Explainer: Why RBI barred Mastercard from issuing new cards

July 15, 2021

NEW DELHI: The Reserve Bank of India (RBI) has barred Mastercard Asia Pacific from onboarding new credit, debit and prepaid card customers with effect from July 22 as it failed to comply with data storage norms. The US-based network is the second-largest credit card issuer (after Visa) in India and the RBI’s stand could have implications on foreign relations. The central bank has been pushing regulated entities to store data…

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Second wave might wipe out life insurers Covid provisions

July 15, 2021

MUMBAI: Many life insurance companies have used up their FY22 provisions for Covid-19 claims in the first quarter because of the intensity of the second wave of the pandemic. While insurers cannot summarily revise prices, they have turned cautious about accepting new proposals. They now insist on medical tests for proposals that would be earlier accepted on the basis of teleconsultation. Kotak Life was the first to sound the alarm…

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Apple Launches MagSafe Battery Pack for iPhone 12 Series

July 15, 2021

Apple has introduced its new charging technology with iPhone 12 launch. The latest technology MagSafe got a very good response from the audience. Now Apple has announced their new product named MagSafe Battery Pack, it is the same as an ordinary wireless power bank but only works with the latest iPhones. Apple MagSafe Battery Pack attaches magnetically to the back of the iPhone which has MagSafe technology. Once you attach this your device’s battery…

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RBI cancels licence of this bank? Do you have account in it?

July 15, 2021

The Reserve Bank of India (RBI) on Wednesday said it has cancelled the licence of Dr Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd, Nilanga, Latur, as it does not have adequate capital and earning prospects. Also, the Maharashtra-based bank with its current financial position would be unable to pay its depositors in full, the central bank said while announcing cancellation of its licence. The bank ceases to carry on banking…

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