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MORNING DAILY - 2022-11-28

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ETBFSI Newsletter | Monday, November 28, 2022


Daily Newsletter



Top Stories



New IRDAI measures to propel industry into a new era: Insurance Leaders
Insurance watchdog, IRDAI approved multiple proposals in its meeting last week
around capital, ownership, and solvency of insurance companies. In orde..




What is NEFT, RTGS, IMPS; How they are performing?
With the shrinking of the world canvas and accelerating globalization and
automation, banks have embraced technology to fastrack transactions, which w..




Family office: Structuring wealth and unlocking value through
institutionalisation
According to the Wealth Report by Knight Frank, the number of UHNIs was 6,884 in
2020 and the number is expected to go up to 11,198 by 2025.


 

Banking



IDBI Bank to continue as 'Indian private sector bank' post strategic sale
The government and LIC together hold 94.72 per cent stake in IDBI Bank. The
successful bidder would be required to make an open offer for acquisition ..




Axis Bank says will consider capital raise post Citi deal
The capital position remains self-sufficient to fund the future growth prospects
and has built sufficient balance sheet buffers, Amitabh Chaudhr..




Supply chain financing's picking up and Bank of America's betting on it
Bank of America is seeking to create a large network of ecosystem players. For
example, the bank is part of a consortium with Marco Polo network that'..




SBI reports highest profit, broking houses lauding us: chairman
Dinesh Khara on Saturday asserted that analysts and broking houses are praising
the financial performance of the bank which reported its highest profi..


 

Insurance



IRDAI approves changes in capital, ownership, solvency of insurance companies
The Insurance Regulatory and Development Authority of India (IRDAI) has also
approved a proposal to permit Private Equity (PE) funds to invest directl..




Insurance reforms may see PE funding surge in sector
Insurance regulator Irdai's proposal to allow private equity (PE) funds to
promote insurance companies will result in significant capital inflows into..




Battle for Reliance Nippon Life Insurance: Nippon top brass likely to visit
India
Japan's Nippon Life, which holds 49 per cent stake in RNLIC, is opposed to the
entry of Aditya Birla Sun Life in the race to acquire Reliance Capital'..




Tweaking insurance to widen its reach
The insurance industry can, at best, nudge hospitals into a price band. But it
remains a chancy endeavour. On the other end of the spectrum, gov..


 

Fintech



Paytm can't take new online merchants: RBI
The Reserve Bank of India (RBI) has asked Paytm Payment Services (PPSL), a 100%
subsidiary of parent company One97 Communications, to not onboard any ..




Crypto crisis shrinks ETF assets in market that embraced them
The vast majority of the decline in ETFs assets has come from the falling price
of Bitcoin and other holdings, not from outflows, which have been smal..




I-T wing's lens on offshore payments by Indian companies now
Till now, enquiries carried out by the FAIU pertained to hidden assets of
residents - their overseas bank accounts, shareholdings in closely held fore..


 

Financial Services



Religare Finvest lenders approve company's one-time settlement offer
Bank of India (BoI) was the last among the lenders to give its assent to the
plan after a board meeting last week, clearing the decks for a settlement..




Rupee should stabilise once US reduces speed of its rate increases: Economics
Nobel winner
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Sciences, says it is difficult to predict exchange rates but the rupee shoul..




L&T Finance Holdings completes sale of L&T AMC
L&T Investment Management Ltd (LTIML) is a wholly-owned subsidiary of L&T
Finance Holdings. L&T Finance Holdings will receive an aggregate purchase co..


 

Policy



Industry body urges RBI to moderate pace of monetary tightening
According to CII, domestic demand is recovering well as mirrored by the
performance of a host of high-frequency indicators. However, the prevailing gl..




Central Trade Unions reject finance ministry's 3-minute pre-budget consultation
offer, to boycott deliberations
In a letter to the CTUs, the finance ministry said each participating central
trade union will be allotted three minutes to make their suggestions.


 

Industry



Economic gloom to deepen? OECD raises inflation forecast
The organization boosted its 2023 inflation estimates and said it expects price
increases the following year will remain above the targets set by many..




Centre sure of meeting fiscal deficit target
Several ministries may not be able to utilise their full allocation for the
year, providing a cushion to the finance ministry to meet the sharply high..




DHFL scam: Promoters Wadhawans set up 87 shell companies, says CBI charge sheet
Taking cognisance of the charge sheet, a special CBI court last week ordered
that all 75 accused in the case be summoned. "Investigation at the overse..




G20 presidency big opportunity for India: Prime Minister
Prime Minister Narendra Modi on Sunday said that taking over the presidency of
the "powerful" G20 group of nations from next month will give an opport..




FM Nirmala Sitharaman seeks work on climate changes
Addressing a national level summit to promote startups, Sitharaman emphasised
more on climate change and asked the startups to find a solution to comb..




States demand more funds in pre-Budget meeting with Nirmala Sitharaman
Tamil Nadu Finance Minister P Thiaga Rajan said that states, cutting across
party lines, said that centrally sponsored schemes are constraining states..




NITI Aayog VC expresses concern over revival of old pension scheme, says it will
burden future taxpayers
In an interview to PTI, Bery also underlined the need for enhancing capital
expenditure and creating a space for the private sector through fiscal con..

 

 





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