Focus Merit

Category: Economy

Cabinet endorses capital infusion of Rs 12,450 crore in 3 state-run insurance companies

July 9, 2020
Cabinet Approval
  • The Union Cabinet on 8th July authorized capital infusion of Rs 12,450 crore for three public sector general insurance companies namely Oriental Insurance Company Ltd, National Insurance Company Ltd & United India Insurance Company Ltd (consisting Rs 25,00 crore infused in FY 2019-20).

Citi predicts India’s FY21 GDP forecast at -6%

July 8, 2020
GDP
  • Brokerage firm Citi has predicted India’s GDP for FY21 to decline by 6%. The prediction has been lessened by Citi, as compared to its earlier estimate of -3.5%.

Fino Payments Bank starts ‘Bhavishya’ savings account for minors

July 8, 2020
Fino Payments Bank
  • Fino Payments Bank Limited (FPBL) has started a savings bank account ‘Bhavishya’ for minor children aged between 10 and 18 years on 7th July 2020 to allow children banking ready from an early age and teach a savings habit among them.

SBM Bank India, Mastercard pairs-up to facilitate cross border remittances by Mastercard Send

July 7, 2020
Mastercard
  • SBM Bank India (promoted by Government of Mauritius) and Mastercard have tied hands to facilitate cross-border payments and transmittals services by using ‘Mastercard Send’.
  • Mastercard Send is a secured and innovative solution – crafted to improve domestic and cross-border payments and transmittals.

YES Bank starts ‘Loan in Seconds’ for instant loan disbursement

July 7, 2020
Yes Bank
  • YES Bank has started a digital solution, “Loan in Seconds” for instantaneous disbursement of retail loans.
  • The account holders recognized by the bank can avail this swift loan disbursal convenience without any document.

HDFC Bank to provide ‘ZipDrive’, an Online Instant Auto Loans to its Customers

July 5, 2020
HDFC Bank
  • HDFC Bank declared it will provide ZipDrive instant auto loans to customers in 1,000 cities all over India. ZipDrive is HDFC Bank’s instant auto loan disbursal product for clients with the pre-approved offers. The product will now be present in tier 2 and 3 cities all over India.

ADB becomes the observer of Network for Greening the Financial System

July 5, 2020
Asian Development Bank (ADB)
  • The Asian Development Bank (ADB) has paired-up with the central banks and supervisors Network for Greening the Financial System (NGFS) as an observer particularly for fighting climate change, making climate and disaster resilience, and improving environmental sustainability.

KKR to purchase 54% Stake in JB Chemicals and Pharmaceuticals

July 4, 2020
Tablets
  • Global financing firm Kohlberg Kravis Roberts (KKR) will purchase a 54% equity stake in JB Chemicals and Pharmaceuticals, a Mumbai based pharmaceutical major for Rs 3,109 crore.

World Bank intensifies aid for rejuvenating Ganga, sanctions USD 400 mn

July 3, 2020
World Bank
  • The World Bank on 1st July said it has intensified its assistance for the Government of India’s program to rejuvenate the Ganga river with a USD 400 million (about Rs 3,000 crore) assistance that will support stem pollution in the river.

Intel Capital invests Rs 1894.50 crore in Jio Platforms

July 3, 2020
Jio
  • Reliance Industries has verified that Intel Capital has done an investment of Rs 1,894.50 crore in Jio Platforms. This investment turns into a 0.39% equity stake in Jio Platforms, with an equity value of Rs 4.91 lakh crore and an enterprise cost of Rs 5.16 lakh crore.