BT renews contract with Subex

The framework contract specifically covers the on-going provision by Subex of mission critical revenue operations centre portfolio software solutions, application/operations support, and managed services

Subex Ltd, a global provider of business support systems (BSS) for CSPs (communications service providers), has been awarded a renewal of a multi-million dollar framework contract with BT.

The framework contract specifically covers the on-going provision by Subex of mission critical revenue operations centre portfolio software solutions, application/operations support and managed services. These will be delivered across BT's domestic and international interconnect billing and settlements, fraud management, revenue assurance and event integrity domains.

The primary objective of the Subex ROC is to function as the 'Mission Control for Financial Health'. The ROC enables profitable growth for service providers through coordinated operational control.

The Subex ROC collates and correlates data from various BSS functions. It monitors the entire revenue chain and identifies risks to profitability, margins and customer satisfaction. The key benefits that a service provider derives from the Subex ROC are enhanced revenue management, enterprise-wide risk management, business and operational assurance, pro-active intelligence and insight, revenue chain integrity assurance and improved customer experience.
In the late afternoon, Subex was trading at around Rs25.30 per share on the Bombay Stock Exchange, 1.61% up from the previous close.

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HDFC ERGO launches health claim services

The main objective behind the initiative is to facilitate faster and transparent claim settlement process

Private sector company HDFC ERGO General Insurance launched Health Claim Services (HCS), its in-house health claim servicing department, that will be a single window for customers for all health care related services.

“With this internal mechanism we are planning to establish better control on the overall claim settlement process and improve the turn around time (TAT) with seamless, hassle free and transparent services in health claim settlement,” HDFC ERGO general insurance head - strategic planning group Mukesh Kumar said in a release.

The main objective behind this initiative is to facilitate faster and transparent claim settlement process.

HCS will not only provide personalised claim settlement services but will also act as a guidance centre for all health care related queries.

Under this initiative, HDFC ERGO has partnered with NSPs (Network Service Providers) like pharmacies, diagnostic centres, ambulance and wellness centres to provide their customers best in class health services in addition to existing spread of over 3,000 empanelled hospitals.

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RBI cancels licence of Bhadran Cooperative Bank

“Consequent to the cancellation of its licence, Shri Bhadran Mercantile Cooperative Bank is prohibited from carrying on business of banking,” RBI said.

The Reserve Bank of India (RBI) has cancelled the licence of Gujarat-based Shri Bhadran Mercantile Cooperative Bank, following deterioration in its financial condition and save the interest of depositors.
 
The decision was taken in view of the fact that bank had ceased to be solvent, all efforts to revive it in close consultation with the government of Gujarat had failed and the depositors were being inconvenienced by continued uncertainty, RBI said in a statement.

“Consequent to the cancellation of its licence, Shri Bhadran Mercantile Cooperative Bank is prohibited from carrying on business of banking,” it said.
 
It may be highlighted that on liquidation, it said, every depositor is entitled to repayment of his or her deposits up to a monetary ceiling of Rs1 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC). RBI took the extreme measure of cancelling the licence of the bank in the interest of bank's depositors, it said.
 
RBI had issued banking licence to Shri Bhadran Mercantile Cooperative Bank in 1986. The central bank in its assessment found that the cooperative bank is not in a position to pay its present and future depositors. It also found that the affairs of the bank are being conducted in a manner detrimental to the interest of the depositors and the financial position of the bank leaves no scope for its revival.
 
The statutory inspection carried out by the RBI found the net loss of the bank as on 31 March 2010 at Rs2.63 crore and the gross NPAs was 81.3% of the total advances.
 
As the financial position of the bank with reference to its position as on 31 March 2011 turned precarious and revealed further deterioration, the bank was placed under suspension for a period of six months from the close of business on 26 August 2011, it said.
 
It was extended for a further period of six months from the close of business on 26 February 2012, subject to review, it added.

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