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<ul><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has removed the charges levied to process any online transaction through <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword> and <keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword> system. </li><li>The Central Bank has also decided to set up a committee to review the charges for using the ATM machine. </li></ul>The Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) today paved the way for cheaper online fund transfers as it removed charges levied on NEFT and RTGS transactions. And, banks will be expected to make it cheaper for customers to perform these transactions too. “In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and NEFT systems. Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week,” RBI said on Thursday. The Reserve Bank levies minimum charges on banks for transactions routed through its RTGS and NEFT. Banks, in turn, levy charges on their customers. The decision to scrap the fees levied on RTGS transaction comes days after RBI extended the timings for doing RTGS transaction. Currently, the fee for transferring funds using RTGS varies according to the time. There is no fee between 8 am to 11 am. The fee for transfer of funds during 11 am to 1 pm is ₹2 whereas from 1 pm to 6 pm is ₹5. The fee for transaction after 6 pm is ₹10. Review ATM Charges The Central Bank has also decided to set up a committee to review the charges for using the ATM machine. The committee will be chaired by Chief Executive Officer, Indian Banks’ Association (IBA), who will examine the entire issue related to ATM charges and fees. “Usage of ATMs by the public has been growing significantly. There have, however, been persistent demands to change the ATM charges and fees,” the central bank said in a statement. Earlier today, The Reserve Bank of India decided to reduce the repo rate for the commercial banks by 25 basis points (bps) to 5.75% in its second monetary policy review of the current fiscal. The RBI changed its monetary policy stance from neutral to accommodative, ruling out the chances of a rate increase. See also: <a href="https://www.businessinsider.in/rbi-cuts-repo-rate-by-25-bps-as-largely-expected/articleshow/69671872.cms">RBI surprises markets with a change in stance — aims to revive India's 'animal spirits'</a> <a href="https://www.businessinsider.in/rbi-to-extend-rtgs-deadline-to-6-p-m-from-june-1/articleshow/69553735.cms">RBI to extend RTGS deadline to 6 p.m. from June 1</a>

RBI moves to make online bank transfer cheaper, to review ATM charges

The <keyword id="6406875" type="COMPANY" weightage="20" keywordseo="life-insurance">Life Insurance</keyword> Corporation (<keyword id="6367143" type="ORGANIZATION" weightage="100" keywordseo="LIC">LIC</keyword>) has pulled off a record claim performance by settling 99.92 per cent of death claims in 2016-17 as against industry average of 95 per cent, according to a PTI news reporter. The <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> behemoth is keen to push the boundary further, looking to settle 99 per cent claims on a monthly basis too in future. "LIC has settled 99.92 per cent of death claims in 2016- 17, which is undoubtedly one of the best performances not only in the country, but in the world," an LIC source told PTI here. According to industry body <keyword id="75047" type="ORGANIZATION" weightage="20" keywordseo="Life-Insurance-Council">Life Insurance Council</keyword>, there are a total of 24 players, including LIC, active in the life insurance space and the industry average of death claim settlement stands at around 95 per cent. "One of the fundamental reasons for the strong brand of LIC is our service delivery and... our claim settlement operations in particular," the source said, adding that "we would expect that not only we continue to focus on this area, but further strengthen it by settling 99 per cent claims on month on month basis". Till date, LIC has had nearly 11 lakh such cases outstanding and expects that each and every case needs to be followed up to its logical end. According to the source, the customer relationship management (CRM) department of LIC has been asked to ensure claim particular sheis prepared for every outstanding case and regular monitoring is done. LIC, the source said, is making further efforts in the CRM space, where the corporation would like to see visible and perceptible changes in the quality of response to customers, turnaround time in attending to customer complaints or queries, courteous attitude and business etiquette of officials dealing with customers. According to the source, prompt handling of queries by the SMS-based helpline has brought down the number of complaints drastically and it would revive the helpdesk in each branch so that customer is attended to promptly. "Further, to provide instant service, we need to ensure our customers are empowered to use e-services. Their mobile numbers, e-mails and <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword> details are registered as early as possible to provide instant services," the source added. As for information technology, LIC's immediate focus is to ensure comprehensive cyber security for data, software as well as hardware. This is all the more relevant in the wake of the Wannacry malware attack that hit computers across globe. The corporation may go for a net addition of 69,000 agents, potentially taking its agency strength to 11,31,181 at the end of March 2017.

LIC sets record on claims front, settles 99.92 per cent cases

<ul class="summary-list"><li>Several countries have cut <keyword id="11917806" type="UNKNOWN" weightage="100" keywordseo="energy" source="Orion">energy</keyword> ties with <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>, while others are snapping up cheap supplies. </li><li>The US, UK, and some EU countries have all taken action. </li></ul>A divided approach toward the <keyword id="13610598" type="UNKNOWN" weightage="60" keywordseo="russian-energy" source="Orion">Russian energy</keyword> trade has become more apparent in recent weeks.While some nations have deliberated or announced bans on Russian <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> and <keyword id="11955852" type="UNKNOWN" weightage="60" keywordseo="gas" source="Orion">gas</keyword> imports, others are doubling down.When Russia launched an unprecedented attack on <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> earlier this year, Western nations joined forces to impose sanctions on the country in an effort to punish Russia for its actions.Punitive measures range from blocking certain Russian banks from accessing the <a href="https://www.businessinsider.com/russia-swift-ban-not-most-effective-sanction-experts-2022-3?r=US&amp;IR=T">SWIFT global banking system</a> to the EU and other European countries <a href="https://www.businessinsider.com/map-shows-countries-that-closed-airspace-russia-over-ukraine-war-2022-3">barring Russian flights from their airspace</a>. As the war continues, countries are now slapping sanctions on Russia's energy sector, which has the <a href="https://www.businessinsider.com/europe-buying-russian-gas-ukraine-invasion-putin-sanctions-2022-2?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">world's largest natural gas reserves</a> and is the <a href="https://markets.businessinsider.com/news/commodities/too-big-to-sanction-10-facts-russia-oil-commodity-exports-2022-3" target="_blank" rel="noopener noreferrer">third-biggest oil producer</a>, accounting for about 12% of global oil production. Here's how some countries are grappling with Russian energy issues.<h1>Italy</h1>Italy is tempering its reliance on Russian gas by turning to countries like Egypt and Algeria for their energy supplies. Eni, the Italian oil and gas giant, recently signed a framework agreement with state-owned Egyptian Natural Gas Holding Company (EGAS), which it said would help maximize gas production and exports of liquefied natural gas.Per <a href="https://www.reuters.com/business/energy/italy-needs-least-3-years-fully-replace-russian-gas-imports-minister-2022-03-16/">Reuters</a>, Italy sources around 40% of its gas imports from Russia. It has also agreed to <a href="https://www.bloomberg.com/news/articles/2022-04-11/italy-to-buy-more-algerian-gas-in-attempt-to-cut-russia-reliance?sref=lAVQtUwz">ramp up its gas imports from Algeria</a> by around 40% amid the war. <h1>Baltic states </h1>This month, the Baltic states comprising Lithuania, Latvia, and Estonia cut Russian gas imports. "Since April 1st, Russian natural gas is no longer flowing to Latvia, Estonia and Lithuania," Uldis Bariss, CEO of Conexus Baltic Grid, Latvia's natural gas storage operator, <a href="https://www.aljazeera.com/news/2022/4/3/baltic-states-stop-russian-gas-imports-over-ukraine-invasion">per Al Jazeera</a>. Lithuania became the first European country to abandon Russian energy supplies in the wake of the Ukraine war. "If we can do it, the rest of Europe can do it too!" the country's president, Gitanas Nauseda <a href="https://twitter.com/GitanasNauseda/status/1510277034357968898">said on Twitter</a>.<h1>US</h1>Outside of Europe, the <a href="https://www.businessinsider.com/biden-us-ban-russian-oil-natural-gas-coal-imports-report-2022-3">US banned Russian oil and gas imports too</a>. President Joe Biden announced the "powerful blow" against Russian President Vladimir Putin last month."This is a step that we're taking to inflict further pain on Putin, but there will be costs as well here in the United States," Biden said. "I'm going to do everything I can to minimize Putin's price hike here at home."American consumers are feeling the effects of surging gas prices as a result of pandemic-era inflation, coupled with the new sanctions imposed on Russian energy supplies. In March, <a href="https://www.businessinsider.com/gas-prices-highest-since-great-recession-ukraine-crisis-commodity-market-2022-3">the average US gas price-per-gallon jumped above $4 for the first time since 2008</a>.<h1>UK</h1>The UK government recently announced measures against Russian energy supplies, pledging to end all imports of Russian <keyword id="11911392" type="UNKNOWN" weightage="60" keywordseo="coal" source="Orion">coal</keyword> and oil by the end of 2022. "By the end of 2022, the UK will end all dependency on Russian coal and oil, and end imports of gas as soon as possible thereafter," <a href="https://www.gov.uk/government/news/uk-imposes-sweeping-new-sanctions-to-starve-putins-war-machine">the government said</a>. It added that the UK would also ban the export of key oil refining equipment and catalysts, "degrading Russia's ability to produce and export oil." Further sanctions include measures against Aleksander Dyukov, the CEO of Russia's third-largest and majority state-owned oil producer Gazprom Neft. <h1>Germany </h1>The country faces escalating pressures to pull away from Russian energy, though it has been heavily reliant on it, particularly the natural gas that's through the Nord Stream pipeline network.However, cutting Russian ties may prove a lengthy process.Cutting Russian gas from the German economy would significantly impact its manufacturing industry and could lead to rationing schemes, <a href="https://www.businessinsider.com/germany-reliance-russian-energy-ukraine-war-natural-gas-oil-trade-2022-4">Insider's Ben Winck reported</a>. <a href="https://www.bloomberg.com/news/articles/2022-03-23/scholz-says-german-reliance-on-russian-energy-will-end-quickly">Per Bloomberg</a>, German chancellor Olaf Scholz said: "We are actively working to get independent from the necessity of importing gas from Russia. This is, as you may imagine, not that easy because it needs infrastructure that has to be built first."<h1>India and China </h1>Amid a wave of countries cutting Russian energy supplies, India and China stand have taken a different approach.As sweeping sanctions hit Russia's oil exports, prices shot down so much that some buyers from India and China were attracted to snapping up cheap Russian energy, <a href="https://markets.businessinsider.com/news/commodities/russia-crude-oil-west-sanctions-china-india-2022-3">Insider's Huileng Tan reported</a>. <a href="https://www.reuters.com/world/indian-pm-modi-suggests-direct-talks-between-putin-zelenskiy-2022-04-11/">Reuters</a> reported that since Russia's invasion of Ukraine, India had bought at least 13 million barrels of Russian oil. It's not stopping at cheap oil, however. Russian coal remains on India's radar.Ramchandra Prasad Singh, an Indian politician and member of parliament, said at a conference in New Delhi that India is "moving in the direction of importing coking coal from Russia," <a href="https://www.reuters.com/world/india/india-leans-toward-continued-import-russian-coking-coal-minister-2022-03-27/">per Reuters</a>. He added that India had imported 4.5 million tonnes of Russian coal but he did not indicate over what time period. As for China, the country is snapping up Russian oil and coal with its <a href="https://markets.businessinsider.com/news/commodities/dollar-vs-yuan-china-buys-russian-oil-coal-ukraine-sanctions-2022-4">own currency.</a> Smaller independent refiners in China are also still buying Russian oil discreetly, <a href="https://www.reuters.com/business/energy/exclusive-china-state-refiners-shun-new-russian-oil-trades-teapots-fly-under-2022-04-06/">Reuters</a> recently reported.

Many nations are refusing to buy gas and oil from Russia but others continue to snap it up. Here's what we know so far.

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RBI moves to make online bank transfer cheaper, to review ATM charges

Preeti Soni

LIC sets record on claims front, settles 99.92 per cent cases

BI India Bureau

Many nations are refusing to buy gas and oil from Russia but others continue to snap it up. Here's what we know so far.

Zahra Tayeb

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