Proposed RBI PPI Guidelines Could Negatively Impact 110 Million+ Indians Using Prepaid Wallets Daily

* Stakeholders warn proposed PPI changes may impact MSMEs, fintech innovation, and digital inclusion, urging wider stakeholder consultation and a 6-12 month extension

The Policy Consensus Centre (PCC) convened a high-level stakeholder consultation on Reserve Bank of India’s proposed Draft Master Direction on Prepaid Payment Instruments (PPIs), bringing together industry leaders, fintech policy experts, legal professionals, and payment ecosystem participants. The consultation focused on evaluating the economic, operational, and financial inclusion implications of the proposed framework for India’s growing digital payments ecosystem.

Stakeholders acknowledged the RBI’s intent to simplify and modernise the PPI regulatory architecture however, they also expressed concerns that certain proposals, including transaction caps, restrictions on wallet loading mechanisms, tighter cash loading limits, and mandatory expiry provisions, could unintentionally increase friction for consumers, MSMEs, gig economy workers, and first-time digital users who increasingly rely on PPIs for everyday financial management and low-cost digital transactions.

Speaking on this, Nirupama Soundararajan, Co-founder & CEO, Policy Consensus Centre said, “PPIs today are no longer merely digital wallets; they have evolved into critical financial infrastructure powering everyday commerce, mobility, subscriptions, MSME transactions, and instant payouts across India’s digital economy. Given the scale and diversity of their usage, it is important that the regulatory framework evolves through wider stakeholder consultation and evidence-based assessment to fully understand the operational and inclusion-related implications of the proposed changes.”

Badri Narayan Gopalakrishnan, Economist & Strategy Leader, added, “PPIs currently act as an important stabilizing mechanism by enabling controlled spending, low-cost transactions and quick access to funds, especially during periods of economic and geopolitical uncertainty. Introducing additional friction at this juncture could disproportionately impact first-time digital users, low-income groups and MSMEs who rely on wallets for everyday financial management.”

Ram Rastogi, Chairman, FinTech Association for Consumer Empowerment (FACE), said, “Given the evolving digital payments ecosystem and the current economic uncertainties, the finalisation of these guidelines should be extended by at least 6–12 months to allow for deeper industry consultations, data-backed assessment, and a smoother transition that does not disrupt financial inclusion or innovation.”

Dr. Raghav Pandey, Director, Centre for Regulatory Studies, NLU Delhi, said “If the objective is principle-based regulation, then the measures adopted must also remain proportionate. Transaction caps and limits on PPIs risk creating unnecessary rigidity, particularly for users relying on wallets for utility payments, small business transactions and everyday digital payments. Instead of restricting usage through lower limits, the focus should be on better traceability, oversight and risk-based regulation.”

Adding to this, Sriram Subramanian, Founder & Managing Director, InGovern Research Services, said, “PPIs have emerged as an important financial access tool for millions of consumers, especially for low ticket payments, budgeting, and secure digital transactions. While stronger governance and interoperability are welcome, any regulatory tightening must carefully balance compliance with consumer convenience, innovation, and the need to preserve frictionless access for underserved and digitally cautious users.”

The consultation concluded that the PPI framework should support innovation and financial inclusion while avoiding unnecessary disruption to digital payments. Stakeholders called for wider consultations and an extension of the draft guidelines timeline to allow deeper engagement with industry, MSMEs, fintech companies, consumer groups, and legal experts, while ensuring that any regulatory changes are gradual and practical. 

SIAM Data: State / Union Territories Wise Vehicle Sales Data_ FY-2025-26 (April 2025- March 2026)

Key Highlights:

Leading States /UTs in Passenger Vehicles Sales in FY-2025-26 (April 2025- March 2026):

In FY-2025-26, 46.43 lakh units of Passenger Vehicles were sold in the country.

Western Zone led the Passenger Vehicles sales with 15.28 lakh units.

Maharashtra recorded highest Passenger Vehicle Sales in the country with 5.64 Lakh units in FY-2025-26, followed by Uttar Pradesh, Gujarat, Karnataka and Tamil Nadu.

Leading States /UTs in Two-wheelers Sales in FY-2025-26 (April 2025- March 2026):

In FY-2025-26, 21.71 million units of Two Wheelers were sold in the country.

Western Zone led the Two Wheelers sales with 7.11 million units .

Uttar Pradesh recorded highest Two Wheelers Sales with 3.18 million units in the country in FY-2025-26, followed by Maharashtra, Tamil Nadu, Gujarat, and Karnataka.

Leading States /UTs in Three-wheelers Sales in FY-2025-26 (April 2025- March 2026):

In FY-2025-26, 8.36 lakh units of Three Wheelers were sold in the country.

Southern Zone led the Three Wheelers sales with 2.57 lakh units.

Uttar Pradesh recorded highest Three Wheelers Sales with 0.99 lakhs units in the country in FY-2025-26, followed by Gujarat, Maharashtra, Karnataka and Bihar.

Leading States /UTs in Commercial Vehicles Sales in FY-2025-26 (April 2025- March 2026):

In FY-2025-26, 10.80 lakh Commercial Vehicles were sold in the country.

Western Zone led the Commercial Vehicles sales with 3.98 lakh units.

Maharashtra recorded highest Commercial Vehicle Sales with 1.61 Lakh units in the country in FY-2025-26, followed by Gujarat, Tamil Nadu, Uttar Pradesh, and Karnataka.

Tata Motors Foundation’s Integrated Village Development Programme Reaches Nearly 200 Villages Nationwide

* Scales self-governing rural model through government partnerships and convergence with welfare schemes

Tata Motors Foundation has significantly scaled its flagship Integrated Village Development Programme (IVDP) to nearly 200 villages across 103 gram panchayats in 5 states, accelerating community‑led rural transformation across India’s most underserved tribal belts and agrarian heartlands. In FY 2025-26, the programme positively impacted over 1,15,000 people and aligned with 50 government welfare schemes worth Rs 20 crore to strengthen grassroot governance and institutional capacity while ensuring access to public resources.

Launched in 2018 as a pilot in a single gram panchayat of Jawhar, a tribal block in the Palghar district of Maharashtra, the programme has evolved into a national model for rural development and community self-reliance. IVDP is rooted in the belief that sustainable development lies not in building infrastructure alone, but in communities empowered to access and leverage existing public systems. While the government welfare architecture is extensive, IVDP bridges the last mile by strengthening local institutions, closing documentation gaps and building the governance capacity that allows villages to sustain progress independently.

Validating its holistic approach, the programme has delivered measurable socio-economic outcomes in the Palghar district of Maharashtra. The seasonal migration in programme villages has reduced from 80% to 25%, increased farmer incomes by 55% and child malnutrition declines by 95%. Encouraged by this success, Tata Motors Foundation has expanded the IVDP footprint to cover underserved and aspirational districts across states including Maharashtra, Gujarat, Uttar Pradesh, Uttarakhand and Karnataka.

Through IVDP 2.0, in partnership with Government of Maharashtra, Tata Motors Foundation is scaling the programme in 82 gram panchayats through a technology-driven architecture, transitioning from an implementation-led approach to a co-created, policy aligned-model capable of driving systemic transformation.

Commenting on the programme’s expansion, Vinod Kulkarni, CEO, Tata Motors Foundation, said, “With a presence in nearly 200 villages across the country, Integrated Village Development Programme has demonstrated the power of convergence with government schemes, public-private partnerships and community ownership in driving meaningful change in the most underserved communities. It reinforces our belief that sustainable rural development must be community-owned and system-driven. The seven-step architecture we have built — diagnose the blockage, find the minimum intervention point, build confidence before capability, co-create ownership, position the corporation as architect not funder, engineer the exit from day one, catalyse the ecosystem — are responses to institutional realities across India. As we expand, our focus remains on developing a scalable and replicable framework of rural development embedded in the government policies and welfare schemes.”

Beyond strengthening physical rural infrastructure, IVDP places strong emphasis on institution-building and improving last-mile service delivery. The establishment of one-window centres in aspirational districts like Shravasti and Balarampur in Uttar Pradesh have improved access to government schemes and enhanced awareness about entitlements. Initiatives such as E-Dost are empowering rural communities in Maharashtra to access digital platforms, creating livelihood opportunities and bridging the digital divide in the hinterlands.

Marriott International And The Fern Hotels & Resorts Celebrate 75 Signings And 50 Openings For Series By Marriott In India

Photo Caption: The Fern Vishranta Resort Kamrej-Surat, Series by Marriott

Achieved in under six months, the brand’s remarkable trajectory signals owner confidence and growing demand in the region for quality, trusted accommodation across market segments

Marriott International, Inc. today announced landmark dual milestones for The Fern Hotels & Resorts, Series by Marriott in India - 75 hotels have now been signed under the brand’s founding collaboration with Concept Hospitality Private Limited (CHPL), while 50 of those properties are already open and welcoming guests - bringing over 3,556 rooms into Marriott’s portfolio in India. Accomplished in under six months since the brand’s debut in November 2025, this pace of growth stands as one of the most compelling chapters in Marriott’s regional expansion story and firmly establishes India as the defining foundation for Series by Marriott’s global growth. “When we launched Series by Marriott in India last November, we spoke of a brand designed to scale with both speed and purpose,” said Kiran Andicot, Senior Vice President, South Asia, Marriott International. “Reaching 75 signings, with 50 open and operating hotels across the country, in under six months is a validation of that vision. India is not simply a launchpad for this brand; it is proof of concept. As we expand our footprint, we remain focused on delivering consistent, quality experiences for guests, while offering owners an efficient, conversion-friendly model, backed by the strength of Marriott Bonvoy and our distribution ecosystem”.

With the founding deal for Series by Marriott’s global debut, Concept Hospitality and The Fern Hotels & Resorts brought to the table a distinctive combination of regional authenticity, and a commitment to sustainable hospitality, spanning the breadth of the subcontinent. Together, the resulting Series by Marriott portfolio now spans 43 cities in India across Tier 1, 2 and 3 markets, reflecting both depth of presence and strong geographic balance across the country.

“Reaching 75 signed hotels is a milestone we are genuinely proud of, but the more meaningful story is the hotels that are already open - already welcoming guests, earning loyalty, and delivering on the promise we made when this association began,” said Suhail Kannampilly, Managing Director, Concept Hospitality. “The alignment between The Fern’s heritage of thoughtful, regionally rooted hospitality and Marriott International’s global standards and distribution has resonated powerfully with owners and travelers alike. Between our commitment to sustainable hospitality, the industry’s growing appetite for quality development, and Marriott’s unmatched systems and loyalty reach, we are tracking well ahead of our plans - and we are only just beginning.”

Series by Marriott is a regionally created globally connected, collection brand that brings together locally recognized hotel groups under the trusted umbrella of Marriott Bonvoy. Designed for the ‘global domestic’ traveler - guests who seek the comfort and reliability of a world-class brand alongside genuine, place-specific experiences - the brand is defined by the well-executed fundamentals that matter most: comfortable rooms, reliable service, dependable Wi-Fi, and a sense of arrival that feels unmistakably local.

Each property tells its own story, shaped by the character of the region and the people it serves. From a heritage hotel in Rajasthan to a business hotel in a thriving Tier 2 city, every Series by Marriott hotel delivers the consistent quality guests trust while celebrating the distinctive spirit of its destination. Select properties also offer access to breakfast, fitness centers, and meetings and events spaces - making the brand equally suited to the leisure explorer and the discerning business traveler.

The brand now holds a presence in key cities, tier two markets as well as popular resort destinations with openings such as The Fern Mumbai, Goregaon, Series by Marriott; The Fern Jaipur, Series by Marriott; The Fern Habitat Goa, Candolim, Series by Marriott; Rakabi The Fern Igatpuri, Series by Marriott and The Fern Residency Bengaluru, Seshadripuram, Series by Marriott, to name a few.

Guests at The Fern Hotels & Resorts, Series by Marriott can expect a thoughtfully curated set of signature experiences, including:

• Grab & Go Breakfast - a packed breakfast box available for guests with early-morning departures, ensuring every journey begins with energy and ease.

• Single Lady Traveller Recognition - a curated suite of amenities placed in-room prior to arrival, designed to make solo female guests feel seen, safe, and specially welcomed.

• Evening Delight - a turndown service featuring local chocolates or regional treats alongside a personalized goodnight message.

• Lamp Lighting Ceremony - a tranquil dusk ritual that honors the rhythm of nature and invites guests to pause, breathe, and unwind.

• Healthy Sleep - soaked almonds and raisins with cumin-infused water placed bedside each evening, a nod to ancient Indian wellness traditions.

All properties under The Fern Hotels & Resorts, Series by Marriott, participate in Marriott Bonvoy®, the award-winning travel program from Marriott International – allowing members to earn points for their stay at the hotels, and at other hotels and resorts across Marriott Bonvoy’s portfolio of extraordinary hotel brands. With the Marriott Bonvoy app, members enjoy a level of personalization and a contactless experience that allows them to travel with peace of mind.

For further details and reservations, visit the website here. Download images here.

Airtel Payments Bank Posts Robust Growth In FY26; Revenue At ₹3,207 Crore

* Net profit grew to ₹109 crores; customer balances grow 26% YoY to ₹4,612 crore ~

Airtel Payments Bank today announced its results for the financial year ended on March 31, 2026. For the full year, revenue stood at ₹3,207 crore, registering a growth of 18.4% year-on-year. Net profit came in at ₹109 crore, with profit margins improving to 3.4%, reflecting the structural maturity and operating leverage of the business.

Customer balances rose 26% year-on-year to ₹4,612 crore, while annualised Gross Merchandise Value (GMV) reached ₹4,542 billion. The Bank continued to see strong customer momentum with savings bank account monthly transacting users (SBA MTU) growing to 28.8 million. Airtel Payments Bank remains the third-largest mobile bank in India by user base, reflecting the scale and stickiness of its digital-first, tech-led model.

Anubrata Biswas, MD and CEO, Airtel Payments Bank, said, "Our strong performance this year reflects continued customer trust and the resilience of our business model. The strong adoption of our Safe Second Account underlines the growing need for a secure, seamless digital banking solution. Our differentiated model, combining a mobile-first platform with a large distribution network, enables us to serve customers across segments effectively. As we scale further, our focus remains on building a digital bank that meaningfully addresses the evolving financial needs of India."

The Bank continues to see strong traction for its Safe Second Account, particularly in urban markets, making it the digital bank of choice. Customers are increasingly using it for daily digital transactions and recurring payments. This has driven higher engagement, with the Bank emerging as the second-largest player in UPI Autopay mandates.

The Bank’s transit business continues to scale rapidly, with over 6 million National Common Mobility Cards (NCMC) issued, making it the second-largest issuer in the segment. Processing two out of every three transit payments across supported networks, the Bank plays a critical role in enabling frictionless, cashless mobility at scale.

In rural India, Airtel Payments Bank’s uniquely differentiated model, combining deep physical reach with a robust digital platform, positions it strongly to serve underserved communities. The Bank processes one in four AePS transactions and one in every two remittances. With over 500,000 active banking points, the Bank continues to bridge access gaps by serving three in four villages and processing approximately 1% of India’s Direct Benefit Transfers.

Airtel Payments Bank is seeing strong momentum in omnichannel B2B digital payments, partnering with leading aggregators and processing transactions worth USD 16 billion. It is also enabling small offline merchants to join the digital economy through an integrated offering of current accounts, QR, and soundbox solutions, supporting seamless, real-time payments and efficient settlements.

Airtel Payments Bank continues to play a key role in driving digital banking and financial inclusion by enabling seamless, secure, and accessible banking services across the country.

About Airtel Payments Bank

Airtel Payments Bank offers a diverse range of safe, simple, and rewarding digital banking solutions through its robust digital platforms and extensive network of over 5 lakh active banking points spread across the country. As one of the fastest growing digital banks in the country, it has built a strong and inclusive digital payments system that empowers millions of customers. Airtel Payments Bank is focused on contributing to the Government’s vision of Digital India and Financial Inclusion by taking digital banking services to the doorstep of every Indian.

For more details visit - https://www.airtelpayments.bank.in/

CapitaLand Launches Second Edition Of Community Resilience Initiative With New Funding Of Upto S$4 Million

* To Support Vulnerable Children And Youth In Asia

* The 2026 edition broadens investment focus across capacity building, cross-sector partnerships and outcome-based funding in four markets

CapitaLand Hope Foundation (CHF) has announced the second edition of CapitaLand Community Resilience Initiative (CCRI) with a new funding of up to S$4 million. The funding platform will support 12 grantee organisations across China, India, Singapore and Vietnam to empower children and youth. CHF’s commitment in this edition includes an initial mobilisation of S$3.5 million and a new Outcomes Achievement Fund that grantees can unlock upon successful delivery of defined results.

The announcement was made at Philanthropy Asia Summit 2026 (PAS 2026), where CHF held a panel discussion themed “From Commitment to Impact: Catalysing Community Resilience Through Investing in Children and Youth”. The session discussed how collaborative and outcome-driven philanthropy can deliver long-term impact for vulnerable children and youth.

A platform built for sustained impact

The inaugural CCRI last year, which awarded S$3.4 million to 12 grantees, focused on identifying and funding high-potential non-profit organisations. CCRI takes a broader ecosystem approach in 2026. It strengthens capacity building for non-profits, provides greater access to partner networks and prioritises delivery of outcomes.

Mr Gauri Shankar Nagabhushanam, Director, CHF (India), and CEO, CapitaLand India Trust: “At CHF India, we see first-hand how access to education, skills and emotional support can shape stronger futures for children and youth. Through the second edition of CCRI, we are strengthening our commitment to support organisations that are creating meaningful and measurable impact at the grassroots level. India’s young population represents immense potential, and by working alongside credible partners and non-profits, we hope to help build resilient communities that are better equipped to navigate social and economic challenges.”

CCRI deepened collaborations with two partners this year:

AVPN, one of Asia’s largest social investment networks, strengthens the grantee selection process by bringing a wide pool of quality applicants, due diligence, outcome monitoring, cross-regional learning and capacity building.

Philanthropy Asia Alliance (PAA), part of the Temasek Trust ecosystem, identifies CCRI grantees with proven results and taps on its network to further scale high-impact solutions.

Patsian Low, Chief of Markets & Deputy CEO, AVPN said: “AVPN is proud to continue as the global knowledge partner for the second edition of CCRI. What makes this initiative distinctive is its willingness to invest in the capacity of non-profits, partner connections and collective intelligence that enable organisations to grow their good work. This is the kind of coordinated and strategic philanthropy that Asia needs.”

Applications for CCRI 2026 are open from 19 May to 22 June 2026. Organisations are invited to submit proposals across three impact areas to support children and youth, amidst escalating climate risk and socio-economic challenges:

Education

Skills development

Mental well-being

Visit www.capitaland.com/CCRI2026 for more information on the submission criteria and application.

Grantees will be announced in November 2026, with projects to be implemented from January 2027 to December 2028.

For more information on CCRI 2026, please refer to Annex A.

Voices from the field: cross-regional perspectives on community resilience

At the PAS 2026 session, practitioners from across Asia gathered to discuss the journey from philanthropic intent to sustained community impact. Panellists shared how their organisations navigate systemic barriers, build partnerships, and deliver results for vulnerable children and youth.

For more information on the panellists and their respective quotes, please refer to Annex B.

About CapitaLand Group (www.capitaland.com)

CapitaLand Group (CapitaLand) is one of Asia’s largest diversified real estate groups. Headquartered in Singapore, CapitaLand’s portfolio focuses on real asset management and real estate development, spanning across 277 cities in 45 countries.

Within its ecosystem, CapitaLand has developed an integrated suite of real asset management, real estate development, and operating capabilities that supports its businesses in building core competencies across the value chain. With this full range of capabilities, CapitaLand can optimise the strategies of its listed real asset management business CapitaLand Investment, and its privately held property development arm CapitaLand Development; to drive competitive advantage for its businesses.

CapitaLand places sustainability at the core of what it does. As a responsible real estate company, CapitaLand contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

About CapitaLand Hope Foundation (www.capitalandhopefoundation.com)

CapitaLand Hope Foundation, the philanthropic arm of CapitaLand Group, was established in 2005. The Foundation contributes towards building resilience in communities where CapitaLand operates, through supporting education, health and well-being initiatives, targeting children, youth and seniors. Going beyond donations, the Foundation also advocates volunteerism as an integral part of building a caring and inclusive community.

Tata AIA Life Insurance Declares Its Highest-Ever Bonus Of ₹2,173 Crore For Participating Policyholders In FY26

* Record payout, up 18% year-on-year, to benefit over 8.74 lakh policies

Tata AIA Life Insurance, one of India’s leading life insurers, has announced its highest-ever bonus payout of ₹2,173 crore for the financial year ending March 31, 2026, for its participating (par) policyholders. Over 8.74 lakh policies will benefit from this payout an 18% leap over last year’s ₹1,842 crore, and the largest bonus declaration in the Company's history.

The bonus has been declared across eligible participating insurance plans, reaffirming Tata AIA's steadfast commitment to helping consumers achieve their long-term financial goals while ensuring protection for their loved ones.

Among other participating plans, the bonus has been declared for key participating plans such as Tata AIA Life Insurance Smart Value Income Plan, Tata AIA Life Insurance Shubh Flexi Income Plan, Tata AIA Shubh Maha Life, Tata AIA Life Insurance Diamond Savings Plan and Tata AIA Life Insurance Value Income Plan. (For version and more details please visit www.tataaia.com)

Participating Insurance Plans commonly known as "Par" plans are life insurance policies that share profits with policyholders in the form of bonuses. While these bonuses are not guaranteed, they are typically declared each year based on the performance of the insurer’s participating (or with-profits) fund.

What Does This Mean for Policyholders?

For policyholders, this bonus declaration is a tangible reward for their long-term financial commitment. Whether saving for a child's future, planning for retirement, creating a regular income stream, or building a family safety net participating plans powerfully combine life protection with disciplined wealth creation.

This record bonus is a direct testament to Tata AIA's financial strength and disciplined fund management. With Assets Under Management (AUM) growing 18% year-on-year to ₹1,45,617 crore as on March 31, 2026, policyholders continue to benefit from a company built on consistent, responsible growth.

Commenting on the announcement, Kshitij Sharma, Appointed Actuary, Tata AIA Life Insurance, said, “We are proud to announce yet another milestone year of record bonus payouts for our participating policyholders. This record bonus declaration reflects Tata AIA’s disciplined investment strategy, prudent fund management, and continued commitment to delivering long-term value to our policyholders. We remain focused on honouring the trust our policyholders place in us by helping them secure their financial future through solutions that offer protection, stability, and sustainable wealth creation aligned to their long-term financial aspirations.”

In the current market environment, PAR plans remain a compelling choice for consumers seeking the ideal combination of stability, long-term wealth creation, and life protection.

Tata AIA's participating plans are purposefully crafted to help consumers build lasting financial security combining the reassurance of life cover with the opportunity for meaningful, long-term wealth creation.

Key benefits of Tata AIA’s Participating Plans:

Low Volatility - Smoothed Bonus payouts help cushion against market fluctuations

Long-term Wealth Creation - Opportunity to participate in the performance of the participating fund

Life Cover - Financial protection for loved ones through life insurance coverage

Goal-based Planning - Supports long-term financial milestones with disciplined savings

Only participating (Par) products are eligible for bonus payouts.

To explore benefits, payout structures, and eligibility conditions, visit www.tataaia.com

Disclaimer

Tata AIA Shubh Maha Life - Individual, Non-Linked, Participating, Life Insurance Savings Plan (UIN: 110N208V03)

Tata AIA Diamond Savings Plan is Tata AIA Life Insurance Diamond Savings Plan (UIN: 110N133V05) - A Non-Linked, Participating Individual Life Insurance Savings Plan.

Tata AIA Value Income Plan is Tata AIA Life Insurance Value Income Plan (UIN: 110N153V03) - Individual, Non-Linked, Participating Life Insurance Savings Plan

Tata AIA Smart Value Income Plan is Tata AIA Life Insurance AIA Smart Value Income Plan (UIN: 110N162V03) - Individual, Non-Linked, Participating Life Insurance Savings Plan

Tata AIA Shubh Flexi Income Plan (UIN: 110N207V02) - Individual, Non-Linked, participating, Life Insurance Savings Plan

A monthly mortality charge will be levied. Please refer complete sales brochure for details

Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.

The risk factors of the bonuses projected under the product are not guaranteed.

Past performance doesn't construe any indication of future bonuses

These products are subject to the overall performance of the insurer in terms of investments, management of expenses, mortality and lapses.

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.