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New IRDAI head can study existing reports, plug gaps

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Even as strong views are being voiced on the need to review and recast of the two decade old Insurance Regulatory and Development Authority of India (IRDAI) by industry experts, some experts hold contrary opinions.

“There are reports submitted by various agencies. If these reports are studied and a number of gaps noted and noticed periodically are addressed, I think there may not be a need to have another review,” a former Member of IRDAI told IANS preferring anonymity.

“When a new Chairperson joins IRDAI the above can be the agenda to carry out the mandate envisaged in the preamble of the IRDAI Act,” he added.

According to him, the Standing Committee of Finance and the Parliamentary Committee on subordinate legislation reviews the Regulations and working of Regulators periodically.

“Financial Sector Assessment Programme (FSAP) of the International Monetary Fund (IMF) and World Bank reviews the regulators including IRDAI periodically to see whether the International Association of Insurance Supervisors (IAIS), Insurance Core Principles (ICP) are adhered to,” the expert added.

Financial Action Taken Force (FATF) – the global money laundering and terrorist financing watchdog — also reviews the insurance regulatory bodies from the money laundering angle periodically, he added.

“On the twin aim of IRDAI Act ‘to protect policyholders interests and promote orderly growth of the industry’ IRDAI seems to have done a reasonably good job in the 20 years of its existence,” K.K. Srinivasan, former Member, IRDAI had told IANS.

According to him, a Government review of IRDAI be taken up after reviewing the older financial services regulators like the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI).

“It is time to do a review of IRDAI. It is more than two decades since IRDAI came into existence. As a matter of fact, every regulatory organisation should be reviewed at regular intervals,” N. Rangachary, the first Chairman of IRDAI told IANS.

It was Rangachary who had paved the regulatory path for the sector as the first head of IRDAI.

“There should be a review committee to go into all regulatory aspects. It is time to see whether the original goal of forming the regulatory body has been fulfilled and if not, the action to be taken,” Rangachary suggested.

Echoing similar views was R. Ramakrishnan, Member of the Malhotra Committee on Insurance Reforms.

“It is high time the IRDAI is completely reviewed. This should have been done at the end of the first five years. Better late than never,” Ramakrishan told IANS.

“But the internal organisation of IRDAI needs to be professionalised and strengthened. There is an undeniable perception that compared to its rather small size, there is excessive trade unionism within the Body,” Srinivasan had said.

“This is perhaps attributable to a large extent to the inevitable and somewhat not desirable back-door recruitment of employees in the initial years of its formation. However, this may get corrected in due course when retirements take place,” he added.

One of the areas that needs to be strengthened is the IRDAI’s adjudicatory mechanism.

“With the advent of adjudicatory mechanism that should precede penal action in certain cases, it cannot be said that the adjudication officers have to be continuously well trained and equipped with at least rudimentary legal nuances so as to lend credibility to their performance in quasi-judicial capacity, and recommending penalty with justice and good conscience,” D. Varadarajan, a Supreme Court lawyer specialising in Insurance and Corporate Laws and a Member on KPN Committee on Insurance Laws Reforms.

“In this context, it is also pointed out that unlike the SEBI Act, there is no provision in the IRDA Act, to credit all sums received as penalties to the Consolidated Fund of India. Hence, the penalties imposed have to be just and reasonable, and not excessive, leading to unjust enrichment of the coffers of the Authority,” Varadarajan added.

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Navi Mumbai: CIDCO’s 9.6-Km Kharghar Coastal Road Work To Begin In 2026, Promises Faster NMIA Connectivity By 2029

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Navi Mumbai: Construction of the much-anticipated Kharghar Coastal Road — a key link that will enhance connectivity to the upcoming Navi Mumbai International Airport (NMIA) — is expected to commence in early 2026, following the receipt of mandatory forest clearances.

Planned by the City and Industrial Development Corporation (CIDCO), the 9.678-kilometre-long and 30-metre-wide arterial road will connect the airport to major nodes such as Belapur and Nerul, significantly improving regional mobility and supporting economic growth across Navi Mumbai.

The project will also provide direct high-speed access to the International Corporate Park (ICP) being developed on the lines of Bandra Kurla Complex (BKC), the Golf Course, and the FIFA-standard Centre of Excellence (COE) at Kharghar.

A grade-separated interchange over the Sion-Panvel Expressway is part of the plan to ensure smooth traffic flow and reduce congestion between the airport and nearby business and recreational hubs.

Of the total road length, 6.96 kilometres will be newly developed, while the remaining portion will integrate with the existing network. The corridor will also cater to the anticipated transport demand from upcoming projects such as the Water Transport Terminal and Pradhan Mantri Awas Yojana (PMAY) housing schemes in the area.

CIDCO has awarded the construction contract to the J Kumar–J M Mhatre Joint Venture. Officials said the project will not only boost airport connectivity but also strengthen Kharghar’s position as a major residential and commercial hub, linking it seamlessly to Taloja and Navde.

“Known for its well-planned infrastructure, green cover, and educational institutions, Kharghar is poised to witness a new phase of growth once the coastal road becomes operational. Kharghar coastal road is estimated to be ready by 2029 if everything goes as per plan,” an official from CIDCO said.

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Telecom operators embrace AI to bolster revenues, drive efficiency globally

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New Delhi, Nov 8: Leading telecoms globally are deploying artificial intelligence (AI) across network operations, customer service, and fraud prevention to drive efficiency and reduce costs, according to a new report.

These initiatives are already contributing to EBITDA margin gains, with predictive maintenance and automated support systems leading the way, according to an IDC report.

AI also enables personalised offerings and dynamic pricing, boosting average revenue per user (ARPU) and reducing churn.

Fraud detection systems enhanced by AI are helping reduce losses, reinforcing customer trust and regulatory compliance. With AI accelerating time-to-market for new services, telecoms can better monetize emerging technologies like 5G and edge computing.

“In the longer term, as AI continues to evolve, it will be increasingly recognized not as a mere technological enhancement, but as a strategic enabler poised to drive sustainable growth for telecommunications operators,” said the report.

Meanwhile, worldwide spending on telecommunication and pay TV services is projected to reach $1,532 billion in 2025, representing an increase of +1.7 per cent year-on-year, according to the IDC report.

The latest forecast is slightly more optimistic compared to the forecast published earlier this year, as it assumes a 0.1 percentage point higher growth of the total market value.

The regional dynamics remain mixed, with inflationary effects, competition, and Average Revenue per User (ARPU) trends playing a central role in shaping market trajectories, said Kresimir Alic, research director, Worldwide Telecom Services at IDC.

The breakdown by telecom service type confirms that established trends remain intact, despite adjustments to overall market forecasts.

Mobile continues to dominate, driven by rising data consumption and the expansion of M2M applications, which are offsetting declines in traditional voice and messaging revenues.

Fixed data services are also expected to grow steadily, fuelled by increasing demand for high-bandwidth connectivity.

The global connectivity services market is projected to grow at a compound annual rate of 1.5 per cent over the next five years, maintaining a cautiously optimistic outlook.

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Govt plans AI-based eKYC, global credential verification in DigiLocker

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New Delhi, Nov 8: The Ministry of Electronics and IT on Saturday announced plans for AI-based eKYC and global credential verification in the DigiLocker platform.

The platform has evolved from a secure document storage service into a trust layer that connects citizens with ministries and departments, according to an official statement.

National e-Governance Division (NeGD), Ministry of Electronics and IT organised the National Conference on DigiLocker to discuss and showcase how DigiLocker evolves into a cornerstone of trust, convenience, and efficiency across government, education, and industry sectors.

The conference underscored the transformative role of DigiLocker in facilitating paperless governance, inclusive education, and secure digital services.

“DigiLocker serves as the trust layer connecting citizens, ministries, and departments—enabling secure, interoperable, and accountable digital governance. Our vision is a future where every digital interaction is trusted, every citizen empowered, and every institution accountable” said S. Krishnan, Secretary of MeitY, who chaired the conference.

Krishnan said that the platform advances India’s digital journey from connectivity to capability, service delivery to self-reliance and now from digitalisation towards trust.

Abhishek Singh, Additional Secretary of the Ministry of Electronics and IT, outlined the future of DigiLocker with AI-based eKYC and global credential verification, positioning it as a global model for paperless governance.

Presentations were made on integration of Digi Locker with Pension and Treasury systems in Maharashtra and with over 500 services through Sewa Setu Portal in Assam, the statement noted.

Seven states, including Assam, Himachal Pradesh, Madhya Pradesh, Meghalaya, Kerala, Maharashtra, and Mizoram, have been recognised as “DigiLocker Accelerators” for their distinct achievements.

DigiLocker allows citizens to access, verify, and share IDs, financial credentials and certificates securely.

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