businessfortnight

Make Multiple Health Insurance Claims Today’s stressful and fast-paced life contributes to a number of diseases. And this is why investing in a health insurance policy is essential. However, most insurance policies come with a limit on the sum assured, depending on the age of the insured and the insurance company’s underwriting guidelines. In such cases, the insured has no choice but to invest in more than one health insurance policy in case he is looking for a higher coverage. It also likely that you are looking to invest in a mediclaim policy for your spouse or your parent, apart from yourself. In such a case, investing in multiple policies is advisable. However, when you invest in multiple medical policies, it is important to follow the right steps, failing which, you might receive a reduced claim amount. When you fill up a proposal form for a mediclaim policy, is it important to inform the same to the insurer of any other existing medical policy you may have. Not informing your he

Future Generali’s ‘Cancer Financial Preparedness Survey’ reveals alarming statistics Majority of the respondents will either dip into personal savings or take a personal loan to finance the cost of treatment Oncologists determine that 2 out of 3 cancer patients get diagnosed with cancer only in the 3rd or the 4th stage thus, implying higher medical costs     Bhopal, 20th December, 2017 : Future Generali India Life Insurance (FGILI), unveiled the findings of a national ‘Cancer Financial Preparedness Survey’ conducted in association with IPSOS, a leading global research firm. This unique and multidimensional study surveyed two different groups (1) People in the 25 & above age bracket across 11 major cities, and (2) 40 seasoned oncologists across key metro cities.  The objective of the research was to evaluate the awareness levels, the financial preparedness and gap between perception & reality of financial implications of cancer.   Lack of sufficient cancer awareness The result

Mumbai:  Indian 10-year bond yield dropped most in a year on Monday after the Reserve Bank of India (RBI) scrapped plans to sell bonds worth Rs10,000 crore via open market operations (OMOs). At 11.14am, the 10-year bond yield was trading at 6.905%, down 14.40 basis points, its biggest slide since November 2016, from its previous close of 7.049%. Bond yields and prices move in opposite directions. “We believe the reversal in RBI’s stance is positive for bond yields and one should see bond yields now heading lower from the current elevated levels. Even as this takes out the near-term worry on yields, pick-up in credit growth will put some upward pressure on bond yields in the medium-term,”  Mint  reported on Friday, quoting Bank of Baroda note. The move came after Moody’s Investor Services raised nation’s rating to Baa2, the first upgrade in 14 years, from the lowest investment grade of Baa3 and changed the outlook from stable to positive. “In view of the recent market developments and

India’s benchmark 10-year bond yield rose to its highest in over 13 months as higher-than-expected October inflation dashed rate cut expectations. The 10-year bond yield went up as high as 7.01 percent, the highest since September 29, 2016, after October inflation rose to 3.58 percent as food and fuel prices accelerated. The paper had closed at 6.97 percent on Monday. Traders expect yields to rise further as state-run banks, the usual buyers in the secondary market, sit on heavy losses. “We keep saying that state-run banks will come and buy, but are they mad, can’t they see the realities that those days of bond rally are over now?” said a trader. “They can’t keep adding to speculative risks because even for that they need capital to provide for the mark-to-market losses.” The 10-year paper has risen by 50 basis points since the start of July as concerns over global rate tightening and upside risks to inflation back home surfaced.

Mumbai:  The 10-year bond yield hit over 7% on Tuesday, the first time after 14 months, as retail- and wholesale-based inflation quickened more than estimated, reducing expectation of a rate cut any time soon by the Reserve Bank of India (RBI). At 12.05pm, the 10-year bond yield was at 7.058%, a level last seen on 8 September 2016, compared to its previous close of 6.972%. Bond yields and prices move in opposite directions. Wholesale Price Index-based inflation rose to 3.59% against  Bloomberg ’s estimates of 3.01%. Consumer inflation rose 3.58% in October from a year ago, up from 3.28% in September.  Bloomberg  analysts’ estimated Consumer Price Index-based inflation at 3.43%. Broking firm Nomura Research expected CPI inflation to rise above 4% in November and to stay above the RBI’s target of 4% through 2018. “The likelihood of inflation testing the 4% target by late 2017 and staying above it for rest of FY18 reinforces our expectations that the Reserve Bank of India will remain on

Manappuram Finance has raised Rs 200 crore by issuing secured bonds on a private placement basis. The Financial Resources and Management Committee of the board of directors of the company in a meeting held today approved the allotment of 2,000 secured redeemable non-convertible debentures, the company said in a regulatory filing. With a face value of Rs 10 lakh each, the aggregate value of the bonds issued through a private placement is Rs 200 crore. The Kerala based non-banking finance company is one of the leading gold loan financing companies that started its operations way back in 1949. It has over the years diversified into other financial products such as housing loans, vehicle finance, microfinance as well as a loan against property. The stock of Manappuram Finance on Monday closed 0.41 per cent up at Rs 98 a unit on the BSE.

Mumbai:  Investors shouldn’t read too much into Friday’s advance in Indian bonds, which follows a slower-than-estimated rise in inflation last month. That’s because the softer headline number masks an increase in demand-side pressures, which is what the central bank looks to manage through interest rates. The so-called core inflation climbed to 4.6% in September from 4.5% in August, according to estimates from Deutsche Bank AG. Consumer prices rose 3.28% in September from a year earlier, slower than the 3.53% median estimate in a  Bloomberg  survey. The benchmark 10-year bond yield fell 3 basis points to 6.73% in Mumbai on Friday. It reached the highest since mid-May on Monday after the Reserve Bank of India last week held rates steady, raised inflation forecasts and reiterated a neutral policy stance. September’s CPI data is unlikely to sway the inflation-targeting RBI into cutting rates anytime soon, according to Deutsche Bank and Morgan Stanley. Also, other negatives for the bond m

The initial public offer (IPO) of state-owned General Insurance Corporation of India was subscribed 80 percent on the first day of the bidding today. GIC Re’s Rs 11,370-crore IPO received bids for 9,93,04,384 shares against the total issue size of 12,47,00,000 shares. The portion meant for QIB was subscribed 1.55 times, but non-institutional investor category received just 1 percent subscription and retail segment received 6 per cent bids, according to the NSE data. The reinsurance company has fixed the price band at Rs 855-912 for its IPO which closes on October 13. If fully subscribed at the upper end of the price band, this will be the largest public float by a domestic company after the October 2010 offer by Coal India which had raised Rs 15,000 crore. The issue comprises fresh issue of 1,72,00,000 shares by the Corporation and an offer for sale of 10,75,00,000 shares by the promoter. The company proposes to utilise the proceeds towards augmenting the capital base to support growt

India’s bonds slumped on Wednesday, sending yield sharply higher, after the Reserve Bank of India (RBI) cut the statutory liquidity ratio, or the amount of bonds banks must set aside with the central bank, by 50 bps to 19.50 percent from mid-October. The decision, announced at the same time the RBI kept the repo rate unchanged at 6.00 percent, is meant to spur banks into lending more, but it would mean increased supply at a time of ample liquidity. The RBI said it would reduce banks’ statutory liquidity ratio by 50 bps to 19.5 percent from the fortnight starting Oct. 14. The benchmark 10-year bond yield rose 8 basis points to 6.70 percent from levels before the SLR announcement. Meanwhile the rupee strengthened to 65.26 per dollar from around 65.34 before the decision, while the broader NSE Nifty gained 0.7 percent.

State-run hydro power giant NHPC today said its shareholders have approved the proposal to raise Rs 2,000 crore via issuance of non-convertible debentures on private placement basis. The special resolution to authorise board to raise Rs 2,000 crore via the secured/unsecured, redeemable, taxable/tax-free, cumulative/non-cumulative, non-convertible debentures/bonds, in one or more series/tranches, aggregating through private placement, in domestic market was passed by the requisite majority, NHPC stated in a BSE filing. Besides, the shareholders approved the proposal for final dividend at the rate of 1 per cent on the paid up equity share capital, that is 10 paise per equity share. The board in its meeting held on May 30, 2017 recommended “a final dividend at the rate of 1 per cent (Rs 0.10 per equity share) on the paid up equity share capital of the company for 2016-17, excluding interim dividend at the rate of 17 per cent (Rs 1.70 per equity share) paid in January, 2017.” The sharehol

India will decide its October-March government borrowing amount on Thursday, a finance ministry official said on Tuesday. The government has said it will borrow 3.72 trillion rupees ($56.92 billion) via bonds during April-September, comprising 64 percent of its full-year borrowing. However, market participants expect the government to borrow more than the estimated amount in the second half of the fiscal year ending March, given its plans for fiscal stimulus to boost the economy which will entail higher-than-budgeted spending.

Masala bonds or rupee-denominated bonds issued overseas would now be part of only external commercial borrowings and not be part of the overall limit of corporate bonds to allow about Rs 44,000 crore more funds under corporate debt. Essentially, this amount pertaining to such bonds would be separately allocated to the investors, and it would essentially increase the corporate bond investment limit for foreigners. The issuance of such bonds overseas will now be within the aggregate current limit of Rs 2.44 lakh crore (Rs 244,323 crore) for foreign investment in corporate debt. This includes issuance of the masala bonds by resident entities of Rs 44,001 crore (including pipeline), which will be released over the next two quarters — Rs 27,000 crore in the third quarter, and Rs 17,001 crore in the fourth quarter, RBI said. An amount of Rs 9,500 crore in each quarter will be available only for investment in infrastructure sector by long term FPIs — Sovereign Wealth Funds, Multilateral Agen

Mumbai: The rupee on Monday strengthened marginally against the US dollar, tracking gains in the Asian currencies market. The home currency opened at 64.07 a dollar. At 9.15am, the rupee was trading at 64.04 a dollar, up 0.06% from its Friday’s close of 64.08. On Friday, the Reserve Bank of India reported current account deficit (CAD) data that soared to a four-year high of $14.3 billion, or 2.4% of the gross domestic product (GDP), in the June quarter as gold imports picked up ahead of the implementation of the goods and services tax (GST). In the March quarter of 2016-17, CAD was 0.6% of the GDP at $3.4 billion. Bond yields hit a fresh 15-week high. The 10-year bond yield was at 6.607% compared to its previous close of 6.597%. Bond yields and prices move in opposite directions. The benchmark Sensex index rose 0.30% or 95.83 points to 32,368.44. So far this year, it has risen over 21.09%. So far this year, the rupee has gained 6%, while foreign institutional investors (FIIs) have bou

Kuala Lumpur/ Singapore/ Mumbai:  Asia’s highest-yielding bonds are holding on to their fans, with top investors saying they’ll keep buying Indian and Indonesian debt—even if policy makers don’t keep easing. Rupee- and rupiah-denominated bonds lured a record $29 billion of inflows this year, with central banks in India and Indonesia reducing key interest rates amid lacklustre inflation and subdued growth. While swaps traders don’t see India cutting again this year and economists are mixed on the rate outlook for both countries, firms like Mirae Asset Global Investments Co. and Schroder Investment Management Ltd remain bullish on debt that offers the highest yields in Asia. “In a stable global environment with the world’s four major central banks very cautiously removing post-crisis unorthodox monetary policies thanks to low inflation, investors will continue to look for yield,” said Rajeev De Mello, head of Asian fixed income at Schroder, which oversees $543 billion globally. Yields t

Mortgage lender HDFC will raise Rs 2,000 crore by issuing bonds on private placement basis to augment its long-term capital. “The object of the issue is to augment the long-term resources of the Corporation. The proceeds of the present issue would be utilised for financing/refinancing the housing finance business requirements of the Corporation,” HDFC said in a filing. The issue to raise Rs 2,000 crore will open tomorrow and closes the same day. HDFC said the company will specifically address the persons who are eligible for the debenture issue and no other person can apply for it. Stock of HDFC traded 0.24 per cent up at Rs 1,759.75 on BSE.

New Delhi:  The government is considering a plan to regulate the import, manufacture and sale of ultrasound machines to stem the drastic decline in India’s sex ratio. The Drug Technical Advisory Board, the government’s chief advisory body on drugs, will take up the proposal to regulate ultrasound equipment under the Drugs and Cosmetics Act, 1940 at their forthcoming meeting in September. If regulated, the Central Drugs Standard Control Organization (CDSCO), the national regulatory body for Indian pharmaceuticals and medical devices, will become the approving authority for import, manufacture and sale of ultrasound machines. The companies will also have to apply for permission from the Drug Controller General of India, who is responsible for approval of licences, before the scanners are sold in India. The health ministry is of the view that the move is crucial to save the girl child. “We have taken up the issue with the Drug Controller General of India. This will help in prevention of

Mumbai:  Two days after asking stock exchanges to act against 331 listed entities suspected to be shell companies, the Securities and Exchange Board of India (Sebi) seemingly softened its stance on Wednesday, giving the firms an opportunity to be heard. The markets regulator issued a second communique to the exchanges, asking them to look at the tax returns and financials of the companies for the past three years, two persons with direct knowledge of the matter said on condition of anonymity. Exchanges were directed to seek documents from the companies and hear them out, said the first person. “If the verification does not throw up red flags, exchanges will report the same to Sebi. If the financials throw up concerns, then the companies will undergo an audit and other steps mentioned in 7 August circular,” said the second person. “This is more on the lines of Sebi giving exchanges steps that need to be followed,” this person added. A statement from NSE said only 48 of the 331 firms fl

The case against emerging markets (EM) is gaining steam in one corner of the bond world. Investors yanked out $680 million from the iShares JPMorgan USD Emerging Markets Bond exchange-traded fund last month, the biggest-ever flows reversal. Traders are concerned that after an 18-month rally, rising yields in developed markets from the US to Germany could wreak havoc across emerging markets similar to the taper tantrum of 2013, when developing-nation currencies depreciated by about 14 percent and local bonds lost an average of 7.3%, according to data compiled by Bloomberg. “To own EM, you have to believe that the dollar has peaked, and that as developed-market central banks in Europe and the US drain liquidity, emerging markets can outperform— that’s laughable,” said Julian Brigden, a hedge-fund consultant at Macro Intelligence 2 Partners, who made a prescient bet against developing-nation stocks within 2 days of their 2015 high. That’s in contrast to optimism from the likes of Ashmore

Bengaluru:  Aviva, Britain’s biggest life insurer, said it would sell Friends Provident International (FPIL), which provides life assurance and investment products in Asia and the Middle East, to a unit of International Financial Group for £340 million ($443 million). The sale, which follows a strategic review, will allow Aviva to further reallocate capital to businesses that can bring higher returns and grow its business across Asia, the insurer said. “Aviva has concluded that the business is not central to the group’s strategy to focus on a small number of markets where it has scale and profitability or a distinct competitive advantage,” it said in a statement on Wednesday.

Most people look only at the returns that an investment vehicle gives. It is, however, important to consider the taxation rules as well since this will reduce the overall returns. Here’s a look at some of these.

New Delhi: ICICI Prudential Life Insurance Co. Ltd has agreed to take over the life insurance business of Sahara India Life Insurance Co. Ltd, which was effectively wound up by the regulator last month. “ICICI Prudential Life has agreed to take over the policyholders’ liabilities of Sahara Life and has already commenced valuing the liabilities of the policyholders and earmarking the matching assets of Sahara Life,” said Nilesh Sathe, member, life, at the Insurance Regulatory and Development Authority of India (Irdai). “They will transfer on their books policyholders’ liabilities and corresponding assets. We have given them three weeks to submit the valuation report, which will be reviewed by us for approval,” Sathe added. ICICI Prudential declined to comment. The administration of Sahara India Life, a subsidiary of Sahara Group, was taken over by Irdai on 12 June. On 23 June, Irdai asked the company to stop issuing new policies, the first time in its 18-year history that the regulator

New Delhi: New Delhi Municipal Corporation (NDMC) plans to raise Rs200 crore shortly by selling bonds for strengthening its electricity distribution network, said Geetali Tare, financial advisor at the civic body responsible for providing urban services to Lutyen’s Delhi, home to the country’s most powerful politicians and bureaucrats. This follows Pune Municipal Corporation (PMC) raising Rs200 crore earlier this month through bonds for a water metering project. There is a growing appetite for municipal bonds with PMC, Maharashtra’s second-largest corporation, receiving 21 bids amounting to Rs1,200 crore. PMC is the first urban local body to raise funds through selling bonds, nearly two years after capital markets regulator Securities and Exchange Board of India (Sebi) issued new norms for municipal bonds. Enthused by the response, Indian cities have been ramping up their municipal bonds issuance plans. This, in turn, will bring in fiscal discipline for the municipalities and make the

Mumbai: India’s benchmark 10-year bond yield rose to its highest in seven months on Friday after minutes of the central bank’s rate-setting committee meeting contained strong warnings on inflation, dimming hopes of a rate cut in the short term and sparking bets for a tightening move instead. The Reserve Bank of India had opted to leave the repo rate unchanged at 6.25 percent on April 6, and the minutes released on Thursday showed the six-member monetary policy committee had cited upside risks to inflation as the main reason for the decision. However, the comments were more hawkish than some traders expected. RBI Executive Director M. D. Patra had even favoured a pre-emptive 25-basis-points repo rate hike to contain inflationary pressures, although he finally joined the rest of the panel in voting 6-0 to keep rates unchanged. Also, comments by Chetan Ghate, an external member of the panel, were seen by traders as pointing to the prospects a rate hike sooner rather than later. A rate-ti

Mumbai: The Indian rupee on Tuesday weakened against the US dollar, tracking losses in the Asian currencies markets. The rupee opened at 64.65 a dollar. At 9.15am, the home currency was trading at 64.65, down 0.14% from its Monday’s close of 64.56. The government will issue Index of Industrial Production (IIP) and Consumer Price Index-based (CPI) inflation for February and March, respectively, on Wednesday after 5.30pm. According to a Bloomberg poll, CPI will be at 3.96% in March from 3.65% a month ago, while IIP will be at 1.3% for February from 2.7% a month ago. The benchmark Sensex index rose 0.17% or 51.25 points to 29,626.99. So far this year, it has risen 12%. So far this year, the rupee has gained 5.2%, while foreign institutional investors have bought $6.91 billion and $6.19 billion from local equity and debt markets, respectively. The 10-year bond yield was trading at 6.883% compared to its previous close of 6.865%. Bond yields and prices move in opposite directions. Asian c

After posting their best quarter in five years, rupee bond sales by Indian companies are set to retreat in the three months to June, if history is any guide. Issuance from businesses in Asia’s third largest economy is seen declining to as low as 1.13 trillion rupees ($17.4 billion) this quarter, according to IDFC Bank Ltd., down from 2.01 trillion rupees sold in the three months to March. A look at market behavior in the last five years shows sales tended to fall in the April-June period as companies draw up debt plans for the new fiscal year and refrain from big-size borrowings. “Companies have to refresh their borrowing plans and wait for internal board approvals before they start raising money again,” said Jayen Shah, Mumbai-based head of debt capital markets at IDFC Bank. “This is a seasonal phenomena, where rupee bond offerings gather momentum through the year with peak volumes in last quarter of the financial year. ” Bond issuance in the first quarter of 2017 surged as firms sou

Mumbai, March 30, 2017:  TATA AIG General Insurance Company Limited, one of India’s leading private sector General Insurance Company has been conferred the ‘iAAA’ rating (pronounced as I triple A) for their Claims Paying Ability by the rating agency ICRA. The ‘iAAA’ rating is the highest for claims paying ability for an insurance company in the industry.  The ratings indicate TATA AIG’s fundamentally strong position in the market and that the prospect of meeting policyholder obligations is best. The rating takes into account the parentage of TATA AIG as well as, the strong commitment of both the partners – the Tata Sons Ltd and AIG. The rating factors in, TATA AIG’s strong presence in niche segment like travel, liability and marine cargo insurance. Moreover, the company has also established moderate underwriting profitability indicators, reinsurance and product development and higher share of commercial business in the product mix. Commenting on this achievement, Neelesh Garg, MD &

Future Generali India Life Insurance Company Limited (FGILI) ha s announced the launch of yet another product in its portfolio of simple to understand and easy to buy products – Future Generali Big Income Multiplier Plan. It is a simple, non-linked, non-participating plan with guaranteed returns which increase over the payout period. In this product, one can start investing with a minimum premium of Rs 18,000 annually or Rs. 1,500 per month for a fixed period of 12 years. Customers would enjoy an insurance cover till the 14 th year after which the payout period commences. Payouts of 1.5x, 2x and 2.5x over 3 evenly distributed blocks of 4 years each are made to customers over a total period of 12 years . The total benfit paid to customers is two times the total premiums paid under the policy. Eligibility Premium Frequency Annual Monthly Entry Age (as on last birthday) Minimum: 4 years Maximum: 50 years Maturity Age Minimum: 18 years Maximum: 64 years Premium payable Minimum: Rs.18,0

Life Insurance Corporation (LIC), the biggest equity investor in India, is staying away from the stock markets at a time when the markets are almost hitting life-time high. The insurer, a dominant player in the market, pruned its investments 38% to Rs 39,705 crore for the nine month period ended December 31, 2016, against Rs 64,000 crore last year. It sold Rs 38,000 crore worth of equities during the period. V K Sharma, chairman and managing director, LIC said, “We have deliberately taken this decision because of the way the markets are moving, LIC is a contrarian player in the market.” He said equity usually forms 12% of the total investible assets. LIC said its equity market investments will remain subdued but may hit a level of Rs 50,000 crore by the end of the financial year. During this period the corporation also invested about Rs 1.98 lakh crore into the debt market, bulk of which — Rs1.83 lakh crore – was into the government bonds The state-owned insurer reported a 78% rise in

Mumbai: ICICI Bank Ltd has blocked transactions on payments app PhonePe in at least the second such instance of a commercial bank trying to protect its turf against non-bank mobile wallet and payment companies. PhonePe is a unified payments interface (UPI) app which works on the ecosystem created by the National Payments Corp. of India (NPCI). On Saturday, PhonePe’s co-founder and chief executive officer Sameer Nigam took to microblogging site Twitter to allege that ICICI was blocking transactions since Friday. In a series of tweets, he said that ICICI was blocking “Definitely on purpose! Over 10x txns failed. Bank is not reversing the block.” An email seeking comment was sent to ICICI Bank late on Saturday night. This story will be updated when the bank responds. “We are waiting for an actual confirmation from ICICI through either NPCI directly or through Yes Bank, but we have no official intimation from any party,” Nigam told Mint . Yes Bank is a UPI partner of PhonePe. Infosys co-f

Regulator Sebi notified rules allowing foreign investors to own up to 15 percent stake in an exchange, a move that is expected to help attract more overseas funds. Currently, foreign entities can hold only up to 5 percent in an exchange. Sebi has amended regulations to increase the limit of shareholding of foreign entities like stock exchange, depository, banking and insurance company and commodity derivatives exchange in Indian stock exchanges to 15 percent, from 5 percent. Now, these entities "may acquire or hold, either directly or indirectly, either individually or together with persons acting in concert, up to 15 percent of the paid-up equity share capital of a recognised stock exchange", Sebi said in a notification dated January 12. The move comes after Sebi board in September approved a proposal to this effect. Already, a number of overseas investors have invested in leading exchanges NSE and BSE and the latest decision will help them enhance their exposure to the Indi

BENGALURU: Differences between the state government and the railways over the funding pattern for the city's suburban rail network could delay the project. Bengaluru development minister KJ George has said that Karnataka was ready to enter into a memorandum of understanding (MoU) with the railways for the project. Railway minister Suresh Prabhu is scheduled to visit the city on January 16. George said, "We want to make it a joint venture, with 50-50 equity funding. We have also sent our suggestions on the draft policy proposed by the Indian Railways." As per the draft policy, the state needs to bear 20% of the project cost, raise loans to cover 60% and the railways will contribute the remaining 20%. The draft also enjoins on the state to handle all land acquisition in Bengaluru, and other cities in the state that are in need of suburban railway networks. However, Bengaluru Central MP PC Mohan told STOI that the state government wasn't keen on taking ownership of the

State-owned Coal India arm Central Coalfields Ltd today announced an increase in price of coking coal, which may help the PSU earn an additional revenue of nearly Rs 89.98 crore for the remainder of 2016-17 and Rs 222 crore for the next fiscal. The announcement came at a time when steel companies are feeling the squeeze because of a surge in global coking coal prices. However, the company did not specify the quantum of the increase. In a filing to BSE, Coal India (CIL) said: "The board of directors of Central Coalfields Ltd, a subsidiary of Coal India, has approved revision of coal prices with effect from 00:00 hours of January 14, 2017... this revision, will earn approximately additional revenue of Rs 89.98 crore for the balance period of 2016-17 i.e January 13 to March 2017 and additional revenue of Rs 222 crore for 2017-18 subject to achievement of production and dispatch target norms." According to an official, the price of various grades of coking coal of the PSU varies

BENGALURU: Is India's economy prepared to shift from cash to a 'less-cash' model that the government has been talking about since demonetisation ? Yes, says Nandan Nilekani , a name synonymous with Aadhaar, and now part of the Niti Aayog panel on e-payments that is working with chief ministers to promote the use of digital payments systems across the country. In an exclusive interview, Nilekani told TOI that the infrastructure needed to enable more than a billion people to transact digitally is already in place, but unlike the West, where card-based payments are more common, the Indian economy will digitalise through mobile-based payments that are faster and cheaper to roll out. Now, it is a matter of increasing awareness and keeping transaction charges low, he added. At present, only 5% of personal consumption expenditure in India happens digitally. The 600 million debit cards are used mostly for ATM withdrawals while credit cards number merely 20 million. Nilekani said

Private steel major Tata Steel's Noamundi Iron-ore Mine in adjoining West Singhbhum district of Jharkhand is all set to become the first mine of the country to launch 'Drone Application in Mine Monitoring' (DAMM) on Monday. Noamundi Iron Mine of Tata Steel will become the first Mine in India to launch "Drone Application in Mine Monitoring" (DAMM) on January 16, a Tata Steel press release here today said, adding the DAMM will be launched by Secretary, Ministry of Mines, Balvinder Kumar. Under the Flagship program 'Make in India', Prime Minister Narendra Modi emphasised on role of Space Science for achieving good governance during his address at the National Meet on Promoting Space Technology based Tools and Application in Governance and Development. Based on the Prime Minister's vision, Ministry of Mines conceptualised and launched MSS (Mine Surveillance System) on October 15, 2016. MSS is a satellite-based monitoring system through automatic remote sen

New Delhi :  The EC has directed Chief Electoral Officers (CEOs) of five poll-bound states to ask top police brass that cash transfers during the election period be done under the protection of cops and that they be kept “informed” about such movements from banks or currency chests, reports PTI. The Election Commission, in its directives to the CEOs of Uttar Pradesh, Punjab, Uttarakhand, Manipur and Goa, has cited the standing orders of the poll-body in this regard even as it appended the recent instructions issued by the Department of Financial Services (DFS) under the Finance Ministry on the subject. The DFS has said the “operating procedure for transportation of cash by banks and transfer of currency from one chest to another operated by the banks within the state or inter-state level as laid down in the above mentioned letters shall be followed scrupulously.” “(CEOs) are also requested to kindly advise the Directors General and Commissioners of Police to ensure adequate police prot

MUMBAI: A Sebi panel has proposed increased transparency in the processes for appointment and removal of board of directors . The panel has also said that companies should have better systems for evaluating the performance of directors and should periodically disclose how board members have performed. Although U K Sinha-led Sebi did not raise any specific issue, the regulator's International Advisory Board said that it has taken note of "the recent developments on corporate governance related issues in India." The Sebi release on IAB came after its two-day meeting in Jaipur ended on Saturday during which there were extensive deliberations on the role of the nomination and remuneration committee (NRC) of the board, role and evaluation of independent directors,and disclosure requirements. The proposal comes a month after Sebi came out with a 'guidance note' on evaluation of board of directors of listed entity. The IAB members includes some of the former financial

Small-time private sector lender DCB Bank on Friday reported a 25 per cent surge in December quarter net at Rs 51 crore, driven primarily by a surge in the core interest income. The city-based lender had reported a post tax profit of Rs 41 crore in the year-ago period. Its net interest income rose 31 per cent to Rs 209 crore, while the non-interest income was up 36 crore to Rs 64 crore during the reporting quarter. The share of low-cost current and savings account balances increased to 25.85 per cent as on December 31, from the 21.91 per cent three months ago, on the back of a surge in deposits following the move to scrap Rs 500 and Rs 1,000 notes by the Central government. The surge in deposits, coupled with a massive slowdown in advances (which grew only two per cent sequentially) led to a drop in the credit-deposit ratio to 77.41 per cent from 83.33 per cent in the year-ago period. The bank's net interest margin was down 3.95 per cent as against 3.96 per cent in the year-ago per