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Indian News

Customer privacy, data protection non-negotiable: RBI deputy governor

“We must generate trust amongst the customers that their data is safe and secure in all their financial relationships with regulated entities and for that – innovation and regulation should go hand-in-hand,” he said while speaking at a webinar on Open Banking organised by Tata Consultancy Services (TCS) in association with the Embassy of India in Brazil on April 14. RBI posted the speech on Friday.

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Finmin widens scope of ECLGS, includes healthcare sector

“In recognition of the continuing adverse impact of COVID-19 pandemic on certain service sectors, the government has now extended the scope of ECLGS through introduction of ECLGS 3.0 to cover business enterprises in Hospitality, Travel & Tourism, Leisure & Sporting sectors which had, as on February 29, 2020, total credit outstanding not exceeding Rs 500 crore and overdues, if any, were for 60 days or less, on that date,” the statement issued last month had said.

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ICICI Lombard’s net profit rises 23 % to Rs 346 crore in Q4 FY 21,combined ratio at 101.8 %

Among the business segments, motor, marine and health portfolio saw an underwriting loss in Q4 Fy 2020-21. The insurer had a munderwriting losses stood at Rs 207.97 crore, marine underwriting loss at Rs 10.18 crore, health (retail) underwriting loss was at Rs 8.77 crore and health (corporate) underwriting loss at Rs 23.4 crore.

It has paid claims of over Rs 100 crore on account of natural catastrophe in Fy 2020-21, mainly for Cyclone Amphan that had triggered a total insurable losses of over Rs 1500 crore.  

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PM Modi reviews status of oxygen availability to ensure adequate supply

The Prime Minister was conveyed that states and transporters have been asked to ensure tankers move round the clock with drivers working in shifts to ensure faster turnaround and adequate capacity to meet the surge in demand. Cylinder filling plants will also be permitted 24 hour working with necessary safeguards. The government is allowing industrial cylinders to be used for medical oxygen after due purging. Similarly, nitrogen and argon tankers will be automatically allowed to be converted to oxygen tankers to overcome the potential shortage of tankers, as per the statement.

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Govt notifies draft rules for hiking FDI to 74 % in insurance sector

According to the draft rules, in an Indian insurance company having foreign investment exceeding 49 per cent not less than fifty per cent. of the net profit for the financial year have to be  retained in general reserve, if the insurer’s solvency margin is less than 1.2 times the control level of solvency for a financial year for which dividend is paid on equity shares.

Not less than fifty per cent. of directors of  such insurers will be independent directors, unless the chairperson of its board is an independent director, in which case at least one-third of its board shall comprise of independent directors.

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