Author: Finance Khabar

Mumbai: The Life Insurance Council has announced that all life insurers, both public and private, are committed to processing any death claim pertaining to COVID-19 at the earliest. The Council also confirmed that the clause of ‘Force Majeure’ will not apply in the case of COVID-19 death claims. The step was taken to reassure customers who had reached out to individual life insurance companies seeking clarity on this clause in their contract as well as to dispel rumours to the contrary. All life insurance companies have also communicated to their customers individually in this regard. SN Bhattacharya, Secretary-General, Life Insurance…

New Delhi: Max Group and its CSR arm Max India Foundation (MIF) have launched an online pledge campaign #StayHomeIndia to donate up to Rs.5 crores for the COVID-19 pandemic. Since social distancing is the most effective measure to deal with the pandemic, the two-pronged campaign encourages those not involved in delivery of essential services to stay home and will provide funds for testing of COVID-19 for the underprivileged section and for other relief efforts. For every online pledge taken through the campaign to stay at home during the lockdown, Max Group, through MIF, will donate Rs.500. The pledge can be…

Huizhou: TCL officially debuted its first series of own-branded smartphones, the TCL 10 Series, which are positioned as premium yet affordable Android devices. The TCL 10 Series includes devices with flagship features such as high-resolution displays and quad rear-camera setup, all under USD 500, the official release notes. The TCL 10 5G is the company’s first smartphone with 5G support, with 6.53-inch FHD+ display, Qualcomm Snapdragon 765 SoC with 5G support, quad-camera setup that includes a 64-megapixel main camera and a 118-degree ultra-wide-angle camera. It is priced at 399 euros or USD 431 approximately. The TCL 10 Pro features a…

Mumbai: Kotak Mahindra Bank said on Monday its customer deposits jumped 19.6 per cent in the financial year 2019-20 to Rs 2.58 lakh crore from Rs 2.16 lakh crore year-on-year. At the end of Q3 FY20, customer deposits were Rs 2.31 lakh crore. Current deposits totalled Rs 43,000 crore in FY20, up 10.5 per cent from Rs 38,901 crore a year ago. Savings deposits moved up dramatically to Rs 1.04 lakh crore, up 31.3 per cent from Rs 79,685 crore in the same period. At the end of Q3 FY20, savings deposits stood at Rs 91,729 crore. The CASA (current…

Mumbai : Bajaj Finance said on Monday that its assets under management (AUM) stood at Rs 1.47 lakh crore as of March 31 as compared to Rs 1.15 lakh crore in the year-ago period. The company continues to remain well capitalised with a capital adequacy ratio of 25 per cent. “The consolidated liquidity surplus stood at Rs 15,800 crore as of March 31. The company’s liquidity position remains very strong,” it said in regulatory filings at stock exchanges. The deposit book stood at Rs 21,400 crore as of March 31 compared to Rs 13,193 crore a year ago. The mix…

New Delhi: AirAsia India has announced a waiver of all rescheduling fees on current and future bookings for travel until May 31. The waiver, announced in the campaign ‘From A to B, we’ve got your back’, encompasses all flights ‘from A to B on the AirAsia India domestic network’ across points-of-sale, encouraging guests to book even if they are concerned that their Plan A may change to Plan B, read a statement. “In view of the ongoing uncertainty, AirAsia India has extended this offer across channels. In addition, AirAsia India is offering a limited period special discount of up to…

New Delhi: Airtel Payments Bank and Bharti AXA General Insurance have tied up to offer health insurance plans in the wake of the coronavirus crisis. Under the insurance, these two companies will offer financial protection via two different health insurance plans. One plan offers a lump sum benefit of Rs 25,000 and the other plan “Group Hospital Cash” will offer a daily benefit of starting Rs 500, the companies said in a joint statement. “Bharti AXA Group Health Assure Policy comes with a fixed cover offering 100 per cent sum insured as a lump sum, if the policy holder is…

Manila: The Asian Development Bank (ADB) is promoting innovation and efficiency to enhance its anti-corruption efforts by streamlining case management and expediting the assessment of complaints and completion of investigations, according to the Office of Anti-corruption and Integrity (OAI) 2019 Annual Report released on Monday. “We reassessed and rebalanced our resources to align with ADB’s long-term strategy, Strategy 2030,” said OAI Head John Versantvoort. “These measures have allowed us to provide better value to our stakeholders and achieve significant improvements in the number of completed investigations and complaints that we assessed and closed.” In 2019, ADB concluded 110 investigations into…

Mumbai: India Ratings and Research (Ind-Ra) has revised IndusInd Bank Ltd’s (IBL’s) outlook to negative from stable while affirming the long-term issuer rating at AA-plus. The agency has also affirmed the short-term issuer rating at A1-plus. The instrument-wise rating actions are AA-plus with negative outlook for senior unsecured redeemable bonds worth Rs 2,000 crore and AA with negative outlook for additional tier one bonds worth Rs 4,000 crore. Ind-Ra said the outlook revision factors in the possible greater challenges for IBL than that for its peers regarding its deposit base because of its above-average dependence on institutional deposits and funding.…

Mumbai: Realty major Godrej Properties said on Monday its total booking value for the financial year 2019-20 was up by 11 per cent year-on-year at Rs 5,915 crore with residential sales increasing by 14 per cent to Rs 5,840 crore comprising of over 7,300 homes sold. The company launched 17 new projects and phases in FY 20 including six launches in the fourth quarter. Sustenance sales grew by 48 per cent in FY 20 to Rs 3,048 crore. Q4 FY20 bookings stood at Rs 2,380 crore, representing quarter-on-quarter growth of 100 per cent and year-on-year growth of 10 per cent.…

Mumbai: The world is in the midst of a major health crisis as the Coronavirus pandemic has affected more than 110 countries now.Madhavbaug, India’s leading chain of multidisciplinary cardiac care clinics and hospitals, urges all the readers to stay home and stay safe, especially those with weakened immunity. People with weak immune systems and chronic conditions are more susceptible to getting infected by the coronavirus. The mortality rate for people with heart diseases is 10.5 per cent, diabetes is around 7.3 per cent, respiratory disease is nearly 6.3 per cent, and that of blood pressure and cancer is about 6…

New Delhi: Former RBI governor Raghuram Rajan has suggested to the government to call people with proven expertise and capabilities, including from opposition parties, to deal with perhaps the greatest emergency being faced by the country since Independence following the coronavirus outbreak. He also cautioned that driving everything from the Prime Minister’s Office, with the same overworked people, may not be of much help. “There is much to do. The government should call on people with proven expertise and capabilities, of whom there are so many in India, to help it manage its response. It may even want to reach…

New Delhi: The officers and staff of the Finance Ministry including the officials of Financial Institutions and Public Sector Banks/Enterprises (PSB) have contributed Rs 430 crore towards PM-CARES Fund to combat the coronavirus pandemic. “The officers and staff of Ministry of Finance including the officials of financial institutions and Public Sector Banks/Enterprises under the Ministry have come forward to donate a day’s salary including under Corporate Social Responsibility (CSR) with an amount of Rs 430.13 crore to PM-CARES Fund for providing assistance to those impacted by the COVID-19 pandemic,” a Finance Ministry release said. The Prime Minister’s Citizen Assistance and…

New Delhi:The regional airline Air Deccan is not able to withstand the pressure created due to the Corona virus crisis and has announced its closure. Also, he has sent all the employees on leave without pay. To deal with the Corona virus crisis, the government has imposed a 21-day ‘ban’ in the country. The aviation sector has been badly affected by this nationwide shutdown. Air Deccan has become the first airline that has not been able to withstand this pressure. Air Deccan Chief Executive Officer (CEO) Arun Kumar Singh said in an e-mail to employees that “the Directorate General of…

New Delhi: Japan’s automobile company Toyota has stopped selling Etios series and Corolla Altis in India. The company has taken this step to empty production capacity at its plants to bring new products with better technology. The Etios sedan was introduced in 2010 by Toyota Kirloskar Motor (TKM), a joint venture between the Japanese automobile major Toyota and the Kirloskar Group. In 2011, the company launched its hatch version Etios Liva. The company has sold 4.48 lakh vehicles of the Etios series in the domestic market. Apart from this, 1.31 lakh units have been exported. The Corolla Altis was launched…

Mumbai: HDFC Bank Ltd has received the mandate to collect donations for the PM CARES Fund, which was created with the primary objective of dealing with any kind of emergency or distress situation posed by the COVID-19 pandemic and to provide relief to the affected. The bank in a statement said that individuals can now donate from their homes using debit cards, credit cards, UPI and digital banking channels. The donors can also use official UPI handle pmcares@hdfcbank to make donations, stated the bank. The Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES Fund) was created on…

New Delhi: The coronavirus outbreak, and the subsequent countrywide lockdown, has deeply impacted the domestic economy with a majority of firms expecting a significant decline in their topline and bottomline in the current and previous quarters. This will lead to job losses, according to a CII CEOs Snap Poll on Impact of COVID-19 Lockdown on Industry. The survey was done with 200 CEOs across sectors. The survey results indicate that a significant majority of the firms expect revenues to fall more than 10 per cent and profits to decline more than 5 per cent in the current quarter (April-Jun 2020)…

New Delhi: With the successful merger of Oriental Bank of Commerce and United Bank of India with itself, Punjab National Bank has started focussing on growth and planned a series of capital raising initiatives, including rights issue and FPO, in the third quarter this fiscal. At the moment, the bank is adequately capitalised with the capital adequacy ratio of 14.04 per cent at the end of December 2019, PNB Managing Director S S Mallikarjuna Rao told PTI. The government provided Rs 16,091 crore to PNB and Rs 1,666 crore to United Bank of India in September for enhancing the capital…

New Delhi: ICICI Bank has donated as many as 16,000 masks and 1000 gloves to the Central Industrial Security Force (CISF) personnel deployed at metro stations in Delhi. “I would like to place on record our sincere thanks, appreciation and valuable support rendered by ICICI Bank by providing much-needed masks and gloves to our personnel deployed in DMRC during this hour of need (16,000 masks and 10,000 gloves approximately),” the letter by Sudhir Kumar, Inspector General read. “The @ICICIBank has donated 16000 masks & 10000 gloves for CISF personnel deployed at DMRC Delhi. We are incredibly thankful to ICICI Bank…

Ahmedabad: A Rajkot based firm, Jyoti CNC, held a successful trial of ventilator ‘Dhaman 1’ manufactured by them, on Saturday.The firm will give 1000 ventilators free of cost to the Gujarat government. The cost of one ventilator is around Rs 1 lakh. While speaking to ANI the Chairman and MD of the company, Parakramsinh Jadeja said, “We are not experts in producing ventilators but looking at the current demand in the country, we planned and designed this equipment. Around 150 engineers worked on this design.” “When the country is under lockdown, the State government and Central government helped us to…