Page 11 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) 23062 COPY.indd

Edition July 2022
Annual Issue, 10
BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
BFSI Chronicle, 2
th th
nd
nd
From the Desk of the Department
Greetings from team BFSI!

The start of the first quarter of the current financial year continued with almost no restrictions
compared to what we had experienced during the COVID-19 pandemic times bringing relief to
humanity at large. However, we urge our readers to follow COVID protocols advised by the Government
from time to time for their own safety.

Some of the defining moments of the very recent past and trends for the immediate future which may
have far reaching impact in the BFSI sector and the Indian economy are listed below for our readers to
ponder upon –
The Russia-Ukraine war has impacted the world at large and India being no exception felt its impact
on inflation, oil prices, exchange prices, liquidity and other market and economic indicators.

 The rupee plunged to a new lifetime low to a dollar during the month of June 2022.
 Interest rates continued to rise as a fall out of rising repo rates as a fall out of the concern over
continued high inflation and RBIs endeavour to bring down price rise.

 The number of education loan applicants declined significantly to the tune of 45% during 2021-
2022 compared to the previous FY.
 The current account deficit during the last quarter of FY22 was pegged at 13.4 billion dollars

(1.5% of GDP).
 The income tax department has come out with detailed disclosure requirements for Tax Deducted
at Source deductions for cryptos and virtual digital assets.
 The optimistic expectations for the growth of the Indian economy is expected to be projected
around 7.5% for the year.
 Industry insiders claim that life insurance companies may be allowed to offer health insurance
policies in the times to come.
 Insurance penetration in India is poised to rise rapidly with the market set to reach a size close
to 222 billion dollars by FY26, driven by the growing middle class and increasing digital access,
according to a report by Redseer.
 IRDAI has notified the third-party premium rates for private four-wheelers and two-wheelers for

the current financial year.
 The Life Insurance Corporation of India brought in the country’s largest IPO in May 2022 which
was oversubscribed by nearly 3 times and was priced at Rs 949 but continued to quote at a discount
post listing.
 Stock markets hit a 52-week low during the month of June 2022 where the SENSEX and NIFTY
tanked intermittently.
 SEBI approaches market participants to look into letting foreign portfolio investors to trade in
commodity derivatives listed on Indian exchanges.
We shall continue to track the developments and appraise our readers in future issues and we also hope
that readers will find all the articles in this edition of the chronicle very informative and interesting.

We urge the readers to contribute articles relevant to the BFSI sector for future issues of the chronicle.
Stay safe and happy reading.
The Institute Of Cost Accountants Of India
The Institute Of Cost Accountants Of India
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