Author: root

Health insurers may not go in for premium hike

Banking & Finance

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A hike in health insurance premium may not be on the cards, at least for now, with the Insurance Regulatory and Development Authority of India (IRDAI) not in favour of such a move at present.

“With claims and losses mounting, some insurers were looking at the possibility of revising premium on health insurance this year. However, the IRDAI is not keen on a rate hike in the middle of a pandemic,” said the CEO of an insurance company, adding that the focus now is to clear claims.

The IRDAI has been closely the monitoring the settlement of health insurance claims in the wake of the pandemic to ensure that it is done speedily by insurers. “As of now, there has not been any increase in premium rates for health insurance this fiscal. A number of insurers had hiked rates last year and some were considering doing so this year,” said another industry expert.

Revision in premium

Many insurers had revised premium by about 10 per cent to 15 per cent last year after meeting IRDAI norms for standardisation of exclusions. However, with the rising Covid claims and faced with underwriting losses, some of them were looking at a fresh round of increase in premium.

Non-life insurers have been facing a surge in Covid-related health insurance claims since the last one year. While it had abated in between, claims rose to a much higher level during the second wave of the pandemic. Insurers have received over ₹23,000 crore of Covid-related claims till date.

A recent report by ICRA also noted that underwriting losses for general insurers are set to rise.

Sahil Udani, Assistant Vice-President and Sector head – Financial Sector Ratings, ICRA, said: “We expect a seven per cent to nine per cent growth in GDPI in 2021-22, supported by growth in health segment and uptick in motor segment.

“Despite underwriting losses, the sector is expected to report marginal return on equity (3 per cent to 4.5 per cent), largely supported by investment income.”

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Did Not Link Your EPF And Aadhaar? Here’s Why You Should Do It At The Earliest

Personal Finance

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Planning

oi-Roshni Agarwal

|

The linking of Employee Provident Fund (EPF’s) UAN with Aadhaar has been made mandatory beginning June 1, 2021 as the Section 142 of the Code of Social Security 2020 has been implemented. On its twitter handle EPFO@socialepfo, the provident fund administering body in a tweet stated that Section 142 of Code on Social Security, 2020 has been notified w.e.f 03-05-2021.

What would happen if your Aadhaar is not linked to your EPF A/c?

In the same tweet, the social security body further mentioned that EPFO has amended ECR filing protocol and from 01-06-2021 it can be filed only with respect to Aadhaar seeded UAN’s.

This means that in case employee’s UAN and aadhaar are not linked then the employer shall not be able to upload ECR or electronic challan-cum-return form that includes employee PF details. Consequently, the PF remittances i.e. monthly employer and employee PF contribution shall not be credited into your EPF linked bank account.

Did Not Link Your EPF And Aadhaar? Here's Why You Should Do It At The Earliest

Did Not Link Your EPF And Aadhaar? Here’s Why You Should Do It At The Earliest

What has changed with the implementation of Code on Social Security, 2020?

As per the current regulatory framework pertaining to EPF and ESI or Employees’ State Insurance, while aadhaar is not mandatory for registration as a PF subscriber, the same is needed for withdrawing funds from the PF account as well as availing the different benefits provided under ESIC. But now as the Section 142 of the Code of Social Security 2020 comes into effect, aadhaar linking is a preliminary requirement both for registration as EPF member as well as for availing its different benefits.

Now as the PF remittances that become due on June 15 could also be impacted because of the move, it shall be wise to complete the aadhaar and EPF linking process at the earliest using the following ways.

Process to verify whether your Aadhaar and EPF are linked or not

You can also verify whether or not your Aadhaar and EPF UAN are linked or not by going to this link https://iwu.epfindia.gov.in/eKYC/ and then clicking on Track eKYC .

Here you would need to enter your UAN number and Captcha and in case the seeding is already done, you would get a message saying:

Your Aadhaar details XXXX XXXX xxxx against UAN XXXX XXXX XXXX has successfully been verified.

GoodReturns.in



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Karix Mobile deploys WhatsApp Business solution for Axis Bank

Banking & Finance

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Karix Mobile, a wholly-owned subsidiary of Tanla Platforms, has deployed a conversational banking solution- WhatsApp Business- for Axis Bank.

Using the solution, Axis Bank customers can now start a WhatsApp chat with the bank to conduct frequent banking activities on-the-go. A gamut of financial services – both transactional and informational – such as checking account balance, checking of credit card bill amount, knowing nearest branch or ATM location and the like can be availed by customers through this solution.

“From digitising the account opening process to serving the customer throughout the lifecycle with omnichannel communication, our obsession with improving customer experience has led to some path breaking innovations in the cloud communications space for the banking industry,” Deepak Goyal, Chief Business Officer, Tanla Platforms Limited, said in a release.

Customers can get started with WhatsApp banking with ease either by giving a missed call, sending an SMS or subscribing to receive WhatsApp messages via the numbers provided on the bank website.

All communication on the WhatsApp account is encrypted end-to-end and all sensitive information is `safe and secure’ the release added.

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India issued Directions to The Adoor Co-operative Urban Bank Ltd, Adoor, Kerala under Section 35 A read with Section 56 of the BR Act 1949 (AACS), vide Directive DCBS.CO.PCC D-4/12.26.004/2018-19 dated November 02, 2018, from close of business on November 09, 2018 for a period of six months, which were extended from time to time, last being up to June 09, 2021 vide the Directive DOR.CO.AID/D-38/12.26.004/2020-21 dated December 04, 2020.

The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the aforesaid Directions. Accordingly, vide the Directive DOR.MON/ D-14/12.26.004/2021-22 dated June 08, 2021 in exercise of powers vested in it under sub-section (1) of Section 35 A read with section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India hereby directs that the Directive DCBS.CO. PCC. D-4/12.26.004/2018-19 dated November 02, 2018, issued to The Adoor Co-operative Urban Bank Limited, Adoor, Kerala, the validity of which was last extended up to June 09, 2021 shall continue to apply to the bank for a further period of three months, from June 10, 2021 to September 09, 2021, subject to review. Other terms and conditions of the Directive under reference, as modified from time to time, shall remain unchanged.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/343

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Reserve Bank of India – Tenders

Tenders

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E-Tender Number: – RBI/CAB Pune/774/2021-22/ET/774

Minutes of the Pre Bid Meeting held on June 7, 2021 with respect to the Tender for Facility Management Service (FMS) and Annual Maintenance Contract (AMC) for Computer Hardware, Software and Peripherals at College of Agricultural Banking, Reserve Bank of India, Pune (CAB Pune) uploaded on the MSTC portal on May 31, 2021

The Pre Bid Meeting for the Facility Management Service (FMS) and Annual Maintenance Contract (AMC) for Computer Hardware, Software and Peripherals Tender was held on June 7, 2021 at 11.30 AM via Cisco WebEx. All the vendor representatives were requested to put forth their doubts/ queries which were discussed and clarified as below:

Sr. No. Doubts/ queries raised Clarifications provided
1. Whether estimated cost includes tax or not? Estimated cost mentioned in the tender document is exclusive of applicable taxes.
2. Tender document mentions Performance Bank Guarantee (PBG) to be 10% of the contract value whereas recent guidelines from GOI revised it to 3%. We are guided by our internal guidelines, as per which the provisions of GFR are not applicable to RBI.
3. Ministry of Finance, MSME circular dated July 25, 2016 has relaxed the norms for Startups / MSMEs with regard to prior experience and turnover in public procurement We are guided by our internal guidelines, as per which provisions of section 11 of MSMED Act, 2006 are not applicable to RBI and therefore the notification issued by the Government under section 11 of MSMED Act for extending certain benefits to MSEs is also not applicable to RBI.
4. As per the tender document, the second Resident Engineer should be BSc. (IT) or Diploma Engineers in Computer Science, IT / Electronics / preferably with MCSE and CISCO certification dealing with issues relating to Networking, Windows server -2003, Operating Systems, etc.

Vendors have queried that MCSE and CISCO certification for Resident Engineers fall under the category of skilled manpower wherein the cost of the tender would have to be revised. Since there is no mention of network related equipment, whether it is necessary to have such certification for Resident Engineer.

The network related equipment present in the College is mainly handled by our own Department, i.e. Department of Information Technology. In the tender document, MCSE and CISCO certification for Resident Engineers is mentioned as preferably and not mandatorily.
5. Who should bear cost of material for shifting of IT Assets from one location to another (within RBI Pune office and Quarters), as tender documents specifically mention to provide services at RBI office as well as quarters situated in Pune. This query is clarified in Section VIII – Nature and Scope of Work – B (b) of the Tender.
6. As per tender document, vendors have been asked to follow minimum wages criteria for REs. Therefore, vendors were asking whether to follow guidelines issued by Govt. of Maharashtra or that of Central Govt. in context of Skilled/ Semi-Skilled workers. It is clarified that, as this contract is a service contract, vendors may use their discretion to deploy the REs provided they comply with the statutory regulations in respect of minimum wages.
7. As the initial period for the contract is mentioned as 9 months, will any extension be provided post that? How vendor should quote for the contract period? This query is clarified in the Section IV – B 2 – Price Evaluation and in Section IX – 3 regarding renewal of contract.
8. Whether for work experience/client certificate, TDS certificates required to be submitted, as these documents are to be fetched from other customers. It is clarified that TDS certificates can be download from the Income Tax portal.
9. It was requested to provide details of model number and make of all the IT articles. Further, many items are mentioned under warranty. At some point of the time they will also be moved out from warranty and will fall under AMC. It is clarified that, list of all the IT articles whether under AMC or under Warranty have been provided in the tender document. It is also clarified that there may be changes in number of IT assets as per new purchases/ disposal of old articles. The vendor may prepare their calculations in a manner that the rate quoted covers comprehensive maintenance service.
10. It was requested to provide Model and make of the digital pad. It is informed that digital pads were purchased in the month of January and February 2021 and are of XP Pen make which costs around Rs. 8,500/-.
11. Whether desktop engineer has to have certification/ deep knowledge of each software listed out in the tender document The desktop engineer should be able to resolve the technical issues in consultation with the technical teams at our Central Office and/or software vendor.
12. Penalty: The vendors were of the opinion that the penalty amounts indicated in the tender were very high. We have advised the vendors that penalty amount has been kept on the higher side in order to ensure quality work and prompt service from the vendor.

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Reserve Bank of India – Press Releases

Press Releases

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Sikar Urban Co-operative Bank Ltd., Sikar, Rajasthan was placed under All-Inclusive Directions from close of business on November 09, 2018 for a period of six months subject to review, vide Directive dated October 26, 2018. The validity of the directions was last extended vide Directive dated March 09, 2021 for three months up to June 09, 2021, subject to review.

It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A of Banking Regulation Act, 1949 (AACS) read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive dated October 26, 2018, issued to the above bank, the validity of which was last extended up to June 09, 2021, shall continue to apply to the bank for a further period of three months from June 10, 2021 to September 09, 2021, vide Directive dated June 09, 2021, subject to review.

All the other terms and conditions of the Directive under reference shall remain unchanged. A copy of the above Directive dated June 09, 2021 notifying the extension is displayed at the bank’s premises for the perusal of public.

The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/342

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Reliance Home Finance debt resolution: Voting likely to be completed by June 15

Banking & Finance

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The debt resolution of Reliance Home Finance is understood to be in the final stages, with voting on the bids likely to be completed over the next few days.

“The voting for the debt resolution of Reliance Home Finance started on May 31 and is likely to be completed by June 15. The winning bidder will be selected from among the four final and binding bids received by the lenders,” said a person familiar with the development.

The four final bidders include ARES SSG along with Assets Care and Reconstruction Enterprise, Authum Infrastructure and Investment, Avenue Capital along with ARCIL and Capri Global Capital.

In its fourth-quarter results announced last month, it had said the debt resolution process is in the final stages. It had reported a net loss of ₹444.62 crore in the fourth quarter ended March 31 as against a net loss of ₹238.37 crore in the same quarter of the previous fiscal year.

Reliance Home Finance is a subsidiary of Anil Ambani controlled Reliance Capital. Its ₹11,200 crore debt resolution is expected to help Reliance Capital.

Bank of Baroda is the lead banker under the Inter Creditor Agreement to resolve debt-ridden Reliance Home Finance. The lenders had in August last year proceeded with the resolution plan and had sought bids for the two companies.

Its total financial indebtedness stands at ₹13,312.96 crore, according to a recent regulatory filing. The total amount of outstanding borrowings from banks and financial institutions amounts to ₹4,435.08 crore.

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LIC Chairman’s term extended to March 13, 2022

Banking & Finance

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The government has extended the term of Life Insurance Corporation of India Chairman, M.R. Kumar, by nine months until March next year. Kumar’s term was set to end on June 30.

“The Appointments Committee of the Cabinet has approved the proposal of the Department of Financial Services for extension of the term of MR Kumar as Chairman LIC beyond his currently notified term, which expires on June 30, 2021, till March 13, 2022, that is the date he completes three years as the Chairman, or until further orders, whichever is earlier,” said an order of the Appointments Committee of Cabinet.

Kumar’s extension comes amidst the government planning to launch LIC’s initial public offering this fiscal.

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Reserve Bank of India – Press Releases

Press Releases

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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