News: Others
1. ESIC inks pact with SBI for payments to ESIC Beneficiaries

Employees’ State Insurance Corporation signed MoU with SBI to provide e- payment services directly to the bank accounts of all ESIC beneficiaries and payees without any manual intervention as an integrated and automated process.

2. LIC assets rise to ₹31.11 lakh crore

According to LIC said its assets have grown to over ₹31.11 lakh crore. With the increased business, the market share of the insurer rose to 73.1% at the end of July 2019. Itstarted with an initial capital of ₹5 crore in 1956.

3. Max Bupa & Indian Bank ink bancassurance tie-up to offer health insurance solutions

Max Bupa has announced a bancassurance corporate agency agreement with Indian Bank. As part of the tie-up, Max Bupa’s offerings will include both retail and group health insurance products besides Indemnity and Fixed Benefit products.

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Economy

News: Most Important
1. Corporate tax slashed to 25.17% for domestic companies’

Govt slashed effective corporate tax to 25.17% for domestic companies’ subject to the condition that they will not avail any other incentive or exemptions. In effect, the corporate tax will be 22% for domestic companies if they do not avail any concession.

2. ADB predicts India’s GDP growth forecast to 6.5% for FY20

Asian Development Bank sharply cut India’s growth forecast to 6.5 % for the fiscal year 2020.According to the Asian Development Outlook (ADO) report, economic growth was slowed to 5% in the first April-June quarter.

3. DBS revises India’s GDP growth to 6.2% for FY20

DBS has revised India’s real GDP growth forecast downwards for FY 2019-20 to 6.2% from 6.8% projected earlier. Real GDP slowed to 5% year-on-year in first quarter of FY20 from the first quarter’s 5.8% prediction earlier.

4. Govt to infuse Rs 9,000 crore in IDBI as bailout money

IDBI Bank is set to get a fresh lifeline of Rs 9,000 crore from the Government. LIC, which is the majority owner of IDBI Bank, would infuse close to Rs 4,500 crore as its share, the government is expected to chip in with a matching contribution.

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