Sanjay Malhotra,Governor,Reserve Bank of India Malhotra, who faces...
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Delhi govt prepared to introduce a law to protect doctors from violence
"At times, we hear about incidents of violence against the doctors....
Hinduja Group likely to complete RCap acquisition by Jan-End
"Most of the approvals and procedures related to the resolution...
Reliance signs $15 million deal with an Israeli firm to distribute Covid-19 breath test kit
Preliminary results from clinical trials it is conducting with Israeli hospitals Hadassah Medical Center and the Sheba Medical Center at Tel HaShomer have shown a success rate of 98 per cent compared to the standard PCR test authorised by global medical organisations.
IRDAI extends CKYCR to legal entities
As the Central KYC Registry (CKYCR) is now fully operational for individual customers, it has been decided to extend the CKYCR to Legal Entities (LEs), regulator IRDAI said in a circular to life and general insurers (including standalone health insurers).
RBI says it is open to exploring possibility of digital version of fiat currency
“In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks.”Nevertheless, the RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it,” the RBI said in its booklet on ‘Payment Systems in India — Journey in the Second Decade of the Millennium’.
Global life insurers impose restrictions, worried about long-term pandemic risks
Life insurers, including Prudential Financial Inc, and Aviva PLC, are now imposing waiting periods before COVID-19 patients, including those who have recovered, can apply for coverage, executives and spokespeople said. Some are also limiting coverage for certain age groups.
Irdai panel for separate payments of vehicle, insurance premium
The committee recommended that the customer should make payment to the insurance company directly which is facilitated by the MISP.
”MISP shall not collect the insurance premium amount in its own account and then transfer the same to the insurance company,” it added.
According to the report, the motor insurance business sourced by MISPs through brokers and insurers put together constitutes around 25 per cent of the total motor insurance business or around 11.25 per cent of the overall general insurance business.
Pay business insurance claims or face enforcement, UK watchdog says
“Where we see that insurers are not meeting the expectations set out here, we will use the full range of our regulatory tools and powers to ensure they do so,” the FCA’s executive director for consumers and competition Sheldon Mills said in a letter to insurers’ chief executives.
The watchdog brought the test case on behalf of policyholders last June, saying it could affect 370,000 policyholders and 60 insurers, paving the way for an estimated 1.2 billion pounds ($1.6 billion) of claims.
China’s top financial watchdog blasts ‘State Monopoly’ accusation
China has come under greater international pressure in recent years to reduce industrial subsidies after the U.S., Europe and Japan agreed to push for stronger World Trade Organization rules against market-distorting government aid. The state domination of the economy was also meant to be a topic in the “Phase 2” trade deal talks with the U.S.
India proposes stricter regulations for large shadow banks
The country’s central bank has gradually moved towards tighter norms for the sector ever since one of its biggest firms, Infrastructure Leasing & Financial Services,collapsed in late 2018 amid fraud allegations. The following year Dewan Housing Finance Corp and Altico Capital defaulted on payments.
Massachusetts Governor vetoes sweeping climate change Bill
A highlight of the bill is the goal of attaining a net-zero greenhouse gas emission limit by 2050 in part by setting new statewide limits every five years to help the state reach the goal.
The bill would also increase requirements for purchasing offshore wind energy and write into state law the criteria used to define “environmental justice populations” – communities with lower incomes, larger numbers of non-English speaking adults, or with a nonwhite population of 25% or more.
SBI, ICICI Bank, HDFC Bank remain systemically important banks: RBI
SIBs are seen as ‘too big to fail (TBTF)’, creating expectation of government support for them in times of financial distress. These banks also enjoy certain advantages in funding markets.