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NFRA penalises Deloitte Haskins & Sells LLP, finds deficiencies in BSR & Co’s Audit
The watchdog has imposed a monetary penalty of Rs 2 crore on...
Govt asks GSI to redefine TN tungsten mine block, exclude biodiversity site
The statement came in the wake of Tamil Nadu Chief Minister M K...
ICICI Lombard gets final IRDAI nod for acquiring Bharti Axa, to be 2nd largest Indian general insurer
The merger of Bharti Axa General Insurance with ICICI Lombard General Insurance, had earlier got formalised in an all-stock deal, valued at €521 million(approximately Rs 4,200 crore).
The shareholders of Bharti AXA will receive two shares of ICICI Lombard for every 115 shares of Bharti AXA held by them as on the date as the scheme of arrangement is approved by the board of directors of ICICI Lombard and Bharti AXA.
he consolidated entity will have a market share of about 8.7 per cent on a pro forma basis in the non-life business,
Govt revamps incentives for autos to boost EVs, hydrogen fuel cells: Report
Auto parts makers, however, will get incentives to produce components for clean cars as well as for investing in safety-related parts and other advanced technologies like sensors and radars used in connected cars, automatic transmission, cruise control and other electronics, the sources said.
“The idea is to promote the development of technology that is currently not manufactured in India but is imported either because regulation demands it or customers want those features in their cars,” said the second source.
Over half of India’s adult population received at least 1 Covid shot: Govt
“Besides, 16 per cent of India’s adult population have been fully vaccinated which means they have received both the doses of COVID-19 vaccine while 54 per cent have been administered at least one dose,” the Union health secretary said.
India aims to open finance to millions with user-data system
Regulators agreed to allow banks, pension funds, tax authorities, insurers and other finance firms to pool together customer information — once the user consents — to make transactions smoother. If the system works, firms will be able access large amounts of data within seconds to assess the creditworthiness of a small business, recommend a wealth management product for an individual, or tailor an insurance policy for a family.
The Account Aggregator system, years in the planning, was formally introduced on Thursday. It’s an ambitious approach that combines privacy protection with credit reporting.
HDFC Life to acquire Exide Life for Rs 6,687 crore
The embedded value of Exide Life, as on 30th June 2021, is Rs. 2,711 crore will augment the existing embedded value of HDFC Life by approximately 10% Proposed transaction will accelerate the growth of Agency business of HDFC Life as well as strengthen other distribution channels including Broker, Direct and Co-operative Banks Complementary geographical presence with a strong foothold in South India, especially in Tier 2 and Tier 3 locations
Customers to benefit from stronger product suite, wider distribution network and more service touch points
▪ Synergies to enhance shareholder value with potential to improve new business margins via operating leverage and
product mix optimisation
India records 47,092 new COVID-19 cases, biggest daily rise in 2 months
“With cases rising in Kerala, adequate steps should be taken to contain the inter-state spread of COVID-19,” Health Minister Mansukh Mandaviya said in a statement after speaking with his state counterparts in Tamil Nadu and Karnataka, which border Kerala.
He asked them to increase vaccination in the districts close to Kerala. India has so far administered 662 million doses, with at least one dose in 54% of its 944 million adults and the required two doses in 16%.
Aon acquires 100% of its Indian JV, buys out 51% from Narayana Murthy’s Catamaran
Aon is the second intenational broker, after another USA based Galligher, that has now a fully owned company in India after the government allowed 100 per cent FDI in the domestic insurance intermediaries sector two years back.
Pollution likely to cut 9 years of life expectancy of 40% of Indians
More than 480 million people living in the vast swathes of central, eastern and northern India, including the capital, New Delhi, endure significantly high pollution levels, said the report prepared by the Energy Policy Institute at the University of Chicago (EPIC).
“Alarmingly, India’s high levels of air pollution have expanded geographically over time,” the EPIC report said.
India logs 41,965 new COVID-19 cases
With 1.33 crore COVID-19 vaccine doses being administered on Tuesday, the highest ever in a single day, the cumulative doses given in the country under the vaccination drive has exceeded 65.41 crores, according to the ministry.
India to offer indemnity to Air India bidder over Cairn claim: Report
Potential bidders for the airline — identified by local media as conglomerate Tata Group and the owner of local budget carrier SpiceJet Ltd. — may welcome any assurance from the government on not having to encounter any surprises on further liabilities.