ING Life Insurance, AISECT to offer premium collection services

AISECT has launched a portal to record the ING Life transactions being done across AISECT Centres

Bangalore-based ING Vysya Life Insurance Company Ltd has tied up with AISECT, India’s leading education, training, services & e-governance network to provide people living in remote areas in India access to life insurance. As per the alliance, AISECT will provide services of renewal premium collection to customers of ING Life Insurance. AISECT has also launched a portal to record the ING Life transactions being done across AISECT Centres.

In the initial phase, the collection services will be available in 6 cities that include Rewa (MP), Satna (MP), Morena (MP), Rajkot (Gujarat), Ballia (Uttar Pradesh) and Haldwani (Uttrakhand). Over the next few years, these services will be extended to all 8,500 centres of AISECT which are located across 27 states and 3 union territories.  

AISECT’s CMD Santosh Kumar Choubey said, “So far, large segments of rural India don’t have access to banking and financial services because of the long distances and poor distribution. Our aim is to make financial services easily available to people anywhere and anytime. With our immense rural and semi-urban network, we are well poised to launch offerings which provide people insurance cover for a secure future”.

The organization, through its multi-purpose centers, offers numerous services including corporate training, rural placements, BPO services and distribution services. Moreover, while working as a National Business Correspondent (BC) as well as a Business Facilitator (BF) for SBI under the Financial Inclusion Scheme, AISECT is already making banking services accessible at the grass root level. By next year, through strategic alliances with other insurance companies, AISECT plans to offer insurance services across all its centers.

Ashwin B, chief operating officer, ING Life Insurance said “The tie-up with AISECT will help existing policy holders of ING Life Insurance pay their renewal premiums at any of the AISECT network centres. AISECT’s well-established network in the smaller towns of India will make it convenient for our customers to pay premiums on time.”

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NBFCs seek different capital adequacy norms

The RBI panel headed by former deputy governor Usha Thorat had recommended that NBFCs should have tier-I capital adequacy ratio of 12% against 7.5% now

Non-banking financial companies (NBFC) have sought different capital adequacy norms for different categories of players against the present system of fixing a fixed ratio for all companies.

“We asked different regulations for different NBFCs. Those who are averse to risk, can have different CRAR (Capital to Risk Weighted Assets Ratio) while AFC(asset finance company) and IFC (infra finance company) can be put in a different category,” director general of finance Industry Development Council, Mahesh Thakkar told reporters after the pre-policy consultation with RBI.

Earlier, the RBI panel headed by former deputy governor Usha Thorat had recommended that NBFCs should have tier-I capital adequacy ratio of 12% against 7.5% now.

It had also prescribed that only NBFCs with asset book of Rs50 crore and above should be registered with the regulator. “The Rs50 crore limit should go and CRAR should be retained at 7.5%,” Thakkar said.

Meanwhile, talking about performance of NBFCs, he said most of the companies grew 15%-20% during last fiscal on the back of good performance in the last six months. “Though first six months were bad, in the last six months business picked up across NBFCs and the growth rate was positive,” he said.

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CIL gets Presidential directive to commit fuel to power cos

“The government decided to sign the FSAs with 80% commitment. That is why the directive was issued,” Coal Minister Sriprakash Jaiswal said

Cracking a whip, the government issued a Presidential directive to Coal India to sign fuel supply agreements (FSAs) with the power producers assuring them of at least 80% of the committed coal delivery. The directive has been given to the PSU, as it did not meet the deadline of 31 March 2012, set by the Prime Minister's Office for Coal India Ltd (CIL) to enter into agreements with power producers which were facing fuel crunch.

“Government has this power reserved so that whenever there is an emergency then that power can be used. As we saw an emergency, there was a commitment by Coal India. Therefore, the government decided to sign the FSAs with 80% commitment. That is why the directive was issued,” Coal Minister Sriprakash Jaiswal told reporters.

He said it would not take more than two-three days for the CIL to sign the FSAs with the power producers. However, the crucial clause of penalty on CIL in the case of its failure to meet 80% fuel supply commitment, has been left to the PSU board, the minister said.

"It is for Coal India to decide (penalty).They have full freedom (on it)," he said.

The directive comes in the wake of resistance from some of the independent directors of CIL to agree to penalties. It is perhaps only the second time that the government has resorted to this option to force the Maharatna PSU agree to its directive.

The government had issued Presidential directive to state-owned gas utility GAIL India Ltd in 2005 insisting on a particular technology for laying the Rs1,800 crore Dahej-Uran pipeline.

While the power producers welcomed the decision, analysts feel the Rs50,000 crore CIL may stand to lose heavily in case it falters on its commitment to supply fuel to the energy firms.

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