Bank deposit up to Rs 5 lakh to now be insured in case of moratorium: Fin Min

News Network
July 28, 2021

New Delhi, July 28: Finance Minister Nirmala Sitharaman on Wednesday said that the Cabinet has approved amendment to the Deposit Insurance Credit Guarantee Corporation (DICGC) Bill, paving the way to increase deposit insurance from Rs 1 lakh to Rs 5 lakh, which will be given to depositors within 90 days of RBI imposing a moratorium on a bank. 

Under DICGC Bill 2021, 98.3 per cent of all deposits will get covered and in terms of deposit value, 50.9 per cent of deposit value will be covered. Global deposit value is only 80 per cent of all deposit accounts. It only covers 20-30 per cent of deposit value, FM Sitharaman said. 

The Union Cabinet's decision comes as several depositors of troubled lenders have been waiting for longer periods to retrieve the money deposited in the bank accounts.

"The Deposit Insurance Credit Guarantee Corporation was created in case people faced difficulties after RBI imposes moratoriums on banks. "Today's Cabinet meeting has decided that within 90 days, depositors will receive Rs 5 lakhs of their money," Union Minister Anurag Thakur said.

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News Network
March 18,2024

putin.jpg

Russian President Vladimir Putin claimed a landslide victory in the just-concluded presidential polls, securing him a fifth term in power. While Putin hailed the results as an indication of "trust" and "hope" in him, critics panned the polls for its preordained nature.

As early results poured in, Putin won 87.8% of the vote, the highest-ever result in Russia's post-Soviet history, Reuters quoted Public Opinion Foundation (FOM) exit polls. The Russian Public Opinion Research Centre (VCIOM) put Putin on 87%. 

If he completes the term, the 71-year-old President will also script history as Russia's longest-serving leader for more than 200 years, overtaking Josef Stalin. 

While Communist candidate Nikolai Kharitonov finished second with just under 4%, newcomer Vladislav Davankov third, and ultra-nationalist Leonid Slutsky fourth, partial results suggested.

In his victory speech, Putin said he would prioritise resolving tasks associated with Russia's "special military operation" in Ukraine and would strengthen the Russian military. 

"We have many tasks ahead. But when we are consolidated - no matter who wants to intimidate us, suppress us - nobody has ever succeeded in history, they have not succeeded now, and they will not succeed ever in the future," said Putin. He was welcomed by his supporters to the stage with "Putin Putin" chants. He also hailed the results as an indication of "trust" and "hope" in him.

Later, while interacting with reporters, Putin also warned the West that a direct conflict between Russia and the U.S.-led NATO military alliance would mean the planet was one step away from World War Three but said hardly anyone wanted such a scenario. "It is clear to everyone, that this will be one step away from a full-scale World War Three. I think hardly anyone is interested in this," Putin told reporters after winning the biggest-ever landslide in post-Soviet Russian history.

Meanwhile, the Western world condemned the elections, stating the polls were neither free nor fair. While Germany called it a "pseudo-election" under an authoritarian ruler reliant on censorship, repression and violence, UK Foreign Secretary Lord Cameron condemned "the illegal holding of elections on Ukrainian territory".

Ukraine's President Volodymyr Zelensky said, "The Russian dictator is simulating another election".

Earlier during the elections, heeding an opposition call to protest, hundreds of  Russians crowded outside polling stations at noon Sunday, on the last day of the elections. The associates of Alexei Navalny, the critic of Putin who died earlier this month in an Arctic prison, had urged people who were unhappy with Putin or the war in Ukraine to go to the polls at noon on Sunday. Many turned up and lines outside a number of polling stations both inside Russia and at its embassies around the world appeared to swell at that time.

Among those heeding the call was Yulia Navalnaya, Navalny's widow, who joined a long line in Berlin. She later told reporters that she cast her vote and wrote her late husband's name on the ballot.  Asked whether she had a message for Putin, Navalnaya replied: "Please stop asking for messages from me or from somebody for Mr. Putin. There could be no negotiations and nothing with Mr. Putin, because he's a killer, he's a gangster."

One woman in Moscow, who said her name was Yulia, told the AP that she was voting for the first time. "Even if my vote doesn't change anything, my conscience will be clear ... for the future that I want to see for our country," she said. Like others, she didn't give her full name because of security concerns.

Another Moscow voter, who also identified himself only by his first name, Vadim, said he hoped for change, but added that "unfortunately, it's unlikely".

More acts of rebellion were reported on Saturday too. Cases were filed against at least 15 people for pouring dye in ballot boxes, started fires or lobbing Molotov cocktails at polling stations. Ella Pamfilova, the head of Russia’s CEC, said 29 polling stations across 20 regions in Russia were targeted, including eight arson attempts.

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News Network
March 22,2024

IPL.jpg

The start of the world’s most lucrative cricket tournament in India is presenting investors with another big opportunity to cash in on the sport, months after the world’s most populous nation hosted the Cricket World Cup.

The eight-week long Indian Premier League begins March 22 for its 17th season. Since its inception, the fast-paced cricket tournament has become a corporate juggernaut to rival the National Football League in the US and the English Premier League in value.

Just as October’s Cricket World Cup boosted consumption in India for months, fans are expected to flock to restaurants, pubs and food delivery platforms over the duration of the tournament. This year’s IPL also coincides with general elections that will last for six weeks starting April 19, a period when companies are expecting higher food and drink sales as people flock to rallies and other events.

“There’s going to be a lot of spending,” said Madan Sabnavis, chief economist at Bank of Baroda. “IPL, as well as the election, gives a three-month corridor with enhanced economic activity.”

Stocks in India such as McDonald’s franchise operator Westlife Foodworld Ltd. and peer Sapphire Foods India Ltd. gained ahead of the first match on Friday, as well as hotels and beverage makers. Packaged-food companies could also stand to benefit from the IPL craze, said Sachil Bobade, an analyst at investment firm Dolat Capital Market.

The IPL ecosystem was valued at $11 billion (Rs 91,721 crores) in 2023, including the value of media rights and sponsorships, according to Indian valuation consulting firm D&P Advisory.

The league is also attracting record sums of money from sponsors and broadcasters. Conglomerate Tata Group won the title sponsorship rights of the tournament in January for a record 25 billion rupees ($300 million). Billionaire Mukesh Ambani’s media venture secured the digital streaming rights in 2022 for five years for $2.7 billion, while Walt Disney Co. paid roughly the same for TV rights.

“There was a serious amount of bidding even this year,” said Vinit Karnik, head of entertainment, esports and sports at media agency GroupM South Asia. “I see growth in IPL in double digits year-on-year,” he adds.

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News Network
March 16,2024

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New Delhi: The 2024 general election for 543 Lok Sabha seats will be held in seven phases from April 19, Chief Election Commissioner Rajeev Kumar said today, announcing the largest democratic exercise in the world. Results will be announced on June 4.

The seven phases: 
April 19
April 26
May 7
May 13
May 20
May 25
June 1

Simultaneous election for Lok Sabha and assembly will be held in four states -- Sikkim, Odisha, Arunachal Pradesh and Andhra.  

By-elections will also be held for 26 assembly seats across multiple states, including Bihar, Gujarat, Haryana, Jharkhand, Maharashtra, Rajasthan and Tamil Nadu.

Mr Kumar, announcing the dates, sent out a strong message on fake news on social media, saying political parties should ensure responsible social media behaviour -- "verify before you amplify".

"Fake news will be dealt with severely as per existent laws.. Section 79 (3)(B) of the IT Act empowers nodal officers in each state to remove unlawful content," he said.

The other strong message was on violation of model code in terms of hate speeches. "There should be issue-based campaign, no hate speeches, no speeches along caste or religious lines, no criticism of anyone's personal lives," he said.

The media must clarify when they carry political adverts, those cannot masquerade as news, he said. Individual messages regarding this would be sent to the candidates, he added.

The commission has employed 2,100 advisors to keep an eye on these issues and strong action will be taken regarding this, he said.

Voters above the age of 85 years and persons with disabilities, with 40 per cent disability can vote from home, Mr Kumar said. Around 82 lakh voter are above the age of 85, he said.

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