The lender’s Net banking site has been down since yesterday, leaving a number of customers feeling completely helpless, that too when a strike call has been given by labour unions tomorrow
The Net banking facility from HDFC Bank Ltd is down since yesterday, due to 'maintenance related' work. Since all workers including bank employees have called for a strike tomorrow, the non-availability of Net banking from HDFC Bank could give more trouble to its customers.
This is the message HDFC Bank's site has been flashing since yesterday:
"Due to system maintenance, Certain Account related features on Net Banking would not be available till Monday 6th September 17:00 hrs. Credit Card Enquiry, Demat, and Debit Card details would continue to be available. We regret the inconvenience caused."
Even till writing the story, the site was down. HDFC Bank officials were not immediately available for comments.
Earlier in July, ICICI Direct's trading site crashed due to technical glitches, leaving numerous customers feeling completely helpless. The magnitude of the technical problem was such that the brokerage was not even taking orders over the phone, another customer had said.
Shareholder complains about irregularities in election process to the post of shareholder director of the State Bank of Bikaner and Jaipur
A complaint has been registered with the State Bank of Bikaner and Jaipur (SBBJ) against the election of Kunal Dalmia as shareholder director of the bank. The complaint by Mukesh Bansal, who is a shareholder, raises questions about the eligibility of Mr Dalmia and the manner in which the election process was conducted.
The complainant, Mr Bansal has alleged that Mr Dalmia is a defaulter and did not meet the 'fit and proper' criteria laid down by the Reserve Bank of India (RBI) for such a post. He says also that the proxy applications filed by several institutional shareholders were rejected on unexplained grounds, although they were lodged in time with valid documentation.
When Moneylife asked SBBJ about the complaint, an official said that the matter has been referred to the parent bank, the State Bank of India, which will constitute a committee to investigate the allegations.
Mr Dalmia was elected to the post of director of the bank for a period of three years, at a general meeting on 11 August 2010. Mr Dalmia replaces Dr Sanjiv Agarwal who completed his term on that date.
It appears that the bank did not carry out the required due diligence while deciding on the candidature and appointment of Mr Dalmia as shareholder director. According to the guidelines of the Reserve Bank of India (RBI), the Nomination Committee of the bank is required to meet and decide whether the person's candidature is acceptable, based on a broad criteria which includes educational qualifications, field of expertise, experience, track record and integrity.
The bank is required to undertake a process of due diligence to determine the 'fit and proper' status of the existing elected directors/persons to be elected as director under section 25 (1)(d) of the SBI (Subsidiary Banks) Act, 1959.
Mr Bansal, who works with NIIT, has complained that Mr Dalmia concealed material information (that should have been given in the nomination form) which has been reported on the websites www.watchoutinvestors.com, www.reportjunction.com, www.sbec.gov.in/defaulters/kerla-1.htm. Mr Bansal has also accused SBBJ of failing to obtain independent verification or confirmation from various regulating agencies, besides taking a confirmation from the candidates.
Mr Bansal has also questioned procedural aspects of the election which seem to have directly and substantially affected the election. Giving an example, Mr Bansal says that proxy documents from one of India's largest mutual funds and a shareholder of SBBJ, UTI-Unit-linked Insurance Plan, which has 2,63,300 shares of SBBJ, were rejected on unexplained grounds, even though they were lodged in time and had valid documentation. Besides, the bank didn't convey the status despite repeated follow-ups in person and over the phone. UTI is understood to have filed objections to the rejection of their proxy.
It is understood that the proxy or authorisation documents of some other eligible shareholders of the bank were also rejected and that despite follow-ups with the bank authorities no reason was given to these entities for the rejection, till the commencement of the general meeting. Among these entities are India Capital Fund Ltd (holds 10,00,010 shares), India Institutional Fund Ltd (1,86,700 shares) and India Capital 1 Opportunities Ltd (1,82,550 shares).
Mr Bansal says that that the procedure adopted by the bank for scrutiny of the nomination forms and the election process was not fair and transparent and appears to have favoured a particular candidate. In the light of these issues, he has requested that the candidature of Mr Dalmia be declared null and void and that he should be disqualified.
Seoul: World Trade Organisation (WTO) chief Pascal Lamy urged Group of 20 (G20) leaders today to make a big push for the conclusion of the Doha round of global trade talks at their summit in November, reports PTI.
The Doha round may be completed next year, he told reporters after talks with South Korean president Lee Myung-Bak and trade minister Kim Jong-Hoon to discuss the agenda for the Seoul get-together.
Leaders of the world's 20 advanced and developing nations said in 2008 that they would reach agreement by the end of the same year on a broad outline of the final trade liberalisation deal.
But the Doha talks remain mired in disagreements over tariff cuts and reductions to farm subsidies. G20 leaders had set a goal to wrap up the trade negotiations this year.
"We all know that this will not happen before the end of this year," Mr Lamy was quoted by Yonhap news agency as saying.
He said the November summit may push the trade talks forward, adding "maybe next year, depending on the progress made in the Seoul summit."
"A substantial engagement among leaders is the right thing in order to pave the way for the conclusion of the round," Mr Lamy was quoted as saying.
"We need compromising on all sides ... a bit more to conclude the round, not much more."
Mr Lamy also said the WTO has stepped up efforts in working with Seoul to speed the Doha round, according to Yonhap, as Lee seeks to use the summit to add momentum to its conclusion.
He also said trade volume would increase at least 10% this year, although there are still lingering downside risks to the global economy.