50% equity:50% debt helps in meaningful wealth creation: Motilal Oswal Private Wealth

The brokerage house said a portfolio equally divided between equity and debt is optimum for investors with a moderate risk profile. The return distribution showed a low probability of negative returns, with around 54% of observations in the double-digit category, it said.

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Customers to receive alerts when their credit information report is accessed by lenders: RBI asks CICs

Credit institutions, including banks and NBFCs, would also be compelled to alert consumers via SMS or email when they submit information to CICs regarding their current credit default or Days Past Due (DPD).

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RBI revises bulk FD limit for these banks to Rs 1 crore

The Reserve Bank of India (RBI) decided to raise the criteria for 'bulk deposits' for regional rural banks (RRBs) to Rs 1 crore from the current Rs 15 lakhs in order to raise more funds.

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Bank of Baroda suspends employees for jacking up number of app users

Bank of Baroda has reportedly suspended over 50 employees, including assistant general managers, as part of its crackdown on irregularities in customer onboarding for its mobile banking app, bob World. The action comes after the Reserve Bank of India (RBI) banned the bank from onboarding new customers onto the app following the discovery that staff were entering third-party numbers to inflate registered users.

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Health insurance policies beat motor covers in premium

Before the pandemic struck, the share of motor insurance was 37%, as against 27% for health insurance. Motor insurance’s share has dipped to 28% in September, and if premium from personal accident insurance were added to health, its share would be even higher at 41%.

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RBI fines ICICI Bank, Kotak Mahindra Bank for defaulting in fraud reporting, loan recovery rules

The Reserve Bank of India has imposed monetary penalties on Kotak Mahindra Bank and ICICI Bank due to deficiencies in regulatory compliance, according to two separate RBI press releases issued on October 17, 2023.

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BoB World app scam could be tip of iceberg, RBI should appoint IT auditors in banks: Forum

The RBI governor, Shaktikanta Das, has been urged by a civil society platform to implement an information security (IS) audit mechanism for banks that have mobile banking apps.

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Mutual fund SIP account addition reaches record 3.7 million in September

Over the past three months, the average monthly gross SIP registration was 3.5 million compared with the previous 24-month average of 2.2 million reflecting the rapid pace of SIP additions.

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Attention SBI customers: State Bank of India on why you are facing UPI snags

If you are a State Bank of India (SBI) customer and are facing some technical issues while using UPI for your transactions, SBI has stated the reason.

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SBI net banking will be down on this day; here are alternatives

State Bank of India customers will not be able to access internet banking services due to scheduled activity. However, it has not mentioned anything about the YONO app, if its service will be available.

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Bank of Baroda cannot offer ‘BoB World’ app to new users: RBI

“The bank has been further directed to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of this suspension,” said the RBI in a press release dated October 10, 2023.

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GST Council likely to clarify premium on life insurance

The GST Council will provide clarity on input tax credit for life insurers, following a demand on Life Insurance Corporation (LIC). The issue arises from the complication of GST being levied on only a portion of traditional life policies or endowment plans. The input tax credit claimed on the exempted portion of the premium is being questioned by tax authorities.

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RBI urges caution on rising personal loans, tells Banks & NBFCs to look for signs of nascent stress

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