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#822 Daily Money Show | Money Purse Stock Market News
Original: # 822 Daily Money Show | Money Purse Stock Market News
Takeaway
Edelweiss Financial Services faces material RBI restrictions; IRDAI-s 1-hour cashless rule is a big win for health-insurance policyholders.
Summary
- Sensex -617 to 73,885 and Nifty -216 to 22,488; smallcap -1.43% on RBI action against Edelweiss Financial Services.
- RBI banned new structured-finance transactions at ECL Finance and barred Edelweiss ARC from acquiring new bad loans over wrongful exposure-routing through associate entities and AIFs.
- IRDAI new rule: insurers must give cashless authorization within 1 hour of request and final discharge approval within 3 hours; if delayed, insurer bears the extra hospital cost.
- Reliance Retail entering quick-commerce next month with 30-minute (not 10-min) delivery model via Reliance Retail stores plus 20 lakh connected kiranas; rumored Reliance Retail IPO ahead.
- Bajaj Finance regulatory action ended after fixes; Edelweiss says ECL Finance wholesale exposure already being reduced so impact may be limited.
EdelweissRBIIRDAIReliance RetailQuick Commerce
Original description
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