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ICICI Pru’s net profit remains almost flat at Rs 288 crore in June quarter
N S Kannan,MD & CEO, ICICI Prudential Life Insurance said, “The Covid-19 pandemic has had an impact on the way consumers perceive life insurance and protection products have therefore seen an increased demand. Even with the movement restrictions in the last quarter,the share of protection in our portfolio increased to 26 per cent of annualised premium equivalent (APE). This resulted in an expansion in the VNB margin from 21 per cent for Q1-FY2020 to 24.4 per cent for Q1-FY2021. Customers trust us to help them achieve their longterm financial goals and despite volatile markets our assets under management grew by 3.6 per cent to Rs 1.7 trillion for the quarter ended June 2020.”
Facebook’s WhatsApp to partner with more Indian banks in financial inclusion push
WhatsApp will also expand pilot projects with banking and other partners to cover financial services such as pensions and insurance.
“Our collective aim over the next two to three years should be to help low-wage workers and the unorganised, informal economy easily accesses three products – insurance, micro-credit and pensions,” Abhijit Bose, WhatsApp’s India head told a fin-tech summit
India’s water crisis is forcing farmers to finally rethink what they grow
Water shortages are already acute: nearly half the country’s population faces high-to-extreme water stress and about 200,000 die each year due to inadequate access to safe water. Stoked by climate change, the water crisis has forced Prime Minister Narendra Modi’s government to try and turn around decades of established farming practices and convince the country’s most powerful voting bloc to change the crops they plant. Water-guzzlers like rice and wheat are out, corn and pulses are in.
Govt to soon come out with a list of strategic sectors: DEA Secretary
Finance Minister Nirmala Sitharaman had in May announced that there will be a maximum of four public sector companies in strategic sectors, and state-owned firms in other segments will eventually be privatised.
“One important thing that I would like to mention is that the government should soon come out (with guidelines on) privatisation of the public sector companies,” Economic Affairs Secretary Tarun Bajaj said.
“This is a major announcement. I would say after 1956 when we decided to have public sector enterprises as our showpieces, this is the first time that any government has said that we will not have companies in the non-strategic sector in the public sector and in the strategic sectors also we will have less number of companies,” he said.
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