Recent rulings in banking, insurance sector to affect you
RBI has asked non-banking financial companies to strictly adhere to KYC
norms and monitor transactions of their customers to ensure they are not
being used as money mules.
A look at the recent rulings that can affect you -
MARKETS
MARKETS
- Sebi has in a notice issued recently informed the public about the ongoing investigations against Sahara India Real Estate Corporation and Sahara Housing Investment Corporation and cautioned them against investing in the convertible debentures issued by the two companies.
- RBI has asked non-banking financial companies to strictly adhere to KYC norms and monitor transactions of their customers to ensure they are not being used as money mules by criminals and terrorist to transfer illegal money to India. The central bank observed that money mules are being recruited through e-mails, advertisements on genuine recruitment web sites and social networking sites.
- The Reserve Bank of India (RBI) has advised foreign airlines to immediately discontinue the practice of using overseas banks for settlement of rupee transactions on account of sale of air tickets in India. According to the apex bank, the practice is a violation of the provisions of the Foreign Exchange Management Act (FERA).
- The Insurance Regulatory and Development Authority (Irda) has clarified that a general insurance agent also selling products of standalone health insurers must achieve the minimum business target laid down by at least one of the general insurance company. The insurance regulator had allowed agents of general insurance companies to also work for standalone health insurance companies.
