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Rashmi Saluja ceases to be director of Religare as shareholders refuse her re-appointment
Rashmi Saluja Following the clarification from the RBI received on...
Centre warns telcos of fine up to Rs 10 lakh over failure to curb spam
“To make the complaint process simpler and more effective, it has...
RBI cautions against frauds in the name of KYC updation
The central bank has been receiving complaints about customers falling prey to frauds being perpetrated in the name of KYC updation. The usual modus operandi in such cases include receipt of unsolicited communication, like calls, SMSs and emails by customer urging him/her to share certain personal details, account/login details/card information, PIN and OTP or install some unauthorised/unverified application for KYC updation using a link provided in the communication.
Insurers can sell 2 short term Carona covers till March 2022:IRDAI
Earlier,many insurance companies have rolled out these standard health insurance policies since July 2020, which orginally were supposed to remain valid until March 31, 2021, but were allowed to issue the policies till September 30, 2021.
The exemptions granted to insurers for issuance of electronic policies as well as dispensing with physical document and wet signature have been extended upto March 2022.
IRDAI asks insurers to come out with new title insurance policies
The main objectives of the ”new Title Insurance products” are to provide cover to promoters/ developers, preferring to opt for a minimum legal defence cost, and end users (allottees, individual buyers and financiers) at the time of possession/handing over of the property unit for protection against any legal suits in future.
Australia appoints former Macquarie boss to supervise financial regulators
The new three-person regulatory body, including corporate lawyer Gina Cass-Gottlieb, will supervise both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
ICICI Lombard ceases to be ICICI Bank subsidiary post Bharti AXA merger
”ICICI Lombard has made the disclosure to the stock exchanges…Accordingly, with the bank’s shareholding reducing from 51.86 per cent to 48.08 per cent, ICICI Lombard has ceased to be a subsidiary of the bank,” the bank said in a regulatory filing.
U.S. lawmakers seek $1 bln to fund FTC privacy probes
The proposal, which Democrats plan to include in a $3.5 trillion spending measure, would fund a new bureau over 10 years to address “unfair or deceptive acts or practices relating to privacy, data security, identity theft, data abuses, and related matters,” according to a summary released by the House Energy and Commerce Committee.
The committee will meet on Monday to take up the wide-ranging spending proposal that includes $30 billion to remove lead pipes and $13.5 billion for zero emissions vehicle infrastructure buildout.
U.S. FDA to ask for more time before deciding on Juul e-cigarettes -WSJ
The agency said last month it received applications from over 500 companies covering more than 6.5 million tobacco products. E-cigarettes have operated in a regulatory gray area for years. The products, which vaporize a nicotine-laced liquid, have been available in the United States since at least 2007, but the FDA did not formally get jurisdiction over the industry until May 2016.
IRDA revamps trade credit insurance norms, SMEs and project finance to benefit
Some of new kind of covers that will now available in India are:
“Project Cover”- insurance of receivables, against non-payment by the principal or buyer, provided to a contractor engaged in but not limited to long term infrastructure, civil and industrial projects and services. The project period should be more than six months.
“Protracted Default”- failure by a buyer to pay the contractual debt within a predefined period calculated from the due date of the debt.
“Reverse Factoring arrangement” where any arrangement in whatever name or form, between a borrower and a financer, wherein a borrower receives or is supposed to receive finance, either directly or indirectly, for borrower’s purchase of trade receivables, goods or services
HDFC Life seeks shareholders approval to share issue to Exide Industries
Last Friday, HDFC Life announced the deal to acquire 100 per cent stake, representing 185 crore shares in Exide Life by way of cash and preference issue of shares to Exide Industries.
LIC deploys IDBI Intech’s Anti Money Laundering solution
IDBI Intech has made steady investments in the latest industry solutions for the BFSI sector, with cutting-edge technology, customer satisfaction and market demands as top priorities. The next generation technologies currently being leveraged include Blockchain, Cybersecurity, Artificial Intelligence and Machine Learning.