Alerts: Directive on bank accounts

The UIDAI has directed the National Payments Corporation of India (NPCI), which manages the central depository of bank account for government subsidies, to stop linking the details of the latest bank account opened by a customer automatically with Aadhaar. Unless the NPCI declares that it had the “explicit informed consent” of the customer to switch the account, the latest account cannot be linked.

The system had been designed such that the central database would replace the old bank account with the new, if a customer linked a fresh bank account with Aadhaar. This created a lot of difficulties for customers. Now, apart from getting consent from the customers, the banks also have to provide the last four digits of the account number where the subsidy was credited earlier.

LIC’s Jeevan Shiromani plan

LIC has launched Jeevan Shiromani, a money back life insurance plan for high networth individuals. While the minimum sum assured is ₹1 crore, the age limit for entering the plan is 18 to 55 years. The policy term can be 14, 16, 18 and 20 years.

The policy offers guaranteed additions during the premium paying term and loyalty additions, if any. This plan also provides for payment of a lumpsum amount equal to 10 per cent of the chosen basic sum assured on diagnosis of any of the specified critical illnesses. The policyholder can also avail loans if the need arises. Premiums can be paid yearly, half-yearly, quarterly, or at monthly intervals.

IDFC MF launches ‘AskBugs’

IDFC Mutual Fund has launched a chat interface called ‘AskBugs’ to resolve queries of investors and to help them transact. ‘Ask Bugs’ relies on Natural Language Processing (NLP), which has an underlying algorithm that emulates human conversation.

The interface is user-friendly and is available for both desktop and mobile versions. Investors who wish to use or transact can use simplified words that are easily identified by AskBugs. The investor needs a PAN and mobile number followed by OTP authentication to complete the transaction. Investors can make use of this option for making purchases, redemptions, and switches in their folio. Payment for the transactions can be made through internet banking, UPI or bank one-time mandate.

Sugar futures charges slashed

The NCDEX has slashed transaction charges on sugar contract to 10 paise for ₹1 lakh of trade from ₹4 earlier. The exchange has also done away with the risk management fee of ₹4 on sugar contract to boost liquidity on the exchange platform. Since it is a favourable sugar season, the stockholding limit of 1,000 tonnes on traders in the North-East and 500 tonnes on traders across the rest of the country has been removed by the government. Withdrawal of stockholding limit and turnover limit on sugar deals will encourage large co-operatives and millers to hedge their risk on the exchange platform.

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