Nov 14, 2016 - HDFC Life, Max Financial Services group's mega insurance merger plan hits IRDAI's roadblock

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from India Finance

Sree Vijaykumar

From the Editor's Desk
Most American blue-collar workers have little direct contact with the rich outside of Lifestyles of the Rich and Famous. But professionals order them around every day. The dream is not to become upper-middle-class, with its different food, family, and friendship patterns; the dream is to live in your own class milieu, where you feel comfortable - just with more money. "The main thing is to be independent and give your own orders and not have to take them from anybody else," a machine operator told Lamont. Owning one's own business - that's the goal. That's another part of Trump's appeal. Hillary Clinton, by contrast, epitomizes the dorky arrogance and smugness of the professional elite. The dorkiness: the pantsuits. The arrogance: the email server. The smugness: the basket of deplorables. Worse, her mere presence rubs it in that even women from her class can treat working-class men with disrespect. Look at how she condescends to Trump as unfit to hold the office of the presidency and dismisses his supporters as racist, sexist, homophobic, or xenophobic. More here

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How the Robinhood craze is moving the Indian stock markets

Retail investors trading frenzy is driving the Indian stock markets as Sensex Nifty trade at record high levels

Yes Bank fraud case: ED arrests Gautam Thapar of Avantha Group

Last year the CBI had registered an FIR against Gautam Thapar and Avantha Group. The said FIR, registered in March last year, alleged criminal conspiracy, cheating, and obtaining illegal gratification against Rana Kapoor, former Managing Director of YES Bank and his kin.

The world could be about to wake up to the next big thing in banking

With Nexus, itll be possible before hitting “Send” to establish if the payment will succeed. For instance, by validating that the recipients bank account is operational and checking for compliance with anti-money-laundering rules. The uncertainty associated with traditional one-way communication will become history.

Wealth tech platform Nivesh appoints MobiKwik’s Pradeep Bhasin as co-founder

Pradeep Bhasin is a business leader with a diverse experience of 19 years in the financial services industry, and has scaled businesses both in physical distribution and the digital space. He has worked with asset management companies like HDFC and Sundaram for 11 years and managed their B2B distribution channels.

PSU general insurers employees go on strike to protest proposed privatisation

The unions have given a call for one-day strike against the passage of the General Insurance Business (Nationalisation) Amendment Bill 2021 in the Lok Sabha, General Insurance Employees All India Association general secretary K Govindan said.

Time for lending institutions to grow: IIFL Chairman

I would not say that you have to go overboard, but this is a time to grow rather than be cautious, if I have to choose one, I will say we put our strategy on growth and not on caution, said Nirmal Jain, Founder and Chairman of IIFL Group.

RBI cautions against fraudulent buy or sale of old banknotes

The RBI has not authorised any institution/ firm/ person to collect charges/ commission on its behalf in such transactions.The central bank suggested, citizens should not fall prey to elements using the name of Reserve Bank of India to extract money through such fictitious/ fraudulent offers.

CCI approves acquisition of equity stake by Carlyle in PNB Housing Finance

The board of Punjab National Bank, the principal promoter of the mortgage lender, had earlier told the home financier to consider repricing the initial transaction.

SBI to take steps to insulate bank's balance sheets from stress in telecom firms: Dinesh Khara

“We will have to wait and watch till the final verdict comes but nevertheless we have to ensure that we adopt all possible steps to insulate the balance sheet from any potential threat,” said Dinesh Khara, chairman, State Bank of India.

RBI extends deadline for current account notification

"Banks will be permitted time till October 31, 2021 to implement the provisions of the circular. This extended time line shall be utilised by banks to engage with their borrowers to arrive at mutually satisfactory resolutions within the ambit of the circular," RBI said.

SBI sees rising stress in home loan and MSME book in June quarter

The lender has already pulled back Rs 4700 crore from its fresh slippages in July. The stress list for the loans due between 30-90 days or SMA 1 and 2 accounts stood at Rs 11,303 crore.

‘Stress in banking sector should not be alibi for privatisation’, says report

The committee recommended that the Reserve Bank of India—the regulator—and the government—the shareholder—should formulate coherent policy responses that will enable and empower the banks.

Why Singapore is banking on a cartoon to keep Indian tourists interested

Singapore’s tourism board is reaching out to grounded Indians by bringing out an cartoon aimed at Indian kids that it presumably hopes encourages post-pandemic travel from India to Singapore.

India's new digital payment e-RUPI is not what you think it is

As governments embark on developing their own digital payment and currency systems, India has gone on a slightly different path this year.

Bank of India Q1 net profit lower at Rs735cr on 400 bps increase in the cost to income ratio at 49.18%

Bank of India Ltd reported -2.13% fall in total consolidated revenues in the Jun-21 quarter at Rs11,766cr

Indian Overseas Bank Q1 net profit up 171% at Rs327cr on lower provisioning and lower interest outgo

Indian Overseas Bank Ltd reported -1.50% fall in total consolidated revenues in the Jun-21 quarter at Rs5,155cr

Payment operators can’t outsource core management functions: RBI

The service provider, unless it is a group company of the PSO, should not be owned or controlled by any director or officer of the PSO or their relatives.

PSU general insurers employees go on strike to protest proposed privatisation

Indian Banks' Association in discussions with RBI on current account circular

The Reserve Bank of India (RBI) on Wednesday extended the deadline for implementation of its guidelines on current account opening by banks to October 31.

Stride Ventures announces first close of Stride Ventures India Fund II

It has secured commitments of ₹550 crore, out of its target corpus of ₹1,000 crore, with an additional greenshoe option of ₹875 crore

Global cues push equities higher; banking stocks shine

"Asian markets rose shrugging off concerns about China regulatory actions and Delta strain spread. In India, Bank stocks are up, while Realty stocks have come under profit taking." said Deepak Jasani, head of Retail Research at HDFC Securities

Ebixcash announces appointment of eminent banker Sunil Srivastav to Board of Directors

Ebixcash has announced the appointment of eminent career banker Sunil Srivastav to its Board of Directors. Ebixcash software and E-commerce service supplier.

Indices scale fresh highs; Sensex surges 546 points, Nifty ends above 16,250-mark

The S&P BSE Sensex climbed 546.41 points (1.02 per cent) to end at a fresh closing high of 54,369.77, while the Nifty 50 jumped 128.05 points (0.79 per cent) to end at a new lifetime high of 16,258.80.

Sensex, Nifty Close At Record Highs Powered By Gains In Banking Shares

Expectations of dovish monetary policy from the RBI on Friday to spur the economic growth in the country boosted positive sentiment on Dalal Sreet.

Five Banks in India That Take CSR Seriously

The banking sector plays a major role in the socio-economic development of the country. Let us look at five bank that is furthering this through CSR.

Stock Market Highlights: Sensex Rallies 546 Points, Nifty Ends Above 16,250 Led By Financials; Mid, Smallcaps Underperform

Stock Market Highlights: The Indian equity benchmark indices, Sensex and Nifty ended at record closing highs Wednesday led by financial stocks. Broader markets, midcap and smallcap indices underperformed the frontliners to end a percent lower each. Except for banks, all other sectoral indices ended the red.

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