Employment News 10 September 2013 , Current News 10 September 2013
Banks can only sell standard insurance products through branch
IRDA (INSURANCE REGULATORY DEVELOPMENT AUTHORITY)Said—
Banks will be allowed to sell only standard or vanilla insurance products through their branches following the relaxation of brokerage norms.
It will also address various concerns of the Reserve Bank, including those pertaining to conflict of interest.
RBI does not want banks to undertake new risk in the form of insurance broker.
A broking licence will allow a bank to sell products of multiple insurance firms, compared with the current bancassurance model that allows lenders to sell products of just one life and non-life insurance company.
Banks have wide network of delivery channel, over 1 lakh branches, which can be leveraged to increase insurance penetration in the country.
The licence, once issued, will be valid for three years from the date of issue, it said, adding that the renewal of licence can be applied 30 days before expiry of licence.
FDI up 6 pc to USD 10.87 bn in Jan-Jun
2013
Foreign direct investment (FDI) into India increased by 6
percent year-on-year to USD 10.87 billion during the first six months of this
year.
According to data from the Department of Industrial
Policy and Promotion (DIPP), the country had received USD 10.27 billion of FDI
in January-June, 2012.
Sectors that received large FDI inflows include hotels
and tourism, pharmaceuticals, services, chemicals and construction.
Most of the inflows came from Singapore, Mauritius, the
Netherlands and the US.
India needs about USD 1 trillion to fund infrastructure
such as ports, airports and highways to boost growth.
An increase in FDI will help support the rupee, which
depreciated to a record low of 68.85 against the US dollar on 28th August. It
will also help in bridging the ballooning current account deficit.
Sri Lankan rights activist Sunila Abeysekera Dies
Sri Lankan activist Sunila Abeysekera, who inspired many with her relentless work championing human rights, passed away in Colombo on Monday.
She was 61.
Ms. Abeysekera was known for her consistent efforts in campaigning for human rights, focusing particularly on the plight of people living in war-affected areas.
She also engaged with issues pertaining to women's rights, sexual and reproductive rights, including the rights of communities such as sex workers, people living with HIV/AIDS, and lesbian, gay, and transgender persons, according to PeaceWomen Across the Globe, an organisation involved in peace activism.
In 1989, Sunila played a pioneering role in the establishment of a group, INFORM, that undertook documentation of human rights abuses at a time when there was a high level of repression and terror in the country.
She was one of those activists who consistently raised their voice against human rights violation, despite intimidation and threats.
Centre to launch Rajiv Awas Yojana soon
Government will soon launch Rajiv Awas Yojana (RAY) to
make the country Slum Free.
Addressing a Press conference in New Delhi today,
Minister of Housing and Urban Poverty Alleviation Dr. Girija Vyas said that the
implementation phase of the Scheme will be run on a mission mode during
2013-2022.
She said the Government has approved 32,230 crore
rupees for the implementation of the scheme during 12th Five Year Plan.
This programme will cover all towns, cities and urban
agglomerations in the country during its implementation phase.
Jet Airways gets code-share nod with five airlines
The aviation ministry has allowed Jet to go for code-sharing with five airlines — American Airlines, Malaysian, Garuda of Indonesia, Vietnam Airlines and Kenya Airways.
A code-share allows two or more airlines share the same flight. Passengers will buy ticket from one airline and take a flight operated by another airline, allowing partners to expand their global connectivity.
Apart from code-share, the Etihad deal will mean Jet operates flights between 23 Indian cities and Abu Dhabi. From the Gulf, Jet will have flights to numerous points in the US, including a non-stop to San Francisco, Gulf, East Africa and Europe.
These will be in addition to the non-stops it operates directly from India to the West and Southeast Asia.
Agartala to get Country’s first broad
gauge by 2016
North-East Frontier Railway will bring Agartala in the
country's broad gauge rail network by 2016.
Agartala is scheduled to get broad gauge facility
by March 2016," NFR Chief Engineer (Construction) Harpal Singh said.
If the required fund is available, NFR will be
able to extend the broad gauge rail connectivity to Agartala within the
stipulated time.
Works for conversion in BG a small meter gauge track
from Lumding to Silchar in Assam was in full swing and likely to be completed
by March 2015, Singh said.
Grameen Bank founder Muhammad Yunus to face legal action
The government of Prime Minister Sheikh Hasina on Monday decided to take legal action against Grameen Bank founder and Nobel laureate Dr. Muhammad Yunus.
The allegations against Dr. Yunus, in a political tussle with the government for quite some time, include tax evasion, foreign travel regulations’ violation and misuse of power.
The decision was taken at a regular Cabinet meeting, presided over by Prime Minister Sheikh Hasina, after it received a joint investigation report from National Board of Revenue (NBR) and Internal Resources Division (IRD).
The tax exemption privilege Mr. Yunus received was not in line with the regulation, said the Cabinet Secretary, because the Grameen Bank Ordinance exempts the bank from paying Income Tax, but does not extend to any others institution under it.
The NBR has raised questions that the Nobel laureate did not take permission from the government before receiving the money as a “public servant” in honorariums, awards and royalties from foreign sources.
Italian documentary 'Holy GRA' wins Venice Golden
Lion
Italian director Gianfranco Rosi's documentary "Holy
GRA", which looks into everyday life off a Rome ring road, won the Golden
Lion for best movie at the Venice film festival on Saturday.
The director said he had spent years preparing and
researching for the film and thanked "the characters for allowing me into
their lives.
Holy GRA" was one of an unprecedented two
documentaries in the running for the Lion, and Rosi said it had been a
"huge act of courage" to let them compete.
The film glimpses into the lives of a former aristocrat
in a kitsch palace, an ambulance man who rushes to save car crash victims on
the ring road and an elderly bushy-bearded father who shares a tiny apartment
with his daughter.
The best actor prize went to Greece's Themis Panou for
his role as father to a family which harbours a deep secret in Alexandros
Avranas's "Miss Violence.
Avranas was awarded the Silver Lion award for best
director for the film, which shocked audiences with a chilling tale of incest
and child suicide.
Indian-origin scientist developes 'crash-proof' driver-less car named Cadillac SRX
Indian-origin scientist developes 'crash-proof' driver-less car that can safely navigate its way through busy roads.
The Cadillac SRX communicate with instrumented traffic lights and other vehicles equipped with wireless communication devices to enable cooperation.
The self-driving vehicle, developed by Carnegie Mellon University, demonstrated that it could negotiate congestion and highway traffic while safely changing lanes and merging during a challenging 53km drive from Cranberry, Pasadena, to Pittsburgh International Airport in US.
The vehicle uses only automotive-grade radars and lidars, which are unobtrusively embedded around the car. Its computers are hidden under the cargo floor.
In addition to controlling the steering, speed and braking, the autonomous systems also detect and avoid obstacles in the road, including traffic cones and barrels, as well as pedestrians and bicyclists, pausing until they are safely out of the way.
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