Business
Deposit claims up to Rs 15L get easier for kin of deceased – The Times of India
MUMBAI: RBI has issued new rules on Friday that in the event of a bank customer’s death, deposits of up to Rs 15 lakh can be claimed by their nominees through a simplified process. For co-operative banks, the limit has been set at Rs 5 lakh.RBI’s new norms have standardised procedures across banks for deposits, safe deposit lockers, and articles in safe custody. The framework replaces earlier circulars and introduces uniform documentation, thresholds, and timelines. The new rules have to be implemented by the end of the current fiscal.For deposits without a nominee, survivorship clause, or will – and where there is no court order or contesting claim – banks must settle claims on submission of a claim form, death certificate, valid ID of the claimant, an indemnity bond, and, if applicable, a letter of disclaimer from other heirs. A legal heir certificate or a declaration by an independent person acceptable to the bank is also required. Banks cannot demand a third-party surety bond for claims within the threshold.RBI has fixed a 15-day deadline for banks to settle deposit claims after receiving all documents. For lockers and safe custody articles, banks must contact claimants and set an inventory date within 15 days. Delays will attract penalties – interest at bank rate plus 4% per annum for deposits, and Rs 5,000 per day for lockers and safe custody items.Banks have been directed to implement the new rules at the earliest, and no later than March 31, 2026.
Business
Electricity bills targeted in planned shakeup to energy pricing
The war in the Middle East has brought renewed attention to Britain’s vulnerability to energy price shocks.
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Business
Gadkari urges shift to 100% ethanol blending, flags energy security and import risks – The Times of India
India should aim for 100 per cent ethanol blending in the near future to strengthen energy self-reliance, road transport and highways minister Nitin Gadkari said on Tuesday. He said that vulnerabilities in oil supplies due to the ongoing crisis in West Asia have made it essential for the country to reduce dependence on imports.Speaking at the Indian Federation of Green Energy’s Green Transport Conclave, Gadkari said, “In the near future, India should aspire to achieve 100 per cent ethanol blending… Today, we are facing an energy crisis due to the war in West Asia, so it is necessary for us to become self-reliant in the energy sector,” as quoted by PTI.India currently allows vehicles to run on E20 petrol, which contains 20 per cent ethanol, with minor engine modifications to avoid corrosion and related issues. In 2023, PM Modi launched petrol blended with 20 per cent ethanol. Countries such as Brazil have already achieved 100 per cent ethanol blending.Gadkari noted that India imports 87 per cent of its oil requirements, adding, “We import fossil fuels worth Rs 22 lakh crore, which is also causing pollution… so we need to work on increasing production of alternative fuel and bio-fuel.”On future energy solutions, he stressed the importance of green hydrogen but pointed out challenges in cost and transport. “Transport of hydrogen fuel is a problem. Also, we need to produce 1 kg of hydrogen at $1 dollar, to make India an exporter of energy,” he said, adding that hydrogen production from waste should be explored.The minister also emphasised the role of a circular economy in generating employment opportunities. While calling for reduced reliance on petrol and diesel vehicles, he clarified, “But we can not force people to stop buying petrol and diesel vehicles.”Addressing concerns about E20 fuel, Gadkari said the petroleum sector is lobbying against the move. He also urged automobile manufacturers to prioritise quality over cost to expand into new markets.Last year, Gadkari dismissed criticism against E20 (ethanol-blended petrol), saying a “paid” social media campaign is being run to “target me politically.” He said Society of Indian Automobile Manufacturers and Automotive Research Association of India have shared their findings on ethanol blending in petrol. He added that India’s ethanol programme has benefited farmers, noting that ethanol made from maize has helped them get better prices and led to gains of Rs 45,000 crore.
Business
Spike in petrol thefts after Iran war pushed up fuel prices
One petrol retailer says he is experiencing about five drive-offs a week at each forecourt, costing him thousands.
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