The e-Wallet Card is an electronic payment service offered free of cost by Axis Bank to its customers
Axis Bank has launched the ‘e-Wallet Card’, an innovative solution for online payments. The e-Wallet Card is an electronic payment service offered free of cost by the Bank to its customers, which works like any credit or debit card for making online payments.
The e-Wallet Card can be created using Axis Bank’s Internet Banking and can be used for making payments on all websites that accept Visa cards. To generate an e-Wallet Card all consumers need to do is log on to the Bank’s Internet Banking portal, select the e-Wallet Card option under the Cards menu, select the source account from which the funds would be debited and follow the instructions that appear thereafter. In case of emergency the e-Wallet Card can also be shared with relatives & friends. The e-Wallet Card can be created for making e-payments and each card can be used only once, thus ensuring the safety of the user’s account. An additional layer of security in terms of Verified-by-Visa (VBV) is added to further safeguard the account. The minimum limit for the card is Rs10 and maximum is Rs50,000. The validity period of the card is 48 hours. In case of partial usage or zero usage, the un-utilised amount will be credited back to the user bank account in four days.
On Tuesday, Axis Bank ended 0.24% down at Rs1,301.45 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.43% to 18,492.45.
The MoU aims at simplifying the salary disbursement procedure and to deliver modern banking facilities of IndusInd Bank to the Indian Army
IndusInd Bank and the Indian Army have signed a memorandum of understanding (MoU) for issuing salary accounts to personnel of all ranks of the Indian Army.
The MoU aims at simplifying the salary disbursement procedure and to deliver modern banking facilities of IndusInd Bank to the brave soldiers of the Indian Army.
The specially designed salary account is tailor-made to provide comfort and convenience in daily transactions, easy access through a wide range of channels and attractive propositions on loans and investments, including investment advisory services for the armed forces.
Some of the exclusive services that the Bank would be providing to the Indian Army personnel include Free ‘anywhere banking’; unique Indus money monthly auto cash back program that rewards banking transactions; free demand draft up to Rs25,000 per day; free Inward foreign remittance facility. For all senior army officers the bank would provide ‘Platinum Debit Card’; 5X Indus Money Rewards Program; 30% discount on Green Fees at 300 golf clubs around the world and complimentary air accident insurance of Rs30 lakh.
For all the PBORs (personnel below officer ranks) the Bank will issue ‘Gold Debit Card’. This debit card will have higher purchase limit of Rs1 lakh & ATM withdrawal limit of Rs50,000 daily. Other benefits include Indus money-monthly auto cash-back virtually on all your banking transactions; air accidental insurance to the tune of Rs5 lakh; lost card liability to the tune of Rs1 lakh; purchase protection to the tune of Rs50,000 and waiver up to Rs125 per month on fuel surcharge. On Tuesday, IndusInd Bank ended 0.76% up at Rs270.72 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.43% to 18,492.45.
Acting on a complaint filed by an NGO, the AP police have also frozen bank accounts of two franchisees of Speak Asia operating in the state and seized laptops, desktop computers, bank pass books and other material related to their MLM activities
The Criminal Investigation Department (CID) of the Andhra Pradesh police has arrested two persons running a franchisee of Speak Asia online Pte Ltd and frozen their bank accounts. Vijaywada-based Corporate Fraud Watch Society, a non-government organisation (NGO) had filed a complaint against the company, its promoters, directors, secretaries, representatives, employees and distributors.
In a statement, Dr Mahender Kumar Rathod, superintendent of police, economic offences wing, CID, Andhra Pradesh, said, "The CID once again appeals to the general public not to believe the deceitful promises given by this type of companies. It is pertinent to say that the amount of Rs3 lakh deposited by the franchise in AP have been frozen by the Reserve Bank of India since the company has no authorisation/registration under the Companies Act."
Syama Sundar, secretary of the Corporate Frauds Watch Society had filed the complaint, following which the police, arrested Devireddy (D) Srinivas Reddy and Lanka Venkata Ayyappa (LVA) Swamy on Sunday. Both were operating franchises of Speak Asia in the state. The police also froze their bank accounts and seized their laptops, desktop computers, bank pass books and other material pertaining to MLM activities. The additional chief metropolitan magistrate, Vijaywada, has sent both, Mr Reddy and Mr Swamy to judicial custody.
D Srinivas Reddy was working as a chartered accountant in a private company before joining and becoming a franchise of Speak Asia, about five months back. He had confessed to enrolled three panellists and the police are further analysing his laptop. LVA Swamy is a computer technician. He joined and become franchisee of Speak Asia along with Mr Reddy. However, he was using Mr Reddy's office and facilities for all his transactions with the company, the police said.
On 25th June, the Vijaywada unit of the CID conducted a surprise check under the supervision of deputy superintendent, YV Ramana Kumar, on the residence of Mr Reddy and Mr Swamy.
The Andhra Pradesh police had registered a case under Section 420 (cheating) of the Indian Penal Code (IPC) and Sections 4, 5 and 6, read with Section 2(c), 3 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
In Andhra Pradesh alone, around 30,000 persons were enrolled with Speak Asia. The company has no registration in India under the Companies Act 1956. Likewise, Speak Asia has been running the money circulation business illegally without any authorisation from the competent authority in India. "This is a bogus company having 150-170 franchises in India, among them the two above mentioned persons are from AP," the police statement said.
Moneylife has reported on how the Kerala state government is coming down heavily on "get-rich-quick" schemes, mushrooming across the state. The crime branch of the Kerala police had arrested promoters of two such schemes, Tycoon Empire International and Bizarre group of companies. (Read: "Kerala gets tough with money swindlers and MLM companies".)
One of our readers has informed that as part of its ongoing operation to curb dubious MLM schemes, the Kerala police banned the meeting of Amway, a popular MLM company. According to the reports, about 300 distributors of Amway had gathered at a hotel in Thrissur. However, the police declined to give them any permission for a meeting. The Kerala director general of police has also cautioned people against the illegal network marketing.
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