Now Recharge Mobile Using Bharat Bill Payment System (BBPS)

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Planning

oi-Sneha Kulkarni

|

On June 14, the Reserve Bank of India (RBI) approved prepaid mobile recharges via the Bharat Bill Payment System (BBPS). The National Payments Corporation of India operates the BBPS, an interoperable platform for recurring bill payments (NPCI).

“With consistent growth in multiple biller categories, it has been agreed to allow ‘mobile prepaid recharges’ as a biller category in BBPS, on a voluntary basis, to provide mobile prepaid clients with more options to recharge. The RBI indicated in a statement that “this will be implemented on or before August 31, 2021.”

Now Recharge Mobile Using Bharat Bill Payment System (BBPS)

Bharat Bill Payment System (BBPS)

The Bharat Bill Payment System (BBPS) is an integrated online platform for utility bill payments established by the National Payments Corporation of India. The platform delivers an interoperable service to consumers through a digital and networks of agents, such as bank internet banking, mobile banking, and retail stores, allowing them to pay their bills in one place, at any time, and from any location.

BBPS began in 2014 as a platform for automating bill payments for five different types of bills: direct to home (DTH), energy, gas, telecom, and water. The system featured a standardised bill paying experience, a centralised customer grievance redress procedure, a customer convenience fee, and the ability to pay bills online.

Story first published: Monday, June 14, 2021, 15:49 [IST]



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Reserve Bank of India – Tenders

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Regional Director, Reserve Bank of India, Bengaluru invites e-Tender through MSTC for General Repairs and Repainting of Bank’s Staff Quarters at Nandini Layout, Bengaluru. The e-Tender along with the detailed tender notice is available at MSTC website https://www.mstcecommerce.com/eprochome/rbi and the website of the RBI at https://www.rbi.org.in under the menu “Tenders”.

2. All empanelled bidders must register themselves with MSTC through the above referred website to participate in the e-Tendering process.

3. The estimated cost of the work is ₹24.72 lakh (approx.), however the actual amount may vary.

4. The schedule for the e-Tendering process is as under:

A E-Tender No. RBI/Bengaluru/Estate/512/2020-21/ET/798
B Mode of Tender e-Procurement System
(Online Part I – Techno-Commercial Bid and Part II – Price Bid through www.mstcecommerce.com/eprochome/rbi)
C Date of NIT available to parties to download 10.00 am of June 14, 2021
D Earnest Money Deposit Rs.49,440/- from each bidder in the from Demand Draft / Bank Guarantee / NEFT to the Bank (details under para “bidding in e-tender)
E Start Bid Date 11.00 am on June 14, 2021
F Last Date for submission of the tender 3.00 pm on July 16, 2021
G Date of opening of Part I (Technical Bid) of tender 3.30 pm on July 16, 2021

5. The Part-II i.e. price bid will be opened on the same day or at a later date as intimated by the Bank in respect of only those contractors/bidders who satisfies all criteria stipulated in Part-I. The Bank reserves the right to accept or reject any or all e-Tenders without assigning any reasons thereof.

Note: All the tenderers may please note that any amendments / corrigendum to the e-Tender, if issued in future, will only be notified on the RBI and MSTC Website as given above and will not be published in the newspaper.

Officer-in-Charge
Bangalore

June 14, 2021

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4 Top Picks From The Auto Sector By Angel Broking For June 2021

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1. NRB Bearings:

For the quarter ended March of FY21, the company posted good results with revenue inching 37% YoY, while EBITDA scaled even more strongly by 203% YoY.

“With the auto industry likely to rebound by H2FY22 and exports doing well for the company, we expect NRB to do well going forward. NRB is faring well in terms of improving its wallet share in exports”, said the report.

The company’s key financials for FY2022E are as following:

• PAT: Rs. 76 crore

• EPS: 7.8

• RoE: 14%

• P/E: 17.3x

The company is the leading supplier of bearings to auto manufacturing companies. The company caters to 2-wheelers, 3-wheelers, PV, CV and tractor OEMs.

2. Escorts:

2. Escorts:

“Considering record food-grain procurement by government agencies as well as expectation of good Kharif crop in 2021, we expect the tractor industry will continue to outperform the larger automobile space in FY22 with Escorts being a key beneficiary”, said the report.

Escorts in the recent past has also entered into a strategic partnership with Kubota Corporation of Japan (one of the global leaders in farm machinery and implements), which provides further visibility of growth for the company, going forward, added the report.

The company’s key financials for FY2022E are as following:

• PAT: Rs. 874.2 crore

• EPS: Rs. 86.4

• RoE: 14.6%

• P/E: 14.1x

Escort is the leading tractor player in the country with its brand of tractors doing good particularly in the northern and eastern belt of the country.

3.	GNA Axles:

3. GNA Axles:

GNA is expected to be one of the biggest beneficiaries of strong growth outlook for truck sales in US and Europe markets which are witnessing strong recovery in demand. US which accounts for almost 40% of the company’s revenues has been registering strong class 8 truck sales, said the report.

The foray into the SUV axle segment would provide the company with new growth opportunities while the recovery in the domestic CV cycle also bodes well for the company. At current level the stock is trading at a P/E multiple of 11.5x FY23E EPS estimate of Rs. 39.

Key financial metrics:

For Fy2021E

• PAT- Rs. 77 crore

• EPS- Rs. 35.7

• RoE- 13.7%

• P/E- 12.5%

The company is into supplying rear axles to the auto sector. Primarily catering to the CV segment, the revival in CV cycle shall bode well for the company and it is seen to be the biggest beneficiary from it.

4.	Ashok Leyland Ltd(ALL):

4. Ashok Leyland Ltd(ALL):

The company is one of the leading player in India CV industry with a 32% market share in the MHCV segment. The company also has a strong presence in the fast growing LCV segment. Demand for MHCV was adversely impacted post peaking out due to multiple factors including changes in axel norms, increase in prices due to implementation of BS 6 norms followed by sharp drop in demand due the ongoing Covid-19 crisis, said the report.

“While demand for the LCV segment has been growing smartly post the pandemic, demand for the MHCV segment has also started to recover over the past few months before the 2 nd lockdown while demand for buses are expected to remain muted due to greater preference for personal transportation”.

Considering the above, Angel Broking is of the view that Ashok Leyland is ideally placed to capitalize on the growth revival in the CV segment. Also, the company is seen to be the biggest beneficiary of the centre’s voluntary scrappage policy.

GoodReturns.in



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7 Best Bank Stocks To Invest In India 2021- BOM, BOI, IOB, Equitas

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List of Best Performing Bank Stocks

Would the non-performing asset figures in the retail lending segment jump in the first quarter of fiscal 22 as a result of the mini-lockdown in some parts of the country?

Company Stock Price (June 11) 1- Year Return %YTD Gains
Bank Of Maharashtra 26.60 136.44% 94.87%
Punjab and Sindh 20.30 24.54% 50.93%
Bank Of India 80.40 66.98% 60.32%
Indian Overseas Bank 20.80 99.04% 92.59%
IDFC First Bank Ltd 60.05 137.82% 60.56%
Central Bank Of India 21.55 32.62% 52.84%
Equitas Small Finance Bank Ltd 60.60 84.76% 60.53%

Banks Year-To-Date Returns

Banks Year-To-Date Returns

The amount of profit (or loss) realized by an investment from the first trading day of the current calendar year is referred to as the YTD return. Investors and analysts frequently use YTD calculations to evaluate the performance of a portfolio or to compare the recent performance of a number of equities.

Here’s a look at the top Bank stocks that have achieved the best year-to-date (YTD) returns as of this writing. Investors who seek equities with strong momentum assume that the price movement will continue in the future for varied periods of time. Please keep in mind that a stock’s historical performance does not ensure that a similar trend will continue in the future.

Bank Of Maharashtra

Bank Of Maharashtra

The Bank of Maharashtra was founded in 1935 and is a banking corporation with a market capitalization of Rs 17,548.43 crore. The company reported a Consolidated Total Income of Rs 4,333.34 Crore for the quarter ended 31-03-2021, up 21.13 percent from the previous quarter’s Total Income of Rs 3,577.36 Crore and up 35.48 percent from the same quarter last year’s Total Income of Rs 3,198.52 Crore. In the most recent quarter, the bank posted a net profit after tax of Rs 168.98 crore. ver a three-year period, the stock returned 91.07 percent, while the Nifty Bank provided investors a 31.56 percent return.

Punjab & Sind Bank

Punjab & Sind Bank

The Punjab & Sind Bank is a banking institution that was founded in 1908 with a market cap of Rs 8,226.92 Crore. The company reported a Standalone Total Income of Rs 1,940.62 Crore for the quarter ended 31-03-2021, down 2.11 percent from the previous quarter’s Total Income of Rs 1,982.52 Crore and down 15.24 percent from the same quarter last year’s Total Income of Rs 2,289.43 Crore. In the most recent quarter, the bank posted a net profit after tax of Rs 160.79 crore.

Bank Of India

Bank Of India

The Bank of India is a banking company that was founded in 1906. (having a market cap of Rs 26,346.46 Crore). The company reported a Consolidated Total Income of Rs 11,476.86 Crore for the quarter ended 31-03-2021, down 7.24 percent from the previous quarter’s Total Income of Rs 12,372.88 Crore and down 6.64 percent from the same quarter last year’s Total Income of Rs 12,293.37 Crore. In the most recent quarter, the bank posted a net profit after tax of Rs 83.15 crore.

Stock gave a 1 year return of 80.40%.

Indian Overseas Bank

Indian Overseas Bank

The company reported a Standalone Total Income of Rs 5,786.54 Crore for the quarter ended December 31, 2020, up 6.55 percent from the previous quarter’s Total Income of Rs 5,430.58 Crore and up 11.32 percent from the same quarter last year’s Total Income of Rs 5,197.94 Crore. In the most recent quarter, the bank posted a net profit after tax of Rs 212.87 crore. The stock gained 26.56 percent over three years, compared to 43.31 percent for the Nifty 100. Over a three-year period, the stock generated a 26.56 percent return, while the Nifty Bank generated a 31.56 percent return.

IDFC First Bank

IDFC First Bank

IDFC First Bank Ltd., founded in 2014, is a banking firm with a market capitalization of Rs 37,224.72 crore. The company reported a Consolidated Total Income of Rs 4,834.19 Crore for the quarter ended 31-03-2021, down.03 percent from the previous quarter’s Total Income of Rs 4,835.86 Crore but up 6.17 percent from the same quarter last year’s Total Income of Rs 4,553.07 Crore. In the most recent quarter, the bank posted a net profit after tax of Rs 136.93 crore. Stock returned 43.18 percent over three years, compared to 43.31 percent for the Nifty 100 index. Over a three-year period, the stock returned 43.18 percent, while the Nifty Bank provided investors a 31.56 percent return.

Central Bank Of India

Central Bank Of India

The Central Bank of India was founded in 1911 and has a market capitalization of Rs 12,603.08 crore. The company recorded a Consolidated Total Income of Rs 5,795.00 Crore for the quarter ended 31-03-2021, down 11.99 percent from the previous quarter’s Total Income of Rs 6,584.31 Crore and 14.07 percent from the same quarter last year’s Total Income of Rs 6,743.47 Crore. In the most recent quarter, the bank reported a net profit after tax of Rs -1,441.74 crore.

Equitas Small Finance Bank Ltd

Equitas Small Finance Bank Ltd

Equitas Small Finance Bank Ltd., founded in 1993, is a bank with a market capitalization of Rs 6,898.33 crore. The company recorded a Standalone Total Income of Rs 996.73 Crore for the quarter ended 31-03-2021, down.68 percent from the previous quarter’s Total Income of Rs 1,003.54 Crore but up 24.67 percent from the same period last year’s Total Income of Rs 799.47 Crore. In the most recent quarter, the bank posted a net profit after tax of Rs 112.87 crore

Disclaimer

Disclaimer

Neither Author nor Greynium Information Technologies would be responsible for losses based on decisions taken based on the article. The above article is for informational purposes only and stock market investing is risky. Investors should consider the risk before investing. Please do not buy stock based on the information provided above do consult a registered advisor.



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Reserve Bank of India – Press Releases

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The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0), initially for a period of one year from May 01, 2021, vide press release dated April 15, 2021.

2. A Group of Advisors (GoA) to assist RRA was also constituted on May 07, 2021. To undertake its preparatory work, the Group has invited feedback and suggestions from all regulated entities, industry bodies and other stakeholders. The last date for sending the suggestion and feedback to the Group is June 15, 2021.

3. Keeping in view the COVID-19 related disruptions and based on the requests received from stakeholders, it has been decided to extend the timeline for submission of feedback and suggestions to the Group till June 30, 2021.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/359

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5 Best 1-Year Fixed Deposits To Invest

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Private Bank FDs

On one-year FDs, private banks are giving 6.1 per cent interest rates. For example, RBL Bank offers 6.10 per cent and IndusInd Bank offers 6% on one-year fixed deposits. These rates of interest are higher than those given by the major public sector banks. As a result, the top five private sector banks are presently offering higher interest rates on one-year fixed deposits of up to Rs 2 crore are as follows:

Banks Regular FD Rates Senior Citizen FD Rates W.e.f.
RBL Bank 6.10% 6.60% 1 June, 2021
IndusInd Bank 6.00% 6.50% 4 June, 2021
Yes Bank 6.00% 6.50% 3 June, 2021
DCB Bank 5.70% 6.20% 15 May, 2021
Bandhan Bank 4.50% 5.25% 7 June, 2021
Source: Bank Websites

Public-sector bank fixed deposits

Public-sector bank fixed deposits

On one-year fixed deposits, public sector banks such as Union Bank and Canara Bank are giving higher interest rates. Leading banks, such as the State Bank of India (SBI), are giving 4.40% interest rates on one-year fixed deposits. Check the below-listed top 5 public-sector banks, which are now giving higher interest rates on 1-year fixed deposits for a deposit amount of less than Rs 2 Cr.

Banks Regular FD Rates Senior Citizen FD Rates W.e.f.
Union Bank 5.25% 5.75% 15.12.2020
Canara Bank 5.20% 5.70% 08.2.2021
Punjab & Sind Bank 5.15% 5.65% 16 May, 2021
Indian Overseas Bank 4.90% 5.40% 09.11.2020
Bank of India 4.50% 5.00% 1 June, 2021
Source: Bank Websites

Small Finance Bank Fixed Deposits

Small Finance Bank Fixed Deposits

Small finance banks provide higher interest rates than major private and public-sector banks. Here are the top 5 small finance banks which are now giving higher interest rates on 1 year fixed deposits for a deposit amount of less than Rs 2 Cr.

Banks Regular FD Rates Senior Citizen FD Rates W.e.f.
Utkarsh Small Finance Bank 6.75% 7.25% 19.10.2020
Ujjivan Small Finance Bank 6.50% 7.00% 5.03.2021
Equitas Small Finance Bank 6.35% 6.50% 1.06.2021
Jana Small Finance Bank 6.25% 6.75% 07.05.2021
Suryoday Small Finance Bank 6.25% 6.75% 15.02.2021
Source: Bank Websites



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RBI extends timeline for advisory group to submit feedback to GoAs assisting Regulatory Review Authority

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The Reserve Bank of India (RBI) has extended the timeline for submission of feedback and suggestions from all regulated entities, industry bodies and other stakeholders to the Group of Advisors (GoA) assisting the Regulation Review Authority (RRA 2.0) by 15 days till June 30.

This has been done keeping in view the Covid-19 related disruptions and based on the requests received from stakeholders, RBI said in a statement.

RRA 2.0

RRA 2.0 has been set up initially for a period of one year from May 1, 2021. M Rajeshwar Rao, Deputy Governor, RBI, was appointed as the Regulations Review Authority in April 2021.

Also read: RBI sets up advisory group to assist Regulatory Review Authority

To make central bank’s regulations and compliance procedures more effective, On May 7, the RRA constituted a six-member Advisory Group headed by S Janakiraman, Managing Director, State Bank of India, to support it in reviewing the them with a view to streamline and rationalise them.

The terms of reference of RRA 2.0 include making regulatory and supervisory instructions more effective by removing redundancies and duplications, if any; and to obtain feedback from regulated entities on simplification of procedures and enhancement of ease of compliance. The authority will seek to reduce compliance burden on regulated entities by streamlining the reporting mechanism; revoking obsolete instructions if necessary and obviating paper-based submission of returns, wherever possible.

The RRA will examine and suggest the changes required in dissemination process of RBI circulars/ instructions.

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Convenience drives millennials to invest in digital gold, BFSI News, ET BFSI

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– By Shashank Singhal

Gold is considered ‘God’s Money’ in India and has been a store of value for over 3000 years. For many investors, allocation to Gold has always been seen as a secure investment option as it may work as an inflation hedge, bears significantly less risk than Indian Stock, diversifies a portfolio, and has high intrinsic value.

Amidst the pandemic when people are hesitant to visit jewellery shops, gold dealers and deal with the downsides of buying gold physically like storage, checking purity, acquiring the gold digitally and online has come as a perfect solution for investors. Digital gold allows the investors to hold physical gold while taking advantage of cutting-edge technology that avoids the hassles of inspecting physical gold for purity and then figuring out a safe storage.

Accounting for roughly 34% of the total population, India has one of the largest millennial populations in the world. Millennials were found investing in the yellow metal more than ever before. Digital gold is gaining traction not only from big cities but also from tier 2 and 3 cities. Terence Lucien, Head of Mutual Funds & Gold, PhonePe said that they have managed to attract customers from 18,500+ pin codes (covering almost 99% of the entire country’s pin codes).

Why are Fintechs tapping it?

As a result of the pandemic, people have learned the value of investing. Gold has traditionally been an important part of every Indian’s investment portfolio. Over the last few years, customers have been increasingly opting for digital gold purchases.

Ashraf Rizvi, Founder & CEO, Digital Swiss Gold & Gilded said, “Gold has and will continue to be part of an Indian investor’s portfolio, and given that gold buying continues throughout the year, digital gold provides convenience that benefits both the customer as well as the provider. Further, the guarantee of purity, safety, and easy reselling of digital gold is driving its demand among customers. As a result, many fintechs are including digital gold in their product portfolio to engage with a new-class of digitally savvy investors.”

Leading stock broker Upstox also offers digital gold as one of its products, Ravi Kumar, Co-founder & CEO at Upstox believes millennial investors have been quite instrumental in spurring investments because of the easy access and safety offered in this mode.

Tier 2 & 3 Cities Driving Growth

There has been an uptick in digital gold demand over the last few months, Terence says, the weight of gold sold by PhonePe in the first few months of 2021 is over 250% of the gold sold during the same period in 2020. He adds “Our customers for Gold belong to various income segments ranging from those who save and accumulate gold by buying small amounts to those with large purchases worth INR 1 lakh per month. Customers now regularly buy gold throughout the year and increase their purchases, during festivals or special occasions such as birthdays, marriages, anniversaries etc. We have seen significant and broad-based adoption of Gold since our launch. Almost 60% of customers who buy Gold on our platform come from Tier 3 cities and beyond.”

Upstox has also witnessed similar trends, Ravi adds, “We have seen 14X growth between December 2020 and May 2021. More than 75% of orders for digital gold are from Tier 2 and Tier 3 towns.”

Partnership Model

Ashraf Rizvi believes that when it comes to digital gold offerings, trust is an important factor, both for the buyer and the provider. Digital Gold providers can partner financial marketplaces and personal finance advisors to offer digital gold as an investment option to their existing client base. FinTech Super Apps is another way for digital gold companies to promote their services.

Ravi from Upstox says while onboarding partners we consider attributes like 24*7 access, transparency, purity of gold and security.

PhonePe has partnered with SafeGold and MMTC-PAMP. Both SafeGold & MMTC-PAMP products (gold coins/bars) are certified for purity by assay certifying agencies. Terence said, “Customers can continue to buy more gold and expand their gold portfolio/savings to fulfil their financial goals, sell it at any time and have their money put into their bank account, and request delivery of gold coins and bars to their doorstep.”

Future Trends

As a commodity gold appeals to both serious investors and traditional buyers. The yellow metal holds sentimental value and is considered to be a lucrative asset in the long run. Terence said, “PhonePe believes that millions of Indians will prefer buying gold digitally due to the high level of trust, convenience, and affordability.”

With respect to partnership trends, Ashraf believes with the overall banking and financial services industry in India undergoing digitisation, personal finance, including gold investment platforms, will also pick-up pace to meet the demands of the new age customer.

Ravi adds that technology has played a significant role in increasing the adoption of this emerging investment instrument and the investment in digital gold will be on an upward trajectory in the coming years.



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Top 10 Asia’s Richest 2021: Mukesh Ambani, Gautam Adani Surpass Chinese IT Magnates

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Top 10 Asia’s Richest 2021

Asia’s top 10 richest people, as of June 12, 2021

Mukesh Ambani: $84.3 billion

Gautam Adani: $77.0 billion

Zhong Shanshan: $71.2 billion

Ma Huateng: $60.1 billion

Jack Ma: $48.9 billion

Zhang Yiming: $44.5 billion

Colin Huang: $43.4 billion

Zeng Yuqun: $39.1 billion

Tadashi Yanai: $38.9 billion

William Ding: $35.7 billion

Mukesh Ambani: $84.3 billion

Mukesh Ambani: $84.3 billion

Ambani’s fortune has risen to almost $84 billion, according to the Bloomberg Billionaires Index, making him the world’s 12th richest person. So far in 2021, Ambani has invested $7.62 billion. Mukesh Ambani of the Reliance Group is Asia’s richest man, with $84.3 billion.

Reliance was formed in 1966 as a modest textile firm by his late father, Dhirubhai Ambani, a yarn trader.

With the debut of its 4G phone service Jio in 2016, Reliance started a pricing war in India’s hyper-competitive telecom sector.

During the Covid-19 siege, Ambani raised more than $20 billion by selling a third of Jio to a group of investors that included Facebook and Google.

Gautam Adani: $77.0 billion

Gautam Adani: $77.0 billion

Adani is second with a $77 billion wealth. Adani’s fortune, on the other hand, has risen to $77 billion, with a $43.2 billion increase so far in 2021. According to Bloomberg figures, Adani is the 14th richest person on the planet. Gautam Adani, an infrastructure mogul, owns India’s largest port, Mundra, in his home state of Gujarat. Adani owns Abbot Point, a contentious Australian coal mining project whose Carmichael coal mine is touted as one of the world’s largest.

In September 2020, Adani purchased a 74% share in Mumbai International Airport, India’s second busiest.

 Zhong Shanshan: $71.2 billion

Zhong Shanshan: $71.2 billion

Zhong Shanshan is a rich Chinese businessman. Nongfu Spring, a bottled water company that went public in Hong Kong in September 2020, is chaired by Zhong Shanshan.

He is the founder and chairman of Nongfu Spring and the primary shareholder of Beijing Wantai Biological Pharmacy Enterprise.

Ma Huateng: $60.1 billion

Ma Huateng: $60.1 billion

Ma Huateng (also known as Pony Ma) is the chairman of Chinese internet behemoth Tencent Holdings, which is one of the country’s most valuable companies by market capitalization. He is the founder, chairman, and CEO of Tencent, Asia’s most valuable corporation, one of the world’s largest Internet and technology corporations, as well as one of the world’s largest investment, gaming, and entertainment conglomerates. In December 2018, the company’s music-streaming business, Tencent Music, went public on the New York Stock Exchange.

Jack Ma: $48.9 billion

Jack Ma: $48.9 billion

Jack Ma Yun is a Chinese business entrepreneur, philanthropist, and investor. Alibaba Group, a multinational technological conglomerate, is his co-founder and former executive chairman. He also co-founded the private equity business Yunfeng Capital. Ma is a staunch supporter of a market-driven, open economy. In September 2019, Alibaba’s executive chairman, Jack Ma, stepped down and was replaced by CEO Yong Zhang, also known as Daniel Zhang.

Zhang Yiming: $44.5 billion

Zhang Yiming: $44.5 billion

One of China’s largest media content platforms, Beijing ByteDance, is chaired by Zhang Yiming. President Trump ordered ByteDance to sell TikTok’s U.S. businesses in August 2020; a potential deal with Walmart and Oracle is still in the works. Zhang’s personal wealth is estimated to be $44.5 billion, according to the Bloomberg Billionaires Index. Zhang Yiming stated on May 20, 2021 that he would be stepping down as CEO of ByteDance at the end of the year and shifting to a new position within the company.

Colin Huang: $43.4 billion

Colin Huang: $43.4 billion

Colin Huang, also known as Huang Zheng, is the chairman of Pinduoduo, one of China’s largest e-commerce platforms. Huang, a serial entrepreneur, previously launched Xinyoudi, an online game company, and Ouku.com, an online e-commerce platform. Pinduoduo raised $1.6 billion in a July 2018 IPO in the United States, despite backlash over its alleged sale of counterfeit goods.

Zeng Yuqun: $39.1 billion

Zeng Yuqun: $39.1 billion

Contemporary Amperex Technology (CATL), one of the world’s major providers of batteries for electric vehicles, was founded and is led by Zeng.

BMW, Volkswagen, and Geely are among the clients of CATL, which went public on the Shenzhen Stock Exchange in 2017.

Tadashi Yanai: $38.9 billion

Tadashi Yanai: $38.9 billion

Tadashi Yanai founded and controls Fast Retailing, the parent company of the Uniqlo apparel chain, which is listed on the Tokyo Stock Exchange.

Theory, Helmut Lang, J Brand, and GU are among Fast Retailing’s other brands.

On revenue of $19 billion, the corporation declared a net profit of $853 million for the fiscal year ending August 2020.

William Ding: $35.7 billion

William Ding: $35.7 billion

Netease, one of the world’s leading online and mobile games companies, is led by William Ding.

Mojang, a Microsoft company, and Blizzard Entertainment are among Netease’s business partners.

Faced with stiff competition from Chinese rival Tencent in the games market, Netease expanded into movies, online music, and e-commerce.

10 Richest People in the World

10 Richest People in the World

Names of Richest People Fortune
Bernard Arnault & Family $186.3 billion
Jeff Bezos $186 billion
Elon Musk $147.3 billion
Bill Gates $125.5 billion
Mark Zuckerberg $114.7 billion
Warren Buffet $108.7 billion
Larry Ellison $102.3 billion
Larry Page $100.2 billion
Sergey Brin $97.1 billion
Amancio Ortega $89 billion

Worlds Richest

Worlds Richest

With a net worth of $194 billion, Amazon founder Jeff Bezos is the wealthiest person on the planet. Following him is LVMH Chief Executive Bernard Arnault, who has a fortune of S173 billion. Elon Musk, the CEO of Tesla, ranks third on the list, with a fortune of over $169 billion.

Jeff Bezos

In 1994, Jeff Bezos launched e-commerce behemoth Amazon from his Seattle garage. In July 2021, he will step down as CEO and become executive chairman.



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Black fungus fully covered under health covers: Star Health MD

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Claims for black fungus or mucormycosis are fully covered under health insurance covers, said S Prakash, Managing Director, Star Health and Allied Insurance.

“Black fungus has to be 100 per cent settled by insurance. Insurance has to pay for any infection, bet it viral, bacterial or fungal and such claims have to be fully approved by all insurance companies and all policies,” Prakash said, adding that the insurer is honouring all such claims.

Mucormycosis has emerged as one of the significant complications of Covid-19, although it happens in other cases too.

The medical costs for treating the disease are high and there is also need for prolonged hospitalisation.

Also read: Indians already ravaged by virus now slammed with medical debt

Prakash said, insurers are now trying to track Covid-19 complications based on the International Classification of Disease or ICD code.

“We have created a separate ICD code, WHO has also given an ICD code for Covid complications. With this, we should be able to track more and more complications related to Covid in days to come,” he told BusinessLine in an interaction.

The standalone health insurer has incurred Covid related claims of ₹1,530 crore in 2020-21 and worth ₹990 crore this fiscal.

Rising demand

Prakash said that the demand for health insurance is increasing but families now prefer to take a comprehensive cover rather than opt for the Covid specific Corona Rakshak or Corona Kavach policies.

“Star Health is still offering Corona Rakshak and Corona Kavach policies. But these were designed with the expectation that the pandemic would be contained in a few months. Now people are preferring to buy a standard mediclaim cover, as they feel that short term covers are not enough or really meaningful,” he said.

The average sum insured for families has also increased to ₹5 lakh, he noted.

He also said the insurer is not differentiating amongst customers who have had Covid-19 for medical insurance policies.

“Star is not imposing any specific guidelines for people who have recovered from Covid-19. No questions are being asked, they will be considered like any common person without exclusions or loading of premium,” he said.

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