RBI Directs Payment Companies To Report Suspicious Transactions Ahead Of Lok Sabha Elections

As The General Elections are approaching, The Reserve Bank of India (RBI) has instructed all the payment companies to carefully monitor high value transactions which may come across their system.The central bank in a letter dated April 15 has instructed payment system operators (PSOs) to take measures for the prevention of any kind of misuse of electronic fund transfer mechanism. The main intention of the letter is to avoid the misuse of electronic fund transfer mechanism which could influence voters or indirectly fund candidates who are taking part in the elections."The regulator wants payment companies to track high-value merchant payments specifically", as per one of the executives quoted by ET. The directive includes fintech companies like Razorpay, Cashfree, CCAvenue and Mswipe which are all regulated payment aggregators. It also applies to mobile wallet license holders such as PhonePe and MobiKwik.  Readmore 

Good News For Senior citizens: Health Insurance Now Available For Individuals Over 65

Starting from April 1, 2024, The Insurance Regulatory and Development Authority of India (IRDAI) has removed the age cap on health insurance policies, ANI reported. Previously, the purchase of new insurance policies was limited to the age of 65. But after the recent changes which came into effect from April 1, 2024 individuals of any age can now purchase new health insurance policies."Insurers shall ensure that they offer health insurance products to cater to all age groups. Insurers may design products specifically for senior citizens, students, children, maternity, and any other group as specified by the Competent Authority" stated a notification issued by the IRDAI.IRDAI has also directed health insurance providers to offer customized policies for specific groups like senior citizens and set up dedicated channels to address their claims and concerns. Readmore 

Want To Start Business But Short On Funds? Pitch Your Idea To THIS Billionaire And Get Funding

Many times you have an amazing business idea but lack of money to execute it. However, some investors welcome your idea and are ready to fund it. Mark Cuban is one of them.  In his MasterClass course "Win Big In Business," Mark Cuban stated that he has spent $100 million in business pitches that he has received over email.At the moment, he serves as a judge on the American television series Shark Tank. It turns out that he makes a lot more investments outside of those shown in the show.The American reality television program Shark Tank is the source of Cuban's greatest fame. While he was in the program, he reportedly put $20 million into 85 firms, according to CNBC.Cuban began accumulating wealth in 1990 with the sale of his technological company, MicroSolutions. Readmore 

Global Oil Prices Rise Amid Increasing Middle East Conflict

The ongoing tensions in the Middle east and West Asian region has led to increasing impact on global economies resulting which the price of crude oil saw a considerable surge on Friday. Fuel prices climbed up by 4 percent. The crude shipments could be disrupted due to the geopolitical tensions amid reports of Israel launching a missile attack on Iran, news agency IANS has reported.The Brent crude benchmark climbed to approximately 90 dollars per barrel while U.S. West Texas Intermediate lingered at roughly 85 dollars per barrel. This followed a drop in the price of Brent crude to about 87 dollars per barrel on Wednesday which is attributed to increased U.S. inventories and diminished Chinese demand amidst an economic slowdown.India imports over 85 per cent of its crude oil requirement and a substantial spike in global oil prices could raise the country’s oil import bill, IANS has reported. The raise in import bill would weaken the currency due to the increased outflow of foreign cash. Readmore 

RBI Imposes Monetary Penalties On Four Co-operative Banks

The Reserve Bank of India (RBI) announced on April 18, 2024, that it has imposed monetary penalties on four cooperative banks for violating regulations. Read on further to find out the story in detail.The banks facing penalties are Rajdhani Nagar Sahkari Bank, Zila Sahakari Bank, Rajkot Nagarik Sahakari Bank, and District Co-operative Bank.According to the RBI, Rajkot Nagarik Sahakari Bank has been fined Rs 43.30 lakh, while Rajdhani Nagar Sahkari Bank and Zila Sahkari Bank have been fined Rs 5 lakh each. District Co-operative Bank faces a penalty of Rs 2 lakh.The penalty on Rajkot Nagarik Sahakari Bank was imposed for granting loans to companies in which the bank's directors held interests. Readmore 

Want To Invest In Small Savings Schemes? THIS Document Becomes Mandatory As Identity Proof

The Ministry of Finance issued a notification on April 3, 2023, introducing new rules for citizens intending to open small savings accounts. According to the Government Savings Promotion General (Amendment) Rules, 2023, individuals investing in schemes like the Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSM), Public Provident Fund (PPF), etc., are now required to provide their Aadhaar number as identity proof.If you're planning to open a new account for any of the savings schemes mentioned, it's essential to submit your Aadhaar number issued by the Unique Identification Authority of India.However, if you don't have an Aadhaar number yet, you can still apply for it and use the proof of application enrollment as valid documentation for opening a new account.After opening the account, individuals must provide their Aadhaar number to the Accounts Office within six months from the date of opening the account. Failure to do so will lead to the account being temporarily ceased until the Aadhaar number is submitted. Readmore