Subrata Panda

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140 million HDFC Bank, Axis customers may face service interruption

140 million HDFC Bank, Axis customers may face service interruption

Rediff.com6 days ago

As many as 140 million customers of HDFC Bank and Axis Bank are expected to face interruption in banking services in the weekend due to the former's system upgrade and the transition of Citi India business to the latter. Both the banks have notified their customers about the interruption in services. HDFC Bank - the country's largest private sector lender with 93.2 million customers - had announced that it will undertake a system upgrade on July 13, wherein it will migrate its core banking system (CBS) to a new engineered platform to enhance customer experience.

Remittances decline 23% sequentially to $2.1 billion in February

Remittances decline 23% sequentially to $2.1 billion in February

Rediff.com30 Apr 2023

Outward remittances in February under the Reserve Bank of India's (RBI's) liberalised remittance scheme (LRS) fell 23 per cent over January, latest data released by the central bank, in its monthly bulletin, revealed. In February, Indians remitted $2.1 billion under the RBI's liberalised scheme. On a year-on-year (YoY) basis - aided by international travel - LRS jumped 15.24 per cent. Further, in April 2022-February 2023, outward remittances under LRS stood at $24.18 billion, an all-time high.

LIC's knock-on effect: New business premium of insurers drops 12%

LIC's knock-on effect: New business premium of insurers drops 12%

Rediff.com21 Apr 2023

Contrary to expectations, the new business premium (NBP) of life insurance companies dropped 12.62 per cent year-on-year (YoY) in March 2023 due to an over 30 per cent drop in Life Insurance Corporation (LIC) of India's premiums, albeit on a high base. Data released by the Life Insurance Council shows the industry racked up NBP of Rs 52,081 crore in March 2023, compared with Rs 59,608.83 crore in the year-ago period. NBP is the premium acquired from new policies in a year. It is the sum of the first-year premium and single premium, reflecting the total premium received from new businesses.

Market share of PSU general insurers shrinks 800 bps in 5 years: Irdai

Market share of PSU general insurers shrinks 800 bps in 5 years: Irdai

Rediff.com12 Apr 2023

The four public sector general insurance companies -- New India Assurance, United India Insurance, Oriental Insurance, and National Insurance Company -- have lost 800 basis points (bps) in market share in last five years to their private counterparts, the data from the Insurance Regulatory and Development Authority (Irdai) revealed. In 2018-19, the four had a cumulative market share of 40.04 per cent, with New India Assurance having a market share of 14 per cent and United India Insurance with a market share of 9.63 per cent. But, gradually in the past five years, these state-backed firms have lost their market share to private sector players, due to the declining health of their business.

Life insurers' new biz premium down 17% in Feb, LIC collections shrink 32%

Life insurers' new biz premium down 17% in Feb, LIC collections shrink 32%

Rediff.com17 Mar 2023

Life insurance companies reported a 17 per cent year-on-year (YoY) drop in new business premium (NBP) in February as state-owned Life Insurance Corporation of India's premiums contracted 32 per cent during this period on account of a drop in its group single premium segment. According to data released by the Life Insurance Council, the industry earned an NBP of Rs 22,847.65 crore in February - a drop of 17 per cent from the same period a year ago.

REVEALED: How RBI Operated During Covid

REVEALED: How RBI Operated During Covid

Rediff.com10 Mar 2023

200 staffers, consisting of RBI officials and support teams, who are essential to perform critical functions, were isolated at a separate facility in a dedicated quarantined environment near all three RBI data centres.

Insurance companies yet to see fire sale of high-value life policies

Insurance companies yet to see fire sale of high-value life policies

Rediff.com8 Mar 2023

Many life insurance companies are yet to see a sharp spike in the sale of high-value policies as was widely expected in the aftermath of the government's decision to tax income from insurance policies having an aggregate premium above Rs 5 lakh in a year.

Credit card spends in Dec cross Rs 1 trillion for 10th month in a row

Credit card spends in Dec cross Rs 1 trillion for 10th month in a row

Rediff.com26 Jan 2023

After a sequential fall in November, due to high base and waning of the festival season effect, credit card spends have picked up again in December, recording over Rs 1 trillion for the 10th consecutive month. Latest figures released by the Reserve Bank of India (RBI) show that credit card spends in December 2022 touched Rs 1.26 trillion, up 10.21 per cent compared to November. And, on a year-on-year (YoY) basis, spends were up 34.31 per cent during this period.

Indians remitted nearly $2 bn in Nov under Reserve Bank's LRS scheme

Indians remitted nearly $2 bn in Nov under Reserve Bank's LRS scheme

Rediff.com20 Jan 2023

Indians remitted close to $2 billion in November under the Reserve Bank of India's (RBI's) liberalised remittance scheme (LRS), latest data released by the central bank showed. Outward remittances under the scheme jumped 29 per cent to $1.99 billion compared to $1.54 billion in the year-ago month. Sequentially, outward remittances under the scheme were up about 3.5 per cent.

Budget 2023 wish list: Insurers bat for hike in tax deduction limit

Budget 2023 wish list: Insurers bat for hike in tax deduction limit

Rediff.com19 Jan 2023

Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.

Headcount in public sector banks has fallen 8.72% in 8 years

Headcount in public sector banks has fallen 8.72% in 8 years

Rediff.com16 Jan 2023

Public-sector banks, which are the largest employers in the banking space, have seen a drop in clerical staff over the years.

Be Competitive: Bank Union Tells Management

Be Competitive: Bank Union Tells Management

Rediff.com11 Jan 2023

'It is observed that some of our branches are already losing good balances in their savings deposits as well as fixed deposits, which are maturing, to the other banks.'

LIC may look at entering health, non-life insurance businesses

LIC may look at entering health, non-life insurance businesses

Rediff.com5 Jan 2023

The Life Insurance Corporation of India has the wherewithal to acquire a composite license, a top source aware of the development told Business Standard, adding that the insurance behemoth may look into entering the health and general insurance segments. "LIC has the scale, capacity, IT infrastructure, and the distribution reach to take advantage of the composite license. "LIC is looking at organic as well as inorganic growth opportunities.

UPI processes record 7.82 bn transactions in December, ends 2022 on a high

UPI processes record 7.82 bn transactions in December, ends 2022 on a high

Rediff.com2 Jan 2023

India's flagship payment platform, the Unified Payments Interface (UPI), ended the 2022 calendar year on a high note as the volume of transactions touched a record 7.82 billion in December, amounting to Rs 12.82 trillion, again a record high. Data released by the National Payments Corporation of India (NPCI), the umbrella body for retail digital payments in the country, showed volume of transactions in December was up 7.12 per cent compared to November, while value of transactions was up 7.73 per cent during the same period.

Credit card spends fall 11% in Nov

Credit card spends fall 11% in Nov

Rediff.com27 Dec 2022

Credit card spending dropped 11 per cent sequentially in November at Rs 1.15 trillion, but topped Rs 1 trillion for the ninth month straight, data from the Reserve Bank of India (RBI) showed as the festive season ends and consumption activity slows down. Year-on-year (YoY), spending was up 29 per cent. Card spends have consistently topped the Rs 1 trillion mark, led by the rising share of e-commerce transactions.

Banks increase deposit rates on tight liquidity, high credit

Banks increase deposit rates on tight liquidity, high credit

Rediff.com27 Dec 2022

Even as competition to garner deposits is intensifying into a tight liquidity and high credit growth scenario, Bank of Baroda (BoB) has hiked deposit rates for the second time in the current quarter. Also, private lender IDBI Bank has come out with a limited period offer on its term deposits. It is offering 7.6 per cent interest rate for a tenor of 700 days, effective from December 2022.

Regulatory changes may usher new dawn for insurers

Regulatory changes may usher new dawn for insurers

Rediff.com24 Dec 2022

The regulatory changes brought in by the insurance regulator and the amendments proposed to the Insurance Act by the Centre may herald a new dawn for the sector in India. This may result in insurers bringing out more consumer-led products, top honchos of general insurance companies of the country concurred at the Business Standard BFSI Insight Summit 2022.

'India needs insurers catering to niche sectors like NBFCs, MFIs'

'India needs insurers catering to niche sectors like NBFCs, MFIs'

Rediff.com23 Dec 2022

India has a huge untapped population which doesn't have facilities for financial aid and insurance, and it is perhaps plausible to look at the option of having niche players catering to smaller sectors akin to non-banks and microfinance institutions in lending, said Rakesh Joshi, member (Finance & Investment), Insurance Regulatory and Development Authority of India (Irdai). Speaking at the Business Standard BFSI Insight Summit, Joshi said, "Today, most of our insurance companies operate at a national level. There is arguably a case for having differentiated operations, which cater to niche sectors the same way we have non-banking financial companies (NBFC) and microfinance institutions in lending." "The capital requirement for niche players may not be as large as those having national ambitions. "Enabling these niche players, which require lower capital, will enhance the penetration in areas which hitherto had not seen traction from large players," he said.

Health premiums on the mend: Non-life insurance in double digits

Health premiums on the mend: Non-life insurance in double digits

Rediff.com22 Dec 2022

Health premiums have picked up again after a slight moderation in growth, taking the non-life insurance industry's growth to 22 per cent in November, and to almost 17 per cent so far this financial year. Health premiums grew by 22.54 per cent in the April-November period, driven largely by group health plans, which have seen good growth due to rationalisation of discounts in premiums caused by adverse claim ratios in prior periods, medical inflation, and enhanced coverage. Health premiums grew by 29 per cent in the same period last year.

HDFC Bank credit card to levy forex markup fee on use in India with overseas merchant

HDFC Bank credit card to levy forex markup fee on use in India with overseas merchant

Rediff.com3 Dec 2022

The bank has said rent payments will not earn reward points, and redemption of reward points on various cards have been capped in certain segments.

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