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The long pending wage revision talks between the General Insurers' (Public Sector) Association of India (GIPSA) and the various employee unions have begun in a bad taste. The talks were held on Wednesday. The GIPSA, the lobby body for the four government owned multiline non-life insurers and the General Insurance Corporation of India (GIC Re) made their offer that was expected to be rejected and the unions rejected the same. The wage revision for the public sector general insurance employees was due from August 1, 2017. "The GIPSA offered seven per cent hike on the wage bill (without any wage arrears from 2017) or five per cent wage hike with two per cent of arrears," Sanjay Jha, Secretary Standing committee (General Insurance, All India Insurance Employees Association-AIIEA), told IANS. Jha said the AIIEA and other unions have rejected the 'disappointing' offer. According to him, the Joint Forum of Trade Unions and Associations will hold demonstrations during the lunch recess demanding a respectable wage offer maintaining insurance sector parity. "The financial position of the companies in 2017 was good. There is no reason for the management to make such an offer. Perhaps it is done to delay the wage revision further," said Vijay Sharma, President, National Confederation of General Insurance Officers Association (CONFED) and All India President of New India Assurance Officers Association. Sharma said the employees expect at least a 15 per cent hike offer, similar to what was given to the employees of Life Insurance Corporation of India. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/pankaj-tripathi-could-have-been-a-politician-like-his-character-in-mirzapur/articleshow/92403253.cms">Pankaj Tripathi could have been a politician like his character in Mirzapur</a> <a href="https://www.businessinsider.in/business/ecommerce/news/recommerce-platform-cashify-raises-90-mn-in-its-series-e-funding/articleshow/92402742.cms">Recommerce platform Cashify raises $90 mn in its Series E funding</a>

PSU insurance unions angry with the 7% salary hike offer, seek LIC-like hikes

New Delhi, Feb 16 () India's non-life insurance companies registered a 7.2 per cent rise in their combined new premium collection at Rs 17,225.75 crore in January this fiscal, Irdai data showed. The 35 insurers' gross premium collection stood at Rs 16,076.28 crore in the same month a year ago. Among these, the 25 general insurance providers had a collective premium of Rs 14,643.26 crore during the month, up 2.2 per cent from the same period of 2019, as per the Insurance Regulatory and Development Authority of India's (Irdai) data. The seven stand-alone private sector non-life insurers registered a 28 per cent jump in their collective premium income at Rs 1,530.75 crore in January. The rest of the specialised PSU insurers -- Agricultural Insurance Company of India and ECGC Ltd -- reported 92 per cent spurt in total premium at Rs 1,051.73 crore during the month. Cumulatively, the premium during April-January of this fiscal for non-life insurance companies rose 14.52 per cent to Rs 1.59 lakh crore. KPM RSNRVK

Non-life insurers register 7.2 pc rise in Jan premium income at Rs 17,226 cr

<ul><li>The strike has been called off following an agreement reached with the management of the companies.</li><li><keyword id="651724" type="General" weightage="80" keywordseo="clc" source="Orion">CLC</keyword> had further advised that the managements should consider the suggestions of the <keyword id="122605" type="General" weightage="80" keywordseo="associations" source="Orion">associations</keyword> positively.</li><li>The strike notice was given by Girish <keyword id="24716" type="General" weightage="80" keywordseo="khurana" source="Orion">Khurana</keyword>, National Convenor, JFTY protesting against the unilateral implementation of the EY recommendations.</li></ul> The unions in the government-owned general insurance companies and General Insurance Corporation of India Ltd (GIC Re) on Monday called off their January 4 strike, said an union leader. The strike has been called off following an agreement reached with the management of the companies at the conciliation meeting called by the Chief Labour Commissioner, Central. "Various arguments took place in the meeting from both sides and finally, the CLC advised the managements to give proper bilateral opportunity for discussion with the Associations within 15 days and take the suggestions," Trilok Singh, Convenor-North Zone, Joint Forum of Trade Unions and Association (JFTU), told IANS. He said the CLC had further advised that the managements should consider the suggestions of the associations positively. "Managements agreed to meet the Associations within 15 days for the same. In the light of these instructions from the CLC's office and the managements' decision, we have decided to defer the strike till further advices," Singh said. At the conciliation meeting, the management representative said since 2016 it has been a matter of existence for the insurers. They said even after infusion of capital by the government, the companies are struggling to survive. The companies have to maintain solvency ratio and for that, they have to cost effective. The representative of the Department of Financial Services also maintained that the insurers have to improve their performance. The strike notice was given by Girish Khurana, National Convenor, JFTY protesting against the unilateral implementation of the EY recommendations on rejigging the five reinsurers. The CLC had called the Chairman-cum-Managing Directors of the five companies, Joint Secretary, Department of Financial Services, and Khurana for a conciliation meeting. The unions have been demanding the copy of the EY report for a long time. The management had given them a copy of the power point presentation made to them about the EY report. "Bullet points contained in <keyword id="6678164" type="General" weightage="50" keywordseo="ppt" source="Orion">PPT</keyword> (powerpoint presentation) reveal no details and we are unable to submit our view-points and suggestions in the matter," Khurana said in a letter to <keyword id="14574026" type="General" weightage="50" keywordseo="suchita-gupta" source="Orion">Suchita Gupta</keyword>, <keyword id="15951458" type="General" weightage="50" keywordseo="chairperson-gipsa" source="Orion">Chairperson GIPSA</keyword> and Chairman-cum-Managing Director, <keyword id="15951459" type="General" weightage="50" keywordseo="national-insurance-earlier" source="Orion">National Insurance earlier</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhiites-guzzle-over-1-crore-liquor-bottles-worth-218-crore-from-dec-24-31/articleshow/96698044.cms">Delhiites guzzle over 1 crore liquor bottles worth ₹218 crore from Dec 24-31</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zomato-irctc-zee-entertainment-among-stocks-in-focus-on-tuesday/articleshow/96697684.cms">Sensex, Nifty50 likely to open in red amid weak global cues; Zomato, IRCTC, Zee Entertainment among stocks in focus</a>

PSU general insurance unions call off their Jan 4 strike

New Delhi, Feb 12 () The Union Cabinet on Wednesday gave an in-principle approval to pump in Rs 2,500-crore capital into three public sector general insurance companies.These three insurers are Oriental Insurance Company Limited (OICL), National Insurance Company Limited (NICL) and United India Insurance Company Limited (UIICL).The Cabinet has allowed "immediate release of Rs 2,500 crore in the light of the critical financial position and breach of regulatory solvency requirements" of these general insurers", an official statement said.Briefing reporters here, Union Minister Prakash Javadekar said the capital has been infused in the light of the critical financial position and breach of regulatory solvency requirements of the general insurers.The capital infusion in these companies comes ahead of their proposed merger by the end of March 2020.Earlier in January, the finance ministry had said that the merger of PSU general insurers was at an advanced stage and that could happen soon as the matter was pending before the Cabinet.In his Budget speech 2018-19, the then finance minister Arun Jaitley had announced that the three companies would be merged into a single insurance entity.However, the merger process could not be completed due to various reasons, including poor financial health of these companies.As on March 31, 2017, the three companies together had more than 200 insurance products with a total premium of Rs 41,461 crore and a market share of around 35 per cent. NKD KPM MKJ

Govt okays proposal to infuse Rs 2,500 cr into 3 PSU general insurers for improving financial health

New Delhi, Apr 20 () Saluting the efforts of bankers to provide services amid coronavirus threat, the Finance Ministry on Monday said public sector banks (PSBs) have provided insurance cover to employees in case of an unfortunate death due to the deadly virus.Banks have also expressed their commitment to ensuring the well being of their employees by providing protective gear and medical care.statBanks have appointed dedicated doctors for its employees and also set up helpline to attend to the concerns of staff, sources said."Salute to all bankers providing services across India in this critical time. To ensure their safety, PSBs have provided health cover (incl of #Covid-19) to all employees and also lumpsum compensation in case of an unfortunate death due to #Corona," the Finance Ministry said in a tweet.According to sources, banks have designed their own customised product keeping in mind interest of their employees and up to Rs 20 lakh lumpsum amount will be paid to relative in case of unfortunate event due to COVID-19.Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have praised bankers for imparting their duty in these challenging times.Financial services are part of some of the essential services which have been operational during the lockdown that will continue till May 3.Several banks including SBI, Punjab National Bank, Union Bank of India and Indian Bank have taken various steps to ensure safety of their employees and protect them from coronavirus.For example, the country's largest lender State Bank of India (SBI) has set up a quick response team to keep the staff motivated amid the coronavirus outbreak,The bank has set up a helpline number manned by doctors and psychologists to assist its staff and employees to deal with the coronavirus outbreak as well as stress and anxiety related to this, sources said. DP MR

PSU banks provide up to Rs 20 lakh insurance cover to employees

New Delhi, Feb 5 () The government aims to complete merger of three state-owned general insurance companies -- National Insurance Co Ltd, United India Insurance Co Ltd, and Oriental Insurance Co Ltd -- by the end of March, Finance Secretary Rajiv Kumar said. Respective boards of the three companies have already given their in-principal approvals for the merger. "Merger of PSU general insurers is at an advanced stage. We can see that happening quite soon. It is already before the Cabinet," Kumar told in an interview. Though the merger process was in the works, the government would take a call on listing the merged entity after the merger, he said. To facilitate the merger, the Budget has announced a capital infusion of Rs 6,950 crore into the three public sector general insurance companies (PSGICs) in the next financial year. This will help achieve requisite minimum solvency ratio by each of the three PSGICs, according to Budget documents. "A partial budgetary support has been made in RE 2019-20 through first batch of supplementary demands for grants and provision for further capital infusion is included. The provision is met from the National Investment Fund," it said. The government infused Rs 2,500 crore into the three insurers through first supplementary demands for grants for 2019-20 in December. In his Budget Speech 2018-19, then finance minister Arun Jaitley had announced that the three companies would be merged into a single insurance entity. However, the merger process could not be completed due to various reasons, including poor financial health of these companies. As on March 31, 2017, the three companies together had more than 200 insurance products with a total premium of Rs 41,461 crore and a market share of around 35 per cent. Their combined net worth was Rs 9,243 crore, with total employee strength of around 44,000 spread over 6,000 offices. In 2017, state-owned New India Assurance Company and General Insurance Corporation of India were listed on the bourses. The government had raised nearly 17,500 crore through initial public offerings in New India Assurance Co Ltd and General Insurance Corp of India Ltd, the only listed state-owned non-life insurance companies. With an aim to protect interest of depositors of cooperative banks, he said the government would amend the Banking Regulation Act to avoid repeat of PMC Bank type of fraud. "These cooperatives also play an important role in last-mile agriculture credit. So, while we need to allow them to continue to work, at the same time, if you are in the business of banking, if you are taking depositors' money, you need to follow the same rigour and robustness of the banking system," he said. Under the Banking Regulation Act, the Reserve Bank of India (RBI) regulates and supervises the banking functions of urban co-operative banks, but their administrative control is with the Registrar of Co-operative Societies. Regulatory lacunae in co-operative banks have come to the fore after a whistle-blower complained to the RBI about financial irregularities at Punjab and Maharashtra Co-operative Bank, which is now under an administrator appointed by the central bank. DP Md

Govt to finalise PSU general insurers' merger by March-end: Finance Secretary

New Delhi, <keyword id="47209" type="General" weightage="20" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> would consider capital infusion in three loss-making public sector general insurance companies based on their financial performance of nine months. The infusion if required would be made in the fourth quarter of the current financial year, sources said. According to sources, the finance ministry last year asked three insurers -- National Insurance Company Limited, <keyword id="94451" type="General" weightage="80" keywordseo="oriental-insurance-company-limited" source="Orion">Oriental Insurance Company Limited</keyword> and <keyword id="356117" type="General" weightage="80" keywordseo="united-india-insurance-company" source="Orion">United India Insurance Company</keyword> -- to chase bottomlines rather than topline and underwrite only good proposals. The financial review would give some idea about the impact of restructuring initiated on the profitability numbers and the solvency margin, sources said. The solvency margin is the extra capital the companies must hold over and above the claim amounts they are likely to incur. It acts as a financial backup in extreme situations, enabling the company to settle all claims. The government last year provided Rs 5,000 crore capital to three insurers -- National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company. Kolkata-based National Insurance Company Limited was given the highest, Rs 3,700 crore, followed by Delhi-based Oriental Insurance Company Limited (Rs 1,200 crore) and Chennai-based United India Insurance Company (Rs 100 crore). According to sources these companies have been asked to improve their solvency ratio and meet the regulatory requirement of 150 per cent. The solvency ratio is a measure of capital adequacy. A higher ratio reflects better financial health and the ability of the company to pay claims and meet future contingencies and business growth plans. Barring the solvency ratio of <keyword id="6369780" type="General" weightage="80" keywordseo="new-india-assurance" source="Orion">New India Assurance</keyword>, this key indicator of the three public sector general insurance companies stood below the regulatory requirement of 150 per cent. During 2019-20, the government infused Rs 2,500 crore in these three companies. It increased substantially to Rs 9,950 crore in the following year and Rs 5,000 crore in 2021-22. In all, the government infused Rs 17,450 crore into these insurance firms so far to improve their financial health. Public sector general insurance companies are undergoing various reforms, including organisational restructuring, product rationalisation, cost rationalisation and digitalisation. For efficient use of capital and to push profitable growth, the sources said, a set of key performance indicators linked reforms have been initiated by all public sector general insurance companies effective 2020-21, when the maximum capital infusion was made. Of the four state-run general insurance companies only New India Assurance Company is listed on the stock exchanges, the remaining three are wholly owned by the government. The government has already announced its intention to privatise one general insurance company. To facilitate privatisation, Parliament has already approved amendments to the General Insurance Business (Nationalisation) Act (GIBNA). Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> in the Budget 2021-22 announced a big-ticket privatisation agenda, which included two public sector banks and one general insurance company. "We propose to take up the privatisation of two public sector Banks and one general insurance company in the year 2021-22. This would require legislative amendments," she had said.

Govt may infuse capital in PSU general insurers in Q4 based on performance

New Delhi, Nov 19 () Terming the slowdown in automobile sector as cyclical, the government on Tuesday said it is taking various steps including release of funds worth Rs 70,000 crore to PSU banks to help the sector.
 Minister of Heavy Industries and Public Enterprises Prakash Javadekar said the sector is facing a prolonged downturn due to various reasons, including reduction in finance availability and increase in cost due to upfront collection of insurance premium.
 "There is a cyclical slowdown across sectors including automotive sector since last few months. But the festival season demand has shown year-on-year growth of 0.3 per cent in the passenger vehicle segment," Javadekar said in a written reply to the Lok Sabha on Tuesday.
 Citing reasons for the slowdown, he said increase in axle load limit for commercial vehicles by up to 25 per cent expanded freight capacity, leading to shrinkage of new vehicle demand.
 Besides, increase in collateral for dealers from 25 per cent to 60 per cent resulted in reduction in inventory finance to dealers, the minister said.
 Further, there has been postponement of purchases in anticipation of discounts by original equipment manufacturers (OEMs) for clearing of stock with BS-IV norms, he added.
 Elaborating on the steps being taken to help the sector, Javadekar said the government as a policy maker always attempts to keep and improve momentum of the economy through a package of measures for comprehensive and continued development of the auto sector as and when required.
 He said the government has taken steps like reduction in corporate tax to 22 per cent, continuation of registration of internal combustion engine vehicles in future.
 Besides, the scrappage policy for auto sector is under consideration of the government, he added.
 Javadekar said the proposed increase in registration of new cars has been deferred till June 2020 and funds worth Rs 70,000 crore have been released to PSU banks to help the sector.
 Domestic passenger vehicle sales witnessed year-on-year decline in wholesales for almost an year till September this year. The sales increased marginally by 0.28 per cent in October, driven by festive boost. MSS 
RVK

Slowdown in auto sector cyclical; govt taking steps to support the sector

The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial pub<keyword id="6367143" type="General" weightage="20" keywordseo="lic" source="Orion">lic</keyword> offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the <keyword id="8699517" type="General" weightage="20" keywordseo="ipo-of-lic" source="Orion">IPO of LIC</keyword>," DIPAM Secretary Tuhin Kanta Pandey tweeted. The disinvestment department had invited applications for the appointment of merchant bankers on July 15. Following this, 16 merchant bankers made presentations for managing listing and partial disinvestment of Life Insurance Corporation (LIC). The Department of Investment and Public Asset Management (DIPAM) is also in the process of appointing a legal adviser for the stake sale and the last date for putting bids is September 16. Actuarial firm Milliman Advisors LLP India has already been appointed to assess the embedded value of LIC ahead of the IPO, which is likely in the January-March quarter of 2022. The government is also mulling allowing foreign investors to pick up stakes in the country's largest insurer LIC. As per Sebi (Securities and Exchange Board of India) rules, foreign portfolio investors (FPI) are permitted to buy shares in a public offer. However, since the LIC Act has no provision for foreign investments, there is a need to align the proposed <keyword id="7922409" type="General" weightage="20" keywordseo="lic-ipo" source="Orion">LIC IPO</keyword> with Sebi norms regarding foreign investor participation. The Cabinet Committee on Economic Affairs had last month cleared the initial public offering proposal of Life Insurance Corp of India. The ministerial panel known as the Alternative Mechanism on strategic disinvestment will now decide on the quantum of stake to be divested by the government. "The potential size of the IPO is expected to be far larger than any precedent in Indian markets," the department had said. The listing of LIC will be crucial for the government in meeting its disinvestment target of Rs 1.75 lakh crore for 2021-22 (April-March). So far this financial year, Rs 8,368 crore has been mopped up through minority stake sales in PSU and the sale of SUUTI (Specified Undertaking of the Unit Trust of India) stake in Axis Bank. PTI JD SHW SHW

LIC IPO: Government picks 10 merchant bankers including Goldman Sachs, Citigroup Global and Nomura

The much-anticipated IPO of public sector insurer Life Insurance Corp of India (LIC) may well lend more sparkle to the Indian stock markets this Diwali. Speaking to IANS, <keyword id="44532" type="COMPANY" weightage="20" keywordseo="Disinvestment">Disinvestment</keyword> Secretary Tuhin Kanta Pandey noted the fact that LIC is a complex undertaking but the government is up to the challenge and will complete the market offering post October. "It may happen after October... around Diwali," Pandey said in the interview. He added that the government has already initiated its plan to clear all incumbrances on way of LIC IPO. In this regard, he said that the amendment required for the IPO has already been included as part of the Finance Bill, 2021 and will become effective once <keyword id="6354721" type="COMPANY" weightage="20" keywordseo="parliament">Parliament</keyword> gives its nod to the <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="union-budget">Union Budget</keyword>. Presenting the Union Budget on Monday, Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> said that all the announced disinvestment proposals including the LIC IPO would be completed this fiscal. She had first made the mega announcement of the IPO in the last year's budget. On the size of the <keyword id="8843196" type="UNKNOWN" weightage="20" keywordseo="LIC-Offer">LIC offer</keyword>, Pandey said that the amount of shares to be offered in the initial public offering (IPO) would depend on the embedded value and the size. The valuation process is underway for the insurance giant. "This is an institution in which people have trusted and we don't want to break their trust. We have even asked them to be the owners (shareholders)." Pandey said that Amendment Act reserves 10 per cent of the total shares on the block for policy-holders. Regarding the requirement of listed public sector companies to achieve minimum public shareholding of 25 per cent, he said that a new rule is in the making for large PSUs having high valuations. A rule notified in 2018 had mandated every listed PSU, which has public shareholding below 25 per cent, to increase its public shareholding to at least 25 per cent, within a period of two years from the date of that notification -- August 3, 2018. The government has however extended the time period for compliance to the norm till August 2021. Currently, the government totally owns LIC and its valuation is expected to be in the range of Rs 8-10 lakh crore. Once LIC enters the stock market, it may be the largest IPO in Indian history, even if just 5 per cent of its paid-up equity capital is offered to the public. The top five IPOs in India so far are Coal India, Reliance Power, General Insurance Corporation of India (GIC Re), ONGC and SBI Cards and Payment Services. Each of these have been in the vicinity of Rs 10,000 crore. The Secretary for the Department of Investment and Public Asset Management (DIPAM) also said that the government's core focus in terms of disinvestment will be strategic sale and the major chunk of revenue from offer of shares on the stock markets, be it an IPO or offer for sale (OFS) would come from the LIC IPO. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-subsidiary-to-sell-all-of-its-upstream-assets-in-marcellus-shale-play-for-250-million/articleshow/80682497.cms" data-type="tilCustomLink">Reliance subsidiary to sell all of its upstream assets in Marcellus shale play for $250 million</a> <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-says-sebi-ban-wont-stop-future-group-deal-with-reliance/articleshow/80680781.cms" data-type="tilCustomLink">Kishore Biyani says SEBI ban won't stop Future Group's deal with Reliance</a>

LIC IPO to launch in October — Government may reserve 10% portion for policyholders

Do not expect any compensation for theft or burglary of valuables in safe deposit boxes of public sector banks as the locker hiring agreement absolves them of all liability, according to <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword> news report. This bitter truth was disclosed in an <keyword id="6356198" type="ORGANIZATION" weightage="20" keywordseo="RTI">RTI</keyword> response by the Reserve Bank of India (RBI) and 19 PSU banks. Stung by the revelation, the lawyer who had sought information under the transparency law has now moved the Competition Commission of India (<keyword id="47183" type="ORGANIZATION" weightage="20" keywordseo="CCI">CCI</keyword>) alleging "cartelisation" and "anti-competitive practices" by the banks in respect of the locker service. He has informed the CCI that the RTI response from the RBI has said it has not issued any specific direction in this regard or prescribed any parameters to assess the loss suffered by a customer. Even under the RTI response, all public sectors banks have washed their hands of any responsibility. According to the information availed by the lawyer, the unanimous reason given by the 19 banks, including Bank of India, Oriental Bank of Commerce, Punjab National Bank, UCO and <keyword id="292298" type="COMPANY" weightage="20" keywordseo="Canara">Canara</keyword>, among others, is that "the relationship they have with customers with regard to lockers is that of lessee (landlord) and lessor (tenant)". The banks have contended that in such a relationship, the lessor is responsible for his or her valuables kept in the locker which is owned by the bank. Some banks, in their locker hiring agreements, have made it clear that any item stored in the locker is at the customer's own risk and he or she may, in their own interest, insure the valuables. The common feature of all locker hiring agreements states, "As per safe deposit memorandum of hiring locker, the bank will not be responsible for any loss or damage of the contents kept in the safe deposit vault as a result of any act of war or civil disorder or theft or burglary and the contents will be kept by the hirer at his or her sole risk and responsibility. "While the bank will exercise all such normal precautions, it does not accept any liability or responsibility for any loss or damage whatsoever sustained to items deposited with it. Accordingly, hirers are advised in their own interest to insure any item of value deposited in a safe deposit locker in the bank," they have said. Aggrieved by the responses, the lawyer - Kush Kalra - raised questions before the CCI - why not just keep the valuables at home after insuring them, instead of paying rent to the bank for a locker when it is not going to take any responsibility for the contents. He alleged that all these banks, also including State Bank of India, Indian Overseas Bank, Syndicate Bank, Allahabad Bank and others, have formed a "cartel" to indulge in such "anti-competitive" practices. He further alleged that the bank by forming an association or cartel are "trying to limit the improvement of services which is directly affecting the competition in the market and interests of the consumer". The lawyer has sought a probe under the Competition Act into the allegation of cartelisation by the banks in respect of the locker service.

You Searched For "psu insurance" and got 11 results

PSU insurance unions angry with the 7% salary hike offer, seek LIC-like hikes

IANS

Non-life insurers register 7.2 pc rise in Jan premium income at Rs 17,226 cr

PTI

PSU general insurance unions call off their Jan 4 strike

IANS

Govt okays proposal to infuse Rs 2,500 cr into 3 PSU general insurers for improving financial health

PTI

PSU banks provide up to Rs 20 lakh insurance cover to employees

PTI

Govt to finalise PSU general insurers' merger by March-end: Finance Secretary

PTI

Govt may infuse capital in PSU general insurers in Q4 based on performance

PTI

Slowdown in auto sector cyclical; govt taking steps to support the sector

PTI

LIC IPO: Government picks 10 merchant bankers including Goldman Sachs, Citigroup Global and Nomura

PTI

LIC IPO to launch in October — Government may reserve 10% portion for policyholders

IANS

Banks have no liability for theft in lockers, informs RBI

BI India Bureau

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