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Climate change risks impacting financial system, need India-specific data: RBI’s Dy Gov
“Over the last few years, we have taken several incremental...
111 drug samples tested in November found ‘not of standard quality’
Besides, 70 drug samples tested by the state drugs testing...
China’s top financial watchdog blasts ‘State Monopoly’ accusation
China has come under greater international pressure in recent years to reduce industrial subsidies after the U.S., Europe and Japan agreed to push for stronger World Trade Organization rules against market-distorting government aid. The state domination of the economy was also meant to be a topic in the “Phase 2” trade deal talks with the U.S.
India proposes stricter regulations for large shadow banks
The country’s central bank has gradually moved towards tighter norms for the sector ever since one of its biggest firms, Infrastructure Leasing & Financial Services,collapsed in late 2018 amid fraud allegations. The following year Dewan Housing Finance Corp and Altico Capital defaulted on payments.
Massachusetts Governor vetoes sweeping climate change Bill
A highlight of the bill is the goal of attaining a net-zero greenhouse gas emission limit by 2050 in part by setting new statewide limits every five years to help the state reach the goal.
The bill would also increase requirements for purchasing offshore wind energy and write into state law the criteria used to define “environmental justice populations” – communities with lower incomes, larger numbers of non-English speaking adults, or with a nonwhite population of 25% or more.
SBI, ICICI Bank, HDFC Bank remain systemically important banks: RBI
SIBs are seen as ‘too big to fail (TBTF)’, creating expectation of government support for them in times of financial distress. These banks also enjoy certain advantages in funding markets.
Some lending apps thrive on India’s Google Play despite policy violations
The rise of smartphones and affordable mobile internet in India has seen a proliferation of hundreds of personal lending apps in recent years. Campaign groups say rapid advances in technology have outpaced authorities and are calling for regulations to be introduced regarding loan tenures and fees.
“There are no clear norms on lending apps in India. Right now they fall in a grey zone,” said Nikhil Pahwa, a digital rights activist and editor of MediaNama, a Delhi-based publication on technology policy.
Banks should invest in building robust IT platforms to prevent Cyber frauds:RBI
Information technology platforms and digital payment systems have provided considerable support for business continuity and smooth functioning during the pandemic. More investment is required by all stakeholders for building robust IT platforms and technologies for operational purposes as well as for fortifying public confidence in digital banking, especially when the financial landscape is rapidly embracing new technologies, said Shaktikant Das, governor, RBI. .
IRDAI asks life insurers to maintain 13th month persistency at 90%
Life insurance business expected is to grow by 12 to 15 per cent in the coming years and life insurers will play a crucial role in creating huge employment through agency channel under the “New Normal, said M R Kumar, Chairman, Life Insurance Corporation
Up to 4,000 financial firms could fail due to COVID, says UK regulator
“At end of October we’ve identified there are 4,000 financial services firms with low financial resilience and at heightened risk of failure,” said Sheldon Mills, the FCA’s executive director of consumers and competition.
“These are predominantly small and medium sized firms and approximately 30% have the potential to cause harm in failure.”
PK Arora assumes charge as IRDA’s member, Actuary
Arora had joined LIC in 1986 and he has 35 years of experience of working in various departments in different capacities.
IRDAI unveils mandatory standard detariffed products for dwellings, micro and small enterprises
The new products can be sold by the general insurers from 1st April, 2021
IRDAI has now issued guidelines whereby the Standard Fire and Special Perils (SFSP) Policy provided for in the AIFT 2001 will be replaced by the standard products that will be mandatorily offered by all general insurers carrying on Fire and allied perils insurance business with effect from 1st April, 2021.