Insurance
ICICI Lombard rolls out overseas travel insurance plan

ICICI Lombard's new travel insurance covers a host of other risks like political ones, catastrophic evacuation, emergency financial assistance, and home insurance cover besides medical insurance

Mumbai: Private sector general insurer ICICI Lombard has launched 'International Travel Insurance Plan' which provides overseas medical insurance, reports PTI.

 

"We have launched this product keeping in view that number of international travellers from India is increasing. Apart from medical insurance, this policy covers a host of other risks like political ones, catastrophic evacuation, emergency financial assistance, and home insurance cover," its vice-president for underwriting and claims Amit Bhandari said.

 

He also said the company has tied up with US-based healthcare provider United Health Care (UHC) to take care of bill settlement directly, along with cashless hospitalisation across a wide network of hospitals.

 

Total premium collected in travel insurance segment in the country stood at only Rs400 crore in the last fiscal.

 

ICICI Lombard is the largest private sector insurer which had a gross written premium (GWP) of Rs5,358 crore last fiscal.

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SEBI allows Liquid Index ETFs trading in short selling market

SEBI said that an Index ETF would be considered 'liquid', if it has traded on at least 80% of the days over the past six months

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has allowed exchange traded funds (ETFs) that track indices to trade in the short selling market, as part of changes in the securities lending and borrowing framework, reports PTI.

 

SEBI said that "Liquid Index ETFs shall be eligible for trading in the Securities Lending and Borrowing (SLB) segment".

 

In its circular, SEBI said that an Index ETF would be considered 'liquid', if it has traded on at least 80% of the days over the past six months. Another criteria is that the particular Liquid Index ETF's impact cost over the past six months is less than or equal to one%.

 

"Positions limits for SLB in respect of ETFs shall be based on the assets under management of the respective ETF," it added.

 

Further, the regulator has introduced roll-over facility for lenders and borrowers in the SLB segment -- that pertains to short selling in the market.

 

Generally, short selling refers to selling of a stock that is not owned by the seller at the trading time. It can be done by retail and institutional investors.

 

According to SEBI circular, any lender or borrower who wants to extend an existing lent or borrow position shall be permitted to roll-over such positions.

 

With the latest move, a lender who is due to receive securities in the pay out of an SLB session can extend the period of lending. Similarly, a borrower can extend the period of borrowing.

 

"The roll-over shall be conducted as part of the SLB session," the circular noted.

 

However, SEBI has said that rollover would not be permitted for netting of counter positions -- netting between the borrowed and lent positions of a client.

 

"Roll-over shall be available for a period of three months i.e. the original contract plus two rollover contracts," it added.

 

SEBI has asked stock exchanges to take necessary steps for implementing the circular.

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RBI rules out introduction of Islamic banking in India

RBI governor said introduction of Islamic banking is not possible in the absence of a separate law, however, the central bank can look at other methods for channelizing funds from NRIs based on the principles of Islamic law

Kochi: Reserve Bank of India (RBI) Governor D Subbarao ruled out introduction of Islamic banking in the country but said other methods for channelizing funds based on the principles of Islamic law can be looked at, reports PTI.

 

"Islamic banking is not possible", he said, adding the central bank could look at other vehicles based on Islamic banking principles to channelize funds from non-resident Indians (NRIs).

 

Replying to a question on the issue, Subbarao said: "There are some legal problems. We have studied the issue. We appreciate the objectives behind the request. But there are some legal problems. It can be got around not through banking, but other vehicles".

 

He said that introduction of such banking was not possible in the absence of a separate law for Islamic banking.

 

The RBI chief further said the state Chief Minister Oommen Chandy had told him that there were several NRIs in the southern Indian state of Kerala who wanted to contribute to the development of the state and that there should be a mechanism for channelising their funds.

 

To questions on inflation, Subbarao said: "I will talk about inflation later. I will only say that our next mid quarter monetary policy review is on 18th December. Last policy review was on 30th October".

 

In view of the high inflation, the Reserve Bank in its last policy review refrained from reducing interest rates, though it did cut the Cash Reserve Ratio (CRR) by 0.25%, releasing Rs17,500 crore of primary liquidity into the system.

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