SEBI examining Feasibility of Intangibles
- SEBI will examine the feasibility of allowing derivative contracts based on intangibles (like weather or freight) in Indian commodity segment.
- SEBI will also look into an exchange-traded fund (ETF is market security that tracks an index, bond, basket of assets or commodity, In this case, ETF is a commodity).
- After which SEBI will forward selected proposal to Commodity Derivatives Advisory Committee (CDAC) for final screening after which it will be submitted to SEBI board.
RBI ‘Fit and Proper’ Criteria for Elected Directors of PSB
- All the banks are required to constitute a Nomination and Remuneration Committee consisting of a minimum of three non-executive directors, of which not less than one-half shall be independent directors.
- The committee should include at least one member from the risk-management committee of the board to establish ‘fit & proper’ status of applicants.
- The Government of India nominee director and the nominee director on behalf of the RBI shall not be part of the committee.
- An elected director shall hold office for three years and shall be eligible for re-election: Provided that no such director shall hold office for a period exceeding six years, whether served continuously or intermittently.
RBI slapped 11 Banks with Rs 8.50 Crore Fine
- The banks are fined for violating provisions of RBI norms on “frauds classification and reporting by commercial banks and select Financial Institutions”.
- The monetary penalty is imposed on the Oriental Bank of Commerce (Rs 1.5 crore), Indian Overseas Bank, Punjab & Sind Bank, United Bank of India and UCO Bank (Rs 1 crore each), Bank of Baroda, Federal Bank, Corporation Bank, Punjab National Bank, Jammu & Kashmir Bank and State Bank of India (Rs 0.5 crore each).
- The RBI observed that the banks didn’t report fraud in the backdrop of Central Bureau of Investigation (CBI) criminal proceedings resulting in non-compliance with RBI’s directions.
LIC launched ‘Jeevan Amar’
- The plan provides two death cover options, the first is the level sum assured insurance in which death benefit remains the same throughout the term of the policy.
- The second one is increasing sum assured in which the death benefit first increases after 5 years than after 10 years and then 15 years or till the end of the policy term.
- The plan offers policy term from 10 years to maximum 40 years, with a maximum age of maturity at 80 years and is available for the 18-65 age group.
