Read on this page: following articles
 
1.Ashok Leyland acquired 3.36% share in subsidiary Hinduja Leyland Finance

2.Singapore’s Caladium increases stake in Bandhan Bank by 1.1pc to 4.49%
3.Bajaj Allianz General Insurance in partnership with GOQii launches ‘BAGIC GOQii Co-pay Option’
4.Special Liquidity Scheme for MSMEs launched: SIDBI

5.Virtual interactive session with Health Ministers of member countries of World Health Organization (WHO) held: Harsh Vardhan participates


1.Ashok Leyland acquired 3.36% share in subsidiary Hinduja Leyland Finance

Ashok Leyland Ltd under the flagship of Hinduja Groups has acquired 3.36% which is 1.57 crore shares of Rs.10 of the equity of its subsidiary Hinduja Leyland Finance Ltd (HLFL). for the cost of Rs.119 per equity share.
The regulatory filings at stock exchange said that the shareholding of Ashok Leyland has gone up to 65.45% to 68.81% in the Hinduja Finance.
The proposed acquisition is at arm’s length basis and a part of the 6.99% approved by the board of directors in the meeting on 21st March. It will be completed in tranches before July 31.

About Hinduja Group:
Hinduja Group is an Indian conglomerate company based in Mumbai involved in activities like foundries, imports and exports, trading, motors, bankings, healthcare and call centers.

Headquarters– London, United Kingdom
Founder– Parmanand Hinduja
Ashok Leyland CEO– Vipin Sondhi
Hinduja Leyland Finance CEO– Sachin Pillai

2.Singapore’s Caladium increases stake in Bandhan Bank by 1.1pc to 4.49%

Caladium Investment Pte Ltd, an affiliate of Singapore’s sovereign wealth fund GIC (Government of Singapore Investment Corporation), has raised its stake in India-based private sector lender Bandhan Bank by 1.1 percent from 3.39% to 4.49% through secondary market operations.

Key Points:
i.After the transaction, GIC will now holds 7.2 crore shares of Bandhan Bank.
ii.The moves shows the confidence in micro-lending business model of the bank, which posted a net profit of Rs 731 crore a year-on-year surge of 120.85% for the December 2019 quarter compared with Rs 331 crore in the same quarter in 2018.

3.Bajaj Allianz General Insurance in partnership with GOQii launches ‘BAGIC GOQii Co-pay Option’

i.Bajaj Allianz General Insurance launched a preventive healthcare platform ‘BAGIC GOQii Co-pay Option’ in partnership with a smart health company GOQii under the regulatory sandbox approval from IRDAI.
ii.Objective of the product is to reward the customers with a healthy lifestyle in the form of co-pay deduction in their health insurance policy named  Health Ensure policy

Key Points

i.The option is an add-on cover which can be opted by the holders of company’s existing health insurance policy.
ii.If the policyholder agrees for the add-on cover, GOQii will on-board the customer on their app to monitor their engagement level and also send them the health band.
iii.Policy starts with a co-pay of 50%- Bronze level on completion of 60 days, after which the insured can check their engagement level and co-pay level on the GOQii app itself, every 30 days.
iv.The other levels include co-pay of, Silver level-30%, Gold Level-  20% and Diamond-  0%  The co-pay is based on the engagement level. As the engagement goes up premiums will fall and if the engagement declines the premiums will rise with subject to different levels of engagement.
v.The option will have a policy tenure of 1 year with an insured sum of Rs 3 lakhs, 4 lakhs, 5 lakhs.
vi.Premium varies between Rs 1,894 and Rs 7,365 for an individual policyholder, excluding Goods & Service Tax (GST) depending on the area of residence of a person as defined in the policy document, age group and insured amount opted.
vii.In addition we can avail 25%discount on the premium on opting the add-on cover.

4.Special Liquidity Scheme for MSMEs launched: SIDBI

The Small Industries Development Bank of India (SIDBI) has launched special liquidity schemes to support Micro, Small and Medium Enterprises (MSMEs) due to lockdown because of the COVID-19 pandemic outbreak.

•             The schemes will cover all eligible entities with investment-grade ratings irrespective of the entity’s size & the quantum of the loans is 90 days.

Eligibility for both NBFC & MFI

A bank should have a sizeable outstanding loan portfolio to micro and small enterprises, micro credit and sound financials & should have been in operation for a minimum period of 3 years and should have earned profit for at least 2 years out of the last 3 years & must have an external rating of BBB or higher as on 31 March, 2020.
Non-Banking Financial Companies (NBFC)– must register with the Reserve Bank of India(RBI) as an Investment and Credit Company (ICC), have an asset size of at least Rs 50 crore & minimum net worth of Rs 20 crore.
Microfinance Institutions (MFI)– must be registered as a society, trust, company, Section 8 company & must have a minimum MFI grading of MfR5.

Gist about the schemes
1st scheme– To provide liquidity support to MSMEs through banks including Small Finance Banks (SFBs), NBFC including fintech NBFCs. SIDBI will provide resource support to NBFCs through term loans.
2nd Scheme– To provide liquidity support to MSMEs through MFIs . It is available to lenders with sizeable outstanding portfolios to micro and small enterprises (MSEs).
In case of banks, they must be profit-making and have a minimum net worth of Rs. 100 crores & also have non-performing assets below 10% and a minimum capital adequacy ratio of 9%.

Background
RBI has announced a liquidity facility of Rs 15,000 crore to meet credit needs of MSMEs.
SIDBI from then has announced lending to small businesses, through banks, non-bank financiers and MFIs.

What is Section 8 Company?

The Companies Act 2013 defines it as one of whose objectives is to promote fields of arts, commerce, science, research, education, sports, charity, social welfare, religion, environment protection, or other similar objectives. These companies are formed with a charitable objective of social welfare, without any intention to get any kind of profit or dividend.

What is MFI grading?

It is an ordinal measure of the scalability, sustainability and reliability of the MFI’s internal processes, controls and governance structure. It rates on an 8 point scale with MfR1 the highest and MfR8 the lowest.


5.Virtual interactive session with Health Ministers of member countries of World Health Organization (WHO) held: Harsh Vardhan participates

Dr. Harsh Vardhan, Union Minister of Health & Family Welfare (MoHFW), participated in the Virtual interactive session with Health Ministers of member countries of World Health Organization (WHO) on the measures being taken against the battle of COVID-19. India was first to respond to COVID-19 and stands on a better footing than the rest of the world.

Key Points:
i.Dr. Harsh Vardhan mentioned that India’s response has been proactive, pre-emptive and graded in handling situations arising out of the COVID-19 outbreak.
ii.Since, India was first to respond to COVID-19 and stands on a better footing than the rest of the world because of the valuable and sincere services of the Government agencies under the leadership of Prime Minister (PM) Shri Narendra Modi.
iii.Steps taken by India against COVID-19: Initially, India had only one lab at the National Institute of Virology (NIV) at Pune, Maharashtra to perform tests but during the last 3 months, India have increased the number of government labs to 230 aided by another 87 private labs with more than 16,000 collection centers.
iv.India have tested more than 5 Lakh people for COVID-19 till date and the government is going to increase the number of government labs to 300 and increase the testing capacity from 55,000 to 1,00,000 per day by May 31, 2020.
v.Treatment facilities: The Government of India (GOI) has classified COVID-19 treatment facilities based on the severity of diseases into 3 categories: COVID Care Centers for patients with mild symptoms, COVID Health Care Centers – for patients with medium symptoms and Dedicated COVID Hospitals for patients with severe symptoms.
vi.India has 2,033 dedicated facilities in the country with more than 1,90,000 isolation beds, more than 24,000 ICU (Intensive Care Unit) beds and more than 12,000 ventilators.
vii.The Health Minister also highlighted the effectiveness of ‘Aarogya Setu’ mobile application, which has been downloaded by more than 7.2 Crore people in India.
viii.The mobile application was developed by the GOI to connect essential health services with the people of India in our combined fight against COVID-19.