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LIC net surges almost 50% to Rs 9,444 crore in Q3 FY23-24
"Our consistent and focused approach towards diversifying and changing our product mix is now yielding results at a faster pace. " Chairperson Siddhartha Mohanty, said Mumbai: Life Insurance Corporation of India reported a nearly 50% rise in third-quarter profit on...
Google pilots new programme to protect Android users from financial fraud
"As part of a continued strategic partnership with the Cyber Security Agency of Singapore (CSA), we will launch this first pilot in Singapore in the coming weeks to help keep Android users safe from mobile financial fraud," Google said in a blogpost New Delhi: Google...
Equity mutual fund inflow hits almost 2-yr high of Rs 21,780-cr in Jan
The flow in January was the highest since March 2022, when equity-oriented mutual funds witnessed an inflow of Rs 28,463 crore. Also, the latest flow marks the 35th consecutive month of net inflows in equity funds New Delhi: Equity mutual funds experienced a net...
RBI plans new framework for authentication of digital transactions
To enhance the security of AePS(Aadhaar Enabled Payment System ) transactions, it is proposed to streamline the onboarding process, including mandatory due diligence, for AePS touchpoint operators, to be followed by banks. Additional fraud risk management requirements...
TCS expands 15-yr strategic partnership with UK’s Aviva, to service over 5.5 million policies
Doug Brown, CEO Insurance, Wealth & Retirement, Aviva said,“Extending this strategic partnership will improve how we serve our customers, further simplify our operations and support our growth ambitions. It will allow us to rationalize our systems and improve...
RBI leaves key rates unchanged as inflation remains above 4%
Monetary policy must continue to be actively disinflationary, RBI Governor Shaktikanta Das said in his statement MUMBAI: India's key rate was left unchanged for a sixth straight meeting on Thursday, as inflation remained above the central bank's 4% medium-term target...
Crypto ransom attack payments hit record $1 billion in 2023 – Chainalysis
A report in November showed that cybercrime group "Black Basta" had extorted at least $107 million in bitcoin, with much of the laundered ransom payments making their way to the sanctioned Russian cryptocurrency exchange Garantex Payments from crypto-related ransom...
GIC Re net profit jumps 27% to Rs1,518 crore in Oct-Dec Qtr, further reduces loss making Crop biz
`Our results during the quarter are more or less as per expectations. Domestic premium this quarter has come down due to our decreasing agricultural business. Combined ratios have gone up in domestic due to two natural catastrophic events in the quarter,'' said N...
PM Modi tears into Congress for ‘spreading lies’ on LIC, PSUs
Prime Minister Narendra Modi People’s confidence is improving in PSU shares, the Prime Minister said, as he shared some key facts and inputs in the Upper House to buttress his views that LIC and HAL are making progress in what contradicts the claims of the opposition...
IRDAI sets higher targets for insurers in revised norms on `Rural, Social Sector and Motor Third Party Obligations’
Insurance business pertaining to Government social security schemes such as Pradhan Mantri Awas Yojana, Pradhan Mantri Suraksha Bima Yojana (PMSBY),Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY), etc. where total/ partial premium is paid by the Government,...
Boeing door bolts on Alaska flight were missing, says US Investigators
The incident has become the biggest crisis for Boeing since its entire fleet of Max jets was grounded worldwide in 2019 following two fatal crashes A dramatic accident on an Alaska Airlines flight last month was apparently triggered by a door plug that hadn’t been...
EU agreement on ESG Ratings seen as world’s toughest
Under the agreement, ESG ratings providers based in the EU “will need to obtain an authorization” from the European Securities and Markets Authority, the Council said A provisional agreement in the European Union setting guardrails around the ESG [environmental,...
Europe gains powers to tackle supply chain emergencies
The move was also spurred by the row with AstraZeneca in 2021 over delays in delivering COVID-19 vaccine doses to the 27-country European Union EU countries and lawmakers on Feb 1 agreed to rules which will require Europe-based companies to prioritize production of...
DBS cuts CEO Gupta’s salary by 30% for digital banking outages
Piyush Gupta,Chief Executive Officer, DBS Bank’ Last year’s outages at DBS that saw payment and ATM transactions stalled across the city-state also resulted in the variable compensation for the group management committee collectively cut by 21 per cent from a year...
Premiums for disaster-prone areas need to be subsidised: Parl panel
This may require a specialized insurance business to be set up by one of the PSU general insurance companies with subsidized premiums for disaster-prone areas, the panel said The government may need to consider how to provide insurance for projects that have to deal...
House panel recommends reduction of GST on health, term and micro insurance policies
Jayant Sinha, chairman, Parliamentary Standing Committee on Finance The Committee is in favour of allowing composite licensing that could provide further impetus to the insurance sector owing to its various benefits New Delhi: The Parliamentary Standing Committee on...
Number of people earning over ₹1 crore rises to 2.16 lakh in 2023-24
Minister of State for Finance Pankaj Chaudhary further said the total number of individuals who reported income from ’Profession’ in AY 2023-24 stood at 12,218, up from 10,528 reported in AY 2022-23 New Delhi: The number of people earning above ₹1 crore annually has...
Max Life gets Irdai nod for Rs 1,612 cr infusion by Axis Bank
Last year in August, the company announced a capital infusion by Axis Bank by issuance of 14.25 crore equity shares to help Max Life to support its future growth ambitions, augment its capital position and improve solvency margins NEW DELHI: Max Financial Services,...