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Standalone Primary Dealers can now borrow in foreign currency RBI has allowed Standalone Primary Dealers (SPDs) to borrow in foreign currency from their parent companies and entities authorised by them. They have also been allowed to access overdraft facilities in nostro accounts solely for operational use. Borrowings must adhere to the prescribed limits for foreign currency. Excess withdrawals not adjusted within five days must be reported to the RBI. Such reporting should occur within 15 days from the end of the month in which the limits are exceeded. Reporting is not required if arrangements are in place for value dating. RBI has also included SPDs within the scope of norms for risk management and inter-bank dealings. As a result, from 2018 onwards, SPDs have been authorised to offer forex products to clients, including FPIs. SPDs have been classified as Authorised Dealer Category-III

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Recently, the Insurance Regulatory and Development Authority of India (IRDAI) has proposed to price Bima Vistaar, its ambitious all-in-one affordable insurance mass product aimed at the rural areas of the country, at Rs 1,500 per policy. About: Bima Vistar, which is part of the Bima Trinity. The first-of-its-kind all-in-one affordable insurance product, Bima Vistaar will offer life, health and property cover. The product has been designed to provide a basic social safety net cover with combined features of life, health, personal accident and property insurance. Key Features: The product includes Life cover premium of Rs 820, Health cover Rs 500, Personal accident cover at Rs 100, and Property cover at Rs 80. If taken for the entire family on a floater basis, the policy will cost Rs 2,420, with an additional Rs 900 charged for the rest of the family members. The sum assured for life, personal accident, and property covers is Rs 2 lakh each, while the health cover (hospital cash) offers a sum assured of Rs 500 for 10 days, with a maximum amount of Rs 5,000 available without producing bills or documents. Agents selling Bima Vistaar policies stand to earn a commission of 10%, incentivising wider distribution and adoption of the product. Benefits for Broader Insurance Landscape in India: Bima Vistaar is expected to provide a reliable insurance solution at a reasonable cost, thereby promoting financial inclusion. Bima Vistaar policy underscores its importance in safeguarding individuals and families against various risks and uncertainties. It is considered a mass product for increasing insurance penetration in the country, it is expected that, unlike micro insurance products, it will generate a large sales volume. Future Prospects: IRDAI, along with the General Insurance Council (GIC) and Life Insurance Council (LIC), is working towards creating a "Bima Trinity" - Bima Sugam (digital platform), Bima Vistaar (product), and Bima Vahak (women-centric distribution channel) - to effectively distribute and promote these products. The competitive pricing and comprehensive coverage of Bima Vistaar are expected to make it a viable and sustainable solution in the long run.

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Today's quiz Computer- Primary Memory (9:00pm) CA -3rd July (9:45pm)

SBI cutoff bihar 78 - ews 73 up -80.75 mp - 80 odisha 88 Meghalaya - 72.25 arunachal - 70 tripura - 77.75 Assam - 76.75 mizoram - 70 nagaland  - 70 Maharashtra 86.50 Gujarat gen 76.50 ews 71.50 tamil nadu - 84.50 Haryana UR 80 Rajasthan - 80 ews - 73.25 Telangana Gen 76.75 EWS 70 obc 73.25 Source: Telegram

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