Provident Financial News

PB Fintech on Friday said that its wholly-owned subsidiary Policybazaar Insurance Brokers has been granted in-principle approval from the insurance regulator to upgrade its licence, allowing its entry into the reinsurance business. According to PB Fintech, the approval will allow Policybazaar “to deepen the insurance penetration in the country” and bring “more technology, process control and data analytics based innovation into reinsurance capacity”.

A US official has raised concerns about a provision in Senator Elizabeth Warren’s proposed bill on digital assets.

(Reuters) — A Starbucks (NASDAQ:SBUX) labor group on Friday sent a letter to the U.S. Securities and Exchange Commission (SEC), calling on the company to disclose costs arising from anti-union campaigns, which the alliance estimates to be at least $240 million.

Management issues at Oregon's Crater Lake have prompted the federal government to consider terminating its contract with the national park's concessionaire

The Biden administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals

The CEO of a shipping industry and sister-in-law of Senate Minority Leader Mitch McConnell was killed in car accident in Texas

The Biden administration is giving airports $970 million for improvements in terminals including things like wider concourses, new baggage-handling systems, and more gates

National Association of Home Builders CEO Jim Tobin provides professional analysis of the U.S. housing market following a tumble in demand as rates tick higher. 

Paytm Payments Bank Ltd. (PPBL) in terms of basic banking services and new deposits till March 15. It has also issued a set of frequently asked questions (FAQs) to provide clarity to customers having a savings account with the payments bank.

Bandhan Bank has acquired 12 offices spread across two floors in a commercial tower in Mumbai’s business district Bandra-Kurla Complex (BKC) on an outright basis for more than Rs 135.64 crore. The bank has picked up these commercial offices in INS Tower in BKC from four different sellers — Suraksha Realty, Neostone Developers, Orbit Enterprises, and Veera Associates. The bank has picked up the new office space as part of its growth and expansion strategy. It is expected to use this new space, which is nearly four times bigger than the current office in BKC’s Platina tower, as its Mumbai corporate office.

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Roku , Inc. (NASDAQ:ROKU) reported its fourth-quarter earnings, slightly surpassing analyst expectations for revenue but still posting a loss per share.

With a commanding lead in the polls ahead of a general election later in the year, the opposition party has set out its plans for financial services. Warning that the UK is in danger of slipping behind when it comes to innovation in financial services, the party says it will adopt a coordinated strategy and regulatory framework to embrace new technology. Labour "fully supports" the Bank of England's CBDC work and also wants to embrace securities tokenisation, which it says could increase liquidity, provide access to new asset classes and fractionalised assets, and strengthen risk management. "A future Labour government will therefore look to make the UK a global leader in tokenisation by advancing work to clarify the law around tokenisation, and working with regulators to establish a proportionate, outcomes-based regulatory regime to oversee the technology," says the plan. Labour also wants to take a lead in setting international standards for the use of AI in financial services. Meanwhile, the party is backing the Joint Regulatory Oversight Committee's work to define the next phase of Open Banking including laying out the long-term regulatory framework. It is also promising to develop a roadmap for Open Finance, arguing it has the potential to help improve financial inclusion and support household saving and investment. In addition, a Labour government will ask the FCA and PSR to evaluate the potential to stand up a new regulatory sandbox to encourage development of products to reach excluded and underserved Brits. Read the full plan

Loop Capital initiated research coverage of Nvidia (NASDAQ:NVDA) with a Buy rating and a $1,200 price target, marking a new Street high.

PM Vishwakarma Scheme encompasses various primary goals focused on providing support and empowerment to artisans and craftspeople in India. Here are some of the pivotal objectives: Skill and knowledge enhancement: The initiative encourages skill development by organizing training programs and workshops. This enables artisans to enhance their traditional skills, acquire new techniques, and produce improved products.

₹25,000, bringing the S1 Pro to ₹1.30 lakh, the S1 Air to ₹1.05 lakh, and the S1 X+ to ₹85,000, all ex-showroom. As per the publication, this move follows a similar strategy in January when Ola Electric offered discounts such as a flat ₹20,000 off on the S1 X+ and additional benefits like free extended warranty, exchange bonuses, and credit card discounts on the S1 Pro and S1 Air. Reportedly, potential buyers were also provided with attractive finance options, including zero down payment, no-cost EMI, zero processing fees, and an enticing 7.99% interest rate.

alternative investment funds (AIFs) from the restrictions imposed by the evergreening circular issued in December, reported Business Line. This may include NIIF Funds, SIDBI Fund of Funds, SBI Cap Venture’s Self-Reliant India Fund and SWAMIH Investment Fund (SIF) and any new funds that the government may launch or considered strategically important, said a person in the know. Equity funds are expected to see some leeway but not much of a relaxation may be granted to debt funds.

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The National Pension System (NPS) stands as a valuable asset in financial planning, particularly for retirement purposes. Despite its substantial advantages, private sector individuals, unlike government employees, are required to opt for participation and personally handle their contributions. Nevertheless, a notable distinction exists in contribution limits for government and private sector employees. 

By Francesca Landini

Unit Linked Insurance (ULIP) plans. The AUM of the Indian MF Industry has grown from ₹9.03 trillion as on January 31, 2014 to ₹52.74 trillion as on January 31, 2024 around 6 fold increase in a span of 10 years. The Indian Insurance market is expected to reach US$ 200 billion by 2027 and the country is the ninth-largest life insurance market globally.