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The Odisha government is planning for a DBT cell to improve direct benefit transfer to the beneficiaries in the state."The government wants to encourage direct transfer of benefits to all beneficiaries under various government sponsored schemes. This has not been possible due to poor bank branch network in interior areas. Poor Aadhar seeding of bank accounts is also a worrying factor. I am happy to note that the state government is going to set up a DBT Cell to improve direct benefit transfer" , said Pradip Amat, state finance minister at the 144th SLBC (State Level Bankers' Committee) meeting today.The Aadhar enrolment in the state so far is 91 per cent of the eligible people, but the Aadhar seeding has been done only for 35 per cent of the bank account holders.Banks may conduct Aadhar seeding in camp mode in coordination with concerned government departments, Amat added.About 9.7 million new bank accounts have been opened in the state under the Jan Dhan Yojana. Around 25 per ..
Banks demanding higher commissions could lead to an increase in insurers' costs, ICICI Prudential Life Insurance said in its draft red herring prospectus (DRHP).Since April 1, banks have been allowed to tie up with three life, three non-life and three standalone health insurance companies. This was on account of changes in corporate agency norms. Earlier, banks were allowed to join hands with only one life, one non-life, and one standalone health insurer.ICICI PruLife says banks that have entered into bancassurance agreements with it, such as ICICI Bank and Standard Chartered Bank, are the main distribution channels for their insurance products. The retail annualised premium equivalent (APE) from bancassurance partners represented 54.6 per cent, 59.4 per cent, and 58.6 per cent of their retail APE in FY14, FY15 and FY16, respectively. APE is the sum of annualised first-year premiums on regular premium policies, and 10 per cent of single premiums, written by the company during any perio