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Indian
PhonePe receives insurance broking licence from IRDAI
With over 300 million registered users,Phone Pe’s ‘direct broking’ license will allow it to distribute insurance products from all insurance companies across India.
Gunjan Ghai, vice president & head of insurance at PhonePe said, “This licence is a big milestone in our insurance journey as this move to broking will give us further momentum and accelerate our growth in this space. We are building a robust, full-service platform for our deeply engaged customer base through products in partnership with high quality insurers.”
Covid-19 3rd wave could peak between Oct-Nov; intensity expected to be 1/4 of second wave
Manindra Agrawal, an IIT-Kanpur scientist who is part of the three-member team of experts that have been tasked with predicting any surge in infections, said if no new virulent emerges, then the situation is unlikely to change.
If the third wave peaks, the country may see only 1 lakh daily cases as against more than 4 lakh when the deadly second wave was at its peak in May. The second wave killed thousands and infected several lakh.
RBI issues direction on compensation of private banks’ top officials
FSDC meeting on Sep 3; to take stock of economy, financial sector
The Reserve Bank of India Governor, and the heads of the Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India, Pension Fund Regulatory and Development Authority, and International Financial Services Centres Authority are also members of the FSDC.Sources also said that the finance minister may ask financial sector regulators to relax and harmonise investment norms for instruments like infrastructure investment trusts (InvITs) to be used to monetise public assets like highways, power and railway tracks.
International
Coronavirus time bomb: America’s uninsured and brutal work culture
Coronavirus fuels recession fears: Worst week for global markets since 2008
“The coronavirus now looks like a pandemic. Markets can cope even if there is big risk as long as we can see the end of the tunnel,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities. “But at the moment, no one can tell how long this will last and how severe it will get.”
Raghurmam Rajan’s advice to govts: Fight virus first, worry about stimulus later
Coronavirus COVID-19 risk increased to ‘very high’ but containment still possible
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