Here are the top personal finance news of the day.
Insurance regulator, IRDAI, has said insurance companies face difficulty in giving claims because they are not able to identify correct beneficiary of the policy. IRDA has directed insurers to use Aadhaar card of people to identify who is the correct beneficiary of the policy so that claim can be given to the right man. Government is also looking to create ABHA ID of every citizen which will be linked with their Aadhaar. This will permanently erode identification problem in giving claims to policyholders.
Paytm SBI Card to offer cashback, OTT membership
Paytm has launched a co-branded credit card with SBI and NPCI. Customers can get 3% cashback if they use Paytm SBI Card for booking movie tickets. They will get 3% cashback on travel bookings as well. Not only this, Customers will also get complimentary Paytm First Membership along with access to OTT platforms. ‘Platinum’ cardholders will also get cyber fraud insurance coverage of 1 lakh rupees. Joining and renewal fees is 499 rupees. Paytm has tied up with State Bank of India to launch co branded credit cards for users of its app.
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SBI FY23 PAT crosses Rs 50K mark
Talking about SBI, the public lender has come out with flying colours as it reported March quarter results. In the March quarter, SBI’s interest income has risen to nearly 1 lakh crore rupees. The SBI has reported exponential rise in interest income because of record number of loans that the public lender sanctioned. PAT has increased by 83% to north of 16,000 crore rupees. For full financial year of 2023, profit has come few notches above 50,000 crore rupees. Provisioning has also fallen by half. State Bank also declared 11.30 rupees per share dividend. The lender will pay the dividend on June 14, 2023.
E2ws set to become costlier in FY25
If you are planning to buy an electric two wheeler, then, you should buy it before March 31, 2024. The government is planning to reduce subsidy on two wheelers after the end of ongoing financial year. Currently, the Central government gives discount of 10,000 rupees on those drivetrains whose engine produce electrical energy of one kilo watt per hour. Along with this, additional discount of up to 40% of ex-factory price is also given. But the government is planning to bring this down to15%. Thus, from next fiscal you will get up to 25% lower discount on electric two wheelers. So, why wait and watch! Rather embark on your EV journey right now!
Will investors hit jackpot with footwear stocks?
Stocks of footwear stocks can skyrocket as government is mulling extending of its flagship PLI scheme to leather and footwear manufacturing companies. footwear companies which will participate in the scheme can generate huge revenue and make handsome profits. In this scenario, stocks of these companies, can really skyrocket. Some of listed footwear stocks are Bata, Sreeleathers, Mirza International, Khadim, Liberty, etc.
What is wrong with Manyavar?
Manyavar promoter is going to sell 7% stake in the ethnic wear brand. Ravi Modi Family Trust is the promoter which is going to trim its stake in Vedant Fashions, the owner of Manyavar stores in India. The trust will sell shares of Vedant Fashions at 1,962 rupees per share. Selling of shares by promoter is not considered good for any company. On Thursday, the scrip dipped in red and closed at 1,240 rupees.
Say “Hi” on WhatsApp to travel in Chennai Metro
Just WhatsApp a “Hi” to ‘8300086000’ and get your tickets instantly. Chennai metro has rolled out a new service for commuters. Now no waiting in long queues. Just WhatsApp a HI and get their tickets instantly. You will have to mention starting and destination stations. Make QR payment. And get as many as tickets as you want right in your WhatsApp. Now, no metro card will be required for traveling in Chennai Metro. Plus, not only this, the state government has asked stakeholders to work on such a model which will allow citizens to travel in all modes of transport with the help of a single card. The traveling card will be known as a Chennai card’ similar to Oyster card in London.
Elon Musk’s Tesla in talks with gov to make EVs in India
Very soon world’s richest person Elon Musk’s Tesla may sell its electric vehicles in India. Tesla has proposed India’s government that it wants to manufacture both EVs and batteries used in electric vehicles in India. Earlier, talks between Musk and India had hit an impasse after the former had pitched the latter for lowering import duty on cars which could be as high as 100% in the country. The government on the other hand, had, asked Tesla to locally manufacture EVs in India. It looks Tesla has finally succumbed to government’s condition. As it is now discussing what are the incentives it could exploit off to manufacture EVs right here in India.
Adani, Reliance opt out of Future Retail bid
Reliance and Adani group companies opted out of bidding for assets of Future Retail in the final round. Instead, six other lesser known companies have successfully bided for stressed assets of 30,000 crore rupees debt laden Future Retail . The final bidding round of the consumer retail company is over. Last day was May 15, 2023. It will help lenders in recovering the money. Plus, it will also give a new lease of life for the debt laden consumer retail company.
