RBI-appointed panel suggests host of customer-centric initiatives for banks An RBI-appointed panel on Monday recommended hosts of customer-centric initiatives for banks, including online settlement of claims by heirs of deceased account holders, flexibility for submission of life certificates by pensioners and a centralised KYC database. The report of the Committee for Review of Customer Service Standards in RBI ...

How to avoid TCS when your child goes abroad for higher education New Delhi: If you are planning to send your children overseas for higher education, you need not panic about the 20 per cent tax collected at source (TCS) rule, which will apply to other foreign remittances from July 1, 2023, as the finance ministry has clarified that the ...

Withdraw money from ATM using UPI: Bank of Baroda launches new facility; how to use [ad_1] Bank of Baroda announced the launch of Interoperable Cardless Cash Withdrawal (ICCW) facility using UPI on its ATMs. In May 2022, the Reserve Bank of India (RBI) has asked all banks to provide customers with the option of Interoperable Card-less Cash Withdrawal (ICCW) at ...

Here are the money changes and PF deadlines for June 2023 Several regulatory changes are likely to impact your money management this month. Not only will your car insurance get more expensive this month, but you can also start investing for your child in mutual fund schemes from your own account rather than having to open a joint account for ...

Bank boards must hold mgmts accountable for their actions The boards of banks should hold the management accountable for its actions, and should replace it if it does not meet expectations, M Rajeshwar Rao, deputy governor of the Reserve Bank of India (RBI), said in an interaction with board members of banks. “Boards should appraise the performance of management ...

Are rising FD rates ending, and what should investors do? New Delhi: As banks have started accepting Rs 2,000 notes now that the currency has been withdrawn from circulation, the higher deposit base is likely to result in a temporary spurt in liquidity, which means the era of rising fixed deposit rates may be ending soon. Even the Reserve Bank ...

RBI deputy Guv urges banks to address gaps in governance framework M Rajeshwar Rao, Deputy Governor, RBI MUMBAI (Reuters) – The boards of Indian banks should address gaps in governance frameworks, including ensuring appropriate risk management practices and adhering to acceptable customer and market conduct, a deputy governor of the Reserve Bank of India (RBI) said in a speech ...

IRDAI asks insurers to suo motu settle claims of Odisha rail mishap victims The Insurance Regulatory and Development Authority of India (Irdai) has asked the insurance companies to undertake “suo motu” settlement of claims for the victims of the Odisha train tragedy, The Economic Times (ET) reported on Monday. The insurers have been asked to “immediately” contact the administration and ...

RBI may maintain pause on interest rate as inflation declines: Experts The Reserve Bank of India (RBI) will maintain the policy repo rate at 6.5 per cent during its upcoming June 8 announcement, considering the easing of retail inflation in April and the potential for further decline, indicating the effectiveness of previous policy rate actions, anticipate experts. Headed ...

RBI-MPC may lower inflation forecast marginally: BoB Chief Economist The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) may lower the inflation forecast marginally and will not change the repo rate at the upcoming meeting owing to inflation being down and increased liquidity, said a top economist in Bank of Baroda. “The MPC will not change the ...