Banks will have to credit the wrongly debited amount to the customer’s account due to failed ATM transactions within seven days of the complaint from Friday onwards, as against the current norm of 12 days
As per an RBI (Reserve Bank of India) directive, banks will have to credit the wrongly debited amount to the customer’s account due to failed ATM transactions within seven days of the complaint from Friday onwards, as against the current norm of 12 days.
However, the number of free transactions allowed at ATMs of banks other than where a customer holds the account would now also comprise non-financial transactions like balance inquiry.
Currently, customers are allowed a limited number of free transactions, generally five, for cash withdrawal and other financial transactions from other bank ATMs, while there is no cap on number of free non-financial transactions like balance inquiry, PIN change and mini statement.
This will change with effect from 1 July 2011, as RBI has allowed the number of free transactions permitted per month at other bank ATMs to be inclusive of all types of transactions, financial or non-financial.
Besides, these free transactions would be available to only the savings bank account holders. The banks have started informing their respective customers about the proposed changes from 1 July 2011.
In one such notification, HDFC Bank said it would charge Rs20 per financial transaction such as cash withdrawal beyond five free ones.
Besides, it would charge Rs8.50 for every non-financial transaction such as balance inquiry, PIN change and mini statement after the five free transactions a month.
At the same time, HDFC Bank said that it "will credit such wrongly debited amounts within a period of 7 working days from the date of the complaint".
As per RBI guidelines, the banks would have to pay Rs100 per day beyond 7 working days, but only if the complaint is lodged within 30 days of the date of the transaction.
In another measure to check any fraudulent use of bank accounts, the banks have also been told by RBI to provide SMS and email alerts to the customers for every transaction from tomorrow, as against the current practice of alerts for only select transactions beyond a certain amount.
Market experts believe many companies were averse to hitting the market because of the subdued market conditions, as well as the fact that firms that did implement their public stake sale plans are trading below the issue price
As many as 15 companies, including Anil Ambani Group’s Reliance Infratel, have refrained from bringing out their IPOs so far this year despite obtaining the go-ahead from market regulator SEBI to collectively raise an estimated Rs25,000 crore.
The companies which have let their regulatory approvals lapse since January this year also include Jindal Power, Lodha Developers, Sterlite Energy, BPTP Ltd, Ambience Ltd and Gujarat State Petroleum Corp Ltd.
The list of 15 companies mostly comprises entities from the real estate and power sectors. Reliance Infratel was the first company that failed to launch its Rs5,000 crore IPO before the regulatory approval lapsed on 11 January 2011, while Jindal Power is the latest addition to the list after the approval for its Rs7,200 crore public issue expired on 27 May 2011.
Market experts believe many companies were averse to hitting the market because of the subdued market conditions, as well as the fact that firms that did implement their public stake sale plans are trading below the issue price.
“As the first half of 2011 has seen missing FII inflows, resulting in lukewarm market sentiment, it is surely taking a toll on the IPO market,” SMC Global Securities strategist and head of research Jagannadham Thunuguntla said.
In all, 15 public issues were planned with the objective of raising about Rs25,186 crore. Other companies that axed their IPO plans at the last minute include Glenmark Generics, Neptune Developers, Kumar Urban Developers, AMR Constructions, Asian Business Exhibition & Conferences, Kabirdass Motor Company, PCI Ltd and Ankita Knitwear.
“This list is featured largely with real estate and power industries. That may be because real estate is completely out of favour of the market. And power has also become out of favour of the market because of the fact that several IPOs from the power industry in the past have given dismal returns to the investors,” he added.
Besides volatile market conditions, a high interest rate regime and a slew of recent scams involving real estate companies are also said to have contributed to the failure of realty players to successfully tap the market to raise funds.
InvestAssure Apex Supreme is a 5-year limited pay plan with policy term of 10 years
Tata AIG Life Insurance has introduced the second series of funds under its guaranteed NAV unit linked insurance product viz Tata AIG Life Insurance InvestAssure Apex Supreme.
InvestAssure Apex Supreme is a 5-year limited pay plan with policy term of 10 years and comes with the benefit of Guaranteed Maturity Unit Price (GMUP) that secures the highest NAV achieved under the product during the 100 reset dates. It also provides a Guaranteed Maturity Addition that is payable on maturity. The plan also offers a death benefit.
The policyholder can opt for additional protection by choosing from four rider options namely Accidental Death Benefit Rider, Accidental Death and Dismemberment (long scale) Rider, Critical Illness (lump sum) Rider and Family Income Benefit Rider that provides Readjustment Income in case of an unforeseen event. This benefit provides an additional 1% of the sum assured every month for 100 months or till maturity, whichever is earlier.
The policy can be purchased for any individual between the ages of 18 years to 65 years. The premium paid under this plan is eligible for tax benefits under Section 80C of the Income Tax Act, 1961. The proceeds of life insurance get tax benefits as per Section 10(10D).