Universal Sompo General Insurance Company has successfully launched end-to-end cashless claims transactions on the National Health Claims Exchange (NHCX) Platform. NHCX is a single-window interface that allows for the secure sharing of health insurance claims data. The platform is intended to improve efficiency and transparency in claims handling. The NHCX platform functions as a single-window […] The post Universal Sompo General Insurance Company completes its first cashless claim transaction on NHCX platform appeared first on Elets BFSI ..read more

In the digital age, hyper-globalisation has seen commerce thrive exponentially, with large-scale transactions being conducted online between organisations every day for varied purposes, including trade financial deals, M&A, and other cross-border transactions. Given the complexity of each industry and the intricate terms and conditions to be met by either party involved in deals of varied […] The post Innovations in Transaction Banking: Transforming Financial Operations Across Diverse Sectors for Enhanced Performance and Competitiveness appeared first on Elets BFSI ..read more

Canara Bank has reported a robust financial performance for the first quarter of the current fiscal year, with a notable rise in net profit. The bank’s net profit surged by 10.5 per cent year-on-year (YoY), reaching Rs 3,905.28 crore. Sequentially, the net profit increased by 4 per cent. Canara Bank demonstrated an improvement in asset […] The post Canara Bank Q1 Results: Net Profit Rises 11% to Rs 3,905.28 Cr appeared first on Elets BFSI ..read more

DCB Bank Ltd. has announced its unaudited financial results for the first quarter of FY 2025, ending June 30, 2024. The Board of Directors approved the results at a meeting in Mumbai, along with the limited review report by statutory auditors Varma & Varma, Chartered Accountants, and B S R & Co. LLP, Chartered Accountants. […] The post DCB Bank Q1 FY 2025 Results: Profit Up by 3%, Advances and Deposits grow significantly appeared first on Elets BFSI ..read more

Bengaluru-based Bizcovr Insurance Broking Private Limited, operating under the brand name Covrzy, has achieved a significant milestone by securing a direct broking (general) license from the Insurance Regulatory and Development Authority of India (IRDAI). This license allows Covrzy to operate as a direct insurance broker, greatly enhancing its credibility and expanding its reach within India’s […] The post Insurtech Startup Covrzy secures IRDAI Broking License, Aims to revolutionise Business Insurance for Indian MSMEs and Startups appeared first on Elets BFSI ..read more

CredAble, a working capital technology platform, announced a collaboration with Finastra, a global provider of financial software applications and markets, to enhance the capabilities of Finastra Trade Innovation. CredAble’s feature-rich platform has now been incorporated into the solution, giving new and existing customers a full supply chain finance offering. As a result, banks can raise […] The post CredAble Collaborates with Finastra to Offer Supply Chain Finance Offers to Banks Globally appeared first on Elets BFSI ..read more

Federal Bank has announced the appointment of KVS Manian as its new Managing Director & Chief Executive Officer, effective September 23, 2024, after the approval from the Reserve Bank of India. Manian will succeed Shyam Srinivasan, who is stepping down after an impressive 14-year tenure. The transition will take place on September 23, 2024, following […] The post Federal Bank names KVS Manian MD & CEO appeared first on Elets BFSI ..read more

Finance Minister Nirmala Sitharaman commenced the presentation of her seventh consecutive Union Budget today, surpassing former Prime Minister Morarji Desai’s record. The 2024-25 Budget, the first comprehensive financial plan under the third term of Prime Minister Narendra Modi’s National Democratic Alliance (NDA) government, outlines ambitious initiatives across various sectors, with a significant focus on employment, […] The post Union Budget 2024-25: Outlines Ambitious Initiatives Across Various Sectors appeared first on Elets BFSI ..read more

Finance Minister Nirmala Sitharaman commenced the presentation of her seventh consecutive Union Budget 2024-25 today, marking a historic milestone as the first finance minister to achieve this feat. Surpassing former Prime Minister Morarji Desai’s record of six consecutive budgets from 1959-64, Sitharaman’s Budget also marks the first comprehensive financial plan under the Prime Minister Narendra […] The post Union Budget 2024 Live: Nirmala Sitharaman Takes the Floor for Her Record-Breaking Seventh Budget Address in Lok Sabha appeared first on Elets BFSI ..read more

HDFC Bank Ltd, the largest private lender in India, reported a significant 35.33 per cent year-on-year (YoY) increase in standalone net profit for the first quarter of the financial year 2024-25 (Q1 FY25). The net profit for the quarter stood at Rs 16,174.75 crore, compared to Rs 11,951.77 crore in the same period last year. […] The post HDFC Bank Q1FY25 Results: Net Profit Surges 35% to Rs 16,175 Cr appeared first on Elets BFSI ..read more