The Reserve Bank of India’s guidelines inter-alia require that lenders should release all securities on receiving payment of loan or realization of loan. In Banking Codes and Standards Board of India’s (BCSBI’s) Code of Bank’s Commitment to Customers, one of the commitment by banks is to return all the securities/ documents/ title deeds to mortgaged property within 15 days of the repayment of all dues agreed to or contracted.
RBI has also stated that provisions of Prevention of Money Laundering Act (PMLA) and Rules do not support account portability between banks as records pertaining to identity of a client has to be maintained by the bank establishing relationship with the customer for a period of 10 years from the date of cessation of the transactions between the client and the bank.
Insurance Regulatory and Development Authority (IRDA) has informed that all life insurance products are approved by the authority before being offered for sale by the insurance companies directly or through intermediaries. IRDA has also informed that it also clears the sale literature at the product approval stage. Focus is laid on making the sales literature relevant, fair and transparent to enable an informed decision by the purchaser of an insurance policy. IRDA has also issued guidelines mandating that “all insurance advertisements are comprehensible in light of the complexity of the product being sold
SEBI (Credit Rating Agencies) Regulations, 1999 have prescribed a comprehensive Code of Conduct to be followed by all SEBI registered CRAs which, inter alia, states that a CRA shall at all times exercise due diligence, ensure proper care and exercise independent professional judgment in order to achieve and maintain objectivity and independence in the rating process.
Reserve Bank of India (RBI) has informed that as on 31st December, 2011, a total amount of around Rs. 2481.39 crores in 11249844 accounts is lying as unclsimed deposits with the Scheduled Commercial Bank (SCBs). The bank group-wise details are as under:-
At present, banks generally make two types of provisions viz., general provisions on standard assets and specific provisions on non-performing assets (NPAs). Since the level of NPAs varies through the economic cycle, the resultant level of specific provisions also behaves cyclically. Consequently, lower provisioning during upturns, and higher provisioning during downturns have procyclical effect on the real economy.
The Reserve Bank of India will shortly put into circulation the coins of Rs. 5 denomination, which shall conform to the following dimension, design and compositions, namely-
As part of the Passport Seva Project, 77 Passport Seva Kendras (PSKs) are being established across the country on public-private-partnership basis as approved by the Union Cabinet in September 2007. Tata Consultancy Services have been entrusted inter alia with setting up the PSKs in cities as well as smaller towns, providing IT infrastructure and manpower.
All persons including physically handicapped persons can book full fare tickets on payment through the internet. However, booking of concessional tickets requiring verification of the requisite concession certificate and also retention of copies of the said certificate issued/signed by the competent authority at the railway counter as documentary evidence is not done through internet. Accordingly, the facility of e-ticketing has not been extended to such cases where the physical document is to be verified at the time of booking on concessional fare in case of disabled persons.
Love it or hate it, Facebook is a positive place – you can ‘Like’ things, but not dislike them, and you can have Friends, but not enemies… until now. EnemyGraph is a new app which lets you add Enemies to your Facebook profile – including real victims from your friends list, or from other users of the app. You can also declare war on any product, person or company that has a presence on Facebook.
