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Moneylife Digital Team 11 August 2020
The much touted SBI Yono mobile app from State Bank of India (SBI) is down with technical issues giving headache to lakhs of the bank's customers.   Some of them even missed paying EMIs or credit card dues to the malfunctioning of the Yono app.   When a user tries to the app,...

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Moneylife Digital Team 11 August 2020
Life Insurance Corp of India (LIC), the country's largest insurer has launched a special campaign to allow policyholders to revive their lapsed insurance policies in the current corona virus (COVID19) pandemic. This special campaign would run till 9 October 2020, the insurer says in a...

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Subhash Narayan (IANS) 10 August 2020
The Government proposes to bring in regulations that will give rights to the consumer to seek 24X7 electricity supply in their homes and provide them compensation for any deviation from the stated goal.   Sources said that a consumer charter has been introduced in the new tariff...

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Maya M 10 August 2020
On 30 July 2020, the Reserve Bank of India (RBI) extended its directions to the Vasantdada Nagari Sahakari Bank, the Kapol Cooperative Bank and the Maratha Sahakari Bank. All three urban cooperative banks are from Maharashtra.    Mumbai-based Maratha Sahakari Bank was placed under RBI...

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IANS 06 August 2020
In a major development for digital payment services, the Reserve Bank of India (RBI) has decided that payment system operators (PSOs) will have to implement online dispute resolution (ODR) systems in a phased manner.   The RBI has said that, to begin with, authorised PSOs shall be...

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IANS 06 August 2020
The Reserve Bank of India (RBI) has come up with additional measures to curb the use of multiple operating accounts for loans wherein banks have been directed not to open current accounts for customers already availing credit in the form of cash or overdraft (OD).   During the video...

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IANS 06 August 2020
The Reserve Bank of India (RBI) on Thursday added additional shine to gold ornaments and jewellery by allowing banks to give loans up to 90% of the value of such items pledged by borrowers.   At present, loans sanctioned by banks against pledge of gold ornaments and jewellery is up to...

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IANS 05 August 2020
The Insurance Regulatory and Development Authority of India (IRDAI) has allowed life insurers to issue policy bonds in electronic format during FY20-21 owing to COVID-19 pandemic.   With life insurers expressing difficulty in printing and dispatching policy documents to...

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Last month, Mumbai-based lawyer and human rights activist Flavia Agnes received a call on her mobile from an ‘executive’ telling her that her know-your-customer (KYC) is expired and he can help her to update it over phone.   The caller told the is co-founder of Majlis Legal Centre, to...

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IANS 03 August 2020
ICICI Bank has reduced its marginal cost of funds-based lending rates (MCLR) by 10 basis points across tenors with effect from August 1.   Post the cut, EMIs on the loans linked to MCLR will come down giving relief to the borrowers.   With the reduction in rates, ICICI Bank's...

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Moneylife Digital Team 22 July 2020
The new Consumer Protection Act, 2019 (CPA, 2019) which came into effect from 20 July 2020, repealing the earlier enactment of 1986 is already being hailed as a success as it gives more power to consumers. Several consumer activists have welcomed the new Act as it broadens the definition of...

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COVID-19 has significantly impacted Indian consumers as 78% of the Indian consumers said they have reduced discretionary spending, a new KPMG report revealed on Wednesday.   However, 51% of respondents feel that the impact of Covid-19 will be short-lived and normalcy is not far, said...

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Moneylife Digital Team 20 July 2020
As the coronavirus (COVID-19) pandemic rages on relentlessly, it brings in its wake frauds and scams that expose the utter callousness with which the crisis is being handled by those in power, and the naked greed that has overtaken those who can profit from protective equipment and medicine....

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Moneylife Digital Team 17 July 2020
For consumers here is good news amidst the coronavirus (COVID-19) pandemic. The new Consumer Protection Act, that has provisions to deal with class actions, product liability, misleading advertisements and liability for celebrity endorsements, while addressing new age developments like...

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The first FIR against Volkswagen and Audi in India for installing cheat devices in their cars to misrepresent emissions has been filed in Noida.   The FIR was filed by Noida resident Aniljit Singh against the top officials of Volkswagen and Audi in India and their headquarters in...

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As concerns of Covid-19 infection rise amid the pandemic, majority of the customers on e-commerce platforms prefer prepaid orders over cash-on-delivery, according to a report.   The report prepared by ClickPost along with Dr Vaidya's, says that with rising prepaid orders, companies...

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Amid the ongoing debate over goods and services tax (GST) rate on hand sanitisers, the government on Wednesday clarified alcohol-based hand sanitisers will continue to be levied at the standard rate of 18 per cent as the product is a disinfectant like soaps and not a...

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The Insurance Regulatory and Development Authority (IRDAI) has asked insurers to take action against hospitals that decline cashless treatment facility for Covid-19 to policyholders.   Citing complaints against such hospitals' refusal despite their agreements with insurers and claims...

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Automobile major Maruti Suzuki India will recall a total of 134,885 vehicles of hatchback WagonR and sedan Baleno for a possible fuel pump issue.   "Maruti Suzuki India Limited today proactively announced to voluntarily undertake a recall for WagonR (1 litre) manufactured between...

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The Real Estate Regulatory Authorities (RERAs) across states have resolved 48,556 cases since the implementation of the RERA Act in 2017.   Citing data from the ministry of housing and urban affairs, an Anarock report said that out of the total resolved cases, nearly 57% cases were...

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