Insurance
MyInsuranceClub.com gets IRDA approval as online web aggregator

 

The presence of insurance web aggregators is a boon to the Indian customers, as they now have access to premiums of insurance policies from multiple companies in one place

Mumbai: MyInsuranceClub.com said it has got regulatory approval to compare premiums and features of insurance policies online, reports PTI.
 
"Being the first to receive this approval is a landmark event and we will now focus on providing a much improved and superior offering to the customer," MyInsuranceClub's chief executive Deepak Yohannan said in a release.
 
"Insurance Comparison is one big game changer that could have happened to the insurance space. User can easily compare premiums and then proceed to buy the policy online on the insurance company's website. It is safe and transparent," Yohannan added.
 
Online insurance aggregation is a big hit with consumers in many developed markets and there is no reason why consumers in India should not get the benefits of simple and accurate comparison of policies.
 
The presence of insurance web aggregators is a boon to the Indian customers, as they now have access to premiums of insurance policies from multiple companies in one place.
 
This platform helps customers to independently choose a product, which meets their preference of price, brand and policy benefits.
 
MyInsuranceClub is the flagship website of iGear Financial Services Pvt Ltd which was launched in late 2009.
 
The website solely focuses on comparison of insurance products and displays premiums, features and other product benefits for policies of life insurance, health insurance and car insurance three of the most popular products for retail customers.

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Maharashtra to provide loans to farmers through state co-op bank

 

Since the RBI has passed strictures against the district co-operative banks, the state government decided to provide loan to farmers through state co-operative bank

Mumbai: In a bid to ease hardships of farmers in seven districts of the state, the Maharashtra government has decided to step in and provide Rs578 crore through the state co-operative bank since the Reserve Bank of India (RBI) has passed strictures against the district co-operative banks, reports PTI.
 
State Co-operation Minister Harshvardhan Patil told the Legislative Assembly during a debate on the issue through a calling attention notice that Rs578 crore will be disbursed to the farmers in a week's time since district co-operative banks of Dhule and Nandurbar, Jalna, Osmanabad, Buldhana, Wardha and Nagpur have been barred from accepting deposits and disbursing loan by the RBI.
 
Responding to supplementary questions, especially from Leader of Opposition Eknath Khadse, Patil rejected the charge that the government had interfered in the action or inquiry against Board of Directors of the banks.
 
Patil said Rs841 crore out of the Rs1,354 crore allocated for crop loan have been disbursed to the farmers. The nationalised banks constituted Rs122 crore of the total loan provided.

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YV Reddy rules out stagflation for now

 

According to the former governor of RBI and the man who is credited with formulating policies that absorbed the shock emanating from global financial crisis, at present confidence among the industry and investors needs to be improved but that does not mean India is in 2008 crisis like situation

Mumbai: Dismissing fears of stagflation, YV Reddy, former governor of the Reserve Bank of India (RBI) said India is still one of the fastest growing large economies, reports PTI. 
 
"Where is the issue of stagflation? Though inflation is a concern but that does not mean that we are de-growing. We are still one of the fastest growing large economies," Reddy, who is credited with formulating policies that absorbed the shock emanating from 2008 global financial crisis, told PTI.
 
"There are issues facing the economy..." Reddy said, adding that some confidence boosting measures are needed.
 
"Yes, confidence among the industry and investors have to be improved. But that does not mean we are in 2008 crisis like situation," the former RBI governor, who is now the emeritus professor at the Central University of Hyderabad, said.
 
Reddy was in town for the launch a book containing the unpublished essays of the late RBI governor IG Patel, titled, "Of Economics, Policy and Development: An Intellectual Journey by IG Patel.
 
The book, launched by Governor D Subbarao at the RBI headquarters this evening, was edited by Reddy along with ex-RBI research director Deena Khatkhate and is published by the Oxford University Press.
 
Indraprasad Gordhanbhai Patel (November 11, 1924-July 17, 2005) was the 14th RBI governor and served a five-year tenure from December 1977 to 1982.
 
While 2011-12 GDP growth hit a nine-year low of 6.5%, a slew of financial institutions have significantly downgraded their growth forecasts for this fiscal as well, saying the Indian economy is facing a stagflation-like situation.
 
Speaking on the relevance of Patel's thinking Monday, Reddy said, the late governor was closely involved in the policymaking for nearly five decades and reading about him can help the current policymakers as his credo was pragmatism in all policy decisions.
 
When asked if the four-year-old crisis facing the global economy was a failure of economics or its practice by a greedy few, Reddy said the still lingering crisis arose because certain people began to think only in one particular way, which became the over-riding principle of economics.
 
When asked about his views on the RBI way is handling the crisis arising from the steep fall in the rupee, Reddy said, "we should make a distinction between countercyclical measures and monetary policies. The RBI has been for long following a policy of moderating volatility in the currency market." 
 
As a prescription for the Eurozone crisis, he said what is needed is a combination of fiscal and financial measures, apart from a political will to resolve the crisis.
 
"What is happening in the Eurozone is due to the absence of combined effort at the fiscal, financial and political fronts. Therefore, what is needed are some institutional changes. These are very important for the European economies to come out of the crisis." 
 
Going by the way things are moving in the Eurozone, the region may not even come out of the present crisis before 2014, Reddy said.
 
On what is the best tool to control inflation, the former RBI governor said, "inflation is not simply a monetary phenomenon, it also calls for prudential measures."

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