Sanjay Malhotra,Governor,Reserve Bank of India Malhotra, who faces...
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IRDA may unveil new regulations to check insurers’ overdependence on promoter banks
In some cases, parent banks of insurers are selling over...
Malhotra takes over as 26th RBI Guv says focus would be trust growth stability
Sanjay Malhotra Governor, Reserve Bank of India "As we have to be...
Global banks show tantalising signs of stability: S&P
S&P said its base case is that the global banking sector will continue to slowly stabilise as the economic rebound gains momentum and as support is gradually withdrawn. Should a re-intensification of risks occur, this will require more support from public authorities for the real economy.For 11 of the top 20 banking jurisdictions, S&P estimates that a return to pre-Covid-19 levels of financial strength will not occur until 2023 or beyond. For the other nine, it estimates that recovery may occur by year-end 2022.
Depositors to get up to Rs 5 lakh within 90 days of banks being put under moratorium: Centre
With the recent amendment, depositors will get an insurance of Rs 5 lakh even if a bank is put under RBI’s watch and its operations are suspended.The law will protect 98.3 percent of the bank accounts
Lok Sabha passes Factoring Regulation Amendment Bill
The statement of objects and reasons of the bill state that an increase in the availability of working capital may lead to growth in the business of the micro, small and medium enterprises sector and also boost employment in the country.
The bill seeks to amend the definitions of “assignment”, “factoring business” and “receivables”, so as to bring them in consonance with international definitions and also to insert a new definition of “Trade Receivables Discounting System” .
Nearly Rs 49,000 cr lying unclaimed with banks, insurers: Karad
As per the Insurance Regulator Development Authority of India (IRDAI), the total amount of unclaimed amounts of policy holders in public and private sector insurance companies was at Rs 24,586 crore (end-December, 2020).
On the other hand, all insurers having unclaimed amounts of policyholders for a period of more than 10 years transfer such funds to the Senior Citizens” Welfare Fund (SCWF) every year. The SCWF is utilised for schemes for promoting the welfare of senior citizens.
Ageas Federal Life Insurance expects 35-40pc premium growth in FY22
With the government allowing up to 74 per cent foreign direct investment in the insurance sector, he said: ”Now FDI limit being hiked to 74 per cent, we have to wait and see if Ageas will pick up the other 25 per cent (from IDBI Bank). The sentiment is pretty positive, but we will have to see.” However, there has been no impact on the business, he added.
HDFC Bank’s Puri top earner among bankers in FY21; ICICI Bank’s Bakhshi forgoes salary in COVID year
Puri’s overall payments included Rs 3.5 crore as post-retirement benefits. Its immediate rival ICICI Bank’s MD and CEO Sandeep Bakhshi ”voluntarily relinquished” his fixed compensation of basic and supplementary allowances for FY21, which had seen the wide-scale impact of the COVID pandemic, as per the second-largest lender’s annual report.
FinMin moves file for extension of 3 MDs, 10 EDs of govt-owned banks
According to sources, the ministry sought extension of the executives from the Appointments Committee of Cabinet (ACC). The proposal has been sent to the Dof Personnel and Training for the same after consultation with BBB. The final call for extension will be taken by the ACC.
RBI eyeing ‘phased introduction’ of digital currency: Deputy Governor
RBI Deputy Governor T Rabi Sankar said the idea of Central Bank Digital Currency (CBDC) is ripe, and many central banks in the world are working towards it.
RBI to unveil first financial inclusion index: Das
The index will have parameters across the three dimensions, including access, usage and quality, he said, adding “work on FII is underway and the index will be published very shortly by the Reserve Bank”.
Physical bank branches will continue to play key role in rural areas: Bankers
“Don’t believe that rural areas are backward. The penetration of the internet is 33 per cent and that of smartphones is 37 per cent in rural India,” IndusInd Bank Managing director and Chief Executive Officer Sumant Kathpalia said.