By: D.K. Choudhary
Munich Re to open reinsurance branch office in Mumbai
Germany based Munich Reinsurance Company is planned to open its branch office in Mumbai to provide the property-casualty, life, health reinsurance markets across India.
♦ Munich Re is one of the first foreign reinsurers to receive approval for a dedicated branch in India following the 2015 amendment of the Insurance Bill.
About Munich Re :
i. Munich Re Group or Munich Reinsurance Company is one of the world’s leading reinsurers.
ii. The reinsurer is present in the Indian market since 1950s.
iii. It has joint venture with HDFC Ergo and health insurance in the form of Apollo Munich Health.
Yes Bank ties-up with Bajaj Electricals for vendor financing using block chain
i. Yes Bank has entered into a tie-up with Bajaj Electricals for vendor financing using blockchain solution.
ii. There is an over 70 per cent cost reduction because of blockchain and the payback for our investments is 6-8 months.
iii. Blockchain solutions is a distributed database that maintains a continuously-growing list of ordered records called blocks
iv. ICICI Bank is the India’s first bank to execute its first transaction on blockchain.
♦ Headquarters: Maharashtra
♦ CEO: Rana Kapoor
Rs 5 discount on online payment of LPG cylinder
i. Cooking gas customers can now avail an upfront discount of Rs 5 on every refill booked and paid for online.
ii. Indian Oil, Bharat Petroleum and Hindustan Petroleum have begun offering the price discount to cooking gas customers.
iii. The discounted amount will be seen on customers’ screens as well as the cash memo accompanying the cylinder.
iv. State oil companies are already offering 0.75% discount on the purchase of petrol and diesel to customers paying digitally
Paytm Gets final approval from RBI to Start Operating as Payment Bank
i. Mobile commerce and payments company, Paytm received the final approval from the Reserve Bank of India on January 3, 2017 to launch Paytm Payment Bank.
ii. Paytm Payments Bank Ltd is expected to start its operation in next 30-60days with its first branch in Noida, Uttar Pradesh.
iii. Paytm Payments Bank is held 51% by Sharma and 49% by One97 Communications Pvt.
Ltd. It has already received investments of Rs 220 crore from One97 Communication and its Vijay Shekhar Sharma.
iv. Paytm Payments Bank aims to build a new business model in banking, focused on bringing financial services to hundreds of millions of unserved or underserved Indians.
v. Paytm Payments Bank has set a target of 200 million accounts, across current and savings accounts, and mobile wallets, within 12 months of the launch. It aims to touch half a billion accounts by 2020. Paytm already has close to 150 million electronic wallets.
vi. Paytm’s digital wallet will now be part of Paytm Payments Bank Ltd in keeping with the directions of RBI. The bank will sell products such as loans, wealth management and insurance to drive revenues.