Also, as inflation concerns grew, the RBI’s monetary policy committee took a pause, leaving the repo rate — the rate at which RBI lends to commercial banks — untouched at 5.15 per cent for the first time in 10 months.
"If you look at people between 30 and 35 years old another 17 lakh policies. We have sold 44 lakh policies to people below 30 years old, or millennials," says TC Susheel Kumar, Managing Director of Life Insurance Corporation (LIC).
The 30-share Sensex had gained 1,985 points, or 3.82 per cent, during the period under review, enabling the corporation to post good returns. The market value of LIC’s investment as of end-FY19 stood at around Rs 28.7 lakh crore, growing 8.6 per cent on a year-on-year basis.
DHFL’s total liabilities are Rs 83,873 crore, as per its draft resolution plan. Of this, it owes banks Rs 27,527 crore, NCD holders (including retail investors, mutual funds and others) Rs 41,431 crore, NHB Rs 2,350 crore and ECBs Rs 2,747 crore. The exposure of banks could be about Rs 38,000 crore.
In an interview to the Indian Express, Balasubramanian — who manages assets worth Rs 253,838 crore — said the government should consider reducing the highest tax slab for individuals in order to boost investment.
The RBI, which stepped in after the banks and DHFL failed to agree on a resolution plan to bring the firm back on the rails, has appointed R Subramaniakumar, former MD and CEO of Indian Overseas Bank, as the Administrator to run the affairs of the company.
The Rs 4,60,000-crore rise in the currency in the system in the past three years indicates that cash is still ruling the roost in the financial system despite the big push in digital transactions and less cash economy.
The US market is also flying high with the Dow Jones on Friday stopping just short of an all-time high. The S&P 500 and Nasdaq composite scored all-time highs with gains of 1 per cent and 1.1 per cent.