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Big tech firms offering financial services pose risk to financial stability: RBI
FinTech innovations are ubiquitous, especially in retail and wholesale payments, financial market infrastructures, investment management, insurance, credit provision, and equity capital raising, and may lead to material changes in the financial landscape, it said....
India’s monsoon rains cover entire country but still down on average
India is likely to receive monsoon rainfall between 94% and 106% of the long-term average in July, the most crucial month for planting rice and a host of other summer crops such as corn, cotton, soybean and sugarcane, the India Meteorological Department had said on...
Top billionaires lose $1.4 trillion in worst half ever
Elon Musk, co-founder,Tesla Musk, Tesla's co-founder, still has the biggest fortune on the planet, at $208.5 billion, while Amazon's Bezos is second with a $129.6 billion net worth, according to the Bloomberg Billionaires Index Elon Musk's fortune plunged almost $62...
WHO says Monkeypox cases in Europe tripled in last two weeks
To date, more than 5,000 monkeypox cases have been reported from 51 countries worldwide that don't normally report the disease, according to the U.S. Centers for Disease Control and Prevention. Kluge said the number of infections in Europe represents about 90% of the...
COVID-19: BA.4 and BA.5 variants spur 20 per cent rise in cases
WHO Director-General Tedros Adhanom Ghebreyesus ``Our ability to track the virus is under threat as reporting and genomic sequences are declining. The optimistic mid-year deadline for all countries to vaccinate at least 70 per cent of their populations is looking...
IRDAI wants 2.52% penetration and Rs 11.73 trillion premium for non-life industry by FY2027-28, sets tough annual premium targets for players
Debasish Panda, chairman, IRDAI IRDAI chairman Debasish Panda said the IRDAI will also suggest to the government to provide tax benefits under 80C for long term motor and housing policies. Panda revealed that the IRDAI is considering to give freedom to the boards of...
Saving Ocean: Global emergency
Among the challenges the Ocean faces are coastal erosion, rising sea levels, warmer and more acidic waters, marine pollution, overexploitation of fish stocks and decrease of marine biodiversity Recognizing the past “collective failure” in the Conference’s final...
COVID-19 Pandemic: Risk lessons in a complex, inter-connected world
Today’s interconnected world is an evolving system, and disastrous events are often the results of systemic failures. The new UN report shows that It’s time to develop a deeper understanding of systemic risks, how they trigger other hazards and shocks, often in...
Carmakers post sales growth in June as semiconductor woes show signs of easing out
''Despite the global supply chain constraints, we are still managing to achieve milestones in record time,'' Kia India Vice President & Head of Sales and Marketing Hardeep Singh Brar said New Delhi: Major carmakers, including Maruti Suzuki, Hyundai, Tata Motors on...
Financial services an exciting aspect of UK-India FTA, says Rishi Sunak
Rishi Sunak,British Chancellor "Financial service is an area where there's an enormous opportunity for both of our countries. India's goal is to spread insurance across the entire economy because insurance is a great thing for enabling protection for individuals and...
SpiceJet’s Delhi-Jabalpur flight returns after crew notices smoke in cabin mid-air
This is the fifth such incident on SpiceJet aircraft in two weeks. Aviation regulator Directorate General of Civil Aviation is investigating all five incidents. On June 19, an engine on SpiceJet's Delhi-bound aircraft carrying 185 passengers caught fire soon after...
RNRC is covering nearly all Russian reinsurance business
Igor Yurgens, head of the All-Russia Union of Insurers, told the same meeting on Friday that insurance companies from India and China are also staying away from Russia amid fears they will fall under secondary sanctions State-controlled Russian National Reinsurance...
India gets $1.75 bn World Bank loan for Ayushman Bharat, private investment
Through this combined financing of USD 1 billion, the World Bank will support India's flagship Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), launched in October 2021, the World Bank said in a release on Friday New Delhi: The World Bank has...
Govt replaces BBB with Financial Services Institutions Bureau(FISB) for selecting top management of PSU banks & insurers
FSIB will be a single entity for making recommendations for appointments of executive directors, and non-executive chairmen in PSU banks, CMDs, general managers and directors of public sector insurers, said the DoPT order With setting up of FISB, the selection...
IRDAI sets stiff annual premium targets for life insurers for next 5 yrs, eyes 6.18% penetration by 2027
To grow faster, the insurers need capital and IRDAI is planning to enlarge the basket of instruments through which they can raise capital Life Insurance Corporation has to mobilise almost a total premium Rs 16 lakh crore , HDFC Life Insurance(Rs 2.66 trillion),SBI...
Cryptocurrencies a clear danger to financial systems: RBI Governor
In the foreword to the 25th issue of the Financial Stability Report (FSR) released on Thursday, Das also said that as the financial system gets increasingly digitalised, cyber risks are growing and need special attention "We must be mindful of the emerging risks on...
Over 50K startup employees stare at job loss as India prepares for 200 unicorns
Nearly 12,000 startup employees have been shown the door to date, let by companies like Ola, Blinkit, BYJU's (White Hat Jr, Toppr), Unacademy, Vedantu, Cars24, Mobile Premier League (MPL), Lido Learning, Mfine, Trell, farEye, Furlanco and more Industry experts say...
Munich Re appoints Tobias Frenz as CEO of its Singapore Branch, Surbhi Goel to head, P&C in Singapore & Southeast Asia
As CEO Singapore, Frenz will be responsible for overseeing Munich Re’s long-term growth ambition in this important market, as well as our commitment to being a great employer that is dedicated to developing our diverse talent here.'' said Daniel Cossette, Chief...