No proposal to shift the insurance sector to a paperless model

The insurers issue the electronic policies only at the option of the policyholders thus the paperless model is unlikely to create inconvenience to the illiterate and rural population of remote villages

Insurance Regulatory and Development Authority (IRDA) has reported that there is no proposal to shift the insurance sector to a paperless model. The insurance companies could continue to issue paper insurance policies. However, where an insurer issues e-insurance policies, the company shall do so at the option of the policyholder by utilising the services of an insurance repository licensed by the Authority. All such insurance policies in electronic form shall be treated as valid insurance contracts. The objective of an insurance repository is to provide policyholders a facility to keep insurance policies in electronic form and undertake changes, modifications and revisions in the insurance policy with speed and accuracy to bring efficiency, transparency and cost reduction in the issuance and maintenance of insurance policies.

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No need for signature attestation for opening FDs, lockers: RBI

The RBI said that attestation by two witnesses would be needed in case the person uses thumb impression while opening fixed deposits or lockers

The Reserve Bank of India (RBI) asked banks not to insist on attestation of signatures of persons wanting to invest their funds in fixed deposits schemes or opening a bank locker.

The RBI, however, said that attestation by two witnesses would be needed in case the person uses thumb impression while opening fixed deposits or lockers.

“We further clarify that for various forms... only thumb impression(s) shall be attested by two witnesses. Signatures of the account holders need not be attested by witnesses,” RBI said in a notification.

The notification was being issued in view of the clarification sought by certain banks, RBI said, adding, “banks are advised to ensure strict compliance of the instructions”.

RBI has issued the notification after consulting the Indian Banks' Association.
The central bank, about a year ago, had received complaints that banks were insisting on attestation of signature by witnesses while it was required only for thumb-impression.

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R Sridhar named MD & CEO of Shriram Capital

Mr Sridhar will be taking over as the MD and CEO of Shriram Capital from 1 April 2012, for which he will have to relocate to Chennai

Shriram Transport Finance Company (STFC) said its managing director R Sridhar will be stepping down to take over as managing director and chief executive of the group holding company.

Mr Sridhar, who has been with STFC since 1985 and has risen through the ranks to become the MD, will step down with effect from 31 March 2012 and join Shriram Capital (SCL), a statement said.

He has been serving as the managing director of STFC since 2000 and the company grew under his leadership to become the largest vehicle financing company in the country. Mr Sridhar will be taking over as the MD and CEO of SCL from 1 April 2012, for which he will have to relocate to Chennai.

SCL is the apex holding company for financial services entities in the Shriram Group, the statement said, adding Shriram Ownership Trust holds 85% stake in the entity, while the rest lies with private equity major Texas Pacific Group.

In his new job, Mr Sridhar will be involved in group-level activities like strategic planning, capital markets relationships including banks, investment banks, private equity firms and rating agencies, it added.

“This move had been planned for several months to take advantage of the relationships Mr Sridhar has built with the financial community, regulators, media and others on a broader platform of Shriram Capital,” Shriram Capital chairman Arun Duggal said. Shriram will continue to serve on the STFC board as a group nominee, the statement said.

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