Indian News

Fine balance must for data availability, innovation and privacy: Ravi Shankar Prasad

Risk Management       Apr 19, 2018

  New Delhi: The new data protection law will be finalised soon, IT Minister Ravi Shankar Prasad said today, asserting that India must strike a fine balance between data availability, innovation and privacy issues. The country is making all out efforts to strengthen cyber laws and...

Jun Zhang, IFC Country Head for India

IFC led investors infuse USD 22 mn in Murthy’s Coverfox

Technology       Apr 19, 2018

  Mumbai::, an online broking firm. has raised USD 22 Mn in a Series C funding from a clutch of investors led by IFC, a member of the World Bank Group; Transamerica; and other existing investors.IFC itself has invested up to $10 million.   Coverfox, one...

Amitav Chaudhry, MD & CEO, HDFC Life .

With 32 pc growth in new business, HDFC Life's net profit rises by 24 pc to Rs 11.1 bn in 2017-18

Life-News       Apr 18, 2018

Mumbai: HDFC Life, which has seen its total premium growing by 21 per cent to Rs 235.6 billion,has recorded a 24 per cent jump in its profit after Tax (PAT) to Rs11.1 billion during 2017-18.   The company's insurance profit (policyholder surplus) comprised of 76 per...

Hemant Contractor, chairman,PFRDA

AUM of pension fund industry grows by 38 pc to Rs 2.40 trn in 2017-18:PFRDA Chief

Pension       Apr 18, 2018

Mumbai: Showing a substantial pick-up, the total assets under management(AUM) of the pension fund players - operating in   the National Pension System (NPS ) and as regulated by the the Pension Fund Regulatory and Development Authority (PFRDA)- have gone up by 38 per cent to...

8 dead, several injured as massive storm hits Kolkata, suburbs

Disaster Management       Apr 18, 2018

KOLKATA: Eight people were killed and several others injured on Tuesday after strong winds of up to 98 km per hour hit the West Bengal capital and its adjoining areas, disrupting public transport and traffic, officials said. Unconfirmed sources, however, put the death toll at...

Debasish Panda, newly appointed additional secretary, Insurance, Ministry of Finance

MoF to meet CMDs of three PSU general insurance cos on Apr 18, to discuss merger roadmap

Non Life-News       Apr 16, 2018

New Delhi: The ministry of finance(MoF) has convened a meeting of chiefs of three merging PSU  general insurers- United India Insurance (UII), National Insurance Company(NIC), Oriental Insurance Company(OIC)- on Apr 18, to iron out the key challenges- particularly on IT,HR and branch rationalisation- of the...

Leading Indian life insurers partner with Cognizant to develop industry-wide Blockchain solution

Technology       Apr 16, 2018

MUMBAI: Cognizant  and a consortium of leading Indian life insurers — comprising SBI Life Insurance, Max Life Insurance, Canara HSBC OBC Life Insurance, Edelweiss Tokio Life, IDBI Federal Life Insurance, Birla Sun Life Insurance, HDFC Life, Kotak Life, Tata AIA Life, PNB MetLife, IndiaFirst Life...

Insurers gear up for new accounting regime `Ind AS 117'

Regulation       Apr 15, 2018

Mumbai: In a matter of two years, the Indian life insurers will have to implement a new accounting regime, known as Indian Accounting Standard (Ind AS) 117, that will sweepingly change existing format of preparing their balance sheets.   The new Ind AS 117, scheduled to...

CVC wants details of frauds from banks to devise preventive mechanism

Risk Management       Apr 15, 2018

NEW DELHI: The probity watchdog Central Vigilance Commission (CVC) has asked banks to give details of any fraud worth over Rs three crore to devise a preventive mechanism.   "Because this data is originally lying with respective banks and RBI. We felt if we know what...

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