Fwd: Today's Exclusives - Banks must pay Rs100 a day penalty for delay in reimbursement for failed ATM transactions

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From: Moneylife <noreply@moneylife.in>
Date: Wed, May 4, 2011 at 7:34 PM
Subject: Today's Exclusives - Banks must pay Rs100 a day penalty for delay in reimbursement for failed ATM transactions
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4 May 2011   Moneylife Exclusive Banks must pay Rs100 a day penalty for delay in reimbursement for failed ATM transactions Vinita Deshmukh In the event of a failed ATM transaction and the amount being debited from a customer's account, the bank must reimburse the customer within 12 days of such a complaint. Otherwise, it is liable to pay a penalty. Hundreds of such cases happen daily, but very few people are aware about this RBI rule and most banks happily ignore it. Sharad Phadke, a Pune resident, used the RTI Act to force Bank of India to pay up...     Exclusive Column     The emerging market myth and why there is still hope for Russia William Gamble Russia like China, India and Brazil has had enormous problems escaping the heavy hand of a command economy. But the political establishment that has run companies and ministries as personal fiefdoms, handing out patronage and ignoring corruption, may be changing due to the power of the electorate that's looking for an alternative...       Other ML Exclusives   Health insurance reports from the Insurance Information Bureau—an IRDA body—are riddled with errors The media has used data from the Insurance Information Bureau—set up by IRDA—for coming up with various reports, but there are a number of lacunae in the data from the bureau. The bureau's reports themselves come with a disclaimer about errors and omissions in the data... ................................................................................................................................................ DSP BlackRock brings its foreign funds to India Apart from gold funds, foreign funds—especially those that invest in Brazil—seem to have become the flavour of the season...   Fortnightly Market Review: Broken relationships Why did Bernanke's promise of low rates lead to weaker metal prices and lower Asian equities? ................................................................................................................................................ Daily Market Report: Share prices may stage a weak rally A laboured rally up to 5,650 on the Nifty is possible, if Wednesday's lows hold... ................................................................................................................................................ Max Bupa CEO: IRDA needs to be flexible In an interview to Moneylife, Dr Damien Marmion says the insurance regulator needs to be flexible in approving premium increases, to reduce the delay and allow consumers decide what is the right and wrong premium... ................................................................................................................................................ A motoring high: On the ground, up above Offload WikiLeaks. Head for the mountains in north India, tap into the latest information—and gear up to face some harsh realities, warns Veeresh Malik... ................................................................................................................................................ Personal finance today Yes Bank hikes base rate, BPLR by 0.5% Birla Sun Life Mutual Fund floats 1,093 fixed term plan IDFC Mutual Fund unveils 200 days fixed maturity plan Reliance Mutual Fund floats Fixed Horizon Fund-XIX-Series 4 Tata Mutual Fund unveils 92 days fixed maturity plan IRDA selects L&T Infotech for implementation of IT project Reliance General's premium collection rises 2.32% to Rs140.60 crore in February HDFC Life registers growth of 26% in individual new business in 2010-11   At a Glance   - Hero Honda Q4 net profit falls 16% to Rs502 crore - CWG scam: Kalmadi, two others sent to 14 days judicial custody - Speaker examining report on 2G scam given by PAC chief - Govt mulls Rs3 per litre diesel rate hike after assembly polls - Services sector remains strong in April: HSBC report - Job-hopping tendencies declining post slowdown: GlobalHunt     Corporate Wrap-up   - Punjab National Bank quarterly profit rise 5.8% to Rs1,201 crore - Sun Pharma receives USFDA approval for cancer drug - IndusInd Bank signs MoU with HDFC for home loans - Shri Lakshmi Cotsyn March quarter net up by 9.05% to Rs27.70 crore   Moneylife Columns     Futile Central Registry Rules impose a heavy burden on banks Vinod Kothari The SARFARESI Act does not fulfill the purpose of registration of security interests. For, the Central Registry does not guarantee reliability. Therefore, the law as it stands is a futile and very costly exercise...     Right to Information: Don't take it lightly if you are told that a file is "missing" Vinita Deshmukh In many cases the public information officer might give the excuse that the file cannot be found, simply to dodge your RTI query. Remember, he cannot get away so lightly, for a "missing" document is government property and department officials are answerable for its disappearance...     Face 2 Face   Single-premium ULIPs, highest NAV ULIPs and traditional plans offer less value to customers: Dr P Nandagopal The CEO and MD of IndiaFirst Life feels that savings are not being properly channelled and people are not properly informed and incentivised...   Editor's Pick   The hurdles in China's great growth story Surging unemployment and erosion in competitiveness in low-wage manufacturing are the two main stumbling blocks. ...................................................................................................................................................... Glencore targets big-bang IPO It is looking at $10 billion from this share sale. That means this commodities trader will value itself in the mid-$50 billion range. ...................................................................................................................................................... Asia will catch up with Europe, but... As many as 3 billion Asians may reach European incomes... but only by 2050. ...................................................................................................................................................... Silver is plummeting So are gold prices. ...................................................................................................................................................... Did Bin Laden die in 2001? That is what this argument says. ...................................................................................................................................................... Cartoon of the week When there was a leak in WikiLeaks. ...................................................................................................................................................... Book Review   Kill Bill Devarajan Mahadevan You cannot amuse—or educate—yourself with this compilation...   FROM the ARCHIVES   RBI raises key rates by 50 basis points; hikes savings rate after 19 years Central bank pegs GDP growth rate for current fiscal at 8% against government's projection of 9%... ...................................................................................................................................................... Climate change, mitigation anyone? What use is it to talk big things like a Green Fund and technology transfer when most of the actions on the ground require good governance and no extra money? It's troubling to see that even as all cities in the developed world have climate change plans, Mumbai with world class aspirations cannot think beyond 'antique' lampposts...   Forthcoming Events   Investor Empower Yourself, in Delhi, for the first time Moneylife Foundation is conducting a day-long seminar in Delhi, to help investors empower themselves. The event will be held on Saturday, 7 May 2011, from 10am to 4pm. Admission is free. Click here for details and registration ...................................................................................................................................................... How to use the Right to Information Act effectively Mr Bhaskar Prabhu, Convenor of the Mahiti Adhikar Manch, will address a workshop on 'How to use the Right to Information Act effectively', on Saturday, 14 May 2011, at the Moneylife Knowledge Centre. This is the second workshop on the RTI issue in a month following the overwhelming response to the first programme on 16th April. Admission is free. To register, please message us at mail@mlfoundation.in or call Dione/Judith on 2444 1058. Click here for more details.     To subscribe to this free newsletter log on to www.moneylife.in or email us at newsletter@moneylife.in To get FREE updates via sms click here.

 

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