SEBI Collates KYC Details of Nearly 20m Investors

As the government prepares to set up a central know your client (KYC) system for entire financial sector, details of close to 20 million investors have been collated in a centralised database covering various segments of the capital market. In his Interim Budget speech, the finance minister said that the government plans to “create one record for all financial assets of every individual” to help them as well banks, insurers, mutual funds and brokers. A centralised KYC database has already been set up under SEBI and 18.7 million investors have provided KYC details to five KYC registration agencies registered with the market regulator at the end of December 2013.

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Chidambaram Brings Cheer to Education Loan Borrowers

With an eye on elections, finance minister (FM), P Chidambaram, is trying to endear himself to families that have availed educational loans from banks. He announced a moratorium for all education loans taken up to 31 March 2009 and outstanding as of 31 March 2013. The government will take over the liability for outstanding interest as of 31 December 2013, but the borrower would have to pay interest for the period after 1 April 2014. Nearly 900,000 student-borrowers would benefit by around Rs2,600 crore which will be transferred to Canara Bank, the nodal bank managing the interest subsidy scheme on educational loans.

The education loan portfolio of nationalised banks, as on 31 December 2013, aggregated Rs57,700 crore in 2,570,254 accounts.
 

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COMMENTS

Arief

2 years ago

I have used educational load for my MBA on 2013 with Canara Bank, & i completed course in 2015. While applying loan i thought there is no interest in studying period. But once i complete the course in may2015. But suddenely one day on June2015 bank persons calculate the interest from 2013 onwards & forced us to pay immediately by every month .
My Question is :-
1. Whether interest is applicable for studying period.
2. I read in Newsletter , Mr.Chidambaram (Minister) had cancelled the interest for Educational load, ( Regarding this bank persons telling, No instructions came to them)
3. As per above information . what is my position. My Family Annual Income will 2 L

If the Interest is applicable form 2013, then why suddenly they calculated in 2015. Both are same . No matter of date they imposed on us . Amount is same.

Kindly anyone direct me in this . Whom I want to contact for better clarification

Regards
Arief
9865796403 / [email protected]

Suresh Kothari

3 years ago

Dear Sir/Madam

I have taken a Education Loan on Sept 2008 and my parental income is also below 4.50 Lacs. I have no secured jobs despite having more than 3 years of experience that caused me to repay my loan. After completion of MBA in finance, I faced recession and always struggling for good package and secure jobs as I have selected Capital Market. I am working as Research Analyst and more than 40 months experience. My CTC is only 18000/- per month, which is causing me to irregular payments to loan.

I have loan of 160000/- and current dues is 120000/- FM give that gove. will give interest subsidy but bankers told me that they have rec. any notification yet. What I should do please guide me.

With Regards
Suresh Kothari
(M) 9427067127

FIIs Scale Back Emerging Markets Exposure

Emerging market economies are ‘most unloved ever’ and are now seen as the biggest risk to financial market stability, according to the latest Bank of America Merrill Lynch Fund Managers survey. The survey said that, currently, investors are the most underweight on BRIC countries—Brazil, Russia, India and China.

About 43% of respondents are of the opinion that global emerging market (GEM) equities are ‘undervalued’. This, in turn, could lead to a ‘contrarian rally’, according to the global financial services major. Almost 24% of global investors would like to remain underweight on GEM in the next 12 months, down from 28% in January 2013. Overall, 222 panellists with $591 billion of assets under management participated in the survey.

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