Business
New IRDAI head can study existing reports, plug gaps
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.
Business
Iran war costs deepen split in US Congress amid scrutiny of $200 billion funding request

Washington, March 20: Rising costs of the Iran war and its impact on global markets are deepening divisions in Congress, with Republicans and Democrats questioning the scale and purpose of a proposed funding request that could exceed $200 billion, according to multiple US media reports.
The White House is preparing to seek massive new funding for the conflict, even as scepticism grows within President Donald Trump’s own party over the lack of a clear strategy and timeline, CNN reported. Lawmakers say the administration has yet to fully explain how the money will be used or how long the US military engagement could last.
Trump signalled the request could be substantial, arguing the military needs resources to maintain strength. “We want to be in the best shape, the best shape we’ve ever been in,” he said, adding, “It’s a small price to pay to make sure that we stay tippy top.”
But that argument is facing pushback. Some Republicans have openly rejected further spending, reflecting growing unease about what several described as a potential “endless war”.
“I am a no. I have already told leadership. I am a no on any war supplemental. I am so tired of spending money over there,” Representative Lauren Boebert said, according to CNN. “I have folks in Colorado who can’t afford to live. We need America First policies right now.”
Others are demanding detailed answers before committing support. “What are we doing? We’re talking about boots on the ground. We’re talking about that kind of extended activity,” said Representative Chip Roy. “They got a whole lot more briefing and a whole lot more explaining to do on how we’re going to pay for it and what’s the mission here?”
Fiscal conservatives have also questioned whether the proposed funding could expand further. “It begs the question, how long do they plan to be there? What are the goals? Is this the first $200 billion? Does this turn into a trillion?” Representative Thomas Massie said, CNN reported.
The debate comes as the conflict intensifies in the Gulf. US and allied forces have stepped up operations around the Strait of Hormuz, deploying attack aircraft and helicopters to target Iranian naval assets and reopen critical shipping lanes, The Wall Street Journal reported.
“The A-10 Warthog is now engaged across the southern flank, targeting fast-attack watercraft in the Strait of Hormuz,” General Dan Caine said, adding that Apache helicopters “have joined the fight on the southern flank,” according to the Journal.
The escalation has already shaken global energy markets. Oil prices surged sharply as attacks on infrastructure across the region raised fears of supply disruptions, The New York Times reported.
Analysts warned the economic fallout could deepen if hostilities continue. “Energy warfare has been utilised from day one,” said Anna Jacobs, according to The Washington Post, noting that disruptions in the Strait of Hormuz have affected a key global supply route.
At the same time, lawmakers in both parties say they have received limited and incomplete cost assessments, adding to concerns over approving such a large sum. Some Republicans have proposed conditions, including spending offsets or audits of Pentagon finances, before backing any funding bill.
Senate leaders have indicated the path forward remains uncertain. “It remains to be seen” whether the request could pass, Senate Majority Leader John Thune said, according to CNN.
Democrats, meanwhile, remain largely opposed to approving funds under current conditions, further complicating the administration’s efforts to secure congressional backing.
The conflict has also triggered broader policy debates within the administration, including whether easing sanctions on Iranian oil could help stabilise global prices, The Washington Post reported. Officials say such steps could bring additional supply to the market, though analysts warn it could also strengthen Iran financially during the war.
Business
LPG Crisis: How A Simple Digital DAC OTP System Is Plugging A Massive Black-Market Loophole

India’s cooking gas distribution network has long been plagued by a quiet crisis – subsidised LPG cylinders meant for households routinely ended up in the black market, diverted by unscrupulous delivery personnel and agents. With the LPG crisis now deepening due to the US-Iran war, the government’s answer to this is deceptively simple – an OTP.
The Delivery Authentication Code (DAC) is a one-time-use code used to verify the legitimacy of home LPG cylinder delivery, ensuring the cylinder reaches the rightful customer. When a booking is made, the customer receives the code on their registered mobile number, which must be shown to the delivery person before the cylinder changes hands.
Ever since the crisis began, the government has significantly scaled up this system, with DAC coverage now reaching nearly 72 percent of deliveries, up from 53 percent earlier. The Ministry of Petroleum and Natural Gas has directed oil companies to ensure the DAC system is used in at least 80 percent of LPG deliveries, making OTP verification mandatory for the majority of cylinders.
Oil Marketing Companies (OMCs) have introduced the DAC system – sent via SMS and shared with delivery personnel – to ensure verified delivery, with IVRS/SMS refill booking also implemented nationwide, providing alerts at key stages including booking, cash memo generation, and delivery.
If distributors fail to meet the DAC requirement, the system flags cylinders as still in the agency’s inventory even though they have been delivered -creating a digital paper trail that exposes irregularities and improves transparency across the supply chain.
Consumers can ensure they receive DAC codes by taking these steps:
– Link your mobile number to your LPG consumer ID via your distributor or the Indane/HP/Bharat Gas app.
– Book via IVRS by calling your provider’s helpline – the DAC is sent automatically via SMS upon booking.
– Update details online at iocl.com or your respective oil company’s portal.
– Visit your distributor with photo ID and consumer ID if SMS is not being received.
– If the OTP does not arrive, customers can show their Aadhaar card as an alternate identity verification to receive the cylinder.
With the government pushing toward an 80 percent DAC compliance target, the system represents a low-cost, high-impact fix to a problem that has cost the exchequer significantly. For millions of households, it also means the subsidised cylinder they paid for will actually reach their doorstep.
Business
India’s power plants well stocked with coal as PSUs step up production

New Delhi, March 19: India’s thermal power plants have adequate coal stocks of around 53.41 million tonnes which are adequate for nearly 23 days at the present rate of consumption, and further stocks are also being built up at the pitheads of coal mining companies as a proactive measure to meet any exigency amid the disruption in oil and gas supplies due to the Iran war, the Ministry of Coal said on Thursday.
The pithead coal stock at the mines of Coal India Limited (CIL), which was 106.78 million tonnes (MT) as on April 1, 2025, has grown to about 125.54 MT as on March, 18, 2026. Further, there is around 5.75 MT of coal at the mines of Singareni Collieries Company Limited (SCCL) and another 15.75 MT coal at the mines of captive/commercial mines and about 12 MT in transit and about 5.49 MT in ports and good-shed sidings, according to a statement issued by the ministry.
Coal is continuing to ensure reliable baseload power to support core industries such as steel and cement that underpin the economic growth of the country. The coal production in the country continues at a pace matching the prevailing demands of the consumer and building adequate stocks at the mine-end for maintaining adequate supplies to the consumers as per their requirements, with the continued support of Railways, the statement said.
Coal India Limited is taking adequate measures to ensure the supply of coal to all consumers, including small, medium, and other consumers. As a proactive step, CIL has planned 29 e-auctions in the month of March, offering about 23.56 MT of coal. Out of these 29 auctions, 5 auctions have already been conducted since March 12, wherein 73.1 lakh ton of coal was offered, and 31.96 lakh ton of coal has been booked, indicating adequacy of coal offered in the e-auctions, the statement said.
In addition to this, CIL has also taken necessary action to ensure coal availability to the small, medium and other consumers through the State Nominated Agencies (SNAs) route and requested the state governments to provide the additional coal requirement, which can be met in full to avoid any energy shortages. The coal offtake of the states through the SNAs is being constantly monitored by CIL to ensure that uninterrupted supplies are ensured, the statement said.
The Ministry of Coal is ensuring a performance-driven ecosystem through sustained policy facilitation, robust monitoring mechanisms, and proactive stakeholder engagement. These concerted efforts are aimed at providing reliable coal availability, enabling uninterrupted operations across critical sectors, and effectively meeting the nation’s growing energy demands, the statement added.
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