"It is no doubt true that wife, mother and children are class-I heirs of a male deceased and not the father. But the heirship will not be taken into account for this type of contingency, in case the entire contribution is not made by the deceased and the same has been paid only by the father of the deceased."
Sector regulator IRDA had made it mandatory for all general and health insurers to sell and renew 'Corona Kavach' to enable interim access to hospitalisation benefits for millions of uninsured Indian households and blue-collar frontline workers who couldn’t afford more comprehensive long-term health policies.
HDFC Bank’s research team feels it’s just a matter of time before Indian investors have legal access
The new norms were to come into effect from June 1.
Recently, several large private and public sector lenders have cited the RBI’s 2018 notice to caution customers from dealing in digital currencies.
Yogima Seth Sharma“During the second wave of Covid-19 pandemic, ‘mucormycosis’ or black fungus has been declared an epidemic recently. In such trying times, EPFO endeavours to lend a helping hand to its members by meeting their financial needs,” EPFO said in a statement.
The income tax department is launching a new e-filing portal (www.incometax.gov.in) on June 7, 2021.
If you are filing a belated ITR, then do keep in mind that you will be required to pay a penalty of Rs 10,000.
The launch of the new schemes was announced by SBI chairman Dinesh Khara and Indian Banks’ Association chairman Rajkiran Rai on Sunday. Khara said that SBI has decided to price its unsecured loans at 8.5%.
The regulator is expected to pass an order in the FT case under Sections 11 & 11B of the Sebi Act soon, they said. Sebi has wide-ranging powers under these sections, including the ability to issue directions to any intermediary or person associated with the securities market to protect the interests of investors.
General and standalone health insurance companies have also been asked to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims.
These benefits include pension for dependents of insured persons with Employees' State Insurance Corporation (ESIC) who died due to COVID-19 and hike in maximum sum assured under the group insurance scheme Employees' Deposit Linked Insurance Scheme (EDLI), run by Employees' Provident Fund Organisation (EPFO), to Rs 7 lakh from Rs 6 lakh.
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.
With car companies taking multiple price hikes in the last 6-8 months, customers are looking at used cars to better fit tighter budgets.
While buyers have been slowly shifting away from the thousands of family-run jewelry shops that control the bulk of the world’s second-biggest gold market, the pandemic has sped up the process.
Record sales after restrictions in India were eased in June last year have prompted electronic and smartphones companies Samsung, LG, Apple, Xiaomi and Bosch Siemens to pay high incentives and bonuses.
India had imposed lower and upper limits on airfares based on flight duration when services were resumed on May 25 last year after a two-month lockdown.
The regulator said that after receiving a complaint from a whistle blower it had conducted a examination in the marketing and sale of third-party non-financial products to the bank’s auto loan customers. The regulator said that it had found that the bank was in contravention of regulatory directions.
The government has garnered Rs 2,540.87 crore through the Series 1 of FY22 offering, the second-highest by quantity only to August 2020's record 6.35 tonnes.
Canara Bank said there will be no processing fee for this loan. For micro, small and medium enterprises (MSMEs), there will be no collateral security, which the lender will cover under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), and the bank will bear the guarantee premium.
"As a matter of common knowledge and we can take judicial notice of the same that for about three to four weeks when the current wave of the pandemic was at its height, there was acute shortage of hospital beds not only in Delhi but in the entire country," a bench of Justices Vipin Sanghi and Jasmeet Singh said.
Around 4.8 crore accounts do not enjoy the deposit insurance cover offered by Deposit Insurance and Credit Guarantee Corporation (DICGC).
ZebPay, one of the largest cryptocurrency exchanges in India, on Thursday said it would be launching a lending platform on which crypto investors would be able to lend their coins to the company to earn fixed passive returns. This will be on top of any capital appreciation.
Risky financial institutions will have to pay much higher premium for the cover while the strong ones will be rewarded for their prudence and pay a lower premium.
Public sector banks contributed to more than 59 percent of the total value of frauds at Rs 81,901 crore while private sector banks contributed 33 percent at Rs 46,335 crore.
RBI data showed that at the end of FY21, total value of gold loans outstanding was nearly Rs 60,500 crore - up 82% on the year. In FY22, this growth rate could slow down substantially, industry players said.
With the Securities and Exchange Board of India (Sebi) insisting on a physical agreement between financial advisors and investors, a move that will increase the costs of acquiring clients, these new-age firms providing algorithm-driven investment advice — known as robo advisory — are revisiting the viability of such platforms in their current form.
Asset quality from the unsecured segment a big worry; banks have curtailed credit limits and also cut back on new customer additions
Last year, online property classifieds Magicbricks entered into home loan services and had tied up with leading banks, aiming to offer homebuyers a plethora of integrated services from the discovery to the transaction phase.
At restricted or sealed areas, the Mobile ATMs will eliminate the need for the public to move out of their locality to withdraw cash, the bank noted in a statement.
Declining Covid cases and a rapid vaccination drive have boosted investor confidence in this pocket, as they expect the situation to be much better in a few months.
The 8% decline metal stocks could be an entry point for investors to put money in DSP Natural Resources and New Energy Fund, said financial planners.
Gross new enrolments with the Employees' State Insurance Corporation (ESIC) were 8.87 lakh in June 2020, 4.89 lakh in May and 2.63 lakh in April, showing the increase in enrolments after easing of the lockdown, as per the data.
Since most patients have mild symptoms, a majority opt for home treatment. They are now finding their claims rejected or settled for a lesser amount. Companies have limits ranging from Rs 15,000 to Rs 20,000 for home care. For those seeking home treatment because of a shortage of oxygen hospital beds, the limits are woefully inadequate.
“The government has accepted the request of stakeholders to give jewellers some more time to get prepared for implementation and resolve issues,” said a senior official.
The scheme will invest in undervalued stocks over a long period of time. Minimum application amount in the scheme is Rs 5,000 and multiples of Rs 1 thereafter.
Bajaj Auto will pay two years’ salary with a maximum limit of Rs 2 lakh per month to the family of the employee who died due to Covid. It will also offer an annual education assistance of Rs 1 lakh and Rs 5 lakh to the children of the deceased employee till the completion of standard 12 and graduation.
Content creators benefit from surge in first-time retail investors, venture capital flow into sector
Earlier this month, the Reserve Bank came out with the Resolution Framework 2.0 under which individuals and small businesses having exposure up to Rs 25 crore can opt for loan restructuring if they had not availed its earlier scheme.
A large majority of companies believe employees’ physical and emotional well-being is a top priority over the next three years. The reasons are simple: Workplace stress has become more severe and companies want to remain attractive to good talent by adopting a sound employee wellness policy.
From an average default rate in collection efficiency at 2-3 per cent in pre-Covid times, non-banking finance companies (NBFCs) are now seeing 6-8 per cent of borrowers missing their payment schedules during the second wave of the pandemic. IIFL Finance has halted fresh disbursements for unsecured loans for micro-businesses & personal loans.
"Last year when the pandemic hit and afterwards people got used to dealing with the new normal, we found that we had an improvement in customers paying their renewal premium. We had improvement in persistency figure as well," Exide Life Insurance MD and CEO Kshitij Jain told PTI in an interaction.
Easy money pouring out of central banks is a key driver behind this surge in fortunes, and the resulting wealth inequality
Though silver is more volatile than gold, it also ended up with 2% gain due to a bigger rally and bigger weekend correction. Don’t compare these with returns from traditional investments since the proportion and purpose of alternative investments is vastly different.
After months of rally, metal stocks took a beating in the past week and the trigger was the comment from China that it will strengthen its management of commodity supply and demand to curb any ‘unreasonable increase in prices’.
New entrants are welcome as it fosters a competitive spirit within the industry. These players will bring a diverse set of ideas. Other entrants will adapt newer technologies that will bring down the cost of operations which could be passed on to the investor.
“This is to inform that SITA PSS our data processor of the passenger service system (which is responsible for storing and processing of personal information of the passengers) had recently been subjected to a cybersecurity attack leading to personal data leak of certain passengers. This incident affected around 4,500,000 data subjects in the world,” the national carrier said in a statement.
The rates fixed for scheduled employment in the central sphere are applicable to the establishments under the authority of the central government, Railway administration, mines, oil fields, major ports or any corporation established by the central government and are equally applicable to contract and casual employees or workers.
Usually, when a meme stock or asset starts trending, it wins the backing of some celebrity from arenas like sports, entertainment, technology or even business.
Unions had strongly opposed linking their salaries to the performance of the bank. Their position was that the financial performance depends on the government policies over which they have no control.