Parliamentary Watch

No Plan to Merge General Insurers

The Government on Tuesday said there was no proposal as of now to merge public sector genera; insurance companies. There are four general Insurance companies—new Indian Assurance Company, National Insurance Company Limited (NICL), United Indian insurance Company Limited (UIICL) and Oriental Insurance Company Limited (OICL), said Minister OF State for Finance Bhagwat K Karad In a written reply to the Rajya Sabha.

Blockchain

To Foster Blockchain technology for financial services, Banks have put in place Indian Banks’ Blockchain Infrastructure Company Private Limited (IBBIC), Minister of state for finance Bhagwat Karad said. The Reserve Bank of Indian (RBI) has informed that it has been proactive in providing guidance for development of block-chain-based application.

Red Flags

The government on Tuesday Informed the Rajya Sabha that the banking regulator, Reserve Bank of Indian (RBI) has apprised that it was observed form a sample check of Risk Assessment Report (RAR) of Inspections for Supervisory Evaluation (ISE) 2020 cycle that supervisory concerns over related party transactions and non-maintaining of arm’s length principle were mentioned in the RAR of some public and private sector banks.

Mnrega Demand

Number of active workers under Mnrega stood at 15.11 crores both in 2021-22 and 2020-21 as against 15.03 crores in 2019-20, suggesting continued pressure on the rural employment guarantee scheme. In fact, the active job cards issued in 2021-22 are marginally higher at 9.81 crores compared to 9.45 crores in 2020-21 and 8.12 crores in 2019-20, minister of state for rural development Sadhvi Niranjan Jyoti said.  

Fuel Tax

The government’s mop-up from excise duty levied on petrol and diesel more than doubled to Rs. 3.72 lakh crore in the pandemic year 2020-21, out of which states were given less than Rs 20,000 crore, according to a reply by the government in the Rajya Sabha on Tuesday by Minister of State for Finance Pankaj Chaudhary. S-ET

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