Flipkart ties up with Aegon to sell life insurance policies
Indian E-commerce company Flipkart has tied up with Aegon Life Insurance to sell comprehensive insurance solutions for customers. The tie up targets those customers who are seeking instant digital policies with a sum assured of up to Rs 10 lakh. These life insurance policies do not need medical tests or paperwork as it is an instant life insurance cover, with digital policy as its core value proposition.
The tie-up aims to change the notion of customers regarding life insurance policies as customers think that it is expensive and cumbersome to buy including long and rigid tenures and mis-selling. The tie-up will give a new vision to this by making life insurance available to customers at the click of a button in a convenient and transparent manner.
Digital Solutions Exchange “GOKADDAL” launched in India
The World’s first Digital Solutions Exchange in the cloud “GOKADDAL” has been launched in India. GOKADDAL is a cloud-based solutions exchange platform which focuses on four A’s i.e. Automation, Artificial Intelligence, Analytics and Augmentative Technologies. GOKADDAL brings its customers to the right solutions with right tools and right providers and hence helps them to realize their digital transformation vision. The cloud delivery platform is expected to revolutionize the way digital solutions are sourced, delivered and managed.
The Dubai based emerging technology company “GOKADDAL Technologies” is a part of Merkado group.
Paytm subsidiary gets IRDAI’s brokerage licence to offer insurance products
Indian digital payments platform Paytm’s subsidiary, Paytm Insurance Broking, has received the brokerage licence from the Insurance Regulatory and Authority of India (IRDAI). Paytm will now offer insurance in various categories namely automotive, health and life. In addition to this, Paytm customers can also get policy management and claim settlement at select merchant points.
Paytm Insurance Broking aims to support its 16 Million merchant partners to sell its innovative insurance products all over India. Also, it aims to expand the outreach of its products in a hassle-free manner and empower the merchant by providing an alternate income source. Paytm has already partnered with 20 insurance companies and is now planning to get an additional 30 companies in future.
Bharti AXA General Insurance uses Whatsapp to deliver policy & renewal documents
Bharti AXA General Insurance, a private non-life insurer becomes the 1st company in India to use Whatsapp chatbot. Through this service, the company started delivering policies and renewal premium to its customers. It plans to sell the private car, two-wheeler and travel insurance through a WhatsApp chatbot.
ADB raises $118 million from rupee-linked bonds
The Asian Development Bank (ADB) has raised Rs 850 crore (USD 118 million) from a new issue of offshore Indian rupee-linked 10-year bonds. This represents ADB’s first new maturity raised in Indian rupees since 2017 and contributes to an established yield curve which stretches from 2021 through 2030 with Rs 7,240 crore (USD 1 billion) of outstanding bonds. ADB’s India rupee bonds have been a “game-changer” for local currency operations.
The bonds bear a semi-annual coupon of 6.15 per cent and priced to yield 6.19 per cent. The bonds, which are denominated in Indian rupees, but settled in US dollars, were underwritten by JP Morgan and primarily distributed to investors in the Americas (21 per cent) and Europe (79 per cent).
US becomes India’s top trading partner, surpassing China
The United States has become India’s top trading partner surpassing China, according to 2018-19 data from the Commerce Ministry. The bilateral trade between the US and India amounted to USD 87.95 billion as compared to USD 87.07 billion with China.
Birla Estates has introduced “LIDEA” on WhatsApp for its customers
Birla Estates has launched “LIDEA” for its customers on WhatsApp. “LIDEA” is an interactive AI Powered ChatBot solution launched by Birla Estates for its customers.
Advantages of LIDEA:
The users of “LIDEA” will be able to access authentic information of the projects which can be used for the evaluation of the residential developments of Birla Estates. LIDEA which is powered with artificial intelligence, also answers the queries of the users regarding Birla Estates developments. It will also offer features like viewing location, configurations, amenities, virtual tours and accepting site visit requests. The launch of the ChatBot on WhatsApp adds to the digital experience by providing immersive Virtual Reality experience to potential homebuyers.
SEBI allows the use of regulatory sandbox by market players
Securities and Exchange Board of India (SEBI) has permitted the market players to use regulatory sandbox on select customers. SEBI will grant limited registration for such testing purposes. The decision has been taken to facilitate the use of latest fintech innovations in capital markets. The decision was taken at the board meeting of the market regulator Securities and Exchange Board of India.
JSW Steel allowed by NCLAT to acquire Bhushan Power
The National Company Law Appellate Tribunal has approved the Rs 19,700 crore resolution plan of JSW Steel to take over the bankrupt Bhushan Power and Steel. The approval comes with the immunity sought by the new owner against investigations being carried out against the erstwhile promoters of Bhushan Power and Steel.
Sebi constitutes Municipal bonds development committee
Markets regulator Sebi has constituted a Municipal Bonds Development Committee headed by Sujit Prasad. This committee will suggest on policy matters pertaining to the development of municipal debt securities and facilitate municipalities for issuance of such bonds.
This committee comprises representatives from municipal corporations, lawyers, professionals and market practitioners. The panel will advise Sebi on issues related to regulation and development of the primary and secondary market of municipal debt securities.
India out of US’ developing nations list for trade benefits
The US removed India from its list of developing countries that are exempt from investigations into whether they harm American industry with unfairly subsidised exports. The United States Trade Representative (USTR) eliminated a host of countries including Brazil, Indonesia, Hong Kong, South Africa and Argentina.
Muthoot Finance to acquire IDBI Mutual Fund for Rs 215 crore
Muthoot Finance will acquire IDBI Asset Management for Rs 215 crore to enter mutual fund space. The deal, which is subject to necessary regulatory approvals including markets regulator Sebi, is expected to be completed by February-end 2020.
Promoted by IDBI Bank in 2010, IDBI Mutual Fund is one of the profit making AMCs in the space with an asset base of over Rs 5,300 crore. The fund house runs 22 schemes with robust asset base across products, geography and investors.
ADB to give $451 mn for Chennai-Kanyakumari Industrial Corridor power links
The Asian Development Bank said it will provide a $451 million (about Rs 3,200 crore) loan to strengthen power connectivity between the southern and northern parts of the Chennai-Kanyakumari Industrial Corridor (CKIC) in Tamil Nadu.
The total cost of the project is $653.5 million, of which the government will provide $202.5 million, the Manila-headquartered multilateral agency said in a release.
RBI rejects Indiabulls Housing & Lakshmi Vilas Bank merger deal
The proposed merger of private sector lender The Lakshmi Vilas Bank Ltd. with home financier Indiabulls Housing Finance Ltd. failed to receive approval from the Reserve Bank of India.
RBI vide their letter dated October 09, 2019, informed that the application for voluntary amalgamation of lndiabulls Housing Finance Limited and lndiabulls Commercial Credit Limited with The Lakshmi Vilas Bank Limited...cannot be approved.
The Indiabulls Housing Finance and Lakshmi Vilas Bank first proposed the merger earlier in April this year.
ICSI launches UDIN to improve corporate governance
The Institute of Company Secretaries of India (ICSI) has rolled out an initiative in the form of a Unique Document Identification Number (UDIN) in an attempt to pursue heightened sense of self-governance and strengthen the practising side of company secretaries.
UDIN will provide ease of maintaining register of attestation and certification services. It will prevent counterfeiting of various attestations and certifications besides ensuring compliance with regard to ceilings on the number of certifications and attestations.
The initiative will also enable stakeholders and regulators to verify genuinity of documents signed or certified by company secretaries in practice, according to a statement.
RBI panel moots changes in timings for foreign exchange market
An internal committee of the Reserve Bank of India (RBI), which was set up to review timings of different financial markets, suggested that the foreign exchange market could function from 9 am to 9 pm At present, the currency market works from 9 am to 5 pm.
“Calibrated extension of market hours, and to begin with, revised market timings of 9 am — 9 pm, may be considered to gauge demand and potential benefits,” the draft report of the committee said.
The report noted that there are mixed views on the benefits of extension of market timing.
Walmart Labs acqui-hires startups FloCare and BigTrade
Walmart Labs, the technology arm of the US retail giant, has acqui-hired health tech start-up FloCare and B2B trading platform BigTrade for an undisclosed amount. Walmart has brought on-board the ??teams of the two Bengaluru-based companies to help strengthen its customer technology and supply chain.
Milkbasket acquires Bengaluru’s e-grocery store PSR Supply Chain
Online grocery delivery platform Milkbasket said on Tuesday that it has bought Bengaluru-based e-grocery distributor PSR Supply Chain for an undisclosed amount.
“The acquisition of PSR Supply Chain helps us in further strengthening our customer base and offerings in Bengaluru," said Anant Goel, co-founder and CEO of Milkbasket.
The Delhi-based grocery start-up, which acquired Noida-based vegetables supplier Veggie India in March, has been on an acquisition spree, buying out local businesses that could help it gain a wider customer base. PSR Supply Chain, which caters to customers in east Bengaluru, has a network of over 4,000 registered customers and its last reported annual turnover was over Rs 2.5 crore.
Ola gets green light for London taxi business
India’s biggest ride-hailing platform Ola Cabs, which is run by ANI Technologies Pvt. Ltd, has received approval from London’s transport regulator to start private hire vehicles (PHV) in the capital city of the UK.
This would allow Ola to mount a challenge to Uber Technologies Inc., and also take on Daimler AG-backed “Bolt" ride-hailing service, which received a licence from Transport For London (TFL), London’s local government body, in June.
Ola UK Pvt. Ltd has received a one-year carriage licence from TFL to operate “PHV vehicles" across London where drivers themselves are required to apply for a licence and list their vehicle as a privately registered vehicle for hire.
ICICI & IndoStar Capital partner to finance commercial vehicles
ICICI Bank has tied up with non-banking financial company IndoStar Capital for vehicle financing for small and medium fleet owners to buy new as well as old commercial vehicles.
Under this partnership, IndoStar will originate and service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing
RBI sets up panel to review CICs
The Reserve Bank of India (RBI) has set up a working group to review the regulatory and supervisory framework for core investment companies (CIC).
The group will be headed by Tapan Ray, non-executive chairman, Central Bank of India and former Secretary in the Ministry of Corporate Affairs.
249 startups were given financial support with FFS: DPIIT
A total of 249 startups have been supported in the past three years with the Fund of Funds for Startups (FFS)
The Department for Promotion of Industry and Internal Trade (DPIIT) is the monitoring agency and Small Industries Development Bank of India (SIDBI) is the operating agency for FFS.
Financial assistance was given to 62 startups in 2016-17, 58 in 2017-18, 98 in 2018-19 and 31 till June 13 in 2019-20, said Minister of Commerce and Industry Piyush Goyal.
Group of Secretaries constituted on e-Commerce
A Standing Group of Secretaries (GoS) has been constituted on e-Commerce by Ministry of Commerce and Industry.
GoS under the Chairmanship of Secretary, Department for Promotion of Industry and Internal Trade (DPIIT) is constituted to ensure inter-ministerial/inter-departmental coordination on resolving issues, cutting across Ministries and Departments of Government of India in e-Commerce.
Tech Mahindra signs contract with Airbus
IT firm Tech Mahindra has signed a multi-year contract with Airbus for cabin and cargo design engineering with an aim to capitalise on the specialised skills and competencies in the growing cabin engineering business over the next few years.
SEBI sets up panel to review margins on derivatives
Based on the feedback that the existing margin requirements in the derivatives segment is pushing up cost of trading while not managing risk in the most efficient manner, the Securities and Exchange Board of India (SEBI) has decided to review the current framework of margins in the futures and options segment.
The capital markets regulator has set up a working group, headed by NSE Clearing Ltd., to look into the issue and submit its recommendations to the Secondary Market Advisory Committee.