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No ‘spectacular announcement’ likely in Feb 1 Budget, says finance minister
"It is a matter of truth that February 1, 2024 budget that will be...
PM Modi’s vision for GIFT-IFSC to shine at global financial tech extravaganza – Infinity Forum 2.0
Prime Minister Narendra Modi The theme of the Forum, 'GIFT-IFSC:...
AM Best maintains a negative market segment outlook on India’s non-life insurance market
The Indian market’s combined ratios has fluctuated between 110 and 125 over the past five years, and most insurers have become dependent on investment income to generate profitability. The sustainability of such earnings may put the long-term viability of many insurers into question.
Ambani weighs selling Reliance General Insurance to reduce debt
Reliance Capital Ltd., controlled by Ambani, is discussing the contours of a deal to sell Mumbai-based Reliance General Insurance to Hero FinCorp. Ltd. the people said, asking not to be named as the information is not public. Negotiations are ongoing and may not result in a deal, the people said.
Govt forms ‘Jal Shakti’ Ministry for conserving and promoting Water Resources
With almost all of rural India depending on monsoon rain for agricu monsoon rain for agriculture and domestic purpose, there is a desperate need for water management on a war footing. It is estimated that 200,000 Indians die every year due to inadequate access to safe water.
Max Financial net profit down 30% to Rs 391 cr in FY19
New Delhi: Max Financial Services (MFS) May 28 reported a 30 per cent fall in consolidated net profit to Rs 391 crore for 2018-19. The net profit was lower compared to the previous year, largely due to one-time expenses for pursuing an inorganic opportunity for...
Investors’ wealth rises by Rs 3.86 lakh crore in two days of market rally
Hemang Jani, Head (Advisory), Sharekhan by BNP Paribas said, “Indian markets end the day on a positive note. The markets continue their upward trend supported by FII (foreign institutional investor) buying in the past two consecutive trading days. The current government winning the general elections by a two-thirds of majority will clam the political environment in the country.”
Finance Ministry starts groundwork for fresh bank consolidation
The Finance Ministry wants banks to undertake an internal exercise for the best match and then come up with the merger idea. This plan would have to weigh various aspects including regional balance, geographical reach, IT compatibility, financial burden and human resource transition.
Bengaluru airport receives threat call, Air Asia plane cordoned off
The forces and authorities swung into action and the flight was kept in isolation bay. All passengers were deboarded.
The identity of the caller is yet to be ascertained. “The airline is also facilitating security agencies to establish the whereabouts and investigation of the call,” it said.
Five in the race to become Secretary of GI Council
The insurance professionals who are contenders for the post are:MN Sharma, former CMD, United India Insurance, John Pulinthanam. general manager & director,National Insurance Company, Balwant Singh, former general managers, OIC ,CR Vijayan, former GM & director, GIC Re , Deepak Sood, former CEO. Future Generali India Life Insurance Co
Khuntia Panel focuses on insurance penetration and natural disaster for action plans
The panel has asked Chandrasekaran, and Joydeep Roy of PwC to prepare a detailed report on what need to be done on issues like insurance penetration and natural disasters.
Boost for start-ups: Govt mulls reducing compliance time to just 1 hr/month
The DPIIT, under the commerce and industry ministry, which has prepared the document, has also suggested setting up of 500 new incubators and accelerators by 2024; 100 innovation zones in urban local bodies; deployment of entire corpus of Rs 10,000 crore Fund of Funds; and expanding CSR funding to incubators.