• Team of NTPC Limited, the Central PSU under Ministry of Power, has won the All India Management Association (AIMA) Chanakya (Business Simulation Game) National Management Games (NMG) 2020.

• The team from NTPC Vallur, Tamil Nadu won the championship which featured the participation of teams from 112 organisations from different parts of the country.

• AIMA Chanakya National Management Games is an online Business Simulation Game which is conducted every year.

• The championship aims to ensure that executives participating in the event get the onboard experience about the complexities of running an organisation and gain expertise and skills from this event.

• It also enables the Corporate Managers to face the thrill of Managing Business in a competitive mode.

• To provide convenient and affordable options of Federal Bank Debit Cards through Innoviti Point of Sale (POS) terminals, the Federal Bank and Innoviti Payment Solutions Pvt. Ltd (Innoviti) have entered into a partnership.

• The partnership will offer Equated Monthly Installments (EMIs) options to over 7.5 million Federal Bank Debit Card holders at over 70,000 Innoviti POS terminals across 1000 cities.

• The partnership is in view of COVID-19 crisis as people are cautious about their spending and still will need affordable options in essential categories such as healthcare, education and IT (computers and laptops).

• Through this partnership customers can access the credit, which can be repaid in convenient Equated Monthly Installments(EMIs) through their Federal Bank Debit Card, particularly in smaller Tier 2/Tier 3 towns.

* National Institution for Transforming India (NITI Aayog)’s Atal Innovation Mission(AIM) in collaboration with National Association of Software and Service Companies (NASSCOM) has launched Artificial Intelligence(AI) based Step-up module for school students.

* The module was launched in a virtual platform attended by CEO NITI Aayog Mr Amitabh Kant, Mission Director Atal Innovation Mission Mr R Ramanan and NASSCOM President Debjani Ghosh.

* The AI Step-up module is expected to drive AI education and innovation to the next level in the young minds in schools across the country.

• The Government of Andhra Pradesh (AP) received the nod from Insurance Regulatory and Development Authority (IRDA) to form its Crop Insurance Firm Andhra Pradesh General Insurance Company (APGIC).

• Andhra Pradesh is among the few states like Bihar, West Bengal that has chosen to have their own crop insurance schemes.

• Andhra Pradesh General Insurance Company (APGIC) will run the state’s own YSR Free Crop Insurance Scheme.

• The authorised share capital of the company is Rs 101 Crores divided into 10.10 Crore equity shares of Rs 10 each.

• Insurance regulator IRDAI has constituted a six-member working group on index-linked products following requests for permission from life insurers to introduce such products.

• The working group, to be led by Dinesh Pant, appointed actuary of LIC of India, will examine the need for such products in India and how they will better serve needs and interests of customers relative to traditional savings product.

• It will also examine the products earlier available in the market in terms of product structure, ease of customer understanding and administrative processes and any other matter of relevance.

• Current IRDAI product regulations do not specifically permit insurers to sell index-linked products.

• However, taking into considerations requests from life insurers, it has been decided to constitute a working group to examine various aspects.