PAM Financial News

Regulatory changes like amendment in the Insolvency & Bankruptcy Code and standardization of bond wordings would give a fillip to newly introduced product underwritten by general insurance companies, called surety bonds, experts said. This product launched in 2022 is going to play a crucial role in supporting India's infrastructure development and heavily reduce reliance on bank guarantees for project finance. As a result, banks can focus on other productive sectors for lending. Bajaj Allianz General Insurance, which is the pioneer of the product said that it has been able to add more than 50 beneficiaries who have started accepting surety bonds. According to Bajaj Allianz General Insurance Chief Technical Officer TA Ramalingam, possible amendments in the legal framework are crucial in providing insurance companies with equal legal recourse as banks under the Insolvency and Bankruptcy Code (IBC).

Telangana Special Police (TGSP) have been suspended for alleged misconduct and incitement of agitation. Some TGSP personnel (constables) held agitations inside the Battalion campus in Telangana as well as on the streets of several places, including Hyderabad, and the families of the constables held sporadic protests in the state, demanding uniform policies for all police personnel and better working conditions. «With a view to upholding discipline and integrity within the Telangana Special Police, the 39 personnel involved in misconduct are placed under suspension for unbecoming of government servants, including incitement of others for agitation among Battalion personnel,» a release from Telangana Police said. The suspended personnel were found to have acted in violation of conduct rules and have engaged in behavior contrary to the one expected from government servants and they allegedly instigated unrest within the Battalion, adversely affecting morale and operational efficiency, it said.

Narendra Modi has congratulated Arjun Erigaisi, the Indian chess prodigy who recently achieved a significant milestone by surpassing the 2800 Elo rating mark in live chess ratings. This accomplishment makes Erigaisi the youngest Indian and only the second player from the country, after the legendary Viswanathan Anand, to cross this coveted threshold. The 21-year-old grandmaster reached this milestone on October 24, during the 2024 European Chess Club Cup. Representing Team Alkaloid, Erigaisi secured victory in a critical fifth-round match against Russian player Dmitry Andreikin, playing with the White pieces.

Raymond Chairman and Managing Director Gautam Singhania has lashed out at Lamborghini India head Sharad Agarwal and Asia Head Francesco Scardaoni. In a tweet, the Raymond boss said that the duo never 'check wat the customer issues are'. «I'm shocked at the arrogance of India Head @Agarwal_sharad and Asia Head Francesco Scardaoni. Not one has reached out to even check what the customer issues are,» tweeted Gautam Singhania.

US election 2024 campaign is all set to witness Kamala Harris and Tim Walz crisscrossing the United States to visit all seven battleground states — Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin — in the coming days. This is part of Democratic Presidential and VP candidates' final blitz before the November 5 polling day and a direct message to Donald Trump. Harris, the Democratic presidential nominee, will spend Sunday in Philadelphia, attending church services in the morning and visiting a barbershop. The vice president also plans to stop at a Puerto Rican restaurant and a youth basketball facility, as per an AP report. On Monday, Walz, the Minnesota's governor who is Harris' running mate, will campaign in Manitowoc and Waukesha, Wisconsin, before a joining Harris for a rally in Ann Arbor, Michigan, where the singer Maggie Rogers is scheduled to perform.

Rizwan as captain of their white-ball teams on Sunday, and Babar Azam, Shaheen Afridi and Naseem Shah were all named in their one-day international and Twenty20 squads for next month's tour of Australia. All-rounder Salman Ali Agha will serve as Rizwan's deputy, the Pakistan Cricket Board said. «I'm deeply honoured to be appointed as Pakistan's white-ball captain,» Rizwan said in a statement.

Tamil Nadu Deputy Chief Minister minister Udhayanidhi Stalin has extended his Deepavali greetings to those «who have faith,» remarks that drew sarcastic response from opposition BJP. The BJP has been targeting the DMK for not wishing people on Hindu festivals, including Deepavali and Vinayaka Chathurthi. DMK leaders including its late president and former Chief Minister M Karunanidhi have not greeted people on Deepavali, in line with their rationalistic beliefs. However, at a party event here on Saturday, while extending his greetings to supporters for the party's platinum jubilee celebrations, Udhayanidhi also greeted people for "Deepa oli thirunaal" much to the surprise of many.

Virat Kohli and Rohit Sharma. India went down to New Zealand by 113 runs inside three days in the second Test in Pune on Saturday as the Black Caps took an unbeatable 2-0 lead in the three-match series. It was New Zealand's first Test series win on Indian soil since they began touring there in 1955.

Kerala government on Sunday continued to express its displeasure over the delay in central assistance to landslide-hit Wayanad and said the union government was yet to announce the category in which the disaster is classified. Revenue Minister K Rajan said 100 days have passed since the massive landslides rocked the hamlets of Wayanad, but the state was yet to receive any assistance from the union government for its rehabilitation. The «negative approach» adopted by the Centre in terms of the rehabilitation of Wayanad was 'painful' for the state, he told reporters here. The state government has raised demands for central assistance several times.

Assam Cabinet headed by Chief Minister Himanta Biswa Sarma on Sunday approved the proposal to increase the Dearness Allowance (DA) for the state government employees by three per cent from the current 50 per cent to 53 per cent of their basic salary. The increase in the DA will be retroactively effective from July this year, Chief Minister Sarma announced in the press conference. The employees will receive their DA arrears starting from December to March, with the government providing 25 per cent of the amount each month.

Himanta Biswa Sarma said on Sunday that Jharkhand is a «tough state» in terms of BJP's prospect in the upcoming assembly elections there but the saffron camp is «hopeful» of coming to power. Sarma, who is the party's co-in charge for the poll-bound Jharkhand, also said he has been busy campaigning there and is not able to focus on the November 13 by-polls in Assam. «I have not been keeping tabs on the bypolls here. I have been very busy with Jharkhand,» the chief minister said, addressing a press conference here.

Amit Shah said on Sunday that infiltration at Indo-Bangladesh border will stop completely if BJP comes to power in the state in 2026. Lashing out at the Trinamool Congress-led government over corruption, Shah said the funds sent by the Modi government are routed to corrupt Trinamool leaders. “Mamata Didi talks about injustice in MGNREGA. You (Mamata) were part of UPA. But now in the NDA regime, Modi, in the last ten years, has sent Rs 56,000crore for NREGA. When Modi sends money, it goes to corrupt TMC leaders. Where does this money go? Did the money go to people or Trinamool Congress.” Shah hit out at INDIA Alliance as well during his speech. He also assured that “Achhe Din” will come to Bengal after counting of 2026 assembly polls is completed and BJP comes to power. “Peace will come once infiltration stops. Partnership with neighbouring countries like Nepal, Bangladesh, Myanmar in terms of business and cultural aspects will be enhanced. In terms of progress, several initiatives can be possible,” Shah said as he inaugurated the Passenger Terminal Building and Maitri Dwar at Land Port in Bengal's Petrapole today.

border patrolling agreement between India and China along the Line of Actual Control (LAC). He, however, also emphasised that it would take time to build trust and willingness between the two nations. Addressing an interactive session with students at FLAME University in Pune, Jaishankar said that since 2020, «The situation in the border has been very disturbed and that's had a very negative impact on the overall relationship».

Washington Post reported on Saturday that South African-born billionaire businessman Elon Musk worked illegally in the United States during a brief period in the 1990s while building a startup company. The news outlet reported that Musk arrived in Palo Alto, California, in 1995 to attend Stanford University but never enrolled in his graduate studies program there. Instead, he developed software company Zip2, which sold in 1999 for around $300 million, according to the outlet. Two immigration law experts quoted by the Post said Musk would have needed to be enrolled in a full course of study in order to maintain a valid work authorization as a student.

Arvind Kejriwal, leader of the Aam Aadmi Party (AAP), accused the Bharatiya Janata Party (BJP) of orchestrating an attack on him during a foot march in Vikaspuri, Delhi. Kejriwal claimed 'BJP goons' assaulted him during the event. He questioned whether the BJP intended to «kill him» and challenged them to contest elections against him. Kejriwal addressed a gathering in Delhi, saying, «Do you want to kill me? If you have the courage, contest elections against me.» He stressed that he has no desire for power and is more concerned about the development work in Delhi. Accompanying Kejriwal, AAP MP Sanjay Singh stated that Delhi's citizens would «take revenge for this insult» in the upcoming elections, accusing BJP of being nervous about their electoral prospects in Delhi.

North Waziristan claimed the lives of at least eight people, including four police officers, ARY News reported citing police. The attack in the Eidak area of Mir Ali Tehsil specifically targeted a police post, the police stated. Following the incident, a rescue operation was initiated, and the injured were transported to a local hospital for treatment. Security forces quickly arrived at the scene and cordoned off the area to investigate.

Indian Army's Romeo Force, in a joint operation with Special Operations Group (SOG) police, busted a terror hideout in the Balnoi sector in Poonch, officials said. According to the Poonch police, the operation that took place on Saturday led to the recovery of two grenades and three PakistMines from the hideout. Meanwhile, a search operation was carried out in Tangmarg and several parts of Jammu and Kashmir as the Indian Army and police intensified their searches to trace the accused in terror attacks in Gulmarg, Baramulla in north Kashmir and Gagangir in the Ganderbal district of the Union Territory.

Amit Shah arrived in West Bengal late Saturday night, where he will be inaugurating the party's 'Sadasyata Abhiyan' in the state. Shah was welcomed by BJP leaders Suvendu Adhikari and Sukanta Majumdar. Earlier, BJP leader Agnimitra Paul informed that Amit Shah will inaugurate the party's membership drive in West Bengal which has been going on across the country on Sunday.

Aam Aadmi Party on Friday, announced its list of 40 star campaigners for Assam by-polls that will be held on November 13. According to the list, AAP's national convener Arvind Kejriwal, former Deputy CM of Delhi Manish Sisodia, Punjab CM Bhagwant Mann, Delhi CM Atishi, and Rajya Sabha MP Sanjay Singh will campaign for the party in Assam. Delhi Ministers including Gopal Rai, Kailash Gehlot, and Imran Hussain along with Sandeep Pathak, Harbhajan Singh and Harpal Singh Cheema have also been included in the list.

United States to Taiwan. The United States is bound by law to provide Chinese-claimed Taiwan with the means to defend itself despite the lack of formal diplomatic ties, to the constant anger of Beijing. On Friday, the Pentagon said the United States had approved a potential $2 billion arms sale package to Taiwan, including the delivery for the first time to the island of an advanced air defence missile system battle-tested in Ukraine.

Nirmala Sitharaman urged the G7 and G20 nations to intensify their support for the African countries and highlighted India's commitment to the continent, particularly in areas such as infrastructure development and healthcare. The Finance Minister participated in the G7 African Ministerial Roundtable on Saturday (local time), the Ministry of Finance stated. During her address at the meet on the sidelines of the Annual Meetings 2024, Sitharaman highlighted the «deep-rooted partnership between India and Africa, which has been redefined by Prime Minister Narendra Modi through 10 guiding principles» that aim to support Africa's growth by focusing on capacity-building, enhancing public services, and addressing climate change, the Ministry added.