Bima ASBA - First in India
Bajaj Allianz Life is also the first insurer to go live on BIMA-ASBA (Bima-Appliation Supported by Blocked Amount) functionality.
This is in line with IRDAIs objective to enhance policyholder convenience and promote transparency while making premium payments.
Bima-ASBA allows the policyholder to provide an ‘One-Time Mandate’ for blocking of upto Rs 2 lakh in his bank account using UPI as SIP (Systematic Investment Plan).
It is only debited after the insurance company under-writing and accepting the policy proposal.
The frozen amount will be automatically returned to the customer account if failed or not processed within 14 days from SBI.
This way the funds will remain available to policy buyers while they earn interest, until the policy issuance is confirmed.
The Bima-ASBA facility needs to be made available by all insurers from March 1.
Pashmina Festival 2025
It was the inaugural three-day International Pashmina Festival cum Exhibition held in Kathmandu, Nepal by Nepal Pashmina Industries Association.
Pashmina has been harvested through natural shedding of the undercoat of Chyangra goats through hand combing.
In a bid to highlight the superiority of the product, Nepali Pashmina is sold as Chyangra Pashmina.
Burkina Faso, Mali and Niger - ECOWAS
Mali, Niger and Burkina Faso formally quit the main political and trade group in West Africa, ECOWAS.
ECOWAS has the three countries as founding members.
Burkina Faso, Mali and Niger have since established a confederation of their own, the Alliance of Sahel States (AES).
The trio has almost severed its security relations with France and resorted to get the help of Russia, Iran and Turkey.
U.S Tariffs Against Mexico, Canada, And China
The broad based tariffs by the U.S president Donald Trump 25 percent on all imports into the country by Canada and Mexico and another 10 percent on goods out of China.
As of 2023, US. imports include almost 900 billion dollars worth of goods in terms of imports with Canada and Mexico.
There is also substantial U.S agriculture imports in Mexico and Canada.
In Canada, almost 80 percent of its good exports are directed to the US that are estimated to be worth some 410 billion dollars.
The export of Mexico to the United States amounted to 84 percent of the goods that it exported to the globe.
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