RBS appoints Khandelwal as credit services head

Khandelwal has over 10 years experience in the banking and financial services industry and he joins from IIFL where he was business head and senior vice-president, lending.

The Royal Bank of Scotland (RBS) appointed Abhishek Khandelwal as head of its credit services, private banking, in India. In this role, Khandelwal will oversee the delivery of a range of products like credit solutions. He will be based in Mumbai and will report to products and services head, Prateek Pant.

Khandelwal will initially be involved in the rollout of the offering across the country, following which he will be responsible for managing and further enhancing the credit product platform, Pant said in a statement.

On the development, private banking head Shiv Gupta said Khandelwal’s appointment represents further strengthening of our client proposition here.

Khandelwal has over 10 years experience in the banking and financial services industry and he joins from IIFL where he was business head and senior vice-president, lending. He had also earlier worked with DSP Merrill Lynch, and Kotak Mahindra Group.

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Essar moves SC over review of sales tax order

On 17 January 2012, the Supreme Court had set aside a Gujarat High Court judgement permitting Essar Oil to avail of a sales tax deferral benefit from the Gujarat government. Subsequent to the ruling, the state government asked Essar Oil to repay about Rs6,300 crore sales tax plus interest accrued

New Delhi: Essar Oil today said it has filed a petition in the Supreme Court seeking a review of the apex court’s decision setting aside a ruling of the Gujarat High Court that allowed the company to defer payment of sales tax to the state government, reports PTI.

In a press statement Essar said, “It has filed a petition in the Supreme Court seeking a review of the apex court’s decision relating to repayment of deferred sales tax.”

On 17 January 2012, the Supreme Court had set aside a Gujarat High Court judgement permitting Essar Oil to avail of a sales tax deferral benefit from the Gujarat government.

Sales tax due to be paid in instalments was about Rs6,300 crore as of December.

Subsequent to the ruling, the Gujarat government asked Essar Oil to repay about Rs6,300 crore sales tax plus interest accrued.

Essar Oil, which is 87% owned by London-listed Essar Energy Plc, has “already made provision for repaying part of the sales tax deferment liability. This liability has been assigned to a third party,” the company had stated on 31st January.

The company today said the Gujarat High Court in an earlier order had extended time to Essar Oil for commencing commercial production at the Vadinar Refinery, thus making the company eligible to avail of Gujarat state’s Capital Investment Incentive to Premier/Prestigious Unit Scheme, 1995-2000.

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25% do not think life insurance is important: IRDA study

The study which was conducted by Delhi-based NCAER at the behest of IRDA, suggested that private sector and the government should work together in public-private partnership mode to enhance awareness about the benefits of insurance, especially in the age group of 20-30 years

New Delhi: One out of every four people do not think that life insurance is important, reveals an Insurance Regulatory and Development Authority (IRDA) sponsored study, which also made a case for effective marketing to increase penetration, reports PTI.

The study which was conducted by Delhi-based think-tank NCAER at the behest of insurance regulator IRDA, suggested that private sector and the government should work together in public-private partnership (PPP) mode to enhance awareness about the benefits of insurance, especially in the age group of 20-30 years.

“(There is a) low propensity for life insurance whereby one-fourth of the households did not consider life insurance as important,” the study found.

It said that people, especially in rural areas, are not able to clearly comprehend the extent of coverage being offered under a particular insurance plan which results in low penetration.

“...the insurance companies or the regulatory authority need to step up efforts to improve the awareness levels across the country,” the study noted.

It also suggested different insurance packages for rural poor and urban populace and also highlighted the importance of micro insurance.

“Public policy should address insurance awareness needs of the people...” the study said, adding that a mass media awareness campaign would help reach out to the untapped market.

“It is essential that awareness creation interventions be undertaken targeting the 20-30 year age group...” it said.

As per estimates, insurance penetration in India dropped to 5.1% in 2010-11 fiscal, from 5.2% in 2009-10.

While life insurance penetration fell to 4.4% during the year, from 4.6%, general insurance sector saw an increase in penetration from 0.6% in 2009 to 0.7% in 2010.

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