Consumer Issues
Internet-oriented companies will play major role in banking: Gartner

According to Gartner, digital mega-companies will alter and shape the market by helping it develop, feeding the fires of change by making customers better informed and occasionally catalytic forays into the market with niche financial services offerings

 
Bangalore: Internet-oriented new era companies will play a considerable role in shaping the banking industry of the future, reports PTI quoting Gartner.
 
However, the new companies will play a considerable role in shaping the banking industry of the future.
 
Gartner analysts examined the future of banks during Gartner Symposium/ITxpo in Bangalore.
 
"The evolution of the Internet continues to raise questions about the continued viability of brick and mortar establishments in retailing and financial services," Gartner fellow Vice-President David Furlonger said.
 
Increasingly, Internet-oriented mega-companies are seen as the commercial enterprises of the future, he said adding as far as retail banking is concerned, it would be like "trying to hammer a square peg into a round hole. This just does not fit".
 
Furlonger said digital mega-companies have many things in their favour. "They are masters of data management and analytics. To all intents and purposes they define agility, both from a technology and a business model point of view."
 
He said digital mega-companies will alter and shape the market by helping it develop, feeding the fires of change by making customers better informed and occasionally catalytic forays into the market with niche financial services offerings.
 
"For many existing financial services institutions, mapping out the path to the future is proving extremely difficult and challenging. Traditional models no longer apply to many of their customers or markets.
 
Gartner analysts are examining the key issues affecting Indian IT industry at Gartner Symposium/ITxpo.
 

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Canara Bank offers retail loan scheme for buying consumer durables

Under the scheme, Canara Bank customers can avail loans up to Rs1 lakh at 14.5% interest and repayable in 36 instalments for buying consumer durables 

 
Bangalore: State-run lender Canara Bank has introduced a retail loan scheme for salaried and non-salaried individuals for purchase of consumer durables, reports PTI.
 
Under the scheme, customers can avail loans up to Rs1 lakh at 14.5% interest and repayable in 36 instalments, the bank said in a statement.
 
The bank would hypothecate the durables purchased under the scheme as security and would not charge processing fees till 31 January 2013.
 
It said there would be no prepayment or hidden charges for loans.
 

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TDSAT asks government to return half of Loop's bank guarantee

Partly allowing the plea of Loop Telecom, which has closed down operation after a Supreme Court order, the TDSAT said that its licence was valid till January 2013, hence only half of the FBG would be returned

 
New Delhi: The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has asked the union government to return 50% amount of the financial bank guarantee (FBG) submitted by Loop Telecom at the time of allotment of spectrum in 2008, reports PTI.
 
Loop had deposited Rs555 crore as FBG in January 2008 for earmarking of spectrum for 21 circles to the Department of Telecom (DoT) in January 2008. Later, it renewed FBG of Rs540 crore in January 2011.
 
Partly allowing the plea of Loop Telecom, which has closed down operation after a Supreme Court order, the TDSAT said that its licence was valid till January 2013, hence only half of the FBG would be returned.
 
The company stopped operations after the 2 February 2012 order of Supreme Court cancelling 122 telecom licences, including those of Loop, in the 2G spectrum allocation case.
 
Loop contended that DoT had not issued any direction to it to continue its operation and no further demand has been raised by them.
 
"We are of the opinion that as in terms of the direction of the Supreme Court of India the licences issued to the Petitioner prima facie would remain valid till 10 January 2013, the Respondent (DoT) should be directed to return fifty percent of the FBG for each of the circles at this stage," said the TDSAT bench headed by Chairman Justice SB Sinha.
 
Loop had approached the TDSAT seeking release of the Rs540 crore FBG, contending that DoT has not reviewed the issue.
 
It further said the firm has provided to DoT its tax returns from 2007-2008 to 2010-2011 for the purpose of payment of Annual Gross Revenue as licence fee and will be soon give the same for the 2011-2012 financial year.
 

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