According to the Cabinet decision, the overdraft facility for the accounts opened under the new scheme will be doubled to Rs 10,000 from Rs 5,000, and Rs 2,000 will be without conditions. The age limit for availing the overdraft facility has also been increased to 65 years from 60 years.the accident insurance cover available on the Rupay debit card linked with the new insurance account has been doubled to Rs 2 lakh from Rs 1 lakh.

The move will mark the entry of the insurance behemoth into the banking space.In August, the Cabinet had approved LIC’s proposed acquisition of up to 51 per cent stake in IDBI Bank 

On August 30, the CM had said there were “lapses” on the part of the IMD’s rain forecast during this period. The IMD had forecast an estimated 98.5 mm rain in the state between August 9 and 15. But, the actual rain received was 352.2 mm, Keral CM said.

The moves by the two top buyers of Iranian crude indicate that the Islamic Republic may not be fully cut off from global oil markets from November, when U.S. sanctions against Tehran’s petroleum sector are due to start.