The RBI said frauds present multiple challenges for the financial...
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NHPC’s 2000MW Lower Subansiri project in Sikkim incurred loss of Rs 1 075.97 cr due to flash floods
The company in a regulatory filing said that the amount of damage...
Doha Insurance Group to set up reinsurance business in Gift City
Doha Insurance Group(DIG) is currently working on completing the...
Judicial reforms for strengthening contract enforcement next focus for govt: Sanyal
Sanyal said it takes time for disposal of legal matters which makes contract enforcement difficult, and called it the ”single biggest hurdle” for economic expansion.
Asked specifically if judicial reforms will be the key priority of the government, he said, ”To some extent yes…we will now move into the next phase where we will begin to do things related to administrative reforms and judicial reforms, yes.”
He added that the government will also be focusing on privatisation, adding that it is one thing to announce intentions and another do it. Despite the resistance, it will go forward with the asset monetisation plan, he noted.
Govt appoints SL Tripathy as CMD of United India Insurance
The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of S.L. Tripathy as CMD of UII till Feb 2024,” said an order by the ACC, headed by the Prime Minister Narendra Modi.
Govt revises NLEM: Slashes prices of 39 commonly used medicines
The commonly used drugs, which were brought under the price cap includes Teneligliptin — an anti diabetes drug, popular anti-TB drugs, Ivermectin — used in Covid treatment, Rotavirus vaccine, among others.
Govt invites bids for second time from law firms for LIC IPO
The government is also mulling allowing foreign investors to pick up stakes in the country’s largest insurer. As per Sebi rules, foreign portfolio investors (FPIs) are permitted to buy shares in a public offer.However, since the LIC Act has no provision for foreign investments, there is a need to align the proposed LIC IPO with Sebi norms regarding foreign investor participation.
FSDC asks regulators to keep constant vigil on financial sector
It also discussed issues relating to management of stressed assets, strengthening institutional mechanism for financial stability analysis, framework for resolution of financial institutions and issues related to IBC, banks’ exposure to various sectors and government, data sharing mechanisms of government authorities, internationalisation of Indian rupee and pension sector related issues.
LIC picks up nearly 4 pc stake in Bank of India through open market transaction
LIC has picked up nearly 3.9 per cent (15,90,07,791 shares) of the bank through open market acquisition on September 2, 2021, Bank of India said in a regulatory filing.
Before the latest acquisition of shares in the bank, LIC held over a 3.17 per cent stake in the state-owned bank.
After dropping below one, Covid R-value rises sharply to 1.17 in second half of August
When the second wave swept through the country between March to May, the R-value was 1.37 (between March 9 to April 21). From May 15-June 26, the R-value stood at 0.78. However, it slowly started increasing — it was 0.88 from June 20-July 7, 0.95 from July 3-22, 0.96 from July 24-27. It breached the value of 1.03 for the first time after the second wave during July 27-31. However, since then it has slowly started to decline.
Biological E gets nod for phase 2/3 clinical trial on children, adolescents
So far indigenously developed Zydus Cadila’s needle-free COVID-19 vaccine ZyCoV-D has received emergency use authorisation from the drug regulator, making it the first vaccine to be administered in the age group of 12-18 years in the country.
Indian insurance sector: Shakeout or promoter exits to happen?
According to Exide Industries, it has invested a total of Rs 1,679.59 crore in Exide Life, a wholly-owned subsidiary and in turn, gets a value of Rs 6,687 crore on the sale.
Exide Life is the second life insurance company to be sold after AMP Sanmar Life Insurance was sold to Reliance Life Insurance, now Reliance Nippon Life Insurance.
The general insurance sector saw stake sale/purchase last year. Paytm acquired Raheja QBE, HDFC Ergo acquired Apollo Munich, Sachin Bansal bought DHFL General Insurance, and Bharti Axa General was acquired by ICICI Lombard.
Maruti to recall over 180,000 vehicles to replace faulty electrical part
As a responsible corporate, keeping in mind customer safety, the company has announced to proactively undertake a recall of some petrol variants of Ciaz, Ertiga, Vitara Brezza, S-Cross and XL6, MSI said in a regulatory filing.This is to inspect for a possible defect in 181,754 units of these models manufactured between May 4, 2018 to October 27, 2020. In the interest of customers, Maruti Suzuki has decided to voluntarily recall the affected vehicles for inspection/replacement of Motor Generator Unit, free of cost,” said the company.