9 june 2001
jpc to take finance ministry, rbi to
new delhithe current joint parliamentary committee is piqued over the
non-implementation of the 1992 joint parliamentary committees action taken report
(atr) recommendations and plans to take the ministry of finance and the reserve bank of
india to task in its next sitting on june 12.
the committee has asked the rbi and finance ministry officials to explain why a scam
similar to the 1992 one broke out a decade later despite the earlier jpc explicitly
revealing the systemic gaps and failure of the rbis supervisory mechanism in
ensuring effective compliance by banks. the securities and exchange board of india (sebi)
which was just getting into place then, in 1992, however, would not be grilled by the jpc
as far as the implementation of the last atrs recommendations were concerned.
however, sebis laxity in monitoring the secondary markets during the current stock
scam would be probed in detail.
6 june 2001
dpc lenders to resume talks today in
mumbairepresentatives of idbi, icici, state bank of india (sbi) met on tuesday
to chalk out the strategy at the two-day meeting with offshore lenders and enron
the indian team was led by mr rs agarwal, the idbi executive director, along with the
other officials from other lending institutions including those from the sbi and icici.
apparently, the domestic fis, revived their efforts to convince dpcs offshore
lenders to maintain "restraint" to save the dabhol project.
the foreign lenders are expected to take a clear stand on wednesday.
enron india managing director k wade cline and dpc president neil mcgregor are likely to
participate in the second day of the meeting. the meeting was also attended by a
consortium led by abn-amro, citibank na, japan exim bank and opic.
5 june 2001
mediclaim policies terminated
mumbai-- state general insurance companies have terminated the loss-making mediclaim
policies issued under floater basis to large companies.
insurers say that now companies will have
to pay additional premium to make the cover "viable," if they want the policies
in a floater policy, a family is considered a
single unit and the risk coverage in terms of premium paid is calculated based on the
primary unit member, which means a family with any number of dependents pays just an
additional 10 per cent for every member in or even just a flat 10 per cent additional
premium for the entire group of dependent members.
the decision to discontinue policies issued
on floater basis was taken at a meeting of the general insurers (public sector)
association of india (gipsa) last month.
in cases where this was not possible due to
market pressure, it was decided that "floater loading for individual members of the
family should be arrived at after consultation with an actuary and should be complied with
uniformly by all the companies."
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