India allows more foreign ownership in insurance

In a major economic policy reform, the Rajya Sabha passed the Insurance Law (Amendment) Bill, agreeing to increase the limit of foreign ownership in local insurance to 49% from the existing 26%. The Lok Sabha, on 4 March, approved the bill, which will become an Act when the President signs it. The legislation which was stuck in the pipeline for over 6 years will allow global insurers to enter the Indian market and own greater shares in insurance companies.

Zebpay launches bitcoin mobile wallet in India

Zebpay introduces its ‘bitcoin’ mobile wallet in the country, by which a user can buy, sell and transact in bitcoins which is presently valued at around $280 per unit. Bitcoins are digital money that are generated and their value is determined based on their demand and supply. The wallet is in form of a mobile application. Zebpay co-founder Sandeep Goenka said ” Zebpay application is available on Android platform and we are talking to 15 merchants in India who will accept bitcoins.

Central Government appoints 9 Executive Directors in Public Sector Banks

The Government of India today appointed nine Executive Directors in Public Sector Banks. The appointment of nine Executive Directors in 9 Public Sector Banks are as follows:

  • K. Sahoo– Executive Director of Allahabad Bank.
  • Pawan Kumar Bajaj-Executive Director of Indian Overseas Bank.
  • Ravi Shankar Pandey– Executive Director of Syndicate Bank.
  • Kishore Piraji Kharat– Executive Director of Union Bank of India.
  • C.Lodha– Executive Director of Central Bank of India.
  • Charan Singh– Executive Director of UCO Bank
  • Venkata Rama Moorthy– Executive Director of Bank of Baroda.
  • P. Marathe– Executive Director of Bank of India.
  • Harideesh Kumar – Executive Director of Canara Bank.

These appointments were made on the basis of a recommendation of selection panel headed by the Reserve Bank of India Governor Raghuram Rajan.

LIC to invest ₹ 1.5 lakh crore in Indian Railways

Indian Railways on 11 March 2015 signed a Memorandum of Understanding (MoU) with Life Insurance Corporation (LIC) to raise ₹ 1.5 lakh crore for financing the development of its various commercially viable infrastructure projects.

Veteran sports journalist K Baskaran died

Veteran sports journalist K Baskaran passed away following a brief illness. He was 80. Baskaran reported news related to football from all over the country. He also authored a book on football titled Wills Book of Football.

Karnataka overwhelm Tamil Nadu to retain Ranji title

Karnataka successfully defended their Ranji Trophy title in emphatic style as they trounced Tamil Nadu by an innings and 217 runs in the final at the Wankhede Stadium in Mumbai. With this Victory Karnataka won 8th Ranji title and became the second most successful team after 40-time champions Mumbai. The man of the match was Karnataka’s Karun Nair who had scored 338 runs.

Sangakkara Becomes First Batsman To Hit Four Successive Centuries In One-Day Cricket

Sri Lanka’s Kumar Sangakkara became the first player to score four successive one-day international centuries. Kumar Sangakkara achieved this feat in a World Cup match against Scotland in Hobart on 11 March. He had made 105 not out against Bangladesh, an unbeaten 117 in the game with England followed by 104 against Australia. He has now scored 14,189 ODI runs and only Tendulkar (18,426), who retired in 2013, has more runs for his country in the 50-over format.