India to be 6th largest insurance market by 2032, says Swiss Re

India is all set to become the sixth biggest insurance market in the world in the next ten years owing to the regulatory push and rapid economic expansion, a report by Swiss Re Institute said. The Indian life insurance industry is expected to grow at an exceptional rate of 6.6 per cent (real terms) in 2022 and further grow at 7.1% in 2023.

source https://economictimes.indiatimes.com/industry/banking/finance/insure/india-to-be-6th-largest-insurance-market-by-2032-says-swiss-re/articleshow/93929734.cms

BANKING

India is all set to become the sixth biggest insurance market in the world in the next ten years owing to the regulatory push and rapid economic expansion, a report by Swiss Re Institute said. The Indian life insurance industry is expected to grow at an exceptional rate of 6.6 per cent (real terms) in 2022 and further grow at 7.1% in 2023.

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Government plans to revamp crop cover scheme PMFBY to woo more insurers and rationalise premium

The Pradhan Mantri Fasal Bima Yojana (PMFBY), launched in February 2016, aims to provide financial support to farmers suffering crop loss/damage arising out of natural calamities. Under this scheme, maximum premium payable by farmers is 2 per cent for all food and oilseeds crops grown in the kharif (summer) season, 1.5 per cent for same crops grown in rabi (winter) season and 5 per cent for commercial and horticulture crops.

source https://economictimes.indiatimes.com/industry/banking/finance/insure/government-plans-to-revamp-crop-cover-scheme-pmfby-to-woo-more-insurers-and-rationalise-premium/articleshow/93928030.cms

BANKING

The Pradhan Mantri Fasal Bima Yojana (PMFBY), launched in February 2016, aims to provide financial support to farmers suffering crop loss/damage arising out of natural calamities. Under this scheme, maximum premium payable by farmers is 2 per cent for all food and oilseeds crops grown in the kharif (summer) season, 1.5 per cent for same crops grown in rabi (winter) season and 5 per cent for commercial and horticulture crops.

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RBI unlikely to accept shadow banks' requests for bad-loan exemptions: Sources

India had 10,000 shadow banks as of March 2021, the latest RBI data available, with assets of 54 trillion rupees ($680 billion) or about one-fourth that of the banking sector. Several of the biggest shadow banks are listed on the stock exchanges.

source https://economictimes.indiatimes.com/industry/banking/finance/rbi-unlikely-to-accept-shadow-bank-requests-for-bad-loan-exemptions-sources/articleshow/93927187.cms

SBI Card ready with card tokenization mandate: MD & CEO Rama Mohan Rao Amara

As per the Reserve Bank of India (RBI), tokenisation refers to replacement of actual card details with an alternate code called the "token", which shall be unique for a combination of card, token requestor and device.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-card-ready-with-card-tokenization-mandate-md-ceo-rama-mohan-rao-amara/articleshow/93925593.cms

BANKING

As per the Reserve Bank of India (RBI), tokenisation refers to replacement of actual card details with an alternate code called the "token", which shall be unique for a combination of card, token requestor and device.

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