
Both Centre and state have a share in Bengaluru metro project: DK Shivakumar

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Economic Times
12 minutes ago
- Economic Times
Banks must settle a/cs, lockers and articles in safe custody of deceased customer within 15 days of claim: RBI
Synopsis These proposals are aimed at standardising the claims processes across the banking sector, maintaining uniformity and compensating the customer in case of inconvenience. The final guidelines are expected to be enforced by January 1, 2026. TIL Creatives Representational image of a bank The Reserve Bank of India (RBI) has said banks must settle deposit accounts, safe deposit lockers and articles in safe custody of a deceased customer within 15 days of claim, proposing hefty penalties for non-compliance. In a draft circular, the central bank suggested banks pay the customer's kin the bank rate plus 4% per year interest for the period of delay on settling deposits, and Rs 5000 per day for delay in settlement of lockers. The bank rate currently is at 5.75%. These proposals are aimed at standardising the claims processes across the banking sector, maintaining uniformity and compensating the customer in case of inconvenience. The final guidelines are expected to be enforced by January 1, 2026. The draft circular said that if a nominee exists, the nominee would have to furnish a deceased customer's death certificate, claim form and a government ID card to access deposits. If no nominee exists, the customer will have to further provide a bond of indemnity signed by claimants, no objection from other legal heirs and a legal heir certificate or declaration by an independent person, the draft circular said. 'If any deposit related claim is not settled within the timeframe stipulated, then the bank shall communicate to the claimants the reasons for such delay… The reference date for reckoning the amount due and the prevailing bank rate shall be the date of receipt of all requisite documents from the claimant,' said the RBI draft circular published on August 6. In case of a disputed will, documents of probate of will, letter of administration and succession certificate or court decree would be required. Banks can accept the will without any probate if the will is not disputed. For settlement of the locker, nominees should provide a death certificate and official identity proof. For a case without a nominee, one would require a claim form signed by legal heirs, death certificate, address proof ,no objection from non-claimant legal heirs and legal heir certificate. The RBI also said that this compensation is meant to provide relief to claimants and is not a regulatory penalty payable to the central bank. The draft circular mandates banks to make claim procedures transparent, user-friendly, and available both in-branch and online, with clear communication at every step. "For us at RBI, the interest and welfare of the citizens of India is foremost," Governor Sanjay Malhotra said Wednesday while delivering his monetary policy statement. "We will be standardising the procedure for settlement of claims in respect of bank accounts, and articles kept in safe custody or safe deposit lockers of deceased bank customers. This is expected to make settlement more convenient and simpler.'


Economic Times
12 minutes ago
- Economic Times
Road ministry aims to award Rs 10 lakh crore of projects every year: Nitin Gadkari
The government aims to award road projects worth Rs 10 lakh crore every year going forward with a target of Rs 7 lakh crore of projects awarded by the end of 2025-26, road transport and highways minister Nitin Gadkari said. 'The sector witnessed some slowdown in the last one year due to the cancellation of the Bharatmala project,' Gadkari said while speaking at the annual session of the Indian Construction Equipment Manufacturers' Association (ICEMA) on Thursday. 'But in the current year we have already awarded projects worth Rs 2 lakh crore and the plan is to award another Rs 5 lakh crore worth of road projects by the end of this year, taking the total to Rs 7 lakh crore,' he said. Going forward, the target is to award projects worth Rs 10 lakh crore every year, he said, adding that the process is transparent, time bound and corruption free and there is no shortage of funds. Gadkari reiterated his desire to achieve the daily construction rate of 100 km per day as against the highest of 37 km per day in 2020-21. Addressing the construction equipment industry, Gadkari said his ministry is deliberating over incentives to the industry if they opt for alternate fuels and flex engines as it will be a win-win for all stakeholders. 'We are considering an interest- free loan to construction equipment makers who develop equipments running on alternate fuels,' he said.' Besides, a relief on one time tax on constitution equipment registration running on alternate fuels is also under consideration,' he said, prodding the industry to switch to alternate and sustainable fuel options. 'This will substitute for huge fuel imports amounting to Rs 22 lakh crore per annum, will be cost effective, pollution free and indigenously developed,' he said, adding it will be a win-win situation for industry, government and the country.


Hindustan Times
14 minutes ago
- Hindustan Times
NSA Ajit Doval meets Putin in Moscow day after Trump slaps tariffs
National Security Adviser Ajit Doval met Russian President Vladimir Putin at the Kremlin during his visit to Moscow for bilateral talks focused on security, economic, and energy cooperation. NSA Ajit Doval meets Russian President Vladimir Putin at the Kremlin.(Kremlin ) The meeting came a day after US President Donald Trump announced steep new tariffs on Indian imports in response to New Delhi's continued purchases of Russian crude oil. Trump, on Wednesday, signed an executive order imposing an additional 25 per cent tariff on Indian goods, effectively doubling the total tariff burden to 50 per cent. India has defended its energy trade with Russia, maintaining that its oil imports are 'driven by national interest and market dynamics.' In a video released by Russian state media outlet Sputnik News, Doval described India's relationship with Russia as 'very special,' underlining the depth of long-standing strategic ties between the two countries. 'We have got a very special relationship, long relationship and we highly value our strategic partnership. We have had high-level engagements and these have contributed very substantially,' Doval said. He also welcomed the announcement of an upcoming state visit by President Putin to India, saying summit meetings have historically marked key moments in bilateral ties. 'We are very excited and delighted to learn about the visit of His Excellency, the President of Russia, President Putin, to India. I think that the dates are almost finalized now. The more important thing is that the summit meetings have always been a watershed point,' Doval added. According to sources cited by news agency ANI, while Doval confirmed that plans for the Russian president's visit are underway, no specific dates were finalised during his engagements in Moscow. India and Russia continue to expand their defence cooperation. In 2018, India signed a $5.43 billion deal for five squadrons of the S-400 Triumf air defence missile system from Russia. So far, three squadrons have been delivered.