ING Vysya Bank signs MoU with LIC for ePayments services

The initiative between the two institutions was taken on the back of a regulatory directive to LIC to use ePayments as a mode for making payments to policy holders

Private sector lender ING Vysya Bank (ING) has signed an agreement with Life Insurance Corporation of India for ePayments services for all LIC branches across the country.

ING Vysya Bank (ING) has signed a memorandum of understanding with LIC in this regard, the private lender said in a release issued. The initiative between the two institutions was taken on the back of a regulatory directive to LIC to use ePayments as a mode for making payments to policy holders. ING has made technology one of its core investment areas, as a result of which most of the transaction processing systems and electronic banking delivery channels have been built around evolving domestic payments and clearing systems.

Providing speedy, safe and convenient transaction processing environment has been the focal point of all the technological advancements of the bank, it added.

User

Greece, India, China & Thailand show greatest need for pension reform

The Allianz Global Investors Pension Sustainability Index showed that Greece is under the most pressure to reform

According to a study conducted by Allianz Global Investors Greece, India, China and Thailand show the greatest need for pension reform, though for different reasons. Increased levels of sovereign debt following the financial crisis have exacerbated the need for reform in many countries. Australia, in contrast, is ranked as the best prepared followed by Sweden, Denmark, New Zealand and the Netherlands.  

The Allianz Global Investors Pension Sustainability Index, which tracks the relative sustainability of national pension systems in 44 countries around the world, showed that Greece is under the most pressure to reform. Despite pension reforms initiated as a condition of the austerity packages from the International Monetary Fund (IMF) and European Central Bank (ECB), the retirement age in Greece is still low and public replacement rates (the percentage of a worker’s pre-retirement income paid out by the pension system upon retirement) are too high. However, the greatest challenge facing the Greek pension system is that its old age dependency ratio–the ratio of elderly people to people of working age–is well above the European average.

In contrast, in India and China, the issue is that pension coverage remains extremely low and adequate measures have not yet been implemented to improve this. Thailand takes the fourth ranking as it has sporadic pension coverage and an extremely low retirement age (55 years of age).

In Asia, comprehensive pension systems remain the exception rather than the rule and increasing the coverage of the pension system is still a challenge. The rankings of Asian countries in the Index have not changed significantly compared to earlier studies as they escaped the worse of the financial crisis and have experienced only minor increases in their debt to GDP ratio.

The Pensions Sustainability Index (PSI) analyses the current and future prospects of national pension systems looking at variables such as demographic developments, public finances and pension system design to capture in one figure the need for further pension reform.

User

2G case: CBI may file charge-sheet against some Essar officials

Attorney general GE Vahanvati has endorsed the stand of CBI director AP Singh for filing a charge-sheet against some of the officials of the Essar group for allegedly entering into a criminal conspiracy for securing 2G spectrum and also suppressing information

New Delhi: The Central Bureau of Investigation (CBI) may file a charge-sheet against some officials of Ruias-led multinational conglomerate Essar in the second generation (2G) spectrum case, a move for which attorney general GE Vahanvati has given his nod, reports PTI.

The CBI has claimed that Essar had more than 10% of cross-holdings in Loop Telecom which was against the norms, a charge denied by the two companies.

Sources privy to the development said that the attorney general (AG) has endorsed the stand of CBI director AP Singh for filing a charge-sheet against some of the officials of the Essar group for allegedly entering into a criminal conspiracy for securing 2G spectrum and also suppressing information.

The final decision in the matter would be taken by the CBI director after taking into account the opinion of the AG, its own prosecution director and Ministry of Corporate Affairs, which had said that Essar had less than 3% of shares in Loop Telecom, they said.

Essar has maintained that it had adhered to the rules and complied with the telecom guidelines.

The sources said CBI, whose stand has been backed by the AG, may file its last charge-sheet against some members of Ruia family and other officials of the Essar group for suppressing facts.

The CBI had approached the country’s top law officer after its prosecution department differed with its findings on cross-holding of shares of Essar in Loop Telecom in connection with the 2G scam, contending there is no ground for a case against it, the sources said, maintaining the agency has not the report so far.

The opinion of the agency’s Department of Prosecution (DoP) was similar to the one given by the corporate affairs ministry, which had given a clean chit to Essar, saying its shareholding pattern was 2.15%, less than the mandatory 10% when 2G licence was granted, they said.

The CBI, however, has alleged that the cross-holding of shares of Essar in Loop Telecom was over the prescribed 10%, a charge denied by both the companies.

The Registrar of Companies (RoC) in Mumbai has said, “The Essar Group, directly or indirectly, held only 2.15% of Loop Telecom as on 3 September 2007, i.e. the date on which the application was made to DoT for UAS licence.”

The RoC letter also said that the documents of the company do not substantiate ‘Associate’ relationship between “Essar Group and Khaitan Group” as alleged.

Several officials of the companies, including Prashant Ruia, have been quizzed by the CBI at length ever since the agency started its probe in the case.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)