Page 14 - Banking Finance April 2022

ROUNDUP

GST collections in Feb It will improve equitable access to qual- the members of the Employees' Provi-
ity healthcare by encouraging use of dent Fund Organisation (EPFO). Thus,
stand at Rs. 1.3 lakh crore, technologies such as telemedicine and it is under active consideration to bring
a slight dip from Jan enabling national portability of health out a new pension product or scheme
Goods and services tax collections services. Digital health solutions across for those whose monthly basic wages
dipped marginally to Rs 1.3 lakh crore healthcare ecosystem have proven to are more than Rs. 15,000," a source
during February, compared to Rs 1.4 be of immense benefit over the years, privy to the development said.
lakh crore in the previous month, indi- with CoWIN, Arogya Setu and As per the source, the proposal on this
eSanjeevani further demonstrating the
cating that the Omicroninduced new pension product could come up for
lockdowns had a marginal impact on role technology can play in enabling discussion in the meeting of EPFO's
economic activity. access to healthcare. apex decision making body Central
The latest data released by the finance However, there is a need to integrate Board of Trustees (CBT) on March 11
ministry showed that the mop up was such solutions for continuum of care, and 12 at Guwahati.
18% higher than a year ago. Revenue and effective utilisation of resources,
from domestic sources, which makes the statement said. Based on the foun- Freight costs jump as ship-
up for a bulk of the kitty, rose 12%, dations laid down in the form of Jan ping rates, insurance pre-
against the 38% jump witnessed in case Dhan, Aadhaar and Mobile (JAM) trin-
of imports, which were largely due to ity and other digital initiatives of the mium soar
higher oil and gold prices. government, Ayushman Bharat Digital The sudden surge in container rates
Mission (ABDM) is creating a seamless and insurance costs following the Rus-
"February, being a 28-day month, nor-
mally witnesses revenues lower than online platform through the provision of sian invasion of Ukraine is expected to
that in January. This high growth dur- a wide-range of data, information and drive up freight costs across the world,
infrastructure services, duly leveraging industry executives and trade associa-
ing February 2022 should also be seen
in the context of partial lockdowns, open, interoperable, standards-based tions said. Container rates are up ten-
digital systems while ensuring the secu- fold in less than a fortnight, while war
weekend and night curfews and vari-
ous restrictions that were put in place rity, confidentiality and privacy of insurance premiums have risen 5%.
by various states due to the omicron health-related personal information. The shipping industry, which plays a
wave, which peaked around 20th Janu- major role in global trade, was already
ary," an official statement said. EPFO mulls new pension fighting a shortage of vessels and con-
scheme tainers when American and European
5 year Digital Ayushman Retirement fund body EPFO is mulling sanctions on Russia and its businesses
drove up crude prices, increasing ship-
Plan a new pension product for organised ping costs. Brent crude oil approached
sector workers who are getting basic
The Union Cabinet approved the na- a multi-year high of $120 per barrel
tional roll-out of Ayushman Bharat wages of more than Rs. 15,000 per and was slightly lower at $113. On 3
Digital Mission (ABDM) with a budget month and are not mandatorily cov- March, the Drewry's composite world
of Rs 1,600 crore for five years, the ered under its Employees' Pension container index was up 2.1% from last
government said in a statement. Scheme 1995 (EPS-95). week to $9,279.46 per 40ft container.
Retirement fund body EPFO is mulling
Under the ABDM, citizens will be able Anil Devli, CEO of the Indian National
a new pension product for organised
to create their Ayushman Bharat Shipowners' Association (INSA), said
Health Account numbers, to which sector workers who are getting basic daily rates of tankers and vessels have
their digital health records can be wages of more than Rs. 15,000 per zoomed from $3,000 per day around
linked, the statement said. This will month and are not mandatorily cov- 10 days ago to $30,000-40,000 now,
enable creation of longitudinal health ered under its Employees' Pension primarily because there are fewer
records for individuals and improve Scheme 1995 (EPS-95). ships from Russia and Ukraine. He
clinical decision making by healthcare "There has been demand for higher added that war risk premiums for ships
providers, it stated. pension on higher contributions among have also increased by 3-5%. T

14 | 2022 | APRIL | BANKING FINANCE