Oriental Bank of Commerce (OBC) currently holds 23% stake in Canara HSBC OBC Life Insurance. Besides, another public sector lender Canara Bank has 51% stake and HSBC Insurance (Asia Pacific) Holdings Limited as foreign partner owns 26%. Already, PNB is a promoter of PNB Metlife Insurance with highest stake of 30 per cent.
She said systematic and comprehensive checking, including legacy stock of PSBs' non-banking assets (NPAs), for frauds under the framework has been taken note of by the Reserve Bank of India (RBI) in its Financial Stability Report in December 2019, where it has observed that this has helped unearth frauds perpetrated over a number of years.
According to Credit Suisse, the estimated increase in deposit insurance premium would be around Rs 28,400 crore ($4 billion) for the system.
The government has finally moved to control the rising debt of National Highways Authority of India (NHAI) while allowing tax sops to foreign investors in the budget
The budget presented by Finance Minister Nirmala Sitharaman on Saturday has proposed to construct a medical college in every district, besides taking up other infrastructure developmental projects, said BJP MP Jayant Sinha. To a query on the fate of policy-holders, he said all of them will get every benefit assured in their policies.
The fund managed by Morgan Stanley Private Equity Asia will be the first external institutional investor in CHFL, which is promoted by Centrum Capital Limited, Centrum said in an exchange notification.
15th FC has suggested that states be given 41% of the Centre’s net tax receipts during the next financial year, as against 42% for 2015-16 to 2019-20.
To be fair to the disinvestment department, it was in July that I announced it (the targets) and by February, they had done all the necessary leg work … and it is going to happen in a couple of months, said Sitharaman.
“The Deposit Insurance and Credit Guarantee Corporation has been permitted to increase deposit insurance coverage for a depositor, which is now Rs 1L, to Rs 5L per depositor,” said FM. “I wish to inform this august house that the robust mechanism is in place to monitor the health of all scheduled commercial banks & that depositors’ money is safe."
IFSC has the potential to become a centre of international finance and high end data processing, the minister added. It has 19 insurance entities and 40 banking entities. IFSC has also provided for setting up of precious metals testing laboratories and refining facilities.
LIC employees' unions on Saturday opposed the Centre's plan to sell a part of its shares in the state-run insurance behemoth through an initial public offer (IPO), insisting that the move is "against the national interest".
Bengaluru South MP Tejasvi Surya (BJP) called her a few times, about three weeks ago, after the news surfaced that the Reserve Bank of India (RBI) had imposed restrictions on Sri Guru Raghavendra Cooperative Bank in Bengaluru. Thousands of depositors have their savings and deposits in this bank with eight branches.
Finance Minister Nirmala Sitharaman on Saturday said a clean, reliable and robust financial sector is required for achieving the ambitious target of USD 5 trillion economy.