insurance regulator IRDA has imposed a penalty of Rs 5 lakh each on two life insurers, state-run Life insurance Corporation (LIC) and HDFC Life insurance, for failing to meet rural and social sector obligation in 2008-09, Parliament was informed. The insurance Regulatory and Development Authority (IRDA) has imposed a fine on LIC and HDFC Standard Life insurance for non-compliance under the rural sector target during 2008-09, Finance Minister Pranab Mukherjee...
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Financial inclusion: IIM Indore brings banking to poor by Dibyajyoti Chatterjee
With nearly 60% of the country’s population unbanked and the government pledging to bring banking to the lowest stratum of society, the Indian Institute of Management, Indore (IIMI), has decided to do its bit on financial inclusion. For its annual management summit Ahvan, the institute has decided to unveil a programme called Samanvay, where IIMI students will help underprivileged people in and around the campus open bank accounts and get...
More »Insufferable
Governments in India — Centre and states — spend around one per cent of the country's GDP on health. Only five countries — Burundi, Myanmar, Pakistan , Sudan and Cambodia — have a lower figure than this. But private spending on the crucial sector is 4.2 per cent of GDP, among the top 20 countries in the world. Within this private spend, employers pay for about 9 per cent and...
More »Disabled quota push by Cithara Paul
For the first time, a job quota will be thrust on the private sector if the government accepts a panel’s recommendation for reservations for the disabled and turns it into law. The government-instituted committee has suggested extending to the private sector the 3 per cent reservation for the physically challenged that now exists in government jobs. It also wants a 5 per cent quota introduced for disabled students in private educational institutions...
More »insurance cover extended for workers under NREGS
The officials of the labour department decided to extend accidental insurance cover to 12,000 workers who worked 100 days in the National Rural Employment Guarantee Scheme (NREGS) works. These workers will get accidental insurance cover up to Rs 2 lakh. They are eligible for pension scheme also implemented by the labour department. The women workers are entitled for maternity benefit. If they contribute to the pension fund, they will get pension....
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