SBI

SBI Life on September 21 inked a pact with Yes Bank to sell its insurance policies. With this, SBI Life's insurance policies are now available for Yes Bank's customers across the country. Ravi Krishnamurthy, SBI Life President-Zone1, said, "we aim to provide financial security for consumers and further reduce the protection gap in India." Reportedly, SBI Life will use digital infrastructure of Yes Bank to bigger its reach. 

To get the ball rolling for LIC's Initial Public Offering (IPO), India has appointed Deloitte Touche Tohmatsu India Ltd and SBI Capital Markets Ltd as advisors. According to sources, the bidding process for the valuation of Life Insurance Corporation (LIC) will soon get started. Reportedly, the firms appointed will advise the government on the capital structure and the financial statement of the LIC.

State Bank of India's research report Ecowrap on August 17 indicated that the country's economic growth is likely to contract by 16.5% in June quarter. The report stated around 1,000 listed companies have announced their results so far, which showed that revenues and profits have plunged more than 25% and 55% respectively. The report also opined that, albeit rural economy shows recovery, it may not support GDP as a whole.

Securities and Exchange Board of India (SEBI) has fined SBI, LIC and Bank of Baroda for holding more than 10 percent share in UTI mutual funds and having majority stake in fund houses, promoted by them. They will have to pay a fine of Rs 10 lakh each. These entities hold over 18 percent in each fund houses, violating the amendments of holding norms of 2018.