9. Reserve Bank of India (RBI) asked banks to bring all districts in metropolitan areas under the lead bank scheme (LBS) fold. The lead bank scheme, launched way back in 1969, is an integrated mechanism to extend banking services to the doorsteps of consumers, especially the poor. 10. RBI has extended the date for implementation of Basel III by three months i.e., from 1 Jan to 1 April, 2013. 7. Reserve Bank of India (RBI) signed a Memorandum of Understanding (MoU) with the State Bank of Vietnam (SBV) for promoting greater co-operation and sharing supervisory information, between the two supervisors. 8. According to the RBI directive, Amanath Cooperative Bank can conduct a financial transaction of not more than Rs. 1,000 per account a day. Besides, the bank has been stopped from accepting deposits till further orders 9. In order to promote lending to priority sectors, the Reserve Bank has allowed urban co-operative banks (UCBs) to grant unsecured loans up to 25 % of their assets if certain conditions are met. 10. India and Japan signed a currency swap agreement for up to 15 billion dollars to address short-term liquidity problems. The bilateral swap arrangement (BSA) has been inked between the Reserve Bank of India and the Bank of Japan. 11. RBI said NBFCs operating infrastructure finance companies (IFCs) can now avail themselves of overseas borrowings up to 75 % of their owned funds without its approval. 12. RBI has launched a website explaining ways to detect counterfeit notes. With a tagline 'Pehchano Paise Ki Boli, Kyunki Paisa Bolta Hai'. 13. Former RBI Governor Y V Reddy will be the Chairman of 14th Finance Commission; the 13th Finance Commission was headed by former Finance Secretary Vijay Kelkar. 14. RBI has issued a new series of 50 paisa coins with the rupee symbol and new security features to faciliatate easy recognition. It clarified that 50 paisa coins will remain in use 15. Government has extended the term of the Anand Sinha Deputy Governor of RBI 16. RBI to launch 10 plastic notes in 5 cities – Kochi, Mysore, Jaipur, Bhubhaneshwar and Shimla.
4. Important Points related to Insurance sector:
1. Life Insurance: Life insurance is a contract between the policy owner and the insurer, where the insurer agrees to reimburse the occurrence of the insured individual's death or other event such as terminal illness or critical illness. The insured agrees to pay the cost in terms of insurance premium for the service.
The contract is valid for payment of the insured amount during: i. The date of maturity, or ii. Specified dates at periodic intervals, or iii. Unfortunate death, if it occurs earlier. Major types of insurances are as mentioned below: i. Life insurance ii. Automobile insuranc
iii. Health insurance iv. Credit insurance v. Property insurance Insurance companies can be categorized into two main divisions which are as follows: i. General Insurance Companies: They provide all types of insurance apart from life insurance. ii. Life Insurance Companies: The companies, dealing with life insurance, pension products and annuities are life insurance companies.
2. Regulatory body & authorities of Insurance:
i. Insurance regulatory and development authority (IRDA) is the regulatory body of Insurance sector In India. Chairman of IRDA - TS Vijayan ii. The IRDA was incorporated as a statutory body in April, 2000. iii. The IRDA opened up the market in August 2000 with the invitation for application for registrations. iv. Foreign companies were allowed ownership of up to 26%. v. In December, 2000, the subsidiaries of the General Insurance Corporation of India were restructured as independent companies and at the same time GIC was converted into a national re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in July, 2002. vi. At present there are 24 general insurance companies including the ECGC and Agriculture Insurance Corporation of India and 23 life insurance companies operating in the country. vii. The insurance sector is a colossal one and is growing at a speedy rate of 15-20%. Together with banking services, insurance services add about 7% to the country’s GDP.
3. About GIC (General Insurance Corporation of India): GIC is the sole reinsurance company in the Indian insurance market with over three decades of experience. GIC has its registered office and headquarters in Mumbai. Chairman & MD of GIC – A.K. Roy
i. The entire general insurance business in India was nationalised by General Insurance Business (Nationalisation) Act, 1972 (GIBNA). ii. General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares. GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance. iii. GIC Re has a rating of A- (Excellent) from A. M. Best for its financial strength iv. After a process of mergers among Indian insurance companies, four companies were left as fully owned subsidiary companies of GIC which are mention below: 1. National Insurance Company Limited (NICL): is one of the largest and fastest growing general insurance companies in India. The company headquartered at Kolkata was established in 1906, and nationalized in 1972. i. After nationalisation in 1972, NICL operated as a subsidiary of General Insurance Corporation of India (GIC). Chairman of NICL – Shri NSR Chandraprasad ii. NICL was spun off as a distinct company under the General Insurance Business (Nationalisation) Amendment Act in 2002.
4. Important Points related to Insurance sector:
1. Life Insurance: Life insurance is a contract between the policy owner and the insurer, where the insurer agrees to reimburse the occurrence of the insured individual's death or other event such as terminal illness or critical illness. The insured agrees to pay the cost in terms of insurance premium for the service.
The contract is valid for payment of the insured amount during: i. The date of maturity, or ii. Specified dates at periodic intervals, or iii. Unfortunate death, if it occurs earlier. Major types of insurances are as mentioned below: i. Life insurance ii. Automobile insuranc
iii. Health insurance iv. Credit insurance v. Property insurance Insurance companies can be categorized into two main divisions which are as follows: i. General Insurance Companies: They provide all types of insurance apart from life insurance. ii. Life Insurance Companies: The companies, dealing with life insurance, pension products and annuities are life insurance companies.
2. Regulatory body & authorities of Insurance:
i. Insurance regulatory and development authority (IRDA) is the regulatory body of Insurance sector In India. Chairman of IRDA - TS Vijayan ii. The IRDA was incorporated as a statutory body in April, 2000. iii. The IRDA opened up the market in August 2000 with the invitation for application for registrations. iv. Foreign companies were allowed ownership of up to 26%. v. In December, 2000, the subsidiaries of the General Insurance Corporation of India were restructured as independent companies and at the same time GIC was converted into a national re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in July, 2002. vi. At present there are 24 general insurance companies including the ECGC and Agriculture Insurance Corporation of India and 23 life insurance companies operating in the country. vii. The insurance sector is a colossal one and is growing at a speedy rate of 15-20%. Together with banking services, insurance services add about 7% to the country’s GDP.
3. About GIC (General Insurance Corporation of India): GIC is the sole reinsurance company in the Indian insurance market with over three decades of experience. GIC has its registered office and headquarters in Mumbai. Chairman & MD of GIC – A.K. Roy
i. The entire general insurance business in India was nationalised by General Insurance Business (Nationalisation) Act, 1972 (GIBNA). ii. General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares. GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance. iii. GIC Re has a rating of A- (Excellent) from A. M. Best for its financial strength iv. After a process of mergers among Indian insurance companies, four companies were left as fully owned subsidiary companies of GIC which are mention below: 1. National Insurance Company Limited (NICL): is one of the largest and fastest growing general insurance companies in India. The company headquartered at Kolkata was established in 1906, and nationalized in 1972. i. After nationalisation in 1972, NICL operated as a subsidiary of General Insurance Corporation of India (GIC). Chairman of NICL – Shri NSR Chandraprasad ii. NICL was spun off as a distinct company under the General Insurance Business (Nationalisation) Amendment Act in 2002.
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