The Insurance Regulatory and Development Authority of India (IRDAI) was incorporated (as a Statutory body) in 2000 based on the recommendations of the

Correct Answer :   Bajaj Housing Finance

Dual Rate Home Loan and Loan Against Property feature a fixed rate of interest for the first 3 years, providing borrowers stability with fixed EMIs in the initial period of the loan

Pune, Maharashtra, India (NewsVoir)  :   

Bajaj Housing Finance Ltd (BHFL) launches the new Dual Rate feature for Home Loans and Loans Against Property in line with their focus on providing borrowers convenient repayment options to help make dream homes a reality.

Key Features :

With Dual Rate Home Loans and Loans Against Property, borrowers enjoy a fixed interest rate for the first three years of their repayment tenor. Consequently, with fixed EMIs over this period, borrowers benefit from predictability in their repayment obligation with removed interest rate volatility.

After the first three years, the loan converts to a floating interest rate loan linked to the BHFL Floating Rate Reference (FRR), allowing borrowers to benefit from changes in market conditions.

Applicability :

Both salaried and self-employed individuals can benefit from this new feature, as well as a host of other features, such as competitive interest rates and quick and hassle-free processing on over 6,000 approved projects.

Further, in terms of Home Loans, the Dual Rate feature can be availed of by both – prospective borrowers looking to avail of a fresh Home Loan to purchase property, or existing borrowers looking to transfer their Home Loan for more favourable borrowing terms..

Source : PTI News

Correct Answer :   Non-Compliance

* The Reserve Bank of India (RBI) imposed penalties on IndusInd Bank (?27.3 lakh) and Manappuram Finance (?20 lakh) due to non-compliance with regulatory norms.

* Inspections revealed deficiencies, such as the opening of savings accounts for ineligible entities by IndusInd Bank and failure to verify customer PANs or assign Unique Customer Identification Codes by Manappuram Finance. These actions highlight the importance of strict adherence to RBI’s regulatory guidelines.

Correct Answer :   Canara HSBC Life

Canara HSBC Life Insurance introduced OmniGen AI, a generative AI-powered solution designed to revolutionize underwriting processes.

This advanced system, hosted on AWS, enhances risk evaluation, accelerates decision-making, and minimizes manual errors.

The launch underscores Canara HSBC Life's commitment to leveraging cutting-edge technology for operational efficiency, scalability, and improved customer experience in the insurance sector.