The banking regulator is also planning to bring in experts from the private sector working in all these domains to train the new members in the fraud oversight wing. These training sessions are will be repeated every year in the initial years, the sources said.
IRDAI further said that life insurers "may offer settlement options" in accordance with relevant regulation where unit-linked policies mature (up to May 31, 2020) and fund value is to be paid in lumpsum.
“Under Pradhan Mantri Garib Kalyan Package, a sum of ·500 per month is being deposited into the accounts of Women Jan Dhan Yojana beneficiaries by all Banks. This is first of the monthly instalments,” Indian Banks’ Association said in a statement on Thursday.
We’re now living in difficult times. There are physical challenges in terms of people transacting in their accounts, coming to the branches and the lockdown.
It is learnt there was a concern among bankers that even if the lockdown is lifted on April 14, operations of a number of companies in specific sectors will not see business getting back to normal as the labour has moved out and the production may not be able to restart.
Most of India's private sector banks such as HDFC Bank, ICICI Bank and Kotak Mahindra Bank have decided to go for the 'opt-in' option for their customers and have asked them to inform the bank in case they wish to opt for the three-month moratorium period.
A look at HDFC Bank's note on term loan moratorium and the details of the moratorium provided to its customers according to details furnished on its website.
The interest rate for Senior Citizens Savings Scheme has been slashed to 7.4 per cent from 8.6 per cent, while that for National Savings Certificate has been cut to 6.8 per cent from 7.9 per cent.
The Indian Banks Association, meanwhile, has advised customers that most banking services are available online.
In a communication to field offices, EPFO has said officers should be made aware about changes so that such claims are “processed promptly and relief reaches the worker and his family to help them fight with COVID-19”.
India lockdown: The minister said she will discuss with states and ensure there are no restrictions on the movement of cash, bankers, vendors or bank mitras.
The RBI took the decision despite the recommendation by a task force set up by it against allowing banks in the NDF market.
The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) which met on March 24, 26 and 27 had a majority of 4-2 towards the favour of a 75 bps repo rate cut.
Banking sources said more PSBs are likely to come with similar schemes in the coming days to bail out borrowers and needy customers, in the wake of the overall decline in the business.
As the spread of the coronavirus is creating a scare in society, business and markets, Aditya Puri, MD at HDFC Bank, told Sandeep Singh that while monetary policy should look to relax NPA norms, increase liquidity and cut repo rate, the government should focus on limiting spread of virus, providing stimulus and not prioritise fiscal […]
The central bank had last imposed regulatory regulations on PMC for six months on September 23, 2019 citing various irregularities, hiding and misreporting of loans given to real estate developer HDIL.
As of December 2019, the bank incurred a quarterly loss of Rs 18,564.25 crore and a period to date loss of Rs 19,097.78 crore. Subsequent to this period, the bank’s deposit base has seen a further reduction to Rs 1,37,506 crore.
The former MD and CEO of Yes Bank, who was arrested on March 8, was produced by the ED before the special court on Friday, with the Directorate submitting before the court that his custody was no longer needed and he could be sent to jail.
Yes Bank has also extended banking hours across branches for its senior citizen customers, from March 19 to March 27, 2020 - 4.30 pm to 5.30 pm.
Besides Rajagopal, all the appointments have been made with effect from April 1, 2020.
PHOTOS: Amitabh Bachchan, Mohanlal, Rajinikanth and others light diyas and candles