Business briefs

Yes Bank on Wednesday said it has executed its first trade borrowing transaction linked to Secured Overnight Financing Rate (SOFR).

A trade borrowing was availed from American lender Wells Fargo Bank and will provide further impetus to the bank's export finance business, a statement said, adding it is part of a benchmark transition management plan and the first step towards a smooth transition to the new Alternative Reference Rates (ARR).

*********** CAMS launches E-KYC for MF investors *Computer Age Management Services (CAMS) on Wednesday said it has launched an electronic know your customer (KYC) service using one-time password-based verification for mutual fund investors.

The solution will enable new investors to complete the KYC process digitally with OTP-based Aadhaar Authentication without any hassles, an official statement said.

********** BAI urges Maha govt to revise COVID guidelines * Builders Association of India, a body of redevelopers, has approached the Maharashtra government to revise its guidelines such that developers can do the cheaper antigen tests rather than the more expensive RT-PCRs to continue construction activities.

It has also appealed for permissions to continue with sales on festive dates, as per an official statement.

*********** Nahar Group starts COVID testing at constrction sites *Real estate developer Nahar Group on Wednesday said it has started testing all the workers at a construction site in suburban Chandivali for COVID-19 as per guidelines issued by the state government. Till now, over 250 workers have been tested at the site, an official statement said. As part of the 'break the chain' guidelines, Maharashtra had allowed realty developers to continue with construction activities provided they do the RT-PCR tests every fortnight. *********** RIECO Industries reimburses vaccination cost of all employees, family members * RIECO Industries, a wholly-owned subsidiary of Sudarshan Chemical Industries, on Wednesday said it has reimbursed the cost of COVID-19 vaccination of all employees and their family members.

“Our primary objective as a company is to ensure the safety of our employees and their families. Through the Rieco Care Initiative, we remain committed to our goal of checking the spread of the virus and offering our employees a safe, convenient space to work,” RIECO Industries HR Head Shartika Khajuria said in a statement.

The company also enhanced medical insurance coverage and term insurance for employees.