As the country is awaiting the biggest IPO by LIC of India, it is disheartening news for the listed insurance companies. Shares of HDFC Life Insurance, the largest in terms of market capitalization, have declined by 15% in the past 3 months and 10% over the last six months. SBI Life Insurance, the second biggest now in market capitalization, fell 7% in the last three months. Interesting times ahead in the life insurance space.
The Reserve Bank of India (RBI) may raise the reverse repo rate by about 15-40 basis points while penciling measures to support the OLA eyes NBFC acquisition to expand financial service business. The IPO bound company is looking to obtain an NBFC license through the acquisition route. OLA already offers its Buy Now, Pay Later product. OLA postpaid which is available to over 40 million customers and is projected to grow to 100 million in the next six months. OLA is simultaneously looking to get insurance and insurance broking licenses to further strengthen its ability to offer innovative products like telematics based pay-for-use motor vehicle insurance. The company has, to date, sold nearly 700 million such insurance policies. Suddenly, NBFCs are the talk of the town !
RBI sees retail inflation at 4.5% in FY 23, expects inflation to peak in the current quarter. Rightly so ?
The Reserve Bank of India Governor Shaktikanta Das on Thursday announced that the RBI sees CPI-based retail inflation moderating to 4.5% in the fiscal year 2023. The RBI’s CPI inflation forecast for the current fiscal has been retained at 5.3%.
Shri Saktikanta Das, the Governor, while announcing a static rate level, warns of spill-over effects on Banks and NFBCs and stresses that such institutions shall fortify governance standards and build capital buffers as the financial system navigates its ways through the pandemic. Time to gird up
Banks and non-banking financial companies have to be watchful and improve their risk management measures as the unwinding of easy policies could have spillover effects, the Reserve Bank of India Governor Shaktikanta Das said on Thursday.
CFO News : Why RBI did not hike rates for the 10th time in a row and what it means for you
The Reserve Bank of India left key interest rates unchanged for a tenth straight meeting, retaining an accommodative stance amid the threat of the Omicron variant. It believes India’s economic recovery is still incomplete and needs continued policy support. Repo and reverse repo rates remain unchanged at 4 per cent and 3.35 per cent, respectively, said RBI governor Shaktikanta Das.
RBI Measures for MSMEs augur well for the economy?
A status quo in repo rate underlines RBI’s priority in supporting GDP growth amid the lingering impact of the pandemic, while additional measures for MSMEs, contact-intensive sectors and digital transactions augurs well for the overall economic health, financial market participants said on Thursday. For the 10th time in a row, the six-member rate setting Monetary Policy Committee(MPC) of RBI kept the key repo rate unchanged at 4 per cent, mainly to support growth as well as to manage inflationary pressure.
Sales of Top India retailers surpass pre-covid days
Good News trickles in, the retailers expect a much shorter disruption due to the third wave of Covid after witnessing an improvement in consumer sentiments last quarter. They are optimistic of accelerated expansion plans in the next few quarters.
Prices of palm oil, the most consumed edible oil in the world, have jumped 15%, while rival soybean oil has gained 12% (during the current year) contributing to a surge in global food inflation to near all time highs. The rally is putting a strain on India, the top buyer of palm, soybean and sunflower oils.
Spanish Retiree Fights Digital Divide : Seeks Human Help – Reverse Migration!!
A Spanish retiree campaigning to keep in-person customer services at banks because he felt “left out” by the shift to online banking is handing government officials a petition with more than 610,000 signatures, amid a wave of national support for his cause. Carlos San Juan, 78, a retired doctor from Valencia in southeast Spain, traveled to Madrid and was to hand the signatures Tuesday to the secretary of state for the treasury, Carlos Cuerpo, at the Economy Ministry.
