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India to get rating support if it uses RBI dividend to reduce deficit: S&P
"The additional dividends from the RBI are around 0.35 per cent of...
Corporate affairs ministry fines Nadella, LinkedIn India, for violations of companies law
Satya Narayana Nadella, executive chairman and CEO, Microsoft In a...
ON Singh quits Universal Sompo General Insurance Company as chairman
Recently, an inespection report of the insurance regulator IRDAI had found fault with the way Singh had managed Universal Sompo General Insurance Company which was doing a lot of intermediary and activities through his son’s broking company Risk Care.
Finmin says no increase in service charges by any public sector bank
With regard to Basic Savings Bank Deposit (BSBD) accounts, it said, no service charge is applicable on the 60.04 crore such accounts, including 41.13 crore Jan Dhan accounts opened by the poor and unbanked segments of society, for the free services prescribed by RBI.
India’s COVID-19 caseload reaches 82.67 lakh, recoveries surge to 76,03,121
A total of 76,03,121 people have recuperated from the infection so far, pushing the national recovery rate to 91.96 per cent, while the case fatality rate stands at 1.49 per cent.
The number of active cases remained below six lakh for the fifth consecutive day.
There are 5,41,405 active cases in the country as on date which comprise 6.55 per cent of the total caseload, the data stated.
CCI approves merger of Bharti AXA General Insurance into ICICI Lombard General insurance
The merger of Bharti Axa General Insurance with ICICI Lombard General Insurance, India’s largest non-life company had got formalised in an all-stock deal, valued at €521 million(approximately Rs 4,200 crore).AXA, with 49 per cent of stake and Bharti, with 51 per cent of stake, to combine their non-life operations in India into ICICI Lombard, in exchange of shares
HDFC ERGO implements AI enabled solution to automate motor claims
Parthanil Ghosh, president – Motor Business HDFC ERGO General Insurance said, ” We have implemented the use of AI in one of the most complex process of claim settlement post exhaustive testing and by leveraging the best-in-class technology. At present almost 75% of our physical inspections are assisted through IDEAS tool and have already processed more than 20,000 motor claims with promising accuracy levels. We look to further revolutionize the way claims will be settled in the insurance sector and very soon move towards instant claim settlements for customers, turning their satisfaction into delight.”
India’s October factory growth at decade high as demand bounces back
“Companies were convinced that the resurgence in sales will be sustained in coming months, as indicated by a strong upturn in input buying amid restocking efforts.”
Both output and new orders, which tracks overall demand, grew at their sharpest rates in more than 12 years and foreign demand expanded at its quickest pace since December 2014.
But firms cut staff for the seventh month in a row, a streak not witnessed since the survey began in 2005, signaling a quick recovery in the consumer-driven economy may be a distant possibility.
India’s COVID-19 caseload climbs to 81,84,082
A total of 74,91,513 people have recuperated from COVID-19 so far taking the national recovery rate to 91.54 per cent while the case fatality rate was recorded at 1.49 per cent.
The number of active cases of COVID-19 remained below 6 lakh for the third consecutive day.
There are 5,70,458 active cases of coronavirus infection in the country as on date which comprises 6.97 per cent of the total caseload, the data stated.
Impossible to wipe off COVID spread through lockdown, treat mask as vaccine: Delhi Health Minister
“There have been a lot of learnings from the lockdown, and a lot was also said that after the 21-day lockdown the virus spread will stop or with temperature going to 40 degrees Celsius, it will stop. Did it stop? So, the learning from that exercise has been that it is impossible to wipe off COVID-19 transmission through a lockdown as the virus has spread through the community,” he said when asked if lockdown-like restrictions could be imposed if spike in cases continue.
The other learning from the lockdown has been that the use of mask is an effective way to reduce the spread of the infection, he said.
SIAC order on Rs 24,713 cr RIL deal not enforceable, binding: Future Retail
Last Sunday, the SIAC passing an interim award in favour of Amazon had asked the Future group to put the deal on hold and said that the deal cannot go through until it finally decides the matter.
“The EA order is not enforceable under the provisions of the Arbitration and Conciliation Act, 1996 and is not binding on FRL. Any attempt on the part of Amazon to enforce the EA order shall be resisted by FRL to the fullest extent available under Indian law. FRL is also in the process of taking appropriate legal action to protect its rights,” the Future group firm said.
Tax mop-up showing signs of pick up, economy on revival path: Finance Secy
“The economic impact of pandemic would have been much more if our tax collection system had not improved. During the last year, we have taken measures like faceless assessment, faceless appeal, SFT (statement of financial transactions), restriction on cash withdrawal by imposing TDS (tax deducted at source).
“So the unscrupulous people who were evading taxes, now it has become harder for them. These would incentivise people to furnish correct tax information,” he said.