The insurance industry will need a capital infusion of Rs 50,000 crore per year to double its penetration in the next five years, sector watchdog Irdai's chief Debasish Panda said on Friday. Panda appealed to business conglomerates to channelise funds into the sector, saying the return on equity is at a healthy 14 per cent [...]
Around 71 per cent of stock brokers are considering a shift towards a technology-based model and mulling increasing manpower in their IT team, as per a survey conducted by ANMI among its 900 members. The survey found that the increasing frequency and sophistication of cyber threats could be prompting financial institutions to invest more in [...]
Union Bank of India on Friday reported two-fold jump in standalone profit at Rs 2,245 crore for third quarter ended December 2022 helped by decline in bad loans. The bank had posted a net profit of Rs 1,085 crore in the same quarter a year ago. Total income increased to Rs 24,154 crore in the [...]
Sustaining the current 19.5 per cent growth rate in income and corporate tax collections may be difficult in next fiscal year given headwinds from a slowing world and high base effect, a government source said. Net direct taxes, which are made up of personal income tax and the tax levied on corporate earnings, have seen a [...]
Announcement of measures such as quick refund of duties, resolving inverted duty issues and bringing exports through post and courier at par with standard customs clearances in the forthcoming Budget would significantly help boost the country's outbound shipments, economic think tank GTRI said on Friday. Most forecasts say that 2023 will be tough on trade [...]
The government is likely to extend fiscal incentives for production of toys, bicycles and leather and footwear in the forthcoming budget as it looks to expand production linked incentive (PLI) scheme to cover more high-employment potential sectors, sources said. The government has already rolled out the scheme with an outlay of about Rs 2 lakh [...]
Sri Lanka on Friday thanked India for the generous support of a USD 3.9 billion credit line last year and the assurances given to the IMF to restructure the country's debt after External Affairs Minister S Jaishankar conveyed India's commitment to increase investment flows to hasten the debt-ridden island nation's economic recovery. Jaishankar, who is [...]
With the Supreme Court turning down Google's plea for a stay on the CCI order, the tech giant on Friday said it is reviewing the details of the decision which is limited to interim relief and did not decide the merits of the appeal. The company said it remains committed to users and partners and [...]
Moody's on Friday affirmed long-term deposit rating of State Bank of India (SBI) and upgraded it for Punjab National Bank, Canara Bank and Bank of Baroda on improving credit profile. The outlooks on long-term ratings of all the four banks remain stable, Moody's Investors Service said in a statement. Moody's has affirmed the Baa3 long-term local [...]
Shares of Hindustan Unilever Ltd declined over 4 per cent in morning trade on Friday as investors preferred to desert the counter amid concerns over increase in royalty and central services arrangement fee to its parent Unilever group. The stock fell 4.15 per cent to Rs 2,540.05 apiece on the BSE. At the NSE, it [...]
