Sumit Madan, CDO and CEO designate, Axis Max Life Insurance Sumit...
Category:
Banking & Bancassurance
Latest
FM asks NIIF to leverage its sovereign-backed design, explore diversified finance sources
Nirmala Sitharaman,Finance Minister The Governing Council...
Cryptocurrencies hamper financial stability: RBI
In absence of any regulation, cryptocurrency is not yet illegal in...
Financial inclusion appears to be positively correlated with per capita income growth: IMF
IMF said, "For example, the launch of the Pradhan Mantri Jan Dhan Yojana programme in India in 2014, one of the world's largest financial inclusion initiatives to date, is one prominent example of India's national-level commitment to advancing financial inclusion."...
Govt gets multiple preliminary bids for buying 61 pc stake in IDBI Bank
The government and LIC together are looking to sell 60.72 per cent in IDBI Bank and had invited bids from potential buyers in October. The government has received multiple preliminary bids for strategic sale of about 61 per cent stake in IDBI Bank. ''Multiple...
RBI allows 6 entities to test fintech products to deal with financial frauds under sandbox scheme
The six entities are -- Bahwan Cybertek, Crediwatch Information Analytics, enStage Software (Wibmo), HSBC in collaboration with Wibmo, napID Cybersec and Trusting Social Mumbai: Six entities, including HSBC and Creditwatch, have been allowed to test their fintech...
Sebi allows govt stake in IDBI Bank to be reclassified as public post sale
The government had requested Sebi to treat its residual stake in IDBI Bank as a financial investment since it would not exercise any control over the bank or have any special rights The government would also not have any representation on the bank's board The...
JPMorgan sued by Ray-Ban maker unit over cyber theft
Essilor Manufacturing (Thailand) Co., which operates a plant in Thailand for EssilorLuxottica SA, sued the bank in April in federal court in New York, claiming JPMorgan was aware of a pattern of fraudulent transactions that led to the theft and failed to notify the...
SBI,ICICI Bank, HDFC Bank continue to remain systemically important banks: RBI
The framework for dealing with D-SIBs was issued in July 2014. The framework requires the RBI to disclose the names of banks designated as Domestic Systemically Important Banks (D-SIBs) starting from 2015 and place these lenders in appropriate buckets depending upon...
Consolidation of public sector banks leads to 4,837 branches being shut down
According to RBI, a total of 2,271 bank branches were closed in 2020-21, out of which 86 were completely shut, while 2,185 branches were adjusted to another branch Bhopal: Efforts to connect the poorest of the poor with banks are underway throughout the country, so...
SBI asks field functionaries to desist from mis-selling of insurance products
The bank asked the field functionaries to ensure that the branches conduct need-based selling of insurance products with strict compliance to the Assessment of Suitability and Appropriateness Framework (ASAF) and sourcing of business is undertaken for 100 per cent KYC...
Retail loans can become a source of systemic risk, warns RBI
'Empirical evidence suggests that a build-up of concentration in retail loans may become a source of systemic risk,'' the RBI said in its trends and progress in banking report for FY22 Mumbai: Retail loans, long considered a panacea for the banking system, may become...
Ministry asks banks to cease from using unethical practices to sell insurance policies
There have been instances where life insurance policies were sold to customers aged above 75 years in Tier II-III cities. Usually, branches of the banks push products of their subsidiary insurers. The department has already issued a circular wherein it has been...