If nominees pass away, distribution is governed by succession laws of insured's religion.
So, the next time someone tempts you with a slightly higher FD rate from a lesser-known bank, point them to hybrid funds that can deliver extra returns without the administrative and emotional rollercoaster.
'In this age of competition, we will not survive long if we do not provide quality service to our consumers'
The Enforcement Directorate (ED) has uncovered "multiple irregularities" in the operations of TASMAC, the state-run monopoly controlling liquor trade in Tamil Nadu. The agency found evidence of "manipulation" in tender processes and "unaccounted" cash transactions worth Rs 1,000 crore through distillery companies. The ED alleges that these irregularities involved "kickbacks" to secure increased supply orders from TASMAC and systematic inflation of expenses by distillery companies to siphon off unaccounted cash.
Lacking basic safeguards and regulations, India is fast emerging as a hub for illegal online betting and gambling market, with the top 15 such unauthorised platforms logging an alarming over 5.4 billion visits in FY25, according to a report by public policy think-tank on consumer sovereignty.
Given the strong interest among rich Indians to settle abroad, the Dubai-based company has opened a full-fledged office in New Delhi and plans to follow it up soon with an office in Mumbai and then a few in central and southern parts of the country.
Given the strong interest among rich Indians to settle abroad, the Dubai-based company has opened a full-fledged office in New Delhi and plans to follow it up soon with an office in Mumbai and then a few in central and southern parts of the country.
'BSE has facilitated nearly Rs 35 trillion in capital raising across multiple segments.'
In 2025 alone, at least 50 suicides linked to online gambling losses have been reported across India. According to FIRs, the victims were addicted to betting, largely driven by cricket, rummy and poker.
Handbags, wrist watches, footwear and sportswear, priced above Rs 10 lakh will now attract 1 per cent Tax Collected at Source (TCS), as per a notification issued by the Income Tax department. TCS at 1 per cent rate is currently being levied on motor vehicles costing above Rs 10 lakh effective January 1, 2025.
'Illegal gambling operators are systematically exploiting India's advertising and payment infrastructure, siphoning off crores of rupees from outside the country.'
KYC done while opening a bank account can be used to open a mutual fund account.
There are 55 non-banking PPIs operational now, apart from 50 wallets promoted by banks.
There is no escaping the paperwork while investing in financial products. Be it, opening a new bank account, demat account or buying insurance, filling the Know Your Client (KYC) documents is a mandatory procedure today.
The Delhi Cabinet has approved an allocation of Rs 5,100 crore for implementing the Mahila Samriddhi Yojana, under which women in the national capital will receive Rs 2,500 each per month. The scheme was announced by BJP national president J P Nadda on the occasion of International Women's Day and will be launched immediately. The scheme was a key promise made by the BJP during the recent Delhi Assembly elections, where the party secured a sweeping victory. The announcement has been met with mixed reactions, with some praising the initiative while others have raised concerns about its feasibility.
Finance ministry asks bank, insurance & market regulators to issue notifications
Markets regulator Sebi's new guidelines on research analysts (RAs) are forcing several equity research firms publicly announcing plans to shut down their shops due to heightened compliance and operational requirements. The Securities and Exchange Board of India (Sebi), on January 8, came out with guidelines for Research Analysts in a bid to curb fraudulent stock recommendations and illegal practices in the securities market.
Aadhaar will be used for proof of address and identification.
Physical KYC takes anywhere between two to five working days to get done, V-KYC, only a few minutes.
At present there are 1,756 FIIs registered in the country. It takes a maximum of three weeks for an FII to register with Securities and Exchange Board of India.
The Union Finance Ministry on Tuesday said that aggregate business of public sector banks (PSBs) has shown strong growth of 11 per cent in the first half of the financial year 2024-25 (H1FY25) to touch Rs 236 trillion. The operating and net profit were also robust. At Rs 1.5 trillion, operating profit grew by 14.4 per cent year-on-year (Y-o-Y) while the net profit saw an impressive 25.6 per cent jump at Rs 85,520 crore in the first half of FY25.
Experts contend that this setback, even if temporary, could put the company at a disadvantage to its competitors in acquiring new customers.
The Enforcement Directorate (ED) conducted raids at multiple locations in Maharashtra and Gujarat as part of a money laundering investigation targeting a Malegaon-based trader suspected of misusing bank accounts to carry out transactions exceeding Rs 100 crore. The probe is linked to an FIR filed by Malegaon Police against Siraj Ahmed Harun Meman, who operates a tea and cold drinks agency, for allegedly misusing bank accounts for illegal transactions. The ED suspects the trader may have been using the funds to divert and route money for certain individuals by misusing the banking credentials of ordinary citizens. The possibility of electoral malpractice being involved is also under scrutiny.
The mutual fund (MF) gross inflows through the systematic investment plan (SIP) route topped the Rs 20,000 crore mark for the first time in a calendar month as investors opened a record 6.4 million SIP accounts despite a spike in market volatility. The number of accounts opened last month was almost 50 per cent higher than the registrations seen in March. "India's MF industry has reached yet another milestone with the SIP book crossing above Rs 20,000 crore in April 2024.
Currently, the facility of sharing of KYC information is available only among Sebi-registered intermediaries.
E-KYCs and Aadhaar authentication are of crucial importance to the fin-tech companies as the recent RBI instructions require strict KYCs for these players to function in the market.
'The number of first-time investors into MFs can grow four times more than the current rate if we are able to accept the bank KYCs.'
Anmol Singh Jaggi and Puneet Singh Jaggi, once hailed as rising stars in India's clean energy sector, are now facing serious regulatory action.
Isn't there something significant in the UPI example for all of us to learn from and execute to enable world-scale success for our startups?, asks Ajit Balakrishnan.
The information containing relevant client details and photograph made available from UIDAI as a result of e-KYC process shall be treated as sufficient proof of Identity and address of the client.
Customers have other options available to them to do low-value transactions, if wallets start mandating full KYC and would switch to those.
Private sector bank board members have urged the Reserve Bank of India (RBI) top brass to consider workload management of the boards as they feel there are too many issues that go to the boards for approval and the situation becomes unmanageable at times. The views were conveyed to the regulator on Monday in a conference of directors of private sector bank boards on the theme "Transformative Governance Through Sound Boards". RBI governor Shaktikanta Das, deputy governors Swaminathan J and M Rajeshwar Rao, and other senior officials of the central bank participated in the conference.
The scale of illegal gambling and betting in India is staggering, with 1.6 billion visits recorded between October and December 2024 across four analysed platforms -- Parimatch, Stake, 1xBet, and Battery Bet.
The KYC parameters now include declaration of the gross annual income or net worth.
Among other proposals, she said NRI portfolio route would be merged with the FPI route for seamless investment in stock markets.
The Reserve Bank of India (RBI) on Wednesday released draft guidelines for streamlining the onboarding and monitoring of Aadhaar Enabled Payment System (AePS) operators to counter frauds perpetuated through the ecosystem. Banks and the National Payments Corporation of India (NPCI) are required to comply with these directions within three months from the date of issue of the guidelines.
The victim, who had a keen interest in stock market investments, was lured by fraudsters with promises of hefty returns on investments in stocks.
The Securities and Exchange Board of India (Sebi) has permitted 100 per cent contribution from non-resident Indians (NRIs) and overseas citizens of India (OCIs) in the corpus of foreign portfolio investors (FPIs) based out of Gujarat International Finance Tec-City (GIFT City), the country's international financial services centre (IFSC). However, the Indian diaspora is yet to fully embrace this new route. The regulator allowed this route to enhance the fund ecosystem at GIFT City and attract genuine investments from overseas Indians.
Technology is rapidly reshaping industries that have long been rooted in tradition, driving a wave of innovation that is transforming everything from finance, banking, steel to manufacturing.
Banks in the medium future, may not need to engage in the "know-your-customer" (KYC) process, a check on customer antecedents, to open no-frills accounts. This could happen once a sizeable chunk of population gets a Unique Identification (UID) Number.
