Reliance General Insurance takes legal opinion on Hinduja’s plan to extinguish ESOPs of RCAP subsidiaries
Hinduja-led IIHL — the successful bidder for Reliance Capital under insolvency proceedings — cannot extinguish the employees stock options (ESOPs) and other incentive schemes for the Reliance General Insurance Company (RGIC) employees, a subsidiary of Reliance Capital, according to legal opinion taken by Reliance General Insurance.

General insurance will grow by 18-24% in FY24: Kishore Kumar Poludasu
Source Credit: Manojit Saha, Business Standard

New Delhi: Retail health insurance product sales have picked up after the pandemic due to increasing awareness and entry of new players, says Kishore Kumar Poludasu, managing director (MD) and chief executive officer (CEO), SBI General Insurance. He spoke to Manojit Saha in an interview during Business Standard’s The Banking Show.

Edited excerpts

Higher pension issue likely on EPFO central board of trustees meet agenda

The issue follows the Supreme Court’s November 2022 decision upholding a 2014 amendment to the Employee Pension Scheme (EPS) that allowed EPFO members to opt for a higher pension by contributing up to 8.33 per cent of their actual salaries towards pension instead of 8.33 per cent of pensionable salary capped at Rs 15,000 a month. The court had given four months’ time for members to opt for this. After multiple extensions, nearly 1.8 million EPFO members have so far opted for a higher pension.
 

Swarup Mohanty becomes first non-Korean person to be Mirae Asset Financial Group’s Vice Chairman
Mirae Asset Financial Group of South Korea has promoted Swarup Mohanty to the position of Vice Chairman, The Korea Economic Daily reported. This is a historic milestone as Mohanty becomes the first individual of non-Korean descent to occupy this prestigious role within the financial conglomerate. Sources within the Seoul-based firm note that Mohanty’s elevation signals Mirae's keen intent to bolster its thriving Indian operations, the publication added.

How will Parag Parikh Arbitrage Fund make money for investors?
The New Fund Offer of Parag Parikh Arbitrage Fund is open now and will remain available till October 27, 2023. The allotment date of the fund is November 2 and the reopening date is November 3, 2023. As per information on the AMC’s website, Parag Parikh Arbitrage Fund (PPAF) is an open-ended scheme investing in arbitrage opportunities.

Macquarie, KKR seek Rs 8,500 crore in loans for their respective roads businesses in India

Mumbai: Australian investor Macquarie and American private equity firm KKR are in talks with local lenders to collectively raise around Rs 8,500 crore (approximately $1 billion) in fresh loans for their respective roads businesses in India, sources aware of the development told ET.

Navigating the Storm: Analysing the impact of surging US bond yields on global FX markets
The global bond market is the biggest of its kind, with a massive value of nearly $130 trillion, making it the most important place for buying and selling securities. The US commands the lion's share, contributing 40% to the global debt landscape.

Spike in gilt yields under watch
New Delhi: India is closely monitoring the unexpected "spike" in the government bond yields and will take "appropriate" action, including delaying planned treasury auctions, if they rise beyond tolerance levels, a government official said.

Bond signals
If market signals alone are taken to indicate where an economy is headed, the latest from the US are worrying. The yield on the US 10-year bond this week rose past the 5% mark for the first time since 2007. Back then, that was followed by a full-blown financial crisis, which is why this rise has got many concerned.