The Commission have received complaints alleging that some hospitals are not allowing parents to choose the bank to preserve their new born's stem cells
New Delhi: The Competition Commission of India (CCI) is investigating alleged unfair business practices by hospitals and stem cell banks that restrict parents from preserving a new born's stem cells at banks of their choice, reports PTI.
Stem cells can be differentiated into specialised biological cells and also have the ability to regenerate on its own. These cells, which can help in treating a variety of diseases, are generally taken from cord blood and bone marrow.
Sources said that CCI is looking into allegations of unfair market practices among hospitals and stem cell banks.
The Commission received a complaint alleging that some hospitals are not allowing parents to choose the bank to preserve their new born's stem cells, they added.
"Instead, they (parents) are asked to keep the stem cells at a particular bank with which the hospital has a tie-up. This practice is anti-competitive and restricts available choices," sources noted.
The Director General (DG), the Commission's investigative arm, is looking into the issue, they added. Among others, the fair trade regulator is probing the case under Section 3 of the Competition Act, that relates to anti-competitive pacts.
A new born's stem cells are preserved so that if necessary, these cells can be harvested to treat diseases in the future. They are taken soon after birth from the umbilical cord blood.
According to sources, India is a growing market for stem cells preservation and is currently estimated to be worth about Rs500 to Rs600 crore.
The Commission, which has the mandate to keep a tab on unfair trade practices, refers cases to the DG only after finding prima facie evidence.
The pact will enable customers to send money real time to their beneficiaries' bank accounts in Corporation Bank
Dubai: India's Corporation Bank and global remittance and foreign exchange company UAE Exchange have entered into an agreement to offer FLASHremit services to customers, reports PTI.
The pact will enable customers to now send money real time to their beneficiaries' bank accounts in Corporation Bank.
The service will enable money transfer to bank account 'within minutes' and also intimate both sender and receiver through SMS on account credit.
Amar Lal Daultani, Executive Director - Corporation Bank, said that this new arrangement will benefit our customers.
"We have had a strong and long relationship with Corporation Bank. This new understanding for FLASHremit further strengthens it. UAE Exchange has always aimed at making money transfer a seamless and speedy experience, which is an aim we share with Corporation Bank," Y Sudhir Kumar Shetty, COO - Global Operations, UAE Exchange, said.
Seven banks in India have partnered with the remittance major since the launch of FLASHremit. Apart from India, FLASHremit extends convenience to customers in Philippines, Nepal, Sri Lanka and Pakistan & Bangladesh.
UAE Exchange has over 650 branches across 30 countries in five continents and has correspondent relationships with over 150 global banks.
Corporation Bank has been serving millions of customers since 1906. With over 6000 service outlets overseas, it is one of the premier public sector banks in India.
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