News | Banks

Canara bank has hiked FD interest rates for individuals and senior citizens

MAS Team 20 January 2023
0
SHARE

Canara Bank has increased interest rates on fixed deposits under Rs2 crore. According to the bank's official website, the new rates are in effect...

more

ICICI Bank launches ‘iBox’, a unique self-service delivery facility for customers

MAS Team 31 January 2020
1
SHARE

ICICI Bank has launched a unique self-service delivery facility, enabling its customers to collect their deliverables such as debit card, credit...

more

Home Buyers seek government intervention against Jaypee Infra.

MAS team 24 June 2019
0
SHARE

Jaypee Infratech home buyers on Sunday urged the Indian government to direct IDBI Bank to back the state-run NBCC's bid for the purchase of the...

more

RBI proposes to change the ATM transaction charges for other bank ATMs

MAS Team 06 June 2019
0
SHARE

The ATM charges for cards used in other bank ATMs are likely to increase. The Reserve Bank of India in its monetary policy announced on 6 June 2019,...

more

RBI allows banks to use Aadhaar with customer’s consent for KYC purpose

MAS Team 30 May 2019
0
SHARE

Reserve Bank updated its list of documents required for identification of individuals, thereby including Aadhaar which can be used for verification...

more

ATM Skimmers Loot Rs10 lakh in East Delhi

MAS Team 13 April 2019
0
SHARE

A dozen people holding accounts in different banks in east Delhi lost almost Rs10 lakh in a suspected skimming attack after having swiped their cards...

more

Bug in UPI app costs Bank of Maharashtra Rs25 crore

MAS Team 01 April 2017
0
SHARE

more

Government confident debit card charges will decline

MAS Team 10 February 2017
5
SHARE

more

Bank officers will be eligible for paternity leave from 1st June

MAS Team 29 May 2015
0
SHARE

Bank officers with less than two surviving children will be eligible for 15 days’ paternity leave

more

RBI grants second Schedule status to HPSCB

MAS Team 19 December 2014
0
SHARE

Himachal Pradesh State Cooperative Bank (HPSCB) has been granted the second Schedule status by the Reserve Bank, making it equivalent to other...

more
  Loading...
  Loading...

To continue


Please
Sign Up or Sign In
with

Email

We are listening!

Solve the equation and enter in the Captcha field.

Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
 
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
 
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
img
Debashis Basu
Founder