IRDAI to Introduce ‘Bima Vahaks’ to Expand Insurance Force
IRDAI
to Introduce ‘Bima Vahaks’ to Expand Insurance Force
Why In News
To
enhance the insurance force in India, the Insurance Regulatory
and Development Authority of India (IRDAI) will soon introduce "Bima
Vahaks" in each gram panchayat.
Key Points
To
enhance the insurance force in India, the Insurance Regulatory
and Development Authority of India (IRDAI) will soon introduce “Bima Vahaks” in
each gram panchayat. Each Gram Panchayat will have a ‘Bima Vahak’ who would be
tasked to sell and service simple parametric bundled insurance products, Bima
Vistar, covering health, property, life and personal accident.
There
is a large section of the population which is missing the facilities of
financial aid and insurance. About 30 per cent of the eligible population, the
‘missing middle‘, are deprived of health insurance solutions.
50
per cent of vehicles are uninsured, and the coverage of property insurance is
minuscule. The MSMEs are not adequately covered. This huge protection gap needs
to be bridged.
The
development of the insurance sector is not complete without reach to all
sections to the population, the exclusion of those in the bottom of the pyramid
and targeting the upper-income strata would result in development objectives
going askew in the long run.
The
insurance companies have adopted a state each and with the help of state
governments are looking to develop state-level insurance plans. Much like what
has been done in the banks.
There’s
arguably a case for having differentiated operations which cater to niche
sectors, the same way we have NBFCs and microfinance institutes in lending.
There
is a big protection gap in the country, and it was an “urgent need” for
insurance companies and caregivers to collaborate and ensure wider coverage.
Reliance Acquires Metro AG’s India Business for Rs 2,850 Crore
Reliance
Acquires Metro AG’s India Business for Rs 2,850 Crore
Why In News
Reliance
Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Ltd signed
definitive agreements to acquire 100 percent equity stake in Metro Cash and
Carry India Pvt Ltd.
Key Points
Reliance
Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Ltd signed
definitive agreements to acquire 100 percent equity stake in Metro Cash and
Carry India Pvt Ltd, which operates under the ‘Metro India’ brand, for a cash
consideration of Rs 2,850 crore.
Significance of This
Acquisition:
Through
this acquisition, Reliance Retail gets access to a wide network of METRO India
stores located in prime locations across key cities, a large base of registered
kiranas and other institutional customers, strong supplier network and some of
the global best practices implemented by METRO in India. The acquisition will
further strengthen Reliance Retail’s physical store footprint and ability to
better serve consumers and small merchants by leveraging synergies and
efficiencies across supply chain networks, technology platforms and sourcing
capabilities.
Metro India:
Metro
India, a wholly owned subsidiary of Mero AG, started operations in India in
2003 as the first company to introduce cash-and-carry business format in the
country and now runs 31 large format stores across 21 cities with about 3,500
employees. The multi-channel B2B cash-and-carry wholesaler has a reach to over
3 million B2B customers in India and 1 million of them are frequent buyers
through its store network and eB2B app.
Metro
India serves kiranas and other small businesses and merchants. In the financial
year 2021-22 (FY ended September 2022), the company generated sales of Rs 7,700
crore, its best sales performance since its market entry into India.
A book titled “Forks in the Road: My Days at RBI and Beyond” by C. Rangarajan
A
book titled “Forks in the Road: My Days at RBI and Beyond” by C. Rangarajan
Why In News
C
Rangarajan authored a book titled “Forks in the Road: My Days at RBI and
Beyond”. It was published by the Penguin Business (Penguin Group).
Key Points
C
Rangarajan authored a book titled “Forks in the Road: My Days at RBI and
Beyond”. It was published by the Penguin Business (Penguin Group). The book is
the memoir of Dr C. Rangarajan, an Indian economist, a former Member of
Parliament, and the 19th Governor of the Reserve Bank of India (RBI). It
discusses India’s transition from its post-independence planning era to the
present times. The book is divided into 3 parts. Part 1- ‘RBI and Planning
Commission’, Part 2-‘Governor of RBI’ and Part 3- ‘Beyond RBI’.
Essence of the book:
In
this book, the veteran economist and policymaker provides a captivating account
of his professional journey, starting with his purely accidental entry into the
RBI in 1982. Rangarajan, regarded as one of the tallest figures in the history
of India’s economic reforms, provides crucial insights into the role he played
as part of the team which initiated far-reaching reforms in India’s economy in
the early 1990s.
The
path-breaking reforms that he implemented during his tenure as governor of RBI
included deregulation of interest rates, strengthening of the banking system by
a gradual tightening of prudential norms, creation and nurturing of financial
markets, giving them depth and vibrancy, shifting to market-determined exchange
rates, making the rupee convertible on the current account and the cessation of
automatic monetization of budget deficit.
Rangarajan
describes the key events between 1982 and 2014, particularly in the areas of
money and finance, explaining not only what happened but also the motivations
and processes behind them. As a public figure and an architect of economic
change in India, he also ruminates about his interactions with both political
and economic actors. Forks in the Road is not only a memoir of a man who shaped
India’s economy and positively impacted the lives of many, but also a
fascinating account of India’s growth story. It is a description of what we did
and what we did not, and where we succeeded and where we failed.
Amrit Bharat Station Scheme: Ministry of Railways to renovate 1,000 small stations
Amrit
Bharat Station Scheme: Ministry of Railways to renovate 1,000 small stations
Why In News
The
Ministry of Railways has developed a new scheme to modernize over 1000 small
stations over the coming year.
Key Points
The
Ministry of Railways has developed a new scheme to modernize over 1000 small
stations over the coming year. The stations will be equipped with facilities
inspired by the mega-upgradation of marquee stations. This scheme will be a
part of the Ministry of Railways Station Redevelopment Drive and Amrit Bharat
Station Scheme.
The
stations will include provisions for rooftop plazas, longer platforms,
ballastless tracks, and 5G connectivity.
The
scheme will subsume all previous redevelopment projects where work is yet to
begin.
The
scheme aims to prepare Master Plans of the Railway Stations and implementation
of the Master Plan in phases to enhance the facility.
The
plans and consequences will be approved based on factors such as footfall and
inputs from stakeholders.
Zonal
Railways have been given the responsibility of selecting stations that will be
approved by a committee of senior railway officials.
The
model envisages low-cost redevelopment of stations which can be executed
timely.
The
scheme aims to relocate old buildings in a cost-efficient manner so that space
is released for higher priority passengers-related activities and future
development may be carried out.
These
stations are aimed to be redeveloped in an expedited manner.