IRDAI relaxes the NPS norms: Done away with the requirement of submitting a separate form to buy annuity from NPS proceeds at the time of retirement
Insurance regulator IRDAI on Tuesday (13.08.2022) said it has done away with the requirement of submitting a separate form to buy an annuity from NPS proceeds at the time of retirement.To bring ease of living for senior citizens, IRDAI has relaxed the requirement of submitting a separate proposal form for taking the immediate annuity products…
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These acts or omissions of an employee are judged as minor misconduct or gross misconduct in banks
When an employee of a public sector bank is found guilty of misconduct, he is exposed to various kinds of punishments decided by the disciplinary authority of the bank. If an employee is found guilty of minor misconduct, he may be warned or censured; have an adverse remark entered against him, or have his increment…
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Zero percent Risk Weights for existing or future maximum eligible claims under Credit Guarantee Schemes (CGS)
The Reserve Bank of India on Wednesday advised all the financial institutions that the risk weight of zero percent shall be applicable in respect of exposures guaranteed under any existing or future schemes launched by CGTMSE, CRGFTLIH, and NCGTC satisfying certain conditions. “In order to have a consistent approach with regard to risk weights for…
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RBI initiates Project digitalisation of KCC lending
The Reserve Bank of India considering the importance of digitalisation of rural finance in India initiated a pilot project for end-to-end digitalisation of Kisan Credit Card (KCC) lending. This initiative of fintech is developed by the Reserve Bank Innovation Hub (RBIH) in association with the RBI. The pilot project will commence in September 2022 in…
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RBI formulates new digital lending rules. Know how new system works
The Reserve Bank of India (RBI) has laid a new framework for digital lending. Regulated entities like All Commercial Banks, Primary (Urban) Co-operative Banks, State Co-operative Banks, District Central Co-operative Banks; and Non-Banking Financial Companies (including Housing Finance Companies) are required to comply with the new guidelines by November 30, 2022. The new rules will…
RBI clarifies on a bulletin article on privatization of public sector banks
The Reserve Bank of India (RBI) on Friday issued a clarification on a bulletin article on privatisation of public sector banks.“This is regarding reports in certain sections of the media stating that the RBI is against privatisation of Public Sector Banks (PSBs). These media reports have cited an article titled “Privatisation of Public Sector Banks:…
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