of growth. The first phase followed the creation in 2020 of a new regulator, the International Financial...
LIC keen to keep part of its stake in IDBI Bank to reap benefit of bancassurance
''We have made it clear that IDBI Bank is our number one partner in bancassurance. We will retain the some stake in IDBI Bank so that the bancassurance partnership continues,'' LIC Chairman Siddhartha Mohanty said Mumbai: State-owned LIC, promoter of IDBI Bank, has...
Banks should fortify cyber security as fraud cases rise: RBI
RBI Deputy Governor Rajeshwar Rao said that bank customers today are facing a threat from technology induced frauds such as fraudulent apps, breach of privacy and deep fakes Mumbai: The RBI on Thursday said that the banks should focus on fortifying cyber security and...
Customer data with account aggregators completely safe in India: Sitharaman
“There is a need for insurance companies to become a lot more tech-ready and through technology, but because insurance is such a sentimental matter. You still need a human interface. Insurance companies will have to adapt technology, bring in more personnel, who can...
BIS sees climate losses hitting governments as insurers exit
Financial watchdogs are stepping up scrutiny of insurers to monitor the developing risks as the industry retreats from markets deemed too risky to cover. BIS researchers are urging the industry, governments and regulators to work together to ensure there’s adequate...
UCO Bank recovers 79% of wrongly credited amount after technical glitch, reports to CBI
The state-owned bank is yet to clarify whether this technical glitch was due to human error or a hacking attempt New Delhi: UCO Bank on Thursday said the bank has retained or recovered Rs 649 crore or 79 per cent of the amount erroneously credited to some accounts of...
Bank of England to deepen system-wide stress test for banks, insurers and pension schemes in 2024
The Bank wants to see how market players cope when there are huge demands for liquidity, such as meeting extra margin calls on positions in a short time. London: The Bank of England said on Friday it would start the second leg to its first system-wide stress test of...