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How will RBI's STRIPS facility impact insurance companies?

Economic Times

Economic Times · 26d ago

How will RBI's STRIPS facility impact insurance companies?

The Reserve Bank of India's recent move to allow STRIPS (Separate Trading of Registered Interest and Principal of Securities) in state government bonds is expected to significantly impact insurance companies. This facility will enhance insurers' cash flow management, enabling them to align investment income with long-term policy payouts. STRIPS provide a yield advantage and reduce reinvestment risk, making them attractive for long-term investments by insurance companies, pension funds, and passive debt funds.

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RBI's cloud centre for financial data sparks concerns among fintechs and banks

Money Control

Money Control · 1y ago

RBI's cloud centre for financial data sparks concerns among fintechs and banks

The Reserve Bank of India (RBI) is planning to establish a cloud facility for the financial sector in India to enhance the security, integrity, and privacy of financial data. The cloud facility will be set up and operated by Indian Financial Technology & Allied Services, a subsidiary of RBI. This announcement has raised concerns among fintech companies and digital heads of banks, as it remains unclear how this new entity will meet the functional and service standards of existing cloud providers. The move is seen as part of RBI's efforts to promote digitization, service quality, and transparency in the financial sector.

'Pure doglapan': Ashneer Grover, Deepak Shenoy slam RBI over Paytm Payments Bank action

Startup News FYI

Startup News FYI · 1y ago

'Pure doglapan': Ashneer Grover, Deepak Shenoy slam RBI over Paytm Payments Bank action

Ashneer Grover, co-founder of BharatPe, and Deepak Shenoy, CEO of Capitalmind, criticized the Reserve Bank of India (RBI) for imposing restrictions on Paytm Payments Bank. Grover stated that RBI's moves are against fintechs and will kill the sector, calling for government intervention. Shenoy expressed shock at the RBI's action, comparing it to how the central bank handled the Yes Bank crisis. RBI justified its action citing non-compliance and supervisory concerns. PPBL clarified that the restrictions won't affect user deposits and certain services will continue as usual.

India Inc adds health goals to appraisals

Livemint

Livemint · 11m ago

India Inc adds health goals to appraisals

Indian companies are expanding health insurance coverage for employees to include benefits for household help, parents, and parents-in-law. They are also encouraging employees to set health goals that will impact their variable pay and bonuses. These measures aim to curb employee attrition and improve performance. For example, Motilal Oswal Financial Services is offering health and life insurance coverage for employees' household help and vacations taken by their parents or parents-in-law. Aditya Birla Health Insurance is integrating health goals into performance metrics. Other companies, such as Flipkart and Panasonic Life Solutions India, have introduced similar initiatives to prioritize employee well-being.

RBI raises UPI transaction limit to INR 5 lakh for hospitals, educational institutions

Inc42 · 1y ago

RBI raises UPI transaction limit to INR 5 lakh for hospitals, educational institutions

The Reserve Bank of India (RBI) has proposed increasing the UPI payment limit to INR 5 Lakh for transactions related to hospitals and educational institutions, up from the current limit of INR 1 Lakh. The RBI has also suggested removing the additional factor of authentication (AFA) for e-mandates of recurring transactions up to INR 1 Lakh, such as mutual funds and insurance premium payments. Furthermore, the RBI will establish a cloud facility to enhance the security and privacy of financial sector data, and a repository for fintech companies will be set up.

Square Insurance secures $3 Mn in pre-Series A round

Entrackr

Entrackr · 11m ago

Square Insurance secures $3 Mn in pre-Series A round

Insure-tech startup Square Insurance has secured $3 million (Rs 25 crore) in a pre-Series A round co-led by BizDateUp and Negen Capital along with participation from prominent investors such as Prashant Kothari, and Yogesh Chaudhary. The fresh funds will be utilised to enhance its technology infrastructure, focus on improving AI-driven insure-tech platform and enhance the customer experience, Square Insurance said in a press release. Founded in 2016 by Rakesh Kumar, Square Insurance aims to structure insurance solutions which provide quality protection with value pricing. It plans to invest in creating customised micro-insurance products in collaboration with leading insurers and forming strategic partnerships with fintech and e-commerce companies. These efforts will expand its reach and impact, transforming insurance accessibility in underserved markets. According to the Jaipur-based company, it intends to open 25-30 new offices in tier II and tier III cities, enhancing its ability to serve a larger customer base. As per the company, the expansion will improve insurance product comparisons and post-policy services for both channel partners and customers. According to market research, the Indian insurance industry is growing at an impressive rate of 32-34% annually and the sector has attracted nearly Rs 54,000 crore ($6.5 billion) in foreign direct investment. The other notable startups in this space are Turtlemint Insurance, Riskcovry, Coverfox, Toffee Insurance, Digit Insurance and others.

CLR Facility Services raises $15 Mn from BII

Entrackr

Entrackr · 23d ago

CLR Facility Services raises $15 Mn from BII

CLR Facility Services raises $15 Mn from BII Integrated facility management company CLR Facility Services has raised $15 million (approximately Rs 125 crore) from British International Investment (BII), the UK’s development finance institution and impact investor. The proceeds will be used to support CLR’s expansion across India, scale its integrated facility management operations, invest in vocational training, and enhance ESG practices. Founded in Pune, CLR provides services such as cleaning, engineering, mechanical maintenance, and production support to corporate clients. It currently employs over 20,000 blue-collar workers and operates across nine states. “This investment will empower us to create more opportunities for our workforce, drive innovation in facility management, and extend our impact across new markets,” said Gaurav Pathak and Gautam Pathak, promoters and directors of CLR Facility Services. The company plans to more than double its workforce to 50,000 in the next five to seven years, with a focus on employing more women and individuals from underserved communities. It will also build training centres in tier-II cities to skill untrained and semi-skilled workers. CLR is known for its structured skilling and employment model, with 25% of its workforce being women. In 2018, it received its first institutional investment from First Bridge Investment Managers. The company serves over 160 clients and competes with players such as BVG India, UDS, and ISS Facility Services in the facility management space.

RBI Tightens Noose On P2P Credit Card Payments

Inc42 · 1y ago

RBI Tightens Noose On P2P Credit Card Payments

The Reserve Bank of India (RBI) has begun cracking down on peer-to-peer (P2P) credit card payments made through third-party service providers. The central bank discovered instances of retail customers using credit cards to pay rent and tuition fees via such apps. These transactions are considered beyond the purview of the license of the third-party apps. Fintech companies like CRED, OneCard, and NoBroker currently offer this service, imposing fees ranging from 1.5% to 3% on transactions. This move aligns with the RBI's earlier decision to block Visa from offering its Business Payments Solution Provider (BPSP) facility.

RRP Electronics to set up first semiconductor plant in Maharashtra

Thehindubusinessline

Thehindubusinessline · 1y ago

RRP Electronics to set up first semiconductor plant in Maharashtra

RRP Electronics is partnering with a consortium of European companies to establish a semiconductor facility in Maharashtra. The company plans to invest ₹5,000 crore over the next five years and will begin construction on its 25,000 sq ft facility on March 23. In a later phase, an additional ₹5,000 crore will be invested. The facility will include an Outsourced Semiconductor Assembly and Testing (OSAT) center and an R&D center to incorporate the latest advancements in the field. RRP Electronics will seek support from the Maharashtra Government to set up the facility, which aims to serve industries such as automobiles, power, and electronics.

Karnataka plans to levy cess on online transactions to fund welfare of gig workers

Economic Times

Economic Times · 1y ago

Karnataka plans to levy cess on online transactions to fund welfare of gig workers

The Karnataka government is planning to introduce a cess on online transactions to support the welfare of gig workers employed by technology platforms. The proposed legislation, called the Platform-Based Gig Workers Fund and Welfare Fee Bill, aims to provide livelihood security to platform-based gig workers. The state's Chief Minister, Siddaramaiah, has already discussed the idea with major platform companies like Flipkart and Swiggy, who have responded positively. Last year, the government introduced an insurance facility for gig workers engaged by e-commerce companies.

Startups in queue for insurance licence face stricter norms

Economic Times

Economic Times · 1y ago

Startups in queue for insurance licence face stricter norms

The Insurance Regulatory and Development Authority of India (Irdai) is taking a closer look at venture-funded startups seeking to become insurance companies. Following recent financial irregularities in new-economy firms, Irdai is implementing stricter guidelines for granting insurance licenses. It is expected that companies seeking a license will have to eliminate holding company structures and secure investor funding directly. The regulator also prefers applicants to have backing from a large domestic investor and for the promoter to have a substantial net worth. The move comes after 19 companies applied for an insurance manufacturing license by the end of 2023.

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