The government hopes to use this data to assess the extent of financial support needed to recover from the pandemic.
'Clients deemed higher-risk are required to update their KYC more frequently.'
Most Indian chief executives are optimistic about the economy and believe it would improve in the coming 12 months, said a survey by consulting and auditing firm PwC on Tuesday. The company's 27th annual global survey polled 4,702 chief executive officers (CEOs) in 105 countries and territories, including 79 in India, from October 2 to November 10, 2023. As many as 86 per cent of CEOs in India - 30 per cent higher than a year ago - are confident that the economy would improve.
The rupee, which has depreciated about 23 per cent since May, has increased the loss ratios for the travel insurance segment.
In the entire month's recess during Parliament's Budget session, said the Bharatiya Janata Party, the major opposition grouping, none from the government spoke to it on any of the major stuck legislation.
The committee on financial sector reforms headed by Raghuram Rajan has recommended that provident funds and insurance companies should be allowed to invest abroad, a move that will require legislative changes.The panel's draft report has also called for the introduction of "true auctions" in securities, reduction in the auction and trading period, unified disclosure norms for multiple securities, use of call options for opening and closing price on exchanges.
Sources close to the development told Business Standard the company was exploring different ways to save on its employee costs and had laid off a few employees on "performance" grounds. "We will see a similar development for the next few months. "The company is fine-tuning its hiring policies and implement rigourous measures to look into employee performance," a source said.
A proposal to hike the FDI cap in the sector was first mooted by the previous UPA government.
After a sharp fall in the share prices of HDFC Bank and other private sector lenders in the past three days, the BFSI (banking, financial services and insurance) sector weighting in the Nifty50 has slipped to a seven-year low of 32.03 per cent, down from nearly 36.6 per cent at the end of March 2023 and 34.5 per cent at the end of December 2023.
There are judicial precedents where it has been held that if payment is made for temporary disablement, it would be taxable, points out Tinesh Bhasin.
The Reserve Bank of India is likely to take a call on the relaxations sought by HDFC Bank in relation to the merger, as the date of merger draws closer, sources said. The HDFC twins, which announced their decision to merge in April last year, received National Company Law Tribunal's (NCLT's) approval recently - a key milestone to close the deal in due time. The management of both the entities had said that it will take 15-18 months for the merger.
Fundraising via the initial public offering (IPO) route by companies may touch Rs 1 trillion in financial year 2024-25 (FY25), according to a recent note by Pantomath Group - a mid-market investment bank. During the financial year 2023-24 (FY24), 76 companies tapped the markets through mainboard IPOs, Pantomath said, raising nearly Rs 62,862 crore. This is a 21 per cent rise compared to FY23, the note added.
Much of the tardy reaction to competition is the result of LIC's legacy.
In the case of double-income couples, not more than 40 per cent of the net income of one partner should be the EMI for the property.
The much-delayed Insurance Bill seeks to raise the foreign investment cap in the sector from 26 per cent to 49 per cent, with a rider that the management control rests in the hands of Indian promoter.
At present, the EPFO is mandated to invest 20-45 per cent of its incremental funds - of around Rs 1.5 trillion - in debt-related instruments.
LIC is currently allowing customers to revive policies that have lapsed for more than two years.
Confirming a meeting with the top management of the Adani Group, Life Insurance Corporation Chairman M R Kumar said on Sunday that the interaction had gone well. "There's nothing I can state as of now on the outcome of that meeting. "But yeah, we've had the meeting....we are quite happy about this meeting," Kumar said on the sidelines of the 22nd Global Conference of Actuaries in New Delhi.
Foreign reinsurance companies are now allowed to do business in India.
Bupa and Axa have already declared their intention to raise stakes.
As markets gain momentum, investors are again being lured into investing in ULIPs but they may face the heat in case markets fall.
'We do not see people getting reduced, but because of automation, we will do more work.'
Sources said the Insurance Regulatory and Development Authority's vigilance department was looking into these complaints and had carried out inspections in this regard.
The revival initiative allows RLIC policyholders to renew their lapsed policies by simply paying their due premium -- without any penalty or medical tests.
'We will be looking to prune our portfolio to make GIC Re a healthier entity.'
Lender to acquire 30% after existing shareholders divest stake
Penalty for unapproved policy changes allegedly reduced from Rs 17,500 crore to Rs 20 lakh
Penalty for unapproved policy changes allegedly reduced from Rs 17,500 crore to Rs 20 lakh
Companies think they are too big to bow before regulators.
A lot of work is needed to be done on the part of the insurance sector behemoth, and the government, before it is ready for its market debut.
American tech billionaire Elon Musk on Saturday said his proposed visit to India has been postponed due to "very heavy Tesla obligations". The electric carmaker Tesla CEO -- who was expected to be in India on April 21 and 22 and scheduled to meet Prime Minister Narendra Modi -- wrote on X that he is looking forward to coming to India later this year.
Sixteen merchant banks are in the fray to act as book running lead managers (BRLM) for the initial public offering of Life Insurance Corporation of India (LIC). These merchant banks will have to make a presentation before the Department of Investment and Public Asset Management (DIPAM) on August 24-25. The shortlisted banks are BNP Paribas, Citigroup Global Markets India, BofA Securities, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets(India), J.P. Morgan India, Nomura Financial Advisory and Securities (India), Axis Capital, DAM Capital Advisors, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Kotak Mahindra Capital, SBI Capital Market, and Yes Securities India.
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
The proposal has been discussed by Sebi's Committee on Rationalisation of Financial Resources, which favours setting up such a fund.
Only a fifth of foreign portfolio investors (FPIs) in breach of the market regulator-specified thresholds may need to provide enhanced disclosure on ultimate beneficiaries, thanks to exemptions being provided, according to people in the know. The ultimate beneficial ownership (UBO) disclosures, for FPIs with over 50 per cent holding in a single corporate group or over Rs 25,000 crore exposure to Indian assets, will be required from February 1. But, depending on their category, FPIs will have 10-30 working days to submit these granular details.
The third quarter (Q3) of 2023-24 (FY24) has proven to be pivotal, witnessing some startups turning profitable and others enhancing their performance as their businesses finally begin to deliver. Startups like Delhivery, Zomato, PolicyBazaar, Mamaearth, and Nykaa have either become profitable or improved their profit margins in Q3FY24. A renewed focus on profitability, supported by operational efficiencies, expense rein-in, and robust demand during the festival season, has empowered companies to strengthen their performance.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
Following his resignation, the Finance Ministry has appointed Joint Secretary Anup Wadhawan as Chairman of the PFRDA.
To sharpen his red-ball skills, Indian seamer Arshdeep Singh will play for Kent in the upcoming English County season.
