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Banks Will Not Open New Accounts?

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The Reserve Bank of India (RBI) has set some new conditions for the banks to open new current accounts for large borrowers with a view to enhancing credit discipline.

These conditions are for customers who have availed cash credit or overdraft facilities.

Read on to find out more about the new conditions and the reason behind the move…

RBI’s Step Towards Secure Banking!

The RBI governor, Shaktikanta Das in a statement on Developmental and Regulatory Policies on August 6 said that multiple operating accounts used by large borrowers- both current and cash/overdraft accounts- have been observed to be prone to violate the credit discipline.

In a notification, the RBI said that rather than opening a new current account, all transactions should be made through a cash credit (CC) or overdraft (OD) account.

This move will avoid hoodwinking the system and reduce the blind spots thus protecting the depositor’s money, said the officials with knowledge in the matter.

The central bank also said that the revised norms will likely bring in the requisite discipline in collective actions by creditors for speedier resolution of stress in the accounts of borrowers.

It added, “Banks should not route withdrawal from term loans through current accounts. Since term loans are meant for specific purposes, the funds should be remitted directly to the supplier of goods and services. Expenses incurred by the borrower for day to day operations  should be routed through CC/ OD account if the borrower has CC/ OD account, else through a current account.”

The Reason Behind This Move?

The RBI hasn’t stated the reason behind this move. However,  it can be linked to the Rs 4000 crore PMC cooperative bank scam wherein multiple accounts were opened.

A customer can open multiple accounts there is no monitoring of funds. Also, the same customer can withdraw a huge amount from the same bank from different accounts, which can possibly lead to fraud cases and scams.

The customer can take part in a vicious circle, wherein he uses the money to pay the first credit facility which can lead to a wider concern.

The policy is surely a step towards preventing huge bank scams we have witnessed in the past years!

Aman currently works as a blogger and also as a travel and lifestyle Vlogger. He is always interested in new challenges.

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Rajesh Bethireddy is the latest popular name in the fashion circle from telugu states

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Rajesh Bethireddy

 

Fashion and trends have always been common points of discussion, however last decade can can be dedicated to men’s fashion as they have been able to shift the focus majorly which was only their on women’s fashion and trends. And this shift can be attributed to men’s fashion models and influencers. Although there are many young men out there who are either professional model or influencer but rarely are both. Meet Rajesh Bethireddy, 26, who is a model and fashion influencer. Rajesh Bethireddy is extremely occupied carrying both the professions with equal dedication.

Hyderabad based Rajesh Bethireddy is a software engineer by profession but he is also a successful model and fashion influencer. So far, Rajesh Bethireddy has worked with some brands and looking to act in TVCs for men’s lifestyle and fitness brands.

Rajesh Bethireddy turned fashion influencer in no time; right after he began his Instagram journey. Today, he enjoys more than 14,000 followers on his Instagram page, who hang on to his posts that dole out fashion advice. Besides, he also uses his Instagram account for popular brand collaborations like kolon natural,blendjet etc

Within 6 months of diversifying thus, Rajesh Bethireddy is already a darling in the Telugu states fashion circle. He believes that a ‘well-planned entry and a smart work’ are the two stepping stones to establish yourself into a cut-throat competitive business like this.
As for remuneration, apart from the monetary and exciting returns, Rajesh Bethireddy understands that “every moment is exciting when you turn your passion into profession.”

Well we wish him all the best for his future endorsements.

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Famous Football Player Cristiano Ronaldo Tested Positive for COVID-19

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Cristiano Ronaldo

Famous football player Cristiano Ronaldo has been tested positive for COVID-19 coronavirus. He will miss Portugal’s Nations League sport against Sweden on Wednesday.

Due to Cristiano been found positive, the remaining players of the Portugal squad also underwent tests this Tuesday morning. But all of the negative and would be available for the upcoming match against Sweden.

We pray for his speedy recovery.

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Thousands of people protesting over Kyrgyzstan election result

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Kyrgyzstan Protest

Thousands of people are protesting in Kyrgyzstan over allegations of vote-buying and intimidation in Sunday’s parliamentary election. The capital Bishkek saw the largest protest while rallies were also held elsewhere in the ex-Soviet republic.

Only four parties out of 16 passed the 7% threshold for entry into parliament, three of which have close ties to President Sooronbai Jeenbekov. International monitors have said the claims of vote-buying are “credible”.

None of the established opposition parties got a seat in parliament. Now all of these parties have declared that they will not recognize the results of the election. Opposition candidates are calling on the Central Electoral Commission in Kyrgyzstan to cancel the results of the vote. One candidate, Ryskeldi Mombekov, told a crowd of more than 5,000 protesters: “The president promised to oversee honest elections. He didn’t keep his word.”

Mr. Mombekov’s party, Ata Meken, had been confident of entering parliament, but in the end, it was one of the eight parties that missed the threshold. Protesters are also calling on President Jeenbekov to resign. Thomas Boserup, head of the Organisation for Security and Cooperation in Europe’s election observation mission, said in a briefing that although the vote had been “generally well organized”, allegations of vote-buying were a “serious concern”.

The two leading parties, which got a quarter of the vote each, were Birimdik and Mekenim Kyrgyzstan. President Jeenbekov’s younger brother, Asylbek Jeenbekov, is in Birimdik.

Mekenim Kyrgyzstan, meanwhile, is seen as being closely connected to the powerful Matraimov family. The family’s figurehead, Rayimbek Matraimov, is believed to have helped finance Mr. Jeenbekov’s successful presidential campaign in 2017.

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