Insurance regulator IRDA has imposed a fine of Rs 10 lakh on Anil Ambani Group company Reliance Life Insurance Company for violating the norms. The company was directed to pay a penalty of Rs 10 lakh and was asked to adhere strictly to the guidelines
Forty one NGOs have been banned from receiving foreign contributions due to corruption or irregularities in utilisation of such funds received under Foreign Contribution (Regulation) Act, government said on Tuesday. Minister of State for Home Mullapp
Within days of India reporting a 16-month low industrial growth of 4.4 per cent for September, a top government economic advisor said on Tuesday industry is expected post a recovery in October, else the Reserve Bank of India will have to change its t
Accordingly, it has been decided to allow the Authorised Dealer Category- l (AD Category-l) banks to offer the facility of repatriation of export related remittances by entering into standing arrangements with OPGSPs, subject to the following conditions.
UCBs satisfying the above mentioned norms may prepare ABP for opening of branches/ ECs/ up gradation of ECs into full-fledged branches, in their existing area of operation, for the next 12 months, with the approval of their Board of Directors, and submit the ABP in duplicate to the Regional Office concerned. The Annexes accompanying the ABP should be as per the formats prescribed vide our circular dated June 16, 2008.
In modification of our instructions dated May 06, 2009, well managed and financially sound Uni-state Tier II UCBs satisfying the norms at a) to f) above, will be permitted to extend their area of operations to the entire State of registration.
Further, the path to access the directory of the scheduled commercial banks given in Annex-I of the above mentioned circular is changed and therefore, the revised access path to generate the report on the Directory of AD Category branches is given in the Annex-II. The path to access the Application Software package is given in Annex I. In case of any assistance / clarification, AD banks may communicate by e-mail.
In the Second Quarter Review of Monetary Policy of the Reserve Bank of India for the Year 2010-11, it was announced that Urban Co-operative Banks (UCBs) would be allowed current account and SGL account with the Reserve Bank as also membership of INFINET and RTGS. The relevant paragraph of the Review is reproduced below.
Close to five lakh demat accounts have been frozen by the Central Depository Services Ltd (CDSL) and the National Securities Depository Ltd (NSDL) for want of PAN details. This makes up for about three per cent of the total number of demat accounts i
Whenever we talk about the delay in Courts and the solution, many will be in dilemma as to how to deal with this issue comprehensively. The issues highlighted by many, including public, professionals and the eminent judges, in my opinion, on legal reforms are as follows:
