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Government may raise protection on bank deposits
Posted on 9th December 2017
NEW DELHI: The government is considering to raise the protection on bank deposits from the current Rs 1 lakh when the Financial Resolution and Deposit Insurance (FRDI) Bill is taken up for final drafting, highly-placed sources said.

At present, each depositor is protected only up to a limit of Rs 1 lakh by the guarantee of the Deposit Insurance and Credit Guarantee Corporation (DICGC). Deposit beyond Rs 1 lakh does not have any protection guarantee and is treated at par with claim of unsecured creditor as of now. There have been no instances of banks failing in recent years as RBI has stepped in to work out a resolution plan, without creating any risk for depositors.

However, sources said the government recognises that there is a need to assure those who put in their life savings in banks and to make a provision to that effect in the bill, which is being examined by a Parliamentary panel led by BJP's Bhupendra Yadav. "During the informal consultations we have had so far, members of the committee are also supportive of the idea and so the likelihood of the protection being raised substantially, is very high", said a government source.

The move to raise security cover for bank deposits comes amid fears over deposits being used to 'bail in' ailing banks in extreme situations. Sources said "needless controversy" has been created over provisions of the bill.

FM Arun Jaitley on Thursday said the government was committed to protecting interest of depositors and financial institutions, as authorities allayed apprehensions over provisions of the FRDI Bill.

The legislation proposes to set up a resolution corporation to monitor financial firms, anticipate the risk of their failure, take corrective action, and work out a resolution plan. In case of a bank failure, the proposed corporation will also provide deposit insurance up to a certain limit, which has not been specified.

Once a financial services company, including a bank, slips into critical category, the Resolution Corporation will take over the firm and prepare a resolution plan during a year, which can be extended by another 12 months.

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NEW DELHI: Telecom service provider Idea Cellular on Thursday announced "cashback offer" worth Rs 3,300 on online recharges of Rs 398 and above till February 10, 2018.

"On all 'Unlimited' plan recharges of Rs. 398 and above, done through any online channel, Idea customers will get eight discount vouchers of Rs. 50 each," the company said in a statement here.


Padmaavat's creative right
Posted on 19th January 2018
 
New Delhi: The Supreme Court on Thursday cleared the nationwide release of Sanjay Leela Bhansali's film Padmaavat, staying the bans imposed by four BJP-ruled states and observing that "creative content" is a constitutional right.

The bench of Chief Justice Dipak Misra and Justices A.M. Khanwilkar and D.Y. Chandrachud said that all the states and Union territories must ensure peaceful screenings of the film, scheduled for a January 25 release, and provide protection to its crew.


 
Mumbai: India’s most-valued lender HDFC Bank Ltd on Thursday crossed Rs5 trillion market capitalisation for the first time, making it only the third Indian company to achieve this milestone.

In intraday trade, the stock touched a fresh record high of Rs1,53.75 on the BSE, up 3.31% from its previous close. The scrip closed at Rs1,931.80, up 2.15% with a market cap of Rs5 trillion.


 
The benchmark BSE Sensex rose by about 131 points in early trade today, extending gains for the third session on continued foreign fund inflows amid encouraging quarterly results.

Besides, a firm trend at other Asian bourses influenced the sentiments here.


 
To provide safe and plentiful energy for future robotic and human missions for Mars and beyond, NASA is conducting experiments on Kilopower — a small nuclear reactor that can generate a reliable power supply. This pioneering space fission power system could provide up to 10 kilowatts of electrical power — enough to run two average households — continuously for at least 10 years, the US space agency said in a statement on Friday. Four Kilopower units would provide enough power to establish an outpost.

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