The World Economic Outlook (WEO) is a survey conducted and published by the International Monetary Fund. It is published biannually and partly updated two times a year. It portrays the world economy in the near and medium context, with projections for up to four years into the future.
Digital wallet company Paytm on Tuesday launched 'Paytm Money' app for mutual fund investments. The Paytm Money platform will be offering systematic investment plans (SIPs), starting at Rs 100 per month.
The Ministry of Heavy Industries and Public Enterprises is a branch of the Government of India that administers 48 central public sector enterprises (PSEs) and assists them in their effort to improve capacity utilization and increase profitability, generate resources and re-orient strategies to become more competitive.
In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949, Reserve Bank of India directs that with effect from April 1, 2012, banks should not make payment of cheques/drafts/pay orders/banker?s cheques bearing that date or any subsequent date, if they are presented beyond the period of three months from the date of such instrument. Accordingly, cheques, Drafts, Pay Orders and Banker?s Cheques are ?valid for 3 months from the date of instrument?, with effect from 01.04.2012.
As per guidelines of the RBI, payments banks can accept demand deposits ? savings and current ? up to a maximum of ?1 lakh per customer. To overcome this restriction of holding a maximum balance of ?1 lakh per customer, payments banks have entered into tie-ups with mainline banks so that balances over ?1 lakh can be converted into fixed deposits with the latter.
All vehicle insurance policies will now include personal accident cover worth Rs 15 lakh in case of the death of the owner while driving or riding. This new rule will help the families of accident victims especially two-wheeler riders who are most of the time under-insured. The Insurance Regulatory and Development Authority (IRDAI) in a circular has directed all third-party insurance companies to include this cover to vehicle owners-drivers of all vehicles (two-wheelers, three-wheelers, passenger vehicles and commercial vehicles) for an additional premium of Rs 750 per year (annual insurance policy). This will now be part of the mandatory insurance cover that is a must for all vehicle owners.
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