BANKING

The microfinance arena is experiencing a noteworthy transformation, as the strain of overleveraged borrowers lessens significantly. Current figures reveal that the loans given to individuals with multiple lenders have decreased to a total of Rs 30,494 crore. Thanks to industry regulations, the count of such borrowers has fallen to 2.

from Banking/Finance-Industry-Economic Times https://ift.tt/zVuSgAC
via IFTTT

BANKING

Health insurers are witnessing a significant surge in fraudulent claims, particularly for smaller amounts. This trend is most pronounced in digestive ailments, where oversight is less stringent. Claims between Rs 50,000 and Rs 2.5 lakh present a high-risk zone for manipulation. Infectious diseases also show a higher propensity for misuse due to generic symptoms and extensive testing.

from Banking/Finance-Industry-Economic Times https://ift.tt/R2mGKxA
via IFTTT

BANKING

The Finance Ministry is exploring a merger of Oriental Insurance, National Insurance, and United India Insurance. This comes after significant government capital infusion improved their financial standing. The government previously considered this merger but deferred it. Now, with better finances, efficiency and scale are key drivers for this potential consolidation. Privatisation of a general insurance company is also under examination.

from Banking/Finance-Industry-Economic Times https://ift.tt/pmENDRf
via IFTTT

BANKING

Sagarmala Finance Corporation Ltd will raise up to ₹8,000 crore this fiscal year. The company's board approved a ₹25,000 crore borrowing limit. SMFCL is in talks with banks and financial institutions. It plans to offer tailored loan products to marine sector entities. This includes ports, shipbuilding, and coastal shipping. The initiative supports India's growing maritime sector.

from Banking/Finance-Industry-Economic Times https://ift.tt/NuqVOJA
via IFTTT

BANKING

Sagarmala Finance Corporation Limited plans to raise Rs 8,000 crore this financial year. Funds will be sourced from banks, financial institutions, and bonds. This initiative aims to enhance India's maritime capabilities. The corporation, a maritime sector-specific NBFC, will soon commence lending operations. The overall borrowing limit has been set at Rs 25,000 crore.

from Banking/Finance-Industry-Economic Times https://ift.tt/aTFlLou
via IFTTT

BANKING

India's health insurance sector is losing Rs 8,000-10,000 crore annually due to fraud and waste, as highlighted by a BCG and Medi Assist report. This impacts premiums, insurer stability, and public health funds, with mid-ticket claims being particularly vulnerable. Recommendations include enhanced detection, standardised coding, and AI-driven oversight.

from Banking/Finance-Industry-Economic Times https://ift.tt/8WmUCZd
via IFTTT

BANKING

IndusInd Bank has begun early discussions to gauge investor interest for a potential qualified institutional placement, according to people aware of the matter. Senior management has been meeting investors after recent discrepancies in forex derivatives triggered senior-level exits.

from Banking/Finance-Industry-Economic Times https://ift.tt/dfjeP9L
via IFTTT