The reduction in goods & services tax (GST) on individual life and health insurance premiums has been called a "landmark step" for making insurance affordable and inclusive. In a panel discussion at the Business Standard BFSI Insight Summit 2025, Anup Bagchi, managing director (MD) & chief executive officer (CEO) of ICICI Prudential Life Insurance; Mahesh Balasubramanian, MD & CEO of Kotak Life Insurance; Tarun Chugh, MD & CEO of Bajaj Life Insurance; and Ratnakar Patnaik, MD of Life Insurance Corporation of India (LIC), listed what else the industry needs to reach more people.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
'If through growth and serving the customer we become number one, we will be very happy and very proud.'
Spending through the credit card in March 2022 jumped 48 per cent year-on-year to top Rs 1 trillion -- five months after it had hit the same figure for the first time in October 2021, buoyed by festive season expenditure. The jump has been driven by the pickup in consumption as the pandemic recedes. Expenditure in March, at Rs 1.07 trillion, was up 24.5 per cent over February, the data put out by the Reserve Bank of India (RBI) showed.
During his tenure with the group, Bagchi has held several key positions in retail banking, corporate banking and treasury.
Anup Bagchi has been appointed Managing Director & CEO of ICICI Securities.
The management graduate from IIM-Ahmedabad has been with ICICI group for over 15 years. She is likely to be replaced by Anup Bagchi, executive director at ICICI Securities, sources said. Both Buch and Bagchi are also ICICI Securities board members.
The participation in IPOs is encouraging but rising bank deposits show that the wounds of previous scams are still green.\n\n\n\n
ICICI Bank said on Friday its follow-on public offer to raise Rs 8,750 crore would open on June 19 and close on June 22. The public issue seeks to mop up Rs 8,750 crore (Rs 87.5 billion).
The bank is using readily available satellite images from ISRO and NASA for the purpose, and plans to scale up to 63,000 villages in the next three months.
Of the existing set of potential leaders, Bakhshi was clearly the only choice as he beat out other high-level candidates that included executive directors Anup Bagchi, Vishakha Mulye, NS Kannan, and Vijay Chandok who were lacking the all-round game that Bakhshi has.
While digitisation and automation have made internal processes more efficient, front-end products are being enhanced digitally through robotics, artificial intelligence and botchats.
It was a case of 'buy on hopes and sell on news' as the Indian market posted only modest gains despite a landslide victory to Narendra Modi-led Bharatiya Janata Party (BJP).
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