Month: April 2021

Rejected Covid 19 Cashless Treatment: Here’s A Step By Step Process To Raise Complaint

Personal Finance

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Insurance

oi-Roshni Agarwal

|

In India, the coronavirus positivity case is on the rise, though on a good note there has been recovery at the same time. And as the insurance regulator IRDAI has asked the insurers to extend cashless treatment to the patients, in a case you have rejected the same, you can follow up here and raise the grievance:

Rejected Covid 19 Cashless Treatment: Process To Raise Complaint

First and foremost you can approach your insurer, you can also take on the complaint to the Insurance Ombudsman or the Grievance Redressal officer. Notably, the IRDAI has also asked to authorize cashless treatment within 60 minutes time.

How to file complaint in the event of rejection of cashless treatment for Covid19?

At first you need to make a complaint with the grievance redressal cell of the concerned insurance company. Also, in case a satisfactory response is not received within 15 days of raising the complaint then you may approach the Grievance Redressal Cell in the Consumer Affairs Department of the Irdai.

Notably, the complaints from the insured or claimants are attended to. And if the complaint on behalf of the policyholder is being addressed by the advocate or any third party, the complaint redressal cell will not respond.

The complaint has to be specified with all the requisite details in the form which can be downloaded from the IRDAI website -policyholder.gov.in (http://www.policyholder.gov.in/Report.aspx#) have to be submitted by the complainants.

Step by Step to raise complaint for not getting cashless treatment against Covid 19

For making the complaints, policyholders can take to the Integrated Grievance Management System(IGMS). It is an Irdai Portal at https://igms.irda.gov.in for registering as well as monitoring the status of the complaints.
-Complaint can be sent through Email to complaints@irdai.gov.in.
-You can call Toll Free No. 155255 or 1800 4254 732
-If you want to send the complaint in writing, the same can be sent to Irdai official addressed to: General Manager, Insurance Regulatory and Development Authority of India(IRDAI), Consumer Affairs Department – Grievance Redressal Cell, Sy.No.115/1, Financial District, Nanakramguda, Gachibowli, Hyderabad – 500 032.

GoodReturns.in



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HSBC to StanChart predict demise of business travel for bankers

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Jetting off at a moment’s notice to visit clients was second nature for many investment bankers before the pandemic struck. After more than a year of lockdowns and remote working, plenty of executives are now saying the days of regular globe trotting are gone for good.

There “will definitely be much less travelling,” Nordea Bank Apb Chief Executive Officer Frank Vang-Jensen said Thursday, while Standard Chartered Plc’s finance boss Andy Halford told Bloomberg Television he expects travel costs to reduce sharply: “We see a step change down in the level of travel once we normalise out of this.”

Earlier this week, HSBC Holdings Plc Chief Financial Officer Ewen Stevenson said his bank was budgeting for travel costs to fall by half, with greater reliance on “video technology and having people go on fewer, longer trips when they do travel.”

The changes — once unthinkable — are the latest adjustments to office life staples now the pandemic has proved the case for remote working. Banks are shrinking their real estate footprints as outfits including Deutsche Bank AG and UBS Group AG say they are open to making flexible working the norm, although some Wall Street firms have been more skeptical of the shift. Goldman Sachs Group Inc. CEO David Solomon has said work-from-home is an “aberration.”

Cutting back on flights could mean big savings, as well as environmental kudos.

HSBC has said travel costs were down $300 million in 2020, suggesting an annual saving of $150 million going forward if behavioral changes stick. JPMorgan Chase & Co. spent about $800 million on global travel and expenses in 2019, according to a Business Travel News ranking.

A fall in that revenue spells trouble for airlines, which count business passengers as their most lucrative market. The route between London’s Heathrow and New York’s JFK airports generated about $1.2 billion in revenue for British Airways alone in the year through March 2019, according to estimates by data company OAG.

Still, Airbus SE CEO Guillaume Faury said on Thursday in a Bloomberg TV interview that he expects business travel to come back eventually, though it will lag behind the recovery for other parts of the market such as leisure and family trips.

Some bankers agree. JPMorgan CEO Jamie Dimon said in November he doesn’t think business travel will slip as much as expected because firms may see a competitive advantage in visiting clients in person.

“If I’m the gung-ho person, I want to get the business, taking that trip may be much different than saying I’ll meet you in a Zoom,” Dimon said. “I think people like me will travel as much and Zoom more.”

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Covid-19 challenge: FSDC Sub-Committee members resolve to remain vigilant

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The members of the Sub-Committee of the Financial Stability and Development Council (FSDC) on Thursday resolved to remain vigilant and proactive to ensure that financial markets and financial institutions continue to be resilient in the face of fresh challenges brought on by the resurgence of the pandemic.

The members also discussed their assessment of the scenario emerging from the second wave of the Covid-19 pandemic, RBI said in a statement.

The virtual meeting of FSDC’s Sub-Committee was attended by top officials of all financial sector regulators, Secretaries of the Department of Economic Affairs, Department for Financial Services, Department of Revenue, Ministry of Corporate Affairs, Ministry of Electronics and Information Technology, Chief Economic Adviser and top RBI officials.

The meeting, which was chaired by RBI Governor Shaktikanta Das, undertook an extensive review of the major developments in the global and domestic economy as well as in various segments of the financial system, the central bank said.

The members also discussed various inter-regulatory issues. The Sub-Committee reviewed the activities of various technical groups under its purview and the functioning of State Level Coordination Committees (SLCCs) in various states / UTs.

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All You Need To Know About Tax Rules On Winning Game Shows & Lottery

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Taxes

oi-Vipul Das

|

Online games, which include first-person games, strategy games, multiplayer role-playing games and so on are widely available on digital gaming systems such as PCs, consoles, and smartphones. Evergreen TV shows such as quiz, dance, games, singing competitions, fantasy sports or any other activities provide winners with enticing prize money. And considering the fruitful winning you must be aware of the tax implications of such winnings which we are going to discuss here.

All You Need To Know About Tax Rules On Winning Game Shows & Lottery

Income earned from online games is taxed under section 115BB of the Income Tax Act. While submitting income tax returns, this is classified as “Income from Other Sources.” Winnings from lotteries, crossword puzzles, races, card games, betting, gambling, and other games are also included. As a result, winnings from online games are included in this section. First and foremost, let me state unequivocally that Section 115 BB and 194B all refer to the taxation of income from any game. Sec. 115 BB is a clause that explains the relevant rate of tax, while Sec. 194 B explains TDS rules and when a taxpayer is required to deduct TDS. Section 194B of the Income Tax Act mandates that any winnings above Rs 10,000 be subjected to a 30% TDS.

The effective rate will be 31.2 percent after cess and surcharge. The corporation or organisation that transfers the award money is supposed to subtract this TDS. Players must be aware that any winnings from which TDS are withheld must still be recorded on their tax returns. The gaming firms hoard the gamer’s PAN as well as bank account details; though, the gamer’s role does not stop here. Disclosure of such income will be required when the gamer’s tax returns are filed. Gamers who have submitted their PAN card will also get a TDS certificate. The fantasy sports companies’ tax deduction at source will be recorded in Form-26AS. In most cases, taxpayers are entitled to a tax refund if the TDS portion exceeds their taxable income for a given fiscal year. Moreover, taxpayers cannot claim a refund against this TDS amount in the event of such winnings.

Regardless of the deductions you are entitled for, you will be charged a TDS of 30%. The receiver must pay a TDS of 31.2 percent on gifts earned in the form of an award or winning prize before taking ownership of such a present. For example, if you win a car worth Rs 3,00,000 in a lucky draw, you’ll have to pay a TDS of 31.2 percent, or Rs 93,600, on the car. If the winning participant is given money in the form of a cheque, cash, DD (demand draft), or online transfer, for example, the payment will be made after tax has been deducted at the applicable rate.



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Covid-19 Pandemic: Free Of Cost Medical Care, 20% Bed Dedicated For ESIC Members

Personal Finance

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Insurance

oi-Sneha Kulkarni

|

The Employees’ State Insurance Scheme of India is a multi-faceted Social Security Scheme designed to provide socio-economic cover to ’employees’ in the organized sector against disability, pregnancy, disablement, and death as a result of a work-related injury, as well as to provide medical treatment to them.

The ESI platform is a self-funding method. Employer and employee contributions are mainly used to finance the ESI accounts, which are charged annually at a fixed percentage of wages paid. State governments are also responsible for 1/8th of the cost of Medical Benefits.

Covid-19 Pandemic: Free Of Cost Medical Care, 20% Bed Dedicated For ESIC Members

Medical Benefit

In the event that the insured person or his family members become infected with COVID-19, they will receive free medical treatment at any ESIC/ ESIS hospital that has been designated as a COVID-19 dedicated hospital.

In addition to the above, each ESIC hospital has been instructed to use at least 20% of its bed capacity as dedicated Covid beds for ESI IPs, beneficiaries, employees, and pensioners.

In accordance with their entitlement, ESI beneficiaries can obtain emergency/non-emergency medical care from a tie-up hospital without a referral letter.
The repayment of expenses may be sought if the IP or a family member infected with COVID-19 seeks care in a private institution.

Cash Benefit

If the Insured Person is infected with COVID-19 and is unable to work, he is entitled to Sickness Insurance for the period he was unable to work. Sickness benefits are paid at 70% of average daily earnings for a period of 91 days.

If an insured person loses his or her job, he or she may be eligible for relief under the Atal BeemitVyaktiKalyanYojana(ABVKY) for up to 90 days at 50% of average daily earnings. The Insured Person may apply for this relief by submitting a claim online at www.esic.in.

If an insured person becomes unemployed as a result of retrenchment or the closing of a factory or establishment as specified by the ID Act of 1947, he is entitled to unemployment benefits for a period of two years, subject to RGSKY qualifying conditions.

Funeral expenses of Rs.15000/- are charged to the eldest surviving member of any Insured Person’s family in the event of his unfortunate death.

Dashboard

ESIC has created a roadmap and implemented a Dashboard to assist vulnerable citizens in finding a bed in its hospitals.



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How pandemic ushered in payments revolution in India, BFSI News, ET BFSI

Banking & Finance

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They may not be of big value, but many swipes have helped usher in a retail payments revolution right amid the pandemic.

While there has been a slowdown in the wholesale transaction value, the volumes have grown huge. A similar surge was seen in the immediate aftermath of the demonetisation of high-value notes in 2016.

Transactions through National Electronic Funds Transfer (NEFT), National Electronic Toll Collection (NETC), and the Bharat Bill Payment System (BBPS) grew robustly in fiscal 2021 over the previous year. Retail payment platforms such as Unified Payments Interface (UPI), Immediate Payment Service (IMPS), and National Automated Clearing House (NACH) saw a near doubling of both transaction volume from 12.5 billion to 22.3 billion, and value from Rs 21.3 lakh crore to Rs 41 lakh crore.

Volumes galore

UPI transaction volumes surged 43.2% in the first quarter of the last fiscal, 98.5% in the second quarter 104.6% in the third and 112.5% in the fourth quarter.

While IMPS volumes degrew 9.6% in Q1, they rose 26% om Q2. 40.5% in third quarter and 42.9% in the fourth quarter.

National Automated Clearing House (NACH) volumes grew 32.8 in the first quarter, 13 in second, 0.9 in third while they degrew 10.2 in the fourth.

BBPS volumes grew 66% in Q1, 103.2 in Q2, 84.4 in Q3 and 102.7 in Q4 while National Electronic Toll Collection, the NHAI’s Fastag system logged 83.9 growth in Q1, 249.2 in Q2, 195 in Q3 and 75.3 in the fourth quarter.

On the other hand, RTGS volumes degrew 26.2 in Q1, logged 3.1 in Q2, 10.2 in third and 31.1 in the fourth quarter.

NEFT volumes degrew 3.9% in the first quarter, grew 9.8 in second, 23.2 in third, 17.8 in the fourth quarter.

Value wise

UPI transactions scored an impressive growth value-wise too with the first quarter seeing 43.2% growth, the second 98.5%, the third 104.6% and the fourth 112.5%.

IMPS degrew 4.8 in Q1 but picked up in the second quarter with 27.9% growth, 34.6% in Q3 and 40.6% in the fourth quarter.

NACH transactions grew 20.4% value-wise in the first quarter, 10.3 in Q2, 6.8 in Q3, 1.3 in Q4.

BBPS logged 62.4% growth in the first quarter, 108.9% in the second, 83.5% in the third and 131.9% in the fourth quarter.

NETC transactions valuewise grew 61.4% in Q1, 181% in Q2, 139.3% in Q3, 66.2% in Q4.

On the other hand, RTGS transactions’ value degrew for the entire fiscal, falling 37.9 in the first quarter, 28.6% in the second, 7.7% in Q3 and 2.9% in the fourth quarter.

NEFT degrew 20.9% in the first quarter but grew 12.4% in second, 26.6% in third and 15.4% in the fourth quarter.

After demonetisation

RBI data shows a spurt in digital transactions immediately after demonetisation. Transactions through debit card at point of sale terminals and m-wallets increased by 134% and 163%, respectively, between October 2016 and December 2016.



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Bitcoin is facing a make-or-break moment, technicals show, BFSI News, ET BFSI

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By Vildana Hajric and Lu Wang

Bitcoin is facing a make-or-break moment following a recent bout of selling, according to technical analysis.
Though the cryptocurrency has rebounded above its average price over the past 100 days, it’s still trading below its 50-day moving average. Such a dynamic typically indicates an asset is nearing an inflection point.

If Bitcoin can’t overtake its 50-day mean — which currently sits at about $57,000 — then it might be in for a period of volatility as the gap between the two trend lines converges. Technical indicators suggest breaking out might not be an easy feat — Bitcoin failed to do so on several occasions last week.

Trading in the world’s largest digital asset has been choppy in recent days after it hit a record high in mid-April above $64,000. It’s down more than 15% since then, though it rebounded earlier this week amid positive news, including comments from Tesla Inc.’s chief financial officer that reiterated the company’s commitment to the cryptocurrency.

Bitcoin is facing a make-or-break moment, technicals show
“The drastic — relative to what we’ve seen of late — pullback certainly was a point of eyebrows being raised, but at the end of the day, I think the fact that things were able to rebound and stabilize is a good thing,” said David Tawil, president of ProChain Capital. “It shows real power to the token, the staying power to the asset class.”

The coin fell 1.4% on Wednesday following an announcement by the Securities and Exchange Commission that it will delay a decision on a Bitcoin exchange-traded fund. It was at about $54,586 as of 9:43 a.m. in Hong Kong Thursday.

Sam Stovall, chief investment strategist at CFRA Research, says that if the stock market continues its advance, he expected Bitcoin to follow.

Despite its recent turbulence, Bitcoin is still up 511% over the past year. Inflation and central bank policies have been its biggest drivers during the past 12 months, according to Quant Insight, a London-based analytics research firm that studies the relationship between assets and macro factors.

Bitcoin is facing a make-or-break moment, technicals show
While some dispute the idea that Bitcoin can act as an inflation hedge, the argument has been a key tenet for its bullish thesis and rings true for a lot of crypto fans. Proponents have seized on the money-printing narrative to promote the notion that Bitcoin is a store of wealth, an explanation that’s gained traction in recent months with economists expecting price pressures to pick up.

“No question about it — what drives a big chunk of the interest in Bitcoin has been just the tremendous amount of money that has been printed and will be printed and really the fundamental thought that you cannot have that much money in the system and not have it be inflationary,” said Chuck Cumello, president and chief executive officer of Essex Financial Services.



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Banking is an essential service; allow vaccinations for bankers on priority, asks ICICI Bank, BFSI News, ET BFSI

Banking & Finance

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ICICI Bank on Thursday said it is “much better” prepared to restrict the impact of the second coronavirus wave on its operations because of last year’s experience but appealed for banks’ employees to be allowed to take vaccinations on a priority basis as they are rendering an essential service. The second largest lender warned that if banking services were to fail, it can have an adverse impact on the economic activity, and hence it is pertinent for ensuring that at least the branch staff is allowed to take vaccinations.

The comments come at a time when localised lockdowns are being announced across many pockets of the country in view of the rising COVID infections, which are breaching the 3 lakh mark daily and also resulting in over 2,000 officially counted deaths.

“We are an essential services… we are all exposed (to customers). We don’t have the luxury. But we are not allowed vaccinations, not allowed to board trains, not allowed to board buses. So, what kind of essential services we are? More push should be there,” its executive director Anup Bagchi told reporters.

He warned that if banking operations get affected, we may have to face an economic crisis as well after the ongoing health crisis, and cited the case of a single automated teller machine shutting down for seven days to illustrate his point.

There is a case for “higher sensitivity” when classifying essential services, Bagchi said, stressing that there are other essential services also and bankers exposed to customers in branches should be allowed to vaccinate because they are exposed to walking-in customers.

Starting May 1, the central government has allowed every adult the chance to get vaccinated. However, concerns are being raised about the efficacy of such a move because of lack of vaccine stocks.

Meanwhile, Bagchi said the bank is much better prepared to take on the second wave of the pandemic because it had a system in place to take care of the disruptions coming because of the lockdowns as compared to last year’s experience, where it had to overhaul things.

Bagchi said an end-to-end digital journey where there is no need for a physical touch at all is essential while extending banking services and after the announcement of the national lockdown last year, it had to work on ensuring the same.

Further to the same, the bank on Thursday launched a ‘merchant stack’ which will help deliver seamless banking services, including a zero-balance current account, instant credit, a digital store management, a loyalty programme and other value added services to the 2 crore merchants nationally.

Bagchi compared the new services akin to a master switch where the customers will not be forced to come to the bank repeatedly for newer services, and added that the bank has put in place a refined data analytics back-end which will take care of loan decisions based on dynamic data points such as the transactions happening at the merchant’s end, inventory before giving the working capital credit of over 6 months.

From a risk perspective, Bagchi said the bank has built a strong portfolio in the business banking side, where its ability to make use of the data it possesses has ensured that the credit costs are less than 1 per cent as against double-digit figures for some lenders.

Declining to give a target of the number of customer relationships they are looking at, Bagchi said the fintechs cannot offer an end-to-end service like banks can.

For ICICI Bank, revenues from the stack can flow from fees, interest on credit offtake, float on balances in the accounts and merchant discount rate, he said.



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Reserve Bank of India – Press Releases

Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 411,283.59 3.23 0.01-5.30
     I. Call Money 12,149.01 3.22 1.90-3.50
     II. Triparty Repo 293,262.10 3.25 3.20-3.29
     III. Market Repo 103,860.48 3.16 0.01-3.40
     IV. Repo in Corporate Bond 2,012.00 3.46 3.40-5.30
B. Term Segment      
     I. Notice Money** 245.45 3.07 2.50-3.45
     II. Term Money@@ 114.75 – 2.70-3.60
     III. Triparty Repo 0.00 – –
     IV. Market Repo 294.47 3.35 3.35-3.35
     V. Repo in Corporate Bond 1,030.00 3.45 3.45-3.45
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo Thu, 29/04/2021 1 Fri, 30/04/2021 430,126.00 3.35
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Thu, 29/04/2021 1 Fri, 30/04/2021 4.00 4.25
4. Long-Term Repo Operations –   –   –
5. Targeted Long Term Repo Operations – – – – –
6. Targeted Long Term Repo Operations 2.0 – – – – –
7. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -430,122.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 23/04/2021 14 Fri, 07/05/2021 200,017.00 3.47
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF          
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       22,702.06  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -95,232.94  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -525,354.94  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 29/04/2021 518,416.49  
     (ii) Average daily cash reserve requirement for the fortnight ending 07/05/2021 538,082.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 29/04/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 09/04/2021 712,322.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020 and Press Release No. 2020-2021/1057 dated February 05, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
Rupambara
Director   
Press Release : 2021-2022/135

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Central bank e-cash could ‘challenge’ role of big banks, Bank of France says, BFSI News, ET BFSI

Banking & Finance

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Central bank digital cash could give new types of businesses access to ultra-cheap central bank funding and lessen the role of big banks in settling large transfers, a senior Bank of France official said on Thursday.

With high stakes involved in the development of e-cash, the Bank of France is part of the European Central Bank’s research into how a future digital euro could be used both in wholesale bank-to-bank lending and in everyday retail banking.

A wholesale central bank digital currency could spark demand from financial firms which don’t currently have access to central bank money, Denis Beau, deputy governor of the Bank of France, told an online seminar organised by the OMFIF think-tank.

“Even if these actors would be … subject to similar regulatory requirements, the role of large banks in the settlement of transfer orders in central bank money would be challenged,” Beau said.

The world’s biggest central banks, including the ECB, are revving up work on issuing digital cash, aiming to use its flexibility to improve payment systems, ease some of the complexities of negative interest rates and ensure they don’t cede too much control to digital currencies.

The scope and scale of the central bank digital currency research varies from country to country.

The People’s Bank of China is in the advanced stages of testing a digital yuan that would be used by both individuals and businesses. The Bahamas has a fully working digital ‘Sand Dollar’ while Switzerland has successfully tested large-scale bank-to-bank digital currency transactions.

Meanwhile, U.S. Federal Reserve Chair Jerome Powell said on Wednesday that China’s digital yuan plans would not push the Fed to rush its own digital dollar plans.



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