Friday, March 13
The Reserve Bank of India (RBI) has directed banks to refund the entire amount to the customer where mis-sell of a product / service is established. In the draft guidelines issued on Wednesday, the RBI said that banks must refund the amount paid by the customer for purchase of the product / service and inform the customer about cancellation of the sale, wherever applicable. Moreover, banks must compensate the customer for any loss arising due to mis-selling, the RBI said.RBI has defined mis-selling in cases where the sale of a product or service, which is neither suitable nor appropriate in view of the customer’s profile even if with his / her explicit consent. Sale of products or services without providing correct or complete information or by giving misleading information or without a
Mumbai: As negotiations between Brussels and New Delhi over the EU-India trade agreement gather pace, a slew of European multinationals are increasingly exploring listing their Indian subsidiaries in Mumbai. Investment bankers said they are already seeing a clear uptick in enquiries for initial public offerings (IPOs) from European industrial companies, particularly in auto components, speciality chemicals and clean energy, especially after the trade deal. More notably, the vibrant domestic fund-raising market - where multinational companies have been able to sell shares at eye-popping valuations in the last two years - is also encouraging them to explore domestic listings. According to bankers, German auto components firm MAHLE GmbH and Swedish gaming company Modern Times Group, through i
Mumbai: Mutual fund investors doubled their allocations to precious metals in January, riding the eye-popping surge in silver and gold prices. Monthly flows into gold and silver schemes exceeded those into equity funds - the industry's growth engine in recent years - for the first time. Gold and silver Exchange Traded Funds (ETFs) garnered ₹33,503 crore in January, more than double December's ₹15,600 crore. The surge extends a trend that began in November, when flows were ₹5,896 crore. Flows into the underperforming equity mutual fund moderated, slipping 14% to ₹24,029 crore in January, even as SIP collections held steady at ₹31,002 crore. "Performance chasing behaviour is clearly visible in data," says Viraj Gandhi, CEO, Samco Mutual Fund. Multi-asset allocation funds - which bl
