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An Express series: Heading North — in search of light


Setting out at night for part 3 of our series, The Indian Express headed from Central to North Delhi and discovered the same thing we had in other parts of the city — long stretches shrouded in darkness, with street lights either switched off or not working.

Between 11.30 pm and 2.37 am on Tuesday night, several key stretches were covered, including the one Congress leader Rahul Gandhi took just a few days ago — albeit during the day. The routes taken include key Delhi landmarks, Kashmere Gate ISBT, Delhi University, the Kamla Nagar Ridge area, and Police Lines Civil Avenue.

The observations:

Marghat Hanuman Mandir to Kashmere Gate ISBT foot overbridge, 11.41pm, 2.2 km

On the left side, the stretch houses several temples and shops selling flowers and worship items. From a U-turn under the bypass Ring Road, the stretch from Kashmere Gate branches off to ITO on the left, and goes straight toward Lohe ka Pul.

When The Indian Express travelled from the Hanuman temple to Kashmere Gate ISBT FOB, the stretch had light poles on both sides of the road as well as on the central median. Of all the lights, from Kashmere Gate ISBT towards Sant Parmanand Hospital and Jamuna Bazar, 19 poles were a mix of single and two-winged lamps, of which only one was lit. From Hanuman Mandir side, there were 20 poles, of which four were lit. On the central median, t here were 24 lights, including five high-mast ones, of which three were not working till the ISBT flyover.

This stretch is taken by lakhs of commuters travelling to and from the ISBT to board buses to neighbouring states. The road also connects to Civil Lines, Delhi University and Vidhan Sabha. On this 2-km stretch, Nigam Bodh Ghat, two bus stands at ISBT, Ambedkar University and Sant Parmanand Hospital are situated.

The stretch was shrouded in darkness.  On January 6, a woman cab driver was attacked near the ISBT. The stretch is infamous for mobile and chain snatching.

“Several light fittings on both sides of the roads have been cut and stolen. This is one of the prominent stretches but maintaining it has been difficult… Theft is a big issue; we have filed several police complaints but no action is taken. We are repairing lights, it will be fixed in a day or two,” said a senior PWD official who looks after the electrical division of the Central and New Delhi division.

Another official said, “As many as 15 poles are not working on the central verge due to a technical fault. We are working on it, and the remaining lights on the stretch have been made functional following your (The Indian Express) complaints. Non-functional poles will be repaired by tomorrow.”

Kingsway Camp Chowk to Model Town police station traffic signal, 12.29 am, 1.1km

The area is home to security personnel and comprises Kingsway Camp, Model Town police station, North Delhi DCP’s office and neighbourhoods where students reside. The stretch from Kingsway Camp Chowk on Mahatma Gandhi Marg towards Mall Road, Model Town police was swathed in darkness. In the middle, the Metro’s underground yellow line is situated. Service roads on either side were covered in darkness and had 21 single-lamp street poles. While two were working, one was flickering.

PWD officials who look after this stretch blamed the thefts and said, “Anti-social elements are a big issue. Despite police lines and a model police station on this stretch, cables, wires, and timers are stolen. We will fix it.”

From Daulat Ram College to Vijay Nagar, 1.02 am, 1.2 km

Starting from famous Tom Uncle Maggi Point near Daulat Ram College, the road till Vijay Nagar Polo Road signal is unlit, barring a few lights from student quarters. On Kirpal Singh Marg to Sahibi River point, there were seven street lights, none lit.

As we cross the Sahibi River bridge, we reach Vijay Nagar, the hub of paying guests for outstations students and Civil Services aspirants. The stretch has 14 lights on the central median, and 30 on the left side, of which only seven were found working. At Vijay Nagar, the road was dimly illuminated only by lights emitted by cafes and restaurants situated on either side of the road.

“The stretch was earlier maintained by the Tata power. PWD recently took the road following several complaints and poor maintenance. Currently, Delhi Jal Board is working on the stretch, which has also affected street lights poles,  but we will get the lights repaired. The street light  are insufficient on the stretch; PWD is also planning to increase it to provide safety to students,” said a PWD official.

Vishwavidyalaya Marg to Chauburja Marg via Kamla Nagar Ridge, 1.36 am, 1.7 km

Starting from University of Delhi near the Vice-Chancellor’s office on the right and Bonta Park gate on the left, the 1.7-km long Kamla Nagar Ridge area connects offices and residential areas of city’s administrators. This includes the L-G House secretariat on Raj Niwas Marg, Ludlow Castle, CM’s camp office and Rajpur Road. The stretch was so dark that several vehicles avoided the route and took Sudhir Bose Marg.

From the DU bus stop, except for four street poles, the stretch was well lit but a little further down the road, Vishawavidyalay Marg descends into darkness. As the stretch starts, a few Yulu bikes were parked on the left. The Kamla Nagar Ridge traffic intersection till the Deputy Conservator of Forests office has nine street light poles of which none was working. From here to the next signal till the officers’ flats on Rajpur Road, there were 37 lights on the right and 14 on the left. Only five were functional.

Akhilesh Pati Tripathi, the MLA of Model Town blamed the MCD, “All the PWD roads are well lit. Recently, along with the principal of Hansraj College, I took stock of the situation and got the lights fixed in several areas. The ridge area falls under MCD…We will try to get it fixed, the network is also an issue there.”

Timarpur MLA Dilip Pandey was not available for comments.





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Govt gets multiple preliminary bids for buying 61% stake in IDBI Bank


The Centre on Saturday received multiple expressions of interests (EoIs) from domestic and foreign investors for the 60.72% stake in IDBI Bank, which will go to the successful bidder along with management control.

“Multiple expressions of interest received for the strategic disinvestment of Govt and LIC stake in IDBI Bank. The transaction will now move to the second stage,” department of investment and public asset management secretary Tuhin Kanta Pandey tweeted.

Saturday was the last date for submission of EoIs. In the second stage, shortlisted bidders would be asked to place financial bids. The transaction is expected to conclude in FY24.

“The financial bids will be called after all the processes are completed such as due diligence of EoIs, fit-and-proper assessment of the bidders by the RBI and data room access given to the shortlisted bidders,” a senior official told FE.

On October 7 last year, the Centre invited EoIs for IDBI Bank and offered to sell a total of 60.72% stake worth over `38,550 crore at current market prices, comprising 30.48% from the government and 30.24% from LIC, along with the transfer of management control.

The deal was sweetened for investors as the government, market regulator Sebi and the RBI have extended necessary regulatory forbearance. Foreign banks, funds and investment vehicles incorporated outside India are allowed to bid for IDBI Bank.

These include an extended period for complying with the minimum public shareholding (MPS) norms, relief from tax on notional gains if share price of the bank rises post financial bids up to transaction conclusion, and buyer will make open offer to public at the winning bid price (no additional cost even if share prices rise).

IDBI Bank shares closed at `59.05 on BSE on Friday, up 7.85% from the previous closing price, while the broader Sensex closed 0.75% down.

On Thursday, the Securities and Exchange Board of India (Sebi) allowed the Centre to reclassify its holding in IDBI Bank as ‘public’ following the divestment of its stake, on the condition that its voting rights do not exceed 15%. The regulator also said the buyer will have to adhere to the minimum public shareholding norms of 25% within a year of acquisitions, as per its regulations applicable in merger and acquisition transactions.

However, another government official said that the one-year period for MPS compliance intimated by Sebi would not be applicable for IDBI Bank as the Centre amended the Securities Contracts (Regulation) Rules, 1957, on Tuesday to give a longer period to the buyer.

The public holding in IDBI Bank is 5.28%.

Sebi’s categorisation of the Centre’s residual stake of 15% in the lender would mean that the new promoters of the bank would have to just offload another 7-10% to meet the public float norm of 25%. A strategic investor may not like to offload a stake in the initial years, a period when it will likely be setting up a new management team, restructuring the business and attempting a rebranding of a company.

The winning bidder will also be permitted to make an open offer to the public at the same price that it would be paying to the government and LIC, thereby reducing potential additional costs in the event of the bank’s share prices moving upwards after financial bids are submitted. Also, even if the share prices rise after financial bids are submitted and by the time the transaction concludes, there won’t be any tax liability on the notional gain in value to the buyer, sources said.

The IDBI Bank strategic disinvestment would give the government a ready reckoner to undertake strategic disinvestment of public sector banks.





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Mamata demands national status for Gangasagar Mela


CHIEF MINISTER Mamata Banerjee on Wednesday reiterated her demand that the Centre should accord national status for the annual Gangasagar Mela that will be held next week. She asserted that the Centre had not paid any heed to her repeated requests to build a bridge over the Muri Ganga river to help pilgrims reach Sagar Island easily.

“We have written to the Centre several times to declare the Gangasagar Mela as a national fair, but we have not received a

response. The state government is now preparing phase-wise DPR for the construction of a bridge at Muriganga. We need Rs 10,000 crore for the project, but as the Centre is not responding to our request, we are working on finding a way to build the bridge,” said Banerjee.

She added, “We wish to reiterate that we want the Gangasagar Mela to be declared as a national event. We appeal to the Centre to approve our request. Kumbh Mela in Uttar Pradesh receives funds from the Centre, but for Gangasagar Mela, the state has to bear all the cost and nothing is received from the Centre. We want Gangasagar Mela to be on the international map so that more international tourists visit the mela.”

Banerjee reached Sagar Island in South 24 Parganas district on Wednesday afternoon to review the preparations for the Gangasagar Mela, to be held from January 8-16. She also inaugurated three helipads.

“I have inaugurated three permanent helipads. These will be used by the public in the days to come. Air ambulance facility will also be available from these helipads. The state government has also inaugurated a guest house, which has been built at a cost of Rs 65 lakh. Tourists can stay at the guest house. Kumbh Mela is a renowned event and it is well-connected with civil aviation facility and Railways. However, the commute to Gangasagar Mela is extremely tough,” said the Chief Minister.

Lakhs of Hindu pilgrims visit Sagar Island from different parts of the country and to take a holy dip at the confluence of the sacred Ganga and the Bay of Bengal on the occasion of ‘Makar Sankranti’. Banerjee also offered prayers at Kapil Muni Temple.

“We have instituted life insurance for policemen, officials, media, tourists, general public and travellers to the Gangasagar Mela. In case of any death, Rs 5 lakh insurance amount will be given to the deceased’s family members,” she added. —With PTI Inputs





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54% fall in fund raising via initial public offering market


With the stock markets going on a roller-coaster ride in 2022, fund mobilisation by companies through the initial public offering (IPO) market declined 54 per cent.

Amount raised:

Total issuances this year remained lower at Rs 55,472 crore as compared with Rs 1.22 lakh crore issued in 2021 as companies and promoters became cautious in the wake of volatility in the stock market. Promoters and companies turned cautious in 2022 as many high-profile IPOs of 2021 like Paytm, FSN E-commerce (Nykaa), Nazara Technologies, PB Fintech, CarTrade Tech, Easy Trip Planners, Aditya Birla Sun Life AMC and Fino Payments disappointed investors with their share prices falling steeply below their IPO prices.

3 active sectors:

Overall, IPOs issued have been concentrated in 3 major sectors (contributing to 56 per cent of the total issuance); edible oil, insurance and hospital & healthcare services. While the edible oil industry has performed very well on the stock market, the insurance industry (LIC) has taken a hit, while returns in the healthcare services industry are modest at best, according to a Bank of Baroda research report.

LIC biggest:

In the current year, 12 industries witnessed big ticket (Rs 1,000 crore plus) IPOs, of which the insurance sector (LIC) was the biggest with an issue size of Rs 21,000 crore. This was followed by industries such as edible oil (Rs 7,000 crore), hospital & healthcare services (Rs 3,200 crore), textile (Rs 3,100 crore) and courier services (Rs 3,000 crore), among others, BoB report said.

LIC’s market valuation fell by a whopping Rs 1.83 lakh crore to Rs 4.16 lakh crore as on December 23.

Listing at discount:

Out of 12 big ticket issuances, 5 were listed at a discounted price, averaging -5.3 per cent. LIC (-8.6 per cent) and Rainbow children’s Medicare (-6.6 per cent) were listed at a discount of even more than average. On the other hand, 7 companies were listed at a premium, averaging 13.5 per cent. Amongst these, Patanjali foods (30.8 per cent), global health (18.5 per cent), and campus activewear (21.6 per cent) recorded a premium above average, BoB said.

Out of a total of 84 companies (versus 99 last year), 17 per cent companies listed at a discount, 6 per cent companies were listed at the same price as the issue price, while 77 per cent companies listed at a premium.

32 pc trading at discount:

As on December 18, 2022, out of 84 companies, 32 per cent of the companies are trading (last price) at a discount (compared with issue price), while 68 per cent of them are still trading at a premium. Overall, these companies have recorded an average return (last versus list price) of 17.7 per cent in CYTD22, versus 7.6 per cent gains made by Sensex, BoB report said. “High IPO premium charged by some companies has led to investors burning their fingers as these shares crashed after listing on the stock exchanges,” said a fund manager.

Top performers & losers

The top performing companies include: Rhetan TMT, Jayant Infratech, Containe Technologies, Adani Wilmar, Veerkrupa Jewellers, Goel Food Products, Maruti Interior Prod, Sailani Tours N Travel, Venus Pipes & Tubes, and Ekennis Software Services, averaging return of 228 per cent.

Some of the stocks which gave negative returns this year included: Fone4 Communication. India, Safa Systems & Technology, EVOQ Remedies, Mafia Trends, Global Longlife Hospital, AGS Transact Tech, and Pace E-Comm Venture, averaging return of -50 per cent.





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Tensions flare over Sunday mass in Delhi’s Burari, police called in


A Sunday mass inside a hall at a residential area was interrupted and a protest was staged, allegedly by locals in North Delhi’s Burari area. Delhi Police said residents started protesting outside the hall based on suspicion that the tenant and a pastor were forcing people to convert.

The incident took place around 10 am on December 11 in a hall where the tenant had invited more than 20 people, including the pastor, who is from Kerala.

Both police and the neighbours were called by the building owner, who has been having issues with the tenant over Christmas carols and the use of loudspeakers.

Police said neither the tenant nor the pastor have approached them with a complaint. No case has been registered against the residents, though police have taken action against the person who posted a video of the incident for sharing “offensive/sensitive/trouble-fomenting posts”.

As per the video and the police, protesters stopped the mass and removed chairs while asking people to vacate the premises.

Meanwhile, the building owner made a PCR call alleging the pastor was converting people. A purported video shows a group of people protesting outside the hall chanting ‘Jai Shri Ram’ and ‘Bharat Mata Ki Jai’.

Sagar Singh Kalsi, DCP (North), said the place is not a church but a private room in Burari’s Baba Colony.

“The residents had gathered based on suspicion… We had sent adequate police staff to attend the PCR call and nothing cognizable was found. The protesters were dispersed and the place was vacated. The matter has been resolved. There was no vandalism. The tenant had only called her friends and pastor for a Sunday gathering. There was no disruption or break-in…,” said the DCP.

“There’s no communal issue here. The landlady had issues with the tenant, who had gatherings at the hall. The issues have been going on for some time. On the day of the incident, she made allegations of religious conversion. The tenant is still there. The pastor returned to Kerala and also doesn’t wish to lodge a complaint,” said an officer.

Meanwhile, the letter sent to the Twitter user who shared the video mentions that the post has the “potential to foment trouble amongst the peace-loving and law-abiding citizens”.

The video has now been deleted. The user had posted the video with a caption that the vandalism took place at a church. Police said the date of the incident is incorrect, and the incident took place in a residential area, not a church.





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IDBI to continue as ‘Indian private sector bank’ post strategic sale


The government’s residual 15 per cent stake in IDBI Bank post the strategic disinvestment of the lender will likely be considered as ‘public shareholding’ and a reasonable period may be given to the potential buyer to comply with minimum public shareholding (MPS) norm, finance ministry said on Sunday. IDBI Bank will operate as an ‘Indian private sector bank’ after its strategic sale.

Department of investment and public asset management (Dipam) said that the winning bidder will have no restriction on undertaking a corporate restructuring of the subsidiaries of the bank. It also said that certain asset sizes and timing thresholds related to asset stripping would be provided to give flexibility in operations to the successful bidder.

“The aspects in respect of the treatment of GOI’s residual shareholding and the appropriate transition period for MPS compliance are under due consideration and would, accordingly, be suitably advised to the Qualified Interested Parties at the request for proposal stage,”  Dipam said responding to a batch of 167 queries from potential buyers. On October 7, the Centre invited expressions of interest  for IDBI Bank and offered to sell a total of 60.72 per cent stake, including 30.48 per cent from the government and 30.24 per cent from LIC, along with the transfer of management control. Yet, both the government and LIC will have a 34 per cent residual stake in the lender (19 per cent and 15 per cent by LIC and government, respectively).

According to Sebi, a company is required to have a minimum shareholding of 25 per cent within one year of the merger with/acquisition of a private company or three years after listing. FE





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IRDAI unveils new draft on expenses


The Insurance Regulatory and Development Authority of India (IRDAI) has announced a revised exposure draft on the expenses of management (EoM) for the non-life insurance companies and proposed the removal of caps on payment of commission to insurance agents and intermediaries.

It has also proposed a revised 30 per cent and 35 per cent caps on EoM for general insurers and standalone health insurers, respectively, after taking into consideration the insurance industry’s views.

In the earlier exposure draft, released on August 23, it had proposed to put a lower cap of 20 per cent on commission paid to the agents and intermediaries of both non-life and life insurance companies. It had proposed a 30 per cent cap on EoM for the general insurance companies in the exposure draft issued on August 1.

The regulator has streamlined the expenses of management (EoM) guidelines for insurance companies, now proposing a blanket cap on EoM to the extent of 30 per cent of gross written premium in India for general insurance companies and 35 per cent for standalone health insurance companies.

EoM includes operating expenses, commission to insurance agents and intermediaries and commission and expenses on reinsurance. EoM is currently in the range of 20 per cent to 37.5 per cent for non-life insurers. The additional allowable expenses within the overall expense cap now also include expenses incurred towards government schemes such as Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jan Arogya Yojana, Pradhan Mantri Fasal Bima Yoyaja (15 per cent) as well as expenses incurred towards promoting insuretech and insurance awareness of up to 5 per cent to widen customer reach.





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Collect data of health professionals from repository: IRDAI to insurers


The Insurance Regulatory and Development Authority of India (IRDAI) has advised insurance companies to capture the identity (ID) of medical practitioners from a repository for verification while issuing or renewing health policies. The new system is expected to enable seamless, cashless functioning of outpatient treatment (OPD) across the country.

According to IRDAI, insurers can validate their ID from the Healthcare Professional Registry (HPR), a comprehensive repository of registered and verified practitioners of healthcare professionals delivering modern as well as traditional healthcare services across India. “This will enable digitization and ease the process of buying and selling the Professional Indemnity policies and push for HPR registration among the healthcare professionals,” the regulator said.

This will also help in avoiding medical malpractices under professional indemnity cover.

General and health insurers offering health insurance policies can also consider leveraging on the Health Professional Registry for building up the network of doctors, physicians or other healthcare professionals for providing OPD or other healthcare services, IRDAI said.

As part of Ayushman Bharat Digital Mission, the National Health Authority (NHA) has incorporated a Healthcare Professional Registry (HPR). Under HPR, a healthcare professional ID (HPID) will be created via Aadhaar or other KYC, along with the medical qualifications of the medical professional which is verified by their respective State Medical Councils.

This HPID serves as a unique ID to the medical practitioners to enable connection with all stakeholders of the healthcare ecosystem. “The potential of the mandate is immense. I see three major benefits from this.  First, the availability of a country-wide vetted repository of healthcare practitioners for insurers and TPAs to leverage and build on their network strength.  Second, the enormous reach of Ayushman Bharat Digital Mission,” said Dr Vijay Sankaran, SVP and Chief Medical Officer at MediAssist.

As Ayushman Bharat Digital Mission manages to reach every nook and corner of the country, insurers and TPAs would now be able to empanel verified doctors from far reaching places, he said. “This brings me to the third and foremost benefit. We will now be able to have our cashless OPD network seamlessly spread across both metropolitans and small towns. This is a welcome move and will result in better access to healthcare in the country,” Sankaran said. Health insurance is now the largest segment in the non-life insurance sector with gross premium collection touching Rs 51,361 crore during the seven-month period ended October 2022, a growth of 21 per cent when compared to the previous year.

The Healthcare Professionals Registry will not replace existing registration issued by respective councils. It will, however, bring together data of those professionals from all States participating in ABDM on a digital platform. It will provide additional digital services to the enrolled professionals and will be their primary identifier under the Ayushman Bharat Digital Mission. If professionals wish to avail of these services, they may do so by enrolling in HPR. Further, the processes for registration vary greatly by state, hence a separate enrollment in the Healthcare Professionals Registry is required to capture a standard set of attributes, NHA said.





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Bus driver suffers seizure, loses control of vehicle and rams into auto; 1 dead


A 49-year-old auto-rickshaw driver died after a bus rammed into his vehicle in North Delhi’s Civil Lines. Police said the incident took place Sunday morning when the bus driver, identified as Rajesh Kumar (37), allegedly suffered an epileptic seizure and lost control of the wheel.

Police said Kumar has been arrested and booked for rash driving and causing death by negligence. Police said he was also taken to the hospital after the incident. A PCR call was made by locals around 10.57 am. Staff rushed to the spot and found the auto was badly damaged and the driver was grievously injured.

DCP (North) Sagar Singh Kalsi said: “The bus was coming from Baraf Khana Chowk on the wrong carriageway and hit the auto coming from the ISBT side. The incident took place outside one of the exit gates of Tis Hazari Court. From the enquiry, it was found that the driver had suffered some sort of seizure… an epileptic fit, and he couldn’t control the bus. The bus veered into the wrong carriageway and hit the auto.”

The auto driver, Mamchand (49), was rushed to St Stephen’s Hospital. He was then referred to AIIMS Trauma Centre where he succumbed to injuries. A bus passenger sustained minor injuries and was treated. His statement was recorded by police and a case was registered against Kumar. “We arrested the bus driver and further investigation is being conducted,” said the DCP.





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