George Mathew

Also, as inflation concerns grew, the RBI’s monetary policy committee took a pause, leaving the repo rate — the rate at which RBI lends to commercial banks — untouched at 5.15 per cent for the first time in 10 months.

"If you look at people between 30 and 35 years old another 17 lakh policies. We have sold 44 lakh policies to people below 30 years old, or millennials," says TC Susheel Kumar, Managing Director of Life Insurance Corporation (LIC).

The sharp fall in GDP growth to 4.5 per cent in the September quarter from 5 per cent previously provides enough reason for the RBI to cut the rate, analysts said.

The 30-share Sensex had gained 1,985 points, or 3.82 per cent, during the period under review, enabling the corporation to post good returns. The market value of LIC’s investment as of end-FY19 stood at around Rs 28.7 lakh crore, growing 8.6 per cent on a year-on-year basis.

DHFL’s total liabilities are Rs 83,873 crore, as per its draft resolution plan. Of this, it owes banks Rs 27,527 crore, NCD holders (including retail investors, mutual funds and others) Rs 41,431 crore, NHB Rs 2,350 crore and ECBs Rs 2,747 crore. The exposure of banks could be about Rs 38,000 crore.

A ‘named driver policy’ as an automobile insurance policy provides coverage only for drivers specifically named on the policy and not for other individuals driving the vehicle.

Sebi has moved against Karvy for violating norms, including transferring client shares to itself, and pledging client shares to raise money, which it diverted to its real estate arm.

According to Indian banking laws, secured debt — mainly banks which have given over Rs 38,000 crore loans and NCDs — have the first charge on recovery.

In an interview to the Indian Express, Balasubramanian — who manages assets worth Rs 253,838 crore — said the government should consider reducing the highest tax slab for individuals in order to boost investment.

Hundreds of investors who have accounts with Karvy and yet to receive money from the firm have complained to Sebi and tweeted about the fraud committed by the broking firm.

The RBI, which stepped in after the banks and DHFL failed to agree on a resolution plan to bring the firm back on the rails, has appointed R Subramaniakumar, former MD and CEO of Indian Overseas Bank, as the Administrator to run the affairs of the company.

The decline in gross NPAs of banks had come after banks reported an 18.9 per cent rise in bad loans to over Rs 10 lakh crore during the second quarter of last year.

While the government sector accounted for as much as 13.5 per cent of the total deposits in March 2018, the share declined to 9.2 per cent in March 2019.

On Thursday, while Bharti Airtel announced a loss of over Rs 23,045 crore for the quarter ended September 2019, Vodafone Idea announced a record loss of Rs 50,922 crore for the quarter.

In NBFCs (non-banking financial companies), whatever the crisis that we had seen, that’s over, says Pallav Mohapatra.

The Rs 4,60,000-crore rise in the currency in the system in the past three years indicates that cash is still ruling the roost in the financial system despite the big push in digital transactions and less cash economy.

Insurers should also ensure that service providers of wellness and preventive programmes have an appropriate mechanism to discharge their obligations by offering the agreed services or products.

The US market is also flying high with the Dow Jones on Friday stopping just short of an all-time high. The S&P 500 and Nasdaq composite scored all-time highs with gains of 1 per cent and 1.1 per cent.

These changes will enable customers to take more informed decisions while purchasing their insurance cover, they say.