The Insurance Regulatory and Development Authority of India (Irdai) appointed an administrator to oversee the operations of Sahara Life Insurance with immediate effect on Monday.

The decision, a first in the insurance industry, was taken after the regulator came to the conclusion that the insurer was acting in a manner “likely to be prejudicial to the interests of the holders of life insurance policies”. The action was taken under Section 52 A of the Insurance Act, the insurance regulator’s order said.

India's largest IT services company Tata Consultancy Services (TCS) will collaborate with chipmaker Intel to design a reference architecture that could be used for rolling out Internet of things (IoT), cloud, 5G and AI by its customers.

The partnership will also see both companies jointly investing in Centres of Excellences (CoEs) across India and the US to provide industry specific solutions for optimising cost and improving productivity.

The telecom industry that looks headed the steel industry way due to its huge debt and falling revenues is expecting resolution of some of its issues and respite from heavy levies post the meeting of telecom minister with mobile company promoters slated in the third week of June.

Many do not rule out the fierce war being fought in the market between the incumbent telecom players and new entrant Reliance Jio Infocomm Ltd (RJio) to spill over to the one-on-one interactions called by the telecom minister Manoj Sinha.

Mumbai: The Indian rupee closed over one week low against the US dollar tracking losses in the global equity and currencies markets. Traders are cautious ahead of the key macro economic data due later on Monday.

The rupee closed at 64.44—a level last seen on 1 June, down 0.29% from its Friday’s close of 64.25. The rupee opened at 64.35 a dollar and touched a high and a low of 64.32 and 64.46, respectively.

Mumbai: The Securities and Exchange Board of India (Sebi) has decided not to penalize self trades, reversing its earlier stand. The markets watchdog has also formulated a legal policy to dispose of the adjudication proceedings related to 100 showcause notices issued to market entities on self trades, two people aware of the issue said.

Orders that match each other but do not result in any change in ownership are called self trades. As many as 270,000 of an average of 12.2 million orders executed every day in the derivatives market are self trades, stock exchange data shows. Such trades typically take place when dealers from the same brokerage trade using the same client code.

Mumbai: State Bank of India (SBI) is likely to see a further deterioration in its asset quality following the merger of the retail loan portfolio of its five associate banks with the parent bank, a sign that the bad loan clean-up at the country’s largest bank is not over just yet, two bankers aware of the matter said.

On Monday, the bank raised Rs15,000 crore worth of equity capital through the largest ever institutional placement to cushion the balance sheet against any possible surge in bad loans.

Mumbai: Tata Steel Ltd and Tata Motors Ltd are planning to raise a total of Rs1,500 crore by selling bonds in the local market to refinance bank loans, at least three people aware of the development said.

While Tata Steel is looking to raise at least Rs1,000 crore through 10-year bonds, Tata Motors is planning to raise around Rs500 crore through five-year bonds.

Bengaluru: Financial technology start-up Lendingkart Group has raised a debt of Rs50 crore from Yes Bank Ltd in a move that could see the company gradually shift to banks for loans as against non-banking financial companies (NBFCs), who lend at a higher rate.

Lendingkart Group includes Lendingkart Technologies Pvt. Ltd that has built the technology software for credit risk analysis, and an NBFC, Lendingkart Finance Ltd, that underwrites the loans. The funds from Yes Bank were raised by Lendingkart Finance Ltd.

Finance Minister Arun Jaitley on Monday took stock of the finances of public sector banks as also the resolution of bad loans or NPAs, with heads of the lenders.

Besides NPA resolution and bank finances, the meeting also featured the government’s financial inclusion schemes.

High demand for electronics could outpace domestic production, leading to an import requirement of about $300 billion by 2020, a report by Assocham-NEC today said. The report pointed out that while demand for electronic products in India is expected to grow at a CAGR (compound annual growth rate) of 41 per cent to reach $400 billion by 2020, domestic production is growing at a CAGR of 27 per cent. This leaves a huge gap for import to the extent of $300 billion, the joint study said.

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