Plan and Policy

Plan & Policy

Gold bond investment cap raised

In an attempt to make sovereign gold bonds (SGBs) more attractive to buyers, the Union cabinet on Wednesday raised the annual investment limit to 4 kg per individual from 500 gm and also relaxed other norms.

The ceiling will be cou­nted on the financial year ba­sis and will include gold bonds bought during tr­a­di­ng in the secondary mark­et, said an official statement after the cabinet mee­­t­ing, chaired by prime mi­n­i­ster Narendra Modi.

Salaries in BFSI up 40% in 2016

After remaining stagnant for 2 years, salaries in the ba­nking, financial services and insurance (BFSI) sector we­nt up 40 per cent in 2016 as the drive towards digitisati­on, emergence of small fina­nce banks and FDI in insu­rance opened up the sector.

In 2016, BFSI was the highest paid sector with a median gross hourly wage of Rs 433. In 2014 and 2015, the median gross hourly wa­ge was stagnant at Rs 307.9, finds a study.

RBI likely to cut repo rate by 25 bps in August

The Reserve Bank of India-led Monetary Policy Committee (MPC) may ease India's key lending rates or repurchase rates by 25 basis points in August policy meet supported by significant moderation in India retail inflation, while investors will eye upon the guidance of the central bank to gauge upon the further rate action this fiscal year. The Monetary Policy Committee may vote to ease interest rates by 25 basis points taking the repo rate to 6 per cent in the third bi-monthly monetary policy meet, TickerNews poll of 22 economists showed.

Govt to launch pension plan with 8% fixed rate

The NDA government will launch a pension scheme for senior citizens with a guaranteed 8 per cent interest. It could well become a flagship plan similar to the Ujjwala gas connection for poor.

Finance minister Arun Jaitley will launch the pension scheme on Friday in which the elderly will get monthly 8 per cent fixed rate of interest on their savings. It can be purchased offline as well as online through the Life Insurance Corporation (LIC) of India.

The LIC has been given the sole privilege to operate this scheme, the finance ministry said in a statement.

RBI to get new tool for surplus liquidity

The Reserve Bank of India (RBI) may soon get a new liquidity management tool, the standing deposit facility (SDF), to better manage the surplus liquidity available in the banking system.

SBI cuts NEFT, RTGC charges by up to 75%

After reducing the Immediate Payment Service (IMPS) charges, the country’s largest lender State Bank of India on Thursday announced lowering charges for National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) by up to 75 per cent effective July 15. The reduced charges will be applicable on transactions done through internet banking and mobile banking services offered by the bank, SBI said in a release.
As on March 31, SBI had 3.27 crore internet banking customers and nearly 2 crore mobile banking customers.

Blueprint on doubling farm income ready

The government has almost finalised the report on measures to double farmers’ income by 2022 and is likely to put it on the website next week for public feedback.
According to sources, integrated farming, which is one of thrust areas recommended by a committee under Ashok Dalwai, special secretary in the Union agriculture ministry, will be the key to successful implementation of the programme.

Claim rejection lower in health policies purchased online

DisclosureS made by the customer about health issues and habits is much higher in an online purchase of policy compared to offline purchases. Claim rejection is also lower in this category of policies, according to insurers.
Rejection of claims, including those filed before the end of the waiting period, is 1.5 per cent in digital policies, whereas it is 4 to 5 per cent in offline policies, finds insurance aggregator Policybazaar.

Timken India set to acquire ABC Bearings

Timken India, a subsidiary of NYSE-listed The Timken Company, a world leader in engineered bearings and mechanical power transmission products, seems well set to acquire ABC Bearings, is a manufacturer of tapered, cylindrical and spherical roller bearings, and slewing rings.

Settle heatlh policy claim in 30 days or pay penal interest

Insurance sector regulator Irdai has directed health insurers to settle claims within 30 days and in case of delay they will have to pay interest at the 'bank rate plus 2 per cent' on the claim amount.
The directive, Irdai said, seeks to protect the interest of policyholders.