SEBI impounds Pearls Agro assets
January 12, 2016
Action follows firm failing to repay investorsRs.49,100 cr Equities and commodities market regulator SEBI has initiated recovery proceedings against Pearls Agrotech Corporation (PACL) for failing to refund Rs.49,100 crore to investors. The action has been taken against 10 entities, including PACL and its promoters/directors. Under the recovery proceedings, SEBI has attached all bank and demat accounts, as well as mutual funds folios of the above entities with immediate effect and communicated the same to all banks, depositories and mutual fund houses. The company collected money from customers promising them land. However, no sale deeds have been signed with the investors. Last week, BusinessLine had reported that harried investors of Pearls Agrotech Corporation had urged SEBI to seize the bank accounts
More »
Corporates may have to shell out more for group health insurance premiums
January 12, 2016
Regulator IRDA to crack the whip on heavy discounts Corporates may have to shell out 10-15 per cent more for group health insurance premiums from next year as the insurance regulator is planning to crack down on insurers offering heavy discounts. Insurers usually offer discounts to corporates and subsidise it by imposing higher premiums on retail policies. TS Vijayan, Chairman, Insurance Regulatory and Development Authority (IRDA), said the regulator has collected data on group health insurance policies from insurers and asked them to justify the cost to determine if they are treating individual and group customers at par. Activist Gaurang Damani, who has filed a public interest litigation (PIL) in the Bombay High Court seeking transparency in health insurance, said
More »
Insurers Negotiate with Hospitals to bring down Rates
January 12, 2016
Work out package deals for cashless claims of patients Even as healthcare costs keep rising year after year, health insurers have managed to bring down medical inflation rates by half on policies settled via the cashless route. It has achieved this through negotiating predefined rates with hospitals on major surgical procedures. For instance, for appendicitis surgery, if the rack rate is about Rs.30,000, a patient with a cashless package could be charged Rs.25,000. Under the cashless facility, the health insurance company settles the bill directly with the network hospital, unlike reimbursement policies where the policyholder first pays for the medical expenses from his pocket and later gets reimbursed by the insurer. Amit Bhandari, Head – Health Underwriting and Claims, ICICI
More »
Bank FD Interest rates
November 30, 2015
Foreign Citi Bank Less Than 1 Year 7.00 Year 1 to 2 7.00 Year 2 to 3 7.25 Year 3 to 5 7.25 With Effect From 11-15 DBS Bank Less Than 1 Year 7.00 Year 1 to 2 7.00 Year 2 to 3 6.90 Year 3 to 5 7.00 With Effect From 11-15 Deutsche Bank Less Than 1 Year 6.75 Year 1 to 2 6.75 Year 2 to 3 6.75 Year 3 to 5 7.25 With Effect From 10-15 HSBC Bank Less Than 1 Year 6.25 Year 1 to 2 6.25 Year 2 to 3 6.25 Year 3 to 5 6.50 With Effect From 11-15 RBS Bank Less Than 1 Year 7.25 Year 1 to 2 7.25 Year 2 to
More »
Why Insuring your home is a sensible policy
November 30, 2015
People who have learnt the importance of a home insurance policy the hard way share their experiences with Rajalakshmi Nirmal Busy renovating your home ahead of Diwali? Why don’t you get papers ready for home insurance too? You love your home — from the designer furniture in the living room, to the art work on your bedroom wall and your son’s expensive electronics, don’t you? But it takes just a spark from a Diwali cracker or an electric short-circuit to damage these prized possessions irreparably. Sabh shubh hoga, don’t worry. But it is not a bad idea to spend a few thousand rupees to buy an insurance cover for the home that is dear to you. Home insurance policies cover
More »
