Allianz Jio Reinsurance, Kiwi General Insurance get IRDAI approval

by Hansraj Agrawal | Mar 11, 2026 | Business

The Insurance Regulatory and Development Authority of India (IRDAI) Authority approved registration of two insurance entities, Allianz Jio Reinsurance and one general insurer, Kiwi General Insurance.

The approval was given in the 134th Meeting of the Authority held on 9th March 2026. During the meeting, the Authority considered various regulatory matters, The Authority also deliberated on the regulatory framework required pursuant to the enactment of the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 (“SBSR Act”). The SBSR Act was notified on 21st December 2025 and came into force with effect from 5th February 2026. The legislation amends the Insurance.

“The granting of new licences to Allianz Jio Reinsurance and Kiwi General Insurance is a positive development for the industry and reflects the continued evolution of India’s insurance sector,’’ Tapan Singhel, Chairman General Insurance Council said on Wednesday,

“India is one of the most exciting insurance markets in the world, and we need greater scale, innovation and wider participation to fully unlock its potential. In a country of India’s size and diversity, we would eventually need more than a thousand insurers to address the protection needs of every citizen. Each such step strengthens the overall ecosystem and brings us closer to expanding insurance access across the country,’’ he said.

Published on March 11, 2026

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IEA proposes largest ever oil stockpile release

by Hansraj Agrawal | Mar 11, 2026 | Business

A widening war and the near total closure of the Strait of Hormuz have led to cuts from Persian Gulf producers that have so far shaved about 6% of global oil output, sending prices of everything from jet fuel and cooking gas soaring across the world.

The International Energy Agency has proposed the largest ever release of oil reserves, according to the Wall Street Journal, as governments seek to contain a spike in energy prices driven by the Middle East war.

The proposed release, circulated during an emergency meeting of energy officials on Tuesday, would exceed the 182 million barrels that member countries released in two tranches in 2022, after Russia invaded Ukraine, the newspaper reported, citing officials familiar with the matter. That would make it the single largest release to date.

Global benchmark Brent gave up earlier gains of almost 4 per cent following the report, before trading around $88 a barrel.

A widening war and the near total closure of the Strait of Hormuz have led to cuts from Persian Gulf producers that have so far shaved about 6 per cent of global oil output, sending prices of everything from jet fuel and cooking gas soaring across the world.

Millions of barrels of crude and fuels remain stuck on tankers that can’t cross the narrow strait, where ships have been attacked. The jamming of signals has made it even tougher and unsafe for vessels in the area.

The Group of Seven nations had earlier this week asked the IEA to prepare scenarios for the release of emergency oil stockpiles. Countries want to be ready to deploy oil reserves if needed, and have tasked the IEA with studying the volumes that could be released, French Finance Minister Roland Lescure told reporters on Tuesday.

IEA officials in Paris did not immediately respond to a request for comment outside working hours.

The proposal could be delayed if a single country objects, however. Countries are expected to decide on the proposal on Wednesday, the Journal said.

The 32 countries that belong to the IEA collectively hold at least 1.2 billion barrels of oil in emergency public stores, according to the group, which oversees coordinated stockpile releases.

The Paris-based agency has helped implement five such interventions: in the buildup to the first Gulf War, after hurricanes Rita and Katrina in 2005, following the outbreak of civil war in Libya in 2011 and twice in 2022, in response to disruptions connected to the war in Ukraine.

Previous releases from strategic reserves have not always had the desired impact. The two releases in 2022 at first caused oil prices to rise as the market interpreted them as a sign the crisis was worse they thought, before eventually helping to bring prices down.

More stories like this are available on bloomberg.com

Published on March 11, 2026

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Waaree Energies shares jump 2% after $30 million US solar investment

by Hansraj Agrawal | Mar 11, 2026 | Business

Shares of Waaree Energies Limited opened higher on Wednesday and extended gains through the morning session on the National Stock Exchange, trading at ₹2,710.40 by 9.40 am, up 2.06 per cent or ₹54.70 from the previous close of ₹2,655.70. The stock touched an intraday high of ₹2,722.10 against an open of ₹2,676.20.

The move followed a regulatory filing dated March 10, 2026, in which the Mumbai-based solar manufacturer disclosed that its wholly owned US subsidiary, Waaree Solar Americas Inc. (WSA), had executed a Share Subscription Agreement with United Solar Holdings Inc. (USH). Under the deal, WSA will subscribe to approximately 53,68,551 Series B preferred shares of USH for a total consideration of approximately $30 million, subject to conditions precedent to closing.

The filing noted the transaction is not a related party transaction and that no promoter or promoter group entity has any interest in the deal.

The filing described this as a follow-up to an earlier disclosure made on December 19, 2025, suggesting the investment had been in the works for several months before formal agreement was reached.

Published on March 11, 2026

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Government panel to review bank consolidation, foreign investor caps for Viksit Bharat

by Hansraj Agrawal | Mar 11, 2026 | Business

A government-appointed high-level committee on banking for Viksit Bharat is set to examine key issues such as consolidation among lenders, foreign investor voting caps, and the possible conversion of large NBFCs into banks.

A government-appointed high-level committee on banking for Viksit Bharat could look at issues such as consolidation among lenders and foreign investor voting caps, according to Karthik Srinivasan, senior vice president and group head – financial sector ratings at ICRA.

“The basic premise is that the government is of the belief that you need large size institutions to cater to the demands,” Srinivasan said, adding that India may require bigger banks to support domestic growth rather than relying entirely on foreign funds.

Key areas under review

He said the panel may examine “consolidation, voting patterns for foreign investors, there are caps today, and whether you are going to look at conversion of NBFCs into banks or allow them to remain large NBFCs”.

Foreign investor voting cap

On the debate around the 26 per cent voting cap for foreign investors in banks, Srinivasan said the final decision would rest with regulators and the government, though there have been instances where the central bank has allowed foreign entities to take higher stakes in Indian banks.

Strategic equity benefits

From a credit perspective, long-term strategic equity investments from credible foreign players are generally positive for the banking system, he said.

“If it’s long-term patient capital, especially equity, from credible players, then we don’t see why that would have a negative consequence,” Srinivasan said.

Public sector consolidation

On consolidation among public sector banks, he said there is no “right or wrong number” of state-owned lenders, and the outcome would depend on how effectively consolidation improves efficiency.

Published on March 11, 2026

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UAE ensures stable supply of essential goods amid West Asia conflict

by Hansraj Agrawal | Mar 11, 2026 | Business

Recent price increases in onions and tomatoes are temporary and due to regional tensions, the ministry clarified.
| Photo Credit:
DANISH SIDDIQUI

The United Arab Emirates has announced that it has a six-month strategic stockpile of essential goods, amid the conflict in West Asia.

The country’s Ministry of Economy and Tourism said it has intensified its monitoring efforts at points of sale across markets nationwide to ensure price stability for goods and products and their availability in sufficient quantities to meet consumer needs, particularly considering the current increase in demand for essential consumer goods.

Daily inspections by teams

In a statement released by the official news agency Wam, the ministry explained that monitoring and field inspections are carried out daily by specialised inspection teams.

“This comes as part of close coordination and cooperation with the economic development departments across the country, within a joint national monitoring team that is unifying efforts to prevent unjustified price increases and unsound commercial practices, while enhancing the continuous monitoring of markets across the UAE,” it said.

High-level authority oversight

The ministry also pointed out that there is high-level coordination between the relevant authorities across all emirates to continuously monitor markets and ensure that points of sale and traders comply with consumer protection legislation and policies, particularly the pricing policy for essential consumer goods.

“This policy covers nine key commodities: cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread, and wheat, whose prices cannot be increased without prior approval from the Ministry and the national committee formed for this purpose,” it added.

Temporary price rise explained

On the price rise observed in some food commodities, such as onions and tomatoes, over the past two days, the ministry clarified that these increases are temporary and limited, resulting naturally from the effects of the regional crisis.

It confirmed that additional quantities of the commodities that experienced price increases have already been supplied in abundant amounts to ensure a stable supply in the markets.

Published on March 11, 2026

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Jaishankar holds call with Iran’s foreign minister over West Asia crisis

by Hansraj Agrawal | Mar 10, 2026 | Business

External Affairs Minister S Jaishankar held a phone conversation with Iranian Foreign Minister Seyed Abbas Araghchi on Tuesday, marking their third discussion since joint US-Israel military strikes on Iran.
| Photo Credit:
ANI

External Affairs Minister S Jaishankar on Tuesday held a phone conversation with his Iranian counterpart Seyed Abbas Araghchi amid increasing concerns over the fallout of the West Asia crisis, especially on the energy supplies.

It was the third time that Jaishankar spoke to Araghchi since the US and Israel launched the joint military strikes on Iran.

“A detailed conversation this evening with Foreign Minister @araghchi of Iran on the latest developments regarding the ongoing conflict. We agreed to remain in touch,” Jaishankar said on social media.

The phone conversation between the two foreign ministers came amid increasing global concerns over disruptions in oil supplies in view of the crisis in West Asia.

Global oil and gas prices have surged after Iran has virtually blocked the Strait of Hormuz, a narrow shipping lane between the Persian Gulf and the Gulf of Oman that handles roughly 20 per cent of global oil and LNG (Liquefied Natural Gas).

Jaishankar conveyed to Araghchi India’s deep concern over the developments in Iran and the region.

Published on March 10, 2026

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