The group also recommended that a standard grading system for hospitals, based on the quality parameters should be prepared, and same grading can be used by PMJAY (Pradhan Mantri Jan Arogya Yojana ) and the private insurance market.
The PMC scam went undetected for around 11 years despite the RBI requiring all regulated entities — including cooperative banks — to submit details of transactions and accounts to it since February 2016.
The OD premium collection of insurers declined by 2.3 per cent to Rs 10,480 crore in August 2019 from Rs 10,724 crore in the same period of last year, according to the data available from the General Insurance Council.
The bank’s cosy relationship with realty firm HDIL goes much beyond this. PMC Bank virtually acted as the in-house banker of the company even when company was facing insolvency proceedings in the National Company Law Tribunal (NCLT).
Panic-stricken customers rushed to bank’s branches across the state and were unable to withdraw more than Rs 1,000. They had not been aware that the bank, which was under the supervisory glare of the RBI, was being milked by real estate players led by HDIL with the connivance of bank officials.
According to the RBI figures, the agri credit outstanding of Uttar Pradesh — the largest populated state — declined to Rs 91,628 crore in the year-ended March 2019 from Rs 97,707 crore in the previous year.
The IRDAI has allowed health insurers to effect a decrease in minimum and/ or increase in maximum premiums, and maximum entry age. Typically, the maximum age limit of health insurance policies filed is up to 65 years.
Finance Minister Nirmala Sitharaman Friday announced a new corporate tax rate of 22 per cent without exemptions and said the effective tax rate including surcharge and cess would now stand at 25.17 per cent.
As the NBFC sector is yet to adopt even the MCLR (marginal cost of funds based lending rate) system, the RBI is understood to be thinking of taking measures to slowly “graduate” the sector to some level before introducing the benchmark rate system in the sector.
Despite so many initiatives and schemes aimed at financial inclusion, only 40.90 per cent of SMF could be covered by the scheduled commercial banks (SCBs), the report submitted by the RBI panel has said.