India’s asset management companies (AMCs) own assets under management (AUM) worth Rs24.46 trillion, according to data released by the Association of Mutual Funds in India (Amfi). HDFC Asset Management Co. Ltd has claimed the top spot with an average AUM of Rs3.42 trillion, overtaking ICICI Prudential Asset Management Co. Ltd with an average AUM of at Rs3.20 trillion. Out of the total industry assets, a huge 82.7% is owned by the top 10 AMCs, who have owned around 80% of the industry assets over at least three years now.
Emirates Islamic has announced the launch of Chat Banking services for customers via WhatsApp, marking a global first in the Islamic banking sector. The bank’s customers will now able to conduct daily banking activities via WhatsApp in a seamless and hassle-free manner. The Chat Banking solution, supported by Infobip, further enhances Emirates Islamic’s suite of digital banking channels and allows customers to use features such as checking account balances and temporarily blocking or unblocking of an existing card.
Team India captain Virat Kohli has been named as the Wisden Almanack’s ‘Leading Cricketer of the Year’ for the third straight time. The 30-year-old smashed 2,735 runs in 47 international innings at an average of 68.37 in 2018, including 11 hundred and nine fifties. Kohli was also picked as one of the Wisden’s Five Cricketers of the Year.
The World Economic Forum in the Middle East and North Africa (MENA) took place at Jordan’s Dead Sea. The forum assembled more than 1,000 government, business and civil society leaders from more than 50 countries. The forum was themed on three major visions: generating job opportunities, empowering Arab women and promoting the most intriguing startups that have joined the region’s industry over the past years.
NOTE: JORDAN CAPITAL: AMMAN CURRENCY: JORDANIAN DINAR
The International Monetary Fund (IMF) cut the economic growth forecasts for India by 20 basis points (bps) each from its January predictions to 7.3% for FY20 and 7.5% for the next fiscal. Citing persistent risks from the trade war, it lowered 2019 global growth forecast by 20 basis points to 3.3%, the weakest since 2009 when the subprime crisis had flared up.
NOTE: IMF HQ: WASHINGTON, D.C., UNITED STATES
London (capital city of the UK) is the first city in the world to implement a 24-hour, seven day a week Ultra Low Emission Zone (ULEZ), inside which vehicles will have to meet tough emissions standards or face a charge. Introduction of the ULEZ aims to reduce toxic air pollution and protect public health, according to a press release from the office of Sadiq Khan, mayor of London.
NOTE: THE UK CAPITAL: LONDON CURRENCY: POUND STERLING
The government has announced that Karnam Sekar (MD and CEO of the erstwhile Dena Bank) will take over as MD and CEO of Indian Overseas Bank from July 1. His term will end in June 2020. Also, R A Sankara Narayanan (former MD and CEO of Vijaya Bank) will move to Canara Bank as MD and CEO. His term will end in January 2020.
NOTE: INDIAN OVERSEAS BANK HQ: CHENNAI TAGLINE: GOOD PEOPLE TO GROW WITH
President Ram Nath Kovind launched ‘CRPF Veer Parivar’ app, a mobile application for families of CRPF personnel killed in the line of duty. The app was launched after the President paid his tributes to the fallen troops at the National Police Memorial in Delhi on the occasion of the CRPF’s ‘Valour Day’. It will render all assistance to the families of the martyred CRPF personnel with regard to issuance of ex gratia, pensionary benefits and all information regarding the welfare schemes introduced for them by the government.
The BSE has signed a MoU with HDFC Bank with an objective to strengthen the BSE Startups platform. The MoU has been signed to spread more awareness on the benefits of the listing of startups on this BSE startup platform. The exchange had launched the startup platform in December, with an aim to encourage entrepreneurs to get listed and raise equity capital for their growth and expansion.
NOTE: HDFC BANK HQ: MUMBAI MD& CEO: ADITYA PURI
SUN Group Chairman Vikramjit Singh Sahney elected as the new president of International Chamber of Commerce (ICC) – India. He stated that the chamber would work with the government to promote India’s external trade.