Axis Bank has tied-up with 120 merchants to offer everywhere teller machine facility
Axis Bank has launched its everywhere teller machine (ETM) service in India at Vijaywada, Andhra Pradesh. Debit card holders in Vijaywada, using this service, can now withdraw up to Rs1,000 in cash per day from a point-of-sale (PoS) terminal at select merchant outlets.
Axis Bank has over 180,000 PoS terminals deployed across India. In the first phase of roll-out, Axis Bank has tied-up with 120 merchants to offer this facility and plans to tie-up with 500 merchants across Andhra Pradesh by the end of March 2011.
The bank plans to roll out this service in Maharashtra, Tamil Nadu, Karnataka, Kerala, and Gujarat in this fiscal and expects to cover all states by the end of next fiscal year.
As of now the facility of cash withdrawal using plastic cards is available only at automatic teller machine (ATMs) and certain EDC terminals installed at financial institutions exclusively for cash withdrawal. ETM's will ease the process of withdrawing cash for the customers when an ATM facility is not available nearby.
The ETM service will initially be available at Axis Bank EDC machines installed at select merchant outlets. All customers holding a debit card issued in India, as per Reserve Bank of India guidelines can avail this service for which they would be charged up to Rs10 per transaction.
The scamsters are at it again. However, this time they want you to believe that it is the RBI, which wants to pay you money. Jokes apart, but have you ever heard any government institution offering such huge amounts just like that?
Asking people's bank account numbers and passwords is passé. Now scamsters are offering unclaimed funds from none other than the Reserve Bank of India (RBI). To make this offer through email more realistic, they have even used RBI governor D Subbarao's name and they mention a so-called meeting with a "Senate Tax Committee on Finance", except that there is no such committee in India.
The fake email is headlined from the 'Office of the Reserve Bank Of India' and is sent from the email address [email protected]'. It reads: "The transfer department of the Reserve bank of India has decided to bring to your attention that you were listed as a beneficiary in the recent schedule for payment of outstanding debts incurred by the RBI government 2009. to 2011 According to your file, Your payment is categorized as: contract type: Lottery/inheritance/unpaid contract funds/ undelivered Lottery fund. Payment file: RBI/id1033/09. Payment amount: $500,000. us dollars."
To make it appear authentic, the message says, "On the 26sth of JAN, 2011. The Reserve Bank of India (RBI) Governor, Dr D. Subbarao, met with the Senate Tax Committee On Finance RBI Mumbai branch. Regarding unclaimed funds which have been due for a long run, at end of the meeting (RBI) Governor, Dr D. Subbarao mandate all unclaimed funds to be release back to the beneficiary stating that it's an unfair practice to withheld funds for government basket for one reason to the other for tax accumulations."
The scamsters have not hesitated to use the RBI governor's name even when demanding 'crediting fees' of Rs8,500, in addition to seeking details like full name, age, sex, address, bank details, etc. The scamsters expect the receiver to be blinded by the prospect of getting quick money. But the record is that the only money that has changed hands in 419 scams (advance fee/fake lottery scams) that have been discovered till now, has gone from the victims to such scamsters.
Surely, regular Moneylife readers will find plenty of 'red' signals in such emails. First, the RBI does not use @att.net in its messages. Second, even if one assumes that all else is true, why on the earth would the RBI offer money to an individual, and that too in US dollars? Third, the RBI does not operate, manage or control any lottery schemes. Fourth, in India, there is no Senate Committee; we have a Parliament and Parliamentary Committees. Therefore, the question of the RBI governor meeting some Senate Committee in RBI's 'branch' in Mumbai is not plausible. Incidentally, Mumbai is also where the central bank's headquarters is located.
Now, let's take a look at some obvious mistakes in the email. The full stops are in the wrong place, capital letters have been used wrongly, as have currency denominations. We use either rupees or Rs or the new symbol, before the amount, while the mail has something else. All it uses is US dollars and INR, after the amount-like 8500 INR or $500,000 US DOLLARS.
Clearly, this is yet another fraud in progress. So, if you receive such a message delete it immediately. Here are some points to keep in mind while identifying fake or fraud messages. The scams are widespread, so governments and websites like www.truthorfiction.com, www.fraudwatchers.org or www.scambaits.com are giving special attention to this matter, to help potential victims and to catch scamsters. The website of the Nigerian Central Bank has a warning on the home page that says, "If it looks too good to be true, it usually is." The US Secret Service and the British National Criminal Intelligence Service undertake regular investigations and issue regular warnings to people.
State-owned Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, which raised petrol prices seven times since June last year, currently sell petrol at a loss of Re1-Rs2 per litre
Panipat: The government has no plans to increase petrol and diesel prices even though international crude rates have touched $100 per barrel, reports PTI quoting oil minister S Jaipal Reddy.
"We are not at the moment thinking of increasing prices," he told reporters here.
The spurt in international oil prices means that state-owned fuel retailers will end the fiscal with revenue losses of around Rs80,000 crore on selling diesel, domestic LPG and kerosene below cost.
"... the oil marketing companies are facing a burden of the order of Rs80,000 crore (and) may be Rs100,000 crore (this fiscal)," he said.
Even in case of petrol, whose price fixation was freed from government control in June last year, there is no proposal to raise prices just now, Mr Reddy said.
State-owned Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, which raised petrol prices seven times since June last year, currently sell petrol at a loss of Re1-Rs2 per litre.
"At the moment, there is no proposal on table of oil companies to increase the price of petrol," he said, adding public opinion cannot be ignored even in free market.
Mr Reddy said half of the revenue loss fuel retailers incur on selling diesel, domestic LPG and kerosene would be met by the government by way of cash dole-out. Another one-third would be contributed by upstream firms like ONGC.
The rest will "somehow be digested by oil marketing companies," he said.
Oil secretary S Sundareshan said of the Rs46,000 crore revenue loss on fuel sales in the first three quarters this fiscal, the government provided Rs21,000 crore and upstream firms contributed one-third.
Mr Reddy said he hoped the finance minister will cut customs and excise duty on crude oil and products in the budget to ease the burden of rising global oil prices.
India currently imports 80% of its oil needs.
Earlier, dedicating Indian Oil Corporation's naphtha cracker complex to the nation, he said the nation needs to find more oil to cut its reliance on imports to meet demand.
The cracker unit, which produces raw material for making plastic, went on-stream in March last year but it was formally inaugurated only today.
Speaking on the occasion, Mr Sundareshan said the nation's oil refining capacity will jump up to 240 million tonnes in the next two years from the current about 187 million tonnes.
Even the present refining capacity is in excess of 146 million tonnes of fuel demand, he said.
Listing the new plants, he said Bharat Petroleum will commission a 6 million tonnes unit at Bina in Madhya Pradesh shortly, while Hindustan Petroleum is building a 9 million tonnes unit at Bhatinda in Punjab. Also, IOC is constructing a 9 million tonnes refinery at Paradip in Orissa.
Built adjacent to IOC's 15 million tonnes a year Panipat refinery, the naphtha cracker along with PX-PTA units is the state-owned firm's big push into the petrochemical business.
The Rs14,439 crore naphtha cracker complex will produce 800,000 tonnes per annum of ethylene and 600,000 tonnes of propylene-raw material for manufacturing polymers.
Ethylene and polypropylene act as feedstock for downstream polymer units like polypropylene, Linear Low Density/High Density Polyethylene Swing unit, High Density Polyethylene unit and Mono Ethylene Glycol unit. These polymer products are used for manufacturing moulded plastic containers/barrels, heavy duty films, stretch wrap films, shopping bags, automobile parts, pipes and sheets, moulded furniture, yarn and fibre and many other household and industrial items.
The naphtha cracker will source feedstock naphtha from IOC's Koyali, Panipat Mathura refineries.
IOC's Panipat refiner meets the demand of petroleum products not only in Haryana but also of entire North-west region, including Punjab, Jammu and Kashmir, Himachal, Chandigarh, Uttaranchal and parts of Rajasthan and Delhi.
IOC has nine refineries with a combined refining capacity of 65.7 million tonnes a year.