IRDAI Raised Minimum Driver Insurance Cover To INR 15 Lakh

Insurance regulator IRDAI has raised the minimum insurance cover for owner-driver to Rs. 15 lakh for a premium of Rs. 750 per annum, a move to provide some succour to road accident victims.  Currently, the capital sum insured (CSI) under this section for motorised two-wheelers and private cars/commercial vehicles is Rs. 1 lakh and Rs. […]

India Post Payments Bank, Bajaj Allianz Join Hands ‘To Provide Insurance To All’

State-owned India Post Payments Bank (IPPB) and Private Life Insurer Bajaj Allianz Life Insurance Co Ltd (BALIC)  entered into a strategic partnership to provide life insurance solutions, especially at the doorstep of every household in the country. This partnership will leverage IPPB’s last mile reach for building awareness about life insurance. Both the companies came […]

SEBI Approves New KYC Norms For FPIs, Revised Settlement Mechanism

Markets regulator SEBI approved a slew of proposals, including a revised framework for settlement of cases and new KYC norms for foreign portfolio investors. The watchdog has approved a proposal to allow foreign investors to trade in commodity derivatives market, except for sensitive commodities, as well as common application form for the registration of FPIs in […]

Centre Proposes To Merge Bank of Baroda, Vijaya Bank and Dena Bank

The government has proposed amalgamation of Bank of Baroda, Vijaya Bank, and Dena Bank to create India’s 3rd largest globally competitive Bank. Finance Minister Arun Jaitley announced that the amalgamation will increase the banking operations and no employee will face any service condition adverse to present conditions.  The government had announced in the budget that consolidation […]

Federal Bank Inks MOU With Infopark Kakkanad

Federal Bank, which is in the process of formation of a wholly owned subsidiary company, has executed MOU with Infopark Kakkanad for leasing space in their campus. The Bank has already obtained in principle approval of the Reserve Bank of India for the creation of a subsidiary company.  The proposed company will integrate and handle […]

Internal Ombudsman Scheme 2018 Introduced For Scheduled Commercial Banks

Dear Aspirants,  Internal Ombudsman Scheme 2018 The Reserve Bank of India had, in May 2015, advised all public-sector and selected private and foreign banks to appoint Internal Ombudsman (IO) as an independent authority to review complaints that were partially or wholly rejected by the respective banks. The IO mechanism was set up with a view to […]

Axis Bank Appoints HDFC’s Amitabh Chaudhry as MD & CEO

Axis Bank announced that Amitabh Chaudhry has been appointed as its managing director & CEO from January 1, 2019, for a period of three years.  Mr. Chaudhry, the MD & CEO of HDFC Standard Life Insurance Company at present, will take the charge at India’s third largest private sector bank after incumbent Shikha Sharma steps […]

HDFC ERGO Makes Cyber Insurance Personal With Launch of ‘E@Secure’

HDFC ERGO, India’s third-largest non-life insurance provider in the private sector, announced the launch of ‘E@Secure’, a Cyber Insurance Policy for individuals. This policy aims at providing comprehensive protection to individuals and their families against any cyber-attacks, cyber frauds or digital threats that could lead to a financial loss and or reputational loss.  According to the […]

Sanctioned Rs 335 Crore to West Bengal in August: NABARD

National Bank for Agriculture and Rural Development (NABARD) has sanctioned an amount of Rs 335 crore under the Rural Infrastructure Development Fund (RIDF) to West Bengal. The fund, alloted in August, would be used for 158 minor irrigation projects and 23 flood protection projects. The minor irrigation projects are expected to benefit 20,506 hectares, covering 3.09 […]