Banks can now offer their customers policies from
a host of life and non-life insurance companies with the government notifying
regulations for licensing of banks as insurance brokers.
Until now, brokers had to be dedicated
intermediaries for insurance distribution. The new regulation allows this
business to be carried departmentally within a bank.Banks have played a huge
role in generating business for life insurance companies that are part of the
group. HDFC Bank, for instance, generates over half the business for its life
insurance associate HDFC Standard Life. In fiscal 2013, HDFC Bank received Rs
472.23 crore as commission from HDFC Standard Life with an additional Rs 76.2
crore receivable from its life insurance associate.
Housing finance companies and infrastructure
finance companies will get higher funding from the insurance companies as the
sector regulator IRDA has relaxed investment norms for these firms.
"The investments in the debt instruments issued by housing finance
companies as specified in the investment regulations shall not be included
under the exposure to financial and insurance activities," Insurance
Regulatory and Development Authority (IRDA) said in a notification.
Royal Bank of Scotland (RBS) has agreed to sell its business banking, credit cards business and mortgage portfolio to Kolhapur-basedRatnakar Bank, one of the smallest private lenders in India. The deal will result in 1.2 lakh customers of RBS, one of the world's largest banking groups till 2008, moving to Ratnakar Bank, which until recently had customers largely in and around Western Maharashtra.
Eminent Scientist Vinod Prakash Sharma was
presented this year’s Gujar Mal Modi Award for Science and Technology on
Friday. Dr. Sharma has been felicitated for his outstanding contribution in the
field of basic and applied research of Malaria and Vector Biology. He received
a cash prize of Rs 2.01 lakh, a scroll of honour and a silver shield.
The Gujar Mal Modi Innovative Science and
Technology Award was instituted in 1988 in the memory of industrialist Rai
Bahadur Gujar Mal Modi. It is given each year to a person who has demonstrated
the qualities of excellence and innovation through outstanding research and for
providing leadership in the development and promotion of science and technology
in India.- Staff Reporter
Indian
Police Wrestlers won five gold medals on 5 August 2013 (the fifth day) in the
World Police and Fire Games in Belfast, England. Apart from this the Wrestling
team that comprise of seven members also secured four silver and three bronze
medals in the game. The World Police and Fire Games started on 1 August 2013
and will end on 10 August 2013.
Winners in different categories
• In the free-style category – Laxmi Narayan of Border Security Force won a gold medal in the 60kg category and Manoj Kumar from CRPF won silver in the same class.
• Haryana Police's Naveen Mor won a gold in 96 kg category
• Jitender Kumar bagged a silver medal in 74 kg category.
• In the 84 kg free-style, Surajbeer Singh of Punjab police won a bronze
• Vikramjit Singh of CRPF took the bronze in the 96 kg category –
Winners in different categories
• In the free-style category – Laxmi Narayan of Border Security Force won a gold medal in the 60kg category and Manoj Kumar from CRPF won silver in the same class.
• Haryana Police's Naveen Mor won a gold in 96 kg category
• Jitender Kumar bagged a silver medal in 74 kg category.
• In the 84 kg free-style, Surajbeer Singh of Punjab police won a bronze
• Vikramjit Singh of CRPF took the bronze in the 96 kg category –
The
International Energy Agency (IEA) on 9 August 2013 in its monthly oil market
report issued a warning that oil supplies from the Organization of Petroleum
Exporting Countries (OPEC) may decline because of the conditions prevalent in
Libya and Iraq. Apart from this IEA also gave its forecast that the global oil
demand by end of 2013 reach up to 29.8 million barrels per day.
The estimation was made based on the expectation that the oil demand will increase by around 200000 barrels per day in 2013.
The report of the agency also made a prediction that in 2014, the growth in demand of the Iraqi and Libyan oil will go down by around 100000 barrels per day and would reach a mark of 1.11 million barrels a day.
The report has highlighted that the protests in Libya has helped the production of oil to fall by 400000 barrels per day in the first week of August 2013, as compared to 1 million barrels per day in July 2013. Whereas, for the first time the oil supply in Iraq has gone down below 3 million barrels per day over a period of five months in July 2013. This happened following the attacks on the major pipelines. The report also stated that the infrastructure development works being undertaken in Iraq may hit the output production and allow it to fall by another 500000 barrels per day in September 2013.
Apart from all this, the report from the agency also highlighted that the oil output of Saudi Arabia has also gone up to its highest point in a year. It says that strong supply growth from non-OPEC producers could lessen the supply issues forced from the OPEC supply issues.
Organization of Petroleum Exporting Countries (OPEC)
OPEC is a permanent intergovernmental organization of 12 oil-exporting developing nations that coordinates and unifies the petroleum policies of its Member Countries. The OPEC Secretariat is the executive organ of the Organization of the Petroleum Exporting Countries (OPEC). Located in Vienna, it also functions as the Headquarters of the Organization, in accordance with the provisions of the OPEC Statute.
OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were the Founder Members of the Organization and later the group was joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007).
These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007). At present Gabon and Indonesia is not the member of the group as they terminated their membership in 1995 and 2009 respectively.
The estimation was made based on the expectation that the oil demand will increase by around 200000 barrels per day in 2013.
The report of the agency also made a prediction that in 2014, the growth in demand of the Iraqi and Libyan oil will go down by around 100000 barrels per day and would reach a mark of 1.11 million barrels a day.
The report has highlighted that the protests in Libya has helped the production of oil to fall by 400000 barrels per day in the first week of August 2013, as compared to 1 million barrels per day in July 2013. Whereas, for the first time the oil supply in Iraq has gone down below 3 million barrels per day over a period of five months in July 2013. This happened following the attacks on the major pipelines. The report also stated that the infrastructure development works being undertaken in Iraq may hit the output production and allow it to fall by another 500000 barrels per day in September 2013.
Apart from all this, the report from the agency also highlighted that the oil output of Saudi Arabia has also gone up to its highest point in a year. It says that strong supply growth from non-OPEC producers could lessen the supply issues forced from the OPEC supply issues.
Organization of Petroleum Exporting Countries (OPEC)
OPEC is a permanent intergovernmental organization of 12 oil-exporting developing nations that coordinates and unifies the petroleum policies of its Member Countries. The OPEC Secretariat is the executive organ of the Organization of the Petroleum Exporting Countries (OPEC). Located in Vienna, it also functions as the Headquarters of the Organization, in accordance with the provisions of the OPEC Statute.
OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were the Founder Members of the Organization and later the group was joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007).
These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007). At present Gabon and Indonesia is not the member of the group as they terminated their membership in 1995 and 2009 respectively.
The world
observed the International Day of the World's Indigenous People on 9 August
2013. The theme selected for the year 2013 is Indigenous peoples building
alliances: Honouring treaties, agreements and other constructive arrangements.
The theme aims to highlight the importance of honouring arrangements between States, their citizens and indigenous peoples that were designed to recognize indigenous peoples' rights to their lands and establish a framework for living in proximity and entering into economic relationships. Agreements also outline a political vision of different sovereign peoples living together on the same land, according to the principles of friendship, cooperation and peace. –
The theme aims to highlight the importance of honouring arrangements between States, their citizens and indigenous peoples that were designed to recognize indigenous peoples' rights to their lands and establish a framework for living in proximity and entering into economic relationships. Agreements also outline a political vision of different sovereign peoples living together on the same land, according to the principles of friendship, cooperation and peace. –
The data
released by Reserve Bank of India (RBI) on 9 August 2013 revealed that the
Foreign exchange reserves of India have fallen by 2.995 billion US dollars to
277.167 billion US dollars in first week of August 2013.
As per the data released, the foreign currency assets, a major component of the forex reserves, have dropped by 2.155 billion US Dollars to 249.895 billion US dollars, while gold reserves have dropped by 808.5 million dollars at 20.747 billion dollars in the first week of August 2013.
The report also stated that the country's reserve position with the International Monetary Fund (IMF) has also gone done by 10.7 million US dollars to 2.171 billion US dollars.
As per the data released, the foreign currency assets, a major component of the forex reserves, have dropped by 2.155 billion US Dollars to 249.895 billion US dollars, while gold reserves have dropped by 808.5 million dollars at 20.747 billion dollars in the first week of August 2013.
The report also stated that the country's reserve position with the International Monetary Fund (IMF) has also gone done by 10.7 million US dollars to 2.171 billion US dollars.
Veddas,
the tribal community of Sri Lanka was felicitated on 9 August 2013 by Mahinda
Rajapaksa, the President of Sri Lanka on the occasion of the World Indigenous
Peoples Day. The President felicitated them in the Adhivaasi Commemoration
Ceremony held in Dehiatta Kandiya of Ampara District in the Eastern Province of
Sri Lanka.
About Vedda Community
Adhivaasi culture of the aboriginal people of Sri Lanka is traditionally called as the Vedda community. It is a small community in the country that is under threat of losing its identity and faces challenges of coping with a modernizing world. Their original language is also called Vedda.
About International Day of the World's Indigenous People
The International Day of the World's Indigenous People (9 August) was first proclaimed by the General Assembly in December 1994, to be celebrated every year during the first International Decade of the World's Indigenous People (1995 – 2004).
About Vedda Community
Adhivaasi culture of the aboriginal people of Sri Lanka is traditionally called as the Vedda community. It is a small community in the country that is under threat of losing its identity and faces challenges of coping with a modernizing world. Their original language is also called Vedda.
About International Day of the World's Indigenous People
The International Day of the World's Indigenous People (9 August) was first proclaimed by the General Assembly in December 1994, to be celebrated every year during the first International Decade of the World's Indigenous People (1995 – 2004).
The Union
Cabinet on 9 August 2013 approved the proposal for establishment of a New Media
Wing in the Ministry of Information and Broadcasting. The new wing would be
responsible for publicizing Government’s Initiatives through Multiple Social
Media platforms and address the communication and dissemination requirements of
the Government on social media platforms. It will also integrate the
communication tools vertically and horizontally via these platforms.
The proposal for establishment of New Media Wing has been drawn on the basis of the experience of the initiative undertaken by the Ministry on a pilot basis to position itself on the social media platforms such as Youtube, facebook and Twitter.
A senior officer of Joint Secretary Level will be the head of this New Media Wing and it will be operational under his overall supervision, direction and guidance. The wing will be provided with the administrative and operational support from the Media Unit under the Ministry and i.e. Research Reference & Training Division.
The new wing will be developed would cost the exchequer an amount of 22.5 crore rupees during the 12th Five Year Plan (1012-17). The proposal was approved by the CCEA under Development Communication & Information Dissemination plan scheme of the Ministry of Information and Broadcasting.
The proposal for establishment of New Media Wing has been drawn on the basis of the experience of the initiative undertaken by the Ministry on a pilot basis to position itself on the social media platforms such as Youtube, facebook and Twitter.
A senior officer of Joint Secretary Level will be the head of this New Media Wing and it will be operational under his overall supervision, direction and guidance. The wing will be provided with the administrative and operational support from the Media Unit under the Ministry and i.e. Research Reference & Training Division.
The new wing will be developed would cost the exchequer an amount of 22.5 crore rupees during the 12th Five Year Plan (1012-17). The proposal was approved by the CCEA under Development Communication & Information Dissemination plan scheme of the Ministry of Information and Broadcasting.
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