The number of persons covered under the scheme stood at 178.39...
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Banking frauds rise in H1FY25, amount involved jumps 8-time: RBI report
The RBI said frauds present multiple challenges for the financial...
Doha Insurance Group to set up reinsurance business in Gift City
Doha Insurance Group(DIG) is currently working on completing the...
Britain and EU strike financial services cooperation pact
So far, the EU has declined to grant any long-term direct access for financial firms from Britain, saying this week that it was in no rush.
“Overall, for investors in UK financial services, a greater degree of cooperation between Europe and the UK can only be seen in a favourable light,” said Alan Custis, head of UK equities at Lazard Asset Management.
There’s need to integrate various regulatory agencies with single-window system: Pharma secy
The medical devices industry, which is growing at a compound annual growth rate (CAGR) of about 15 per cent, holds the highest growth potential among all the constituents of the healthcare sector such as pharma and hospital services, an official statement said quoting S Aparna, secretary of Department of Pharmaceuticals, under the Ministry of Chemicals and Fertilisers.
India will have heterogeneous banking sector in a decade with four types of banks: Shaktikanta Das
There will be large banks having presence across the country and the world, mid-size banks present across the economy, small finance banks/regional rural banks/cooperatives to take care of the small borrowers and digital players, said RBI governor Shaktikanta Das .
IRDAI directions for insurers on fraudulent calls
As per TRAI notification, principal entities including insurers have to have to register with their respective telecom service providers, to be allotted a header along with their identity for proper identification of all messages and voice calls.
HDFC Bank, SBI, others not adhering to norms on bulk SMSes, says Trai
“As sufficient opportunity has been given to principal entities/ telemarketers to comply with the regulatory requirements and that the consumers cannot be deprived of the benefits of the regulatory provisions any further, therefore it has been decided that from April 1, 2021, any message failing in the scrubbing process due to non-compliance of regulatory requirements will be rejected” by the system, TRAI said in a statement.
TRAI’s norms for commercial messages, based on blockchain technology, aim to curb unsolicited and fraudulent messages.
India antitrust watchdog orders probe into WhatsApp’s new privacy policy
The Competition Commission of India (CCI) said WhatsApp had violated competition laws “through its exploitative and exclusionary conduct … in the garb of policy update.”
Sebi tightens rules for exchange disruptions
SEBI also said on Monday it had asked the NSE to identify those responsible for the failure within 21 days and to determine why it did not move to a backup swifter.
Brokers and traders criticised the NSE sharply for not communicating well enough during last month’s outage, which they said caused losses for some investors.
The outage was the second major one for the NSE in recent years after a five-hour shutdown in 2017 due to a software problem.
RBI forms external advisory committee for evaluating banking applications
The guidelines for ‘on tap’ licensing of Universal Banks in the private sector on August 1, 2016 and the guidelines for ‘on tap’ Licensing of Small Finance Banks in the private sector on December 5, 2019, had indicated that the applications for Universal Banks and Small Finance Banks would be initially screened by the RBI to ensure prima facie eligibility of the applicants.
CAIT alleges violation of Drugs & Cosmetics Act by e-pharmacies
The Confederation of All India Traders (CAIT) wrote to Commerce and Industry Minister Piyush Goyal, Health Minister Harshvardhan and Defence Minister Rajnath Singh on the issue.
“It is important to note that sale of prescription drugs and medicines through online medium is illegal. The legal regime, under the Drugs & Cosmetics Act, 1940, does not permit home delivery of prescription medicines for which a prescription “in original” is required,” CAIT said in the letter to Goyal sent on Friday.
Health claims should be processed within prescribed timelines:IRDAI
Where a claim is denied or repudiated, the communication about the denial or the repudiation should be made only by the Insurers(not by TPAS) by specifically stating the reasons for the denial or repudiation, while necessarily referring to the corresponding policy conditions. The insurer shall also furnish the grievance redressal procedures available with the Insurance company and with the Insurance Ombudsman along with the detailed addresses of the respective offices, said the IRDAI