The public sector insurance companies – Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC Re) and the New India Assurance Company continue to be identified as Domestic Systemically Important Insurers (D-SIIs) as in the 2022-23 list of D-SIIs, by the Insurance Regulatory and Development Authority of India (IRDAI).
D-SIIs are insurance companies which are perceived as ‘too big or too important to fail’ (TBTF) based on their size, market importance, and domestic and global interconnectedness.
D-SIIs are subjected to additional regulatory measures.
LIC and New India are the largest life and general insurance companies in India. Meanwhile, GIC Re is the sole Indian reinsurer.
Global brokerage firm Morgan Stanley has revised its gross domestic product (GDP) growth forecast for the financial year 2024-25 (FY25) to 6.8 per cent, up from the previous estimate of 6.5 per cent. The firm also revised its growth forecast for the ongoing financial year (FY24) to 7.9 per cent.
The two day 2nd Employment Working Group (EWG) meeting under the Brazilian Presidency commenced on 27 March in Brasilia. The G20 EWG’s mandate is to address labour, employment and social issues for strong, sustainable, balanced and job-rich growth for all.
As India is a member of the G20 Troika, India is co-chairing the 2nd EWG meeting, along with Brazil and South Africa.
Justice Ritu Raj Awasthi sworn in as judicial member, Lokpal .The oath was administered by Justice A. M. Khanwilkar, Chairperson, Lokpal of India.
Shri Justice Ritu Raj Awasthi, before joining as Judicial Member, Lokpal of India, was serving as the Chairperson of 22nd Law Commission of India.
A Lokpal is an anti-corruption authority or body of the ombudsman, established under the Lokpal and Lokayuktas Act 2013 to inquire and investigate into allegations of corruption against public functionaries and promote clean governance.
The Lokpal and Lokayukta Act, 2013 provided for the establishment of Lokpal for the Union and Lokayukta for States.
Border Roads Organisation (BRO) connected the strategic Nimmu-Padam-Darcha road in Ladakh on March 25, 2024. This 298-km road will connect Manali to Leh through Darcha and Nimmu on Kargil – Leh Highway. The road is now the third axis apart from Manali-Leh and Srinagar-Leh which connects Ladakh to the hinterland.
It crosses only one pass; Shinkun La.
Indian Coast Guard ship Samudra Paheredar, a specialized Pollution Control Vessel, arrived at Manila Bay, Philippines on 25 March 2024 on a three-day visit. The visit of the Vessel is part of a broader initiative aimed at demonstration of ICG Marine Pollution Response capabilities and shared concern & resolve towards Marine Pollution in the ASEAN region.
Additionally, the ship has also embarked 25 National Cadet Corps (NCC) cadets to participate in the Government’s initiative "Puneet Sagar Abhiyan, a flagship campaign, launched to clean sea shores of plastic & other waste material, while raising awareness about the importance of cleanliness.
The Reserve Bank of India (RBI) has relaxed its regulations concerning lenders' investment in alternative investment funds (AIF). According to the latest circular, lenders are now permitted to invest in AIF schemes that have downstream equity investments in debtor companies. However, investments in schemes with hybrid instruments in debtor companies are not allowed.
Additionally, RBI has adjusted provisioning norms. Lenders are now required to provision only for the amount invested in AIF Schemes which is further invested in debtor companies. Previously, provisioning was required for the entire investment in the AIF Scheme.
Investments made by lenders in AIFs through intermediaries like fund of funds or mutual funds are not covered.
Gautam Adani-led group has announced the start of the first phase of the world's largest single-location copper manufacturing plant at Mundra in Gujarat, which will help cut India's dependence on imports and aid the energy transition.
Kutch Copper, a subsidiary of Adani Enterprises Ltd, "commissioned the first phase" of USD 1.2 billion "greenfield copper refinery by dispatching the maiden batch of cathodes to customers".
India's drive towards clean energy systems, increasing penetration of electric vehicles and a host of associated applications are expected to double the domestic copper demand by 2030.
Saudi Arabia officially joined the Miss Universe pageant with Rumy Alqahtani as the Islamic country's first-ever representative. Rumy Alqahtani holds titles of Miss Middle East and Miss Arab World Peace 2021.
This is another step for Saudi Arabia, which has been shedding its conservative cloak under Crown Prince Mohammed bin Salman Al Saud.
India has beaten rest of the Asian markets by attracting the highest foreign funds flow in March.
Foreign Institutional Investors (FIIs) pumped $3.63 billion into Indian equities in their biggest buying binge since December 2023. Domestic institutions continued to be net buyers, investing around Rs 52,467 crore in the market to hit a four-year high.
In a bid to fight swine fever virus in pigs and wild boars, the Indian Institute of Technology (IIT) Guwahati on Tuesday successfully transferred a 'pioneering' vaccine technology to a manufacturing company specialising in high-quality vaccine.
This vaccine marks the first recombinant virus-based solution for classical swine fever developed in India, offering a swift and cost-effective method for pig vaccination.
Swine fever, a highly contagious disease among pigs, poses a severe threat with a very high mortality rate, although it does not affect humans.
In India, instances of this disease have been frequently observed in northeastern states, as well as in Bihar, Kerala, Punjab, Haryana, and Gujarat, among others.
Axis Bank announced the introduction of digital US dollar fixed deposit (FD) for NRI customers at the IFSC Banking Unit (IBU) at GIFT City, Gujarat. With this introduction, Axis Bank became the first bank to offer a digital journey for GIFT City Deposits.
NRI customers of the bank can now open US dollar fixed deposits at GIFT City through ‘Open by Axis Bank’; the mobile banking application of the lender, it said.
This offering simplifies the process of booking US dollar Fixed Deposit for NRI customers, by providing them an end-to-end digital paperless solution and eliminating the need for physical documentation.
Justice Mohammad Yousuf Wani was administered oath as Additional Judge of the High Court of Jammu and Kashmir and Ladakh.
Chief Justice Justice N. Kotiswar Singh administered the oath of office to Justice Wani in Srinagar
In a significant reorganisation within India's security apparatus, the Centre has announced pivotal appointments in key agencies, giving charge of the new Director General of the National Investigation Agency (NIA) to distinguished IPS officer Sadanand Vasant Date, his batchmate Rajeev Kumar as chief of BPR&D and their one-year-old junior Piyush Anand as head of the NDRF.
BPR&D- Bureau of Police Research and Development.
NDRF- National Disaster Response Force
