HDFC Bank to buy stake in Go Digit Life Insurance

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⭐ HDFC Bank to buy stake in Go Digit Life Insurance

India’s largest private lender, HDFC Bank, has announced plans to invest up to ₹69.9 crore in Go Digit Life Insurance. The proposed investment will be carried out in two tranches and upon completion HDFC Bank will have 9.9% equity stake in the company. Go Digit General Insurance Ltd has recently filed draft papers with SEBI for its proposed IPO worth ₹1,250 crore.

⭐ 5G rollout from October

Union IT minister Ashwini Vaishnaw on Thursday said that 5G telecom services are likely to launch by October 12. He added that the government will make sure that the services remain affordable and hope that the technology should reach every part of the country in the next two to three years. 

⭐ US GDP contracts in Q2

As per the latest government data, US GDP in Q2 shrank 0.6%, less than the 0.9% drop expected. However, the shrinking GDP raises concerns about a potential recession in the US, which is often defined as two successive quarters of negative growth.

Global markets (at 7:30 AM today)

Fact of the day

Google has removed over 2,000 loan apps from India Play Store since Jan 2022 for violating norms.

Source: Economic Times