All stories by Subrata Panda
UPI transactions cross 1 billion in first 15 days of OctoberRediff.com21 Oct 2020
In this month itself, UPI can hit 2 billion transactions and by March 2021, it should reach 2.15 billion transactions in a month.
Saral Jeevan Bima, a standard life product launchedRediff.com16 Oct 2020
The Saral Jeevan Bima product to be offered by all life insurance companies will be a non-linked non-participating individual pure-risk premium life insurance plan.
India processes record 41 mn real-time transactions per dayRediff.com8 Oct 2020
India saw growth of around 213 per cent in the number of real-time payments processed over the past year.
Irdai to start colour coding individual health plansRediff.com6 Oct 2020
The insurance companies will use "green, orange, and red" colours to indicate the complexity of the products that are on offer.
Lockdowns cost insurers Rs 45,000 crore in premiumsRediff.com17 Sep 2020
However, the number of renewals has grown by only 0.4 per cent, which means only high value and ticket size renewals are coming.
Covid: Insurance claims at 192,863 worth over Rs 3,000 crRediff.com16 Sep 2020
As many as 121,739 claims settled by insurers so far, amounting to Rs 1,165.81 crore.
Rising Covid, non-Covid claims a double whammy for insurersRediff.com15 Sep 2020
Although insurers feel loss ratios in the health segment may get impacted, and profitability will take a hit, capital erosion will not take place, at least for the large entities.
Affordable insurance policy Corona Kavach is a big hitRediff.com27 Aug 2020
From July 10, when it was launched till August 7, 1,087,030 lives have been covered under Corona Kavach through 648,276 policies with premium of Rs 182 crore and sum assured for Rs 42,956 crore. In addition, 186,347 lives have been covered under Corona Rakshak through 156,695 policies with premium of Rs 25.5 crore and sum assured for Rs 3,293 crore, an Irdai official said.
Retail, digital payments register big jump in JuneRediff.com14 Aug 2020
Total payments in the economy grew 24.08 per cent to Rs117.43 trillion in value terms in June, compared to Rs94.64 trillion in May.
Non-life insurers receive more than 100K Covid-19 claimsRediff.com12 Aug 2020
While initially, the claim amount was high, it has now moderated with many states prescribing a standard treatment rate for Covid-19. Of the total claims received, nearly 66,000 claims amounting to Rs 628.95 crore have been settled so far.
Aditya Puri sells 7.42 million shares in HDFC Bank for Rs 843 crRediff.com27 Jul 2020
Puri will hang up his boots this October as he will reach the maximum age limit of 70 for a chief executive officer of a private bank. Puri has been at the helm of HDFC Bank for the past 26 years, since its inception in 1994.
After 3 months of slide LIC hopes to spring back in JuneRediff.com4 Jul 2020
With the lockdown being eased gradually, providing more and more digital solutions, for service delivery and procurement of new policies, is what the corporation is focussing on.
2 Covid-19 insurance schemes to be launched on July 10Rediff.com28 Jun 2020
All costs relating to room, boarding, nursing expenses, medical consultation including telemedicine, consumables such as PPE kits and intensive care unit will be covered under the policy. It will also include the cost of treatment for any other co-morbidities, including pre-existing comorbid conditions along with the treatment for Covid-19.
Life insurers can sell short term benefit-based COVID policies nowRediff.com24 Jun 2020
Non-life insurers can sell both, benefit-based and indemnity-based short-term health covers.
ICICI Lombard adds home care to health policiesRediff.com17 Jun 2020
For new customers, the insurer has reduced the waiting period from 30 days to 15 for Covid-related claims with no increase in premium.
Covid insurance cover may have ceiling of Rs 5 lakhRediff.com13 Jun 2020
The new draft guidelines issued by IRDAI proposes a minimum sum assured of Rs 50,000 and a maximum of Rs 5 lakh. A General Insurance Council official said the guidelines were still being worked on and would only be finalised next week.
SBI to dilute 2.1% stake in SBI Life InsuranceRediff.com12 Jun 2020
SBI is expected to mop up almost $202 million via the share sale.
Finally, some signs of economic revivalRediff.com2 Jun 2020
With vehicular activity picking pace in May, toll collection also saw a huge uptick. Fastags posted an impressive jump of more above 400 per cent in transaction count at 55.17 million, and an over-300 per cent jump in value at Rs 1,142 crore.
HDFC urged to reduce stake in insurance armsRediff.com19 May 2020
In HDFC Life, the company has to pare 1.43 per cent, and in HDFC Ergo, it has to pare only 0.58 per cent.
Why health insurance premiums are set to riseRediff.com13 Apr 2020
The rise in premiums could be in the range of 5-25 per cent, depending on the features that each insurance company adds on its products. Insurance firms have been given time till September 30 to include modifications mandated by the regulator.
Renewal norms for health, auto insurance easedRediff.com3 Apr 2020
Payments can be made till April 21; for motor the relaxation is only for third-party insurance.
'Number of deaths in India is not alarming so far'Rediff.com2 Apr 2020
'Unless it becomes really a big epidemic in India where a huge number of people are getting sick and lakhs of people dying, I do not see a major impact on the insurance sector.'
NCLT grants 90-day extension to JetRediff.com19 Mar 2020
This is an exceptional case of extension beyond the 330-day limit under the insolvency and bankruptcy code.
How much is YES Bank stock worth?Rediff.com6 Mar 2020
Foreign brokerages said if SBI decide to buy stake in the bank, they should buy it at Rs 1 per share as the net worth is hugely impaired.
LIC's gross NPA ratio in debt portfolio rises to 7.5% in DecRediff.com18 Feb 2020
In absolute terms, the outstanding book value of NPAs of LIC in the debt portfolio across life, pension and unit-linked funds is to the tune of Rs 32,685.39 crore at the end of December 2019.
LIC's exposure to default debt instruments tops Rs 20,000 croreRediff.com23 Jan 2020
The exposure, which is for the period ended September 2019, is across various platforms such as life funds, pension funds, and unit-linked funds.
Jet Air lenders to submit EoIs on January 15Rediff.com3 Jan 2020
Resolution professional, Ashish Chhawchharia, had informed the bankruptcy tribunal that two new investors had shown early interest for investing in Jet. One of them is a foreign investor from West Asia and the other is an Indian-entity-backed by a UK investor.
Creditors of cash-strapped DHFL claim dues worth Rs 87,905.6 croreRediff.com31 Dec 2019
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
Former IL&FS directors got lucrative paychecks even as firm collapsedRediff.com21 Dec 2019
Even erstwhile independent directors were being paid substantial remuneration including commission. The median annual salary of IL&FS employees was Rs 13.1 lakh.
Why RBI did not cut rates in DecemberRediff.com20 Dec 2019
The minutes of the December MPC meet reveal members felt the current spike in the headline inflation rate was due to a temporary supply shock on the food front, expected to moderate by the second quarter of 2020-21.
RBI mulls placing NBFCs under bank-like vigilRediff.com14 Dec 2019
If the policy is extended to NBFCs and co-operative banks, they will have to disclose divergence in asset classification and provisioning during RBI inspections in their audited financial reports. Till now, these entities have been exempted from this. At present, there are more than 98,000 co-operative banks and 10,000 NBFCs. Sources said the RBI would concentrate on the top 50 co-operative banks and NBFCs.
Chanda Kochhar seeks time to make RBI party in ICICI Bank caseRediff.com3 Dec 2019
Kochhar's counsel argued that according to Section 35B (b) of the Banking Regulation Act, prior approval of the RBI is required to terminate the contract of a bank's chairman or managing director. But in this case, the RBI approval came after the termination letter was served.
NCLT asks telecom department not to terminate Aircel's license and spectrumRediff.com29 Nov 2019
The tribunal accepted the government's argument that licence or spectrum is a state asset over which Aircel had no right of ownership.
What next for Anil Ambani?Rediff.com25 Nov 2019
Resignations of Anil Ambani and four other directors were conveyed to the CoC of RCom in its meeting on November 20 and were unanimously rejected.
PMC: Withdrawal limit hiked to Rs 40,000Rediff.com15 Oct 2019
With this relaxation more than 77 per cent of the depositors will be able to withdraw their entire account balance.
RBI officers have FD of Rs 105 cr in PMC BankRediff.com27 Sep 2019
The Reserve Bank Officers Cooperative Credit Society, which caters to the credit needs of RBI officers posted all over India, has a fixed deposit of Rs 105 crore in the bank on which the RBI has placed various curbs for six months following revelations of irregularities.
As revival hopes fade, Jet creditors' claims zoomRediff.com19 Aug 2019
Naresh Goyal-owned group companies, including the airline's general sales agent in India and abroad, and a car rental firm, are among those who have filed claims.
Motown slowdown hits motor insuranceRediff.com4 Aug 2019
In the June quarter, growth in the segment stood at around 4 per cent, with premium collection at Rs 15,724 crore against Rs 15,074 crore in the same period of FY19. This was the lowest growth in the last five quarters, starting from Q1FY19.
More trouble brews for Jet AirwaysRediff.com24 Jul 2019
Jet Airways HQ owner wants resolution professional to vacate premises. The licence for occupying the place has been terminated, on account of the airline having not paid the rent after March.
Lenders to rejig debt of 2 more Anil Ambani firmsRediff.com22 Jul 2019
The two troubled subsidiaries of Reliance Capital have over Rs 20,000 crore debt of both the companies. Reliance Home Finance has a debt of Rs 11,500 crore and Reliance Commercial Finance owes Rs 9,000 crore to lenders.