Settling claims to get easier for heirs of deceased clients
This will replace the patchwork of rules that currently varies from bank to bank. A draft circular will soon be released for public consultation. The reform builds on provisions in the Banking Regulation Act, 1949, which require a nomination facility to help survivors, nominees and legal heirs access funds or property quickly, without unnecessary bureaucratic hurdles.
The RBI also announced a new auto-bidding feature for its Retail Direct platform, allowing investors to place automatic bids for both investment and re-investment in Treasury-bill auctions.
The system is meant to help individuals plan investments more systematically. Retail Direct, launched in 2021, allows retail buyers to purchase government securities in both primary and secondary markets, and has steadily added features, which include a mobile app rolled out in May 2024, to make direct investment in sovereign debt more accessible.
Banks in India follow varying procedures to release funds or valuables when an account or locker holder dies, depending on whether there is a nominee, a survivorship clause, or multiple legal heirs.
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India.com
27 minutes ago
- India.com
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Escalating his tariff offensive against India, US President Donald Trump on Wednesday slapped an additional 25 per cent duty–doubling it to 50 per cent–on Indian goods over New Delhi's continued imports of Russian oil. The move that is likely to hit sectors such as textiles, marine and leather exports hard was slammed by India as 'unfair, unjustified, and unreasonable'. How much has the US government collected so far this year? The Treasury Department reported that in the last month, the US government collected almost $30 billion in tariff revenue in July, a 242% increase from July of last year, reported CNN. The government has earned $100 billion in revenue from tariffs since April, when the president instituted a 10% tariff on nearly all goods and many other even higher tariffs. This is three times more than was collected in the previous year in the same four months. So the question arises: what will the Trump administration do with all this money? As reported by CNN, Trump has offered two possible options for the tariff revenue: Either to reduce the government's multi-trillion-dollar debt or to send 'tariff rebate checks' back to the American people. 'The purpose of what I'm doing is primarily to pay down debt, which will happen in very large quantity,' Trump was quoted as saying by CNN. 'But I think there's also a possibility that we're taking in so much money that we may very well make a dividend to the people of America,' he added. How will tariff revenues affect the federal budget deficit? According to CNN reports, neither of those plans has come to fruition – at least not at this time. So, many Americans may feel that the billions of dollars coming in from tariffs, mostly paid upfront by U.S.-based businesses importing foreign goods, are sitting idle. There is a lot more going on behind the scenes. The government collects revenue from various sources, such as taxes and tariffs. The revenue is all sent into the general fund, which is managed by the Treasury Department. The Treasury calls this general fund 'America's checkbook.' The Treasury Department then spends that money on the government's obligations, including payments such as Social Security. When the money raised by the government does not equal the expenses it has, resulting in a budget deficit, it needs to borrow money to cover the expenses it cannot pay with tax revenue. The national debt is now exceeding $36 trillion, and the debt is increasing. Many economists are concerned about the increasing debt and think it could be impacting economic growth. This is because the government, like an individual, is also required to pay interest on the money borrowed. The more it borrows, the larger its interest obligations grow—adding another monetary impediment that forces money away from critical public investments, like upgrading roadways and infrastructure. While the tariff revenue isn't enough to plug the $1.4 trillion budget deficit the government is facing this fiscal year, it has helped close the gap somewhat. Therefore, the government is borrowing a bit less than it would in the absence of these tariff collections. If Congress agrees to Trump's proposal to use tariffs to send 'rebate checks' to Americans—an idea supported by a bill introduced last week by Republican senator Josh Hawley—it would probably create a budget hole, Ernie Tedeschi, director of economics for the Budget Lab at Yale, and a former economist in the Biden White House said, reported CNN.
Economic Times
27 minutes ago
- Economic Times
Biggest positive trigger for markets would be a sustainable resolution of tariff issue: Abhay Agarwal
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Markets , Founder & Fund Manager,, says the markets are eagerly awaiting a resolution to the US president's tariff disputes, as the daily threats are impacting Indian industries. Order cancellations from US buyers in sectors like textiles and auto ancillaries are already occurring due to tariffs. A sustainable resolution is crucial to restore market confidence and prevent companies from withdrawing earnings RBI policy was largely on expected lines but there were a couple of things that kind of differed from the past statements by the governor and one of them was the worry that the growth that they are seeing is uneven and I do not think as a governor he would want to see that or even the finance ministry would want to see thing on their mind is how do we make sure that there is an even growth or largely even growth? The second is that the real inflation on the Street is higher than what the name plate inflation is showing and that is one of the reasons they want to see that play out over the next quarter or so, before deciding on the next rate is ample liquidity and that is the other thing that he indicated but what they want to see is that the rate transmission takes place right to the bottom of the pyramid which I do not think has taken place as per their expectations. So, for RBI, it is a work in process that it is not only just rate cuts that will drive the economic growth but also these impacts of rate cuts being felt by everybody, the borrowers and the industry kicking off of the private capex is a wider agenda that he referred to and it will be interesting to see. The good thing from a market perspective is to see that the RBI is very focused on these key issues and will hopefully resolve them over the next three months and we will see the impact of that in the earnings in probably the third quarter this markets are waiting for positive triggers and the biggest positive trigger is some kind of resolution to these tariff tantrums by the US president. This daily negative news flow, daily threats and it is something that people can discuss but completely out of control. Unfortunately, what I am seeing is that the impact of these tariffs are already being felt by the Indian have heard over the last couple of days, cancellation of orders by large US buyers from Indian suppliers in textiles, small auto ancillaries, and some consumer products because they do not want to pay that kind of tariff for imports from India. The Indian industry is already feeling the heat. It is not a discussion or a threat anymore. This has biggest positive trigger for the markets right now would be some kind of sustainable resolution of this daily tariff threat that has already started impacting Indian exporters and that will give the market confidence that the earnings can be forecast. Otherwise, most of the companies' management will pull out their management guidance for the next quarter and the quarter after that. It is very important that some kind of resolution comes into play.
Mint
27 minutes ago
- Mint
Rupee likely to hold ground after Trump ramps up tariff heat on Indian goods
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