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CCI approves Central Bank of India’s proposed stakes acquisition in Future Generali Insurance ventures
Earlier, state-owned bank Central bank said it has been declared as...
Climate, tech risks a threat to inflation targetting, says RBI Dy Gov Patra
Michael Patra, Deputy Governor, RBI Central banks face an...
Govt readies amendments to GIBNA for insurance PSU privatisation
The NITI Aayog was entrusted with the task of recommending a suitable candidate for privatisation of two public sector banks and one general insurance company. The government think-tank is believed to have suggested the name of United India Insurance to the Core Group of Secretaries on Disinvestment headed by the Cabinet Secretary.
Big Tech’s push into India’s financial sector raises concerns, says central bank
The RBI said concerns included operational risks, too-big-to fail issues, challenges for antitrust rules, cybersecurity and data privacy. But it added that positive outcomes could include efficiency gains and more access to financial services.
The central bank’s warnings come at a time of much tension between the Indian government and U.S. tech giants over issues that range from e-commerce rules to data privacy and content posted on their platforms. Amazon, Facebook, Facebook-owned WhatsApp and Twitter have all been caught up in disputes with New Delhi.
AIA Group picks up 24.99% stake in China Post Life Insurance
Lee Yuan Siong, AIA’s Group Chief Executive and President, said: “The Chinese insurance market is already the second-largest in the world with immense long-term growth opportunities given the protection gap of more than US$40 trillion6. This unique investment in China Post Life enables AIA to capture additional areas of growth and benefit from the substantial potential for value creation.
IBBI puts out Aadhaar, PAN info of creditors on website; removes them later
A senior official said the details came into the public domain “inadvertently” as the regulator is working on a beta project to host the information of creditors of companies undergoing Corporate Insolvency Resolution Process (CIRP) and liquidation.
India’s new bad bank with $27 billion pile of stressed debt look for investors
By housing bad loans of many lenders under one roof, the entity should help speed up decision-making and improve bargaining power when resolving these assets.
LIC, SBI Life, Canara Bank pick up stakes in Indian Bank
The country’s largest and the only state-owned life insurer, LIC, picked up 17.80 per cent of the shares issued under the qualified institutional placement (QIP), which closed on Thursday.
It was followed by SBI Life Insurance (11.87 per cent), SBI Mutual Fund and its various schemes (11.87 per cent), Societe Generale and its various schemes (9.74 per cent) and Canara Bank subscribing to 5.93 per cent of the shares offered in the issue, according to the regulatory filing by Indian Bank.
RBI prescribes qualifications for MDs, WTDs of urban cooperative banks
it has been decided that all UCBs having asset size of Rs 5,000 crore or above, shall appoint a Chief Risk Officer (CRO). The Board must clearly define the CRO’s role and responsibilities and ensure that he/she functions independently,” the circular said. The CRO should have direct reporting lines to MD/CEO or Board or the Risk Management Committee of the Board (RMC), it added.
EU watchdog tells banks to have a 10-year climate plan
Climate risks can include “physical” or weather-related events like floods, and “transition” risks from sudden changes in asset values.
A report from the European Banking Authority (EBA) on Wednesday set out recommendations for banks and their supervisors for approaching ESG risks and help the EU meet its goals of cutting carbon emissions by 2050.
Industry must make pricing of financial products transparent: RBI Dy Guv
Citing an example of such opaque arrangement, Sankar said bundling of products in the financial sector is one such arrangement.
Bundling tends to favour a seller of such a product rather than consumer, he said, adding “when bundling and such issues come up, I think regulators need to be more alert to the possibilities of mis-selling and misuse”.
IDFC FIRST Bank offers four times annual CTC, salary continuation for two years to corona affected employees’ families: MD
“The bank’s employees are usually young people. Their families will be taken by shock. So we put together a composite programme covering all angles. We are giving four times the annual CTC as compensation plus continuing the salary for two more years so that the family can get the time to economically recover,” V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, told PTI.