Only four of the 29 firms permitted by the Insurance Regulatory and Development Authority of India are marketing such fixed benefit policies and that too on a limited scale, as the new virus’ impact on humans and expenses to treat are completely out of sync with most models that insurers have, said people familiar with the developments.
"It's an honour to have been given this opportunity. I'd urge all of us to make the most of it and help the government in this gargantuan effort that it is making to ensure minimum disruption to our life," Aditya Puri, its Managing Director said.
The largest private sector lender has reported a 7.41 per cent increase in aggregate deposits during the January-March period to Rs 11.46 lakh crore, which was 24 per cent higher as compared to March 31 last year.
New Delhi may need to make a provision of at least 200-250 billion rupees ($5.90 billion) for capital infusion in state-run banks. However, this number can increase significantly as the situation evolves, the officials said.
Many banks have reduced their repo linked lending rates following the Reserve Bank of India's (RBI) recent decision to cut repo rate by 75 basis points. BoM further said it will also reduce its marginal cost of funds based lending rates (MCLR) across all tenors up to 25 basis points from April 7.
The Mumbai-headquartered lender said it would extend one month gross salary in form of an interest free loan, not exceeding Rs 1 lakh, to all serving employees including those are in probation. Besides, employees will get one day special leave for every six days they work during the lockdown period.
“The Government should not lose sight of the plight of these unsung warriors of the economic ecosystem of our country who toils hard at every occasion to power our economy and build our nation. I request the Government to ponder over the issue with alacrity," he All India Bank Officers’ Confederation statement read.
Announcing the Pradhan Mantri Garib Kalyan Yojana (PMGKY) in view of the ongoing 21-day countrywide lockdown due to the coronavirus outbreak, Finance Minister Nirmala Sitharaman had said on March 26 that ex-gratia payment of Rs 500 would be credited to women Jan Dhan account holders for the next three months, starting from April.
In the plea filed through his lawyer Subhash Jadhav, he claimed that he was suffering from chronic immunodeficiency syndrome, which causes recurrent lung, sinus and skin infections.
"CERT-In has received several reports about fake UPI IDs, which are similar to the UPI ID used by the 'Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund," the cyber watchdog said. CERT-In said that pmcares@pnb, pmcares@hdfcbank, pmcare@yesbank, pmcare@ybl, pmcare@upi, pmcare@sbi and pmcare@icici are fake ids.
The HDFC Group's support to the PM Cares Fund is to commend the exemplary efforts of the Central & State governments, armed and paramilitary forces, local police, healthcare professionals and sanitation workers across the country, who are working tirelessly day in and out to fight the pandemic," HDFC Ltd chairman Deepak Parek said in a statement.
The merger of PNB with OBC and UBI has created the country's second largest state-owned bank with Rs 7.7 lakh crore advances. OBC chief executive Mukesh Kumar Jain, who is now in PNB will be retiring in July. UBI chief executive Ashok Kumar Pradhan will be retiring at the end of May from PNB.
Private sector lender Axis Bank has offered its customers to opt for the loan moratorium if they face problem is keeping their EMIs running, in line with actions of its peers.