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GST on rice kernels slashed to help poor, no hike in tax for salted popcorn: Nirmala Sitharaman Union Finance Minister Nirmala Sitharaman on Saturday announced that the Goods and Services Tax Council has approved the reduction of GST on rice kernels to 5 per cent, exempted life-saving gene therapy from tax, and extended the GST exemption for parts used in manufacturing surface-to-air missiles (SAM).  Addressing the media here after the 55th GST Council meeting, the Finance Minister said the decision to cut GST on rice kernels from 18 per cent to 5 per cent has been taken as the ...
GST on rice kernels slashed to help poor, no hike in tax for salted popcorn: Nirmala Sitharaman
GST on rice kernels slashed to help poor, no hike in tax for salted popcorn: Nirmala Sitharaman
Source: IANS
2024-12-22 09:13:07 am
`India-UK Financial Markets Dialogue` hails reforms in both countries Senior officials from India and the UK on Friday touched upon reforms in respective financial services sectors, including capital markets, insurance and reinsurance, pensions, fintech, sustainable finance and International Financial Services Centre.  The third meeting of ‘India-UK Financial Markets Dialogue’ was hosted by Department of Economic Affairs, Ministry of Finance, in GIFT City, Gujarat. Delegates from India and the UK shared perspectives on priorities and ongoing...
`India-UK Financial Markets Dialogue` hails reforms in both countries
`India-UK Financial Markets Dialogue` hails reforms in both countries
Source: IANS
2024-12-14 11:15:35 am
Liberty General Insurance Continues to Drive Insurance Awareness and Inclusion with `Suraksha ka Vaada Bimake Saath` Initiative Across Delhi and Punjab Liberty General Insurance, one of the leading non-life insurance companies in India and the lead insurer for Delhi under the Insurance Regulatory and Development Authority of India’s (IRDAI) State Insurance Plan, is spearheading an insurance awareness initiative in Delhi. While there are no gram panchayats in Delhi, Liberty continues to drive insurance awareness through grassroots and digital outreach. In parallel, Liberty is fulfilling its rural and social obligations by focusing on...
Liberty General Insurance Continues to Drive Insurance Awareness and Inclusion with `Suraksha ka Vaada Bimake Saath` Initiative Across Delhi and Punjab
Liberty General Insurance Continues to Drive Insurance Awareness and Inclusion with `Suraksha ka Vaada Bimake Saath` Initiative Across Delhi and Punjab
Source: PR Agency
2024-11-14 02:16:15 pm
LIC hands over another Rs 3,662 crore as dividend to government Life Insurance Corporation (LIC) of India CEO and Managing Director Siddhartha Mohanty on Thursday presented a cheque of Rs 3,662.17 crore to Finance Minister Nirmala Sitharaman as the government's share of the company’s dividend, approved by the shareholders in the Annual General Meeting held on August 22.  LIC also paid an interim dividend of Rs 2,441.45 crore on March 1, which takes the total amount paid as the dividend to the government, for the year 2023-24, to Rs 6,103...
LIC hands over another Rs 3,662 crore as dividend to government
LIC hands over another Rs 3,662 crore as dividend to government
Source: IANS
2024-08-30 09:30:13 am
Amending insurance laws, open architecture for agents should be sectoral priority for new government : Experts Amending the insurance laws, introduction of open architecture for insurance agents, review of regulations relating investments distribution, development of climate and natural disaster insurance covers are some of the agenda that the new Indian government has to fulfill, said insurance sector experts.  They also said the rules and regulations governing the insurance sector should be simplified and streamlined. "The new government should amend the laws governing the insurance ...
Amending insurance laws, open architecture for agents should be sectoral priority for new government : Experts
Amending insurance laws, open architecture for agents should be sectoral priority for new government : Experts
Source: IANS
2024-06-06 10:32:55 am
Mahindra Finance moves up on getting corporate agency license from IRDAI for insurance distribution Mahindra & Mahindra Financial Services is currently trading at Rs. 267.20, up by 1.00 points or 0.38% from its previous closing of Rs. 266.20 on the BSE. The scrip opened at Rs. 267.85 and has touched a high and low of Rs. 268.80 and Rs. 265.60 respectively. So far 63725 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 346.40 on 04-Jul-2023 and a 52 week low of Rs. 243.90 on 30-Oct-2023. Last one week high an...
Mahindra Finance moves up on getting corporate agency license from IRDAI for insurance distribution
Mahindra Finance moves up on getting corporate agency license from IRDAI for insurance distribution
Source: Accord Fintech
2024-05-23 11:57:48 am
Quote on IRDAI development by Dr. S. Prakash MD / CEO (Designate) Galaxy Health & Allied Insurance Company Ltd Below the Quote on IRDAI development by Dr. S. Prakash MD / CEO (Designate) Galaxy Health & Allied Insurance Company Ltd   The regulators' initiative to make health insurance products accessible for all age groups is commendable. Elderly individuals, who often suffer from non-communicable diseases (NCDs) and face risks of organ damage, particularly in the heart, kidneys, eyes, and brain, will greatly benefit.  Degenerative bone and joint diseases are prevalent amo...
Quote on IRDAI development by Dr. S. Prakash MD / CEO (Designate) Galaxy Health & Allied Insurance Company Ltd
Quote on IRDAI development by Dr. S. Prakash MD / CEO (Designate) Galaxy Health & Allied Insurance Company Ltd
Source: PR Agency
2024-04-24 04:44:45 pm
Axis Bank says all regulatory nods received for proposed acquisition of shares in Max Life Insurance The Axis Bank said on Wednesday that all the required regulatory approvals for the proposed subscription of shares in Max Life Insurance have been received. On August 9, 2023, Axis Bank informed about the proposed infusion of Rs 1,612 crore by the private lender in Max Life Insurance Company Limited, subject to regulatory approvals. The Competition Commission of India (CCI) has, vide its letter dated April 2, 2024, intimated that the CCI, at its meeting held on April 2, 2024, considered...
Axis Bank says all regulatory nods received for proposed acquisition of shares in Max Life Insurance
Axis Bank says all regulatory nods received for proposed acquisition of shares in Max Life Insurance
Source: IANS
2024-04-04 09:28:33 am
Special Measures for extending services to Policy Holders of LIC of India   It has been decided that the Offices under jurisdiction of Zones and Divisions will be kept open for normal operations as per official working hours on 30.3.2024 and 31.3.2024, in order to avoid any hardship to the policyholders. This is as per the advisory issued by Insurance Regulatory and Development Authority of India (IRDAI) dated 28.3.2024.   Above views are of the author and not of the website kindly read disclaimer
Special Measures for extending services to Policy Holders of LIC of India
Special Measures for extending services to Policy Holders of LIC of India
Source: PR Agency
2024-03-29 11:10:24 am
IRDAI approves setting up insurance e-marketplace Bima Sugam, goes for big regulatory revamp  The Insurance Regulatory and Development Authority of India (IRDAI) has given its approval for the setting up of insurance e-marketplace Bima Sugam for buying, selling, and servicing insurance policies as well as settling claims. “This marketplace will serve as a one-stop solution for all insurance stakeholders, including customers, insurers, intermediaries, and agents, thereby, promoting transparency, efficiency, and collaboration across the entire insurance value chain,&rdquo...
IRDAI approves setting up insurance e-marketplace Bima Sugam, goes for big regulatory revamp
IRDAI approves setting up insurance e-marketplace Bima Sugam, goes for big regulatory revamp
Source: IANS
2024-03-23 04:58:51 pm
Regulations enabled India to be global benchmark in fintech: Razorpay`s Harshil Mathur Regulations in the fintech industry have enabled India to become a global benchmark in fintech and unified payments interface (UPI)-based services are one such example, Harshil Mathur, CEO of full-stack financial services platform Razorpay, said on Monday. Speaking to IANS, Mathur said that regulations have played a crucial role in driving innovation, financial inclusion and co-creating financial literacy. “We firmly believe that regulations in the fintech industry have enabled In...
Regulations enabled India to be global benchmark in fintech: Razorpay`s Harshil Mathur
Regulations enabled India to be global benchmark in fintech: Razorpay`s Harshil Mathur
Source: IANS
2024-02-26 09:36:48 am
Home First Finance surges on getting corporate agent license from IRDAI Home First Finance Company India is currently trading at Rs. 934.05, up by 23.75 points or 2.61% from its previous closing of Rs. 910.30 on the BSE. The scrip opened at Rs. 941.95 and has touched a high and low of Rs. 946.35 and Rs. 926.05 respectively. So far 5885 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1058.80 on 19-Jan-2024 and a 52 week low of Rs. 654.85 on 13-Mar-2023. Last one week high and low of ...
Home First Finance surges on getting corporate agent license from IRDAI
Home First Finance surges on getting corporate agent license from IRDAI
Source: Accord Fintech
2024-02-22 11:50:18 am
PB Fintech surges as its arm gets in-principle approval for upgradation of license PB Fintech is currently trading at Rs. 985.65, up by 53.80 points or 5.77% from its previous closing of Rs. 931.85 on the BSE. The scrip opened at Rs. 966.15 and has touched a high and low of Rs. 996.35 and Rs. 966.15 respectively. So far 79165 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1050.10 on 01-Feb-2024 and a 52 week low of Rs. 481.00 on 17-Feb-2023. Last one week high and low of the scrip stood at Rs...
PB Fintech surges as its arm gets in-principle approval for upgradation of license
PB Fintech surges as its arm gets in-principle approval for upgradation of license
Source: Accord Fintech
2024-02-19 10:48:07 am
LIC received refund orders for Rs 21,740cr from Income Tax Dept  Life Insurance Corporation of India had received refund orders for Assessment Years 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20. The total amount of refund was Rs 25,464.46 crore. In this regard, the Income Tax Department has released Rs. 21,740.77 crore on February 15. The Corporation is pursuing the balance with the Income Tax Department, LIC said. LIC's Profit after Tax (PAT) for the nine months period ended December 31, 2023 was Rs 26,913 crore. ...
LIC received refund orders for Rs 21,740cr from Income Tax Dept
LIC received refund orders for Rs 21,740cr from Income Tax Dept
Source: IANS
2024-02-17 09:47:35 am
Axis Bank, Max Life Insurance say all necessary regulatory approvals obtained in response to Subramanian Swamy`s PIL Axis Bank said on Thursday that it has obtained all necessary regulatory approvals in connection with the purchase of shares of Max Life Insurance with regard to the public interest writ petition filed by BJP leader Subramanian Swamy. A public interest writ petition has been filed by Subramanian Swamy against the Union of India, Axis Bank Limited (Axis Bank), Axis Securities Limited, Axis Capital Limited and others before the Delhi High Court in connection with the sale/purchase of shares ...
Axis Bank, Max Life Insurance say all necessary regulatory approvals obtained in response to Subramanian Swamy`s PIL
Axis Bank, Max Life Insurance say all necessary regulatory approvals obtained in response to Subramanian Swamy`s PIL
Source: IANS
2024-02-16 09:57:28 am
IRDAI proposes to increase free look period to 30 days for policyholders Enhancing the protection of insurance policyholders, the Insurance Regulatory and Development Authority of India (IRDAI) has proposed to enhance the free look period to 30 days in the case of life and health insurance policies. Free look period is the period during which a policyholder can review his decision to purchase the policy and if not satisfied can return the product and get a full premium refund. The IRDAI is reviewing its various regulations to enhance the ease of doing busine...
IRDAI proposes to increase free look period to 30 days for policyholders
IRDAI proposes to increase free look period to 30 days for policyholders
Source: IANS
2024-02-15 10:46:42 am
IRDAI approves capital infusion by Axis Bank into Max Life nsurance regulator, IRDAI has approved the capital infusion by Axis Bank into Max Life, subject to the approval of the competition watchdog CCI. The PFRDA has already approved the proposed change in shareholding pattern of Max Life pertaining to the infusion of capital by Axis Bank into Max Life. Accordingly, the capital infusion of Rs 1,612 crore by Axis Bank into Max Life will be consummated upon the approval from the CCI, Max Financial Services said in a filing. The company had made ...
IRDAI approves capital infusion by Axis Bank into Max Life
IRDAI approves capital infusion by Axis Bank into Max Life
Source: IANS
2024-02-07 09:57:54 am
Narayana Hrudayalaya rises as its arm gets license from IRDAI to carry on health insurance business Narayana Hrudayalaya is currently trading at Rs. 1234.50, up by 16.75 points or 1.38% from its previous closing of Rs. 1217.75 on the BSE. The scrip opened at Rs. 1248.95 and has touched a high and low of Rs. 1265.55 and Rs. 1232.35 respectively. So far 33606 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1314.00 on 21-Nov-2023 and a 52 week low of Rs. 705.25 on 06-Jan-2023. Last one week high and low of the s...
Narayana Hrudayalaya rises as its arm gets license from IRDAI to carry on health insurance business
Narayana Hrudayalaya rises as its arm gets license from IRDAI to carry on health insurance business
Source: Accord Fintech
2024-01-08 11:53:03 am
Kotak Life Insurance to expand branch network  With the licence to open 30 more branches, private life insurer Kotak Life Insurance Company Ltd, (Kotak Life) will expand its distribution network this year, said a senior official. The company currently has 289 branches. “We have the licence from the IRDAI (Insurance Regulatory and Development Authority of India) to open 30 more branches. We will open them during the course of this year,” Vivek Prakash, Joint President and Head Agency Business, said on Thursday. He w...
Kotak Life Insurance to expand branch network
Kotak Life Insurance to expand branch network
Source: IANS
2024-01-04 04:29:26 pm
Indian insurance sector saw landscape changing in 2023 The Indian insurance sector adapted to the changing landscape during the year 2023 with some regulatory changes, digitalisation, said top industry officials. The year also saw the government not proceeding in favour far reaching controversial amendments to the insurance laws that stood the test of time. “The year 2023 saw some market-moving developments for the industry including the government’s decision to levy tax on income arising from insurance policies with an aggregat...
Indian insurance sector saw landscape changing in 2023
Indian insurance sector saw landscape changing in 2023
Source: IANS
2023-12-22 04:35:40 pm
Insurance readiness in FY2024: Building financial resilience without breaking your piggy bank We all aspire to accumulate wealth and the key to doing that is discipline. Discipline is about investing systematically and for the longer term and more importantly, it is also about protecting our investments. There are unexpected emergencies that may occur and may lead to either not being able to invest that month, or even worse, we may have to liquidate some of the investments to meet those unexpected expenses. It is critical to ensure that we protect our investment planning against an...
Insurance readiness in FY2024: Building financial resilience without breaking your piggy bank
Insurance readiness in FY2024: Building financial resilience without breaking your piggy bank
Source: IANS
2023-12-20 03:37:34 pm
Increased benefit for lapsing customers to affect returns for persistent life insurance policyholders The proposed modification in the surrender value (or charges) of non-linked life insurance policies in the recently released the ‘Exposure Draft Product Regulations 2023’ by Insurance Regulator IRDAI has stirred up a hornet’s nest, Emkay Global Financial Services said in a report. The idea behind this move seems to be bringing in additional control on expenses. The proposed changes in the surrender charges are looking to eliminate any surrender penalty above the “th...
Increased benefit for lapsing customers to affect returns for persistent life insurance policyholders
Increased benefit for lapsing customers to affect returns for persistent life insurance policyholders
Source: IANS
2023-12-18 02:07:00 pm
IndiaFirst Life Becomes the First Indian Life Insurance Company to Receive the GIFT City IFSC Registration IndiaFirst Life Insurance Company Ltd (IndiaFirst Life), one of India’s fastest growing private life insurers in the country, has become the first Indian life insurance company to receive the registration to undertake life insurance business in the Gujarat International Finance Tec (GIFT) City International Financial Services Centre (IFSC). Elated on obtaining the registration, Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance Company Ltd, said, “IndiaFirst Life i...
IndiaFirst Life Becomes the First Indian Life Insurance Company to Receive the GIFT City IFSC Registration
IndiaFirst Life Becomes the First Indian Life Insurance Company to Receive the GIFT City IFSC Registration
Source: PR Agency
2023-11-02 12:19:05 pm
Bank of Maharashtra moves up on inking MoU with IREDA Bank of Maharashtra is currently trading at Rs. 46.86, up by 0.59 points or 1.28% from its previous closing of Rs. 46.27 on the BSE.The scrip opened at Rs. 46.66 and has touched a high and low of Rs. 48.28 and Rs. 45.81 respectively. So far 2254750 shares were traded on the counter.The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 51.48 on 18-Sep-2023 and a 52 week low of Rs. 16.95 on 29-Sep-2022.Last one week high and low of the scrip stood at Rs. 51.48 and Rs. 4...
Bank of Maharashtra moves up on inking MoU with IREDA
Bank of Maharashtra moves up on inking MoU with IREDA
Source: Accord Fintech
2023-09-21 11:28:17am