Page 22 - BF Cover January 2021.cdr

PRESS RELEASE

Muthoottu Mini Financiers Ltd. in Strategic Alliance with Exide Life

Insurance Company

Muthoottu Mini Financiers Ltd., one of India’s largest Non-Banking Financial Companies (NBFC), has announced a strategic
partnership with prominent life insurance
company Exide Life Insurance Company Limited,
to provide life insurance products through its
branches. The tie-up will enable Muthoottu Mini
Financiers Ltd. to expand offerings to its
customers by becoming a "One Point Stop" for
all their financial needs.
Exide Life Insurance Company Limited, an
established and profitable life insurance
company headquartered in Bengaluru, serves
over 15 lakh customers with a wide range of
investments products. The strategic partnership
will enable Muthoottu Mini Financiers, which has
a strong and wide network across the country
with more than 30 lakh+ customer base, to facilitate greater brand awareness for Exide Life Insurance Company Limited.
Exide Life Insurance Company offers Investment products that suit all sets of people in the society.
“We would be promoting business through our 806 branches across the country. With the strategic alliance now bringing
in Exide Life Insurance Company’s offerings into our large bouquet of products, we are on the way to becoming a "One
Point Stop" for our esteemed customers for all their financial needs,” said Mr. Mathew Muthoottu, Managing Director,
Muthoottu Mini Financiers Ltd.
The strategic partnership between Muthoottu Mini Financiers Ltd. and Exide Life Insurance Company was formally kicked
off at a function organised at the Muthoottu Mini Financiers office in Kochi. Apart from Mr. Mathew Muthoottu, Muthoottu
Mini Financiers Ltd. company officials Nizzy Mathew – Chairperson, P E Mathai – COO and Exide Life Insurance Company
officials Mr. Anandha Padmanabhan - National Head, Branch Channel; Mr. Bijoy Dev, National Training Head; Mr. Jayadevan
P, Branch Channel – Training Head; and Mr. Rahul Menon - Head of Sales attended the function. Mr. Anandha
Padmanabhan and Mr. Bijoy Dev attended the function over a Zoom call.

Govt notifies FDI policy in defence
The Finance Ministry has permitted up to 74 per cent foreign direct investment (FDI) in the defence sector under the
automatic route, notifying, the changes required to FEMA (Non Debt Instruments) rules for this purpose. It may be
recalled that the Commerce and Industry Ministry had, in September, raised the FDI limit for the defence sector through
the automatic route to 74 per cent from 49 per cent. The raised limits will, among other things, help firms seeking
newindustrial licences. The amended FEMA (NDI) rules stipulate government approval where FDI goes beyond 74 per
cent, and is likely to result in access to modern technology or for other reasons to be recorded. Currently, the sectoral
cap for defence sector is 100 per cent.
The conditions specify that FDI of up to 74 per cent would be permitted for companies seeking newindustrial licences.
Also, infusion of fresh foreign investment of up to 49 per cent, in a company not seeking industrial licence or which
already has government approval for FDI in defence, would require submitting a declaration with the Ministry of
Defence in cases of change in equity/shareholding pattern or transfer of stake by existing investor to new foreign
investor, for FDI up to 49 per cent, within a period of 30 days of such change. Any proposal for raising FDI beyond 49
per cent from such companies shall require government approval.

22 | 2021 | JANUARY | BANKING FINANCE