Bank in Your Pocket: ICICI Launches Mobile-based Product
ICICI Bank launched a mobile phone-based product that offers a slew of new-age services. The new integrated mobile banking service is called ‘Pockets’. ICICI Bank’s managing director and chief executive, Chanda Kochhar, claimed that this is the country’s first digital bank on a mobile phone.
‘Pockets’ integrates a digital wallet, a physical pre-paid card and a basic savings bank account.
 
Almost 50% of all retail transactions at ICICI Bank are being carried out on the mobile and Internet platforms, Ms Kochhar said. People are using mobiles in a big way to access Internet. One can fund the e-wallet from any bank account in the country and start transacting immediately. E-wallet users can pay bills, recharge mobiles, book movie tickets, order food, send physical and e-gifts, split and share expenses with friends.
 

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Cards: Banks May Lower Interest on Credit Card Dues
Banks may lower the interest charges on credit card outstandings. Customers often have to fork out hefty amounts for failing to pay on time. The Reserve Bank of India (RBI) has said, in a report, that interest rates charged on credit card overdue were inordinately high and not aligned with products of similar risk profiles.
 
“There should be reasonableness of such charges. Banks to revisit the charges levied to ensure reasonableness, fairness and transparency in pricing. IBA to issue detailed operational guidelines to banks in this regard,” said RBI, in the Annual Report on Banking Ombudsman 2013-14.

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Other Insurance: New India Assurance Directed To Pay Nearly Rs30 Lakh
A local court in Tiruvarur district (Tamil Nadu) directed New India Assurance Company to pay Rs29,61,950 to an LIC agent, who lost his leg in an accident in 2013 at Semmangudi.
 
Sivaprakasam (24) submitted that he was riding his two-wheeler on 14 August 2013, when it was hit by a van; the accident resulted in amputation of his left leg. He filed a case against the vehicle-owner and New India Assurance Company claiming Rs30 lakh as compensation. 

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