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US-based insurer Metlife Inc, through its group company, will acquire the combined 15.27 per cent stakes of I.G.E. (<keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>) Private Ltd (IGE) and <keyword id="4100068" type="General" weightage="100" keywordseo="elpro" source="Orion">Elpro</keyword> International Ltd (Elpro) in the <keyword id="12246295" type="General" weightage="20" keywordseo="pnb-metlife-india-insurance-company-ltd" source="Orion">PNB MetLife India Insurance Company Ltd</keyword> (<keyword id="1632925" type="General" weightage="80" keywordseo="pnb-metlife" source="Orion">PNB MetLife</keyword>) for about ₹1,906 crore cash. According to Elpro, it will receive a sum of about ₹1,424.69 crore while I.G.E. (India) will get about ₹481.32 crore. <keyword id="10435293" type="General" weightage="20" keywordseo="metlife-international-holdings-llc" source="Orion">MetLife International Holdings LLC</keyword> has entered into a share purchase agreement with I.G.E. (India) and Elpro for the purpose. Elpro said the tentative date for completion of the transaction is November 30, 2021 subject to regulatory approvals. With the purchase of the additional stake, MetLife's stake in <keyword id="47268" type="General" weightage="80" keywordseo="pnb" source="Orion">PNB</keyword> MetLife will go up to 47.325 per cent. "MetLife's joint venture in India has all of the hallmarks we look for in deploying capital to create long term shareholder value: a track record of consistent execution, an extensive distribution network, strong growth and an advantaged position in one of the world's most attractive life insurance markets," MetLife Asia Regional President, Kishore Ponnavolu, said. "I am pleased that this transaction supports MetLife's continued growth in India and will enable us to deliver even more value for our customers, partners and shareholders. The Dabriwala family has been a strong supporter of PNB MetLife and valued members of its board, and we thank them for their contribution to the company." Elpro Director Surbhit Dabriwala said: "We have enjoyed a strong relationship with MetLife for close to 20 years and seen PNB MetLife grow. Our involvement in PNB MetLife is part of a long tradition at Elpro of working with leading multinational partners in India, including in past ventures with GE and FANUC." On Tuesday morning, Elpro's shares shot up to ₹72.65 after closing at ₹60.55 on Monday. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/meat-and-seafood-brand-licious-is-now-worth-over-a-billion-dollars/articleshow/86775398.cms">Meat and seafood brand Licious is now worth over a billion dollars</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/oneplus-10-pro-is-rumoured-to-get-5x-optical-zoom-in-addition-to-a-periscope-lens/articleshow/86775266.cms">OnePlus 10 Pro is rumoured to get 5x optical zoom in addition to a periscope lens</a>

MetLife acquire stakes of Elpro and IGE's in PNB MetLife for ₹1,906 crore

Mumbai, Kerala-based ESAF Small Finance Bank on Monday filed its Draft Red Herring Prospectus (DRHP) with markets regulator <keyword id="5083555" type="ORGANIZATION" weightage="20" keywordseo="Securities-and-Exchange-Board-of">Securities and Exchange Board of</keyword> India for an IPO. As per the DRHP, the aggregate issue size is up to ₹997.78 crore, comprising of a fresh issue component of up to ₹800 crore and an Offer for Sale up to ₹197.78 crore by promoter and other selling shareholders i.e <keyword id="8150050" type="UNKNOWN" weightage="20" keywordseo="PNB-MetLife-India-Insurance-Company">PNB Metlife India Insurance Company</keyword>, Bajaj Allianz Life Insurance Ltd, <keyword id="4412564" type="PERSON" weightage="20" keywordseo="Pi-Ventures-LLP">PI Ventures LLP</keyword>, and John Chakola. The net proceeds from the fresh issue will be used to augment the bank's Tier 1 capital (primarily loans, advances and investment portfolio) to meet future capital requirements. The company may consider a pre-IPO placement of up to ₹300 crore, subject to counsel from the lead managers. As per the CRISIL report, ESAF is one of the leading small finance banks in terms of yield on advances, AUM growth rate, and share of retail deposits. It currently operates across 21 states and two Union Territories with 550 branches, 421 customer service centres (which are operated by its business correspondents), 12 business correspondents, 158 banking agents and 327 ATMs and serves over 4.68 million customers. As of March 2021, ESAF's gross advances stood at ₹8,415 crore, compared with ₹6,606.51 crore a year ago and total deposits were at ₹8,999.43 crore against ₹7,028.38 crore. Additionally, the DRHP states that the bank will continue to focus on its rural and semi-urban franchisees and increase deposits across NRIs and CASA. As on date, it stands to have the highest share of retail deposits as a percentage to the total deposits when compared to the other small finance banks. Investment Bankers appointed to the issue are Axis Capital Ltd, Edelweiss Financial Services Ltd, <keyword id="334749" type="COMPANY" weightage="20" keywordseo="ICICI-Securities-Ltd">ICICI Securities Ltd</keyword>, and IIFL Securities Ltd. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zomato-market-value-has-reached-1-10-lakh-crore-but-experts-had-different-views/articleshow/84757790.cms">While investors are still upbeat on Zomato stock, experts find it overvalued and expensive</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/wazirx-coindcx-and-other-indian-crypto-exchanges-will-reportedly-have-new-advertisement-guidelines-in-the-next-seven-to-ten-days/articleshow/84756896.cms">WazirX, CoinDCX and other Indian crypto exchanges will reportedly have new advertisement guidelines in the next seven to ten days</a>

Kerala-based ESAF Small Finance Bank looks to raise ₹998 crore through IPO

US based insurer <keyword id="109210" type="COMPANY" weightage="100" keywordseo="Metlife">Metlife</keyword> is planning to exit India insurance venture so it can concentrate on its home market where there has been a series of challenges for the company. The Indian venture has seen a tremendous growth in the past few years after <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> became a 30% stakeholder in 2013. 
 But the US company is among the few overseas investors that didn't take advantage of the rise in the limit on foreign holding in insurance to 49% from 26%, a shift that has sparked consolidation in the industry. <keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword> Metlife is valued at about Rs 6,500 crore, said two people aware of the development, with an embedded value of Rs 2,100 crore. 
 
"Metlife is planning to sell its (26%) stake in the Indian life insurance venture. Discussions have begun with global investment banks. Metlife is looking to globally restructure its businesses,” a person aware of the development told ET. 
 A <keyword id="155066" type="CITY" weightage="20" keywordseo="MetLife-Inc">Metlife Inc</keyword> spokesperson said, "As a matter of policy, we do not comment on market speculation. India is a high potential market and we are pleased to see how it is developing. It's not clear whether other investors will look to exit. They include the M Pallonji group, which has a 17.15% stake, <keyword id="1387861" type="COMPANY" weightage="20" keywordseo="Elpro-International">Elpro International</keyword> (12.75%), IGE (8%) and <keyword id="97186" type="CITY" weightage="20" keywordseo="JK-Bank">J&amp;K Bank</keyword> (5.08%). Chintalapati Holdings exited in 2013 by selling its stake to PNB, which has a lock-in of five years or till a premium income of Rs 5,500 crore is generated, whichever is earlier. PNB has so far generated about Rs 1,600 crore of premium income.” 
 
In a recent visit by Metlife’s senior management to India, it was decided that Metlife will exit the Indian Market. "Metlife's senior management visited India recently and they have decided to exit this market owing to the poor performance of the JV. They have hired an investment bank and are reassessing the market,” the person aware of the development told ET. 
 
Metlife's India unit had share capital of Rs 2,128 crore at the end of March. Embedded value is equivalent to the share capital, which is half of what is required for a possible listing, said one of the persons cited above, thus ruling out that avenue. Embedded value is the present value of future profits. 
(image: Indiatimes)

Metlife plans to exit India insurance venture, here's why

New Delhi, Feb 3 () State-owned Punjab National Bank is seeking IRDAI forbearance on cutting down stake in Canara HSBC OBC Life Insurance, which will come to the lender's fold after its merger with Oriental Bank of Commerce (OBC), sources said.
OBC currently holds 23 per cent stake in Canara HSBC OBC Life Insurance. Besides, another public sector lender Canara Bank has 51 per cent stake and HSBC Insurance (Asia Pacific) Holdings Limited as foreign partner owns 26 per cent.
As per the extant guidelines, one promoter cannot hold more than 10 per cent stake in two insurance ventures, sources said.
After the merger of OBC, expected in April, PNB will automatically get 23 per cent stake in Canara HSBC OBC Life Insurance also.
Already, PNB is a promoter of PNB Metlife Insurance with highest stake of 30 per cent.
Founded in 2001, PNB Metlife's other shareholders include US-based Metlife with 26 per cent, Elpro (21 per cent) and M Pallonji &amp; Company (18 per cent).
The sources said PNB has requested the regulator to provide additional time for cutting down or offloading its stake in the life insurance firm that will come to its fold by merger of another lender.
In another case, the merger proposal involving Union Bank of India, Andhra Bank and Corporation Bank, Andhra Bank holds 30 per cent stake in IndiaFirst Life Insurance whereas Union Bank holds 23 per cent stake in Star Union Dai-ichi Life Insurance.
In this case again the merged entity led-by Union Bank of India will have more than 10 per cent stake in two life insurance companies.
In the biggest consolidation exercise in the banking space, the government in August 2019 had announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank; Syndicate Bank will be merged with Canara Bank; Allahabad Bank will be amalgamated with Indian Bank; and Andhra Bank and Corporation Bank will be consolidated with Union Bank of India.
Keeping proposed merger in mind, Insurance Regulatory and Development Authority of India (IRDAI) last month said group health insurance policies of customers of the public sector banks slated to be merged with other PSBs will continue to be serviced by insurer companies till the end of the policy period.
"Upon merger of these PSBs, the underlying group health insurance policies of the customers of the merged banks shall continue to be serviced by the respective insurance companies which issued the policies till the end of the policy period," the insurance regulator had said in a circular.
The insurance companies will make suitable arrangements with the acquiring banks in this regard, it added.
IRDAI said the guidelines have been issued in order to protect the interests of the group insurance policyholders of the merged banks. DP BAL

PNB seeks IRDAI forbearance for paring stake in Canara HSBC OBC Life

<ul><li>Non-institutional and retail investors showed good interest in the public issue.</li><li>The company raised ₹160.35 crore from anchor investors like Quant MF, SBI General Insurance and more.</li><li>It plans to use net proceeds to fund capex, loan payments and general corporate purposes. </li></ul>The initial public offer (IPO) of city gas distribution company <keyword id="16660153" type="General" weightage="20" keywordseo="irm-energy" source="Orion">IRM Energy</keyword> was subscribed 75% by the end of the first day of the offer. The IPO will close on October 20. Retail investors showed good interest in the IPO as this portion was subscribed 85%. While the non-institutional investor (NII) portion was subscribed 1.5 times, no bids were received from qualified institutional buyers (QIBs). The company raised as much as ₹160.35 crore from anchor investors like Quant MF, SBI General Insurance, HDFC Life, DSP MF, BOI MF, Nippon AIF and PNB Metlife before it was opened to the public. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No of times subscribed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers (QIBs) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non Institutional Investors (NIIs) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.57 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Individual Investors (RIIs) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.85 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.75 </td></tr></tbody></table>Source: BSE About the issue IRM Energy is a city gas distribution company, engaged in the business of laying, building, operating and expanding the city or local natural gas distribution network. It aims to raise as much as ₹545.4 crore at the upper end of the price band. It has fixed a price band of ₹480-505 per equity share. Investors can bid for a minimum of 29 equity shares and in multiples of 29 equity shares thereafter. The issue is an entirely fresh issue with no offer for sale portion. It intends to use the net proceeds to fund capex to develop the city gas network in Namakkal and Tiruchirappalli, loan payments and general corporate purposes. In FY23, the company’s revenues almost doubled to ₹1,039 crore as compared to the year before. Its net profit went up 35 percent to ₹26.9 crore. Some of its listed peers include Gujarat Gas, Indraprastha Gas, Mahanagar Gas and Adani Total Gas. Its dependence on third parties to source and transport gas, the hazardous nature of the business and the many licences involved in the business have been quoted as risk factors in the DRHP. “IRM Energy IPO offers investors an opportunity to invest in a growing and emerging player in the city gas distribution segment., backed by Cadila Pharmaceuticals. Exclusive CNG and PNG rights, expansion plans, and a diverse customer base drive operational efficiency. IRMEL's vertical integration into renewables and strategic investments show foresight,” said Prashanth Tapse, senior VP of research at Mehta Equities who recommends investors to subscribe it for the long-term. However, Choice Broking said that at the higher end of its price band, its price to earnings multiple is at a premium to its adjusted peer average. “The issue seems to be fully priced considering its subdued profitability and return ratios. We assign a ‘subscribe with caution’ rating for the issue, it added. The grey market is expecting 15% listing gains from the stock.

IRM Energy IPO subscribed 75% on day 1 with good retail interest

<ul><li><keyword id="3883339" type="General" weightage="20" keywordseo="esaf-small-finance-bank" source="Orion">ESAF Small Finance Bank</keyword> said that it is refiling its DRHP to raise ₹629 crore via a public issue. </li><li>It had earlier filed a DRHP in July 2021, but never went ahead with the issue. </li><li>The net proceeds from the fresh issue will be used to augment the bank’s Tier – I capital base. </li></ul>Right after Utkarsh Small Finance Bank announced <a href="https://www.businessinsider.in/stock-market/news/utkarsh-small-finance-bank-ipo-to-open-on-july-12/articleshow/101635900.cms">the price band for its IPO</a>, a similar bank has revived its plans to go for a public issue. ESAF Small Finance Bank said that it is refiling its DRHP to raise ₹629 crore via a public issue. It had earlier filed a DRHP in July 2021, but never went ahead with the issue. The IPO will include a fresh issue up to ₹486.74 crore and an offer for sale of up to ₹142.30 crore by promoter and other selling shareholders. The net proceeds from the fresh issue will be used to augment the bank’s Tier – I capital base to meet its future capital requirements. The offer for sale comprises shares worth up to ₹119.26 crore by ESAF Financial Holdings Private Limited, up to ₹12.67 crore by PNB MetLife India Insurance Company Limited and up to ₹10.37 crore by Bajaj Allianz Life Insurance Company Limited. ESAF Small Finance Bank said that it may consider a further issue of equity shares by a private placement or any other method aggregating up to ₹97.33 crore. If such placement is completed, the fresh issue size will be reduced, the bank said in a press release. 39% compounded annual growth rate in AUM Between FY21 and FY23, the bank’s assets under management (AUM) grew from ₹8,425.93 crore to ₹16,331.27 crore, with a compound annual growth rate (CAGR) of 39.22%. Deposits also increased from ₹8,999.43 crore to ₹14,665.63 crore during the same period, registering a CAGR of 27.66%. As of March 31, 2023, its retail deposits ratio stood at 90.8%. The bank has a network of 700 banking outlets, 743 customer service centers operated by its business correspondents spread across 21 states and two union territories. It claims to serve a customer base of 6.83 million as of March 31, 2023. ICICI Securities, DAM Capital Advisors and Nuvama Wealth Management are the book running lead managers and Link Intime India is the registrar to the offer.

Another small finance bank is back with its IPO plans

The ongoing Covid-19 pandemic has created serious concerns about the <keyword id="6354774" type="General" weightage="20" keywordseo="mental-health" source="Orion">mental health</keyword> of children and their families, says <keyword id="427133" type="General" weightage="20" keywordseo="UNICEF-report" source="Orion">UNICEF report</keyword> on <keyword id="154477" type="General" weightage="100" keywordseo="mental" source="Orion">mental</keyword> health 'The States of the World's Children 2021'. The report says that around 14 per cent of 15 to 24-year-olds in India, or 1 in 7, have often feeling depressed. Union Health Minister <keyword id="2607815" type="General" weightage="20" keywordseo="mansukh-mandaviya" source="Orion">Mansukh Mandaviya</keyword> on Tuesday released the report here. The report has illustrated in stark terms how events in the wider world can affect the world inside our heads. In the <keyword id="56000" type="General" weightage="20" keywordseo="unicef" source="Orion">UNICEF</keyword> survey across 21 countries, only 41 per cent of young people in India were willing to seek support for mental health problems, compared to an average of 83 per cent for 21 countries. Releasing the report, minister Mandaviya said, "Mental health has widely been discussed in our Sanatan culture and spirituality. The mutual development of mind and body has been explained in our texts. A healthy mind resides in a healthy body. We are very happy that today UNICEF has released a global report on the mental health of children". The Union Minister added further that as the trend of nuclear family instead of joint family has increased in our society, mental health problems have become frequent in children. "Today parents are not able to give enough time to their child, so we need to talk about mental health," he said, and added, "We have been told that around 14 per cent of children worldwide have a mental health problem. It has to be taken seriously." Mandaviya said, "To build a better and developed society, it is necessary to keep monitoring the mental health of children from time to time. For this, arrangements will also have to be made for better mental health of teachers in schools. Because, children trust their teachers the most". Sharing his experience, the minister said that he as the health minister faced mental pressure during the second wave. He continued saying, "People's problems shook me. After that I started doing yoga and cycling in the morning. It is my request to all that you also examine the problems of your mind and work for its betterment. Spend enough time at home with your children. Talk to them in a friendly atmosphere." Children in India seem reticent to seek support for mental stress, according to a survey conducted by UNICEF and Gallup in early 2021 with 20,000 children and adults in 21 countries. Only 41 per cent of young people between 15-24 years of age in India said that it is good to get support for mental health problems, compared to an average of 83 per cent for 21 countries. As per the report, India was the only one of 21 countries where only a minority of young people felt that people experiencing mental health issues should reach out to others. In every other country, a majority of young people (ranging from 56 to 95 per cent) felt that reaching out was the best way to deal with mental health issues. The survey findings, which are previewed in The State of the World's Children 2021, also found that around 14 per cent of 15 to 24-year-olds in India, or 1 in 7, reported often feeling depressed or having little interest in doing things. The proportion ranged from almost one in three in Cameroon, one in seven in India and Bangladesh, to as low as one in ten in Ethiopia and Japan. Across 21 countries, the median was one in five young people. The report notes that as the Covid-19 Pandemic heads into its third year, the impact on children and young people's mental health continues to weigh heavily. Through the pandemic, children have had limited access to support from social services due to lockdown measures. The disruption to routines, education, recreation, as well as concern for family income and health, is leaving many young people feeling afraid, angry, and concerned for their future. According to data from UNESCO, over 286 million children up to grade 6 were out of school in India between 2020-2021. UNICEF's rapid assessment in 2021 found that only 60 per cent could access digital classrooms. Many would not be able to continue their education. The report notes that even before the Covid-19 crisis, children and young people carried the burden of mental health conditions without significant investment in addressing them. According to the latest available estimates, more than 1 in 7 adolescents aged 10-19 is estimated to live with a diagnosed mental disorder globally. Of these, South Asia had the highest numbers of adolescents with mental disorders, according to the report. In India, children with mental health disorders are mostly undiagnosed and hesitant in seeking help or treatment. According to the Indian Journal of Psychiatry in 2019, even before the pandemic, at least 50 million children in India were affected with mental health issues; 80 - 90 per cent have not sought support. Meanwhile, wide gaps persist between mental health needs and mental health funding. India has spent only 0.05 per cent of its health budget annually on mental health, according to Indian Journal of Psychiatry 2017. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-shares-jump-after-government-proposes-to-withdraw-13000-crore-demand-for-spectrum-usage-charges/articleshow/86775903.cms">Airtel, Vodafone Idea shares jump after government proposes to withdraw ₹13,000 crore demand for spectrum usage charges</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/metlife-acquire-stakes-of-elpro-and-iges-stakes-in-pnb-metlife-for-1906-crore/articleshow/86775701.cms">MetLife acquire stakes of Elpro and IGE's stakes in PNB MetLife for ₹1,906 crore</a>

One out of seven in 15-24 years of age often feel depressed in India, says  UNICEF report

New Delhi, Jan 24 () The government on Friday announced appointment of L V Prabhakar as managing director and CEO of Canara Bank.
 He will replace R A Sankara Narayanan who demits office on January 31.
 The central government appoints L V Prabhakar as MD and CEO with effect from February 1, 2020, and up to the date of his attaining the age of superannuation December 31, 2022 or until further orders, an official order said.
 Prabhakar, currently executive director at Punjab National Bank. Prior to joining PNB in 2018, he served Allahabad Bank in various capacities.
 He took over the reins of Executive Director PNB at a tumultuous time when Nirav Modi fraud was unearthed. For a long period of time he single-handedly managed the responsibilities of three executive directors. 
He has spearheaded recovery efforts of the bank. During his tenure, the gross domestic business increased by Rs 1 lakh crore to landmark figure of Rs 11.45 lakh crore with gross recovery of more than Rs 20,000 crore.
 His zest for perfection and workmanship was exemplified by the fact that for a long period of time he single-handedly managed the responsibilities of three Executive Directors &amp; brought the Bank back on upward trajectory. 
 He has also been serving on Board of PNB Housing Finance Ltd. &amp; PNB MetLife India Insurance Company as non-executive director. DP MR
MR

Govt appoints L V Prabhakar as MD of Canara Bank

New Delhi, Apr 26 () Union Bank of India, which received 30 per cent stake in insurance joint venture IndiaFirst Life Insurance by virtue of the mega bank consolidation exercise of the government, plans to pare its holding to less than 10 per cent, a senior official said. Union Bank received the stake after Andhra Bank was merged with the Mumbai-based lender, effective April 1. As per guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), one promoter cannot hold more than 10 per cent stake in two insurance ventures. Union Bank also holds 25.10 per cent equity stake in Star Union Dai-ichi Life Insurance, with the other partners being Bank of India and Dai-ichi Life Holdings of Japan. "We will continue the process started by erstwhile Andhra Bank to divest the stake to bring it below 10 per cent," Union Bank of India Managing Director and Chief Executive Officer Rajkiran Rai G told . Last year, Andhra Bank had initiated the process for selling its part or full stake in the insurance venture with Bank of Baroda (44 per cent stake) and Carmel Point Investments, owned by Warburg Pincus, holding the remaining 26 per cent. Both the insurance ventures are doing well and the valuation is going to improve further, he said, adding the stake sale will happen at opportune time and at good valuation. As per the government's mega consolidation plan, 10 state-owned banks were merged into four to create global size lenders, beginning April 1. Besides Andhra Bank, Corporation Bank was also merged with Union Bank. United Bank of India and Oriental Bank of Commerce were merged with Punjab National Bank; Syndicate Bank was merged with Canara Bank; and Allahabad Bank was amalgamated with Indian Bank. The merger of Oriental Bank of Commerce with PNB resulted in transfer of 23 per cent stake in Canara HSBC OBC Life Insurance to the latter. This too created a similar situation as that of Union Bank of India, as PNB is a promoter of PNB Metlife Insurance with the highest stake of 30 per cent. DP ABMABM

Union Bank plans to lower stake in IndiaFirst Life to less than 10 pc

<ul><li>How to save <keyword id="45031" type="General" weightage="20" keywordseo="tax" source="Orion">tax</keyword> while investing wisely is a crucial part of every working person’s life.</li><li>Let’s make it easy for you and here are a set of options to spread your investments for <keyword id="35453" type="General" weightage="20" keywordseo="tax-saving" source="Orion">tax saving</keyword> purposes.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them</li></ul>The best time to start your tax saving investments is at the beginning of a calendar year or a financial year. While tax planning is important, getting aware of all tax saving schemes and choosing the right one is crucial. Tax saving schemes ensure you don’t pay more taxes and make money in the long run by investing in savings-oriented schemes. Here are some of the best tax saving options with a deduction of up to ₹1.5 lakh in your income tax for the year. Here are a few options of tax saving schemes: ELSS Mutual Fund Equity-linked saving scheme (ELSS) is a type of mutual fund scheme that primarily invests in equity funds. ELSS offers tax benefits to investors. The investments in the scheme are eligible for tax deduction under section 80C of the Income Tax Act, 1961 up to a maximum of ₹1.5 lakh. One can invest through both lump sum and systematic investment plans (SIP) to avail the tax deduction. This way, ELSS offers both investment and tax saving benefits. Here are the five top performing ELSS funds in the industry: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Funds </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% return in last 3 years </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quant Tax Plan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">37.52% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BOI AXA Tax Advantage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30.92% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mirae Asset Tax Saver </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">26.53% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Canara Robeco Equity Tax Saver </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">26.19% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDFC Tax Advantage (ELSS) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24.54% </td></tr></tbody><tbody></tbody></table>Source: <a href="https://www.valueresearchonline.com/funds/best-tax-savers/?return-period=3Y">Value Research</a> National Savings Certificate (NSC) NSC is a fixed income tax-saving investment plan that you can open with any post office branch. The scheme is an initiative of the government of India and hence is relatively safer. The investment in NSC qualifies for deduction under section 80C of the income tax act of up to ₹1.50 lakh. These certificates earn an annual fixed interest of around 6.8% per annum (revised every quarter by the government), thus guaranteeing a regular income for the investor. The scheme has two types of certificates -- 5-year and 10-year. National Pension Scheme (NPS) NPS is a pension cum investment scheme launched by the government of India to provide old age security to citizens of India. The scheme offers tax saving options to both government and private employees. Any citizen between the age of 18-60 can invest in it. The amount invested by the depositor is invested in several schemes including the equity markets. Again the basic amount of deduction offered by the fund is up to ₹1.5 lakh on the same amount of investment. However, NPS allows one to get an additional ₹50,000 deduction under section 80CCD (1B), taking the overall tax deduction amount to ₹2 lakh. Unit Linked Insurance Plan (ULIP) ULIP is offered by insurance companies that, unlike a pure insurance policy, gives investors both insurance and investment under a single integrated plan. A portion of the premium paid by the policyholder is utilised to provide insurance coverage to the policyholder and the remaining portion is invested in equity and debt instruments. ULIP also provides tax deduction up to ₹1.5 lakh. Here are the top 5 best performing ULIP plans in the industry: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ULIP plans by insurance companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% returns in last 3 years </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PNB MetLife - Met Pension Plus </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">27.40% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AEGON Life iMaximize Plan - Opportunity Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.40% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti AXA Life - Future Secure Pension - Growth Opportunities Pension Plus </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.30% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Pension Advantage Plan - Future Pension Active </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.80% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Platinum Edge - Frontline Equity Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.40% </td></tr></tbody><tbody></tbody></table>Source: <a href="https://www.moneycontrol.com/personal-finance/top-performing-ulips">Moneycontrol</a> Public Provident Fund (PPF) PPF is one of the safest <keyword id="381673" type="General" weightage="20" keywordseo="investment-options" source="Orion">investment options</keyword> to start with that can help you secure your retirement and save tax as well. The PPF has a minimum tenure of 15 years with as little as ₹500 to open an account. You can open a PPF account through a post office or in any nationalised bank. Income tax exemptions are applicable on the principal amount invested in a PPF account. The interest rate for PPF is set and paid by the government for every quarter which is currently at 7.1%, more than the savings rate in banks. Taxpayers can claim a maximum deduction up to ₹1.5 lakh. Sukanya Samridhi Yojana This is a small deposit scheme by the government of India targeted for the parents of a girl child as part of ‘Beti Bachao, Beti Padhao’ campaign. The scheme encourages parents to build a fund for the future education and wedding expenses for their female child. Sukanya Samridhi Yojana scheme offers interest rate of upto 7.6% along with tax deduction of up to ₹1.5 lakh. The account can be opened at any post office in India or at a branch of any authorised commercial bank. Home loan If you have taken a home loan to buy a new house, you are also allowed to claim a deduction of up to ₹1.5 lakh under section 80C of the income tax. The deduction can be claimed on the principal amount repaid in the particular financial year. Check your home loan interest certificate for EMI payment details. However, note that even if you put more money i.e ₹1.5 lakh each in any of the above tax saving options like ULIP, ELSS MF, your maximum deduction from taxable income will still be a total of ₹1.5 lakh only. However, investing in NPS can get you an additional ₹50,000 deduction, taking the overall tax deduction amount to ₹2 lakh. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/spicejet-is-finding-difficult-to-survive-with-rising-costs-low-cash-and-new-players-with-deep-pockets/articleshow/88742146.cms">It’s not just COVID-19 ⁠— SpiceJet’s survival is getting challenged by rising costs, low cash, and new players with deep pockets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-epassport-what-it-is-and-how-to-apply/articleshow/88750026.cms">India’s ePassport — What it is and how to apply</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shares-of-hinduja-global-solutions-tanks-20-as-street-expected-two-times-the-dividend-announced/articleshow/88751657.cms">IT firm Hinduja Global Solutions tanks as street expected two times the dividend announced</a>

Best tax saving investment options in 2022

<ul><li>With one Gold, two silver and four bronze, India recorded its best-ever medal haul at the Tokyo Olympics this year, which ended on Sunday.</li><li>As the Tokyo Olympics came to an end, we talk to experts to find out who will land the most <keyword id="6359405" type="UNKNOWN" weightage="20" keywordseo="brand">brand</keyword> endorsement deals, and whether the new players will become as attractive to brands as someone like <keyword id="501707" type="ORGANIZATION" weightage="20" keywordseo="PV-Sindhu">PV Sindhu</keyword>.</li></ul>This year at the Tokyo Olympics, Mirabai Chanu, Neeraj Chopra, Ravi Kumar Dahiya, PV Sindhu, Lovlina Borgohain, Bajrang Punia brought joy to a billion hearts by bringing home one gold, two silver and three bronze medals. India’s hockey team also clinched a bronze after 41 years. This was the first time that India has managed to secure seven medals across varied sporting events. India also had the largest contingent ever of 127 athletes travelling to Tokyo who participated in 69 cumulative events across, the highest ever for the country. With this historic win, underrepresented athletes and sports are back in the limelight in the endorsement world. Indian brands also made sure that they leave no stone unturned in celebrating our athletes and their glorious win. The first athlete to bring back a medal for India this year was 26-year-old weightlifter, Mirabai Chanu. Shortly after her win, she was also offered free pizza for life by <a href="https://twitter.com/dominos_india/status/1418934590950027269">Domino's </a>and the brand garnered a lot of attention from the press and the internet for this gesture. Hospitality brand <a href="https://twitter.com/rohitisb/status/1424620158929162243">OYO </a>also offered women’s hockey team a chance to stay at any of their hotels in India. Apart from that, small start-ups to masters like Amul, brands made the most of our gold-winning moment at the global stage to congratulate Neeraj Chopra, who became independent India’s first Olympian to win a medal in athletics/track and field. According to Facebook, Neeraj Chopra was the second most mentioned athlete on its platform across the globe, whereas on Instagram, he was the most mentioned athlete globally. Over the years, we have seen brands spend the most on players from popular sports like cricket. While athletes get some screentime in ads closer to tournaments like Olympics, very few brands have long-term deals with most of these athletes, unless it is someone like a PV Sindhu, who has been around for a while now and has won many accolades and tournaments for the country. So with the curtains falling on Tokyo Olympics and the next Olympics games still being three years away, will brands bring the newer winners or even players who came really close to bringing medals home? This year, however, many of the athletes have received a lot of attention from brands. It was not just Sindhu or Neeraj Chopra, who aren’t new to the endorsement world; other new medalists Mirabai Chanu, Ravi Kumar Dahiya, Lovlina Borgohain and Bajrang Punia have also received an overwhelming response. Slowly and steadily, brands in India are branching out from cricket and looking to associate with budding sports stars to connect with the youth. We spoke to experts to find out who will land the most brand endorsement deals among the six medalists and hockey team. Aviral Jain- Managing Director, Duff &amp; Phelps - A Kroll Business said, “We think it will be a combination of both, though PV Sindhu now carries the tag of “She did it again,” which is unique and privileged. Other non-cricketing sports celebrities such as Hima Das, T. Gopi, Manika Batra, and Deepika Kumari have recently done well in terms of brand endorsements, driven by their splendid individual achievements on the field. Major brands like PepsiCo (PV Sindhu, Neeraj Chopra and Hima Das), Tanishq (Manika Batra and Deepika Kumari), and ASICS (Bajrang Punia, Sakshi Malik, etc.) have successfully associated with various non-cricketing celebrities, and with these non-cricketing wins at the Tokyo Olympics, we can surely expect a greater share of athletes in the advertisement campaigns going ahead.” Anjan Ghosh - Executive Vice President- Hansa Research also echoes these views. He said, “In all probability, more brands will sign up PV Sindhu; her brand standing has gone up substantially, having won medals in multiple Olympics. Brands that want to stand for consistency, fidelity, and grit will find Sindhu a compelling endorser. Also, those who wish to appeal to the young, aspiring women eager to achieve will try to harness Sindhu’s determination and intent and infuse these into their brand personality. The best part is that her success is not a flash in the pan; longevity is something that many brands aspire.” Sahil Chopra, Founder &amp; CEO- iCubesWire said that apart from Sindhu, India’s national sport might also gain more attention this year. “I guess it will be a mix of both known faces and new faces, but yes, the likes of PV Sindhu who have refreshed the memories, will have an edge over the new ones. Only exception to this could be hockey, being the national sport and the way it has captured people’s hearts in the past.” According to media reports, Sindhu currently has 10 deals with Bank of Baroda, Bridgestone Tyres, Visa India, Google, real estate firm Pooja Developers, Chinese sports brand Li Ning, Stayfree, PNB Metlife, Sharechat and Vizag Steel. Experts said that her brand value is likely to double after her incredible performance. But Sindhu is just getting started. The 26-year-old shuttler still has a long career ahead of her, and we expect to witness more iconic wins from her. TRA Research’s CEO, N. Chandramouli said, “PV Sindhu’s winning medals twice in succession is a phenomenal performance at the Olympics. Her value seems to have gone along with her second-time win, and would nearly double. She is young yet, and still has at least one more Olympic Games to look forward to, and so more years of sporting success ahead of her.” On whether Sindhu and Chopra will attract the most brand roles or will newer medalists also get a chance, he added, “All Olympic medal winners from India will gain, some a little more than others. The newer medalists are just starting off, so it's only natural that they will have to prove themselves consistently to see their brand value increase.” Jain also said that Sindhu’s fees and her popularity is likely to double. “Today, she is the undisputed queen of the Indian brand endorsement market (women sportspersons) with more than 10 endorsements and more than 7 million followers on social media. And we expect both the number of brand endorsements and the endorsement fee to increase significantly post her phenomenal success at the Tokyo Olympics, resulting in a significant increase in her brand value.” New-age brands are more likely to onboard the new medalists as their fees is substantially lesser than a seasoned athlete. Mirabai Chanu and Lovlina Borgohain, who recently won Silver and Bronze medals, respectively, in the Tokyo Olympics seem to have caught the attention of many brands. While Mirabai Chanu is currently associated with brands like Adidas and Mobil, her endorsement portfolio is expected to rise post her success at the Olympics. “Not all brands will look for Lovlina and Mirabai given the lesser fan-following for these sports (as compared to say badminton or hockey) – however, those brands that want to epitomize empowerment for women, a burning desire to break into the mainstream from the fringes, or stand up against many adversities may try to build a narrative around personalities like Lovelina / Mirabai. Categories that are looking for evolution through innovation / competing against the conventional might want to weave a story around such personalities – say, solar panels, unconventional energy, electric bikes etc,” said Ghosh. Is the sports ecosystem really changing? With cricket matches being limited this year, brands are banking on Olympic stars to gain consumer attention and stay relevant. However, cricket still gets the bigger piece of the pie. Sahil Chopra is eager to see a sporting ecosystem where all sports get their due, equal recognition. He said, “I would personally love to see the change and this will be good for the ecosystem as well as the audience. The current ecosystem is so cricket-centric at times it isn’t good for the brand recall when you end up seeing the same faces all the time.” Ghosh said that while there is certainly going to be a change in the fortunes of other Indian athletes/sports stars, especially with the surge in enthusiasm over sports other than cricket, and many will see better brand endorsement contracts coming their way – however, a significant difference might take more time. He said, “Not sure whether the sports marketing ecosystem has changed in a radical way – the support / patronage is still lukewarm; the efforts are still guarded. Other sports stars are enjoying higher popularity and getting better visibility but the gap with cricket is still painfully wide.” Jain told us how a marketer evaluates new endorsement opportunities looking at the extent of media coverage given to the sport, the tournament’s share in the national media broadcast, and finally, the degree of relevance a player has for the audience. So, it is important for new medalists to stay in the news. He said, “While the Indian arena has a wide range of sports being followed by the masses, cricket continues to dominate and maintain a strong hold on the endorsement front. Lately, with the advent of professional leagues (on the lines of the IPL) for other sports like kabaddi, football, badminton, etc., brands and advertisers are favorably looking at these non-cricketing opportunities. However, brand endorsements by non-cricketing sporting stars in India are largely driven by individual visibility; this is in comparison to endorsements for cricketing stars that could be “across the board.” Brands typically feature athletes for their grit, patience and determination, and this helps in targeting millennials and Gen Z who are seeking new aspirational figures. With multiple Olympic achievements this year across non-cricketing sports (badminton, hockey, boxing, wrestling and weightlifting), these sports stars will definitely get more attention going ahead.” After a historic performance at the Olympics this year, experts are hopeful that non-cricketing sports stars will also bag more brand deals. <div type="Article" hostid="261" msid="85102342" title="As PV Sindhu takes 20 brands to court for using her name and image without permission, here's how agencies and brands can be careful with moment-marketing in the future" mstype="2" mssubtype="0"></div>

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