A look at recent rulings which can affect you -
BANKING
>> In response to complaints that banks were not sharing critical information on the health of the loan accounts being transferred to another bank, the Reserve Bank of India has asked banks to obtain necessary credit information in a prescribed format to ensure adequate due diligence. This would enable the transferee bank to be fully aware of the irregularities, if any, existing in the borrower's account(s).
CAPITAL MARKETS
>> The Securities and Exchange Board of India has permitted firms to file their draft offer documents for issues of up to Rs 500 crore with its regional offices in different zones-north, east, south and west. The amendments will be applicable for all drafts which are filed on or after 14 May 2012.
INSURANCE
>> The insurance regulator has recently floated a consumer education website - www.policyholder.gov.in - as a part of a series of initiatives under its consumer awareness campaign. The website will provide basic information on insurance to help consumers make prudent choices.
>> In order to bring in uniformity and transparency in information sought by insurers from customers, the insurance regulator has recommended a standard proposal form for all life insurance companies. The new format will ensure that all relevant questions required to understand the need of a customer are answered and, thereby, help in recommending right insurance policies for the customers. The guidelines will come into effect from 1 September 2012.
