Banking
First pay credit card dues and then file complaint

According to the Banking Ombudsman for New Delhi, credit card users should pay their bills first and then lodge a complaint in case of a dispute with the card provider. If the bill is pending, then the customer always runs a risk of paying much more, if the judgement goes in favour of the card provider, said M Rajeshwar Rao, the Banking Ombudsman for New Delhi.Customers should read the terms and conditions carefully so that disputes can be avoided, he said.

During 2010-11, Banking Ombudsmen across the country received as many as 66,927 complaints. Of these, 16,871 complaints related to credit cards, including ATM and debit cards.

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Market indecisive: Weekly Market Report

The Nifty has to break the range of 5,190 and 5,340 for a trend change

The market closed mildly in the negative for the week, and down for the second week in a row, on lacklustre quarterly results from corporates and headline inflation coming in at 7.25% in June. Investors are hoping that the government will resume its reforms process to give the market its much-needed push.

 

The Sensex closed at 17,158, down 55 points  (0.32%) and the Nifty finished the week with a loss of 22 points (0.42%) at 5,205. The Nifty has to break the range of 5,190 and 5,340 for a trend change. The market now awaits some fresh domestic cues to bring more momentum therein.

 

The market settled lower on Monday as the benchmarks pared their gains in the second half of trade on a sell-off in IT and metal stocks. On Tuesday the market pared all its gains in late trade and ended flat with a mixed bias. Support from rate-sensitive sectors, and a positive global cues helped the indices close in the green on Wednesday.

 

Positive global cues and across-the-board buying saw a green close on Thursday. The market closed lower on Friday following a RBI panel suggesting stricter regulations on loan restructuring and political drama at the Centre.

 

Among the sectoral indices, BSE Consumer Durables gained 3% and BSE Healthcare rose 1% while BSE Realty declined 3% and BSE Auto slipped 2%.

 

Bajaj Auto (up 6%), Bharti Airtel, Coal India, Sterlite Industries (up 2% each) and Sun Pharma (up 1%) were the top gainers on the Sensex in the week. The key losers were Tata Motors (down 5%), Maruti Suzuki (down 3%), NTPC, Tata Steel and Mahindra & Mahindra (down 2%).

 

The Nifty was led by Bajaj Auto (up 6%), Cairn India (up 3%), Bharti Airtel, Coal India and Sterlite Ind (up 2% each). Kotak Mahindra Bank (down 7%), Tata Motors (down 5%), Reliance Infrastructure (down 4%), Bank of Baroda and Maruti Suzuki (down 3% each) settled at the lower end of the index this week.

 

India’s headline inflation, as measured by the wholesale price index (WPI), declined to 7.25% in June as prices of manufactured items eased a little. WPI inflation was 7.55% in May and stood at 9.51% in June last year.

 

An RBI panel has recommended banks should seek personal guarantee from promoters and adopt a “carrot-and-stick policy” while restructuring loans of corporates. The panel further said that conversion of debt into preference shares should be done only as a last resort.

 

SEBI on Friday relaxed investment norms for qualified foreign investors (QFIs) allowing them to invest in mutual fund schemes with at least 25% of their assets either in debt or equity of the infrastructure sector. Earlier, QFIs were allowed to invest in mutual fund schemes with debt exposure only.

 

In international news, the unending debt woes in Europe are likely to impact corporate earnings and economic growth across the world. Meanwhile, US markets settled higher on remarks from Fed chief Ben Bernanke that he would go an extra mile if the situation demands it.

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New meaning to the silvering 60s

The consequences of old age can be minimized by preventing the feelings of isolation and marginalization by making seniors independent and fruitful members of society


The rapidly changing dynamics of the population profile—with the increasing addition of elders—those in the 60+ age bracket over kids under five—has brought about the urgent need to seek the active participation of these presently mentally and physically stable senior men and women into the mainstream of the society rather than live a life devoid of constructive activities that can make them victims for age-related debilitating ailments.
 
Their consequences can be minimized by preventing the feelings of isolation and marginalization by making them independent and fruitful members of society, by changing social attitudes to keep themselves mentally alert to keep potential serious neurological disorders at bay. 
 
It is essential for those after 60 to keep both mentally and physically agile rather than succumb to these and other lifestyle illnesses that are all a result of major global trends of migration, urban and international drift with aging parents lonely at homes mostly in small towns and villages. 
 
According to a recent study published by the reputed British Medical Journal, The Lancet, physical inactivity or peoples’ failure to spend at least 150 minutes a week doing moderate exercise such as brisk walking for 30 minutes five days a week is responsible for 5.3 million of the 57 million deaths globally. This causes about 6% to 10% of major non-communicable diseases including coronary heart diseases and Type 2 diabetes. 
 
Another team from Brigham & Women’s Hospital and Harvard Medical School estimated the global impact of physical inactivity by calculating population attributable factors—or how much of the diseases could theoretically be prevented if people were sufficiently active both mentally and physically if inactivity decreased by 10%-25%m translates into 533,000 and 1.3 million deaths potentially averted worldwide. Life expectancy could rise by 0.68 years if physically eliminated.
 
 After 60 or post-retirement activities both mental and physical can go a long way in the retirees’ maintaining their own mental equilibrium by contributing to the well being of the society at large by their contributing their valuable long hands-on experiences during their earlier working life in the society, business, profession and industry that they had for long been associated with. This enables them to effectively contribute to the society at large by making available their vital intellectual inputs and expertise in dealing with in civil society issues relating to health, education, environment, culture, sports, welfare, finance, taxation and civic causes. Some of these activities no doubt are matters that fall in the domain or functions of the state and/or local administration.
 
Presently it is noticed that both the private sector as well as public sector, governmental arms like the central and state governments, local bodies, etc need to be forced or goaded into acting to even carry out their essentially basic mandated duties. They simply do not move papers until and unless they are virtually pushed into the act.  Of course money also does spur action, but not always. 
 
It is not every issue that can be resolved by graft. Just getting a garbage bin outside on a pavement cleared requires complaining to the people down the line to do it or failure to do to it have the matter taken up at the next higher level. Lodging a routine complaint is only a matter of procedure; the job of getting it done requires an element of cajoling or when it comes to the worse, tough arm-twisting. This can only be done by someone talking more assertively which can only be brought about effectively by someone more elderly speaking authoritatively—the message from an elder to be conveyed has to be straight and simple do it or face the consequences! 
 
 The elders with their storehouse of knowledge and experience can make vital contributions as productive members of the family to volunteer for common causes declaring pay off of longevity dividends.  It is noticed that more respect is invariably accorded to the silver hair of the person speaking. Knowing the issue as a senior journalist, doctor, engineer or lawyer who can quote the Bible to the devil does work wonders. And this comes only from ages of earlier experience and human interaction. As against any younger member, the elders are often offered a seat first, attended to on priority and addressed as Grandpa or Uncle with a solicitous remark that they need not have taken the trouble to make visit in person! 
 
These days one of the most intellectually stimulating mental activities is writing by contributing to columns in publications of repute. This requires the writer to undertake deep study of the subject both on and offline and keeps the brain busy ticking to being constantly updated on the subject before putting the matter in print. 
 
Writing is an extremely low-cost challenging and stimulating exercise. It can take place in the confines of one’s home, without having to move out. It just involves accessing facts and figures online and putting flesh on to the skeleton to bring out a well authored output that can initiate mind-blogging debates from readers far and wide. Writing can be financially rewarding too—publications these days do remunerate columnists handsomely.          
 
Many elders do have inherent and latent talents to write but are unable to find suitable outlets to give expression to their thoughts—this can be resolved by turning to enlightening arm-chair writing
 
Quite a few Moneylife contributories are former veterans, CEOs and professionals of standing, since retired, but now activated to writing in depth on the subjects dear to their hearts and interests. Writing need not necessarily be on professional issues; one can even write, among others on matters of common interests like hobbies, spirituality, food, nature and health, like benefits of walking! 
 
Being basic computer literate can go a long way for the elders in helping their writing forays. It no longer requires putting down the matter in long hand and then having to transcribe it on a typewriter to manually post the hardcopy. All that one does is to punch a few keys to put it down in the Word format—edit, add, delete and amend the matter at will and mail it across. And hey presto you’ve conveyed your thoughts miles across!
 
More and more senior citizens have become computer savy and learnt to keep in touch on Skype not only with their offsprings, grand children and siblings, but even distant relations staying in the other end of the world at any hour of the day. I’ve a 75+ aunt at Bengaluru who picked up computer from her grand daughter and now merrily trades online making quite a bomb in the bargain!  This helps get her over loneliness by keeping in touch just punching the keys sitting at home all the time!
 
 A happy retirement with activities like writing can make for a lot of difference to prevent isolation and loneliness!
 
(Nagesh Kini is a Mumbai based chartered accountant turned activist.)

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