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IRDAI grants license to Prem Watsa promoted Indian reinsurer Value Attics
The IRDA has also identified Life Insurance Corporation of India, The New India Assurance Company Ltd and General Insurance Corporation of India as Domestic Systemically Important Insurers (D-SIIs) for FY 2024-25 Oben Ventures LLP (promoted by Kamesh Goyal) and FAL...
RBI invites applications for recognition of SROs for account aggregator ecosystem
The account aggregator framework facilitates secure and seamless exchange of specified financial information through Non-Banking Financial Company-Account Aggregators, which act as intermediaries between Financial Information Providers (FIPs) and Financial Information...
Equity MFs inflow drops 26 pc to Rs 29 303 cr in Feb SIP hit 3-month low
Inflows into systematic investment plans (SIP) came at Rs 25,999 crore in February, making it three months low. Before this, SIP inflow was Rs 26,400 crore in January and Rs 26,459 crore in December New Delhi: Inflow in equity mutual funds dropped 26 per cent to Rs...
Growing role of insurance companies and retail investors in private credit making it vulnerable: BIS report
“The growing role of insurance companies and retail investors, as well as funds’ leverage and degree of portfolio concentration warrant monitoring, This is especially relevant in light of growing interlinkages between banks and private credit” The Bank for...
Zolve raises $251 million in its latest equity and debt financing round
The neo bank, which was launched in 2021 and has over 750,000 customers, plans to expand into Canada, the UK and Australia, and incorporate sectors like auto, personal and education loans into its business portfolio Zolve raised $251 million in its latest equity and...
North Sea Collision: Total insured losses estimated between $100 million and $300 million, Focus shifts to environmental impact
Total insured losses out of the collision are estimated to range between $100 million and $300 million for all coverages, Canada-based global credit ratings agency Morningstar DBRS . Focus is now shifting to the environmental impact of the blaze. While the incident is...
PB Fintech to infuse Rs 696 crore in arm PB Healthcare Services in FY26
The board approved a proposal to make an investment for an aggregate amount of up to Rs 696 crore in PB Healthcare Services Private Limited, its wholly owned subsidiary, by way of subscribing or purchasing its shares or Compulsory Convertible Preference Shares during...
HC quashes Chennai Metro’s notice to United Insurance Ccompany
Justice N Anand Venkatesh quashed the notice dated September 26, 2024 while allowing a petition filed by United India Insurance Company, which challenged the notice issued by CMRL proposing to acquire a portion of its property Chennai: The Madras High Court on Tuesday...
100% FDI: Govt expects insurance industry to grow at 7.1% annually over next 5 years outpacing global and emerging market growth
This enhanced limit will be available to those companies which invest their entire premium in India, said Pankaj Chaudhary, minister of state, Ministry of Finance in the Lok Sabha. New Delhi: By raising foreign direct investment(FDI) in the Indian insurance sector...
Bima Sugam and Bima Vahaks poise to revolutionise country’s insurance penetration: NIA Chief
l to r-Sushama Anupam, General Manager(GM), New India Assurance(NIA) Surbhi Goel, CEO, Munich Re India branch , Girija Subramanian, CMD, NIA Rohini Hattangadi, bollywood actress and Smitha Srivastava,, executive director,NIA, Mukta Sharma, GM, NIA, at the launching of...
RBI to promote innovations in payment systems with soft touch regulations:Governor
Sanjay Malhotra,Governor , RBI "We will continue to encourage innovation while promoting safety and security through soft touch regulations," the RBI chief said and added that the central bank has adopted a soft-touch approach to regulating the payments ecosystem and...
French households, businesses face soaring costs for insurance due to climate change: Govt
The cost of climate disasters may double in the 30 years through 2050, reaching a cumulative €143 billion ($155 billion), the French government said in an adaptation plan. At a briefing in Paris, Ecology Minister Agnes Pannier-Runacher said climate change is a...
Irdai permits insurers to undertake transactions in bond forwards for hedging
In a circular on 'Exposure to Forward Contracts in Government Securities (Bond Forwards)', Insurance Regulatory and Development Authority of India (Irdai) said that in view of the RBI's directions and considering insurers requests for introduction of Bond Forwards,...
North Sea collision: 32 casualties brought ashore after ships collide catch fire in North Sea off eastern England
The tanker, believed to be the U.S.-flagged chemical and oil products carrier MV Stena Immaculate, was at anchor at the time after sailing from Greece, according to ship-tracking site VesselFinder. The cargo vessel, Portugal-flagged container ship Solong, was sailing...
Elon Musk’s X suffers massive outage, Indian users unable to access platform
During the downtime, X stopped working completely while the users were unable to post tweets or even open pages on the platform New Delhi: Elon Musk-run X went down on Monday in a massive global outage, including in India, as users were unable to access the...
Social media and digital accounts accessed only in search, survey ops: I-T official
"These powers are only to be executed during the course of a search or survey operation, and that too when the assessee being searched or surveyed refuses to share the passwords for digital storage drives, emails, Clouds and communication platforms such as WhatsApp...
Over 4.3 lakh crop insurance applications rejected in Maharashtra due to discrepancies: Minister
As many as 4,30,443 crop insurance applications under the PMFBY were rejected during the Kharif 2024 season. In comparison, 2,85,468 applications were rejected during the Kharif 2023 season, the minister stated.. Since the scheme's inception in Kharif 2016,...
IRDAI board to meet on Wednesday
Among other issues, the meeting, the last one under chairmanship of Debasish Panda, may consider granting approvals –R2-to the first private sector reinsurance company, Value Attics Reinsurance Limited, set up by Canadian billionaire Prem Watsa’s Fairfax group...