HDFC Bank expects to amalgamate its home loan major parent HDFC into itself by September next year, a top official said on Friday. Both HDFC and HDFC Bank held general meetings on Friday to seek shareholder approvals for what is billed as the largest merger in Indian corporate history at over $40 billion. At the time of announcing the merger on April 4 this year, the entities had said the merger will take 12-18 months.
Air India on Friday said it has completed the acquisition of its first A350-900 aircraft by way of a finance lease transaction with HSBC through the GIFT City. This is also the first wide body aircraft to be leased through the GIFT City, the country's first International Financial Services Centre (IFSC). In a release, the airline said the transaction was facilitated by its wholly-owned subsidiary AI Fleet Services Ltd (AIFS) and is also the first financing transaction from the orders for 470 aircraft that were made earlier this year.
Concerned over rising incidence of mis-selling, the finance ministry has directed heads of public sector banks to put in place strong mechanisms to avoid unethical practices for selling insurance policies to customers. The Department of Financial Services has received complaints that fraudulent and unethical practices are adopted by banks and life insurance companies for procuring policies from the bank customers, a letter addressed to chairpersons and managing directors of public sector banks said. There have been instances where life insurance policies were sold to customers aged above 75 years in Tier II-III cities.
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.
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
It has been approved by the European Medicines Agency for conditional marketing authorisation.
In an order, the Airports Economic Regulatory Authority has fixed these rates to be charged by the Delhi Internal Airport Limited with effect from December 1 for 18 months till May 2013 to help it bridge a funding gap of Rs 1,230.27 crore (Rs 12.30 billion).
According to the Centre's legislative business list for the upcoming session, three bills have also been listed to replace three ordinances.
Sebi's stewardship code for mutual funds and alternative investment funds lays down six principles to improve corporate governance standards in their investee companies, reports Jash Kriplani.
20 new industrial clusters will be developed in 2014-15.
Look at the sanctioned plan to know the exact carpet area you will get and pay a law firm to conduct a thorough title check.
Section 19(4) of the RERA Act entitles allottees to a refund if the developer doesn't comply with the terms of the sale agreement.
The Insurance Regulatory Development Authority of India (Irdai), the regulator for insurance companies, is set to allow the insurers to offer wellness programmes along with life insurance policies that can earn reward points for the policyholders. These reward points can be redeemed for getting a discount during renewal. The insurance regulator has circulated draft guidelines to insurance companies for feedback before issuing the final guidelines, as is the norm.
Adani group opened a $1.2 billion copper plant, bought a port in Odisha, raised stakes in a cement company and stitched an alliance with rival Mukesh Ambani's Reliance Industries, all in a matter of one week in signs that the apples-to-airport conglomerate has shrugged off the Hindenburg effect and is back to rapid expansion spree. In the last one week, Adani group has through regulatory filings and press statements announced expansions and investments in its mainstay ports business, diversification into metal refining, fund infusion into a two-year-old cement foray and continuing progress in the commissioning of its mega solar project.
The temple town is likely to witness a major jump in tourist inflow once flagship projects are commissioned. In the first six months of 2022, more than 20 million tourists visited Ayodhya.
A fourth of the property market is cash-based and this has affected home sales after high value notes were scrapped.
Avoid relying on a bank RM for investment advice. Instead, approach a Sebi-registered investment advisor whose livelihood depends on the fee paid by his customers and not on product commissions.
Insurance regulator Irdai on Monday said health insurance policies that cover Covid treatment costs will also cover expenses for treating infections due to Omicron. "All health insurance policies issued by all general and health insurance companies that cover treatment costs of Covid-19 also cover the costs of treatment towards Omicron variant of Covid-19 as per terms and conditions of policy contract," the Insurance Regulatory and Development Authority of India (IRDAI) said in a release. The regulator has issued the directive to general and health insurers in view of the growing number of cases of the Omicron variant.
Overcoming its initial concerns, national reinsurer GIC Re has contributed to the formation of an insurance pool to cover most imports from Russia. While it will be called the fertiliser pool with a corpus of Rs 500 crore, it can be used to cover the risks of oil and gas imports too. This was decided by a clutch of Indian insurance companies, led by the state-owned ones. GIC Re's share is about 40 per cent in the pool. Last month, GIC Re had shot off a letter to all non-life insurance companies that underwrite marine risks not to ask it for reinsurance of cargoes that originate from Russia.
The rules are being reviewed for the first time after the sector was opened to private competition at the start of the decade.
The Bill envisages an authority to promote old-age income security by establishing, developing and regulating pension funds, to protect the interest of subscribers of pension funds.
This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India.
The Sebi-Irda tussle will change Ulips forever. What it means for millions of investors.
The cornerstone of any efficient financial market is certainty and coherence in its regulatory framework.
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
The mutual fund (MF) industry has seen a fair number of new entrants in the last 10 years but none of them have proved to be much of a challenge for the larger players. The list of top 20 fund houses, which manage over 90 per cent of the industry's total assets, continues to be dominated by players who have been in the business for more than a decade. Bajaj Finserv MF may change that, say experts.
The opposition will seek to target the government on the issue of farmers' plight as well as their demand for a legal backing for minimum support price.
Insurance policy document will become digital and paperless like shares in the coming year and the policyholders would be saved from preserving the physical copies of their insurance policies.
The contribution from asset management companies (AMCs) has surpassed the Rs 3,000 crore target for the creation of a Rs 33,000 crore backstop facility for debt mutual funds (MFs). The initial corpus for the Corporate Debt Market Development Fund (CDMDF) is nearly Rs 3,100 crore, according to multiple government officials and AMC executives. "The fund is operational now. "The required corpus has been raised by AMCs and the remaining part (Rs 30,000 crore) is in the form of a guarantee from the government which will be activated only in case of a credit event," explained D P Singh, joint CEO and deputy MD, SBI MF.
The Reserve Bank on Thursday said it will come out with a framework allowing borrowers to switch to fixed interest rate from floating interest rate, a move that would provide relief to borrowers of home, auto and other loans reeling under the impact of high interest rate. Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said under the framework, to be put in place shortly, the lenders will have to clearly communicate with the borrowers about tenor and EMI. "The supervisory reviews undertaken by the Reserve Bank and the feedback and references from members of public have revealed several instances of unreasonable elongation of tenor of floating rate loans by lenders without proper consent and communication to the borrowers," he said.
In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.
Since last September, when the Irda capped distribution costs of Ulips, the number of policies with riders being sold had risen from 5% of the total to 20%.
French energy giant TotalEnergies SE's $300 million investment in clean energy projects of Adani Green Energy Ltd has taken the total investments poured in by global investors in India's largest renewable power producer to $1.63 billion or about Rs 14,000 crore, sources close to the company said. Last week, Total announced it will hold a 50 per cent stake in the new joint venture firm where Adani Green Energy Ltd (AGEL) will hold the rest. The joint venture will hold a portfolio of 1,050 MW, including 300 MW of already operational capacity, 500 MW under construction and 250 MW under-development assets with a blend of solar and wind power.
The market regulator had last month allowed bourses to set up debt segments to develop the country's languishing corporate bond market.
The NPPA letter was issued to GSK on Wednesday.
Insurance Regulatory and Development Authority (Irda) Chairman J Hari Narayan today said companies that did not lower management expenses below the prescribed ceiling would have to set aside more capital to meet the proposed higher solvency requirement.
Union Road Transport and Highways Minister Nitin Gadkari on Wednesday pitched for formulating a policy for using the Reserve Bank of India's rising foreign exchange reserves for funding road projects, saying the country needs low cost finance for such infrastructure projects. Addressing a virtual event organised by industry body CII, Gadkari further said that the National Highways Authority of India (NHAI) should also have a financial arm like the power ministry's Power Finance Corporation (PFC). "We have a surplus of dollar reserves in the country. I have decided to talk with the RBI Governor, about how we can formulate a policy by which we can use this foreign exchange reserves for development of infrastructure in the country," he said.
Interim pension regulator Pension Fund Regulatory and Development Authority has appointed National Securities Depositories Ltd as an agency to track the pension records of those under the new pension scheme.
She said I treated her like a bachchi. At another moment, she said I had gone to various people and 'bitched' about her. She also threatened to bring the entire matter to the PM's notice. A revealing excerpt from Subhash Chandra Garg's We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.
If it is about saving tax and you don't have a policy already, there is a case for buying.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances