"The hackathon invites participants to identify and develop solutions that have the potential to make the insurance available to every individual in a seamless and swift manner with the use of technology and protecting the interests of the policyholders," the regulator said in a statement.
They said the ruling could deflate an already delayed process under the Insolvency and Bankruptcy Code (IBC) and will most likely be used by unscrupulous promoters to argue against the admission of cases, potentially denting the potency of the dedicated recovery mechanism.
"There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means.," the Ministry of Finance tweeted.
The Reserve Bank of India (RBI) had imposed several restrictions, including on withdrawals, by depositors of 17 cooperative banks in July in view of their deteriorating financial positions. Of the 17 cooperative banks, eight are in Maharashtra, four in Uttar Pradesh, two in Karnataka, and one each in New Delhi, Andhra Pradesh and West Bengal.
Central Bank of India reported a 14.2 per cent rise in net profit to Rs 234.78 crore in the first quarter ended June this fiscal as compared to Rs 205.58 crore in the same quarter a year ago.
The company said the tie-up will further strengthen its digital leadership position and is part of an effort to make banking more inclusive and accessible to its growing consumer base.
In the June quarter of the previous fiscal, settlement of death claims was to the tune of Rs 7,111 crore, which for Q1 of this year was Rs 5,743 crore, LIC Chairman M R Kumar said in a post-earnings call with analysts.The company said the tie-up will further strengthen its digital leadership position and is part of an effort to make banking more inclusive and accessible to its growing consumer base.
The RBI wants to strike a better balance between the ability of digital lending to democratize credit and its potential to suck people into a debt trap. The typical fixed cost of originating, servicing and collecting a loan is Rs 5,000 for banks; for online platforms it’s a few hundred rupees.
The release also stated that the researchers are of the view that instead of a big bang approach, a gradual approach as announced by the government would result in better outcomes.
"SBI initiated open offer e-auction towards sale of fund based exposure of KSK Mahanadi Power Co. Ltd on 100 per cent cash basis on April 20, 2022 for a reserve price of Rs 1,544.08 crore," SBI said in a regualtory filing on Thursday.
“Their networks and wealth of experience in startup investments, finance, and entrepreneurship are helping unlock new growth opportunities as we look to rapidly scale our capital gateway by 20 times in the next 12 months and also perfectly complements the existing skills we have in our team,” Bhavik Vasa, co-founder and CEO at GetVantage said.
The income tax department is sending emails to the individual taxpayers asking them to confirm that the claims made in their ITR are correct. Such emails are sent if an individual has an income tax refund due to them. An individual is required to send a confirmation by submitting a response on the new e-filing income tax portal.