BUSINESS
Health insurance premiums can rise 10%-15% due to high medical inflation, says Star Health MD and CEO
The standalone health insurer has increased the premium under one of its health products by 10 percent and is evaluating similar hikes in two other plans. It has also rolled out a new product targeted at visually-impaired individuals.
BUSINESS
Rising income driving a revival in household savings, says Michael Patra of RBI
Household savings have gone up from 10.6 percent on average during 2011 to 2017 to 11. 5 percent during 2017-23, pointed out the RBI deputy governor
BUSINESS
Future of finserv industry is collaboration between banks and new-age players, says SBI Chairman
Speaking at the Confederation of Indian Industry’s (CII) Finance Summit on September 2, CS Setty, Chairman, the State Bank of India, said that the financial services industries could be transformative with the new-age players collaborating with conventional players
BUSINESS
Razorpay likely to go public in FY28, aims to complete reverse flipping by FY25, says Co-Founder
Valued at more than $7 billion, the firm is backed by marquee investors such as Y Combinator, GIC, Peak XV, Ribbit Capital, Matrix Partners, MasterCard, and others.
BUSINESS
FCC, DLAI taking required actions to qualify for RBI's fintech SRO license
The need to form SROs for the fintech industry arose after the central bank, on May 30, released its final guidelines regarding SROs for enforcing regulatory standards and fostering transparency in the sector.
BUSINESS
YONO 2.0 pilot expected in November 2024, says SBI Chairman CS Setty
Earlier, the bank said that it will soon launch its' Yono Global' in Singapore and the US, offering digitalized remittance and other services to its customers.
BUSINESS
SBI’s new chairman believes competition for deposits is here to stay
The comments on deposit growth comes at a time when the banking industry is facing a tough time in garnering deposits
BUSINESS
CD ratio of Indian banks lower compared to global peers, says MPC’s Ashima Goyal
Last month, RBI Governor Shaktikanta Das, in an event in Mumbai, raised concerns over the widening gap between credit and deposit growth, saying it will expose the system to structural liquidity issues.
BUSINESS
India the best place for investments in fintech space, says G Padmanabhan
Last year in the Global Fintech Fest, there was an investment of around $2 billion, Padmanabhan said. This year, he added that the investment is expected to cross last year’s figure.
BUSINESS
The regulator has a clear view on riskier segments: if growing faster, temper it down: SBI’s Ashwani Kumar Tiwari
On the lagging deposit growth in the Indian banking system, State Bank of India’s Managing Director Ashwani Kumar Tiwari said that the same is expected to come in line by next year.
BUSINESS
Ghost of Paytm’s debacle continues to weigh on fintech IPOs
Fintech firms' IPO plans came crashing in January this year when the RBI placed strictures on Paytm Payments Bank, forcing most companies including BharatPe, PhonePe, and Lendingkart to revisit their capital market strategy.
BUSINESS
MC Explainer: What you should know about RBI’s Unified Lending Interface platform
Currently in the pilot stage, the platform is expected to reduce turnaround time for processing loans and complexity in the lending process. ULI is likely to help the borrowers avail credit easily while ensuring that lenders process information and data with ease.
BUSINESS
SBI sees no challenge on deposit growth, says Chairman Dinesh Khara
On the deposit growth challenges for the banking system, the chairman of the largest bank of the country said that the banking system is bigger than that of the markets in the developing countries.
BANKING
NBFC margins may shrink 25-40 bps in loan against property, unsecured books: ICRA
On funding issues for the non-banks, ICRA said that the NBFCs are expected to face headwinds related to funding availability, which is likely to impede their growth
BUSINESS
Shriram Life Insurance faces margin pressure in rural business, says CEO
The life insurer’s 40 percent business comes from the rural market, said MD and CEO Casparus Kromhout. The insurer has been facing lower persistence among its customers in this region. To tackle this, Kromhout said that the insurer is looking at finding new solutions viz. introducing a quick disbursal and resolution mechanism among others.
BUSINESS
PE, VC investments in payment, lending tech companies hit 2-year lows, shows RBI Innovation Hub report
The investment to these companies peaked in 2022 after which PEs and VCs have been shying away from investing more in these companies.
BUSINESS
RBL Bank to continue co-branded credit card ties with Bajaj Finance
As of June 30, 2024, the bank had around 48 percent of its co-branded credit card book from Bajaj Finance. Going ahead, the bank will look at reducing the dependency on Bajaj Finance and focus on a branch led model with focus on its existing customers, said Bikram Yadav, Business Head, Credit Cards.
BUSINESS
Insurers face margins pressure in Q1 due to change in product mix, but the prognosis is healthy
The insurers reported 23.6 percent growth in their net profit. While some exceeded market expectations, others nearly touched what the industry was expecting.
BUSINESS
Muthoot Microfin plans to raise around Rs 9,000 crore through different borrowing channels in FY25: CEO
In addition to the borrowing targets, Sadaf Sayeed said that the company will look at growing slowly in Bihar due to issues pertaining to stress on the portfolio and will focus on Telangana and Andhra Pradesh and other south-Indian states.
BUSINESS
Muthoot Finance to add 400 branches this fiscal, says Alexander George Muthoot
The gold loan lender reported higher expected credit loss (ECL) provisioning in the quarter which affected the asset quality.
BUSINESS
Former Axis Bank executive Sumit Bali joins Yes Bank as Head of Retail Assets
Bali had on June 13 this year had stepped down from his position of group executive of retail lending at Axis Bank after a stint of four years.
BUSINESS
Microfinance regulatory bodies lay out guidelines to lower interest rates
The MFI sector has been facing issues concerning charging high interest rates in some pockets. The regulator recently highlighted this. The self-regulatory organisations for the sector bring in norms like a cut in lending rates, extra layer of underwriting, etc. Will this hurt the sector?
BUSINESS
Aadhar Housing Finance plans to go slow in Bihar, West Bengal, Jharkhand and Orissa as delinquencies rise in the industry, says MD
On the other hand, the company has seen some of the highest business demands from these states. The plan to go slow, according to Rishi Anand, is not expected to affect the business much.
BUSINESS
HDFC Bank MD Jagdishan unapologetic about the decision to proceed with the merger
The merger, finalized on April 4, 2022, is considered the largest transaction in the history of Indian corporations.
