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CV volumes to contract 25-28% in FY21, outlook remains negative: Icra

The outlook for the commercial vehicles (CV) sector remains ‘negative’ on the back of continuing challenges such as over-capacity, subdued freight availability, financing constraints, among others, all of which have compounded due to the pandemic, Icra said in a release.
In the previous fiscal, CV domestic volumes stood at 7,17,688 units as against an all-time high of 10,07,311 vehicles in 2018-19.

Unicorn India Ventures invests in AI driven Insuretech startup Fedo

Fedo, founded in 2017 by Prasanth Madavana and Arun Mallavarapu, is spearheading the next generation of Artificial Intelligence powered health insurance insights with partners around the globe bringing together a unique understanding of health risks and the required coverage combined with industry knowledge across three continents.

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.

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