THIRD PARTY LIABILITY
Allahabad Bank to pay customer Rs 46,000 lost in unauthorised debits from account; RBI rules on customer liability for unauthorised transactions
How to report unauthorized transaction in savings account: As per the guidelines set by the Reserve Bank of India (RBI), customers will bear limited responsibility in case unauthorized electronic transactions result in deductions from their accounts or cards. Let's take a closer look at the RBI regulations.
Unauthorised transaction due to third party breach: Bank customer has zero liability, says HC
The Bombay High Court ruled that customers have zero liability for unauthorized transactions caused by third-party breaches, directing Bank of Baroda to refund Rs 76 lakh to Pharma Search Ayurveda Private Limited. The court cited a 2017 RBI circular and the bank’s Consumer Protection Policy, highlighting that the deficiency lay not with the bank or the customer. The petitioners reported the fraud immediately, but the bank ombudsman initially rejected their claim. The court found no negligence by the petitioners and ordered the refund within six weeks.
Greater transparency: No indemnity clause in NPA sale pact between banks and ARCs
High-street banks and stressed asset firms in Mumbai adopted a 'model agreement' for selling loans but couldn't agree on 'indemnity'. Lenders can declare an account 'fraud' post-sale to ARCs. The industry body approved the Model Assignment Agreement and Model Trust Deed for adoption by banks, financial institutions, finance companies, and ARCs.
Frauds by bank employees: Take these steps to ensure branch manager or any other employee does not run away with your money
Fraud by bank employees: Many reports of bank employees defrauding customers of the bank. These are the cases where the bank and its customers both are the victims of fraud by the employee(s). In a recent judgement by the SC, it was said that banks would be held liable for criminal misconduct by its employees.
Can Streedhan be used to repay husband’s debt?
Smruti is protected under the law, which clearly defines streedhan, or property of a married woman. Her jewellery, as well as other gifts that she might have been given by her husband, parents or in-laws, are solely her property and she is free to use these in any way she thinks fit.
Lok Sabha polls: Only 12 pc of candidates in fray in phase 5 are women, says ADR
Low female representation in Lok Sabha polls, with 12% female candidates in the fifth phase. 23% candidates have criminal cases, including 18% with serious charges like murder and hate speech. Concerns raised over candidates' assets and educational qualifications.
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South Korea opposition wins landslide parliamentary vote in resounding blow to Yoon Suk Yeol
South Korea's election marked a victory for liberal opposition parties, with the Democratic Party securing over 170 seats. President Yoon Suk Yeol's party fell short of a super majority, impacting his legislative power and potential focus on foreign policy.
Biden holds 4 point lead over Trump, Reuters/Ipsos poll shows
Some 41% of registered voters in the five-day poll, which closed on Monday, said they would vote for Biden, a Democrat, if the election were held today, compared with 37% who picked former President Trump. That 4 point lead was up from a 1 point lead Biden held in a Reuters/Ipsos poll in March.
Understanding liability in vehicle insurance: What car and bike owners should know
Choosing the right vehicle insurance in India involves understanding liability coverage, comprehensive plans, and exclusions. ACKO provides tailored coverage, add-ons, and competitive pricing for comprehensive protection and peace of mind.
Rahul Gandhi a liability for INDIA bloc: BJP leader Mukhtar Abbas Naqvi
Regarding the leadership crisis within the opposition, Naqvi singled out Rahul Gandhi as a liability for the INDIA bloc, suggesting that the opposition's frustration is evident in their rhetoric. He said, "Rahul Gandhi is a liability of the opposition bloc INDIA. Now, their depression over imminent defeat is visible through their abuses which reflect their frustration. INDIA bloc in no way is a challenge to the BJP."
US Polls: Donald Trump wins delegates needed to become GOP's presumptive nominee for 3rd straight election
Donald Trump, despite legal troubles and controversies, secures the GOP nomination for the presidential election. His campaign tests democratic norms, threatens alliances, and focuses on issues like inflation and immigration.
Will ICICI Lombard be able to gain market share going forward? Gopal Balachandran answers
Gopal Balachandran says, “In retail health, we grew in excess of 19% on a nine-month basis; the industry numbers were slightly lower than 19%. So, in that sense, we are actually trying to grow faster than the market. We are continuing to make investments in expanding distribution, equally significantly kind of excelling service capability and creating the right product portfolio.
Election observer: How ADR has been fighting to reduce criminality and corruption in polls
It is hard for me to think of an organisation that has had more impact in Indian politics over the past quarter-century than ADR. It now has partners in every state and technology has made data-gathering and analysis easier than in the early years and its reports have become a critical part in the run-up to and aftermath of elections, state and national.
These car insurance add-ons worth Rs 6,500 can save you from paying Rs 3.5 lakh for rain damages
Car insurance add-ons: Some of the must-have add-on covers during monsoon season are — engine protection cover, zero depreciation cover, 24x7 roadside assistance, return to invoice and consumable covers. Before you buy add-on covers, you must take a look at how much they cost and how much you will save during monsoon. Read on
Proposed third-party motor insurance premiums for FY 2023-24
The ministry announced the proposed rates via a notification on the E-Gazette website on June 14, 2023. There has been no change proposed in the premium rates for third-party motor insurance for FY2023-24.
Govt issues draft Motor Third Party Premium and Liability Rules for FY24
As per a draft notification issued by the Ministry of Road Transport and Highways (MoRTH), the base premium rates for Motor Third Party Insurance Cover have been proposed at Rs 2,094 for private cars below 1,000 cc, Rs 3,416 for cars (between 1000-1500 cc) and Rs 7,897 for cars exceeding 1500 cc.
Fallback liability: Why holding online marketplaces responsible for consumer protection may harm MSME growth
The growth of MSMEs through strategies that leverage online e-commerce presents a winning proposal for the country. However, growth in the sector, brought with it concerns around consumer protection.
These largecaps have ‘Strong Buy’ & ‘Buy’ recos and upside potential of more than 25%
In every market condition, there are stocks on which analysts are bullish. When markets are volatile with a bearish bias, it is worth looking at stocks which are finding favor with analysts. We take a look at large caps stocks which a collection of analysts are bullish on. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". The screener applies different algorithms for all BSE and NSE stocks. This predefined screener is only available to ET Prime users.
American Tower Corporation to take $411-million impairment charge over Vi 'part-payments'
The US company said while announcing its fourth quarter earnings for 2022 that Vi had communicated in early 2023 that "it would not be able to resume payments in full, and would instead continue to make partial payments".
Largecap stocks with ‘Strong Buy’ and ‘Buy’ recos and upside potential of more than 25%
In otherwise volatile markets, bulls are once again making an attempt to come back. There are few large cap stocks which are finding favor with analysts. After the recent correction, even the most well known name from many sectors has made it to the list as the upside potential in them comes close to algorithm fixed minimum target price. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". The screener applies different algorithms for all BSE and NSE stocks. This predefined screener is only available to ET Prime users.
5 private sector banks with “strong buy” and “buy” rating & upside potential of up to 28%
The exposure to the Adani group once again brought limelight back on the banking sector. There were some tremors felt in the PSU banking space, however the private sector banks did not see any major impact. This does not mean that private sector banks like ICICI, HDFC and Axis have not seen their share of troubles. For the last four years, the street readjusting the valuations as large private sector banks went through a phase change at the leadership level.
Long-term Third-Party, Own Damage motor insurance cover proposed: Know proposed features, price, premium
In order to allow the policyholders a wider choice, IRDAI has proposed to permit all general Insurers to offer long-term motor insurance policies — a) 3-year in respect of private cars co-terminus with motor Third Party Liability cover, b)5-year in respect of two-wheelers co-terminus with motor Third Party Liability cover.
Wider choice: Irdai proposes 3 years insurance cover for cars & 5 years for two-wheelers
The draft proposes to permit all general insurers to offer 3-year insurance policy in respect of private cars and 5-year for two-wheelers, co-terminus with motor third party liability cover.
Latest third-party insurance premiums for cars, bikes as fixed by IRDAI
According to the Motor Vehicles Act of 1988, anyone who owns or operates a motor vehicle in India must have third-party insurance coverage.
IRDAI proposes third-party motor insurance premium cars, two-wheelers for FY 2022-23
In the last two fiscal years, the IRDAI has not changed its tariffs. As a result, Irdai's FY 2019-20 rates have stayed unaltered until date. The following are the suggested Motor Third Party Premium rates for FY 2022-23 for various vehicle categories.
Why do small businesses need insurance urgently?
Lack of awareness, coupled with thin margins, makes insurance a low priority, and business owners often neglect insurances the law does not mandate.
How to insure your pet: Product to choose, what is not covered, when to get
Pet insurance aims to provide financial security to the pet owner for the pet’s vet expenses, hospitalisation expenses, etc.
10 ways to reduce car insurance premium
You can bring down the premium of your comprehensive insurance not only by customising your cover, but also by being aware of several other factors. Here are some ways in which you can bring down your car insurance premium.
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