Union Minister Rajiv Ranjan Singh, who is Minister of Fisheries,...
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FSIB selects 5 EDs for PSU general insurance cos
Ayyappan Chakravarty Seshadri, general manager, New India...
Market Crash: Investors poorer by Rs 9.19 lakh cr in single day
"There has been no respite from FIIs selling in local equities in...
$22 billion tech giant dream of China’s Ping An Insurance face headwinds
China’s tightening grip on fintech firms and an antitrust crackdown complicate Ping An’s bid to lift its valuation closer to those garnered by tech giants like Alibaba Group Holding Ltd. and Tencent Holdings Ltd. The Shenzhen-based finance firm, which gets three-quarters of its revenue from insurance, trades at about 10 times 2019 earnings; Alibaba’s ratio is six times higher.
Ping An has pledged to plow more than $22 billion into research from big data to blockchain to make it more “tech” than “fin,” while carving out some of its units through public listings to maximize value.
Govt clears appointment of 9 directors in PSU general insurance companies
The nine senior officials who will be now GM and directors are-Swami Balla for NIA, Anjan Dey for GIC Re,Deepak Prasad for GIC Re, Neera N Saxena for,NIC,Navneet Doda for NIC,Susmita Mukherjee for NIA,,Atul Jerath for OIC, Ravi Rai and Rajeev Chaudhury for UII.
Anjan Dey, general manager and director, who is currenly working with NIA and has more than two years of residual services,will be one of front-runner candidiates for the CMD post at OIC after SN Rajeswari joins as one of the members of the insurance regulatory body IRDAI.,
Pvt hospitals charged exorbitant fees for Covid-19 treatment:Par panel
“… Cost of health service delivery increased due to absence of specific guidelines for COVID treatment in private hospitals as a result of which patients were charged exorbitant fees,” the committee noted in the report.
Will finalise data protection law very soon: Ravi Shankar Prasad
Prasad said major global companies, including from India, have committed to invest close to Rs 11 lakh crore in the next five years and proposed to manufacture mobiles and components, out of which Rs seven lakh crore would be only for exports.
RBI committee recommends reshaping domestic banking industry
In a report made public on Friday, the committee recommended that banking regulations be amended to allow large industrial houses to act as so-called bank promoters, meaning they could take a significant stake in a lender, something the central bank has strongly resisted in the past.
Bajaj Group, Piramal Group and Reliance Industries are well-positioned to expand into banking, said an investment banker who did not wish to be named.
Govt approves swap of Mitsui Sumitomo’s Max Life stake with Max Financial Services
The transaction entails swapping by MSI of 20.6% stake that it holds in Max Life with a 21.9% stake in MFSL This will result in MFSL’s stake in Max Life increasing to 93.10%.
Commenting on the development, Mohit Talwar, MD, Max Financial and Vice Chairman, Max Group, said, “Once concluded post regulatory approvals, this transaction will mark an important step for Max Financial to consolidate its shareholding in Max Life paving the way for a new beginning in form of a joint venture with Axis Bank.”
Ahead of IPO FinMin invites bids from actuarial firms for valuing LIC
The Request for Proposal has been issued to seek proposals / bids from reputed and eligible actuarial firms to work with LIC to “develop IEV in line with the requirements of the relevant Acts and regulations, Actuarial Practice Standards and guidance notes issued by the Institute of Actuaries of India and LIC Act, 1956, and to provide support during the IPO process”, it said.
Will ask govt to make employers’ contribution tax-free in Budget:PFRDA
“We may propose things like 14 per cent contribution by employers to be made tax free to all. Currently, it is given only to the central government employers.So we are requesting the government to give it to all the employers, whether it is state governments or other corporate entities, so that subscribers across the board can get this benefit,” Supratim Bandyopadhyay, chairman, PFRDA said
China regulator says financial innovation must not create oligopolies
Xiao Yuanqi, chief risk officer at the China Banking and Insurance Regulatory Commission (CBRIC) told the Caixin Summit in Beijing that innovation should not undermine healthy competition or let innovation pioneers become hindrances to further innovation.
Still no clarity from UK to assess financial market access, says EU
With less than two months before Britain’s full access to the EU ends under post-Brexit transition arrangements on Dec. 31, London’s giant financial hub faces being largely cut off from its biggest customer.
Britain’s finance minister, Rishi Sunak, said on Monday he would not wait for Brussels to decide on UK access and would instead unilaterally allow EU financial firms to offer selected services to UK customers from January.