SBI will not freeze accounts if KYC is not updated

In its letter, SBI said that in cases where KYC is due, the bank can update records based on documents received from customers through post or registered email ID.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3e7RqMO

Shriram Housing Finance to provide free vaccination to customers

Some banks have started tying up with doctors who could guide employees in dealing with their Covid-19-related fears. About 1.5 million people are employed across Indian banks.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3xEDLF4

Insurers must tell hospitals about cleared claims in 1 hour

Insurance Regulator and Development Authority of India (Irdai) has told insurers to communicate their cashless approvals for Covid-19 claims within an hour of submission of the request by the hospital and ensure that patients get discharged soon.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3eHbIvU

Sebi issues new disclosure framework for mutual funds to cut info overload on investors

Markets regulator Sebi on Thursday said mutual funds will have to make a disclosure about scheme risk-o-meter, performance and portfolio details to investors only for the particular plans in which they have invested.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3nxOBYy

Axis Mutual Fund launches Axis Healthcare ETF

According to the press release, the new fund offer is suitable for investors who are seeking long-term wealth creation through targeted sectoral exposure to the healthcare sector.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3gNt38X

Sebi deepens fund managers' skin in the game

The regulator said the move is aimed to align the interest of the key employees with the unit holders of the mutual fund schemes.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3nCVmZd

RBI launches latest round of surveys to get inputs for monetary policy

Announcing the launch of the May 2021 round of Inflation Expectations Survey of Households (IESH), the RBI said it aims at capturing subjective assessments on price movements and inflation of approximately 6,000 households, based on their individual consumption baskets, across 18 cities.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3xAcsLK

Pandemic may cut life policy cover

The situation in life insurance is similar to health where insurers are cautious in terms of accepting proposals from those who have recently recovered from Covid and impose a waiting period or exclusions.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3gRG5Ci

IndiGrid NCD issue opens; chance to lock-in 8.2% yield on 'safest' paper

This issue has been rated 'AAA/Stable' by Crisil and ‘AAA/Stable’ by India Ratings.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3npT1AS

Nippon India AMC added 9 lakh unique investors in Q4, profit up by 64%

Nippon India Asset Management, asset manager of Nippon India Mutual Fund, announced its financial results for the quarter and year ended March 31, 2021.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3tZwZY6

Use every sharp dip to top-up investments: Jinesh Gopani of Axis Mutual Fund

Equity mutual fund investors made handsome returns last year. However, they continue to be extremely concerned about the future course of the market.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3xrkZAC

SBI Mutual Fund launches Nifty Next 50 index fund

SBI Mutual Fund has announced the launch of SBI Nifty Next 50 Index Fund, an open-ended index scheme which would replicate the performance of the Nifty Next 50 Index, efficiently with relatively lower costs.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3npO2QC

RBI to conduct customer satisfaction survey on bank mergers

The proposed survey will cover a total of 20,000 respondents from 21 states, including Uttar Pradesh, Maharashtra, West Bengal, Tamil Nadu, Bihar, Karnataka, Madhya Pradesh, and Gujarat. In all, there will be 22 questions.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3dUfQJV

Centre aims to bring digital healthcare services soon: NHA chief

"We are having a registry of healthcare providers, hospitals and laboratories, and together with them, we can develop a platform for health services delivery to achieve the objective of the national digital health mission," the official said.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3dR7fHJ

‘One can invest 10% of debt portfolio in India Grid NCDs’

The ₹1,000-crore NCD issue of India Grid Trust opens on April 28 and closes on May 7. The NCDs rated the highest AAA will be issued on a first come, first served basis.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3aCR6Ue

Mutual funds add 81 lakh investors account in FY21, experts hopeful of continued growth

The industry had added 72.89 lakh investor accounts in 2019-20, according to data from the Association of Mutual Funds in India.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3dRMICV

Stocks from diverse sectors will take part in market rally now: Anup Maheshwari, IIFL AMC

Though valuations are not cheap, the equity market is still in an investible range due to low interest rates and the expected good earnings cycle, Anup Maheshwari, CIO, IIFL AMC, tells ET Wealth. Here is his take on favourable sectors, equity market going ahead and more.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3tVHH1U

How gold, silver and platinum performed during the week ending on April 22, 2021

This weekly market tracker tracks alternative investments. In addition to economic concerns triggered lower demand, surprise inventory build up also pulled the crude oil down. Here is how gold, silver and platinum fared last week.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3nlYKYh

IRDAI ask insurers to ensure expeditious settlement of COVID-19 claims

The regulator noted that there are reports of certain network providers (hospitals) charging high rates and insisting on cash payments from the policyholders for providing treatment to COVID-19 infected patients despite having cashless arrangement with insurers.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3tOTwqy

Reserve Bank of India bans Amex, Diners from selling new cards from May 1

The action has been take as these entities have been found non-compliant with the directions on storage of payment system data which the central bank had asked them to store in India, RBI said.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3aD7ggn

Contributory Provident Fund can be converted to General Provident Fund scheme, says HC

Justice M Parthiban gave the ruling while allowing a batch of writ petitions from Dr Kishore K Johan and eight others challenging an order dated November 18, 2019 of the Education Department of the Puducherry government, which denied the conversion.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3tLdYs9

Indiabulls Housing Finance to change its avatar, become originator of loans

On Wednesday, Indiabulls announced a partnership with HDFC. Indiabulls will originate and process retail home loans as per jointly formulated credit parameters and eligibility criteria. Of these loans, 80% will be on HDFC’s books, while Indiabulls will retain 20%. The loans will be serviced by Indiabulls throughout their lifecycle.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3dHQG0F

Covid survivors buying health cover for first time face scrutiny

With nearly 1.6 crore Indians having tested positive for Covid, the number of first-time insurance buyers who are likely to face scrutiny is rising. While it is usual for insurers to inquire about pre-existing diseases before selling a health cover, Covid has made insurers turn cautious as they its long-term impact on organs is not known.

from Personal Finance News-Wealth-Economic Times https://ift.tt/32DaLiw

Hospitals can’t deny cashless Covid claims, rules Irdai

Union finance minister Nirmala Sitharaman too tweeted about this on Thursday evening saying: “Reports are being received of some hospitals denying cashless insurance. Spoken to chairman, Irdai SC Khuntia to act immediately. In March’20 Covid included as a part of comprehensive health insurance. Cashless available at networked or even temporary hospitals.”

from Personal Finance News-Wealth-Economic Times https://ift.tt/32J1LIN

Canara Robeco’s new fund needs high risk appetite

Focused Equity Fund’s concentrated portfolio better for experienced investors, say advisers

from Personal Finance News-Wealth-Economic Times https://ift.tt/3sDIzXq

FM asks IRDAI to act against insurers for denying cashless claims

"Reports are being received of some hospitals denying cashless insurance. Spoken to Chairman, IRDAI Shri SC Khuntia to act immediately. In March'20 #Covid included as a part of comprehensive health insurance. Cashless available at networked or even temporary hospitals," the minister said in a series of tweets.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3xkVmBJ

BOB Financial, Mastercard to launch QR on card programme to simplify digital payments

With the newly launched ConQR card programme, small businesses can use QR to make payments, while also enjoying the ability to receive payments with cost-efficient acceptance enablement costs and a simpler onboarding process.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3vgRoIx

HDFC Mutual Fund’s new fund to help new investors with asset allocation

Investors moving money from fixed deposits to equity mutual funds looking for a simple product that takes care of their asset allocation can consider the new fund offer (NFO) of HDFC Asset Allocator Fund of Funds.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3dFQj6R

Indiabulls partners with HDFC Ltd to offer home loans

Both the home financiers will frame a common credit policy with IBH originating retail housing loans. While HDFC will retain 80 percent of any such credit on its book, the rest 20 percent will go to IBH’s loan book. Indiabulls will service the loan account throughout the life cycle of the loan.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3tLwaly

BNP Paribas AMC launches Aqua Fund of Fund

BNP Paribas Asset Management has launched the New Fund Offer (NFO) of BNP Paribas Funds Aqua Fund of Fund.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3niBiLL

View: Microfinance institutions, not corporate houses, should be the banks of the future

The last two decades have demonstrated the appalling inefficiency and corruption of PSBs, saddled with enormous dud loans. India urgently needs more private sector banks.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3ndnW39

Mirae Asset’s two US funds good but high-risk bets

The new passive funds track the NYSE FANG+ ETF index that has 10 stocks.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3sF0EEm

LIC collects highest ever new premium at Rs 1.84 lakh crore

In the fiscal year gone by, LIC achieved its highest ever First Year Premium Income of Rs.56,406 crores under Individual Assurance Business with a 10.11% growth over last year.

from Personal Finance News-Wealth-Economic Times https://ift.tt/32wsacu

As Sensex swings like a pendulum, 3 market moguls tell you what to do now

Even as the growth style of investing delivered fabulous returns in Calendar 2020, during which Nifty shot up 14.9 per cent, value stocks have come to dominate in the last two quarters.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3tGjKvd

HC raps IRDAI for turning blind eye to non-implementation of Mental Healthcare law

The court's observations came while hearing a woman's plea whose claim for reimbursement of costs for treatment of schizophrenia were rejected by the National Insurance Company Ltd (NICL) on the ground that psychiatric disorders were excluded from medical cover.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3tPh9is

ETMONEY launches Aadhaar-based mutual fund SIP payment feature

According to a press release issued by ETMONEY, the Aadhaar-linked SIP payment mandate will enable more Indians to invest regularly via SIPs, promoting better financial discipline among the masses.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3svR4Uo

Banks get new tool to assess new to credit customers

Such new to credit customers were historically difficult to assess because they have no formal credit history. But they are the fastest growing borrower group for banks to tap, though lenders were cautious in giving them loans as there was no way to assess their default probability.

from Personal Finance News-Wealth-Economic Times https://ift.tt/32v9Gt4

‘There is volatility, but there is also opportunity’

Speaking of the current market, sure there is volatility but with that there is also opportunity. The second wave has led to corrections in sectors like BFSI, that's an opportunity.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3v9j8ib

Aditya Birla Sun Life Multi-Cap Fund launched

Aditya Birla Sun Life AMC has launched the Aditya Birla Sun Life Multi-Cap Fund, an open ended equity scheme investing across large cap, mid cap and small cap stocks.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3dvRN3t

Domino’s data breach: Credit card details of over 10 lakh Indians allegedly leaked

A data breach in the servers of Domino’s, the pizza brand, has allegedly exposed sensitive information of its Indian users, according to Israel-based cybersecurity firm, Under The Breach.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3e9SrTm

50% limit under Labour Code: India Inc wants cap on allowances relaxed

Industry is keen that the cap be relaxed to 60% from 50% and gratuity norms, which mandate pay outs to be calculated for the past years on the basis of last drawn wages on last working day, be deferred to offset the immediate financial impact at a time when the Covid-19 pandemic had dented revenues.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3x7bhmV

Explain basis for approving insurance policies excluding mental illnesses from full coverage: HC to IRDA

Justice Prathiba M Singh said the Mental Healthcare Act of 2017 makes it clear that there can be no discrimination between mental and physical illnesses and the insurance provided in respect thereof.

from Personal Finance News-Wealth-Economic Times https://ift.tt/2ROjoEP

LIC appoints Paytm to handle its e-payments

According to sources, there were 17 payments platforms that had bid aggressively. Paytm’s ability to straddle multiple payment services worked in its favour as others were dominant in particular segments like UPI or cards.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3amDHiV

Now you can get loan on your cryptocurrency holdings like bitcoin

Some ‘crypto banks’ have started offering credit lines to people who have digital currencies. People owning cryptos such as bitcoin, ethereum or ripple can pledge their holdings with crypto banks to get loans up to 50-60% of the asset value.

from Personal Finance News-Wealth-Economic Times https://ift.tt/2P07rL8

Centre to provide fresh insurance cover to 'COVID-19 warriors'

"The Pradhan Mantri Garib Kalyan Package (PMGKP) insurance policy claims of COVID warriors will continue to be settled till 24th April, 2021, thereafter a fresh insurance policy for COVID warriors will become effective," Union Health Ministry said. The PMGKP was announced on March last year, and was extended thrice till April 24, the ministry said.

from Personal Finance News-Wealth-Economic Times https://ift.tt/32nLQPY

Mid and small cap index funds see demand surge

Index fund folios double between Jan ’20 and March ’21, Total assets rise from ₹7,900 crore to ₹17,800 crore

from Personal Finance News-Wealth-Economic Times https://ift.tt/3x8w3lZ

PFRDA mulls option to help annuity buyers

As of now, subscribers having a corpus of over Rs 2 lakh at the time of retirement or attaining the age of 60 years need to buy an annuity, offered by insurance companies, on a mandatory basis. They can take out the remaining 60% as a lump sum.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3wZzziC

How gold, silver and platinum performed during the week ending on April 15, 2021

​​Here’s a weekly tracker of returns from such investments. But don’t compare these with returns from traditional investments since the proportion and purpose of alternative investments is vastly different.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3dtNQfT

Mirae’s equity schemes may not figure in distributors’ recommended list

Mirae Asset Mutual Fund has slashed the commission it pays distributors to sell its products in an unprecedented move that has miffed these intermediaries.

from Personal Finance News-Wealth-Economic Times https://ift.tt/2QyIZRC

Mirae Asset launches NYSE FANG+ ETF and FOF

The minimum initial investment in both the schemes will be Rs 5,000 and multiples of Re 1 thereafter during the NFO.

from Personal Finance News-Wealth-Economic Times https://ift.tt/3afDnm1