A look at recent personal finance rulings which can affect you -
The Reserve Bank of India has said that non-CTS-2010 cheques held by bank customers will continue to be valid till 31 July 2013, subject to a review in June 2013. The Cheque Truncation System (CTS) is being introduced for speedy clearance of cheques and demand drafts. Banks cannot charge savings bank account customers for cheques issued for the first time to conform to the CTS-2010 standard. Banks will be free to charge from the next time.
The Securities and Exchange Board of India has introduced an automated system for selection of arbitrators from a common pool if members and clients of stock exchanges fail to find an arbitrator to resolve their disputes.
The Forwards Markets Commission will penalise brokers for carrying out commodity trades without informing the clients through mobile text messages. From 1 April 2013, Rs 500 will be charged for each violation, with a cap of Rs 5,000 per day per client. The penalty is an attempt to curb trade through fake accounts. Commodity exchanges will have to send email alerts to clients who have provided their email address.
The insurance regulator has introduced standard definitions for 46 commonly used terms as well as 11 critical illness nomenclatures and procedures used by health insurers. The regulator has also introduced standards for agreements between insurers, hospitals and third-party administrators.
*43% is the rise in value of Indian banking-related cyber frauds during 2012.*