IRDAI approves two new life insurance companies

The total number of  life insurers operating in India have now gone up to 25 from | The HinduBusinessLine https://ift.tt/6UEyS...

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IRDAI names LIC, GIC Re and New India Assurance as domestic systemically important insurers

D-SIIs are to be subjected to additional regulatory measures to deal with systemic risks and moral hazard issues from | The HinduBusinessLine https://ift.tt/92iah...

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Bank lending to NBFCs 2x of industries in FY23

In an indication that finance companies are playing a greater role in lending to businesses, bank loans to non-banking finance companies (NBFCs) in the first 11 months of FY23 were twice the disbursement to industries. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/eD47V...

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Lulu Financial Holdings expands its NBFC biz in India

Adds 10 new branches under LuLu Finserv brand in Kerala and Tamil Nadu from | The HinduBusinessLine https://ift.tt/zacN1...

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Sensex, Nifty rise sharply; Adani stocks rebound

Among the Sensex firms, Reliance Industries emerged as the biggest gainer as it jumped over 3 per cent. HCL Technologies, ICICI Bank, Nestle, Tech Mahindra, Infosys, Power Grid, NTPC and Axis Bank were the other major winners. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/KUCRE...

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'Rich countries need to fund multilateral banks'

Jeffrey Sachs, the director of the Center for Sustainable Development at Columbia University, is in Kerala for the meeting of G20 sherpas. On the sidelines, he spoke to TOI about the challenges around climate finance and how to strengthen multilateral banks. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/xhQeT...

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Ajay Banga poised to become World Bank chief unopposed

Banga is the only application received for the position of president of the World Bank, the financial institution said from | The HinduBusinessLine https://ift.tt/g3kTF...

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PE funds opting for a locked-box mechanism for high-value transactions

Under this mechanism, both the fund and the target company agree on the final purchase price using the target’s most recent audited financial statements, and there are no post-completion adjustments. from Banking/Finance-Industry-Economic Times https://ift.tt/ikCMn...

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How to benefit from reverse arbitrage in AU Small Finance Bank

ICICI Securities advises traders to benefit from risk-free opportunity from | The HinduBusinessLine https://ift.tt/QnjNO...

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DCB Bank raises ₹300 crore via tier-II bonds

The unsecured, subordinated, non-convertible, fully paid-up tier-II bonds have a face value of ₹1 crore each, and a tenure of 10 years from | The HinduBusinessLine https://ift.tt/NC6Sb...

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Hitachi Payment Services appoints Sumil Vikamsey as MD

He will also be inducted into the company’s board effective April 1, 2023 from | The HinduBusinessLine https://ift.tt/osZ1I...

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Break up India’s biggest companies: Viral Acharya

India's largest conglomerates have contributed to elevated inflation in the country and should be broken up, according to former Reserve Bank of India deputy governor Viral Acharya. The so-called “Big 5” – Reliance Group, Tata Group, Aditya Birla Group, Adani Group and Bharti Telecom – have grown at the expense of smaller local firms. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/bFSvt...

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Should your investment planning match your age?

Investment decisions vary at different stages of life. In the 20s, people show more inclination towards risks and explorations, while making short-to mid-term goals like gadgets or vacations. But people should make achievable goals to invest wisely. In the 30s, people's income rises, and they consider long-term goals like a house, retirement, etc. from Banking/Finance-Industry-Economic Times https://ift.tt/TEt6I...

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Reliance Industries’ creditors, shareholders to meet on May 02 on demerger of financial services business

After the demerger, the shares of Jio Financial Services will be listed on NSE and BSE from | The HinduBusinessLine https://ift.tt/MIYnF...

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Hit by global headwinds, most equity new fund offers of MFs in last one year post negative returns

Active fund managers fail to ride market volatility from | The HinduBusinessLine https://ift.tt/5kT6d...

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No charge on normal UPI payment; interchange fee applicable for PPI merchant transactions: NPCI

NPCI has permitted the PPI wallets to be part of interoperable UPI ecosystem and levied 1.1 per cent charge on unified payment interface (UPI) transactions above Rs 2,000 while using PPI. from Banking/Finance-Industry-Economic Times https://ift.tt/rLQAz...

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PSU bank stocks deliver up to 96% return in FY23. Will the magic repeat in next fiscal?

In the 12-pack index of all state-run banks, India's largest lender the State Bank of India (SBI) is the worst performer with a minor return of just around 3%. All other stocks in the index have given double-digit returns. from Banking/Finance-Industry-Economic Times https://ift.tt/2uFID...

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Insurers welcome new EoM norms of IRDAI

`Brings in greater flexibility and help widening insurance penetration’ from | The HinduBusinessLine https://ift.tt/xCbLY...

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Panel to look at ways to boost multilateral banks

The finance ministry on Tuesday announced a nine-member committee to recommend ways to strengthen multilateral development banks (MDBs), such as the World Bank, so that they can meet the financing requirements of not just the poor countries but also support the developing and emerging economies meet challenges, such as combating the impact of climate change. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Nadqt...

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FTX founder Sam Bankman-Fried charged with paying $40 m bribe

He has pleaded not guilty to charges that he cheated investors out of billions of dollars before his cryptocurrency biz collapsed from | The HinduBusinessLine https://ift.tt/lNF9h...

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Wall Street ends down with tech; investors assess bank comments

US stocks dipped slightly as investors sold shares of technology-related companies and considered the remarks of Michael Barr, the Federal Reserve's top banking regulator, on struggling banks. Shares of Apple and Microsoft along with other technology shares were among the biggest drags on the S&P 500. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/XY5mM...

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NK Singh, Summers to steer G20 panel on multilateral banks

Former US treasury secretary Larry Summers and the chairman of India's 15th Finance Commission NK Singh will co-chair the group's deliberations, according to a finance ministry statement. The group, set up during India's G20 presidency, will firm up a roadmap for an "updated" MDB ecosystem for the 21st century, according to the statement. from Banking/Finance-Industry-Economic Times https://ift.tt/yomjs...

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Kotak Investment Advisors announces first close of Kotak Strategic Situations Fund II IFSC

Domiciled in Gujarat’s GIFT City, the $ 1.6 billion fund has received commitments from marquee global investors from | The HinduBusinessLine https://ift.tt/yVQXC...

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SUUTI surrenders its right to appoint a nominee director on Axis Bank’s board

This comes in the wake of SUUTI’s stake in Bank declining to 0.02 per cent  from | The HinduBusinessLine https://ift.tt/tTmk7...

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India's e-rupee unpopular as central banks push digital currency

A CBDC aims to complement, rather than replace, current forms of money, and "holds a lot of promise by way of ensuring transparency, and low cost of operation," the RBI said in a concept note in October. from Banking/Finance-Industry-Economic Times https://ift.tt/Sg13v...

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India’s $1 trillion bond market sees rising heft of insurers

India's growing wealthy middle class is changing the country's $1tn sovereign bond market, whereby its savings - invested via life insurers, provident and pension funds - are increasingly funnelled into long-term debt, said sources, reducing the reliance on banks and easing trader anxiety over India's infrastructure projects. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/lWhfA...

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US stocks: S&P 500 ends up slightly; SVB deal lifts bank shares

The S&P 500 closed up Monday, thanks to a deal that saw First Citizens BancShares buy Silicon Valley Bank. The acquisition will help to shore up the failed bank’s deposits and loans. Banks stocks enjoyed upward momentum with the S&P 500 banks index rising 3.1% and the KBW regional banking index up 0.6%. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/tIiUo...

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Borrowers must be accorded hearing before declaration of bank account as fraud: SC

While upholding a Telangana HC verdict, the Apex court said the classification of accounts as fraud results in civil consequences for borrowers and hence, an opportunity of hearing must be given to such persons from | The HinduBusinessLine https://ift.tt/SA68W...

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IDFC First Bank partners Crunchfish to demonstrate offline retail payments

The Regulatory Sandbox was established in 2020 by the Reserve Bank of India (RBI) to foster responsible innovation in financial services, promote efficiency and bring benefits to end users. "Signing an agreement and adding IDFC FIRST Bank to the RBI pilot project is very satisfying, as it together with HDFC Bank enables to showcase offline payment interoperability. from Banking/Finance-Industry-Economic Times https://ift.tt/IprZD...

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First Citizens buys Silicon Valley Bank

First Citizens BancShares Inc has agreed to buy Silicon Valley Bank after the latter fell prey to a run by depositors. First Citizens entered into a purchase and assumption agreement covering all deposits and loans of SVB at a discount of $16.5 billion, as well as the purchase of $72 billion SVB assets. FDIC will be selling off securities and other assets, amounting to around $90 billion. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/tPk03...

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Borrowers must be accorded hearing before declaration of bank account as fraud: SC

The Supreme Court on Monday said a borrower must be accorded a hearing before an account is classified as "fraud" and a reasoned order must follow if such an action is taken. The decision classifying the borrower account as fraudulent must be followed by a reasoned order, it said. The verdict came on a plea of the State Bank of India. from Banking/Finance-Industry-Economic Times https://ift.tt/fsXGh...

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First Citizens Bank to buy Silicon Valley Bank's deposits, loans from FDIC

The startup-focused lender on March 10 became the largest bank to fail since the 2008 financial crisis, in a collapse that roiled global markets from | The HinduBusinessLine https://ift.tt/b1WrZ...

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Public sector banks to submit plan to deal with key business risks

Public sector banks (PSBs) assured finance minister Nirmala Sitharaman at a review meeting on Saturday that the Indian banking system remains robust and there is no cause for worry. from Banking/Finance-Industry-Economic Times https://ift.tt/hEQM9...

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RBI asks banks to make extra provisioning on top 20 business houses

Banks to make specific provision towards these exposures; quantum could be board’s decision from | The HinduBusinessLine https://ift.tt/XhxYz...

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RCAP resolution plan hits roadblock as bidders upset over another auction plan

The plan of debt-ridden Reliance Capital's lenders to conduct a second round of auction has hit a roadblock, as bidders are apparently not inclined to another round under the insolvency resolution process. The apex court has listed the matter regarding the second auction for a hearing in the month of August. from Banking/Finance-Industry-Economic Times https://ift.tt/CiRcv...

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Credit Suisse faces possible disciplinary proceedings: FINMA

Credit Suisse had a cultural problem that translated into a lack of accountability: Amstad from | The HinduBusinessLine https://ift.tt/vZPMe...

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CRIF Connect Private gets RBI license to operate as NBFC account aggregator

It is an end-to-end encrypted platform that securely fetches and transfers a consumer’s financial data based on their explicit consent between financial institutions from | The HinduBusinessLine https://ift.tt/Uprab...

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FM Nirmala Sitharaman tells PSBs to flag stress points in business, stay alert

Finance Minister Nirmala Sitharaman has urged state-run banks to remain vigilant, stating that they should review their business models closely to identify stress points. Sitharaman has asked banks to be cautious regarding interest rates, concentration risks, and adverse exposures, and to regularly undertake stress tests. from Banking/Finance-Industry-Economic Times https://ift.tt/WpVYX...

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Be alert, take stress tests, Sitharaman tells PSBs amid US bank crisis

Sitharaman advised the PSBs take steps to attract the deposits given the steps taken by the government to reduce the tax arbitrage in some debt instruments. She also asked them to pivot their strengthened financial position to support credit needs of the growing economy and focus on credit outreach in states where the credit offtake is lower than the national average, particularly in northeast and eastern parts of India. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https:...

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