Category:

Eco/Invest/Demography

Insures should partner banks to issue Surety Bonds​​​​​​​:IRDAI Panel

Instead of Insurance industry handling alone, a mechanism is required wherein the banking sector and the insurance sector could collaborate for sharing of customer information since banks have more experience in managing these types of risks, suggested the panel..

To start with performance bonds / surety bonds can be issued limited to the projects of NHAIs only and not for all the contractors. The rate should be determined by a market agreement, suggested the panel

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IRDA forms panel to examine the need for a standard cyber liability cover for Indian market

The General Liability policies available currently in the Indian market do not cover cyber risks and cyber insurance policies currently available are highly customized for clients in a new and quickly growing market. Hence, it is felt that a basic standard product structure is required to provide insurance cover for individuals and establishments to manage their cyber risks, said the IRDAI.

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Bank of England says company disclosures on climate risks will be mandatory

“Disclosing your plans can improve your credit rating, broaden your investor base, reduce your cost of finance, and economize on the fixed costs of meeting increasingly vocal investor requests for information,” the BoE’s executive director for markets, Andrew Hauser, told an Investment Association online event on Friday.

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British Airways hit with UK data watchdog’s biggest-ever fine

Other major cyber incidents in the recent past include another London-listed airline, easyJet EZJ.L, which earlier this year said hackers had accessed the email and travel details of around 9 million customers.

U.S. hotel operator Marriott International MAR.O in March suffered its second data incident in less than two years, with information of about 5.2 million its hotel guests suffering a breach.

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Retail cheque payments down to a trickle in FY20 to 2.96%: RBI data

Behind all these, the Reserve Bank has played the crucial role of an operator, catalyst and facilitator, regulator and supervisor.

Some recent RBI initiatives to enhance security and increase customer confidence in digital payments include mandating use of only EMV chip and PIN-based debit and credit cards from January 2019; tokenisation from January 2019; facility to switch on/off transactions; mandatory positive confirmation to remove any ambiguity of NEFT/RTGS funds transfers from March 2010, and January 2019, respectively.

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