Insurance
Insurance : Fine Print

CBI Probes IRDA’s Paltry Penalty

 

On 23 July 2009, IRDA had imposed a penalty of Rs20 lakh on Reliance General Insurance. The product filed before IRDA for which the prior clearance of the regulator was obtained was Reliance Health Care Policy; instead, Reliance General Insurance introduced a product named Reliance HealthWise Policy. The insurer contended that the change in the...

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SC pulls up Centre and Delhi LG for delaying govt. formation in Delhi

The LG has obtained the President's assent to invite BJP to form the government, but the SC has agreed to hear AAP's petition on merit.

 

The Supreme Court has pulled up the BJP government at the Centre and the Delhi Lieutenant Governor for delaying the government formation process in Delhi. “We gave you enough time but nothing happened and you always make one statement or other on the day of hearing,” the SC said, slamming the Centre's role in the episode.

Since the AAP government fell in Delhi, the AAP had been demanding fresh elections, while the LG referred the matter to the President, so that he could invite the BJP to form the government with the current assembly.

Subsequently the AAP filed a petition with the SC asking the Court to direct the LG to recommend dissolution of the assembly and hold fresh elections in Delhi. TOI reported that the President had finally given the go-ahead to invite the BJP to form the government.

However, at today's hearing, the SC pulled up both, the Centre and the LG for delaying the process for over 5 months. "In a democracy, President's rule cannot go on forever," the SC said.

In criticising the LG's prevarication on the issue, the SC said, “LG should have taken his decision on government formation at the earliest and should not have taken 5 months’ time.”

Even as the Centre has informed the SC that the President has given his assent to the LG to invite the BJP to form government, the SC went on to say that it would hear AAP's plea on the merit of the issue.

AAP chief Arvind Kejriwal commented on the reports of the President's assent to the LG's proposal to invite the BJP, by tweeting that, “How will BJP form govt? They don't have nos. Why don't they just call elections?”

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SBI Bank Lowers Incentive for Senior Citizens

Interest rates offered by the State Bank of India (SBI) on fixed deposits (FDs) for senior citizens are the same as are available to regular depositors for a term of less than one year; senior citizens are getting no additional benefit. For FD, with a tenure of one year or more, senior citizens are getting only 0.25% higher rate when several other public sector and private banks offer an...

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