Insurance
Finance ministry asks PSU general insurers to ramp up claim management

“It has been felt necessary to contain the losses to improve their financial health ... instructions have been issued to them to achieve this objective through prudent underwriting and efficient claims management,” minister of state for finance Namo Narain Meena said

 
The finance ministry has asked public sector general insurance companies to ramp up their financial health through prudent underwriting and efficient claim management.
 
Minister of state for finance Namo Narain Meena in a written reply to the Lok Sabha said all four PSU general insurers have been incurring underwriting losses over a period of time.
 
“It has been felt necessary to contain the losses to improve their financial health ... Advisory instructions have been issued to them to achieve this objective through prudent underwriting and efficient claims management,” Meena said.
 
The four PSU general insurers—National Insurance, New India Assurance, Oriental Insurance and United India Insurance—have together paid Rs168 crore as dividend in the 2011-12 fiscal.
 
The dividend received in 2010-11 was Rs30 crore, and in 2009-10 was Rs270 crore, he said.
 
Meena further said there was no proposal before the government to list the PSU general insurance companies.
 

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Banks told to issue debit, credit cards with user’s photo

Banks have been advised by the RBI to also consider cards with PIN and signature laminated cards or any other advanced methods to prevent misuse of stolen cards

 
The Reserve Bank of India (RBI) had asked banks to consider issuing debit and credit cards with photographs of the cardholders to prevent misuse of stolen cards, the Lok Sabha was informed today.
 
In a written reply in the Lok Sabha, minister of state for finance Namo Narain Meena said, “Banks have been advised by the RBI that with a view to reducing the instances of misuse of lost/stolen cards, they may consider issuing cards with photographs of the cardholders or any other advanced methods that may evolve from time to time”.
 
As regards with credit cards, banks have been advised by the RBI to also consider cards with PIN and signature laminated cards or any other advanced methods, the minister said.
 

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COMMENTS

PRABHAT

4 years ago

YES , I SUPPLEMENT

S BHASKARA NARAYANA

4 years ago

As all the tamper proof checks, viz., biometrics of ten fingers,both eyes' iris images are embedded in "Adhaar", why not carry this card with Debit card or Credit instead of insisting the Banks to reissue the said cards with photo.

REPLY

MDT

In Reply to S BHASKARA NARAYANA 4 years ago

Thanks for you comment.
Kindly understand Aadhaar is not a card but simply a number that unless connected to the database cannot do authentication.
You may also want to read http://www.moneylife.in/article/can-uid-... and http://www.moneylife.in/article/what-is-... . These two article discusses in detail the future of payment systems.

Ramesh Iyer

4 years ago

If RBI has indeed advised Banks to issue Debit &/ Credit Cards to customers to prevent fraud and misuse of stolen cards, it is certainly a welcome step. However, seems many Banks are not following this 'advise', as a private bank I have an a/c with refused to issue me a Debit & Credit Card with my photo, stating that they had 'discontinued' issuing such cards 'long back'.
I appreciate many of RBI's policies to protect investors' interests, such as -

1. Requirement of Verified-By-Visa or MasterCard SecureCode as 2nd level of protection for online transactions.
2. 'Advising' Banks to carry customer's photo on their Debit / Credit Card.

Though these are steps which would help in transactions within the country, card-holders remain exposed to frauds like skimming, and subsequent misuse of these at International locations (including websites).

UPSC’s controversial notification kept on hold after uproar in Parliament

Minister of state for personnel Narayanasamy told the Lok Sabha that the UPSC notification would be kept in abeyance and the government will call a meeting with the Commission

 
Following an uproar and all-round pressure in Parliament, the Union government on Friday kept in abeyance a controversial notification issued by Union Public Service Commission (UPSC).The notification of UPSC gave more weightage to English in the Civil Services examinations.
 
Minister of state for personnel V Narayanasamy announced the decision in the Lok Sabha at an impromptu debate on the issue amidst repeated uproars and three adjournments with members demanding immediate revocation of the notification issued on 5th March.
 
“Government will call a meeting of the UPSC to discuss and resolve the issue. In the meanwhile, we will keep the notification in abeyance. Status quo ante will be maintained,” Narayanasamy said.
 
In a notification, the UPSC had said it was changing the rules of the exams for the civil services. An English test would count for 100 marks and students could not answer other exams in a regional language unless they could prove that they had graduated from a school where classes were taught in that language.
 

 

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