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RBI imposes Rs 5 lakh penalty on Nissan Renault Financial Services India

RBI imposes Rs 5 lakh penalty on Nissan Renault Financial Services India

Finance
MUMBAI: The Reserve Bank of India has imposed a penalty of Rs 5 lakh on Chennai-based Nissan Renault Financial Services India Private Limited for non-compliance with the central bank's directions. In a statement on Wednesday, RBI said the penalty has been imposed for non-compliance with its directions contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 on Fair Practices Code for applicable NBFCs. The statutory inspection of Nissan Renault Financial Services India with reference to its financial position as on March 31, 2019, revealed, inter alia, non-compliance with the RBI directions. The apex bank said a notice was issued to the company advising it to show cause as to why penalty should ...
AU Small Finance Bank starts operations in eastern India

AU Small Finance Bank starts operations in eastern India

Finance
Kolkata: AU Small Finance Bank, a scheduled commercial bank, started its operations in Eastern India with the setting up of a branch in the metropolis on Thursday. Since the start of banking operations three and half years ago, AU has presently 710 touchpoints in 13 states and two UTs, a bank spokesman said. Executive director of AU Bank Uttam Tibrewal said that the banking entity has started its journey in eastern India beginning with Kolkata. The city has been the hub of trade and commerce ever since the days of Independence, he added. Tibrewal said AU has built a net worth of Rs 4,900 crore with a deposit base of Rs 27,000 crore and loan of Rs 30,500 crore. Let's block ads! (Why?) Banking/Finance-Industry-Economic Times
Half of urban Indians have no retirement plan: PGIM India Mutual Fund survey

Half of urban Indians have no retirement plan: PGIM India Mutual Fund survey

Finance
City dwellers today are saving and investing less, allocating more than half their income to current expenses, finds a survey commissioned by PGIM India Mutual Fund. Do Indians have a retirement plan in place? No: 51% Yes: 49% Worry about the future, however, is increasing People are worried about the cost of living, healthcare issues and the lack of family support in future. Retirement comes way down on the list of financial priorities Children’s needs and security of the family take precedence over all else. PRIORITIES 1. Providing for child’s future, education and marriage 2. Financial security of children 3. Financial security of spouse 4. Providing for medical emergencies 5. Being physically and mentally fit 6. Leading a life without stress or burden 7. Improving standard of living 8
Most Indians do not have a retirement plan, shows PGIM India MF’s retirement survey

Most Indians do not have a retirement plan, shows PGIM India MF’s retirement survey

Finance
Are Indians prepared for their retirement? Yet another survey result shows that they are not. Most participants of the survey said they did not have a retirement plan. Even those with a plan thought Rs 50 lakh is a large enough corpus to take care of their retired life. Also, if an individual was not sure about the size of his retirement corpus, s/he was unlikely to make a retirement. These along with some other surprising findings were thrown up by PGIM India Mutual Fund Retirement Readiness Survey 2020. Market research agency Neilsen was commissioned to conduct the survey which focused on some key questions: when do Indians plan their retirement and what are the possible reasons; what financial instruments are utilized; is lack of awareness undermining retirement planning; are Indians ea...
Chinese city to test all 9M residents; Cases climb in India

Chinese city to test all 9M residents; Cases climb in India

World
Oct. 12 (UPI) -- The Chinese port city of Qingdao announced Monday it will test all 9 million residents as India inches closer to passing the United States as the most infected country to the pandemic. The Qingdao Municipal Health Commission announced that it has launched a citywide program to test all of its residents within five days after a cluster of coronavirus cases were found connected to a hospital. Advertisement The city initiated the mass testing program after health authorities said Sunday that three patients at the Qingdao Chest Hospital, a designated hospital for overseas COVID-19 patients, had been confirmed infected and an investigation of 377 close contacts produced nine other positive tests, including hospitalized patients, nurses and a family member of one of the infecte...