Below the line

Clearly, the Covid-19 pandemic has caused a chill down the spines of Indians. In the days after lockdown announcement, there has been a huge spike in the demand for protection policies. Most life insurers are smiling about the emerging trend.

Reason: Selling protection policies will help realise more margins. One insurance firm CEO even went on to gleefully acknowledge how his company’s share of protection policies has more than doubled in one month. In addition, Google search queries on protection policies zoomed in the last month, said this CEO.

NABARD has to come to the aid of Bank Mitras working with regional rural banks. The Covid-19 induced lockdown has led to a rise in transaction but fall in incomes for the BMs serving RRBs. The prevailing thought among industry players and some bankers is that these BMs will not survive if no Covid-19 incentive comes their way. The situation is so dire that some of them may end up starving, say industry insiders! Maybe its time to think of some salary structure for them for 2-3 months. Commissions won’t get them anywhere if most of the transactions they handle are only about ₹500.

With the continuous flow of information during this time, it is important to keep a tab on all of it. News regarding the portal to be launched on Friday specifically for stranded domestic tourists who want to return home, was doing the rounds. However, the Ministry of Tourism denied any such announcement. The only portal currently available is ‘Stranded in India’, for foreigners who are stuck here.

Thanks to the intervention of the Ministry of Social Justice & Empowerment, there is finally some justicefor bank employees with disabilities in these trying Covid-19 times. Based on the intervention of the Ministry, the Department of Financial Services (DFS) has issued instructions to State Bank of India and public sector banks that they should not treat the absence of employees with disabilities during the lockdown as a “sick leave”. Strict instructions have been issued that such period of absence be treated as “special leave without loss of pay”, it is learnt.

So what has prompted this? It transpires that the SBI had issued a circular that mandated the bank’s HR department to treat the period of absence from duties (during lockdown) in case of employees with disabilities as “sick leave”!

Webinars and video conferences are fast becoming the chosen way for professionals to communicate in a Covid-stricken world, but these have downsides as well. It may seem the easiest thing to just accept an invitation link and have a meeting without having to brave city traffic. However, one disadvantage was shared by Suresh Prabhu, BJP leader and India’s G20 Sherpa, while explaining why he had to leave an EU webinar after his own address.

Prabhu pointed out that when invited for an online seminar, it was impossible to say no, citing other engagements and logistics issues. One had to take out time for multiple meetings, and attend more events than in ordinary times, he said.

Atanu Chakraborty left the Office of the Economic Affairs Secretary on April 30. Now, what’s next for him? Problem is that there is no suitable vacancy .

One post of Vigilance Commissioner is vacant, but rules say that amongst the Central Vigilance Commissioner and two Vigilance Commissioners, “no more than two can belong to All India Service or in any civil service of the Union or in a civil post under the Union, or who have held office or are holding office in a corporation established by or under any Central Act or a government company owned or controlled by the Central government, and persons who have expertise and experience in finance including insurance and banking, law, vigilance and investigations.”

Recently appointed CVC Sanjay Kothari is former IAS officer while Vigilance Commissioner Sharad Kumar belongs to Indian Police Services. So, chances for Chakraborty appear dim, unless the government changes the rule.

Our Delhi Bureau