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New Delhi, <keyword id="47209" type="General" weightage="20" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> would consider capital infusion in three loss-making public sector general insurance companies based on their financial performance of nine months. The infusion if required would be made in the fourth quarter of the current financial year, sources said. According to sources, the finance ministry last year asked three insurers -- National Insurance Company Limited, <keyword id="94451" type="General" weightage="80" keywordseo="oriental-insurance-company-limited" source="Orion">Oriental Insurance Company Limited</keyword> and <keyword id="356117" type="General" weightage="80" keywordseo="united-india-insurance-company" source="Orion">United India Insurance Company</keyword> -- to chase bottomlines rather than topline and underwrite only good proposals. The financial review would give some idea about the impact of restructuring initiated on the profitability numbers and the solvency margin, sources said. The solvency margin is the extra capital the companies must hold over and above the claim amounts they are likely to incur. It acts as a financial backup in extreme situations, enabling the company to settle all claims. The government last year provided Rs 5,000 crore capital to three insurers -- National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company. Kolkata-based National Insurance Company Limited was given the highest, Rs 3,700 crore, followed by Delhi-based Oriental Insurance Company Limited (Rs 1,200 crore) and Chennai-based United India Insurance Company (Rs 100 crore). According to sources these companies have been asked to improve their solvency ratio and meet the regulatory requirement of 150 per cent. The solvency ratio is a measure of capital adequacy. A higher ratio reflects better financial health and the ability of the company to pay claims and meet future contingencies and business growth plans. Barring the solvency ratio of <keyword id="6369780" type="General" weightage="80" keywordseo="new-india-assurance" source="Orion">New India Assurance</keyword>, this key indicator of the three public sector general insurance companies stood below the regulatory requirement of 150 per cent. During 2019-20, the government infused Rs 2,500 crore in these three companies. It increased substantially to Rs 9,950 crore in the following year and Rs 5,000 crore in 2021-22. In all, the government infused Rs 17,450 crore into these insurance firms so far to improve their financial health. Public sector general insurance companies are undergoing various reforms, including organisational restructuring, product rationalisation, cost rationalisation and digitalisation. For efficient use of capital and to push profitable growth, the sources said, a set of key performance indicators linked reforms have been initiated by all public sector general insurance companies effective 2020-21, when the maximum capital infusion was made. Of the four state-run general insurance companies only New India Assurance Company is listed on the stock exchanges, the remaining three are wholly owned by the government. The government has already announced its intention to privatise one general insurance company. To facilitate privatisation, Parliament has already approved amendments to the General Insurance Business (Nationalisation) Act (GIBNA). Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> in the Budget 2021-22 announced a big-ticket privatisation agenda, which included two public sector banks and one general insurance company. "We propose to take up the privatisation of two public sector Banks and one general insurance company in the year 2021-22. This would require legislative amendments," she had said.

Govt may infuse capital in PSU general insurers in Q4 based on performance

<keyword id="19994372" type="General" weightage="20" keywordseo="maruti-suzuki-india-limited" source="keywords">Maruti Suzuki India Limited</keyword> (MSIL) has introduced a new variant of its popular hatchback, the <keyword id="23141056" type="General" weightage="20" keywordseo="epic-new-swift" source="Orion">Epic New Swift</keyword>, offering an S-CNG model that promises to set a new benchmark in fuel efficiency. With a claimed mileage of 32.85 km per kg, this variant promises to be the most fuel-efficient premium hatchback in its segment, according to the automaker. <h2><keyword id="19909974" type="General" weightage="100" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword>'s <keyword id="23141056" type="General" weightage="20" keywordseo="epic-new-swift" source="Orion">Epic New Swift</keyword> S-CNG launched</h2>The launch of the <keyword id="23141055" type="General" weightage="20" keywordseo="swift-s-cng" source="keywords">Swift S-CNG</keyword> marks another step in <keyword id="19909974" type="General" weightage="100" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword>'s commitment to providing greener mobility solutions. As the demand for eco-friendly vehicles continues to rise, the automaker has expanded its <keyword id="23141055" type="General" weightage="20" keywordseo="swift-s-cng" source="keywords">Swift S-CNG</keyword> lineup to three variants: V, V(O), and Z, offering customers more choices. Each variant comes equipped with a 5-speed manual transmission, and their ex-showroom prices are set at Rs 819,500, Rs 846,500, and Rs 919,500, respectively. Maruti Suzuki has been at the forefront of the CNG vehicle segment in India since 2010. Over the years, it has sold more than 2 million S-CNG vehicles, making it a leader in the industry. Partho Banerjee, Senior Executive Officer of Marketing and Sales at <keyword id="19994372" type="General" weightage="20" keywordseo="maruti-suzuki-india-limited" source="keywords">Maruti Suzuki India Limited</keyword>, talked about the company’s achievements and said, “Our S-CNG technology has democratized green mobility solutions, and we are proud to offer the widest range of 14 S-CNG powered vehicles across all body styles.” The automaker’s CNG vehicle sales have witnessed significant growth, with a 46.8% increase in the passenger vehicle category during the 2023-24 financial year compared to the previous year. Additionally, since 2010, Maruti Suzuki has maintained a compound annual growth rate (CAGR) of around 28% in its CNG sales, underlining the strong demand for eco-friendly vehicles in India. <h2>Swift S-CNG features </h2> The new Swift S-CNG not only promises to offer best-in-segment fuel efficiency but also packs a range of features designed to enhance the driving experience. It comes equipped with six airbags for enhanced safety, automatic climate control, a rear AC vent, and a wireless charger. The vehicle also boasts a 17.78 cm (7-inch) Smart Play Pro infotainment system with <keyword id="20518583" type="General" weightage="20" keywordseo="suzuki-connect" source="keywords">Suzuki Connect</keyword>, offering a connected and feature-rich driving experience. Maruti Suzuki also offers the Swift S-CNG through its subscription program, Maruti Suzuki Subscribe, at a monthly fee starting from Rs 21,628. This option provides a hassle-free way to drive a new car without the need for outright ownership. The subscription fee covers the cost of registration, service and maintenance, insurance, and roadside assistance, allowing customers to enjoy the benefits of driving a new car with minimal worries. (With ANI inputs)

Maruti Suzuki's Epic New Swift S-CNG launched, price starts from Rs 8,19,500

<keyword id="19986399" type="General" weightage="20" keywordseo="tata-electronics" source="keywords">Tata Electronics</keyword> has signed a memorandum of understanding with <keyword id="20120108" type="General" weightage="20" keywordseo="tokyo-electron" source="keywords">Tokyo Electron</keyword> to buy equipment and services for its under-construction chip units in Gujarat and Assam. Under the agreement, Tata Electronics and <keyword id="20423333" type="General" weightage="20" keywordseo="tel" source="keywords">TEL</keyword> will also focus on training Tata Electronics' workforce on TEL equipment and supporting ongoing improvement and research and development initiatives. "Tata Electronics...signed a memorandum of understanding with <keyword id="23110637" type="General" weightage="20" keywordseo="tokyo-electron-limited" source="keywords">Tokyo Electron Limited</keyword> (TEL), a leading global supplier of semiconductor equipment and services. The two companies will collaborate to accelerate semiconductor equipment infrastructure for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s first Fab being built by Tata Electronics in Dholera, Gujarat, and for its assembly and test facility in Jagiroad, Assam," Tata Electronics said on Monday. Tata Electronics is building India's first Fab in Dholera, Gujarat, with a total investment of Rs 91,000 crore and assembly and testing of semiconductor chips with investment of Rs 27,000 crores in Jagiroad, Assam. Together, these facilities will produce semiconductor chips for applications across automotive, mobile devices, artificial intelligence (AI), and other key segments to serve customers globally, the statement said. "TEL has a history of working closely with its customers, and its expertise in the semiconductor equipment space will help build a dynamic ecosystem to support the timely execution of bringing up our Fab and advanced packaging factories," Tata Electronics managing director and CEO, Randhir Thakur said. TEL will explore opportunities to leverage India's talent to establish an engineering service in India to support its global product development, the statement said. "This strategic collaboration spans both front-end fabrication and back-end packaging technologies, highlighting our commitment to delivering exceptional support and value to Tata Electronics. By leveraging our collective strengths, we aim to accelerate development and drive innovation across multiple technology nodes," TEL, President and CEO, Toshiki Kawai said. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-energy-looks-to-raise-3100-crore-files-ipo-papers-with-sebi/articleshow/113214971.cms">Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-iphone-16-pro-max-india-price-specifications/articleshow/113204340.cms">iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-iphone-16-plus-price-specs/articleshow/113203568.cms">iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900</a>

Tata Electronics signs pact with Tokyo Electron to buy semicon equipment

With just 2 days to go before finance minister Nirmala Sitharaman presents the union budget 2024, various sectors are abuzz with their expectations from the first full fledged budget to be presented under PM Modi's third consecutive term. Most experts anticipate the budget to focus heavily on boosting consumer demand and accelerating infrastructure development. In fact, president Murmu has already hinted that the budget will be historic, both in its scope and announcements. As such, what is it that the Indian insurance industry, driven by IRDA's vision of "Insurance for all by 2047" want from this budget? Lets find out <h2>Capture the <keyword id="21409017" type="General" weightage="20" keywordseo="annuity-market" source="keywords">annuity market</keyword> </h2>Subhrajit Mukhopadhyay, Executive Director, Edelweiss <keyword id="19936531" type="General" weightage="20" keywordseo="life-insurance" source="keywords">Life Insurance</keyword> anticipates that the upcoming budget should tackle the issue of how annuities are taxed. Currently, they are completely taxable in the hands of customers, which reduce its attractiveness, vis a vis other retirement planning options like NPS (National Pension System). According to a recent report by UNFPA, the population of number of individuals in the country who are aged 60 or more is set to double to around 346 million in the next 30 years. As such, it becomes all the more important to create awareness regarding retirement planning, and ensuring the aged have a secure, stable source of income in their twilight years, which is where annuities come in. "India’s vast ageing population underlines its burgeoning pension and annuity market. Annuity caters to the key dilemma of a pensioner, for a life-long pension at a steady, guaranteed rate and exposes the investors to a reinvestment rate risk especially in a volatile interest rate scenario. Annuities are the only solution, which provide complete protection from the perspective of living longer (i.e. outliving one’s corpus), by providing a regular flow of income throughout one’s lifetime, purchased in lieu of a single lump-sum amount. Currently, tax incentive is offered for people to accumulate corpus in NPS under Section 80CCD (1b ). A similar incentive may also be extended to annuities", noted Mukhopadhyay <h2>Separate sops for <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> premiums </h2>One of the most vocal demands of the insurance industry at the moment is to increase the tax deduction limit for premiums paid towards life and health insurance. At present, individuals aged below 60 can claim an annual deduction of up to Rs 25,000 towards health insurance premiums paid for self, spouse or children. The limit goes up to Rs 50,000 in case of senior citizens. Mr. Rakesh Goyal, Managing Director, Probusinsurance.com hopes that the budget will raise this limit to Rs 50,000 for self, spouse, and children, and Rs 1 lakh for senior citizens. Anup Rau Managing Director &amp; Chief Executive Officer of Future Generali India Insurance Company Limited, agrees to this. “Making insurance products affordable and accessible to masses will be crucial to ensure India achieves “Insurance for All by 2047” – a goal set by IRDAI - and this calls for certain <keyword id="20071222" type="General" weightage="20" keywordseo="tax-incentives" source="keywords">tax incentives</keyword>. The deduction limit on health insurance premium under Section 80D has remained unchanged for the past nine years despite the fact that there has been a significant rise in healthcare costs across the country. Interestingly, India, which surpasses South Asian peers with a medical inflation rate of 14%, last witnessed an enhancement in the deduction limit in 2015-16. Also, these benefits need to be extended to the new tax regime as well since increasing health <keyword id="20998941" type="General" weightage="100" keywordseo="insurance-penetration" source="keywords">insurance penetration</keyword> is critical", he adds. Goyal goes a step ahead, and advocates for creating a separate exemption limit for insurance premiums, in addition to the existing threshold of Rs 1,50,000. "Right now, Indians get a tax exemption of Rs 1.5 lakh every year, but it's crowded with various financial products. We would expect the limit to increase or to establish a separate exemption limit specifically for life insurance premiums. This move would help increase countrywide insurance penetration", says Goyal. Krishnan Ramachandran, Managing Director and Chief Executive Officer (MD&amp;CEO) of Niva Bupa Health Insurance also advocates for the 80D tax exemption to be linked to inflation and revised periodically. Also, per him, tax exemptions should also extend to dependent family members like siblings. Syed Meraj Naqvi,CEO &amp; Principal Officer, Riskbirbal Insurance Brokers also thinks on similar lines. "Adding a portion of medical insurance premiums for tax relief alongside the current 1,50,000 deduction limit would not only ease financial burdens but also encourage the younger generation to embrace saving habits. It’s about nurturing a mindset of financial responsibility while ensuring adequate healthcare coverage for all", he notes. Parimal Heda, Chief Investment Officer, Go Digit General Insurance believes that a good way to increase insurance coverage amongst young individuals is by offering a significant tax discount. "This could also be considered particularly for first-time health insurance buyers, especially youngsters. A tax exemption of 200% of the premium amount can be considered under chapter VIA. This can later be reduced in a phased manner of four years to make the same at par with the existing tax benefit provided under Section 80D", Heda observes. <h2>Don't overlook home, vehicle insurance </h2>Even though motor insurance, which makes up for around 50% of the non-life insurance industry (sans health) grew at around 12.9% in FY24, touching Rs 91,781.3 crore, over 50% of vehicles don’t even have a third-party (TP) motor insurance. To counter this, Heda suggests a one-time tax exemption can be offered to people to renew their lapsed TP policy. Additionally, given the increasing frequency of natural calamities adversely impacting human property, it is necessary to increase home insurance penetration to protect homeowners. Per Heda, the government, with the help of RERA can make home insurance mandatory for new homeowners, for which a tax deduction of up to Rs 25,000 can also be considered on home insurance premiums. However, a word of advice. Do not wait for tax breaks, or budget announcements to buy a life, or health insurance in case you already don't have one. Get one right away!

Budget 2024: Three things the insurance sector want from FM Sitharaman this budget.

<ul><li><keyword id="6362363" type="General" weightage="20" keywordseo="health-insurance" source="Orion">Health insurance</keyword> companies, middlemen, and agents have to give all policyholders a document called the <keyword id="1328156" type="General" weightage="20" keywordseo="customer-information" source="Orion">customer information</keyword> sheet(CIS). </li><li>Easy to understand CIS will help address common customer queries and understand their <keyword id="2303826" type="General" weightage="20" keywordseo="policy-benefits" source="Orion">policy benefits</keyword> as well as limitations better. </li><li>There should be a note that tells policyholders where to find the CIS, so they can always refer to it when they need to understand their policy better. </li></ul>According to a recent circular by the Insurance Regulatory and Development Authority of India (IRDAI), health insurance companies, middlemen, and agents have to give all policyholders a document called the customer information sheet (CIS), and they need to make sure they confirm that the policyholder got it, whether it's a physical paper or a digital version. If a policyholder wants it, this sheet should be available in their local language. The sheet should use a font size that's at least 12" (in Arial) or bigger to make it easy to read. It's also important that all the information on this sheet is filled in correctly. <cmsannotation type="cmsannotation" annotationid="Policy information in a simple language in one place" comment="Subhead" text="Policy information in a simple language in one place">Policy information in a simple language in one place</cmsannotation> “This is a very good initiative that will bring transparency from the customer perspective. Every information that the customer needs is already there, but the CIS will give it in a simple, tabular form,” says Bhaskar Nerurkar, head, health administration team, Bajaj Allianz General Insurance. For example some policies may have certain sublimits or room rent restrictions, which will be listed transparently in a simple form in one particular place. “We send all these details to the customer but it is in a policy schedule form which is slightly legal,” adds Nerukar. Agrees, Dr. S. Prakash, chairperson, Health Committee, General Insurance Council. “The CIS can be very handy and useful and prevent any delay when a claim is processed.” Given that many policy wordings contain technical jargons and legal language, customers may face challenges in comprehension. “Easy to understand CIS will help address common customer queries and understand their policy benefits as well as limitations better, so that it leaves no room for any confusion during policy holding or claim processing,” says Bhabatosh Mishra, director, claims, underwriting and product, Niva Bupa, a <keyword id="135638" type="General" weightage="20" keywordseo="health-insurance-company" source="Orion">health insurance company</keyword>. <cmsannotation type="cmsannotation" annotationid="Necessary information access made easy" comment="Subhead" text="Necessary information access made easy">Necessary information access made easy</cmsannotation> When sending out the main policy document, there should be a note that tells policyholders where to find the CIS, so they can always refer to it when they need to understand their policy better. This helps make sure that people understand their insurance policies and have all the information they need. If the customers have any query they can get both online and offline assistance from the intermediary and resolve any doubts,” says Prakash. Customers can also contact the customer support team of the health insurance companies for help.

Health insurance information to be made available in a simple and lucid form from January 1

<ul><li>India's real GDP grew at around 8.2% in real terms in Fy24: Economic Survey </li><li>Retail inflation dipped to 5.4% in FY24, notes Economic Survey</li><li>Unemployment dipped to 3.2% in FY24</li></ul><keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> is set to present the union budget on 23rd July, at 11 am. The budget session is scheduled to last between 22nd July and 12th August. This will be <keyword id="19956941" type="General" weightage="20" keywordseo="FM-Sitharaman" source="keywords">FM Sitharaman</keyword>'s seventh consecutive budget presentation under the third term of <keyword id="20205025" type="General" weightage="20" keywordseo="Bhartiya-Janata-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Bhartiya Janata Party" meta.hostid="261" meta.entityid="Bhartiya Janata Party">Bhartiya Janata Party</keyword> (BJP). All budget-related documents will be available at indiabudget.gov.in. You can watch the presentation live on Doordarshan, Sansad TV, and also on various official government YouTube channels. With this budget, Sitharaman will only precede former PM <keyword id="20342248" type="General" weightage="20" keywordseo="Morarji-Desai" source="keywords">Morarji Desai</keyword>, who has presented the highest number of budget (10) till date, followed by <keyword id="22330828" type="General" weightage="20" keywordseo="P-Chidambaram" source="keywords">P. Chidambaram</keyword> with 9 budgets, and Pranab Mukherjee, who has 8 budgets to his credit. In her recent address in parliament, Sitharaman noted that significant social and economic decisions will be a highlight of this budget. Notably, she concluded <keyword id="901788" type="General" weightage="20" keywordseo="pre-budget-consultations" source="Orion">pre-budget consultations</keyword>, which began on June 19th, on July 5th, where she met 20 invitees across 10 groups, including representatives from agriculture, skill development, finance and banking, energy, <keyword id="17408" type="General" weightage="20" keywordseo="Infrastructure" source="Orion">infrastructure</keyword> sector and more. <h2>Key expectations from Budget 2024</h2>Experts note that this budget will mainly focus on improving consumption, and boosting <keyword id="174143" type="General" weightage="20" keywordseo="infrastructure-development" source="Orion">infrastructure development</keyword>. Per reports, the government is also mulling raising the threshold of standard deduction under income tax regimes from the present Rs 50,000 to Rs 1 lakh. Additionally, to boost healthcare accessibility for the underserved in the country, the government is also contemplating to double the annual coverage offered under the <keyword id="20097876" type="General" weightage="20" keywordseo="Ayushman-Bharat-health-insurance-scheme" source="keywords">Ayushman Bharat health insurance scheme</keyword> from the present Rs 5 lakh to Rs 10 lakh over the next 3 years, along with also covering individuals aged over 70. Mr. Tashwinder Singh, CEO &amp; MD, Niyogin Fintech Limited, which offers credit to MSMEs, noted that upcoming regulatory changes should focus on simplifying compliance, taxation policies that encourage entrepreneurship, and incentivise innovations that drive R&amp;D investments. "We hope that the government takes measures to support the lending industry through access to capital and affordable interest rates, enabling entrepreneurs to realize their vision. Furthermore, we look forward to relaxed norms for NBFCs, allowing them to contribute more substantially to the economy. These measures will collectively propel India's economic growth, boost job creation, and position the Indian fintech industry as a strong contender in innovation and entrepreneurship", he continues. As for bolstering green infrastructure and clean energy production, Ms Aditi Balbir, Co-founder, EcoRatings notes that the 2024 union budget should prioritize investments in sustainable infrastructure projects and clean energy solutions, as 70% of greenhouse gas emissions stem from energy, industry, and buildings. "This will create a future-proof foundation for economic growth and help in achieving net-zero targets. Infrastructure is crucial in addressing climate change and meeting diverse societal needs. A transformative overhaul of our current and future infrastructure assets is essential. The budget should introduce financial incentives, such as lower interest rates on loans and dedicated grants, for companies committed to ESG compliance. This will create a clear link between sustainability efforts and economic benefits", she continued. <h2>Focus on Agri-credit, Real Estate in Budget 2024</h2>The government could also raise the target for agricultural loans disbursed during the year by up to 25%, setting the target at Rs 25 lakh crore. The government will also have to revamp the MSP (minimum support price) system in this space, focusing on challenges such as narrow coverage, dipping export competitiveness, discouraging private investment in this space and more. Another area that demands significant attention is real estate. Shubhi Jain, Principal Partner &amp; Head of CRM, Square Yards anticipates significant reforms in the upcoming budget under the new government. Securing industry status will unlock a plethora of legal and administrative benefits, along with much-needed tax incentives. "Also, while government’s focus on affordable housing under PMAY is commendable, recalibrating strategies in light of escalating construction costs is imperative for sustained inclusiveness and effectiveness. Moreover, enhanced tax reliefs and increased deductions on home loans, currently capped at INR 2 lakhs, are pivotal in stimulating demand and supporting prospective buyers", she says. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Assistance for Nalanda's development as a tourist center" mstype="2" mssubtype="0"></div><h2>Short-term outlook positive, notes Economic Survey </h2>FM Sitharaman presented the Economic Survey 2023-24 in the parliament today, ahead of the budget. The survey noted that the Indian economy had managed to recover and expand in an orderly fashion post the pandemic, with the real GDP growing by 8.2% in FY24. Going ahead, prospects for continued strong growth in FY25 remain robust. India also managed to bring down its current account deficit (0.7% of GDP in FY24), while projecting a 7%+ growth rate in the medium term. On the employment front, the survey noted that AI might moderate India's services export growth by as much as 0.3 to 0.4 percentage points annually over the course of the next decade. As such, greater emphasis and focus is needed on areas like blockchain, artificial intelligence (AI), machine learning, Internet of Things, cybersecurity, cloud computing, big data analytics, augmented reality, virtual reality, 3D printing, and web and mobile development. The Indian labour market indicators have significantly improved over the past 6 years, with unemployment rates dipping to 3.2% in 2022-23. However, even as net payroll additions to EPFO have doubled over the last 5 years, signaling a healthy formal employment market, job creation and increasing women participation in workforce remain key areas of concern. For all updates and latest information related to the budget, don't forget to follow <a href="https://www.businessinsider.in/budget" data-type="tilCustomLink" target="_blank">Budget Insider</a>! SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: FM Sitharaman announces internships for 10 million youth in 500 top companies</a> <a href="https://www.businessinsider.in/budget/news/loan-limit-under-mudra-scheme-to-be-doubled-to-20-lakh-sitharaman/articleshow/111950024.cms" data-type="tilCustomLink" target="_blank">Loan limit under MUDRA scheme to be doubled to ₹20 lakh: Sitharaman</a>

Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?

<keyword id="85462" type="General" weightage="80" keywordseo="bajaj-finserv" source="Orion">Bajaj Finserv</keyword> on Monday posted a 42 per cent growth in its profit to ₹1,782 crore for the quarter ended 2022, against ₹1,256 crore in the year-ago period. The company's total income was ₹21,755 crore for the reviewed quarter, against ₹17,620 crore in the corresponding period the previous year, which is a surge of 23.46 per cent. According to the statement shared with the exchanges, finance costs of the company went up to ₹3,240.78 crore from ₹2,444.53 crore. Total expenses of the firm surged 17.10 per cent to ₹17,336.45 crore from ₹14,370.55 crore in the year-ago period. The company also said profit after tax of its subsidiary - <keyword id="111876" type="General" weightage="50" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword> - for the third quarter increased 40 per cent to ₹2,973 crore, against ₹2,125 crore in the year-ago period, mainly led by robust assets under management (AUM) growth. higher net interest income and better asset performance. <keyword id="6358511" type="General" weightage="100" keywordseo="bajaj" source="Orion">Bajaj</keyword> Finance (<keyword id="144840" type="General" weightage="50" keywordseo="bfl" source="Orion">BFL</keyword>)'s gross non-performing asset (NPA) and Net NPA as on December 31, 2022, stood at 1.14 per cent and 0.41 per cent, respectively, as against 1.73 per cent and 0.78 per cent as on December 31, 2021. BFL holds a management and macro-economic overlay in provisions of ₹1,000 crore as on December 31, 2022. Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. Bajaj Finserv participates in the financing business through its 52.49 per cent holding in Bajaj Finance (BFL) and in the life, general and health insurance businesses through its 74 per cent holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company Limited (BAGIC) and <keyword id="625416" type="General" weightage="50" keywordseo="bajaj-allianz-life-insurance-company-limited" source="Orion">Bajaj Allianz Life Insurance Company Limited</keyword> (BALIC). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/cpp-investments-commits-205-mn-to-indospaces-new-fund-for-building-industrial-logistic-parks-in-india/articleshow/97438270.cms">CPP Investments commits $205 mn to Indospace's new fund for building industrial, logistic parks in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-fpo-subscribed-just-2-amid-allegations-by-hindenburg-research/articleshow/97437900.cms">Adani Enterprises FPO subscribed just 2% amid allegations by Hindenburg Research</a>

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Govt may infuse capital in PSU general insurers in Q4 based on performance

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Maruti Suzuki's Epic New Swift S-CNG launched, price starts from Rs 8,19,500

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Tata Electronics signs pact with Tokyo Electron to buy semicon equipment

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Budget 2024: Three things the insurance sector want from FM Sitharaman this budget.

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Health insurance information to be made available in a simple and lucid form from January 1

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Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?

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Bajaj Finserv posts 42% growth in Q3 net profit to ₹1,782 crore

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