Sameer Bansal, MD & CEO, PNB MetLife, said that while India is...
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IRDAI imposes Rs1cr penalty on Royal Sundaram General for violating Outsourcing norms
In an order passed by two members of the IRDAI- Rajay Kumar...
Despite Trump order, abandoning DEI could land companies in legal trouble
“When companies are sued by women or people of color and they're...
RBI says it is open to exploring possibility of digital version of fiat currency
“In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks.”Nevertheless, the RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it,” the RBI said in its booklet on ‘Payment Systems in India — Journey in the Second Decade of the Millennium’.
Global life insurers impose restrictions, worried about long-term pandemic risks
Life insurers, including Prudential Financial Inc, and Aviva PLC, are now imposing waiting periods before COVID-19 patients, including those who have recovered, can apply for coverage, executives and spokespeople said. Some are also limiting coverage for certain age groups.
Irdai panel for separate payments of vehicle, insurance premium
The committee recommended that the customer should make payment to the insurance company directly which is facilitated by the MISP.
”MISP shall not collect the insurance premium amount in its own account and then transfer the same to the insurance company,” it added.
According to the report, the motor insurance business sourced by MISPs through brokers and insurers put together constitutes around 25 per cent of the total motor insurance business or around 11.25 per cent of the overall general insurance business.
Pay business insurance claims or face enforcement, UK watchdog says
“Where we see that insurers are not meeting the expectations set out here, we will use the full range of our regulatory tools and powers to ensure they do so,” the FCA’s executive director for consumers and competition Sheldon Mills said in a letter to insurers’ chief executives.
The watchdog brought the test case on behalf of policyholders last June, saying it could affect 370,000 policyholders and 60 insurers, paving the way for an estimated 1.2 billion pounds ($1.6 billion) of claims.
China’s top financial watchdog blasts ‘State Monopoly’ accusation
China has come under greater international pressure in recent years to reduce industrial subsidies after the U.S., Europe and Japan agreed to push for stronger World Trade Organization rules against market-distorting government aid. The state domination of the economy was also meant to be a topic in the “Phase 2” trade deal talks with the U.S.
India proposes stricter regulations for large shadow banks
The country’s central bank has gradually moved towards tighter norms for the sector ever since one of its biggest firms, Infrastructure Leasing & Financial Services,collapsed in late 2018 amid fraud allegations. The following year Dewan Housing Finance Corp and Altico Capital defaulted on payments.
Massachusetts Governor vetoes sweeping climate change Bill
A highlight of the bill is the goal of attaining a net-zero greenhouse gas emission limit by 2050 in part by setting new statewide limits every five years to help the state reach the goal.
The bill would also increase requirements for purchasing offshore wind energy and write into state law the criteria used to define “environmental justice populations” – communities with lower incomes, larger numbers of non-English speaking adults, or with a nonwhite population of 25% or more.
SBI, ICICI Bank, HDFC Bank remain systemically important banks: RBI
SIBs are seen as ‘too big to fail (TBTF)’, creating expectation of government support for them in times of financial distress. These banks also enjoy certain advantages in funding markets.
Some lending apps thrive on India’s Google Play despite policy violations
The rise of smartphones and affordable mobile internet in India has seen a proliferation of hundreds of personal lending apps in recent years. Campaign groups say rapid advances in technology have outpaced authorities and are calling for regulations to be introduced regarding loan tenures and fees.
“There are no clear norms on lending apps in India. Right now they fall in a grey zone,” said Nikhil Pahwa, a digital rights activist and editor of MediaNama, a Delhi-based publication on technology policy.
Banks should invest in building robust IT platforms to prevent Cyber frauds:RBI
Information technology platforms and digital payment systems have provided considerable support for business continuity and smooth functioning during the pandemic. More investment is required by all stakeholders for building robust IT platforms and technologies for operational purposes as well as for fortifying public confidence in digital banking, especially when the financial landscape is rapidly embracing new technologies, said Shaktikant Das, governor, RBI. .