Bank Employees News
08:13
Important Information Regarding Insurance Cover on Loss of Fixed Assets Provided to Officers
Important Information Regarding Insurance Cover on Loss of Fixed Assets Provided to Officers
Showing posts with label bank and Insurance. Show all posts
Showing posts with label bank and Insurance. Show all posts
Sunday, 8 October 2023
Sunday, 12 September 2021
retired bank employees
19:14
IBA Group Mediclaim-Transition of Members Covered Under Employees Policy to Retirees Policy
IBA Group Mediclaim-Transition of Members Covered Under Employees Policy to Retirees Policy
Thursday, 5 August 2021
Thursday, 18 March 2021
Bank Employees News
08:42
Revised scheme for Compassionate Appointment A long pending demand is achieved
Revised scheme for Compassionate Appointment A long pending demand is achieved
Circular No:34
Download Original Document
Monday, 9 September 2019
Thursday, 4 April 2019
Monday, 5 November 2018
Wednesday, 10 October 2018
Friday, 28 September 2018
public sector banks
17:51
Public Sector Bank's -Cross Selling Of Insurance And Mutual Fund Business
Public Sector Bank's -Cross Selling Of Insurance And Mutual Fund Business
Circular No:106
Source:AISBOF
Tuesday, 3 April 2018
retired bank employees
21:22
Superannuation Benefits to Retirees in the Banking Industry
Superannuation Benefits to Retirees in the Banking Industry
IMPROVEMENT IN SUPERANNUATION BENEFITS TO RETIREES IN THE BANKING INDUSTRY
Source:AISBOF
Thursday, 7 December 2017
Saturday, 21 October 2017
retired bank pensioners
08:27
Super Top Policy Of New India For Bank Retirees Target of 10000
Super Top Policy Of New India For Bank Retirees Target of 10000
Tuesday, 10 October 2017
State Bank of India
18:21
DEATH-CUM- ACCIDENT- CUM- RETIREMENT SCHEME: DARBS
DEATH-CUM- ACCIDENT- CUM- RETIREMENT SCHEME: DARBS
Source:SBSUCHENNAI
Sunday, 8 October 2017
central government
10:25
Suspicious Accounts Investigation in a time bound Manner -Government Of India
Suspicious Accounts Investigation in a time bound Manner -Government Of India
Government of India receives vital information from 13 Banks regarding the bank account operations and post-demonetization transactions of some of the 2,09,032 suspicious companies that had been struck off the Register of Companies earlier this year;
Investigative agencies have been asked to complete necessary investigation in a time bound manner.
In what is undoubtedly a major breakthrough in its fight against black money and shell companies, vital information has been received by the Government of India from 13 banks regarding the bank account operations and post-demonetization transactions of some of the 2,09,032 suspicious companies that had been struck off the Register of Companies earlier this year. It may be recalled that after being struck off, operation of the bank accounts of these 2,09,032 suspicious companies were restricted for discharge of their liabilities only.
These 13 banks have submitted their First Instalment of data. The data received from them pertains to merely about 5,800 companies (out of more than 2 lakh that were struck off) involving 13,140 accounts. This in itself is a revealing figure. Few of the companies have been found to have more than 100 accounts to their names. The highest grosser among these is a company having 2134 accounts, followed by others having accounts in the range of 900, 300 etc.
The data pertaining to the pre demonetization account balances and transactions conducted from the accounts of these companies during the demonetization period is even more startling.
It is informed that, after separating the loan accounts, these companies were having a meagre balance of Rs 22.05 crore to their credit on 8th November, 2016.
However, from 9th November, 2016 i.e. after the announcement of demonetization, till the date of their being struck off, these companies have altogether deposited a huge amount of Rs. 4,573.87 crore in their accounts and withdrawn an equally large amount of Rs 4,552 crore. With loan accounts, there was a negative opening balance of Rs 80.79 crore.
Disturbing factors have been identified of companies having multiple accounts with miniscule or negative balance as on 8th November, 2016 which have then deposited and withdrawn amounts going in several crores from these accounts. The accounts were thereafter again left as dormant accounts with paltry balance. As mentioned earlier, this exercise of swindling the authorities was carried-out post demonetization till the companies were struck off. In some cases, certain companies have gone more adventurous and made deposits and withdrawals even after being struck off.
For example, in one of the Bank, 429 companies having zero balance each as on 8th November, 2016 have deposited and withdrawn over Rs 11 crore and left again with a cumulative balance of just Rs 42,000 as at the date of freezing.
Similarly in the case of another Bank, more than 3000 such companies, most having multiple accounts, have been located. From having a cumulative balance of about Rs. 13 crore as on 8th November, 2016, these companies have deposited and withdrawn about Rs 3800 crore, leaving a negative cumulative balance of almost Rs 200 crore at the time of freezing of their accounts.
It needs to be re-emphasized that this data is only about 2.5% of the total number of suspected companies that have been struck off by the Government. The huge money game played by these companies may well be the tip of an iceberg of corruption, black money and black deeds of these and many more of their brethren.
The investigative agencies have been asked to complete necessary investigation in a time bound manner. The country and honest citizen may well look forward to a more cleaner tomorrow.
Source:PIBNEWS
Friday, 30 June 2017
ministry of Finance
07:44
GST: Bank and Insurance Companies
GST: Bank and Insurance Companies
From insurance premium to ATM transaction, banking will be expensive under GST
Ahead of the July 1 roll out of the Goods and Services Tax (GST), the government has repeatedly stated that the tax incidence on most goods and services will remain the same even if it does not come down. However, various sectors have raised concerns contrary to this claim.
One such area is of the financial services offered by banks and insurance companies, which are expected to pinch your pockets more under GST. Financial service charges include service charges on ATM transactions and Credit and Debit Cards, insurance premiums, EMI (Easy Monthly Installment) etc.
Under GST, financial services have been put under the 18 per cent slab, whereas currently customers pay 15 per cent service tax for them. Thus, a straight 3 per cent hike in your bills may be expected.
For example, if your annual premium for a Rs 1 crore term plan works out to Rs 25,000, GST will result in a tax burden of Rs 4,500, compared to Rs 3,750 currently.
Similarly, State Bank of India (SBI) charges Rs 50 plus service tax (15 per cent), for each withdrawal at banks beyond four free transactions. So, currently for withdrawing Rs 10,000, you need to pay a sum of Rs 1,550 ( Rs 1,500 as service charge plus Rs 50). Under GST, this transaction will attract a service charge of Rs 1,850.
Banks and insurance companies have already started to send out messages to its customers warning about the hike. SBI Card has sent SMS to its customers alerting about the higher incidence of tax.
"Important: The Government of India proposes to implement the GST which is likely to be effective from July 1, 2017. Consequently, the existing service tax rate of 15 per cent shall be replaced by a GST rate of 18 per cent," the SMS sent by SBI read.
An SBI official confirmed the same.
Banks like Standard Chartered and HDFC are also sending messages related to GST to their customers.
ICICI Prudential Life Insurance, in email messages to its customers, said premium payable on term policy and fund management charges on a Unit Linked Insurance Policy will attract 18 per cent GST post implementation of the new indirect tax regime.
GST is touted as the single biggest tax reform since India's independence in 1947 and is expected to add 2 per cent to India's GDP (gross domestic product). It aims to subsume the various central and state taxes that are currently levied on goods and services, bringing India under a uniform tax regime.
GST is set to be launched on the midnight of June 30 and July 1 by the President Pranab Mukherjee. Prime Minister Narendra Modi, Vice President Hamid Ansari, Lok Sabha speaker Sumitra Mahajan, members of Parliament and GST councils and chief ministers of all states have also been invited. Former Prime Ministers Manmohan Singh and H D Deve Gowda are also expected to grace the occasion.
Source:Times Of India
Friday, 9 June 2017
rural banking
18:12
Canara Bank to sell New India insurance products
Canara Bank to sell New India insurance products
Bengaluru: State-run Canara Bank on Friday signed an agreement with New India Assurance Company Ltd. to sell its general insurance products through bank branches in metros, tier-one and tier-two cities across the country. "Under the agreement, the state-run insurance firm will hard sell its various products to our customers through our 6,000-branch network across the country," the city-based bank said in a statement here. "A bouquet of products such as insurance for motor, home, health, travel, and commercial products like fire/marine/engineering insurance will be available through our branches," the bank said. The agreement was inked by the bank's General Manager Lalit Vaid and Bancassurance General Manager R.M. Singh here.
Source:Sify
Saturday, 22 April 2017
retired bank employees
07:53
SUBMISSION OF DOMICILIARY CLAIMS UNDER INSURANCE POLICY
SUBMISSION OF DOMICILIARY CLAIMS UNDER INSURANCE POLICY
NOTICE BASED ON INPUTS RECEIVED FROM UNITED INDIA INSURANCE COMPANY Received on 20-12-2016
We refer to above and reproduce below the modalities/ received from Insurance Company for submission of claims.
Claim form for Hospitalization is to be used for Domiciliary Treatment claims also. Claims under Domiciliary treatment for employees shall be on a monthly basis and for a particular month the same should be submitted to TPA on or before 15th of the succeeding month.
For Retirees it may be send to the TPAs Central Office or Local Office or if Banks decide so it may be send to Banks BO/RO/ZO who in turn to send to TPAs Office.
FOR OUR BANK, WE HAVE TAKEN A DECISION THAT CLAIMS OF RETIREES ALSO WILL BE SUBMITTED TO MEDICALINSURANCE CELL, HEAD OFFICE, BARODA
Prescriptions: - All domiciliary claims are to be supported with original prescriptions.
The validity of the prescriptions where time limits are not stated is 90 days from the date of issuance of prescription.
In case of prescriptions where the time limit is more than twelve months and for lifelong medicines, a re-validation shall be made on or before 12 months from the date of its issue
Self attested photo copies of prescriptions shall be accepted provided original is already submitted and stands within the above mentioned time limit. When photocopies are submitted a mention in the claim form having the original already
submitted (with month in which it was submitted) may be made for smooth processing.
FURTHER COMMUNICATION RECEIVED FROM UNITED INDIA INSURANCE COMPANY
This is further to communication dated 20/12/2016 on the above captioned Subject
The Original prescriptions and doctor’s letter are to be submitted wherever and
whenever it is possible. However If the employee requires the original prescriptions/doctor's letter for valid reasons photocopies shall be accepted subject to the following:-
1. In the photocopy of the prescription/doctor's letter, the employee has to declare the
reason for his retention and to sign.
2. It is to be attested as true copy by Banks Branch Head in Branches, Department Heads
in ZO/HO, or GMC Nodal Officer of the Bank at HO under proper Name, Designation and
Office Seal.
3. The prescriptions must specify the name of the disease/diagnosis. If it is not mentioned
on the prescriptions, the separate certificate or letter from the doctor is required.
Reiterate that the attestation shall be done under Name, Designation, office seal of
the Bank Official and without this the copies are invalid.
R N JANI
HEAD HR OPERATIONS
HEAD OFFICE
BARODA
10-01-2017
Source:Bank Of Baroda
Sunday, 26 March 2017
IRDA
15:38
GENERAL INSURANCE PREMIUM TO COST MORE FROM APRIL 1,2017
GENERAL INSURANCE PREMIUM TO COST MORE FROM APRIL 1,2017
NEW DELHI, MAR 26:
Car, motorcycle and health insurance will cost more from April 1 with regulator Insurance Regulatory and Development Authority of India (IRDAI) giving go-ahead to insurers for revision in commission for agents.
The change in premium after modification will be limited to +/ 5 per cent of the existing rates.
The increase will be in addition to the enhanced third party motor insurance rates, which too will come into affect from April.
The IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations, 2016 comes into effect from April 1, 2017.
The regulations, the regulator said, bring about certain revisions in commission/ remuneration rates and also introduce the reward system.
These may trigger insurers to revisit the pricing of their products in so far as the costing input relating to commission or remuneration is concerned, said the IRDAI.
However, the change in premium due to the new regulations should be “limited to +/-5 per cent of the existing premium rates of products/add-ons”, it said.
Further, insurers will have to give a certificate that there is “no detrimental change” in premium rates or any other provision of policies already sold.
Saturday, 18 March 2017
Assessing the Performance of Private Insurance Companies
Assessing the Performance of Private Insurance Companies
As per Insurance regulatory and Development Authority of India (IRDAI), the performance of private insurance companies are assessed through the following: -
i.)Analysis of the financial statements and corporate governance report of the insurance companies on annual basis.
ii.) Analysis of the statement of expenses of management and payment of commission on an annual basis.
iii.)Analysis of the unclaimed amount of policyholders on half-yearly basis.
iv.)Monitoring/review of the various returns filed by the insurance companies under the Public Disclosures.
v.)Compliance of the returns regarding the statutory auditors on an annual basis.
vi.)Analysis of the solvency returns filed by the non-life insurance companies on a quarterly basis.
vii.) Offsite monitoring is done on an ongoing basis, which includes review of various returns / reports filed Monthly, Quarterly, Half-yearly and Annually by all the insurance companies as per the provisions of the statute and the regulations. This includes among others, New Business Performance, Claims performance and Grievance Redressal.
viii.) The Authority carries out periodical onsite inspection of the insurers to examine the compliance of the insurers to various statutory and regulatory provisions. In case of any deviations / violations are noticed, appropriate regulatory actions are taken including directing the insurers to initiate corrective actions, wherever necessary.
ix.)The Authority also takes into cognizance any violations observed during the course of reviewing the complaints received from the customers and initiates suitable corrective measures wherever required.
Further, IRDAI publishes a comprehensive Annual Report containing the performance of both public and private sector insurance companies, various regulatory initiatives taken and the major trends of the Insurance Sector. This report is placed on the table of the Parliament every year. This report also contains the Regulatory actions taken against insurance companies.
The Insurance Laws (Amendment) Act, 2015 empowers IRDAI to initiate prosecution with fine and imprisonment upto 10 years for violation of insurance related legislations and also to initiate adjudication proceedings and levy penalties upto Rs.25 crore.
This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha on 17.03.2017.
Friday, 10 March 2017
TAXES
22:57
IRDAI CERTIFIED MORE FOREIGN RE-INSURERS
IRDAI CERTIFIED MORE FOREIGN RE-INSURERS
Seven foreign Re-insurers to set up branches in India
The Insurance Regulatory and Development Authority of India (IRDAI) has issued Certificate of Registration to Seven foreign Re-insurers to set up branches in India. The details are as follows:
1)MunchenerRuckversicherungs-GesellschaftAktiengesellschaft.
2)Swiss Reinsurance Company Ltd.
3) SCOR SE – India Branch
4) Hannover Ruck SE
5) RGA Life Reinsurance Company of Canada
6) Lloyd’s India Reinsurance Branch
7) XL Insurance Company SE, India Reinsurance Branch.
Government through the Insurance Laws (Amendment) Act, 2015, has allowed foreign re-insurers to open their branches in India.
As of now, GIC Re is the only re-insurer fully operational in India. Recently, IRDAI has issued Certificate of Registration to another reinsurance company “ITI Reinsurance Ltd.” to transact reinsurance business in India.
Government has no such proposal under consideration at present to reduce the taxes on the petrol and diesel.
This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.
