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RBI cautions public about ‘deepfake’ video of governor being circulated on social media
In a statement Tuesday, RBI said it has come to their notice that...
Strengthen framework to curb unethical practices RBI Guv to bank boards
"While such practices may yield short-term gains, they ultimately...
Indian bankers face legal risks as court rulings threaten over $6 billion in loans
Two rulings by India’s Supreme Court that threaten the repayment of loans totalling nearly Rs 50,000 crore ($6.73 billion) to some of India’s largest banks
Any failure to recoup the money adds to stress in the banking sector, which is already dealing with an increased level of bad loans and reduced profits because of the impact of the pandemic.
Digital currency model likely by the end of year: RBI
Earlier, RBI Governor Shaktikanta Das made it clear that the central bank continues to have concerns with the private digital currency (DCs) which are not regulated and has conveyed the same to the government
PSU general insurers’ employees observe strike to protest proposed privatisation
The one-day strike against the passage of the General Insurance Business (Nationalisation) Amendment Bill 2021 in the Lok Sabha was successful across the country, General Insurance Employees All India Association’s General Secretary K Govindan claimed.
About 52,000 employees and officers across all four PSGI companies participated in the day-long strike, he added.
Financial regulators urgently need to get a grip on ‘Big Tech’: BIS
Global watchdogs are increasingly wary that the huge amounts of data controlled by groups such as Facebook, Google, Amazon and Alibaba could allow them to reshape finance so rapidly that it destabilises entire banking systems.
RBI’s new rules on interchange fee, 24/7 bulk clearing facility functional
National Automated Clearing House (NACH) has been made available on all days of the week, effective August 1, 2021.
NACH, a bulk payment system operated by the National Payments Corporation of India (NPCI) facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension.
It also facilitates collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds and insurance premium.
Global banks show tantalising signs of stability: S&P
S&P said its base case is that the global banking sector will continue to slowly stabilise as the economic rebound gains momentum and as support is gradually withdrawn. Should a re-intensification of risks occur, this will require more support from public authorities for the real economy.For 11 of the top 20 banking jurisdictions, S&P estimates that a return to pre-Covid-19 levels of financial strength will not occur until 2023 or beyond. For the other nine, it estimates that recovery may occur by year-end 2022.
Depositors to get up to Rs 5 lakh within 90 days of banks being put under moratorium: Centre
With the recent amendment, depositors will get an insurance of Rs 5 lakh even if a bank is put under RBI’s watch and its operations are suspended.The law will protect 98.3 percent of the bank accounts
Lok Sabha passes Factoring Regulation Amendment Bill
The statement of objects and reasons of the bill state that an increase in the availability of working capital may lead to growth in the business of the micro, small and medium enterprises sector and also boost employment in the country.
The bill seeks to amend the definitions of “assignment”, “factoring business” and “receivables”, so as to bring them in consonance with international definitions and also to insert a new definition of “Trade Receivables Discounting System” .
Nearly Rs 49,000 cr lying unclaimed with banks, insurers: Karad
As per the Insurance Regulator Development Authority of India (IRDAI), the total amount of unclaimed amounts of policy holders in public and private sector insurance companies was at Rs 24,586 crore (end-December, 2020).
On the other hand, all insurers having unclaimed amounts of policyholders for a period of more than 10 years transfer such funds to the Senior Citizens” Welfare Fund (SCWF) every year. The SCWF is utilised for schemes for promoting the welfare of senior citizens.
Ageas Federal Life Insurance expects 35-40pc premium growth in FY22
With the government allowing up to 74 per cent foreign direct investment in the insurance sector, he said: ”Now FDI limit being hiked to 74 per cent, we have to wait and see if Ageas will pick up the other 25 per cent (from IDBI Bank). The sentiment is pretty positive, but we will have to see.” However, there has been no impact on the business, he added.