Latest news with #KFS
Time of India
5 days ago
- Health
- Time of India
Teen treated for rare and complex spinal condition
Mangaluru: A 13-year-old girl was successfully treated for a rare and complex spinal condition at the AJ Institute of Medical Sciences. The girl was diagnosed with Klippel-Feil Syndrome (KFS), a rare condition in which the bones in the neck are fused. This led to a short, webbed neck, limited neck movement, uneven shoulders, and a scoliotic spine. Her physical growth was also affected, and she lived with visible deformities for years. After detailed tests and investigations, the team of orthopaedic surgeons, led by Dr Sudeep Shetty and Dr Dheeraj Kumar, and paediatric specialists at the hospital discovered multiple abnormalities—fusion of the neck bones, an abnormal bone in the lower spine (hemivertebra), and a severely curved spine (scoliosis). Systemic conditions such as hypertension were also noted. She was diagnosed with type III Klippel-Feil Syndrome (KFS), the most severe form, often associated with other hidden health risks. In a single planned surgery, a multidisciplinary team comprising ortho spine surgeons Dr Dheeraj Kumar, Dr Hashir Safwan, Dr Pawan, and anaesthetists Dr TV Tantry, Dr Preetham, and Dr Nitu Renny performed spinal correction from the upper to lower back, removed the abnormal bone, and corrected her shoulder deformity. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo The surgery, which lasted for six to seven hours, was carried out under continuous neuromonitoring to ensure spinal cord safety. The child recovered without any complications and has already started her activities of daily living. Her journey from deformity to recovery stands as a testament to her courage and the medical team's expertise, said Dr Prashanth Marla, medical director at the hospital.
Business Recorder
19-07-2025
- Business
- Business Recorder
SECP directs all PFMs to incorporate KFS in Offering Document
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has directed all Pension Fund Managers (PFMs) to incorporate a Key Fact Statement (KFS) in Offering Document (OD), in order to achieve clarity and ease of understanding for the investors enabling them to make a well-informed investment decision. According to a circular issued by the SECP on Friday, the KFS shall be subject to following minimum requirements: PFMs shall provide approved version of KFS for each Pension Fund before soliciting new investments. PFMs shall ensure that KFS for each Pension Fund is readily accessible to investors on its website/ online portal. PFMs shall ensure that at the point of sale, including through PFM's website or a third-party digital portal/website, investors acknowledge receipt of the KFS and confirm their review ad understanding of its contents. This acknowledgment shall be obtained by requiring investors to sign off on the Investment Form for physical transactions and, in the case of online investments, through a pop-up screenshot incorporating a checkbox mechanism that allows participants to either accept or decline after review and validation. The investment pop-up shall clearly state the following with a check box; 'I acknowledge that I have received and read the Key Fact Statement at the time of statement have read and understood the terms and conditions to the best of my knowledge and retained copy of the same.' PFMs shall ensure the validity/correctness of the KFS including the incorporation of a subsequent amendment due to change in the fundamental attributes. PFMs shall continue to make available updated copy of OD's on its official website and other digital means. These requirements shall be applicable from August 15, 2025. The PFMs shall submit supplemental constitutive documents to the Commission for information within one week from the date of amendments in terms of Regulation 673 (4) of the Nan-Banking Finance Companies and Notified Entities Regulations, 2008, the SECP added. Copyright Business Recorder, 2025
India Today
03-07-2025
- Business
- India Today
RBI bars foreclosure charges on floating rate loans to micro, small businesses
The Reserve Bank of India has barred banks and non-banking financial companies (NBFCs) from charging prepayment penalties on floating rate loans to micro and small enterprises (MSEs), effective for all loans sanctioned or renewed on or after January 1, directive, issued under the Reserve Bank of India (Pre-payment Charges on Loans) Directions, 2025, follows a supervisory review that found divergent practices among lenders. The review revealed that several institutions were levying prepayment charges inconsistently and, in some cases, including restrictive clauses in loan agreements to discourage borrowers from switching to other lenders offering better the importance of "easy and affordable financing" for MSEs, the central bank noted that such clauses often led to customer grievances and disputes, particularly when borrowers sought to refinance their loans at lower interest to the new rules, no prepayment charges will be allowed on floating rate loans to MSEs or to individuals borrowing for business purposes. This applies regardless of whether the loan is prepaid in part or full, and irrespective of the source of funds used to make the prepayment. The exemption will apply from the first day of the loan, with no lock-in exception has been made for certain categories of lenders, including small finance banks, regional rural banks, state and central co-operative banks, and NBFCs in the middle regulatory layer, which are already barred from levying prepayment penalties on loans up to Rs 50 lakh. This framework will continue unchanged for these the case of cash credit and overdraft facilities, the RBI has clarified that no prepayment charges will apply if the borrower informs the lender of their intention not to renew the facility within the agreed period and ensures that it is closed by the due strengthen transparency, the central bank has directed lenders to clearly disclose all applicable prepayment terms in the sanction letter, loan agreement and the Key Facts Statement (KFS), wherever applicable. Retrospective charges will not be allowed, and lenders cannot reintroduce any fees that were previously borrowers were already exempt from prepayment penalties under earlier rules. With this move, the RBI is extending similar protections to small businesses, which often face tighter credit conditions and limited ability to negotiate loan decision follows public consultations on a draft circular issued in February and is part of the RBI's broader effort to standardise customer-facing terms and reduce friction in the credit market.- Ends advertisement
India Gazette
03-07-2025
- Business
- India Gazette
RBI bars pre-payment charges by banks for transfer of floating rates loan of individual borrowers
Mumbai (Maharashtra) [India], July 3 (ANI): In a major relief for borrowers, the Reserve Bank of India (RBI) has announced that banks and other regulated lenders will no longer be allowed to impose pre-payment charges on loans taken by individuals for purposes other than business. The RBI observed that some lenders were using restrictive clauses in loan contracts to discourage borrowers from switching to other lenders offering better interest rates or services. As per the new guidelines released on Wednesday, these directions will come into force for all loans and advances sanctioned or renewed on or after January 1, 2026. This rule applies whether the loan has a co-obligant or not. The RBI has clarified that, no pre-payment charges will be levied on floating rate loans taken by individuals for non-business purposes. The new rule will be applicable to all commercial banks (excluding payment banks), co-operative banks, Non-Banking Financial Companies (NBFCs), and All India Financial Institutions. The central bank also added that this holds true irrespective of whether the loan is being repaid in full or in part and regardless of the source of funds used for the repayment. RBI stated that there is no minimum lock-in period for availing this benefit. Even in the case of dual or special rate loans (a mix of fixed and floating rates), if the loan is on a floating rate at the time of repayment, the no-charge rule applies. As per the banking regulator directive, issued under the 'Reserve Bank of India (Pre-payment Charges on Loans) Directions, 2025,' aims to standardize lending practices and reduce customer grievances that have arisen due to inconsistent policies among financial institutions. RBI said 'in exercise of the powers conferred by Sections 21, 35A and 56 of the Banking Regulation Act, 1949, Sections 45JA, 45L and 45M of the Reserve Bank of India Act, 1934 and Section 30A of the National Housing Bank Act, 1987, hereby issues the Directions'. The RBI has further stated that pre-payment charges, if any, in cases not covered under these rules, must be clearly mentioned in the loan sanction letter and loan agreement. If a Key Facts Statement (KFS) is applicable, these charges must also be disclosed there. No undisclosed or retrospective charges will be allowed. Additionally, no charges will be levied if the pre-payment is initiated by the lender itself. This move is expected to empower borrowers with greater flexibility and improve transparency in loan agreements. It also repeals several earlier circulars on foreclosure and pre-payment charges, consolidating the guidance under one comprehensive direction. (ANI)
Time of India
03-07-2025
- Business
- Time of India
RBI lending directive: No more pre-payment charges; borrowers to get freedom from 2026
Representative image In a move to enhance transparency and borrower flexibility, the Reserve Bank of India (RBI) has barred banks and other regulated lenders from imposing pre-payment charges on floating rate loans availed by individuals for non-business purposes. The new norms, issued under the Reserve Bank of India (Pre-payment Charges on Loans) Directions, 2025, will be applicable to all loans and advances sanctioned or renewed on or after January 1, 2026, as per news agency ANI. This sweeping directive will apply across commercial banks (excluding payment banks), co-operative banks, Non-Banking Financial Companies (NBFCs), and All India Financial Institutions. The exemption from pre-payment penalties applies irrespective of the loan being repaid fully or partially, regardless of the source of funds used. It also covers loans with or without co-obligants. According to the RBI, 'No pre-payment charges shall be levied on floating rate loans taken by individuals for non-business purposes,' adding that this applies even to dual or special rate loans, if the loan is on a floating rate at the time of repayment. There is no minimum lock-in period for availing this benefit. The RBI said it exercised its powers under Sections 21, 35A and 56 of the Banking Regulation Act, 1949; Sections 45JA, 45L and 45M of the RBI Act, 1934; and Section 30A of the National Housing Bank Act, 1987 to issue these directions. The central bank added that the move consolidates earlier circulars on foreclosure and pre-payment, creating a single, comprehensive framework. In cases where pre-payment charges are applicable—such as fixed-rate loans or those not covered under the new norms—the charges must be clearly disclosed in the sanction letter and loan agreement. 'If a Key Facts Statement (KFS) is applicable, these charges must also be disclosed there. No undisclosed or retrospective charges will be allowed,' the RBI said. Additionally, no charge can be levied if the pre-payment is initiated by the lender. The RBI observed that certain lenders had been including restrictive clauses in loan agreements to discourage customers from switching to other lenders offering more favourable terms. The new rules are aimed at correcting such practices and enhancing consumer trust. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
