Of-late, complaints against health insurance companies have gone up largely on account of dissatisfaction with claim settlement. This is mostly because customers are unaware of common features in health insurance policies that relates to sub-limits. Normally, almost all health insurance policies have specific cap called sub-limits to the sum insured under which the insurer will…
No account should be opened in the name of an un-discharged insolvent. An insolvent person is a person who is unable to pay his debts as they are due or his liabilities cannot be covered by his assets is insolvent person. Such a person who cannot pay his debts can have insolvency proceedings initiated against…
The Reserve Bank of India made the announcement of issuance of the Sovereign Gold Bond Scheme 2019-20 Series on various dates in tranches starting from tranche series V to tranche series X. In the notification dated October 3, 2019 RBI indicated dates the Bond issued to the investor of every tranche. Accordingly, the Bond issue…
Prevention of Money Laundering Act, 2002(PMLA) is an Act enacted by the Government of India to prevent money-laundering and to provide for confiscation of property derived from money-laundering. PMLA and the Rules notified there under came into force with effect from July 1, 2005. The Rules 3, 4 and 5 of PMLA 2005 amended by…
In today’s( October 18, 2019) talks between representatives of UFBU constituents and IBA, UFBU pressed for an immediate decision on the following issues. Demand for Early settlement, Demand for an increase in IBA’s offer, Demand for the merger of special allowance into basic pay, Demand for 5 days week, Demand for improvement in family pension,…
Payments in the online space are facilitated by a number of intermediaries like the payment gateways and payment aggregators. These intermediaries act as the conduit between merchant & customer who is willing to pay for the services availed or the goods purchased. In online payments all the debit and credit transactions are routed through credit…
In order to benefit from diversification of risk as also to encourage innovation and competition, Reserve Bank on 15th October 2019 announced to offer on-tap authorisation for the following entities: Bharat Bill Payment Operating Unit (BBPOU). Trade Receivables Discounting System (TReDS). White Label ATMs (WLAs). The entities desirous to function / operate / provide platforms…
Banks are generally permitted to lend to those InvITs where none of the underlying SPVs, which have existing bank loans, is facing ‘financial difficulty’. In view of banks and stakeholders seeking clarification on the provision of credit facilities to Infrastructure Investment Trusts (InvITs), RBI on October 15, 2019, clarified that the banks are permitted to…
Latest edit: May 26, 2020: LIC launches ‘Pradhan Mantri Vaya Vandana Yojana (Modified- 2020) Scheme (for detail read PMVVY modified 2020) with an assured rate of return of 7.40% per annum. The new scheme opens from May 26, 2020, up till March 31, 2023, The ‘Pradhan Mantri Vaya Vandana Yojana ’ has been launched by…
Atal Pension Yojana (APY) was launched on 9th May 2015. The Savings Bank account holder in the age group of 18 to 40 years in any bank or post office is eligible to subscribe at Atal Pension Yojana (APY). The subscriber has to make monthly contributions of the defined amount until he or she is…