New Delhi: Insurance regulator Irdai has set up a single point contact for its regulatory sandbox (RS) initiative, wherein financial technology firms can seek permission to experiment with innovative approaches for the growth of the sector.

Regulatory sandbox (RS) usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may (or may not) permit certain relaxations for the limited purpose of the testing.

The State Bank Tuesday said it is well-capitalised and that it may not require any fresh funds from the government this financial year. On Friday, finance minister Nirmala Sitharaman had announced an immediate infusion of Rs 70,000 crore into state-run banks to boost liquidity and their lending capacity by Rs 5 trillion.

The government had planned a staggered infusion earlier, but the rising tide of bad news on the economy forced its hand to open the purse-strings earlier. “For SBI, we are not looking at any recapitalisation right now as we are well-capitalised as we have been able to raise from markets.

Indian solar cell and module makers are ready to increase their manufacturing capacity to the tune of 8-15 Gw annually, but want the government to offer them demand surety and restrict Chinese imports.

In a letter to the ministry of new & renewable energy (MNRE), the manufacturing industry is confident that the Centre will provide them supply exclusivity for KUSUM scheme and several projects of central public sector companies.

Hindustan Petroleum Corp Ltd is seeking more petrol after having purchased more than 120,000 tonnes of the fuel for September to early October delivery from the spot market to plug a supply gap, industry sources said on Tuesday.

The state-owned refiner has been actively seeking petrol from the spot market this year as Indian refiners undergo maintenance and upgradation to produce cleaner fuels.

The ongoing trade war between United States of America and China will not have any impact on Indian export which is just below 2 per cent of the global trade, Chief Economic Advisor Krishnamurthy Subramanian said on Monday.

Speaking to reporters on the sidelines of a programme here, he said the slew of measures announced by the Centre for the revival of muted growth in the economy was in the right direction, though it was necessary to focus on the ‘structural reforms.’

Mumbai: Domestic equity benchmark BSE Sensex opened over 150 points higher on Tuesday led by gains in index heavyweights L&T, ICICI Bank, SBI and HDFC Bank amid positive domestic and global cues.

The 30-share index was trading 123.95 points, or 0.33 per cent, up at 37,618.07 at 0930 hours, while the broader Nifty rose 43.45 points, or 0.39 per cent, to 11,101.30 in early trade.

The Reserve Bank of India (RBI) on Monday decided to transfer Rs 1.76 lakh crore in dividend and surplus reserve to the government.

This follows the RBI board accepting the recommendation of a high-level panel headed by its former governor Bimal Jalan on transfer of excess reserves to the government.

Chandrayaan-2 has captured some more images of the moon showing several craters, the Indian Space Research Organisation (ISRO) said. Sharing the pictures, ISRO said in a statement that the photos captured by the lunar spacecraft are those of craters Somerfeld, Kirkwood, Jackson, Mach, Korolev, Mitra, Plaskett, Rozhdestvenskiy and Hermite.

The country’s second largest state-owned lender, Bank of Baroda, on Monday announced that it had plans to lend up to Rs 1,000 crore in tandem with 16 non-banking financial companies (NBFCs) and microfinance institutions (MFIs) in the current quarter.

With this step, the bank will get new accounts, to whom they will be cross-selling other products as well. At the same time, NBFCs will get an opportunity to grow their business – asset under management – without facing any capital constraints or funding related challenges.

Facebook is reportedly working on a new messaging application called Threads that will allow users to share information with their closest friends. Threads will act as a companion to Instagram letting users automatically share their location, battery life and other intimate details with their friends, The Verge reported on Monday. Instagram currently allows sharing of text, photo and video messages and this new feature is meant to promote sharing of more details with your close friends.

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