Health policy claim can't be rejected for delay in lodging
If the stipulation to lodge a claim within 30 days of discharge, is not mandatory but now it is to facilitate expeditious settlement.
Inflation risks balanced by expected government action
Cut in export credit refinance aimed at moving away from sector-specific windows. “The risks to the forecast of eight per cent CPI (Consumer Price Index)-based inflation by January 2015 remain broadly balanced,” the central bank said, while announcing its bi-monthly monetary policy review on Tuesday. These favourable conditions made market participants hopeful the status quo on rates would be maintained for some time.
RBI, Monetary Authority of Hong Kong sign MoU
The Reserve Bank of India on Thursday signed a Memorandum of Understanding (MoU) for supervisory cooperation and exchange of supervisory information with the Monetary Authority, Hong Kong.
With this, the Reserve Bank has signed MoUs with 21 supervisors and one letter for supervisory co-operation.
The MoU with Hong Kong Monetary Authority was signed in Hong Kong by Arthur Yuen, Deputy Chief Executive, Banking, the Monetary Authority, Hong Kong and Harun R. Khan, Deputy Governor, Reserve Bank of India.
SBI appoints 2 new managing directors
The Government has appointed B Sriram and VG Kannan as the Managing Directors of the State Bank of India.
Mr B Sriram, who was earlier the Managing Director of the State Bank of Bikaner & Jaipur, has been appointed as Managing Director & Group Executive (International Banking), SBI.
Mr Kannan, who was earlier the Managing Director & Chief Executive Officer of SBI Capital Markets Ltd, will head Associates & Subsidiaries. With these appointments, SBI now has four MDs.
RBI releases Draft Guidelines for Licensing of Payments Banks and Small Banks
The Reserve Bank of India released on its website today, the Draft Guidelines for “Licensing of Payments Banks” and Draft Guidelines for “Licensing of Small Banks”.
The Reserve Bank has sought views and comments on the draft guidelines from all interested parties and public.
Final guidelines will be issued and the process of inviting applications for setting up of Payments Banks and Small Banks will be initiated after receiving feedback, comments and suggestions on the draft guidelines.
Both, payments banks and small banks are “niche” or “differentiated” banks; with the common objective of furthering financial inclusion. While small banks will provide a whole suite of basic banking products, such as, deposits and supply of credit, but in a limited area of operation, payments banks will provide a limited range of products, such as, acceptance of demand deposits and remittances of funds, but will have a widespread network of access points particularly to remote areas, either through their own branch network or through Business Correspondents (BCs) or through networks provided by others. They will add value by adapting technological solutions to lower costs.
ADB upgrade India’s economic growth
Asian Development Bank (ADB) has upgraded India’s economic growth forecast to 6.3% in next financial year 2015-16 on hopes of speedy reform process. At the same time, it has retained India’s economic growth forecast at 5.5% for the current financial year 2013-14.
India slips down from 76th position compared to 66th position last year in BRICS
Switzerland has been ranked at No1 position based on the Global Innovation Index for the fourth-straight year, as per the annual GII survey published by Cornell University, INSEAD and the World Intellectual Property Organization.
India as the worst performer among BRICS nation as per the annual GII survey published by Cornell University, INSEAD and the World Intellectual Property Organization. India is now placed at 76th position compared to 66th position last year while other BRICS countries saw gain in their rankings.
As per the report, Switzerland, Britain, Sweden and Finland secured the top ranks as they all have strong support systems to boost creativity and innovation.
RIL has become 1st private company to post 1 billion profit
India’s largest private company, Reliance Industries Limited has become the first private company to post USD 1 billion quarterly profit as it announced its first quarter result on 18th July 2014. Product jumped to nearly USD 1 billion due to higher refining margins, better petro hem earnings and surge in US shale gas business.
Wipro Acquired Atco I-tek
Atco I-Tek has large operations in Western Canada and it offers end-to-end IT Services in infrastructure space.
India’s IT services company Wipro Limited has acquired Atco I-Tek, the IT services arm of Canadian logistics and utilities provider Atco, for USD 195 million which is Wipro’s second biggest acquisition ever
The acquisition also comes with a 10-year, USD 1.12 billion IT outsourcing deal from the Canadian company, the largest contract in Wipro’s history. As a part of the deal, Wipro will also take over 500 employees in Canada and 50 employees in Australia.