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Bima Vahak’s portal is ready for soft launch in April, says IRDAI
The implementation of Bima Sugam is going as planned and is now...
IFSCA cancels license of Prowess Insurance Brokers
GIFT City based the IFSCA has cancelled the license granted to...
Paytm launches insurance broking biz,to cross-sell insurance products through its leverage on its 16 mn merchants
Through its 100% subsidiary PIBPL, the company will now offer insurance products across four categories including two-wheeler, four-wheeler, health and life. PIBPL has already tied up with 20 of the leading insurance firms in India and would be integrating with 30 more companies over the next few weeks.Other than online initiatives, the company would be leveraging on its 16 million-strong merchant partner base to sell its insurance products all over the country.
Mega bank merger on track, says Sitharaman amid worry over April 1 deadline
“We are also conscious of extra load on them [banks] in terms of the kind of demands that I put on them. I have asked them to reach out to 400 districts, I have asked them to reach out to MSMEs, restructure their loan. So there is a lot of core banking work, which they are undertaking. I must be conscious of that also. So the merger and the decision taken by respective banks boards are all well taken. We are going as per schedule on that. There is no uncertainty on that. I am on course. There need not be speculation,” she said after unveiling EASE 3.0, the Public Sector Bank (PSB) Reforms Agenda 2020-21 for smart, tech-enabled banking, and the PSB EASE Reforms Annual Report 2019-20.
Aon aligns leadership team, appoints Andersen as President
Most recently, Aon has entered a new phase of its Aon United growth strategy with the rollout of a single colleague mission called the Aon Impact Model, the scaling of its Delivering Aon United client value and sales effectiveness program, the development of the Aon Business Services platform to improve delivery of middle- and back-office client services and the formation of the firm’s New Ventures Group to drive innovation at scale and expand its addressable market.
Mega bank consolidation: Meeting April 1 deadline appears challenging
It is believed that the Prime Minister’s Office (PMO) has sought details from these lenders about their financial projections for the next three to five years. Details in respect of NPAs, capital requirement, credit growth and cost savings on account of the mergers have been asked for, officials said.
Bank accounts of over 200 NDMC employees hacked, money siphoned off
NEW DELHI : Bank accounts of more than 200 employees of New Delhi Municipal Corporation (NDMC) were allegedly hacked and money siphoned off in the first week of February, police said on Friday. Though police have received only two complaints of online fraud...
18 PSBs hit by fraud cases of Rs 1.17 trn in Apr-Dec of FY20
SBI reported 4,769 cases of banking frauds worth Rs 30,300 crore during the nine-month period ended December 2019. This is about 26 per cent of the Rs 1,17,463.73 crore, which is the total amount of reported cases of banking frauds in PSBs during this period, he said.
Cabinet okays changes to bank laws to avoid repeat of PMC Bank-like crises
There are 1,540 cooperative banks with depositor base of 86 million having total savings of about Rs 5 trillion.
Aon acquires Canadian cyber security firm Cytelligence Inc
Global cyber insurance premiums are expected to grow from $4 billion in 2018 to $20 billion by 2025. According to Aon’s 2019 Global Risk Management Survey, cyber-attacks were identified as a top ten risk facing organizations and is predicted to be one of the top three risks for organizations in 2022.
IRDAI issues guidelines on group health insurance policies of merged PSBs
Upon merger of these PSBs, the underlying group health Insurance policies of the customers of the merged banks will be continued to be serviced by the respective insurance companies which issued the policies till the end of policy period. The insurance companies will make suitable arrangements with the acquiring banks to this effect.
Banks should sell life insurance products more aggressively:LIC chief
According to K Ganesh, member, Life, the major challenge in the industry is to convince people to take life insurance. According to him, schemes like Jan-dhanYojana, PMJJY, PMSBY and Jan Arogya scheme have been instrumental in increasing customer protection.