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South Korean president orders probe into data leaks across financial industry
Lee Jae Myung, President,South Korean “The entire financial sector should carry out swift and thorough security inspections,” Financial Services Commission Chairman Lee Eog-weon said in a statement Sunday, after an emergency meeting with executives from financial...
Flydubai co-pilot attacked pilot with axe in attempted ‘terrorist attack’, UAE says
The confirmation of the weapon used in the attack is also important, as reports of it being a pocket knife had raised additional questions about crew security checks and how a pilot could have snuck it in. A crash ax is a standard safety requirement in the cockpit for...
SC stays coercive action against Tata Chemicals over Gulf of Kutch marine sanctuary damage
The court has asked the Gujarat Pollution Control Board (GPCB) to appoint experts to assess the environmental impact caused to the area and determine appropriate remediation measures and compensation within three months. New Delhi: The Supreme Court ordered on Monday...
Finmin to meet heads of banks on Tuesday to review progress of financial inclusion scheme
Sanjay Lohiya,Financial Services Secretary The meeting, to be chaired by the secretary, would also discuss and review the progress of various financial inclusion schemes, including PM Mudra Yojana aimed at providing funds to unfunded New Delhi: The finance ministry...
ICICI Prudential rebrands itself as ICICI Life Insurance
Private sector firm 'ICICI Prudential Life Insurance' on Monday rebranded itself as 'ICICI Life Insurance' following Prudential Plc ceasing to be a promoter of the entity.The name of the company now stands changed to ‘ICICI Life Insurance Limited’ with effect from...
British Airways London-Chicago flight drops 28,000 feet within minutes, declares emergency
Flight BA295 declared an emergency mid-flight following a sudden and steep descent while flying over Ireland soon after take-off from London's Heathrow Airport at 1150 am local time, according to flight tracking data. A British Airways flight on Monday made a U-turn...
No immediate risk to India, says Kerala medical expert amid pneumonic plague scare in Russia
"Plague is well known to modern medicine. There are preventive methods. For instance, people who are at risk can take antibiotics prescribed by the investigating team. Not everybody needs it, but those who are in close contact do," Rajeev Jayadevan, Convener of the...
Wall Street PEs’ $10 bn hospital bet sparks fight over healthcare costs, Insurers Fret
S Prakash, CEO of the General Insurance Council’s Health Insurance Ecosystem and Strategic Partnerships. “For all the benefits of private equity fund infusion, the tax we have to pay is higher cost,” says S Prakash, CEO of the General Insurance Council’s Health...
War, Cyber attack could trigger next financial crisis:RBI
The governor was highlighting a new generation of systemic risks that are increasingly “exogenous” in nature, underscoring the need for regulators to look beyond traditional sources of financial instability. New Delhi:The next financial crisis could originate from a...
IRDAI reforms push insurance distributors to explore new revenue streams: Nomura
Among the covered life insurers, Axis Max Life may need the highest reduction in operating expenses at 9.1 per cent over five years, followed by HDFC Life at 3.7 per cent and ICICI Prudential Life at 2.3 per cent, after factoring in the estimated benefit from lower...
Employers may soon be able to claim ITC on GST paid for employee insurance cover
"This will make insurance cheaper for every employer to provide", sources said. Currently, an 18 per cent GST is levied on all such group insurance policies. New Delhi: The GST Council is expected to consider a proposal in its meeting on October 7 to allow employers...
IRDAI to meet industry CEOs on Monday to delibarate new distribution reforms
“ “I have been meeting CEOs of the industry over the last few days to understand their views on the new consultation paper. We will meet all the CEOs on Monday to discuss the implementation of the distribution reforms and would like to get detailed industry feedback...
Regulatory frameworks need to keep pace with rapid geopolitical, technological and economic shifts:NITI Aayog member Gauba
Rajiv Gauba, Member, NITI Aayog Gauba underlined that while regulation is essential for safety, consumer protection, market integrity and systemic stability, excessive or poorly designed regulation can impede innovation, competition and investment. New Delhi: Rajiv...
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CBI chargesheets RCom, ex-LIC investment chief in ₹3,750-cr cheating case
In its charge sheet filed before a Special CBI court in Mumbai, the agency has named as accused "Reliance Communications Ltd., two executives of the Reliance ADA Group, namely, Amitabh Jhunjhunwala, Group MD, Vishwas Joshi, Sr. VP, Reliance Capital Limited and P....
ICICI Bank’s Sidharatha Mishra appointed as MD&CEO of ICICI Pru Life
Sidharatha Mishra, MD&CEO-designate, ICICI Pru Life The post of MD & CEO at ICICI Prudential Life Insurance has fallen vacant after Anup Bagchi quit the company to head HDFC Bank Mumbai: Private sector life insurer ICICI Prudential Life Insurance has appointed...