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Mumbai police has identified 100 loan apps and sent a list of these apps to CERT-In (Computer Emergency Response Team) to block these apps. Zee Business' Anurag Shah reports.

- Complaints of blackmails against those who have taken loan through these loan apps have been on the rise.&nbsp;&nbsp;

- The total number of First Information Reports (FIRs) have gone up from 23 earlier to 27 now. Four new FIRs have been registered.

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- Last week, recovery agents harassesd a Mallad resident leading to his suicide. There have been similar instances of suicide all over the country.

-&nbsp; The Reserve Bank of India had last week cancelled the registration licences of 5 Non-Banking Financial Companies (NBFCs). These NBFCs used to run dozens of apps.&nbsp;

Mumbai police has identified 100 loan apps and sent a list of these apps to CERT-In (Computer Emergency Response Team) to block these apps. Zee Business' Anurag Shah reports


100 loan Apps on anvil for blocking; Mumbai police sends list to Cert-In as cases of harassment by recovery agents rise

Buying vehicles will now be dearer from 1 June 2022 as from this day purchasing a third party insurance will become expensive. The premiums of third party insurance will go up from 1 June. The news was first reported by Zee Business and the news has been yet again proven right.

A notification on this has been issue by the thransport department under the Ministry of Road Transport and Highways instead of insurance watchdog the Insurance and Regulatory Development Authority of India (IRDAI).&nbsp;&nbsp;&nbsp;

For two-wheeler bikes over 150 cc, the insurance premium is expected to rise by 15 per cent.

For cars with the engine capacity between 1000 cc and 1500 cc, premiums are expected to grow by 6 per cent.&nbsp;&nbsp;

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The new private car owner will have to pay 23 per cent more premium for a car of 1000 cc if a lump sum amount is paid for a three year period. 
 
New private car owners will have to pay 11 per cent higher premiums on third part insurance for cars with engine capacity between 1000 cc and 1500 cc.

For a new two-wheeler, third part insurance premium is expected to go up by 17 per cent.&nbsp;&nbsp;

As for commercial goods vehicles, the increase in premium is not expected to increase much.&nbsp;

The increase in third part insurance premium is coming after a gap of 3 years.

Buying vehicles will now be dearer from 1 June 2022 as from this day purchasing a third party insurance will become expensive. The premiums of third party insurance will go up from 1 June. The news was first reported by Zee Business and the news has been yet again proven right


Third party insurance premiums to go up from 1 June; yet another Zee Business newsbreak hits bull's eye 

YONO 2.0: The State Bank of India is going to launch YONO 2.0 on the lines of Google Pay very soon. The bank is working fast on this.

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The point to be noted here is that for the service of YONO 2.0, customers will not have to be a customer of the State Bank of India. All Indians will be able to take the service of YONO 2.0.

On 16 March 2019, the YONO app of State Bank of India was launched for digital banking. E-commerce services including digital banking are provided on this app to the customers of State Bank. YONO Cash is a unique feature available in the YONO App. It enables an account holder to withdraw money instantly from any of the SBI ATMs and most of SBIs Merchant POS terminals or Customer Service Points (CSPs) within India without using any physical card or filling up any physical withdrawal slip.

The YONO user simply needs to login to the YONO platform and use the YONO Cash feature to generate a reference number and create a dynamic PIN for the cash withdrawal. The customer can then use the same to complete the transaction and withdraw/obtain the cash from any of the channels i.e. ATM, POS terminal, or CSP.

It allows customers to withdraw cash from ATMs, POS, or CSPs even if they forget their wallets at home and only carrying their phone. The YONO Cash transactions are free of cost and are counted over and above the ATM withdrawal. It is environment friendly and eliminates the use of plastic cards.

It is also safe and eliminates all the risks associated with the card. There are no dangers like shoulder surfing, card trapping, card skimming risk, or card/pin loss. PIN generation is done dynamically for every transaction.

The State Bank of India is going to launch YONO 2.0 on the lines of Google Pay very soon. The bank is working fast on this.


YONO 2.0: State Bank of India to soon launch YONO 2.0, other banks' customers be able to use

Government insurance companies will hire external consultants to improve their performance and make changes in their structures. The four government insurance companies have also issued request for proposal.

The 4 PSU general insurance companies are New India Assurance, United India Insurance, Oriental Insurance, and National Insurance.

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All 4 PSU companies are going to hire consultants for a similar process in HR, IT. On appointing a consultant for the same process in all the four government insurance companies, the discussion of whether the government wants to merge the 4 companies has also started loudly.

Will 4 PSU general insurance companies merge?

The aim behind merging the 4 PSU general insurance companies is to improve the performance and the organizational structure. There is also a goal to establish a common practice for all four companies. These PSU companies have a 34% market share. At the same time, their total premium in FY22 was Rs 75 thousand crores.

These companies have 6,759 offices and 44,743 employees across the country. In this, the government has announced to infuse capital of Rs 5000 crore. The special thing is that except New India, the solvency position of other companies is weak. The government also aims to privatize a PSU General Insurance Company.

Government insurance companies will hire external consultants to improve their performance and make changes in their structures.&nbsp;


State-run insurance companies to appoint consultants for changes in the structure; issue request for proposal

Battery-Swapping Policy: The government agency NITI Aayog on Thursday released the draft notification of the battery-swapping policy. This draft has been mainly issued for electric scooters and three-wheeler electric rickshaw batteries, on which NITI Aayog has sought suggestions by June 5, 2022.

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Under this draft notification, the agency has proposed to allot a Unique Identification Number (UIN) to the batteries at the manufacturing level. Under this proposal, each battery-swapping station will be given a UIN number. They also proposed to set up swapping stations at retail fuel outlets, parking areas, and malls. In the first phase, priority will be given to cities with a population of more than 40 lakhs. Under the second phase, the states with a population of more than 5 lakh will be covered.

Batteries will be certified to AIS 156 (2020) standard to protect the traction battery pack. Rigorous test protocols will also be adopted for safety at the electrical interface.

Apart from all this, the policy also proposes to offer incentives available for electric vehicles. There is also a proposal to allocate subsidies to the battery providers for the battery requirement.

What is battery swapping? 
Exchanging a discharged battery for a charged battery is called battery swapping. In other words, battery swapping is to provide the facility of de-linking charging and battery charging to the batteries. For the time being, the battery swap will be used for two-wheeler and three-wheeler.

NITI Aayog on Thursday released the draft notification of the battery-swapping policy.&nbsp;


NITI Aayog releases draft notification for battery-swapping policy,  proposes to allot UIN to batteries 

Star Health and Allied Insurance Co Ltd is focusing on profitability and has made some stricter conditions in its group insurance business. This is view of reducing its losses and increase profitability. Under the new conditions, the company will not settle claims of expenses in non-network hospitals.&nbsp;

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The restrictions will be applicable to pre-determined treatments and in case of emergency and accidents, treatment will be allowed even in non-network hospitals, Shah said.

<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/StarHealthInsurance?src=hash&amp;ref_src=twsrc%5Etfw">#StarHealthInsurance</a> अपनी ग्रुप पॉलिसी की शर्तों को अब सख्ती से लागू करेगा 
 
स्टार हेल्थ का ग्रुप पॉलिसी में घाटा कम करने पर जोर 
गैर-नेटवर्क अस्पताल के क्लेम नहीं देने की शर्त 
 
क्या है स्टार हेल्थ का प्लान? जानिए पूरी खबर अनुराग शाह से <a href="https://twitter.com/anuragshah_?ref_src=twsrc%5Etfw">@anuragshah_</a> | <a href="https://twitter.com/hashtag/Insurance?src=hash&amp;ref_src=twsrc%5Etfw">#Insurance</a> <a href="https://t.co/0buftVJY90">pic.twitter.com/0buftVJY90</a>
— Zee Business (@ZeeBusiness) <a href="https://twitter.com/ZeeBusiness/status/1504025501597241351?ref_src=twsrc%5Etfw">March 16, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Due to increase in claims from non-network hospitals of Star Health and the company does not have control over the billing, the company has now asked the policyholder to pay for the pre-determined treatment in the non-network hospital itself.

Star Health has tie up with 12000 hospitals across the country where the cost of treatment is fixed by the company.

According to Star Health, under the terms of the contract of the group insurance policy. in case of emergency and accidents, treatment is allowed in non-network hospitals but all other pre-determined treatment should be done in the hospitals associated with the company.&nbsp;

Because the prices of group insurance are fixed under contract and the company has no control over the prices in non-network hospitals.

Key Pointers:

Star Health's emphasis on reducing losses in group policy

Non-settlement of claim for non-network hospitalization

Connected to a network of 12000 hospitals across the country

Group Insurance company's portfolio is more than 1000 crores

In case of emergency and accidents, treatment is possible in non-network hospitals

Claims from non-network hospitals increased as the company does not have control over the billing

The restrictions will be applicable to pre-determined treatments and in case of emergency and accidents, treatment will be allowed even in non-network hospitals.


Star Health tightens claim settlement rules in group insurance plans; claims for pre-determined treatment only in network hospitals

Debashish Panda on Tuesday took charge as the Chairman of Insurance Regulatory Authority of India (IRDAI) at the Delhi Office. Panda, who is a 1987-batch IAS officer of the Uttar Pradesh cadre, retired as financial services secretary in January and has been given the responsibility to head IRDAI for the next 3 years from May 2021 onwards after completion of Dr Subhash Chandra Khuntia's term.

The post of IRDAI chairman was lying vacant and as a result of this certain policy decisions in the insurance sector were on put hold.

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Panda started his career in 1985 as an AAO (Assistant Administrative Officer) through Direct Recruitment in New India Assurance and now the insurance sector is pinning high hopes from him.

New Indian's in IRDAI

In IRDAI many officers in the top positions are ex New India Assurance officers. Apart from the chairman Panda, TL Alamelu, who was the senior most in IRDAI for the last 10 months, joined The New India Assurance in 1983 as Direct Recruit Officer.

From October 2016 to June 2017, TL Alamelu held the position of General Manager and Director at New India Assurance, since July 2019 She is holding the post of Member Non-Life in IRDAI.

SN Rajeshwari, Member Distribution of IRDAI, has also worked in New India Assurance from 2012 to 2019 as General Manager &amp; CFO.

Suresh Mathur, who holds post of Executive Director in IRDAI also joined New India Assurance in 1987 &amp; IRDAI's Chief General Manager Yagnapriya Bharath also started her career as Direct Recruit Officer in New India Assurance in year 1986.

The post of IRDAI chairman was lying vacant and as a result of this certain policy decisions in the insurance sector were on put hold.


Debashish Panda takes charge as the Chairman of IRDAI; is among ex New India Assurance officers at top positions

Government on Friday appointed Debashish Panda as the new Chairman of the Insurance Regulatory and Development Authority of India (IRDAI). He has been appointed for 3 years.

Debashish Panda, a 1987-batch IAS officer of the Uttar Pradesh cadre, was former secretary of the Department of Financial Services in the Ministry of Finance and retired in January 2022.

The post of IRDAI chairman was lying vacant since May 2021. Thus, the IRDAI chief has been appointed after almost 10 months.

The policy decisions will accelerate after the appointment of new chairman. Also, the changes in third party premium will be approved by the new chairman.

<blockquote class="twitter-tweet">
देवाशीष पांडा IRDAI के नए चेयरमैन नियुक्त 
 
इंश्योरेंस रेगुलेटर है IRDAI 
 
वित्त मंत्रालय में DFS सेक्रेटरी के पद पर थे देवाशीष पांडा 
 
<a href="https://twitter.com/hashtag/IRDA?src=hash&amp;ref_src=twsrc%5Etfw">#IRDA</a> | <a href="https://twitter.com/hashtag/DebashishPanda?src=hash&amp;ref_src=twsrc%5Etfw">#DebashishPanda</a> <a href="https://t.co/bOTPwY3I3W">pic.twitter.com/bOTPwY3I3W</a>
— Zee Business (@ZeeBusiness) <a href="https://twitter.com/ZeeBusiness/status/1502250853448650753?ref_src=twsrc%5Etfw">March 11, 2022</a></blockquote>

&nbsp;
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Debashish Panda appointed as new Chairman of IRDAI

Reserve Bank of India (RBI) has clarified&nbsp;on the mode of receipt of complaints under Reserve Bank – Integrated Ombudsman Scheme 2021(RB-IOS). Instances of misinformation are being spread through certain sections of the social media about the Reserve Bank - Integrated Ombudsman Scheme 2021 (RB-IOS) and it has&nbsp;come to the notice of the banking regulator.

These messages are conveying to public at large to lodge their complaints against entities regulated by RBI through third parties for a charge/fee or otherwise for early redress of grievances.

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It is clarified that RBI does not have any such arrangement with any entity for redress of grievances against the Regulated Entities (REs). RBI has laid down a cost free grievance redress mechanism under RB-IOS which does not involve payment of fees or charges in any form or manner.

Customers having grievances against REs for deficiency in services, which is not redressed satisfactorily or in a timely manner by the REs can directly lodge their complaint on the Complaint Management System (CMS) portal (https://www.rbi.org.in) or by e-mail at crpc@rbi.org.in or in physical mode at the ‘Centralised Receipt and Processing Centre’ (CRPC) set up at RBI, 4th Floor, Sector 17, Chandigarh - 160017.

Complainants having queries on RB-IOS or desiring information relating to their complaints lodged through the above methods, can reach the Contact Centre of RBI at toll-free #14448 (currently available from 9:30 am to 5:15 pm on working days) in Hindi, English and nine regional languages (Bengali, Gujarati, Kannada, Odia, Malayalam, Marathi, Punjabi, Tamil and Telugu).

The status of complaints can also be tracked on the CMS portal.

RBI&nbsp;has clarified&nbsp;on the mode of receipt of complaints under its Integrated Ombudsman Scheme. Instances of misinformation are being spread through certain sections of the social media about thescheme and which has&nbsp;come to the notice of the banking regulator


RBI clarifies on Integrated Ombudsman Scheme; no third party pact for complaints to ombudsman

Punjab National Bank (PNB) will be divesting its 23 per cent holding in its life insurance arm Canara HSBC OBC Life Insurance. The company will be selling its stake to HSBC Insurance.

After this, the share of HSBC Insurance in Canara HSBC OBC Life Insurance will go up to 49 per cent. &nbsp;

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It became necessary for Oriental Bank of Commerce (OBC) to sell its share in the insurance business after being merged to PNB. This is because as per the rules of the Insurance Regulatory and Development Authority of India (IRDAI) any commercial bank must not hold more than 10 per cent share in two life insurance companies simultaneously.

After the mergers of the two banks, PNB had stakes in two life insurance companies - 30 per cent stake in PNB Metlife Insurance &nbsp;and 23 per cent stake in Canara HSBC OBC Life.

In order to comply with the IRDAI rules, it was mandatory for PNB to sell its stake in Canara HSBC OBC Life. &nbsp;

In Canara HSBC OBC Life, Canara Bank has holding of 51 per cent while HSBC Insurance (Asia Pacific) Holdings has 26 per cent stake.

After buying PNB’s stake, the share of HSBC Insurance in Canara HSBC OBC Life Insurance will go up to 49 per cent. &nbsp;

Punjab National Bank (PNB) will be divesting its 23 per cent holding in its life insurance arm Canara HSBC OBC Life Insurance. The company will be selling its stake to HSBC Insurance


PNB to divest 23% stake in Canara HSBC OBC Life Insurance; buyer HSBC’s share to become 49%

Budget 2022: Surety bonds could now be used for government procurements which augurs well for the insurance sector and infrastructure sector, Zee Business’ Anurag Shah reported. The announcement was made by Finance Minister Nirmala Sitharaman in her Union Budget 2022.

Surety bonds will be an alternative to bank guarantees.

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In the Union Budget 2022, one more allotment has been increased for National Highways Autority of India (NHAI). The budget allocated to it for the FY23 is Rs 135,000 cr, he said.

Over the past few years, the infrastructure companies were facing huge problems in getting bank guarantees or had to pay a high primiu to get them, he said in his report. That created a lot of issues related to the liquidity.

The budget announcements have put sureties as an alternative to the bank gaurntees. Now the infrastructure companies will be able to give sureties in the form of cover from the insurance companies, he further said. The Insurance Regulatory and Development Authority of India (IRDAI) has already made rules on this and this will be implemented from 1 April 2022.

This will create new avenues for non-life insurers where they will be able to issue surety bonds to the infrastructure companies.

To reduce indirect cost for suppliers and work-contractors, the use of surety bonds as a substitute for bank guarantee will be made acceptable in government procurements. Business such as gold imports may also find this useful. IRDAI has given the framework for issue of surety bonds by insurance companies,” the Budget 2022 document says.

However, the insurance regulator has put some conditions on this. One is that 10 per cent of the overall premium or Rs 500 cr of premium can be taken now.

This will open a big avenue for the insurance companies where they will be able to do surety business, Shah said.

In July 2020, Union Transport Minister Nitin Gadkari had said that a bank guarantee of up to Rs 2.5 lakh cr is needed in the infrastructure sector. The decision has been taken in view of this, Shah further said.

More and more companies can now address their liquidity issues with the introduction of surety bonds.

Shah said that in his conversations with the inurance companies, he was told that the companies will be preparing new products and filing them. The products are expected to come after 1 April 2022.

However, the nsurance companies have said that such infrastructure projects would require huge surety amounts and they would need reinsurance support.

Shares of The New India Assurance Companies were trading at Rs 140.30 on the NSE, up by ).6 per cent from the last closing price on Monday. Meanwhile, General Insurance Companies’shares were trading at Rs 142.50 around the time of breaking of this news and were up almost 2 per cent.

Watch Zee Business Tweet Video Below:

<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/ZbizExclusive?src=hash&amp;ref_src=twsrc%5Etfw">#ZbizExclusive</a> 
 
जनरल इंश्योरेंस कंपनियों के लिए बड़ी खबर 
<a href="https://twitter.com/hashtag/NewIndiaAssurance?src=hash&amp;ref_src=twsrc%5Etfw">#NewIndiaAssurance</a> <a href="https://twitter.com/hashtag/GIC?src=hash&amp;ref_src=twsrc%5Etfw">#GIC</a> पर होगा असर 
बैंक गारंटी का विकल्प होंगे श्योरिटी बॉन्ड 
<a href="https://twitter.com/hashtag/Insurance?src=hash&amp;ref_src=twsrc%5Etfw">#Insurance</a> कंपनियां श्योरिटी बॉन्ड जारी करेंगी,गाइडलाइंस जारी 
 
जानिए अनुराग शाह से<a href="https://twitter.com/hashtag/GrowthBoosterZee?src=hash&amp;ref_src=twsrc%5Etfw">#GrowthBoosterZee</a> <a href="https://twitter.com/hashtag/BudgetOnZee?src=hash&amp;ref_src=twsrc%5Etfw">#BudgetOnZee</a> <a href="https://twitter.com/anuragshah_?ref_src=twsrc%5Etfw">@anuragshah_</a> <a href="https://t.co/AVYtPf8NxG">pic.twitter.com/AVYtPf8NxG</a>
— Zee Business (@ZeeBusiness) <a href="https://twitter.com/ZeeBusiness/status/1488737603197485057?ref_src=twsrc%5Etfw">February 2, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Private insurer ICIC Lombard General Insurance Company shares were trading up 1.5 per cent at Rs 1390.35 around this time.

Budget 2022: Surety bonds could now be used for government procurements which augurs well for the insurance sector and infrastructure sector, Zee Business’ Anurag Shah reported. The announcement was made by Finance Minister Nirmala Sitharaman in her Union Budget 2022


Budget 2022: Big takeaway for general insurance companies! Government allows surety bonds as substitute for bank guarantees

Government general insurance companies could likely get a boost in this year’s Uninon Budget 2022. Finance Minister Nirmala Sitharaman could announce recapitalisation of state-run general insurance companies in her Budget 2022 speech, Zee Business’ Anurag Shah reports citing his top sources in the government. (#BudgetonZee)

The government could announce infusion of capital between Rs 5000 and Rs 7000, he said in this exclusive report.

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One of the reasons behind this is the state of solvency in three out of the four government run general insurance companies. Even the New India Assurance Company which has solvency higher than the permissible limit has received significant number of claims, he further said.

The government intends to improve the solvency of these companies.

Another reason is the wage matter for the employees of these copanies. The wage revision has been pending for these employess since 2017. The companies need money to revise the wages.

Moreover, the health insurance segment has been growing and the market share of this segment is now 34 per cent. It has seen a 30 per cent growth, he said. The health insurance premium has risen from Rs 42,000 cr in December to Rs 52,000 cr now.

The companies need capital for growth.

This is the reason why government could consider putting money in the general insurance companies.

Zee Business Managing Editor Anil Singhvi called this a big development. He also said that the government also plans to privatise one of the companies though the name is still not known, he added.

The stocks of The New India Assurance Companies were trading in the green around the time of breaking of the story. At 11:45 am, they were trading at Rs 143.90 on the NSE, up almost 4 per cent from the Friday closing price.

Watch Zee Business Tweet Video Below:

<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/ZBizExclusive?src=hash&amp;ref_src=twsrc%5Etfw">#ZBizExclusive</a><a href="https://twitter.com/hashtag/NewIndiaAssurance?src=hash&amp;ref_src=twsrc%5Etfw">#NewIndiaAssurance</a> <a href="https://twitter.com/hashtag/GICRe?src=hash&amp;ref_src=twsrc%5Etfw">#GICRe</a> के लिए बड़ी खबर 
 
बजट में हो सकते हैं जनरल इंश्योरेंस कंपनियों के लिए बड़े ऐलान 
 
सरकारी जनरल इंश्योरेंस कंपनियों को ₹5000 से ₹7000 करोड़ पूंजी का बूस्टर मुमकिन 
 
जानिए पूरी खबर <a href="https://twitter.com/anuragshah_?ref_src=twsrc%5Etfw">@anuragshah_</a>से<a href="https://twitter.com/hashtag/GrowthBoosterZe?src=hash&amp;ref_src=twsrc%5Etfw">#GrowthBoosterZe</a> <a href="https://twitter.com/hashtag/BudgetOnZee?src=hash&amp;ref_src=twsrc%5Etfw">#BudgetOnZee</a> <a href="https://twitter.com/hashtag/Budget2022?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2022</a> <a href="https://t.co/e7kju3QvmS">pic.twitter.com/e7kju3QvmS</a>
— Zee Business (@ZeeBusiness) <a href="https://twitter.com/ZeeBusiness/status/1488006723365666816?ref_src=twsrc%5Etfw">January 31, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Meanwhile, General Insurance Corporation of India (GIC) shares were traing at Rs 141.70, up almost 2.13 per cent. &nbsp;&nbsp;

Zee Business Managing Editor Anil Singhvi called this a big development. He also said that the government also plans to privatise one of the companies though the name is still not known, he adds


Budget 2022 Expectations: Government may announce Rs 5000-7000 cr infusion in state-run general insurance companies; Anil Singhvi calls it big; New India Assurance, GIC shares gain

Covid-19 pandemic has taught many of us the importance of having a health insurance plan. While the people have become more fourtcoming towards the health inusrance plans, the industry has also seen a significant growth with higher number of people now opting for inurance plans.

In the current financial year, the amount of money collected by health insurance companies from premiums is 30 per cent higher than the previous financial year.

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Considering this, there is now an expectation in the industry that the government could allow higher exemption limit under Section 80D of the Income Tax Act and the announcement could come in the Union Budget 2022.

Finance Minister Nirmala Sitharaman will be presenting her third full budget in the Narendra Modi Government 2.0 on 1 February 2022.

Under the extant rules, income tax exemption up to Rs 25,000 on health insurance plans is given. In case of senior citizens, the exemption limit is up to Rs 50,000.

The news was reported by Zee Business’ Anurag Shah. &nbsp;&nbsp;&nbsp;

The insurance companies have also given their wishlist to the government. In ts wishlist, it has urged the government to increase the exemption limit of Rs 50,000 for the senior citizens to Rs 1 lakh. &nbsp;

The rational behind this is the current Goods and Services Tax (GST) which is at 18 per cent on the premium amount. The industry is of the view that the GST rates are at a higher side amd must be brought down. It has been a longstanding demand of the sector.

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He said that a lower GST rate and higher tax exemption limit could lead to higher number of people opting for insurance. The volumes then could make it revenue neutral, Shah added.

Budget 2022 Expectations: Industry urges Centre to increase exemption limit of health insurance policy under Section 80D; calls for lower GST rates

While the bank employess have been at the forefront since the outbreak of the Coronavirus pandemic since March 2020 and serving customers amid all the risks, instances of foul behaviour and even manhandling of the employees were seen from customers. &nbsp;

With regards to this, Indian Bank Association (IBA) has urged the Central Government to amend the existing rules to ensure securty of the bank employees.

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IBA’s Chief Executive Officer (CEO) Sunil Mehta said that the recovery done by the bankers is public money and the money recovered by banks is utilised to pay interests and loan to customers. This is why IBA has been raising this issue and urging the government to make amendments in the law.

This law is Bankers Protection Act: why this is necessary?

- Bank employees work under a lot of risks. 
- Demand before the government to ensure security of the bank employees. 
- The bank official run a risk of locals manhandling them and this makes it necessary for them to have a security cover. 
- The bank officials are only fulfilling their duties. 
- The recovery done by bankers is public money. 
- If bank does not recover money from people how will it pay interests and offer loans. 
- The banks and employees who are responsible for recoveries must get adequate protection. 
- It will be detrimental to banks and economy if recoveries are not made. 
- It also urges change in the framework of vigilence. 
- IBA is raising its demand for change in the laws.

IBA’s Chief Executive Officer (CEO) Sunil Mehta said that the recovery done by the bankers is public money and the money recovered by banks is utilised to pay interests and loan to customers. This is why IBA has been raising this issue and urging the government to make amendments in the law


Bank employees doing recoveries require government protection, IBA says; association urges amendment in existing laws

Reserve Bank of India (RBI) has simplified rules for the Non Banking Finance Companies or NBFCs. The banking regulator has simplified rules for the factoring business.

NBFCs will now be able to do factoring business.

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Non deposit NBFC companies with Asset Under Management (AUM) over Rs 1000 get an&nbsp; RBI nod.

In the factoring business, companies in order to meet their capital requiremnts can mortgage their receivable with others.

Bactoring business is in line with the discounting of bills.

After this relaxation and new rules in place, the number of NBFC involved in the business of factoring will gon up from 7 to 182

NBFCs will have to get themselves registered with the Reserve Bank to do the factoring business

This is expected to increase lending of NBFCs and will serve quick loans to the Micro Small and Medium Enterprises (MSMEs).

Reserve Bank of India (RBI) has simplified rules for the Non Banking Finance Companies or NBFCs. The banking regulator has simplified rules for the factoring business


Anurag Shah