Banking: Give Names of Unclaimed Deposit Accounts on Website: RBI
To help people who have unclaimed deposits lying with banks, the Reserve Bank of India (RBI) directed banks to prominently display such account-holders’ names on their websites and provide them with a ‘Find’ option to locate the information easily, RBI said in a notification.
 
Keeping public interest in view, it has been decided that banks should play a more proactive role in finding the whereabouts of the account-holders of unclaimed deposits/ inoperative accounts, RBI said. “Banks are, therefore, advised that they should display the list of unclaimed deposits/inoperative accounts which are inactive/ inoperative for ten years or more on their respective websites,” it added.
 
As per government estimates, banks had Rs5,124 crore in unclaimed deposits lying with them as of 31 December 2013.

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Banking: RBI Allows Indians To Invest up to $250,000 a Year Abroad
“ICICI “On a review of the external sector outlook and as a further exercise in macro-prudential management, it has been decided to enhance the limit under the Liberalised Remittance Scheme (LRS) to $250,000 per person per year,” RBI said in its bi-monthly monetary policy statement.
 
In mid-January, India’s foreign exchange reserves touched a new high at $322.135 billion, driven by higher foreign fund inflows and lower forex outgo, on the back of a massive fall in global crude prices

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Insurance Ordinance: Third-party Motor Cover Causes Industry Stir
The new provision in the insurance ordinance making third-party motor cover mandatory has put major general insurers in a quandary as the move would increase their underwriting losses, prompting them to seek a hefty hike in premiums.
 
Following the ordinance, the insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI) has clarified that each general insurer has to ensure that third-party cover is made available to the insured in proportion to its market share.
 
“General insurers have to do the third-party motor business mandatorily to the proportion of their market share. If one company has 10% market share, then this cover must also be in that proportion,” IRDAI chairman TS Vijayan recently told media in Mumbai.
 
For each general insurer, the third-party motor portfolio is a loss-making one as the claims exceed the premium they collect. 

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