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Tag: credit

IRDAI issues draft guidelines on trade credit insurance

IRDAI issues draft guidelines on trade credit insurance

Finance
IRDAI on Wednesday proposed a regulatory framework to facilitate general insurance companies to offer trade credit insurance covers to suppliers as well as licensed banks and other financial institutions to help businesses manage country risk. Trade credit insurance protects businesses against the risk of non-payment for goods and services by buyers. It usually covers a portfolio of buyers and indemnifies an agreed percentage of an invoice or invoices that remain unpaid as a result of protracted default, insolvency / bankruptcy. Based on the recommendations of a working group on revisiting guidelines on trade credit insurance, the Insurance Regulatory and Development Authority of India (IRDAI) has now come up with draft guidelines on trade credit insurance. IRDAI said the proposed guidel...

Wrecks, DUIs and low credit scores: Here’s how much they can drive up the cost of your car insurance

Finance
Pamela Moore | iStock | Getty Images PlusAh, the joys of the open road and carefree driving, until something happens that makes it cost even more. There are events — i.e., accidents, arrests for driving under the influence, a lapse in coverage — that can drive up the cost of your car insurance. By how much? It depends on a variety of factors, including where you live and the infraction or circumstance that causes the premium to spike."Drivers in certain parts of the country are paying considerably more for their auto insurance, especially after certain life events," said certified financial planner Stephen Kates, insurance analyst for Bankrate.More from Personal Finance:Here’s what post-pandemic travel might look likeHow much you need to earn to afford a houseTax-refund scam targets c...

New child tax credit proposals could give families more money than the $1,400 stimulus checks

Finance
Getty ImagesMany Americans are eager to see more money from the federal government in the form of $ 1,400 stimulus checks.But another part of Democrats' $ 1.9 trillion coronavirus relief package, changes to the child tax credit, could actually give qualifying families more money than the direct payments."The child tax credit is going to be more important to many families than the economic impact payments," said Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center, a non-partisan think tank.The child tax credit works to provide financial support to help parents care for children. Because it's a credit, it lets parents subtract a certain amount from their federal tax liability.More from Personal Finance:Long-term unemployment is close to a Great Recession recordHow Biden...

How this child tax credit proposal could give some families monthly $300 checks

Finance
kate_sept2004President Joe Biden wants to get more money to certain American families by expanding the child tax credit for one year.For those who are eligible, that would mean extra cash could come their way via a refund check.Now Democrats are planning to propose a bill next week to enact a long-term change to give those families a boost. That could come through monthly checks of up to $ 300 per month per child instead of one lump sum at the end of the year.The president included the child tax credit changes in his new $ 1.9 trillion coronavirus relief proposal. The bill would increase the credit to $ 3,000 for children age 17 and under who qualify, while children under 6 would get a $ 3,600 credit. Currently, families can claim up to $ 2,000 per qualifying child under age 17.More f...
Bank credit grows at 5.4% in September quarter: RBI

Bank credit grows at 5.4% in September quarter: RBI

Finance
Mumbai: Bank credit growth on a year-on-year basis stood at 5.4 per cent in September quarter of the current fiscal year compared to 5.7 per cent growth in the previous quarter, RBI data showed. Credit growth for metropolitan branches, which have major share in bank credit, decelerated to 3.3 per cent year-on-year in September 2020 quarter as compared to 4.7 per cent in April-June. It however improved for the bank branches in rural, semi-urban and urban areas, according to the data released by the Reserve Bank of India (RBI). RBI on Friday released Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of Scheduled Commercial Banks (SCBs), September 2020. It captures various characteristics of bank credit such as occupation/activity and organisational sector of the borrower, ty...