The Ministry of Finance has prohibited three PSU general insurers-...
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Vedanta asked to pay Rs 71 cr over fly ash effluent
"The issue pertains to allegation for unauthorised disposal of fly...
Banks seek power to freeze accounts in illicit transactions cases to rein in cyber fraud
``Banks freeze/block accounts based on internal triggers, however,...
Britain says insurer capital rule changes to start by end of 2023
The risk margin refers to the potential cost for a failing insurer to transfer its policies to a third party to avoid disruption to customers. "It is considering options to enable reforms to the matching adjustment to come into force by the end of June 2024, and the...
Amazon duped millions of consumers into enrolling in Prime, US FTC says
The consumer protection agency filed a lawsuit claiming that Amazon’s website manipulates users into enrolling in Prime, where subscribers pay $139 a year for privileges like speedy free delivery, video streaming and access to 100 million songs. The cancellation...
US Slips in supply-chain ranks after child-labor violations
The downgrade follows months of revelations first reported by the New York Times that companies have been employing children as young as 12 to work in dangerous conditions The composition of supply chains is set to play an increasingly important role for businesses...
FSSAI warns HP nutraceutical firms; launches drive to curb menace of spurious products
The National Human Rights Commission (NHRC) has taken cognisance of reports claiming that an industrial area in Himachal Pradesh has become a hub for producing spurious vitamins, syrups, and drugs in the name of food supplements, and sent notices to the Health...
Zero tolerance on spurious medicines, 71 firms issued notices: Mandaviya on cough syrup row
Union Health Minister Mansukh Mandaviya said, ''We have conducted risk-based analysis at more than 125 companies and our squads have visited their facilities. Of these, 71 companies have been served show-cause notices and 18 have been given closure notices.'' New...
SC to hear IRDA’s appeal against SAT order `staying transfer of Sahra Life’s biz to SBI Life’ on July 3
Though, Solicitor General Tushar Mehta, appearing for the IRDA had sought urgent hearing of the matter, SC’s vacation bench presided by Justice Surya Kant said there was no urgency and directed the matter to be heard on July 3 Earlier, in a big relief to Sahara India...
IRDAI asks insurers to put up special measures for any cyclone Biparjoy claims
It needs to be ensured that all claims are surveyed immediately and claim payments/ on account payments are disbursed at the earliest and in any case not exceeding the stipulated timeline Hyderabad: Insurance regulator IRDAI has asked the chiefs of all general...
IRDAI fine-tuning Bima Sugam plans, revamping claim settlement process and ombudsman network: Chairman
(Lto R) SN Rajeswari, member(Distribution), IRDAI, Debasish Panda, chairman,IRDAI, Sumit Bohra, president,Insurance Brokers Association at the Annual Brokers' Meet in Mumbai on Friday "We are working to make the platform and the product as glitch-free as possible,"...
How Europe is leading the world in the push to regulate AI
The measure, first proposed in 2021, will govern any product or service that uses an artificial intelligence system. The act will classify AI systems according to four levels of risk, from minimal to unacceptable. Riskier applications, such as for hiring or tech...
India to remain among fastest growing large economies in 2023: RBI Governor
Shaktikanta Das,Governor,Reserve Bank of India RBI Governor made the remarks at the opening plenary address of Summer Meetings organised by Central Banking, London, UK today. "…India's growth in the last few years is mainly driven by robust domestic demand, especially...