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Transfer unclaimed deposits to welfare fund by March 1: Irda to insurers

Transfer unclaimed deposits to welfare fund by March 1: Irda to insurers

Finance
Insurance regulator Irda has asked all insurers to transfer the deposits of policyholders that have been laying unclaimed for over 10 years to the welfare fund by March 1. "All insurers having unclaimed amounts of policyholders for a period of more than 10 years as on September 30, 2017 shall transfer the same to Senior Citizens' Welfare Fund (SCWF) on or before March 1, 2018," the Insurance Regulatory and Development Authority of India has said in a circular. The directive comes under the Department of Economic Affairs accounting procedure for transfer of funds to SCWF. Life, non-life and health insurance service providers will have to comply to the SCWF Rules, 2016 every year. "The insurers shall make transfers to the consolidated fund of India on or before the 1st March, eac...
IMF’s Christine Lagarde praises the ‘courage’ of Arab countries undergoing economic reform

IMF’s Christine Lagarde praises the ‘courage’ of Arab countries undergoing economic reform

Finance
Changes in the world economy and the price of oil mean that many countries across the Arab world will need to undergo significant changes in order to survive, and those that are doing so should be praised, Christine Lagarde, the managing director of the International Monetary Fund (IMF) told CNBC."These countries have gone through a massive transition. Those that were exporting oil have clearly seen a big drop in their growth rates. But those economies have to transition from an oil-fed economy to a more diversified, more inclusive, reformed economy," Lagarde said at the World Government Summit in Dubai.Some countries are ahead of the game, she described, while others are working on reforms. "But certainly we will be seeing different countries in a few years' time, given where the price of...
How rough of a week did Wall Street have? The Dow saw 22,000 points worth of whipsaw trading

How rough of a week did Wall Street have? The Dow saw 22,000 points worth of whipsaw trading

Finance
With another volatile plunge Friday, the Dow Jones industrial average has traveled more than 22,000 points this week. The stock index closed more than 1 percent higher, bringing its weekly losses to the worst since January 2016. Earlier in the session, the Dow was tracking for its worst week since October 2008, during the financial crisis. CNBC tracked the volatile moves of the Dow this week to calculate the number of points the index has moved. In the past five trading days, including Friday, the Dow has traded about 20,000 points back and forth in a roughly 2,000-point trading range. Stocks have plunged in the last week as traders worried about rising interest rates and inflation, bringing an end to more than a year of historically low volatility. On Monday, the S&P 500 broke its lon...
Advisors are offering ‘fatally flawed’ advice to clients, advisor says

Advisors are offering ‘fatally flawed’ advice to clients, advisor says

Finance
If you're a financial advisor who is still giving clients advice based on today's life expectancy and goals, chances are you need to go back to the drawing board."Most of the advice you are offering is fatally flawed, and I would even argue criminally negligent," Ric Edelman, founder and executive chairman of Edelman Financial Services, told attendees at the Technology Tools for Today Advisor Conference in Fort Lauderdale, Florida, on Wednesday."If you continue to give the advice to your clients that you are currently giving them, you will soon be out of business," Edelman said.Rapid technology advances coupled with changing life plans will fundamentally alter the way we live. And most of the financial plans that advisors come up with for clients are stuck on outdated expectations, said Ed...
India Post Payments Bank will begin nationwide rollout in April

India Post Payments Bank will begin nationwide rollout in April

Finance
India Post Payments Bank will begin its nationwide rollout in April, the government said on Saturday, refuting reports of revised or delayed timelines. "India Post Payments Bank (IPPB) Expansion Programme continues to make brisk progress and a nation-wide roll-out is scheduled beginning April 2018. No decision has been taken to revise the timelines as reported in some sections of the media," the government said in statement. "Once the proposed expansion is completed, IPPB will be providing the largest financial inclusion network in the country, covering both urban as well as rural hinterland with ability to provide digital payment services at the doorstep with the help of Postmen and Gramin Dak Sewaks (GDS)," the statement added. IPPB will also enable more than 17 crore active accoun...