 HDFC Mutual Fund has pipped ICICI Prudential MF to become the country’s largest asset management company after a gap of over two years. As of December-end, HDFC MF manages assets to the tune of Rs 3.35 lakh crore, while those of ICICI Prudential MF stood at Rs 3.08 lakh crore, as per the latest data available with Association of Mutual funds in India (Amfi). The assets under management (AUM) of HDFC MF have grown over 9% in October-December quarter from the previous three-month period, however, ICICI Prudential MF’s AUM slipped by 0.6% during the period under review. |
| Source- The Moneycontrol |
 Syndicate Bank and SBI Life Insurance signed a bancassurance pact aiming to offer a comprehensive financial planning solution to its customers. The pact was signed between Syndicate Bank MD & CEO, Mrutyunjay Mahapatra and MD and CEO of SBI Life, Sanjeev Nautiyal. Through the pact, Syndicate Bank will provide penetration in the market with its 3,000branches and SBI Life’s diverse range of protection, wealth creation and savings insurance products will be brought to the table to the customers. |
| Source: The Business Standard |
 U.S. President Donald J. Trump signed into law the Asia Reassurance Initiative Act (ARIA), which passed the U.S. Senate earlier in December. According to the White House, the act establishes a multifaceted U.S. strategy to increase U.S. security, economic interests, and values in the Indo-Pacific region. Specifically, the ARIA will authorize $1.5 billion in spending for a range of U.S. programs in East and Southeast Asia and develop a long-term strategic vision and a comprehensive, multifaceted, and principled United States policy for the Indo-Pacific region, and for other purposes. |
| Source: The Diplomat |
 Markets regulator Securities and Exchange Board of India (SEBI) has allowedcustodial services in the commodity derivatives market. The move is aimed at enabling the participation of institutional investors such as mutual funds and portfolio managers in the commodity derivatives market. Under the new framework, existing custodians will be permitted to add commodities as an asset class and provide physical delivery of both the securities and commodities. Currently, the regulation on the custodian of securities provides safekeeping of securities, gold or gold related instruments, title deeds of real estate and incidental services. |
| Source- The Indian Express |
 Arunima Sinha, the first female amputee to have conquered Mt Everest, created yet another record as she became world’s first woman amputee to climb Mount Vinson,the highest peak in Antarctica. Apart from Mount Everest, the 30-year-old has climbed the highest peaks of fivecontinents and plans to do so in all seven. |
| Source: News on AIR |
 Renowned Bengali writer and Sahitya Akademi awardee Dibyendu Palit passes away due to age-related ailments. He was 79-year-old. Palit was conferred the Sahitya Akademi for his novel ‘Anubhab’ in 1998. He was awarded the ‘Bankim Purashkar’ for ‘Dheu’ in 1990 and ‘Ananda Purashkar’ in 1984 for ‘Sahojoddha’. |
| Source- The Hindu Business Line |
 Days before Kumbh Mela, the Union Home Ministry has approved the Uttar Pradesh government’s proposal to rename Allahabad as Prayagraj. In October 2018, the Yogi Adityanath-led government had proposed the change in name of Allahabad to Prayagraj. A No Objection Certificate (NOC) from the MHA will now ensure that names of other institutes in the district, including railway station, High Court and university, are also changed. |
| Source: The Indian Express |
 The Union Cabinet took several key decisions including setting up of a high-level committee (HLC) to implement Clause 6 of Assam Accord to hold discussions with all stakeholders on quantum of reservation of seats in Assam Legislative Assembly and local bodies for Assamese people among other decisions. Union Cabinet has approved the setting up a high-level committee for implementation of clause 6 of the Assam Accord and measures envisaged in the Memorandum of Settlement, 2003 and other issues related to Bodo community. |
| Source- DD News |
 Saurabh Kumar has been appointed as the Director General of Ordnance Factories (DGOF) and chairman of the Ordnance Factory Board (OFB). Kumar, a 1982-batch Indian Ordnance Factory Service officer, is an M-Tech in mechanical engineering from the Indian Institute of Technology (IIT), Kanpur. An expert in the manufacture of ordnance, Kumar was on deputation to the Ministry of Defence as the director of planning and coordination from 2002 to 2009. |
| Source: The Business Standard |
 The government has appointed Hemant Bhargava, Managing Director, Life Insurance Corporation of India, as the Acting Chairman. The move comes after VK Sharma retired from the top job at LIC on December 31. While traditionally the senior-most MD is appointed the chairman, Bhargava is due to retire in July 2019. |
| Source- The Hindu Business Line |
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