VK Sharma confirmed as new LIC chairman

VK Sharma confirmed as new LIC chairman MUMBAI: VK Sharma, the acting chief of Life Insurance Corporation of India, is the new chairman and managing director of the nation's biggest insurer and investor, for five years. Sharma's future decisions would be keenly followed by investors as the government has plans to use the behemoth's funds to build infrastructure. LIC's role in corporate

UBI adopts two villages in Tripura to implement schemes in line of digital India programme

UBI adopts two villages in Tripura to implement schemes in line of digital India programme

Kolkata based United Bank of India has adopted Patunagar and Sachindranagar Colony in the state of Tripura to implement schemes in the line of digital India program.UBI will make necessary steps to change the villages into truly cashless villages. To implement this initiative, the bank has begun

SBI gains as board approves stake sale in life insurance arm

SBI gains as board approves stake sale in life insurance arm State Bank of India (SBI) was up 1.1% at Rs 269 on the National Stock Exchange (NSE) in early morning trade after the state-owned bank said that it will divest 3.9% of its stake in SBI Life Insurance Company to global investment firms KKR and Temasek for Rs 1,794 crore ($264 million). “The Executive Committee of the Central Board

Finance Minister English elected New Zealand prime minister

Finance Minister English elected New Zealand prime minister New Zealand Finance Minister Bill English was elected the country's new leader today after the ruling National Party voted him to power in a special caucus meeting.English, who was alone in the race, announced Social Housing Minister Paula Bennett as the deputy leader after the meeting in New Zealand's distinctive "Beehive" parliament

Strides Shasun to acquire Perrigo API India for Rs 100 crore

Strides Shasun to acquire Perrigo API India for Rs 100 crore  Bengaluru based Strides Shasun Ltd has announced to acquire the US-based Perrigo’s APIs manufacturing facility in Ambernath, Maharashtra for Rs 100 crore.  Strides Shasun will use this plant for captive consumption and will augment the company’s resources to handle high velocity of new product development and commercial

World Bank Cancels $100 Million Loan For Pakistan Gas Project

World Bank Cancels $100 Million Loan For Pakistan Gas Project ISLAMABAD:  The World Bank has cancelled a $100 million loan to Pakistan for a natural gas efficiency project due to no progress in achieving the development objectives and a lack of interest on the part of the gas distribution company. The project, which was to be carried out by Sui Southern Gas Company (SSGC) in its distribution

Bank of Baroda has raised Rs 1,000 crore by issuing bonds

Bank of Baroda has raised Rs 1,000 crore by issuing bonds Public sector player Bank of Baroda has raised Rs. 1,000 crore by issuing bonds that are compliant with global capital adequacy norms or Basel III. The bank has issued and allotted bonds with issue size of Rs. 1,000 crore on December 2, 2016, it said in a regulatory filing. The bonds will carry interest rate of 8.5 per cent. The bonds are in

100 banks join National Financial Switch network as direct members

100-banks-join-National-Financial-Switch-network-as-direct-members  100 banks have joined the National Financial Switch (NFS) network as direct members established ATM networks, now NFS network comprise of 745 members said by Maharashtra based National Payments Corporation of India (NPCI)  on December 7, 2016. The network has established 2,30,000 ATMs till date. National

Credit linked Capital Subsidy Scheme under Ministry of MSME

Credit-linked -Capital -Subsidy -Scheme- under -Ministry- of- MSME . The objective of Credit Linked Capital Subsidy Scheme (CLCSS) is to facilitate technology upgradation in Micro and Small Enterprises (MSEs) by providing capital subsidy of 15 per cent (limited to maximum of Rs.15.00 lakhs) on institutional finance availed by them for induction of well-established and improved technology in the

Vijayawada Parliamentary constituency becomes first to have health insurance for all

Vijayawada Parliamentary constituency becomes first to have health insurance for all  AP government with Tata Trusts has launched a health insurance scheme, Swatha Kutumbam in Vijayawada which became India’s first constituency to have health insurance for all people include new born for a year from December 1, 2016 to November 30, 2017.  Under this insurance scheme every

HDFC Life launched two micro insurance products, Jeevan Suraksha and Credit Suraksha

HDFC-Life-launched-two-micro-insurance- products-Jeevan-Suraksha-and-Credit-Suraksha , Life insurance provider HDFC Life has launched two micro-insurance scheme named Jeevan Suraksha and Credit Suraksha to provide financial security to its customers. Aim : To address the needs of the Employees of Micro Finance Institutions, Co-operatives and Members / Employees of

RBI Authorize RXIL for 1st trade receivables exchange platform

RBI-Authorize-RXIL-for- 1st -trade -receivables -exchange -platform The Reserve Bank of India, on December 1, 2016,  authorised the Receivables Exchange of India (RXIL), promoted by SIDBI and NSE, to launch the country’s first trade receivables exchange platform, TReDS, for MSMEs, buyers and financiers. The trade receivables discounting systems (TReDS), an automated system driven

CERT-In warns micro-ATMs against malware attacks

CERT-In warns micro-ATMs against malware attacks The premier cyber security agency CERT-In has cautioned bankers, customers and traders against skimming and malware attacks on micro ATMs and Point of Sale (POS) terminals. The move comes as usage of POS and micro-ATMs counters have witnessed a sharp surge post demonetisation. It has asked to adopt high-end encryption to plug possible

Saudi's Islamic Development Bank to offer $500 mn loan for TAPI project

Saudi's Islamic Development Bank to offer $500 mn loan for TAPI project NEW DELHI: Saudi Arabia-based Islamic Development Bank had agreed to provide USD 500 million loan to part-finance the USD 15 billion Turkmenistan-Afghanistan- Pakistan-India (TAPI) natural gas pipeline project. "An agreement to provide for the Islamic Development Bank (IsDB) extending a loan of USD 500 million to

Amazon Launches Its Startup Program ‘Launchpad’ In India

Amazon Launches Its Startup Program ‘Launchpad’ In India  An electronic commerce company Amazon launched it’s startup programme ‘Launchpad‘ in India to support Indian startups and scale up their business.Launchpad will help startups launch, market, and distribute their products to Amazon customers across India and around the world via a dedicated store. It will be an exclusive

KPMG, Microsoft join hands to boost digital transformation

KPMG, Microsoft join hands to boost digital transformation.  Netherland based KPMG and US based Microsoft announced a strategic Internet of Things (IoT) Advisory partnership to accelerate the digital transformation of large and mid-market enterprises in the country on December 5, 2016. IoT Advisory will help enterprises deploy solutions that can drive Cloud-based automation, generate operational

Yappily, India’s First Social Aided Ecommerce Platform

Yappily, India’s First Social Aided Ecommerce Platform India has come up with its first online flea market, Yappily.Bangalore based start-up Yappily was co-founded by Rohit Kumar, Kamonasish Aayush Mazumdar and Rashmi Ranjan Padhy in 2016.  It is India’s first social aided ecommerce platform, for both new unique products as well as pre-loved used products, which is available both

Yes Bank Partners Ola To Set Up 30 Mobile ATMs In 10 Cities

Yes Bank Partners Ola To Set Up 30 Mobile ATMs In 10 Cities Maharashtra based Yes Bank has partnered with India’s smartest cab service Ola to set up mobile ATMs across 30 locations across 10 cities including Mumbai, Delhi, Bangalore, Chennai, Pune, Kolkata, Chandigarh, Ahmedabad, Hyderabad and Jaipur. The Point of Sale (PoS) enabled ATMs will be stationed in Ola cabs from where customers

MMTC to tie-up with SBI to sell govt minted ‘Indian Gold Coin’

MMTC to tie-up with SBI to sell govt minted ‘Indian Gold Coin’ India’s largest public sector trading body MMTC(Metals and Minerals Trading goldCorporation ) tie-up with the State Bank of India (SBI) to sell government-minted Indian Gold Coin(24 Karat)which will be available in denominations of 5gm, 10gm and 20 gm bar. It has set a target of selling 5 lakhs units in the next few

India crosses $300 billion FDI, becomes safe investment destination

India crosses $300 billion FDI, becomes safe investment destination. India has achieved the status of being a safe and dynamic investment destination in the world after it crossed the $ 300 billion Foreign Direct Investment (FDI) between April 2000 and September 2016. 33% of the FDI came through the Mauritius route, because the investors wanted to take advantage of India’s double taxation