Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

A bill seeking to provide for four nominees by a bank account holder was introduced in the <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="153" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Friday to ensure better protection of depositors and enhance customer convenience. Introduced by Minister of State for Finance Pankaj Chaudhary in the Lower House, the Banking Laws (Amendment) Bill, 2024, has a provision for simultaneous and successive nominations to bank accounts, lockers, etc. As per the provision of the bill, a bank account holder can nominate up to four persons. The bill also seeks to transfer of unclaimed dividends, shares, and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF), allowing individuals to claim transfers or refunds from the fund, and thus safeguarding investors' interests. As the banking sector has evolved over the years, and with a view to improving bank governance and investor protection, it has become necessary to make certain amendments to five Acts, according to Statement of Objects and Reasons of the Bill. The Bill, which was approved by the <keyword id="19916620" type="General" weightage="20" keywordseo="Union-Cabinet" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Cabinet" meta.hostid="153" meta.entityid="Union Cabinet">Union Cabinet</keyword> last week, proposes to amend the <keyword id="20824389" type="General" weightage="20" keywordseo="Reserve-Bank-of-India-Act" source="keywords">Reserve Bank of India Act</keyword>, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. The proposed bill seeks to improve governance standards, provide consistency in reporting by banks to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in public sector banks, bring customer convenience in respect of nominations, and to provide for increase in the tenure of the directors in co-operative banks. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. Congress member Manish Tewari opposed the introduction of the bill, saying the power to legislate with regard to cooperatives vests with state governments. RSP member N K Premachandran opposed amending five legislations through one bill, while TMC member Saugata Roy termed the bill "superfluous", saying the the amendments proposed in the bill could have been done through administrative decisions. Responding to opposition's remarks, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said the various amendments done in Banking Regulations Act with respect to <keyword id="20814377" type="General" weightage="20" keywordseo="cooperative-banks" source="keywords">cooperative banks</keyword> are not just one or two but several. "Simple understanding is we are not touching any aspect of the cooperatives other than that which claims under the name of banking...the sections which have been brought in for amendments, as also the court verdicts, have repeatedly reinforced the point that Banking Regulation Act and the Cooperative Banks do have this relationship and therefore it has to be taken through this route," she said. Otherwise, there is no attempt to undermine the cooperatives, particularly cooperatives dealing with everything other than banks, she said defending the Bill. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years, so as to align with the Constitution (Ninety-Seventh Amendment) Act, 2011. Once passed, the bill would allow a director of a Central Cooperative Bank to serve on the board of a State Cooperative Bank. The bill also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. It also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month, instead of the second and fourth Fridays. "What's the rationale behind it? The current reporting Friday system has several limitations that impact the accuracy and effectiveness of the reporting of data. "These limitations are incomplete coverage of monthly data, seasonal fluctuations in banking activity which lead to inconsistent reporting, and the need for adjustment every 11th year which introduces complications and inconsistencies. That is why, in order to address the issue, it is proposed to amend the legislation," she said. The announcement about amendments to the Banking Regulation Act was made by the Finance Minister in the 2023-24 Budget speech. "To improve bank governance and enhance <keyword id="22728161" type="General" weightage="20" keywordseo="investors-protection" source="keywords">investors' protection</keyword>, certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed," she had said.

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

Are you an avid credit card user? Are you up to speed with all the changes that have come into effect starting today, which is all set to impact your credit card usage, and your pocket. Here's a quick snapshot of all the changes that you should be well aware of: <h2><keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> </h2>Starting today, ICICI bank has done away with fees for many services, which include request for a charge slip, which was earlier chargeable at Rs 100/slip and cash and cheque pick up, which also carried a fee of Rs 100 earlier. Earlier, for outstation cheque processing and duplicate bank statement (for three months), a fee of Rs 100 was payable. Now, all those charges have been waived. However, going ahead, you'll have to dish out Rs 200 instead of Rs 100, if you wish to get your credit card replaced. <h2><keyword id="19952948" type="General" weightage="20" keywordseo="Axis-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Axis Bank" meta.hostid="261" meta.entityid="Axis Bank">Axis Bank</keyword></h2>If you hold a <keyword id="19941660" type="General" weightage="20" keywordseo="Citibank" source="keywords" meta.keywordsubtype="org" meta.entityname="Citibank" meta.hostid="261" meta.entityid="Citibank">Citibank</keyword> credit card, this is for you. The migration of all Citibank <keyword id="19953671" type="General" weightage="100" keywordseo="credit-cards" source="keywords">credit cards</keyword> to Axis bank will be complete by 15th July, 2024. Post that, you will receive new credit cards from Axis bank .However, until then, your existing Citibank cards will continue to work just fine. All your unredeemed points will be converted into EDGE miles. After migration, they will have an expiration period of 3 years. Starting today, RBIs new rules mandate that all credit card transactions in the country be processed through <keyword id="20779381" type="General" weightage="20" keywordseo="Bharat-Bill-Payment-System" source="keywords">Bharat Bill Payment System</keyword> (BBPS). This means that if your bank has not come on board with BBPS, you will not be able to make payment through their credit card on other third-party platforms. Out of 34 banks that can issue credit cards, 12 banks have come onboard the BBPS. These include SBI, <keyword id="19938728" type="General" weightage="20" keywordseo="kotak-mahindra" source="keywords">Kotak Mahindra</keyword>, IndusInd, Federal, HDFC, ICICI and IDFC bank. Indian Overseas bank and <keyword id="45660" type="General" weightage="20" keywordseo="yes-bank" source="Orion">YES Bank</keyword> are expected to go live soon. <h2>SBI Bank</h2>Starting July 15th, if you hold one of the 22 specified SBI credit cards, you will no longer accrue any reward points while making certain transactions, particularly if they are related to government services. These include Air India SBI Platinum Card, Air India SBI Signature Card, Central SBI Select+ Card, Chennai Metro SBI Card, Etihad Guest SBI Card, Fabindia SBI Card SELECT, IRCTC SBI Card, Mumbai Metro SBI Card and more. <h2>YES Bank </h2>If you hold a YES Bank credit card, the criteria for you to qualify for complimentary lounge access has changed. Starting today, you will have to spend at least Rs 35,000 from your credit card in the previous quarter, in order to be able to get a complimentary access to domestic airport lounges in the next quarter. Earlier, this threshold was set at Rs 10,000. This will impact YES Marquee, YES SELECT, YES Reserv, YES First Preferred, YES Bank ELITE, YES BYOC, and YES Wellness Plus cards. <h2>HDFC Bank</h2>Starting August 1st, if you make rent, or education related payments via platforms like Cred and Paytm, you will have to pay a fee of upto 1% of the transaction, which will be a maximum of Rs 3,000. However, if you make the payment directly through your school or college's website, you will be able to save on this charge. Similarly, on all fuel expenses of over Rs 15,000, a 1% fee will be applied, which can be a maximum of Rs 3,000.

What has changed for your credit cards, starting today?

After the <keyword id="479174" type="General" weightage="20" keywordseo="Karnataka-cabinet" source="Orion">Karnataka cabinet</keyword> approved a bill that mandates 100% <keyword id="19914887" type="General" weightage="20" keywordseo="reservation" source="keywords">reservation</keyword> for Kannadigas in Category C and D <keyword id="19914922" type="General" weightage="20" keywordseo="jobs" source="keywords">jobs</keyword> in all industries in the state, businessman and philanthropist TV <keyword id="20076594" type="General" weightage="20" keywordseo="Mohandas-Pai" source="keywords">Mohandas Pai</keyword> slammed the state government saying that <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword> Kannadigas is the only way to promote them for jobs rather than giving them reservation. "If you want to promote Kannadigas for jobs, spend more money on higher education. Give training to them. Spend more money on skill development. Spend more money on internships, spend more money on apprenticeship programs. So they all become skilled. Not like this. What are you trying to achieve by this?," Pai said, speaking on Wednesday. Pai, the Chairman of <keyword id="22445179" type="General" weightage="20" keywordseo="Manipal-Global-Education-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Manipal Global Education Services" meta.hostid="261" meta.entityid="Manipal Global Education Services">Manipal Global Education Services</keyword> said that the Bill is "fascist" and also unconstitutional. "This bill should be junked. It is discriminatory, regressive and against the constitution @Jairam_Ramesh is govt to certify who we are? This is a fascist bill as in Animal Farm, unbelievable that @INCIndia can come up with a bill like this- a govt officer will sit on recruitment committees of the private sector? People have to take a language test?" he had earlier said in a post on 'X'. <keyword id="19896017" type="General" weightage="100" keywordseo="Karnataka" source="keywords">Karnataka</keyword> minister Priyank Kharge however, assuaged the fears of the industrialists saying that wide consultation will be held before the rules of the bill are formulated. "The bill has been brought in by the labour department. They are yet to consult with the industry, the Minister of Industry and the Department of Information Technology. I am sure that before coming up with the rules of the bill, they will have due consultations with the respective ministries and more importantly, a wider consultation with the industry. So there is no need to panic. We are going to safeguard the jobs for the state as well as encourage investments in the industries with their consultation," Kharge said. <keyword id="20582906" type="General" weightage="20" keywordseo="karnataka-industries" source="keywords">Karnataka Industries</keyword> Minister MB Patil said any apprehensions will be resolved in meetings with the Chief Minister "I have seen that many people have apprehension regarding this. We will resolve this confusion. We will sit with the CM and resolve this so that it does not have any adverse effect," Patil told ANI. On Tuesday, the Karnataka cabinet approved a Bill that seeks to reserve 50% of management jobs and 75% of non-management jobs for locals in the private sector. The bill also seeks 100% reservation for locals in "C&amp;D" grade government jobs. On Wednesday, several industry leaders in the state objected to the move saying that it is "discriminatory" and raised apprehensions that the tech industry may suffer.

Spend money on skilling, says Mohandas Pai on Karnataka bill seeking job reservations for Kannadigas

Mumbai (Maharashtra) [India], February 20 (ANI): The Maharashtra government on Tuesday approved a bill, extending reservation to Marathas above the 50 per cent mark in a special session of the state legislature. The bill for 10 per cent <keyword id="19936356" type="General" weightage="20" keywordseo="maratha" source="keywords">Maratha</keyword> quota that the Mahayuti government of <keyword id="19913631" type="General" weightage="20" keywordseo="eknath-shinde" source="keywords">Eknath Shinde</keyword> has approved on Tuesday is similar to the Socially and Educationally Backward Classes Act, 2018, introduced by the then Devendra Fadnavis government. This is the third time in a decade that the state has introduced legislation for the Maratha quota. The decision to convene a special session was prompted by Maratha quota activist Manoj Jarange Patil, who is on a hunger strike at Antarwali Saarati village in Jalna district. The reservation has been extended based on a report submitted to the state government by the Maharashtra Backward Class <keyword id="19933395" type="General" weightage="20" keywordseo="commission" source="keywords">Commission</keyword> (MBCC) headed by chairman Justice (Retired) <keyword id="20654823" type="General" weightage="20" keywordseo="sunil-shukre" source="keywords">Sunil Shukre</keyword>. The state already has a 10 per cent quota for the Economically Weaker Section (EWS) in which the Marathas are the biggest beneficiaries, claiming 85 per cent of the reservation. The Maharashtra State Backward Class Commission on Friday submitted a report on the social and educational backwardness of the Maratha community for which it had undertaken a survey of around 2.5 crore homes within a span of only nine days. The committee proposed a 10 per cent reservation for Marathas in education and jobs, similar to that given in 2018 by the then-state government. In June 2017, the then Devendra Fadnavis government had constituted the Maharashtra State Backward Class Commission (MSBCC) headed by Justice (retired) <keyword id="20654824" type="General" weightage="20" keywordseo="mg-gaikwad" source="keywords">MG Gaikwad</keyword> to study the social, financial and educational status of the Maratha community. The Commission submitted its report in November 2018, classifying Marathas as a socially and educationally backward class (SEBC). Notably, Maharashtra Chief Minister Eknath Shinde stressed on Friday that reservation to Marathas will be given according to the terms of the law after presenting the report in during the special assembly session called for Tuesday. (ANI)

Maharashtra govt approves bill to extend 10% reservation to Marathas

Domestic <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> have risen by 10% on a year-to-date basis on the back of the strength in global gold prices, which have surged by 18% year-to-date, driven by robust <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword> purchases, heightened geopolitical risks, and growing expectations of a monetary policy pivot from the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>, according to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="153" meta.entityid="World Gold Council">World Gold Council</keyword>. The reduction in <keyword id="20069572" type="General" weightage="20" keywordseo="import-duty" source="keywords">import duty</keyword> has ignited a resurgence in gold demand across <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. Reports from the recently concluded India International Jewellery Show indicate a substantial increase in order bookings from retailers, particularly in preparation for the upcoming festive and wedding season. Manufacturers have noted that in some cases, orders have reached levels not seen in several years, underscoring the strong buying interest among <keyword id="21595593" type="General" weightage="20" keywordseo="jewellery-retailers" source="keywords">jewellery retailers</keyword> and consumers alike. The trend of bar and coin buying has also remained robust, with both consumers and jewellers capitalizing on the more attractive prices to stock up for future manufacturing needs. Historical analysis suggests that Indian consumer demand, encompassing jewellery and bar and coin demand, could see an additional 50 tonnes or more in the second half of 2024. This potential increase is fueled by a combination of an initial boost in consumer appetite due to the more attractive prices and a longer-term alignment of local prices with international rates. In a notable shift, domestic gold prices, which had been trading at a discount to international prices for five consecutive months, have now started trading at a premium following the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> announcement. The discount had widened significantly in July, reaching a peak of around $80 per ounce in the third week of the month, driven by subdued demand and an increased supply of gold through various preferential trade agreements and unofficial channels. However, wholesalers who had inventory purchased under the old customs duty regime began selling gold at a premium to the landed cost to mitigate their losses, further supported by increased consumer demand. While the premiums have moderated recently, from $28 per ounce to around USD 5 per ounce, this shift highlights the changing market sentiment and the impact of rising international gold prices and potential inventory valuation adjustments. The changes introduced in the Union Budget, including a reduction in the long-term investment holding period and a lower tax rate, have made gold ETFs a more attractive investment option. Data from the Association of Mutual Funds in India (AMFI) reveals that net inflows into gold ETFs in July amounted to Rs 13.4 billion (approximately USD 160 million), marking the highest monthly inflows since February 2020 and an 84% increase compared to June 2024. Despite these inflows, the total assets under management (AUM) for Indian gold ETFs grew marginally by 0.3% from the previous month, reaching Rs 345 billion ($4.1 billion). This modest increase can be attributed to the 8 % fall in domestic gold prices following the import duty reduction. Year-to-date, net inflows into Indian gold ETFs have totalled Rs 45 billion ($543 million), with total AUMs rising by 48 % from a year ago. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="153" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has continued its gold purchasing trend, although at a slower pace following a significant increase in June, when purchases reached 9.3 tonnes--the highest monthly total in nearly two years. Year-to-date, the RBI's gold acquisitions have totaled 44.3 tonnes, surpassing the total purchases of the past two years combined. The RBI's gold reserves have now reached a record 849 tonnes, representing 8.8% of total foreign reserves, compared to 7.5 % a year ago. In July, gold imports remained steady at $3.1 billion, maintaining the stable trend observed over the previous three months. Between April and July, imports averaged $3.2 billion, with volumes ranging between 43 and 47 tonnes during this period. The gold import bill for July 2024 was 11 % lower than the previous year, with an estimated 26% decrease in volume terms, around 47 tonnes. Despite a surge in international gold prices, domestic gold prices in India have experienced a notable decline, primarily due to the 9 % reduction in import duty announced in the Union Budget 2024-25. This policy change has led to a 6% decrease in the landed cost of gold, marking a shift in the domestic gold market dynamics.

Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council

<ul class="summary-list"><li><keyword id="19979912" type="General" weightage="100" keywordseo="mortgage-rates" source="keywords">Mortgage rates</keyword> are falling but remain high compared to the rates of the past few years.</li><li>Assumable mortgages can help <keyword id="19907145" type="General" weightage="20" keywordseo="homebuyers" source="keywords">homebuyers</keyword> get lower rates and reduce their monthly payments.</li></ul>Over the past few years, <a target="_blank" href="https://www.businessinsider.com/personal-finance/mortgages/average-mortgage-interest-rate">US mortgage rates</a> have fluctuated wildly, leaving both homebuyers and sellers scrambling. In 2021, rates fell to as low as 2.1% as the <a target="_blank" href="https://www.businessinsider.com/how-fed-rate-cut-could-impact-mortgage-rates-homebuyers-2024-9">Federal Reserve</a> acted to keep the economy ticking during the COVID-19 pandemic. But then inflation spiked. To cool inflation, the Fed implemented a series of rate hikes, pushing mortgage rates to a peak of 7.79% in October 2023, according to data tracked by the <keyword id="19904332" type="General" weightage="20" keywordseo="Federal-Reserve" source="keywords" meta.keywordsubtype="org" meta.entityname="Federal Reserve" meta.hostid="261" meta.entityid="Federal Reserve">Federal Reserve</keyword> Bank of St. Louis. But over the last few years, some homebuyers have used a workaround to get lower rates anyway: a lesser-known loan option called an <keyword id="23243178" type="General" weightage="20" keywordseo="assumable-mortgage" source="keywords">assumable mortgage</keyword>. Assumable mortgages let qualifying buyers take over a seller's existing loan, including its interest rate, principal balance, and other terms. This can lead to significantly lower <keyword id="19950650" type="General" weightage="20" keywordseo="interest-rates" source="keywords">interest rates</keyword>, making monthly mortgage payments more affordable and saving thousands over the life of the loan. It's important to note that not all loans are eligible for assumption, but ones backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) are. 2024, however, has brought some relief from high rates. In January, <a target="_blank" href="https://www.businessinsider.com/fed-cut-lower-mortgage-rates-should-you-refinance-2024-9">rates</a> hit about 6.7% and have been slowly decreasing since. According to Freddie Mac, the 30-year fixed-rate mortgage dropped to 6.2% as of mid-September, its lowest level since February 2023. The Federal Open Market Committee, which oversees US monetary policy, is expected to <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-decision-this-week-federal-reserve-powell-inflation-2024-9">cut interest rates</a> at its <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/when-is-the-next-fed-meeting">meeting</a> this week. This could lead to further declines in mortgage rates in the coming months. Still, the 2%-ish rates of 2021 aren't likely to return as the Fed remains wary of inflation. So while additional rate declines may ease monthly mortgage payments for some, they won't necessarily make homebuying significantly more affordable for most Americans. For that reason, assumable mortgages still might be the best option for some people to get the lowest rates. Here are the stories of three homebuying couples who secured mortgage rates below 3% since March 2023 using assumable mortgages. They described how they redirected the funds they would have spent on higher monthly mortgage payments into healthcare, renovations, or retirement. <h2>One couple got a 2.6% rate and became the youngest homeowners in their families</h2>In 2022, <a target="_blank" href="https://www.businessinsider.com/first-time-buyers-got-lowest-best-interest-rate-assumable-mortgage-2024-3">Grace Lucchese</a> had just graduated from college. Her partner, Mickey Ricard, had finished his military service two years prior. The Gen Z couple had moved into an apartment in Lucchese's hometown of Sudbury, Massachusetts — a town about 40 minutes outside Boston — and found themselves spending much of their incomes on rent. "We were paying ridiculous <a target="_blank" href="https://www.businessinsider.com/rental-market-housing-affordability-real-estate-apartments-2024-1">prices for rent</a>, and our money was going nowhere," Lucchese told Business Insider. "We also have a dog with special needs, so we wanted to find a home with a backyard." <div type="image" title="Grace Lucchese, Mickey Ricard, and their dog at home." height="1701" width="2268" msid="113465770" hostid="261"></div>For the first-time homebuyers, finding an affordable, well-maintained home in their area was challenging. "During our homebuying search, we looked all around Boston," Lucchese said. "We could not find a home that was move-in ready and under $650,000. We put offers on probably seven different homes and got into bidding wars on two." After months of searching and nearly giving up, Lucchese and Ricard finally found their perfect home: a 1,600-square-foot, two-story Colonial built in 1885 with three bedrooms and one bathroom. The home also came with an assumable mortgage. "Our home was originally listed for $429,000," Lucchese said. "When we were <a target="_blank" href="https://www.businessinsider.com/real-estate-investing-how-to-negotiate-best-price-down-2023-4">negotiating with the seller</a> and trying to talk him down on the price, they brought up the assumable loan — I had no clue what that type of mortgage was." After learning about assumable mortgages and realizing they could take over the homeowner's 2.6% rate, they jumped at the opportunity. <div type="image" title="Grace Lucchese and Mickey Ricard's Massachusetts home." height="3024" width="4032" msid="113465773" hostid="261"></div>In January, they made a $13,000 down payment and bought the home for $422,500. With homeowners' insurance included, their monthly payments are around $2,100 — about half of what they would likely pay if they had gotten a traditional mortgage earlier this year. Their mortgage term is 26 years. The couple, now the youngest homeowners in both of their families, are using their monthly savings to renovate their home and help cover their dog's veterinary expenses. "Now that our assumable mortgage is saving us about $2,000 each month, it makes the stress a little less because we have the option of having more money available," Lucchese said. <h2>Retirees who got a 2.75% rate say their lives are easier</h2>In June, <a target="_blank" href="https://www.businessinsider.com/homebuyer-got-low-mortgage-interest-rate-assumable-mortgage-save-retirement-2024-7">Brian Sankey</a>, a retired military police officer, purchased a $400,000 home in Elizabethtown, Kentucky — a small town south of Fort Knox — with an assumable Veterans Affairs, or VA, mortgage. The loan has a 2.75% interest rate and 26 years remaining on its 30-year fixed-rate term. Sankey said it was "a win-win" situation for him and the seller. "The benefit of a loan assumption for the seller was that it allowed them to sell their home at a higher price," Sankey told BI. "For my wife and me, it allowed us to get a lower interest rate." <div type="image" title="Brian Sankey on the beach." height="1200" width="1600" msid="113465776" hostid="261"></div>Sankey said he learned about the assumption feature of Veterans Affairs mortgages years ago but had forgotten about it over time. It wasn't until he came across the four-bedroom, four-bathroom home in Elizabethtown that his memory was jolted. The home's proximity to an Army base led Sankey to suspect that the sellers might be connected to the military and have taken out a VA loan, making an assumable mortgage possible. He was right. However, getting the seller on board wasn't as easy as Sankey had hoped. "They weren't inclined to do it at first because they felt the assumption process would take too long, and they were looking for a quick sale," he said. "But after about 30 days, they realized that cash buyers wouldn't be throwing money at them and agreed to proceed with the assumption." According to Sankey, the assumption process took just about six weeks from the time he and his wife first viewed the home to closing the loan. "I'm happy I remembered it because it made our home purchase more affordable," he said. "Despite the current market conditions and higher interest rates, my wife and I were able to purchase a larger home with lower monthly payments." A smaller mortgage is allowing Sankey and his wife to <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-much-do-i-need-to-retire">retire more comfortably</a>. "I can now use the money I would have spent on high-interest payments to cover living expenses," Sankey said. "We should also have more discretionary income." <h2>A couple is able to pay down medical debts after buying a house in Oregon</h2>In 2022, <a target="_blank" href="https://www.businessinsider.com/couple-got-low-mortgage-when-everyone-getting-high-interest-rate-2024-3">Amy Yzaguirre</a> was diagnosed with cancer. At the time, she and her son were living in Idaho while her husband looked for a job in Oregon. They had planned to reunite in Oregon after he found one and their Idaho home sold. However, following her diagnosis, the couple decided it was best to be together before the Idaho home was sold. Faced with the financial burden of paying the Idaho mortgage and Oregon rent at the same time, they moved into an RV on her parents' property in Tigard, a suburb about 20 minutes outside Portland. "It was pretty rough, but we made it work," Yzaguirre told BI. They lived rent-free in the RV for months while waiting for their Idaho home to sell and Yzaguirre to recover. Then, they began searching for a home to buy in Tigard. <div type="image" title="Amy Yzaguirre and her husband pose in front of the RV they purchased." height="542" width="720" msid="113465772" hostid="261"></div>It wasn't the experience they had hoped for. "It's funny how an area can be a nice, family-friendly, affordable place to live and then suddenly become overpopulated and much more expensive," she said. They eventually toured a townhome in nearby Sherwood listed for $416,000. The seller's flyer noted that a buyer could take over their 2.5% mortgage rate. "I did the math," Yzaguirre said. "The seller was locked in at 2.5%, so if we qualified to assume the loan, our mortgage would be a little over $2,100 a month versus the over $3,000 we would be paying with a traditional mortgage at current market rates. It would save us over $40,000 in the long run." <div type="image" title="Amy Yzaguirre, her husband, and son." height="3024" width="4032" msid="113465778" hostid="261"></div>In March 2023, the couple purchased the townhome for $418,900. They made a down payment of $48,000 and assumed a 30-year fixed-rate FHA loan with an interest rate of 2.5%. They have 28 years left on their mortgage. The money they are saving each month is helping them pay down Yzaguirre's bills. "Even though I was fortunate to have good insurance during chemotherapy and have excellent insurance through my current job, I still had quite a few medical bills to pay off," she said. "With the extra money we have saved on our mortgage payment, I've been able to pay them down." The family also used some of their extra funds to pay off other debts and purchase a Toyota Tacoma pickup truck with cash, covering the full amount upfront Correction: September 19, 2024 — An earlier version of this story misspelled Mickey Ricard’s last name.

3 couples who recently got mortgage interest rates under 3% share how they did it

<ul class="summary-list"><li>Rep. Alexandria Ocasio-Cortez and Sen. Tina Smith introduced a bill to build "social housing."</li><li>The HOMES Act would build and rehabilitate permanently affordable homes for low- and middle-income people.</li></ul>Politicians still agree: The rent is too damn high.Rep. Alexandria Ocasio-Cortez, a New York Democrat, and Sen. Tina Smith, a Minnesota Democrat, on Wednesday introduced <a target="_blank" class="" href="https://smithsenate.app.box.com/s/vwqs5o4oe5cl0ag4jchyp1piqsxrql50">legislation</a> in the House and Senate that would — if enacted — massively expand the nation's affordable housing stock.The HOMES Act would establish a new federal housing development authority charged with building and rehabilitating more than a million permanently affordable homes. These homes — for both renters and buyers — would be managed by local entities, including public and tribal housing authorities, cooperatives, tenant unions, nonprofits, and the like."There has been a lot of talk about building new housing in this country, but too often we don't talk about who will be building that new housing," Ocasio-Cortez said during <a target="_blank" class="" href="https://x.com/SenTinaSmith/status/1836472272481386676">a press conference</a> unveiling the legislation on Wednesday afternoon.While 40% of these homes would be reserved for extremely low-income residents and 30% for low-income households, about 30% would be available to middle-income households. This so-called "social housing" is notably different from traditional public housing, which is entirely reserved for the poorest households. Rent for all tenants in social housing would be capped at 25% of their income."Having middle-income tenants makes the financial model more viable. But also, importantly, having middle income tenants in these developments helps fight segregation. It helps build a constituency for this kind of housing," said Gianpaolo Baiocchi, director of New York University's Urban Democracy Lab and an advisor on the legislation.In a <a target="_blank" class="" href="https://www.nytimes.com/2024/09/18/opinion/aoc-tina-smith-housing.html">New York Times op-ed</a> unveiling their legislation, Ocasio-Cortez and Smith criticized the federal government's historical approach to ensuring lower-income Americans have access to affordable homes. They argued that federal funding — in the form of subsidies for developers, homeowners, and public housing — has too often propped up a for-profit market that doesn't serve the neediest."There is another way: social housing," Ocasio-Cortez and Smith said in their op-ed. "Instead of treating real estate as a commodity, we can underwrite the construction of millions of homes and apartments that, by law, must remain affordable."Baiocchi stressed that social housing would take all kinds of forms. "In some places it would look like public housing, in other places would be community land trusts, in other places it would be cooperatives," he said. About half of the 1.25 million homes would be new, while the other half would be purchased from private owners and redeveloped, Baiocchi said.The housing construction would be funded by "a combination of congressional spending and Treasury-backed loans, making financing resilient to the volatility of our housing market and the political winds of the annual appropriations process," Ocasio-Cortez and Smith wrote.Currently, rentals are hard to come by, with national vacancy rates at 6.6% in the second quarter of 2024.The legislation comes amid a progressive push for investments in social housing across the country. Baiocchi pointed to New York State Assemblymember Emily Gallagher's similar <a target="_blank" href="https://legislation.nysenate.gov/pdf/bills/2023/S8494">legislation</a> to create a state housing developer. And in California, lawmakers <a target="_blank" class="" href="https://a24.asmdc.org/press-releases/20240215-assemblymember-alex-lee-introduces-bill-create-social-housing-california">introduced a bill</a> to construct mixed-income social housing on government-owned land.Ocasio-Cortez and Smith also pointed to <a target="_blank" class="" href="https://www.nytimes.com/2023/05/23/magazine/vienna-social-housing.html">the social housing system in Vienna</a> as a model. Baiocchi said they looked to both European and Latin American examples.It's a particularly notable development as both presidential campaigns stake out their economic policies leading into the 2024 election. Vice President Kamala Harris has already proposed a housing plan to build 3 <a target="_blank" href="https://www.businessinsider.com/how-kamala-harris-plans-to-build-3-million-new-homes-2024-8">million additional new homes in her first term</a>, with tax incentives for builders creating starter homes; she's also proposed giving <a target="_blank" href="https://www.businessinsider.com/kamala-harris-economy-proposal-25k-first-time-homebuyers-down-payent-2024-8">first-time homebuyers $25,000</a> towards down payments.Former President Donald Trump <a target="_blank" href="https://rncplatform.donaldjtrump.com/?_gl=1*dndyww*_gcl_au*NzczNzk2NDcyLjE3MjQxNjA5MjI.&amp;_ga=2.111840580.1721597780.1726672440-392098144.1724160922">has proposed opening up federal land</a> to build new housing; the 2024 GOP platform says that he would "promote homeownership through Tax Incentives and support for first-time buyers, and cut unnecessary Regulations that raise housing costs."Any congressional proposals on housing costs — especially from legislators as prominent as Ocasio-Cortez and Smith — will likely attract increased attention in the run-up to a tight election. When reached for comment, the Harris-Walz campaign directed BI to their <a target="_blank" href="https://mailchi.mp/press.kamalaharris.com/vice-president-harris-lays-out-agenda-to-lower-costs-for-american-families">current housing proposals</a>. But the bill's proposal now signals that efforts to address housing costs could be top of mind for Democrats should they hold the White House.

A new housing plan wants to give middle-class Americans the kind of support typically reserved for low-income households

New Delhi [India], August 1 (ANI): The <keyword id="6354335" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="Orion">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) has released a draft framework on alternative <keyword id="20470059" type="General" weightage="20" keywordseo="authentication" source="keywords">authentication</keyword> mechanisms to supplement the SMS-based OTP system for digital <keyword id="22624644" type="General" weightage="20" keywordseo="payment-transactions" source="keywords">payment transactions</keyword>. The RBI noted, "No specific factor was mandated for authentication, but the <keyword id="19989657" type="General" weightage="100" keywordseo="digital-payments" source="keywords">digital payments</keyword> ecosystem has primarily adopted SMS-based OTP as <keyword id="22624645" type="General" weightage="20" keywordseo="additional-factor-of-authentication" source="keywords">Additional Factor of Authentication</keyword> (AFA). While OTP is working satisfactorily, technological advancements have made available alternative authentication mechanisms." The draft discusses the Additional Factor of Authentication (AFA), which involves using more than one factor to authenticate a payment instruction. It requires that the process validate and confirm the credentials of the customer initiating the payment. Furthermore, the draft specifies that issuers must obtain explicit consent from customers before enabling any new authentication factor. Customers should also have the option to deregister from using the new authentication method. The draft states, "All digital payment transactions, other than card present transactions, shall ensure that one of the factors of authentication is dynamically created, i.e., the factor is generated after initiation of payment, is specific to the transaction and cannot be reused." Additionally, the draft mandates that issuers must have a system to alert customers in near real-time for all eligible digital payment transactions. It also prohibits transaction issuers from entering into exclusive arrangements with any Payment Service Provider or Technology Service Provider, which could limit their ability to implement alternative authentication solutions. RBI has proposed <keyword id="22624646" type="General" weightage="20" keywordseo="e-mandates" source="keywords">e-mandates</keyword> for <keyword id="21970493" type="General" weightage="20" keywordseo="recurring-transactions" source="keywords">recurring transactions</keyword> in mutual funds, insurance premiums, credit card bill payments for values up to Rs 1 lakh and in respect of all other categories for value up to Rs 15,000. The banking regulator also suggests that issuer shall be liable for the process and technology deployed for authenticating digital payments. There should also be a system of alerting the customer in near real time for all digital payment transactions. The draft notes that small value card present transactions up to Rs 5000 per transaction in contactless mode at Point of Sale (PoS) terminals are exempt from the AFA requirement. The central bank has invited comments and feedback on the draft framework until September 15, 2024. The proposed alternative authentication mechanisms aim to provide more choices for authentication factors to Payment System Operators and users.

RBI proposes alternative methods for authentication of digital payments, in addition to SMS-based OTP system

<ul class="summary-list"><li>A Jeff Bezos- and Bill Gates-backed start up announced a rare discovery of a massive copper reserve in Zambia, <a href="https://www.cnbc.com/2024/02/05/bill-gates-backed-miner-discovers-large-scale-copper-deposit-in-zambia.html" target="_blank" rel="noopener">CNBC reported</a>.</li><li>The discovery is a key development for the clean energy transition which needs a lot of copper.</li></ul>A metals-exploration startup backed by Jeff Bezos and Bill Gates has discovered what <a href="https://twitter.com/KoBold_Metals/status/1754369261156663402">could</a> become one of the world's biggest copper mines, <a href="https://www.cnbc.com/2024/02/05/bill-gates-backed-miner-discovers-large-scale-copper-deposit-in-zambia.html">CNBC reported</a> on Monday.KoBold Metals, based in California, said on Sunday that they found a vast copper deposit in Zambia — the <a href="https://www.pdu.gov.zm/blog/largest-copper-deposits-in-100-years-discovered-in-zambia-hhs-mining-policies-paying-off-in-a-big-way">largest deposit ever recorded in Zambian history</a>. The rare discovery is a key development <a href="https://www.pdu.gov.zm/blog/largest-copper-deposits-in-100-years-discovered-in-zambia-hhs-mining-policies-paying-off-in-a-big-way">for the clean-energy transition</a>. The International Energy Agency has previously <a href="https://www.iea.org/reports/the-role-of-critical-minerals-in-clean-energy-transitions/executive-summary" target="_blank" rel="noopener">warned</a> that a dearth of critical mineral supply raises risks of a more expensive and delayed energy transition. KoBold's find could provide a boost to the supply of copper which is needed for solar panels, wind turbines, electric vehicles, and more.Zambia was the world's <a href="https://www.weforum.org/agenda/2022/12/which-countries-produce-the-most-copper/">8th largest copper producer</a> as of 2022. Copper <a href="https://www.fitchratings.com/research/sovereigns/zambias-copper-fdi-deal-positive-for-growth-external-liquidity-12-09-2023">makes up over 70%</a> of the country's export revenues. Last year, Zambia's copper output <a href="https://www.bloomberg.com/news/articles/2023-07-20/zambia-s-copper-production-seen-falling-to-14-year-low">fell to a 14-year low</a> amid a debt crisis, which further pinched the copper-reliant Zambian economy.In a <a href="https://twitter.com/KoBold_Metals/status/1754369261156663402">post on X</a>, the KoBold's president Josh Goldman said the $2 billion-dollar Zambian mine — a project called Mingomba — will be "one of the world's biggest high-grade large copper mines." He compared its potential to the Kakula copper mine, a giant reserve that sits across Zambia's northern border in the Democratic Republic of the Congo. KoBold — which is also backed by T. Rowe Price, Breakthrough Energy, Andreesen Horowitz, and Norwegian energy giant Equinor — has been drilling at its Zambian permit for a <a href="https://www.mining.com/gates-bezos-backed-kobold-metals-to-build-copper-cobalt-mine-in-zambia/">little over a year.</a> The company is aiming to use AI tools to <a href="https://www.mining.com/gates-bezos-backed-kobold-metals-to-build-copper-mine-in-zambia-within-10-years/">create a "Google Maps" of the Earth's crust</a> with a special focus on copper, cobalt, nickel and lithium deposits.

A Jeff Bezos- and Bill Gates-backed metals company has discovered a massive copper reserve in Zambia

The <keyword id="6355512" type="General" weightage="20" keywordseo="union-cabinet" source="Orion">Union Cabinet</keyword> on Monday evening approved the <keyword id="109340" type="General" weightage="20" keywordseo="Womens-reservation-bill" source="Orion">women's reservation bill</keyword>, Minister of State <keyword id="2627479" type="General" weightage="20" keywordseo="Prahlad-Singh-Patel" source="Orion">Prahlad Singh Patel</keyword> said. "Only the Modi government had the moral courage to fulfil the demand for women's reservation which was proved by the approval of the cabinet. Congratulations <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> ji and congratulations to the Modi government," the minister said on X. Patel is the Minister of State for Food Processing Industries and Jal Shakti. The Union Cabinet met this evening after the first sitting of the five-day special session of <keyword id="6354721" type="General" weightage="80" keywordseo="parliament" source="Orion">Parliament</keyword>. The Cabinet meeting chaired by Prime Minister Narendra Modi went on for over 90 minutes. Cutting across political lines, leaders have demanded the introduction of the women's reservation bill, which guarantees a 33 per cent quota in Lok Sabha and state assemblies. The Women's Reservation Bill passed by the Rajya Sabha in 2010 had provision for 33 per cent reservation for women in Lok Sabha and state assemblies. Earlier addressing the media, the Prime Minister said that "historic decisions" will be taken this Parliament session which may be of short duration but is big on occasion. The cabinet meeting was attended by Union ministers including Rajnath Singh, Amit Shah, Piyush Goyal, Pralhad Joshi, S Jaishankar, Nirmala Sitharaman, Dharmendra Pradhan, Nitin Gadkari and Arjun Ram Meghwal. Ever since it was announced that the Parliament session would be held from September 18-22, there has been speculation on various bills, including the women's reservation bill. In his remarks in Lok Sabha on the discussion on 75 years of Parliament, he asserted that the contribution of women parliamentarians has been on the rise over the years. Congress spokesman Jairam Ramesh welcomed the "reported decision" of the Union Cabinet. "It's been a long-standing demand of the Congress party to implement women's reservation. W "We welcome the reported decision of the Union Cabinet and await the details of the Bill. This could have very well been discussed in the all-party meeting before the Special Session, and consensus could have been built instead of operating under a veil of secrecy," Ramesh said on X. PTI KR/SKC NAB SKU BJ SKU RT RT

Women's reservation bill approved by Cabinet, says MoS Patel

New Delhi, Cutting across party lines, <keyword id="48510" type="General" weightage="100" keywordseo="rajya-sabha" source="Orion">Rajya Sabha</keyword> members on Thursday supported the bill to provide 33 per cent reservation for women in the <keyword id="197797" type="General" weightage="80" keywordseo="lower-house-of-parliament" source="Orion">Lower House of Parliament</keyword> and state assemblies, even as some opposition members termed it an election gimmick. During the debate in the <keyword id="122785" type="General" weightage="80" keywordseo="upper-house" source="Orion">Upper House</keyword> on the 128th Constitution Amendment Bill that seeks to reserve a third of seats in the Lok Sabha and state assemblies for women, members also highlighted the need to accelerate the process instead of waiting for a fresh census and delimitation exercise. Taking part in the discussion, Elamaram Kareem of CPI(M), while supporting the bill, said the BJP had promised to bring the <keyword id="109340" type="General" weightage="20" keywordseo="womens-reservation-bill" source="Orion">women's reservation bill</keyword> in 2014 and in 2019 as well but did not take any action. He held the ruling party responsible for women's reservation losing nine years. This is an election gimmick by the BJP after losing elections in Karnataka and Himachal Pradesh, besides facing defeat in the civic polls in Delhi polls, he said. Citing violence against women in strife-torn Manipur and allegations of sexual harassment by women wrestlers, Kareem alleged the government cared little for women. Ram Nath Thakur of the JD(U) questioned the timing of bringing the 'Nari Shakti Vandan Adhiniyam'. Bharat Rashtra Samithi (BRS) MP K Keshava Rao stressed the need to accelerate the process for women's reservation and said the 2011 Census could be taken as the benchmark. He urged immediate appointment of the delimitation commission. MDMK's Vaiko also echoed similar sentiments. Saroj Pandey of the BJP said it was unfortunate that questions have been raised on the timing and the intent of bringing the bill. As the country celebrates 'Amrit Kaal', this was the ideal moment for such a legislation, she said. Asom Gana Parishad MP Birendra Prasad Baishya noted that the women's reservation bill has come at a "proper time" after failed attempts in the past. JD(S) leader H D Devegowda also supported the bill and recollected steps taken by him for women's reservation while he was the chief minister of Karnataka and also the prime minister. Manoj Jha of the RJD said demanded that the women's reservation bill be referred to a select committee to consider extending similar benefits to Other Backward Classes. V Vijayasai Reddy (YSRCP) also supported the bill and said the reservation for women must also be extended to Rajya Sabha and state legislative councils. KC Venugopal of the <keyword id="1575" type="General" weightage="80" keywordseo="congress" source="Orion">Congress</keyword> sought immediate implementation of the legislation. He also sought reservation for the OBC women under the bill. Venugopal claimed the <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> government did not make any effort to bring the bill in the last nine years and it is due to the political calculations that the government has brought the legislation now. "Life-transforming legislations should come from the heart and not from the head," he said in the Upper House. Rajani Ashokrao Patil of the Congress and Mausam Noor of the <keyword id="26422" type="General" weightage="80" keywordseo="tmc" source="Orion">TMC</keyword> also supported the bill. Sulata Deo of the BJD, Subhas Chandra Bose Pilli of the YSRCP, Ravichandra Vaddiraju of the BRS and K Ravindra Kumar of the TDP also participated in the discussion. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-40-neo-launched-in-india-specs-features-and-price/articleshow/103832280.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-40-neo-launched-in-india-specs-features-and-price/articleshow/103832280.cms" target="_blank">Motorola Edge 40 Neo with with vegan leather back hits the Indian market</a> <a href="https://www.businessinsider.in/tech/gadgets/news/amazfit-cheetah-series-smartwatches-with-ai-powered-running-coach-launched-in-india/articleshow/103836676.cms">A smartwatch in India now offers an AI-powered running coach</a><a href="https://www.businessinsider.in/sports/webstories/mohammed-siraj-leads-icc-odi-rankings-kohli-rohit-sharma-and-other-top-ranked-players/slidelist/103828281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/mohammed-siraj-leads-icc-odi-rankings-kohli-rohit-sharma-and-other-top-ranked-players/slidelist/103828281.cms" target="_blank">Siraj climbs to No. 1 in ODI ranking ahead of WC: Here are the other Indians in the top-10</a>

You Searched For "reservation bill" and got 11 results

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

PTI

What has changed for your credit cards, starting today?

Ira Alok Puranik

Spend money on skilling, says Mohandas Pai on Karnataka bill seeking job reservations for Kannadigas

ANI

Maharashtra govt approves bill to extend 10% reservation to Marathas

ANI

Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council

ANI

3 couples who recently got mortgage interest rates under 3% share how they did it

Alcynna Lloyd

A new housing plan wants to give middle-class Americans the kind of support typically reserved for low-income households

Eliza Relman,Juliana Kaplan

RBI proposes alternative methods for authentication of digital payments, in addition to SMS-based OTP system

ANI

A Jeff Bezos- and Bill Gates-backed metals company has discovered a massive copper reserve in Zambia

Aruni Soni

Women's reservation bill approved by Cabinet, says MoS Patel

PTI

Cutting across party lines, Rajya Sabha MPs support women's reservation bill

PTI

Popular Keywords

Buying Guides