IRDA and RBI’s new policy changes

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IRDA changed insurance rules, now got the option to cancel the policy online. The period for considering an insurance policy is 30 days. If customers do not like the policy, they can return it within 30 days or cancel it online.

The insurance regulator IRDA has also asked the insurance companies to give an option to cancel the e-policy after it is issued. The IRDA has said that customers can now cancel it online during the free look period. This facility will be applicable to all insurance policies made during the year 2020-21.

The IRDA notification also said that insurance companies have been exempted from the rule of sending policy documents to policyholders. The IRDA said the exemption would be valid for the policy issued during 2020-21. In fact, the Covid-19 crisis has delayed the delivery of policy documents sent by insurance companies to customers. The IRDA then took the decision to provide the policy document.

The IRDA has said that insurance companies will have to give their customers 30 days to view and understand the policy. If not satisfied, the customer can cancel the policy online. Meanwhile, the IRDA has warned customers about phone calls in their name. However, The IRDA has said that it does not sell any insurance policies or claim any settlement. People should avoid such fake calls.

RBI Monetary Policy Announcement: RBI Governor Says Big Things

Releasing a monetary policy review, RBI Governor Shaktikant Das said there would be no change in the repo rate.

The Reserve Bank of India (RBI) has released its monetary policy review after a three-day meeting of its six-member Monetary Policy Committee (MPC). No decision on repo rate was taken in the three-day meeting. RBI Governor Shaktikant Das said there would be no change in the repo rate. It will remain at four percent.

He further said that the Monetary Policy Committee has decided to reduce the repo rate at the current level. Not changing the repo rate means you will not get new relief on EMI or loan interest rates.

List of latest changes made by RBI

  • The Reserve Bank of India has not changed the policy rates in its bi-monthly monetary policy review. After the meeting of the Monetary Policy Committee, Shaktikant Das said that the RBI’s stance would remain liberal.
  • The RBI governor said international economic activity remained weak, adding that the boom in the Kovid-19 case was weakening the early signs of revival.
  • RBI Governor Das said economic activity had started to improve but was forced to impose a lockdown due to the rising incidence of infections.
  • Das said supply chain disruptions remain, which has led to inflationary pressures in various sectors.
  • The Reserve Bank governor said that the monetary policy committee said inflation would remain high in the second quarter. This could be moderate in the second half of the current financial year.
  • RBI Governor Das said India’s economy is expected to recover in the first half of the financial year starting April 2020.
  • The governor said real GDP growth is expected to remain negative in the first half and during the financial year.
  • RBI Governor Das said that NHB, NABARD would provide additional cash facility of Rs 10,000 crore.
  • Shaktikant Das said that the repo rate is 4 per cent without any change.
  • RBI Governor Shaktikant Das said the reverse repo rate was 3.35 per cent without any change.
  • Das said India’s trade exports declined for the fourth consecutive month in June. Imports fell sharply in June on lower domestic demand and lower international crude oil prices.

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