Axis Bank launches My Money Card

My Money Card has a five year validity and has a lost card liability insurance cover of up to Rs50,000

Axis Bank, India’s third largest private sector Bank, today announced the launch of the My Money Card, an innovative money management tool. The Card is a prepaid, re-loadable, rupee-denominated card on the Visa platform which enables parents to disburse money to their children staying away from home. The Card can be used for cash withdrawals at ATMs, PoS transactions at Visa enabled terminals and for online shopping through ‘Verified by VISA’.

According to a spokesperson from Axis Bank, the Card can be loaded for any denomination upto Rs. 50,000 which is the maximum limit on the card. "The card will not be preloaded at the time of issuance. Once the card is delivered to the cardholder, loading/ reloading may be done by the cardholder as per the requirement in any denomination. At present, loading on the card may be done by way of cash deposit/ DD/ cheque at Axis Bank Branches," he added.

The My Money Card is designed to meet the banking/payment needs of the youth. The card also gives parents the opportunity to track their wards’ spends and a convenient mode of disbursement of funds.

There are certain charges, like issuance fees of Rs250, annual fee (from 2nd year onwards) of Rs100, loading/reloading charges of Rs25 per load. Cash withdrawls at ATM's of Axis Bank are free, however, for using other bank's ATM would cost Rs20 per transaction.

One of the major advantages of the card is the fact that parents can set usage limits on the card usage as well as withdrawal limits at ATMs. The card can be funded by parents by paying cash at any Axis Bank Branch or by depositing Cheques/DDs at any branch. The money gets transferred to the card in real time in the case of cash transactions.

According to the Bank spokesperson, the can be bought by youth as well as parents."The Bank is offering two variants of the card: The first can be applied by anyone who is a major (over 18 years of age), this can be applied for by youth as well as parents. In this variant, the applicant would be the actual user of the card. The second variant can be applied for parents for their children and in this case the beneficiary (child) would be the user of the card. This is more relevant if the child is a minor (below 18 years of age)," he added.

The My Money Card has a five year validity and has a lost card liability insurance cover of up to Rs50,000. "The Bank is offering the lost card liability as a complimentary feature on the card and the cardholder is not being charged additionally for the same," the spokesperson added.

The card also offers the user numerous discount offers from merchant outlets of leading youth brands.

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HC rejects bail pleas of five corporate executives in 2G case

The Supreme Court-appointed CBI prosecutor had opposed the bail pleas, saying the corporate bodies and individuals were direct beneficiaries of the spectrum deal and they were involved in a conspiracy along with former telecom minister A Raja to obtain benefits

New Delhi: The bail pleas of five corporate executives, including Unitech group MD Sanjay Chandra and Group MD of Reliance ADAG Gautam Doshi, in the second generation (2G) spectrum allocation scam case were Monday dismissed by the Delhi High Court, reports PTI.

The other corporate accused whose bail pleas were rejected included DB Realty promoter Vinod Goenka and Reliance officials Hari Nair and Surendra Pipara, who are in jail since 20th April.

“All the five bail applications are baseless,” justice Ajit Bharihoke said in his terse oral order.

The judge did not read out the operative portions of his order.

All the corporate accused had challenged the special Central Bureau of Investigation (CBI) court’s order declining their bail pleas and directing their arrest on 20th April.

Senior advocate UU Lalit, the Supreme Court-appointed CBI prosecutor had opposed the bail pleas, saying the corporate bodies and individuals were direct beneficiaries of the spectrum deal and they were involved in a conspiracy along with former telecom minister A Raja to obtain benefits.

Besides the five corporate leaders, CBI has named nine persons including Mr Raja and DMK MP Ms Kanimozhi and three companies as accused in the case.

Other accused in the case are Swan Telecom promoter Shahid Usman Balwa, former telecom secretary Siddhartha Behura, Mr Raja’s personal secretary RK Chandolia, directors of Kusegaon Fruits and Vegetables Pvt Ltd Asif Balwa and Rajeev Agarwal.

Director of Cineyug Films Pvt Ltd Karim Morani and Kalaignar TV Pvt Ltd MD Sharad Kumar are also accused in the case.

The companies, which have been named as accused in the case, are Reliance Communications, Swan Telecom and Unitech Wireless.

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Govt to soon finalise disinvestment roadmap: Department of Disinvestment

Currently, the total receipts stand at Rs99,738.92 crore from the government’s various disinvestment programmes, ever since they begun in the financial year 1991-92, as per the data available with the DoD

New Delhi: The government will soon finalise the roadmap to raise a whopping Rs40,000 crore through disinvestment during the current fiscal. It will include sale of equity in blue chip companies like SAIL and ONGC, reports PTI.

“The Cabinet has so far given approval for the disinvestment of four state-run firms—PFC, SAIL, ONGC and HCL. We are in talks with various ministries and working on a roadmap that should be finalised by June-end,” Department of Disinvestment (DoD) additional secretary Siddharth Pradhan told PTI.

Exuding confidence that the DoD would be able to achieve the Rs40,000 crore target for the current fiscal, he said by way of share sales of the identified four PSUs through follow-on offers, a little over Rs15,000 crore was expected to be garnered.

The government has already raised Rs1,162 crore by divesting 5% stake in Power Finance Corporation in May. The follow-on public offer of SAIL is likely to hit the market next month and ONGC in July. Share sale programme of Hindustan Copper (HCL) is yet to take a concrete shape.

When asked about the potential PSUs that could hit the market this fiscal, Mr Pradhan while refusing to divulge details, maintained that his department was in touch with steel, mines, heavy industries and petroleum & natural gas ministries for identifying the companies.

The government, according to sources, have already identified RINL, MMTC and NBCC for stake sale and would be required to add more companies to the list to achieve Rs40,000 crore target during 2011-12.

The government had proposed a disinvestment target of Rs95,000 crore from sale of shares in public sector companies over the next three fiscals, including Rs40,000 crore in the current fiscal.

Against the same Rs40,000 crore target set for the last fiscal, the government is estimated to have raised only Rs22,400 crore by way of disinvestment in PSU companies. The gap could have been bridged a little more had the movement of the market not been topsy-turvy towards the end of the last fiscal.

Currently, the total receipts stand at Rs99,738.92 crore from the government’s various disinvestment programmes, ever since they begun in the financial year 1991-92, as per the data available with the DoD.

The Centre’s disinvestment policy states that the government has to retain majority shareholding of at least 51% and management control of the PSUs.

The policy also calls for listing of unlisted CPSEs with no accumulated losses and having earned net profit in three preceding consecutive years.

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