“The maximum value of prepaid semi-closed m-wallet shall not exceed Rs50,000,” a RBI notification said
Relaxing the norms for making payments using mobile phones, known as m-wallet, the Reserve Bank of India (RBI) decided to increase the limit of money-loading to Rs50,000 from the existing limit of Rs5,000 on 4th May.
"The maximum value of such prepaid semi-closed m-wallet shall not exceed Rs50,000," a RBI notification said.
Leading mobile operators Bharti Airtel and Vodafone had tied up with SBI and ICICI Bank respectively to offer such facilities to their subscribers.
The central bank has also decided to treat semi-closed mobile wallet on par with the other semi-closed prepaid instruments.
In the semi-closed mobile wallet, money can be loaded into your cell phone from a licensed company which can be used to make payments. But it can't be used to withdraw money.
The semi-closed system payment instruments are redeemable at a group of clearly identified merchant locations or establishments. These instruments do not permit cash withdrawal or redemption by the holder.
"Keeping in view the need to facilitate the larger acceptance of mobile phone based prepaid instruments as a mode of payment, it has now been decided to bring semi-closed mobile wallet on par with the other semi-closed prepaid instrument," it said.
Those using other semi-closed system payment instruments were already enjoying the upper limit of money value of Rs50,000.
M-wallet can be used for various services like payment of utility bill including electricity, water telephone or mobile phone, insurance premium, cooking gas payments, ISP for internet or broadband connections, cable or direct to home (DTH) subscriptions and citizen services by government.
Bharti AXA, which already has a branch in Kochi, will open a second one in Kozhikode in October this year
Bharti AXA General Insurance Company said it is targeting first premium business of Rs800 crore nationally this calendar year.
Last year, Bharti AXA had collected Rs500 crore, Sanjay Radhakrishnan, senior vice president, head-corporate and alternate distribution, said.
Bharti AXA General Insurance is a joint venture between Bharti Enterprises and AXA, a world leader in financial protection. The company was looking at business of Rs250 crore from South India this year.
Right from its inception, first premium business in South India amounted to Rs230 crore from 1.6 lakh policies, he said.
The company also aims to further deepen its penetration in the SME segment across Kerala, Manoj Nair, zonal VP-South, said.
It was offering 'packaged policies' targeted at shopkeepers, the hospitality segment and small scale industries.
These are not only cost-competitive, but also significantly reduce the hassles associated with procuring of insurance policies through instant and on the spot issuance of pre-underwritten products.
Bharti AXA, which already has a branch in Kochi, will open a second one in Kozhikode in October this year. The two branches, along with six spoke locations, will serve the SME segment across Kozhikode, Thiruvananthapuram, Kollam, Kottayam, Thrissur, Malappuram, Palakkad, Kannur and Kasaragod districts.
The company also plans to increase its headcount by 50% and build its business to about Rs15 crore in Kerala by December this year from the present 7.4%.
Senior advocate and former Union law minister Ram Jethmalani filed a bail plea on her behalf contending that she "has no role, whatsoever, in the scam." He contended that apart from having a 20% stake in Kalaignar TV, she does not have any role in running its day-to-day affairs
New Delhi: Tamil Nadu chief minister M Karunanidhi's daughter and DMK MP Kanimozhi today appeared before a special court, responding to summons for her alleged involvement in the second generation (2G) spectrum allocation scam and sought bail on grounds of being a woman, reports PTI.
43-year-old Ms Kanimozhi appeared along with Kalaignar TV managing director Sharad Kumar, another accused in the case.
The third accused, Cineyug Films director Karim Morani, who too had been summoned, however, sought exemption from appearance on medical grounds.
Ms Kanimozhi was accompanied to court by several party leaders, including DMK MP TR Baalu.
Soon after the court proceedings began, senior advocate and former Union law minister Ram Jethmalani filed a bail plea on her behalf contending that she "has no role, whatsoever, in the scam."
He contended that apart from having a 20% stake in Kalaignar TV, she does not have any role in running its day-to-day affairs.
She is neither a board member nor had attended any board meeting of the channel, said Mr Jethmalani, adding that being a woman she deserves to be granted bail.
As Mr Jethmalani argued for her, Ms Kanimozhi looked calm and composed. The argument on her bail plea, besides proceedings relating to other accused, who appeared in the court were continuing.