IRDA likely to allow automatic clearance of standard life insurance

The Insurance Regulatory and Development Authority (IRDA) is likely to come-out with a new policy giving automatic clearance to standard life insurance products and relax investment guidelines to encourage flow of funds into infrastructure sector, Minister of State for Finance, Namo NarianMeena said in a written reply to Lok Sabha. Read more

Employees of four banks unions go on strike

A section of public sector bank employees have gone on nation-wide strike to protest the Banking Laws (Amendment) Bill, partially affecting normal banking operations in some banks. Employees of four bank unions participating in strike are from All India Bank Employees Association (AIBEA), Bank Employees Federation of India (BEFI), All India Bank Officers’ Association (AIBOA) and National Union of Bank Employees (NUBE). Read more

Insurance Bill likely in current session: Government

The government is likely to introduce amendments to the Insurance Bill in the current session for raising FDI cap in private sector insurance companies to 49 per cent, Parliament was informed. “…the official amendments to the (Insurance) Bill is likely to be introduced in the current session of Parliament. Read more