28 November 2013 Current Affairs
RBI relaxed The Norms For Participation Of NBFCs In Insurance Joint Ventures
Reserve Bank of India (RBI) on 28 November relaxed norms for participation of Non-Banking Finance Companies (NBFCs) in the insurance joint ventures by allowing them to hold more than 50 percent in such companies.The notification of Reserve Bank of India has stated that - it has been decided that in cases where IRDA issues calls for capital infusion into the Insurance joint venture company, the RBI may, on a case to case basis, consider need based relaxation of the 50 percent group limit.The relaxation will be subject to compliance by the NBFC with all regulatory conditions.In the operation of Insurance Company, the IRDA often requires an insurance company to expand its capital taking into account the stipulations of the Insurance Act and the solvency requirements of the insurance company.
National Tiger Conservation Authority Approved Fifth Tiger Reserve In Maharashtra
The National Tiger Conservation Authority on 28 November approved the fifth tiger reserve of Maharashtra in Nagzira. The Nagzira tiger reserve will be developed between Bhandara and Gondia districts, which will be the home of surplus tigers of the state.