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India’s financial inclusion index improves, surges to 67 from 64.2 in March 2024: RBI
It captures the level of financial inclusion using data from...
TRAI convenes joint committee of regulators on issues of spam and cyber fraud
Key outcomes were urgent transition to 1600-Series for Commercial...
Govt considers financial creditor status for insurers issuing surety bond
The general insurance companies are seeking changes in the Indian Contract Act and Insolvency and Bankruptcy Code (IBC) to bring surety bonds at par with bank guarantees when it comes to recourse available to them in case of a default. New Delhi: To make surety bond...
California lets insurers factor wildfire risks in rates to widen coverage
The continued retreat of larger insurance carriers from the California residential property insurance market signals ongoing regulatory constraints, rising cost inflation, and higher catastrophe losses, credit rating agency Fitch said in a note earlier this year...
LIC to appeal against GST tax notice of Rs 290 crore
The tax authority has alleged that among other violations, LIC did not reverse the Input Tax Credit (ITC) availed on the premium received by the corporation from policy holders Mumbai: The Bihar-Additional Commissioner State Tax (Appeal), Central Division, Patna, has...
US Federal Agencies seek to streamline ‘Hodgepodge’ of Cyber Reporting Rules
The law passed last year will eventually require companies to report cyber incidents within 72 hours and flag paying a ransom within 24 hours, providing what Silvers described a “sea change in federal visibility into serious cyber incidents.” Still, timelines will...
Panda urges key stakeholders to collaborate to tap massive Indian Surety Bonds market
``India is expected to spend around Rs 100 trillion on infrastructure through the National Infrastructure Pipeline in the next five years. This requires bank guarantees of around Rs 90 lakh crore in the next five years which banks currently do not have capacity for....
Govt should consider bringing in age limit for use of social media: HC
MeiTY had under Section 69A of the Information Technology Act between February 2, 2021 and February 28, 2022 issued 10 Government Orders directing it to block 1,474 accounts, 175 Tweets, 256 URLs and one hashtag. Twitter challenged the orders related to 39 of these...
Chinese police detain staff of Evergrande wealth unit
The detentions come as China started a campaign against illegal fundraising to protect consumers. Li Yunze, head of China’s National Administration of Financial Regulation, vowed in a Friday speech to deal with a number of major cases to protect the rights and...
Regulators are trying to stop greenwashing before it gets worse
The Australian Competition & Consumer Commission (ACCC) lists sustainability communication among its key priorities, and in Italy an oil company was fined €5 million for calling its diesel “green.” The US Federal Trade Commission (FTC) is currently updating its...
UK focuses on transparency and access with new AI principles
CMA Chief Executive Sarah Cardell said on Monday there was real potential for the technology to turbocharge productivity and make millions of everyday tasks easier – but a positive future could not be taken for granted Britain set out principles designed to prevent...
IRDAI convenes an urgent meeting of re/insurance CEOs on Monday over Surety Bonds logjam
After Nitin Gadkari, union minister, Ministry for Road Transport and Highways, launched two basic level Surety Bonds, in Dec 2022, issued by Bajaj Allianz General Insurance with the support of reinsurance support from Munich Re and Swiss Re, the Surety...