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Exams for company directors: Modi govt finds a way to stop corporate frauds

by | Jun 12, 2019 | , ,

Independent directors on company boards will soon have to clear an exam before they can be appointed, said Injeti Srinivas, the top bureaucrat in charge of corporate affairs. The government is also seeking a ban on Deloitte Haskins & Sells saying it failed to warn of mounting risks at a major shadow lender, and the banking regulator suspended an EY affiliate this month after finding problems in one of its audits.

US cyber insurance premiums see 10% increase to $2.03bn, Aon study

by | Jun 12, 2019 | , ,

The report highlights that the direct incurred industry loss ratio across all cyber policies was 35.4 percent during the period, with standalone and package business reporting 34.4 percent and 36.8 percent respectively – suggesting that on the whole cyber insurance was quite profitable for US insurers in 2018. The segment had 14 additional players during the year

Over Rs 2.05 lakh crore frauds in 11 years: ICICI Bank, SBI and HDFC among top victims

by | Jun 12, 2019 | , , ,

Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, a highest of 6,811 were reported by the ICICI Bank involving Rs 5,033.81 crore.The state-run State Bank of India (SBI) reported 6,793 fraud cases involving Rs 23,734.74 crore followed by HDFC Banks which recorded 2,497 such cases involving Rs 1,200.79 crore, according to the data given by the central bank in response to an RTI query filed by this correspondent.

Financial services to add 47,800 new jobs in April-September FY20

by | Jun 12, 2019 | ,

“Despite the setbacks seen in NBFCs, the financial services sector has shown a positive outlook in terms of hiring. An important factor that has helped this sector grow is the penetration into the rural markets. The expansion will result in a surge of job opportunities in the tier-II and III cities,” TeamLease Services head of BFSI and government vertical Amit Vadera said.

Life expectancy in India down by 2.6 years due to air pollution: Study

by | Jun 11, 2019 | , , , ,

“The deadly tally broken up by diseases shows that chronic obstructive pulmonary disease (COPD) due to air pollution at 49% is responsible for close to half of deaths, followed by lung cancer deaths at 33 per cent, diabetes and ischaemic heart disease at 22 per cent each and stroke at 15 per cent. It is disturbing how COPD, lung cancer and ischaemic heart disease dominate the dubious tally,” it said.

Govt plans to re-introduce National Medical Commission Bill

by | Jun 10, 2019 | , ,

After its introduction in the Lower House of parliament in 2017, the Bill, which aimed at replacing the Medical Council of India Act, 1956 and included the contentious provision of a “bridge course” to allow practitioners of alternative medicines to pursue allopathy, was referred to a Department-Related Parliamentary Standing Committee following massive protests from the medical fraternity. 

Indian aviation market facing very tough competition; cost environment unfavourable: IATA

by | Jun 9, 2019 | , ,

Noting that cost environment is not very favourable for airlines in India, de Juniac said prospects for the airlines’ industry are less positive than six months ago. “It is a global trend, which is more accurate and visible for cargo than for passengers. We still see a strong demand in the passenger business,” he added.

Now weather forecasters shield India Inc from rainy days

by | Jun 9, 2019 | , , ,

According to Noida-headquartered Skymet Weather Services’ Founder and Managing Director Jatin Singh: “The business has gained traction in India as insurance, banking, agribusiness, commodity traders, retail and e-commerce, transportation and government institutions have become our clients over the years.
“We are India’s largest crop insurance settlement agency.”