Claim Settlement

The RBI plans to standardise forms to process claims on deceased customers' bank accounts and lockers within a 15-day timeframe and provide compensation to nominees for any settlement delays. The Reserve Bank of India (RBI) proposes to come out with standard procedures for the settlement of claims in respect of bank accounts, and articles kept in safe custody or safe deposit lockers of deceased bank customers. The aim is to make the settlement more convenient and simpler. Towards this, the central bank has issued 'Draft Circular - Reserve Bank of India (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025' and invited comments and feedback on it by August 27. "A bank shall use the standardised forms for receiving the claims and other documents...," said the draft. It also has provisions for compensation for delay in the settlement of claims. In case a nominee has been provided in deposit accounts or lockers, he or she would have to submit a claim form,

The move allows EPFO's 75 million subscribers to withdraw advances for education, illness, marriage and housing without human intervention up to ₹5 lakh

The initial waiting period is meant to safeguard against moral hazard

Abhinandan claims he was only given Rs 500 cr as settlement

Settlements to happen once a month for accounts inactive for over 30 days

Net incurred claims to net earned premium (claims ratio) of non-life insurance industry stood at 82.52 per cent during 2023-24 as against 82.95 per cent in the preceding fiscal year, as per the Irdai's annual report. According to the Annual Report 2023-24 of the Insurance Regulatory and Development Authority of India (Irdai), during 2023-24, the non-life insurance industry underwrote a total direct premium of Rs 2.90 lakh crore in India registering a growth of 12.76 per cent from previous year. The contribution of public sector general insurers increased 8.88 per cent from Rs 82,891 crore in 2022-23 to Rs 90,252 crore in 2023-24. Private sector insurers, including standalone health insurers, have underwritten Rs 1.88 lakh crore as against Rs 1.58 lakh crore in 2022-23. The aggregate profit of the non-life insurance sector was Rs 10,119 crore as against a net loss of Rs 2,566 crore in 2022-23. During 2023-24, the aggregate net incurred claims saw a 15.39 per cent increase to Rs 1.7

Sebi announced a block deal window from 8:45 am to 9:00 am for the T+0 settlement cycle, in addition to the existing block deal windows for the T+1 settlement

Reliance Infrastructure has brought down its external debt liability to Rs 475 crore. The company's net worth now stands at approximately Rs 9,041 crore

Regulator had slapped show-cause notice for potential violation of allotment norms

The monitoring agencies may include an accounting firm, management consultancy, any other professional organisation or chartered accountants, company secretaries or cost accountants

Under the norms, entities can settle a matter by paying an amount, usually decided by a committee of Sebi

Auto mode of claim settlement was introduced in April, 2020 for the purpose of advance for illness

In an inspection conducted in 2021, the market regulator found that there was no clear segregation of activities between portfolio management activities and mutual fund activities of the firm

Sebi chief says instantaneous settlement needed to tackle emerging competition from crypto world

The omnibus SRO framework prescribes the broad objectives, functions, eligibility criteria, and governance standards, which will be common for all SROs, irrespective of the sector

Sebi chief Madhabi Puri Buch on Friday said the capital markets regulator is ready to introduce same-day settlement of trades on the stock exchanges by March 2024. Speaking at the Global Economic Policy Forum 2023 organised by the Confederation of Indian Industry (CII), Buch said, "We are ready to introduce T+0 (T plus zero) settlement trade by the end of the current fiscal". The regulator, which has already reduced the settlement timelines to as short as one day after the transaction, is now looking to shorten the same further. The Sebi chief talked about the T+1 regime that has been implemented in the market. Earlier this year, the country's stock markets transitioned from T+2 to T+1 settlement, settling trades on the following business day. "It takes two things to make this happen. First is technology and second is co-creation. We are now moving to T+0 which will happen before the end of this financial year and one year from there we will have instantaneous settlement, which is

Ride-hailing companies Uber and Lyft will pay a combined USD 328 million to settle wage theft claims in New York, Attorney General Letitia James announced on Thursday. James said the settlements resolve investigations into the companies improperly charging drivers sales taxes and other fees when the costs should have been paid by customers. Uber will pay USD 290 million and Lyft will pay USD 38 million. The money will be distributed to current and former drivers, she said. The companies have also agreed to provide drivers outside of New York City with paid sick leave and give drivers outside of New York City a minimum wage of USD 26 per hour. Rideshare drivers work at all hours of the day and night to take people wherever they need to go, James said in a statement. For years, Uber and Lyft systemically cheated their drivers out of hundreds of millions of dollars in pay and benefits while they worked long hours in challenging conditions. Tony West, chief legal officer for Uber, said

The concerns were raised in a meeting earlier this month, the people told Reuters, and have not been previously reported

Valiant Organics Ltd settled with capital markets regulator Sebi a case concerning flouting of alleged disclosure rules by paying Rs 10 lakh as the settlement amount. This came after the company filed a settlement application with Sebi proposing to settle the enforcement proceedings that may be initiated against it for the alleged lapse of non-compliance of Listing Obligations and Disclosure Requirements (LODR) Regulations by "neither admitting nor denying" any finding. "It is hereby ordered that the proceedings that may be initiated for the violations... are settled qua the applicant (Valiant Organics)," Sebi said in a settlement order passed on Monday. In its order, Sebi noted that Amarjyot Chemical Ltd (ACL) merged with Valiant Organics by absorption, which was sanctioned by the Mumbai Bench of the National Company Law Tribunal in March 2019. Following this, Valiant Organics allotted 72 fully paid equity shares of Rs 10 each and 21 Optionally Convertible Preference Shares (OCPS)

Sachit Kanwar moves court against father Surinder over settlement