IRDAI dispenses with physical signatures on proposal forms

The decision to dispense with physical signature requirement for acceptance of proposal forms is being allowed on an experimental basis with immediate effect till December 31, 2020, and is limited to pure risk products.

The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2020

The Amendment is brought under Regulation 16A where the authorized representative shall circulate the agenda to creditors in a class, and may seek their preliminary views on any item in the agenda to enable him …

MOHFW extends the insurance scheme for health workers fighting COVID-19 for a further period of 90 days

Insurance under the Pradan Mantra Garib Kalyan scheme for health workers fighting COVID-19 is extended for a period of 90 days starting from 30th July 2020.

RBI Revises instructions on opening of current account by banks

No bank shall open current accounts for customers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system.

RBI permits pilot scheme to provide offline payment using cards, wallets mobile, etc

under the pilot scheme, authorized Payment System Operators will be able to provide offline payment solutions using cards, wallets or mobile devices for remote or proximity payments.

RBI announces online dispute resolution system for digital payments

RBI has directed the payment System Operators (PSOs) and their participants to implement an ODR system for disputes and grievances related to failed transactions in their respective payment systems by 1st January 2021.

RBI enhances Loan To Value ratio from 75% to 90%

The enhanced LTV ratio will be applicable up to 31st March 2021 to enable the borrowers to tide over their temporary liquidity mismatches on account of COVID 19.

RBI issues Resolution Framework for COVID-19 related stress

The Prudential Framework provides a window for lenders to implement a viable resolution plan in respect of eligible corporate exposures and personal loans. Lending institutions must ensure that the resolution is provided only to the …

RBI extends Scheme of Restructuring of Advances for MSME Sector

Existing ‘standard’ loans to MSMEs must be restructured without a downgrade in the asset classification, subject to specified conditions.

RBI introduces ASISO Facility for end-of-day LAF Operations

Banks can set a specific amount or range to maintain as balances at the end of the day, in their current accounts with the RBI. Based on this set amount, MSF and Reverse Repo Bids …

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