Regulator Watch For Banking
According to a notification by the Reserve Bank of India, housing loan for construction of farm houses and to staff members of the banks will also not eligible for the subsidy announced by the government for constructing houses worth up to Rs. 20 lakh.
Banking
Non-resident Indians will not be eligible for the 1% interest subsidy given for home loans of up to Rs. 10 lakh. According to a notification by the Reserve Bank of India, housing loans for construction of farm houses and to staff members of the banks will also not eligible for the subsidy announced by the government for constructing houses worth up to Rs. 20 lakh.
Markets
The Securities and Exchange Board of India has extended the time for filing complaints or arbitration cases against companies from six months to three years. The new time period will also be applicable to cases where the arbitration application was rejected solely because of delay in filing within the earlier period of six months.
Insurance
For protecting insurance policyholders’ interests, the Insurance Regulatory Authority of India has set a minimum benchmark for agents. It has also barred insurers from appointing blood relatives of employees as agents. Agents will have to maintain a minimum 50% persistency ratio (percentage of policy contracts still in force at the specified time interval) for the next three years and 75% thereafter.
Telecom
The telecom regulator has allocated a new number series starting with ‘140’ for telemarketers. Earlier, these numbers were to begin with ’70’. As switching to a new number series would take time, the date of implementation for the telemarketing norms has been moved to 1 March 2011.
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