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LIC, GIC Re & New India Assurance are Domestic Systemically Important Insurers, need enhanced supervision:IRDAI
“D-SIIs are perceived as insurers that are ‘too big or too important to fail’ (TBTF) ABD we have asked these three institutions to raise the level of corporate governance and identify all relevant risk and promote a sound risk management culture.This perception and the perceived expectation of government support may amplify risk taking, reduce market discipline, create competitive distortions, and increase the possibility of distress in future,said IRDAI
COVID-19 cases in India breach 57-lakh mark, recovery rate at 81.55 per cent
ONGC douses fire; gas supplies to industries hit
Indian gas transporter GAIL (India) Ltd has cut supplies by about 40% to customers, mainly power and fertiliser companies, after a pipeline rupture led to a fire in an ONGC plant, a company source said.
“Our capacity utilisation fell to 50% in the morning due to gas supply disruption,” a person at the KRIBHCO said.
NTPC has shut its 656 megawatt gas-based power plant at Kawas near Hazira and a 657 megawatt Jhanor-Gandhar plant due to gas supply disruption, a person at the company said.
Gas supplies to customers have temporarily closed due to safety reasons, an ONGC spokesman said.
Shift towards digital banking is going to be permanent: SBI Chairman
“Progressively, we are seeing that there has been a shift away from branches and even from ATMs. The number of transactions on ATMs have come down from 55 to 29 per 100. On the other hand, the digital transactions, which are on mobile and internet banking, have gone to 55 out of 100 transactions,” said State Bank of India Chairman Rajnish Kumar
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