Name: Domestic Air traffic in August rise over 22% Y-O-Y
Uploaded: 2023-09-14T16:57:45.000+05:30
Duration: T00M32S
Channel: Editorji News Desk
Description: The domestic airlines carried 1.24 crore passengers in August, thus crossing the pre-covid levels for the sixth straight month

The average price of 1 gram of 22K Gold stood at ₹5,505 while the cost for 24K gold prices stood at ₹6,005 and 1 kg silver stood at ₹74,500

Gold, Silver Rates today September 21, 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

The average price of 1 gram of 22K Gold stood at ₹5,505 while the cost for 24K gold prices stood at ₹6,005 and 1 kg silver stood at ₹74,500

For the second day in a row, both gold and silver prices have recorded a downfall on the Multi Commodity Exchange (MCX) on Thursday
The average price of 1 gram of 22K Gold stood at ₹5,505 while the 24K gold prices stood at ₹6,005.&nbsp;
The rate of 10 grams of 24K gold in Chennai stood at ₹60,330, which was followed by Delhi and Lucknow where the gold costs ₹60,200.&nbsp;
The average price of 10gm of Silver was at ₹74.5 and 1 kg of silver stood at ₹74,500.
However, in Hyderabad and Kerala the metal was sold at ₹78,300, followed by Chennai where the metal was sold at ₹78,000
Indian Major Cities 24 Carat Gold Rate per 10gm Today September 21
Delhi - ₹60,200 Chennai - ₹60,330 Mumbai - ₹60,050 Kolkata - ₹60,050 Bengaluru - ₹60,050
Indian Major Cities 1 KG Silver Rate Today September 21
Delhi - ₹74,500 Chennai - ₹78,000 Mumbai - ₹74,500 Kolkata - ₹74,500 Bengaluru - ₹74,250

The average price of 1 gram of 22K Gold stood at ₹5,520 while the cost for 24K gold prices stood at ₹6,023 and 1 kg silver stood at ₹74,800

Gold, Silver Rates today September 20, 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

The average price of 1 gram of 22K Gold stood at ₹5,520 while the cost for 24K gold prices stood at ₹6,023 and 1 kg silver stood at ₹74,800

The gold prices on Wednesday rose during the early trades while the Silver prices saw a decline.
The average price of 1 gram of 22K Gold stood at ₹5,520 while the 24K gold prices stood at ₹6,023.&nbsp;
The rate of 10 grams of 24K gold in Chennai stood at ₹60,550, which was followed by Delhi and Lucknow where the gold costs ₹60,370.&nbsp;
The average price of 10gm of Silver was at ₹74.8 and 1 kg of silver stood at ₹74,800.
However, in Hyderabad and Kerala the metal was sold at ₹78,300, followed by Chennai where the metal was sold at ₹78,000
Indian Major Cities 24 Carat Gold Rate per 10gm Today September 20
Delhi - ₹60,370 Chennai - ₹60,550 Mumbai - ₹60,230 Kolkata - ₹60,230 Bengaluru - ₹60,220
Indian Major Cities 1 KG Silver Rate Today September 20
Delhi - ₹74,800 Chennai - ₹78,000 Mumbai - ₹74,800 Kolkata - ₹74,800 Bengaluru - ₹73,250

The US Fed has kept the lending rates unchanged between 5.25 to 5.5% and has predicted that the lending rates will need to remain higher for longer to definitively cool inflation

US Fed pauses rate hikes but predicts long fight against inflation

The US Fed has kept the lending rates unchanged between 5.25 to 5.5% and has predicted that the lending rates will need to remain higher for longer to definitively cool inflation

The US Federal Reserve voted Wednesday to hold interest rates at a 22-year high while predicting that lending rates will need to remain higher for longer to definitively cool inflation.
"We are prepared to raise rates further, if appropriate, and we intend to hold policy at a restrictive level until we're confident that inflation is moving sustainably toward our objective," Fed Chair Jerome Powell said in a press conference after the decision.
After 11 interest rate increases since March last year, inflation has fallen sharply but remains stuck stubbornly above the Fed's long-run target of two percent per year -- keeping pressure on officials to consider further policy action.
The Fed's decision to keep its key lending rate between 5.25 and 5.50 percent gives policymakers more time to assess the health of the US economy amid signs of robust economic growth and a strong labor market.
The move, which was in line with expectations, postpones additional pain for millions of Americans already struggling with the impact of the Fed's existing hikes on mortgages and other loans.
"We are highly attentive to the risks that high inflation poses to both sides of our mandate," Powell said, referring to the Fed's twin mandate to tackle both inflation and unemployment.
<h2>Revision to Growth</h2>
On Wednesday, the Fed said economic activity had been expanding at a solid pace, while noting strong job gains and a low unemployment rate.
The recent string of positive economic data has raised hopes that the Fed can slow price increases without triggering a damaging recession.
Through updated economic forecasts, the rate-setting Federal Open Market Committee (FOMC) indicated it believes the economy will fare far better than previously hoped, with knock-on effects for Fed policy.
FOMC members left the median projection for interest rates at the end of this year between 5.50 and 5.75 percent, keeping alive the possibility of another quarter percentage point hike before the end of the year to tackle inflation.
At the same time, they raised their forecast for where interest rates will be next year by half a percentage point -- a significant increase that indicates a slower pace of rate cuts than previously anticipated.
"The overall message is unambiguously hawkish," Citi economists wrote in a note to clients after the Fed decision was published.
FOMC members also more than doubled the median projection for economic growth this year to 2.1 percent from 1.0 percent in June, and sharply raised their forecast for next year as well.
"Stronger economic activity means we have to do more with rates," Powell said during his press conference.
The forecast for the unemployment rate in 2023 was lowered slightly from June, suggesting the jobs market is faring better than hoped, while the expectation for headline inflation was raised slightly.
<h2>On the 'golden path'</h2>
Policymakers are looking to keep the country on what Chicago Fed President Austan Goolsbee calls the "golden path," attempting to slow down inflation while averting a surge in unemployment and a major economic slowdown.
On Wednesday, Powell reiterated previous comments suggesting a data-dependent approach to monetary policy.
"Given how far we've come, we are in a position to proceed carefully as we assess the incoming data and the evolving outlooks and risks," he told reporters.
Analysts at Goldman Sachs recently cut their expectation of a recession in the United States from 20 percent down to 15 percent, while other economists -- including those in the Fed's research team -- say they no longer expect the US economy to contract this year.

Mumbai's GSB Seva Mandal secures a record ₹360 crore insurance policy for Ganesh Chaturthi, reflecting the festival's rising significance and prompting other mandals to protect their assets

Ganesh Chaturthi 2023: GSB Seva Mandal buys ₹360 cr insurance for pandal

Mumbai's GSB Seva Mandal secures a record ₹360 crore insurance policy for Ganesh Chaturthi, also prompting other mandals to protect their assets

Mumbai&rsquo;s GSB Seva Mandal, located at King&rsquo;s Circle, has bought a record-breaking insurance policy worth ₹360 crore for the 10-day Ganesh Chaturthi celebration.&nbsp; This staggering coverage surpasses last year&rsquo;s ₹316 crore policy and is attributed to the rising value of gold jewellery adorning the GSB deity.
The comprehensive policy covers a range of risks associated with precious metals, including personal accident insurance for volunteers and staff.
The GSB Seva Mandal is not the only Ganesh mandal in Mumbai seeking insurance coverage. The Mumbai Lalbaug cha raja has insured its Mandal against losses from cash and valuable ornaments burglary, with a total sum insured of ₹7 crore.
The increased insurance coverage reflects the growing significance of Ganesh Chaturthi celebrations in Maharashtra. The festival attracts millions of devotees from across the country and even abroad. With the rising popularity of Ganesh Chaturthi, mandals are taking proactive measures to protect their assets and ensure a smooth celebration.
As Ganesh Chaturthi approaches, other mandals are expected to follow suit and secure insurance coverage to safeguard against unforeseen circumstances.&nbsp;
 Also Watch: <a href="https://www.editorji.com/business-news/ganesh-chaturthi-2023-banks-to-remain-shut-on-18th-19th-and-20th-september-in-these-cities-1694775951960">Ganesh Chaturthi 2023: Banks to remain shut on 18th, 19th, and 20th September in these cities</a>
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Bengaluru's Sri Sathya Ganapathy Temple readies for Ganesh Chaturthi with ₹2 crore currency and coin decor. Past eco-friendly traditions continue with flowers and more

Ganesh Chaturthi 2023: Bengaluru temple decorated with ₹2 cr in currency notes and coins 

Bengaluru's Sri Sathya Ganapathy Temple readies for Ganesh Chaturthi with ₹2 crore currency and coin decor. Past eco-friendly traditions continue with flowers and more

In preparation for the upcoming Ganesh Chaturthi festival, the Sri Sathya Ganapathy Temple in Bengaluru's JP Nagar has taken up a unique decoration theme this year. The temple, known for its innovative decor during Ganesh Puja festivities, has decorated its premises with currency notes and coins worth an astounding ₹2 crore.
This display features a blend of currency notes ranging from ₹10 to ₹500 denominations. Additionally, the temple utilized coins amounting to ₹70 lakh, making the entire decoration worth ₹2.18 crore in total.
According to Temple Trustee Mohan Raju, this form of decoration was not a spur-of-the-moment decision. "It took three months to prepare it," he told NDTV. Furthermore, he also said that all the currency notes and coins used in the decoration would be returned to the generous donors after the festival concludes.
In previous years, the Sri Sathya Ganapathy Temple has been lauded for its eco-friendly initiatives during Ganesh Chaturthi celebrations. These efforts included using environmentally conscious materials like flowers, corn, and raw bananas to adorn the idol of Lord Ganesha.&nbsp;

A new report by Azim Premji University titled State of Working India 2023 has highlighted that the relationship between the country's growth and the employment rate has turned weaker over time

Over 40% of Indian graduates under 25 unemployed: Report

A new report by Azim Premji University titled State of Working India 2023 has highlighted that the relationship between the country's growth and the employment rate has turned weaker over time

A new report by Azim Premji University has revealed that 42% of Indian graduates under 25 are unable to find jobs. The report titled State of Working India 2023 also showed that the unemployment rate in India declined post-covid for all educational qualifications. However it continues to stay over 15% for graduates.
&ldquo;There is large variation in the rate of unemployment even within the higher educated group. The unemployment rate falls from over 40 percent for educated youth under 25 years of age to less than 5 percent for graduates who are 35 years and above,&rdquo; the report said.
The report also highlighted that the relationship between the country's growth and the employment rate has turned weaker over time. The policies formed to increase the GDP need not necessarily aide in creating more jobs.&nbsp;
&ldquo;Over the long-run GDP growth and employment growth have been uncorrelated in India suggesting that policies oriented towards achieving faster GDP growth will not necessarily speed up job creation,&rdquo; the report claimed.
Also Read: <a href="https://www.editorji.com/business-news/campus-hiring-engineering-students-stare-at-a-tough-placement-season-1695012663796">Campus Hiring: Engineering students stare at a tough placement season</a>
As per the report, The loss of jobs during the pandemic forced workers to fall back on agriculture or self-employment in order to survive. As a result, the share of employment accounted for by these two sectors rose sharply in the lockdown quarter (April-June 2020).&nbsp;
However, two years later, unemployment had declined to pre-pandemic levels for men but continued to remain elevated for women. After the pandemic while men entered construction work, women who quit agriculture didn't find a place in the workforce.
&ldquo;While half of the lost employment is accounted for by women, only a third of the increase in formal employment accrued to women. So, in net terms, women lost out on formal employment in this period. Not only that, there was a shift towards self-employment due to distress,&rdquo; the report shows.
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As the market witnessed a plunge on Wednesday tanking over 1%, investors lost as much as ₹ 2.6 lakh crore of market capitalisation

Markets extend fall for second straight day, more than ₹ 2.6 Lakh Cr m-cap wiped out

As the market witnessed a plunge on Wednesday tanking over 1%, investors lost as much as ₹ 2.6 lakh crore of market capitalisation

Indian equity markets tanked for the second straight day today. Benchmark Indices Sensex and Nifty fell over 1% due to heavy selling in banking and oil stocks in tandem with weak global trends ahead of the US Federal Reserve's interest rate decision.
BSE Sensex tumbled 796 points or 1.18% to settle at 66,800.84. During the day, it tanked as much as 868.7 points or 1.28% to 66,728.14. Meanwhile, the NSE Nifty declined 231.90 points or 1.15% to end below the 20,000 mark at 19,901.40.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/august-sees-record-participation-of-retail-investor-in-derivatives-market-report-1695045742011">August sees record participation of retail investor in derivatives market: Report</a>
The Broader market also came under pressure as BSE midcap and smallcap indices turned red after a flat opening.&nbsp;
This fall wiped out more than ₹ 2.6 lakh crore of market capitalisation. Investors' wealth fell 3,20,51,859 at the time of market closing. The BSE m-cap was at Rs 323.01 lakh crore during the previous trading session.&nbsp;
19 BSE stocks in total hit 52-week low, while 198 stocks hit 52-week high at the time of closing. Out of the 3,803 stocks that were traded on the Bombay Stock Exchange, 2,207 stocks declined while 1,476 stocks rose.&nbsp;
Among the Sensex firms, HDFC Bank emerged as the biggest loser, falling 4%. JSW Steel, Reliance Industries, UltraTech Cement, Maruti, Tata Steel, Wipro, Tech Mahindra, Bharti Airtel and Larsen &amp; Toubro were the other major laggards.
Power Grid, Asian Paints, Sun Pharma, Axis Bank, NTPC, ITC and Infosys were among the gainers.

Meta announces features to enhance the WhatsApp Business in India including WhatsApp Flow, Payment-to-Merchant and Meta verified

WhatsApp comes with new business-focussed features in India; know details here

Meta announces features to enhance the WhatsApp Business in India including WhatsApp Flow, Payment-to-Merchant and Meta verified

At the Conversation event in India, Meta announced a slew of business-focussed features for Whatsapp. Meta has introduced Flows for business using WhatsApp Business Platform to create and provide rich menus and customisable forms that support different needs.
One more feature that allows payment via different platforms apart from Whatsapp Money is also introduced. These platforms include UPI apps, debit and credit cards, and more. Lastly, the company announced that businesses could now apply for verification badge through Meta Verified platform.
&ldquo;We have continued to innovate with our messaging formats, our group chats and broadcast channels. And it is the same focus that we are bringing to how we support businesses, creating simple to use and easy to scale tools so they can connect with their customers in meaningful ways,&rdquo; said Mark Zuckerberg, Founder and CEO, Meta.
<h2>WhatsApp Flows</h2>
This feature provides the users with in-chat experiences for their customers like booking a reservation, ordering delivery or checking in for a flight, directly on WhatsApp. Businesses can easily design the customisable experiences for the customers by using choose from a series of flexible, pre-made building blocks. This feature would be available world-wide for all the WhatsApp Business users
<h2>WhatsApp Payment-to-Merchant</h2>
Meta has now enabled Payment-to-Merchant option on Whatsapp for Indian businesses using the WhatsApp Business Platform. With this, Whatsapp users would be able to make payments using their choice of payments including all UPI apps, debit and credit cards, and more. This can be done by without having to go to a website, open another app or pay in person. This feature exists in Singapore and Brazil for small businesses.
<h2>Meta Verified for Business</h2>
This feature allows businesses to get a verified badge, account support, impersonation protection and other features that would help them amplify their brand online and make it more efficient to chat with customers. However, it would require the businesses to make a payment. The verified program would roll out to Facebook and Instagram business in select countries in the coming weeks which will be followed by WhatsApp
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Special Parliament Session

The domestic airlines carried 1.24 crore passengers in August, thus crossing the pre-covid levels for the sixth straight month

Domestic Air traffic in August rise over 22% Y-O-Y

The domestic airlines carried 1.24 crore passengers in August, thus crossing the pre-covid levels for the sixth straight month

India's domestic air traffic in August rose 22.81% as compared to the same month last year. As per the data released by Directorate General of Civil Aviation (DGCA) on September 14, domestic airlines carried 1.24 crore passengers last month. This is the sixth straight month domestic air traffic in India had crossed the pre-covid levels in India.
In the January-August period the air traffic increased 30.55% to 10.06 crore passengers as compared to last year's data. However, the domestic air traffic in August remained the same as compared to July when airlines carried 1.24 crore passengers. The traffic has also returned to pre-covid levels in India when the domestic airlines carried about 1.19 crore passengers.
Also Read: <a href="https://www.editorji.com/business-news/air-traffic-in-india-jumps-42-85-in-january-june-2023-dgca-1689332092014">Air traffic in India jumps 42.85% in January-June 2023: DGCA</a>
The market share of the airlines has also seen a rise. Vistara saw the highest jump in market share going to 9.8% in August. The market share of the airline in July was at 8.4%. Meanwhile Indigo's market share went down slightly to 63.3% in August as against 63.4% in July.

The plan aims to transform 57,000 hectares, boost per capita income to INR 4 lakhs, regularize unauthorized colonies, and attract investors for international-standard real estate development

Delhi master plan 2041: $100 billion economic boost on horizon

The plan aims to transform 57,000 hectares, boost per capita income to INR 4 lakhs, regularize unauthorized colonies, and attract investors for international-standard real estate development

Delhi Master Plan 2041, still pending approval from the government, has the potential to unleash a massive economic opportunity worth $100 billion, according to an analysis by the Delhi Consortium think tank. This plan promises to turbocharge Delhi's growth, with the GDP potentially doubling every 7 years. The driving force behind this growth will be private sector investments in urban development and knowledge-based industries.
Ramesh Menon, Founder Director Delhi Consortium said, &ldquo;There is an urgent need for approval of Delhi Master Plan 2041, as Delhi Land Reforms Act 1954 is the biggest impediment to the planned development of Delhi. The discretionary use of it by the Administrative officers of the revenue department doesn&rsquo;t build confidence amongst the stakeholders of Delhi Master Plans.&nbsp;
Upon approval, master plan 2041 will kickstart a massive 57,000-hectare development effort, positioning Delhi as a vital services hub for a population expected to exceed 320 million in the next two decades.&nbsp;
This plan will unlock real estate opportunities across 165 Delhi villages and boost Delhi's per capita income to ₹4 lakhs, a 40-45% increase from the current ₹2.72 lakhs reported in the 2022-23 Economic Survey of Delhi.
Notably, Delhi is home to nearly 10,000 unauthorized colonies, a substantial number among global capitals. master plan 2041 aims to bring these settlements into the fold, generating much-needed revenue for the government while simultaneously enhancing the city's social and physical infrastructure.
Experts believe that with the timely approval of this plan, Delhi will witness renewed investor interest from neighbouring states, paving the way for substantial land assembly, reorganization, and real estate development that meets international standards. Also Watch: <a href="https://www.editorji.com/business-news/g20-summit-india-u-s-agree-to-set-up-to-1-billion-fund-for-renewable-energy-at-bilateral-meet-1694241724249">G20 Summit: India, U.S agree to set up to $1 billion fund for renewable energy at bilateral meet</a>

Finance Ministry responds to concerns about declining household savings, citing diversified investments and asset acquisitions as reasons, and refuting economic distress claims

Finance Ministry responds to worries about savings drop, points to more investments and growing assets

Finance Ministry responds to concerns about declining household savings, citing diversified investments and asset acquisitions as reasons, and refuting economic distress claims

The finance ministry has responded to concerns regarding the impact of declining household savings on the economy, asserting that there is no cause for distress as people are diversifying their investments in various financial products.&nbsp;
The ministry's statement, published on X, rebuffed criticisms regarding the decade-long drop in household savings and its potential repercussions on the overall economy.
The Reserve Bank's latest monthly bulletin disclosed that net household savings had plummeted to a 47-year low of 5.1% of the gross domestic product (GDP) in FY23, down from the previous year's 7.2%. During the same period, households' annual financial liabilities surged by 5.8% of GDP compared to 3.8% in the previous fiscal year.
In defence of this situation, the finance ministry pointed out that the stock of household gross financial assets had risen by 37.6%, while the stock of household gross financial liabilities had increased by 42.6% between June 2020 and March 2023. The ministry emphasized that although households added fewer financial assets to their portfolios in FY23 compared to the previous years, their overall net financial assets continued to grow.
This apparent decrease in financial asset addition was attributed to households taking loans to purchase tangible assets like homes. The ministry cited RBI data on personal loans, highlighting that a significant portion of these loans is used for real estate and vehicle purchases, both of which are collateralized. This trend indicated that households were not in financial distress but were instead investing in real assets with the help of loans.
The finance ministry also underscored the steady double-digit growth in housing loans since May 2021 and substantial growth in vehicle loans since April 2022 as evidence that households were actively engaging in asset acquisition.
Furthermore, the ministry emphasized that overall household savings, including financial, physical, and jewellery assets, had grown at a Compound Annual Growth Rate (CAGR) of 9.2% between 2013-14 and 2021-22, aligning with the CAGR of nominal GDP during the same period at 9.65%.
The ministry attributed the increase in net financial assets in FY23 to the substantial flow of credit from Non-Banking Financial Corporations (NBFCs) to the household sector, including unincorporated enterprises. While commentators raised concerns about the magnitude of this credit flow, the ministry highlighted the context of these figures as 'flow' numbers rather than representing distress.
&nbsp;

DGCA suspends Air India's Flight Safety Chief for a month due to safety lapses found during a thorough evaluation, emphasizing the need for airlines to adhere rigorously to safety standards

DGCA suspends Air India's flight safety chief for one month, citing lapses

DGCA suspends Air India's Flight Safety Chief for a month due to safety lapses found during a thorough evaluation, emphasizing the need for airlines to adhere rigorously to safety standards

The Directorate General of Civil Aviation (DGCA) has suspended the approval of Air India's Flight Safety Chief for a period of one month due to identified lapses in safety protocols.
This decision comes following a thorough evaluation carried out by the DGCA's inspection team on July 25 and 26. The inspection encompassed various critical aspects, including internal audit processes, accident prevention measures, and the availability of essential technical manpower.
The subsequent review revealed notable deficiencies in Air India's accident prevention procedures and its compliance with the required technical staffing levels as stipulated in the approved Flight Safety Manual and relevant Civil Aviation Requirements.
The suspension of the Flight Safety Chief's approval serves as a clear message that safety lapses will not be tolerated, and airlines are expected to adhere rigorously to established safety guidelines.
Air India will need to rectify the identified deficiencies swiftly to restore confidence in its safety protocols and regain regulatory approval.

TVS Motor, known for its focus on two-wheeler R&D and a rich motorsports history, is now the first Indian manufacturer to enter electric motorcycle racing

TVS Motor launches India's first electric two-wheeler racing championship

TVS Motor, known for its focus on two-wheeler R&amp;D and a rich motorsports history, is now the first Indian manufacturer to enter electric motorcycle racing

TVS Motor Company, in partnership with TVS Racing, has announced the launch of India's first-ever electric two-wheeler racing championship. This marks a significant development in motorsports and highlights the company's commitment to sustainable mobility solutions. TVS Motor Company is now the first Indian manufacturer to enter the world of electric motorcycle racing.
The TVS Racing Electric One Make Championship (e-OMC) is a unique racing format that exclusively features electric TVS Apache RTE race motorcycles designed specifically for this championship. TVS Motor, known for its strong focus on two-wheeler research and development, has a long-standing history in motorsports in India through TVS Racing, which has a rich racing heritage spanning over four decades.
Sudarshan Venu, Managing Director, TVS Motor Company said, &ldquo;TVS Motor has been championing racing ever since we started India&rsquo;s first factory racing team. TVS Racing has been instrumental in making motorsports aspirational yet accessible for enthusiasts across the country. Many of the technologies that we pioneered in our racing machines have made way to our production vehicles, giving shape to our &lsquo;track to road&rsquo; philosophy."
He added, "In line with our vision of providing exciting and sustainable mobility solutions, we are thrilled to announce the debut of India&rsquo;s first ever EV two- wheeler racing. TVS Racing e-OMC will not only set new benchmarks in the racing segment but also demonstrate the potential of electric vehicles in delivering high-octane and thrilling racing experiences for the world to witness.&rdquo;
Vimal Sumbly, Head Business &ndash; Premium, TVS Motor Company said, &ldquo;TVS Racing takes great pride in being the propagators of offering a platform for racers to hone and showcase their skills and following their passion for racing. We have been the frontrunners in the segment, whether it was pioneering the TVS OMC in India in 1994, and expanding it in women&rsquo;s and rookie class, or being the first Indian manufacturer to foray with the Asia One Make Championship or participate in the Dakar Rally. With the TVS Racing e-OMC, we take a monumental step into redefining the future of racing."

SBI Life joins BCCI as official partner for 2023-2026 cricket season, starting with the ODI series against Australia. BCCI aims to strengthen finances and enhance the cricketing experience for fans and players alike through this partnership

SBI Life partners with BCCI for 2023-2026 cricket season, starting with Australia ODI series

SBI Life joins BCCI as official partner for 2023-2026 cricket season, starting with the ODI series against Australia. BCCI aims to strengthen finances and enhance the cricketing experience for fans and players alike through this partnership

The Board of Control for Cricket in India announced SBI Life as an official partner for the upcoming BCCI Domestic and International Season from 2023 to 2026.
Under the terms of the agreement, SBI Life has entered into a 3-year partnership with the BCCI. This collaboration will kick off with the three-match One Day International (ODI) series against Australia, scheduled to begin on September 22.
BCCI president Roger Binny said after the announcement of new official partners, "We are thrilled to announce our partnership with SBI Life as the official partner of BCCI for both domestic and international cricket. SBI Life has been one of the torchbearers in the insurance sector and we are looking to build a solid partnership to take Indian cricket forward."
"We are delighted to welcome SBI Life on board as an Official Partner for BCCI's Domestic and International Season for the course of the next three years, ahead of the prestigious ICC Men's Cricket World Cup 2023. SBI Life's commitment to excellence aligns perfectly with BCCI's vision for cricket. This collaboration reflects our commitment to promoting and supporting the sport of cricket at all levels. We look forward to a fruitful partnership that will enhance the cricketing experience for fans and players alike," BCCI Secretary Jay Shah also said.
BCCI Vice-President Rajeev Shukla said, "As we enter this exciting new chapter with SBI Life, we are confident that this partnership will not only strengthen the financial ecosystem of Indian cricket but also elevate the sport to greater heights. We are confident that this collaboration will bring fresh energy to the world of cricket."
BCCI Treasurer Ashish Shelar said, "Our collaboration with SBI Life underscores our commitment to cricket's grassroots development and our dedication to providing the best possible experience for our fans. We're looking forward to a successful innings together."
BCCI Joint Secretary Devajit Saikia said, "We extend a warm welcome to SBI Life as they join us in shaping the future of cricket in India. We're excited about the possibilities this partnership brings to the world of sports. Together, we'll script new success stories and celebrate the spirit of the game."
Ravindra Sharma, Chief of Brand, Corporate Communication and CSR, SBI Life Insurance, said, "In the context of sports in India, cricket as sport has unfailingly united our nation over the years and BCCI's undeniable role in nurturing the sport across the length and breadth of the country is well respected. As a brand driven to make a meaningful connect with the consumer, SBI Life's association as the official partner of BCCI with its undisputed reach and impeccable credibility is a marketer's delight.
We look forward to leveraging SBI Life's association with BCCI to establish a deeper connect with the consumer and impress upon the need for insurance as an enabler for individuals to pursue their dreams. We sincerely hope the visibility offered by the sport will go a long way in spreading awareness about the importance of insurance and furthering the national agenda of 'Insurance for all' by 2047."
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