GIC Re and Foreign Reinsurance Branches (FRBs) and IIO reinsurers...
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Japan to give crypto assets legal status as financial products, Nikkei says
As part of the move, crypto assets will be put under insider...
Hinduja Group’s IIHL takes over Reliance Cap as lenders withdraw NCLAT petition
The Committee of Creditors (CoC) of Reliance Capital has informed...
Banking penetration increased significantly during 1972-2022 period: RBI Deputy Governor
Michael Debabrata Patra,Deputy Governor, Reserve Bank of India There is one commercial bank branch for every 9,000 citizens now from one branch for 40,000 citizens in 1972. Banks today operate around 2.25 lakh customer service points, including over 1.75 lakh ATMs. In...
Cyber officials from 37 countries, 13 companies to meet on ransomware in Washington
One key topic for discussion will be how to disrupt such attacks, counter the illicit movement of cryptocurrencies and build resilience against such attacks, the official said The White House hopes the meeting will allow participating countries to "institute a set of...
RBI to launch first pilot of Digital Rupee on Tuesday
Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk Nine banks -- State Bank of India (SBI), Bank of Baroda, Union Bank of India, HDFC Bank, ICICI...
Turning City of London into the ‘Wild West’ would be self-defeating, says BoE’s Woods
Sam Woods,Deputy Governor Bank of England London: Turning the City – London’s financial district – into a “Wild West“ to attract more business after Brexit would be self-defeating as maintaining financial stability is key to competitiveness, Bank of England Deputy...
Suitors raises concerns over bidding process as Reliance Capital resolution enters final stage
Foreign bidders have expressed apprehension regarding the rules governing the cap on foreign holding and lock in period in an Indian Insurance entity As per the government guidelines, foreign players cannot hold more than 74 per cent in the Indian insurance venture....
Key management personnel of Indian auto firms have poor understanding of compliance obligations: Report
"…it was discovered that the KMPs (key management personnel) in Indian automobile companies have a poor understanding of compliance obligations in over 80 per cent of the instances," the report said, citing a survey conducted by TeamLease Regtech. As a result, it...
Bima Sugam to be game changer for insurance sector: IRDAI Chief
"So it's like a shopping mall. So you go and shop there. And as far as the KYC is concerned, the moment you enter the portal, type your Aadhaar number, the data will auto populate. The KYC will be done through your Aadhaar number which will be masked for security...
‘IT rules give 72 hours but remove illegal content as fast as possible’
Rajeev Chandrasekhar, Union IT Minister The complaints around illegal content could range from child sexual abuse material to nudity to trademark and patent infringements, misinformation, impersonation of another person, content threatening the unity and integrity of...
Govt-appointed appellate panels to be set up in 3 months for resolving social media users’ grievances
The IT rules changes have been in the works for months, though, ever since users red-flagged instances of digital platforms acting arbitrarily. The latest move will arm the users with a grievance appeal mechanism in the form of appellate committees that will look into...
IRDA forms Rakesh Joshi panel to suggest measures to expand health insurance
The panel will arrive at ways and means to increase the penetration of health insurance in India including identifying issues and challenges in the entire value chain and making recommendations to overcome them Hyderabad: In a bid to achieve the goal of...