IRDA slaps Rs.31 lakh fine on Canara HSBC

The Insurance Regulatory and Development Authority (IRDA) has slapped a penalty of Rs.31 lakh on Canara HSBC Oriental Bank of Commerce Life Insurance Company.

IRDA has penalised Canara HSBC Oriental Bank of Commerce Life Insurance Company on charges including, delay in payment of claims, non-adherence to product specifications and violating licensing of corporate agents norms.

Mid-Year Economic Review projects 5.5 per cent growth

 The Mid-Year Economic Analysis for the current year, tabled in Parliament by Union Finance Minister Arun Jaitley,  projects 2014-15 growth will be 5.5 per cent. India faces challenges that are mostly domestic.India grew at sub-5 per cent for the last two years. Growth bounced to 5.7 per cent in the April-June quarter before slipping again to 5.3 per cent in the July-September quarter. Chief  Economic Advisor (CEA) Arvind Subramanian told reporters after the Review '' What we are yet to see decisively is private investment picking up''. 

                                          Dr. Subramanian said that the rupee is weakenng. It is weakening against the dollar, which, he clarified, is strengthening against the other major currencies. Against a broader basket of currencies, the rupee has become stronger by 10 per cent since September, 2013.The CEA  said that inflation has come down dramatically for four reasons — policy actions by the Reserve Bank and the government; declining agricultural prices; declining oil prices; and the economy growing slower than its potential.