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Indian

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%.

International

Top UK firms face tougher climate disclosure rule

-The Investment Association, which represents managers of 7.7 trillion pounds ($10 trillion) in assets such as shares, said Britain’s largest listed companies should start reporting on climate risks immediately.

-There are 480 premium-listed companies on the London Stock Exchange with a combined capitalisation of 2.3 trillion pounds or 60% of total market capitalisation.

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