World
Legendary singer Mubarak Begum Shaikh dead at 80
Legendary Bollywood playgback singer and ghazal maestro Mubarak Begum Shaikh passed away after prolonged illness at her residence late Monday night, a family member said.
 
Known simply as 'Mubarak Begum', the Rajasthan-born singer was a widow and breathed her last at 80.
 
She is survived by her son Hussain, daughter-in-law Zarina and granddaughter Sana with whom she was living for many years.
 
"She breathed her last around 10 p.m. on Monday night at her Jogeshwari home. She had been ailing and hospitalised frequently since over a year with various health problems," her daughter-in-law Zarina Shaikh said on Tuesday.
 
Her funeral will be held on Tuesday around 11 a.m. at the Oshiwara Muslim Kabrastan, Zarina added.
 
Born in Sujangarh, with proficiency in both Hindi and Urdu, Mubarak Begum launched her career with the All India Radio (AIR) with singing programmes and light musical recitals.
 
She moved to Mumbai 70 years ago and sang her first playback song in 1949 for the film "Aaiye" for which the music was composed by the late music director Nashad.
 
That was the launch of a notable singing career spanning over 110 films over four decades till the early 1980s.
 
Besides playback singing, she used to give regular stage performance and musical concerts.
 
Among her most memorable numbers were "Kabhi tanhaiyon me, hamari yaad ayegi" (Mahari Yaad Aayegi-1961); "Mujhko apne gala laga lo, ai mere hamrahi" (Hamrahi - 1963); "Neend udd jaye teri, chainse sone wale" (Juaari - 1968); "Wo na aayegi palat ke" (Devdas - 1955); "Wada humse kiya, dil kisiko diya" (Saraswatichandra - 1968).
 
Over the years, Mubarak Begum was beset with financial difficulties and her family had to appeal for monetary help to take care of her medical bills.
 
A few people, including Bharat Ratna Lata Mangeshkar and Bollywood superstar Salman Khan helped her out in times of dire need, while recently Education Minister Vinod Tawde sanctioned her hospitalisation expenses.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  

 

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KYC, Aadhaar and ‘RBI Rules’
It is time to come out and say it openly. Dr Raghram Rajan’s tenure has been a big disappointment when it comes to consumer services of banks. Indeed, the Reserve Bank of India (RBI) framed a wonderful consumer charter during his tenure; but that was in August 2014. The charter that mandated banks to treat consumers fairly remains toothless, since RBI gave them until July 2016 to frame their own rules and self-punishment (if any) for lapses and failures. It is mid-July, as I write this piece, and we have yet to see any bank announce a comprehensive consumer policy for its customers. Instead, here are two separate episodes of 13th July that illustrate how RBI, which oversees how banks behave, has no truck with the everyday frustrations of customers. 
 
Senior journalist Siddharth Bhatia, who does not normally write on banking or business, was moved to writing a column in The Economic Times about how a simple change in address by a couple, turned traumatic because of thoughtless know your customer (KYC) rules specified by RBI. The rule-makers have failed to apply simple logic to their requirements; that regular KYC documents such as an Aadhaar card, passport, driving licence, etc, are redundant as address proof when you move into a new rented flat. The couple submitted a bulky, duly registered and self-attested rent agreement. After much humming and hawing, the husband’s account became operational. The wife’s account was in a limbo. On enquiry, the couple discovered that archaic ‘RBI rules’ apparently required her marriage certificate to be submitted, although she, a working woman, was a signatory to the rent agreement and had a job and the bank account for 13 years. 
 
The bank was adamant that the change of address would not be affected without the marriage certificate. If only RBI had such iron-clad rules to prevent loans leeching into the personal coffers of our industrialists! Also, is this how the government plans to make it easier to rent property, or is it that one arm of government has no clue about the red tape created by another? A third point that Mr Bhatia makes in his article is how the bank, which was adamant about KYC documents, didn’t miss an opportunity to hustle the couple for an insurance policy. Isn’t it safe to bet that mis-selling of insurance to earn commission income remains rampant long after RBI drafted a consumer charter? 
 
On the same day, Shailesh Gandhi, former central information commissioner, told us that he visited HDFC Bank in response to a letter to update his KYC, although he had no change to report—it was mandated by ‘RBI rules’. He had carried his Aadhaar card as an identity proof, which the bank tried to validate on its machine, but it simply would not recognise his thumbprint, despite repeated efforts. Since Mr Gandhi had multiple identification proofs, it did not matter. What was significant, though, is that the HDFC Bank official told him that the failure to validate thumbprints was fairly routine! He proudly informed Mr Gandhi, that the machine fortunately recognised his own fingerprints. 
 
When you consider that Aadhaar is virtually the only identity proof for JanDhan accounts, we wonder when we will start to hear more stories about validation problems. What about all other government benefits and services where Aadhaar has been mandated? Does anyone bother to validate the Aadhaar number? How well is online authentication with the Unique Identity Authority of India (UIDAI) working?  Nobody really knows. 
 
A third case is that of Captain Ashok Malkani, trustee of vCitizens Action Network. A ‘Diamond’ customer of Bank of India with an account for 40 years, he is being given the run-around since February on account of its ATM that not only failed to dispense money, but debited his account twice (Rs15,000x2) since he made two attempts at withdrawal. The Bank claims that the money has actually gone out of its accounts, but won’t produce the videotapes that would show that it was dispensed to Captain Malkani by the ATM. ‘RBI rules’ require a bank to reimburse a customer within 12 days when his account is wrongly debited, or pay a fine of Rs100 per day. But what happens when the bank falsely claims that the money has been debited from its books and won’t produce any evidence? Are there no consequences for Bank of India for treating a customer so shabbily? 
 
Captain Malkani’s case is especially shocking because he is connected with two well-known consumer activists. Even the Mumbai Grahak Panchayat has similar complaints about public sector banks refusing claims of faulty ATMs that fail to dispense cash after debiting customer accounts. Forget about fair treatment or compensation to consumers, the bank is not even under pressure to provide proof. Readers may recall a recent column where SS Mundra, RBI’s deputy governor, had talked about issuing regulatory directions to limit customer liability for electronic banking transactions and credit card fraud. Mr Mundra pointed out that its survey of 4,000 bank ATMs across the country revealed that 1/3rd of them were not working at that point of time. How many of these ATMs that work are harassing customers by failing to dispense cash? What does RBI plan to do about them?
 
While RBI refuses to act even under the leadership of a ‘rockstar’ governor, banks are complacent and continue to hike charges for consumer services without worry. Meanwhile, RBI’s foot-dragging over licensing new banks ensures that customers have no real option even if they want to vote with their feet and switch to another bank. 

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COMMENTS

B. Yerram Raju

4 months ago

No industrial or retail banking account can escape the cross-sold insurance and/or MF by debit to its working capital or personal account. One unit was granted Rs.10lakhs in separate overdraft account that is kept secured by the collateral for industrial loans repayable in twelve monthly installments by a PSB!! This straightaway dips into the working capital and adds additional burden, but who cares? No internal or external audit or RBI inspection has penalised such banks.

Narendra Dharamshi

4 months ago

Very true. It is easy to open new account then validate dormant account. Easy wayout is open new account and deposit cheque drawn on old account which will be honoured by bank.

rashmi fauzdar

4 months ago

While I agree that after coming out with a consumer charter, no action has followed from RBI side as well as there are issues with KYC particularly in case of people on move, yet you ca not hold RBI responsible for individual action. It is for each bank to satisfy it self about identity of a person. While mostly public sector banks do not over stretch it , private sector banks can be very finicky . This I am speaking from my own experience as well as from my experience as Banking Ombudsman for two tenure.
I am also surprised by the non compliance of BOI with respect to ATM complaints as rules are very clear. Either bank proves that money was dispensed to the complainant or else pay penalty for delay beyond stipulated period. The complainant after writing to the customer care cell of the bank and waiting for one month can approach BO (I f no or satisfactory reply is not received ) to BO, RBI for suitable compensation.

Dr Anantha K Ramdas

4 months ago

In response to Ashish Asgekar: I would suggest you name the person, the branch details and confirm whether you took up the issue to higher authorities like the Branch Manager for taking appropriate action. Ignorance is NOT bliss in such cases. The person concerned must be asked: "do you have an Aadhar Card? if you so, how did you get it?"
Hound the branch and its management until they surrender! And, good luck to you!

ashish asgekar

4 months ago

Shocking. HDFC bank wants me to submit Aadhar or driving license or Voter card or something similar as my address proof. BSNL receipts or electricity bill will NOT do.

M S Divekar

5 months ago

RBI works at high policy level. Individual customer eccentric issues must be addressed by individual banks. Politicians and powerful lobby has prevented NPA issues being sorted out and banks are being looted. First time we came to know a new term called "WILLFUL DEFAULTERS". I have always believed that you go to Bank to borrow not less than Rs 1000 crores and not less. So the Bank manager will never come to ask for repayment For small home loans, vehicle loans banks send recovery agents and for bigger loans, they keep quiet. Powerful lobby prevents action being taken. This is the starting point- for helping common man to get higher interests on investments, reducing interests on loans by small people etc etc. Don't even link this issue of small retail customer issue to Dr Rajan now. That is the mistake of this writer.

Anyway watch my words mentioned in my last posting. I am a great admirer of PM Modi, but in this case- I am eagerly waiting to see whom he will appoint!!! By appointing Dr Rajan, the bar has been set too high, let us see if we can get a better replacement.

Vikas Sivaraman

5 months ago

That Dr Rajan has done a great job is well accepted and appreciated.
But the article clearly refers to what still remains tone done by the RBI and Dr Rajan's successor.
Making retail banking in India customer centric with impeccable, orderly and approachable service at every contact point should be very high on the RBI's charter. And helping industrialists disappear over the horizon with our hard earned money should certainly be terminated!!

M S Divekar

5 months ago

Paid article, biased against Mr Raghuram Rajan. He certainly did a wonderful job. He was He is the first and only IIT, IIMA engineer to become RB governor. All others have been and will be theoretical, academic oriented economists. He kept inflation in control, rupee in check. I will guarantee that an economist replacing him will result in Rupee depreciating to 75/ Dollar, inflation shooting through the roof. GDP will be down, manufacturing will suffer further, imports will go up, exports down. Mark these words. Let us review on 5th Sept 2017.

REPLY

Param

In Reply to M S Divekar 5 months ago

please clarify who has paid for this article.
despite a wonderful job done by one individual, the fact that bank customers are too low in RBI's priority list cannot be ignored.

Srinivas Sreeram

5 months ago

The Raghuram Rajan term was ordinary or below average, the media made it a big hulaboo. Businessmen buttering the business plans is too well known in industry, not publishing the names of such businessmen hurts the banking industry - what a stupid logic Rajan has. He is an academic, lacked practical thinking. Yes the RBI in India has many distortions built into it since independence and they have become too rigid in the last 60 years. It is time to rebuild a new institution by demolishing this RBI. Current RBI hides more than it reveals.

Vishwas

5 months ago

RBI is as insensitive and ineffective in ensuring customer-friendly Banking
services by PSU Banks in particular, as SEBI is towards investors. I am not aware role of Rajan in improving services to clients but if so, he has failed on this count.

vishnu mohan Venna

5 months ago

Absolutely agree with the above views. Being an Ex-RBI officer, Rajan has not done enough to improve the deteriorating performance of Nationalised Banks in the areas of asset quality, customer service, prevention of frauds etc. He has also not done anything to improve the quality of fast deteriorating banking regulation and supervision.

Sisir

5 months ago

I filed an RTI to RBI asking them to give a copy of permissions they gave to banks to do social media banking. RBI replied that they haven't given any permission to any bank to do social media banking. I then filed another RTI to give me details of punishments it has given to banks which do social media banking without RBI giving them any permission. RBI replied that it doesn't have that information!

If it doesn't govern the banks, who else would? If it doesn't understand how bank customers are given a raw deal and discriminated against by it siding conveniently with banks, why do we still don't question this irresponsibility with one voice?

Mehmood Mansoori

5 months ago

Certainly a paid article by Govt PR machinery. It's shame that media has gone so low that for money they would attempt to manipulate public perception. Raghuram Rajan is what we got one of the best RBI Governer in the history of RBI

REPLY

Param

In Reply to Mehmood Mansoori 5 months ago

what kind of a statement is this? neither sucheta nor moneylife write paid articles. this article criticizes rbi which is a govt org, so how can this be part of govt PR?

Vishwas

In Reply to Mehmood Mansoori 5 months ago

Your response should be to the point. You are supporting Rajan on wrong count or opposing government on every aspect?

Vishwas

In Reply to Mehmood Mansoori 5 months ago

Your response should be to the point. You are supporting Rajan on wrong count or opposing government on every aspect?

Simple Indian

5 months ago

RBI is as insensitive and ineffective in ensuring customer-friendly Banking services by PSU Banks in particular, as SEBI is towards retail investors. RBI seems to focus only on macroeconomic issues and has little consideration for common Banking customers.

MOHAN SIROYA

5 months ago

Thanks Money life for this topical analysis. Let me add some more facts about the Steel frame of banks which no rule of RBI could rip through to make them Customer centric ,less paperwork and be Digital as per Prime Minister's agenda so far.
About efficacy of Aadhar ,it is a big mess. My Aadhar card has my photo in which face is in dark. When taken Xerox the effect is still less. Most of the agencies just refuse to take attested Xerox saying photograph not identifiable . Central Processing Department of Income Tax can not link my Aadhaar number to my returns although all the necessary parameters like Name, DOB, Mobile and EID are same as existing on my PAN record.

Lack of education or updation to bank branches with the latest RBI guidelines, is another factor which make the banks refuse the rightful services to customer . Most of the banks still are following primitive rules for filling in various forms and documentary proofs including the use of discharged Revenue stamped receipt . Here is my own recent trauma. I was either a joint holder or a nominee for all my wife's investments . After her sad demise, when I had submitted my claim to transfer the deceased's money in my account as the surviving holder or nominee with a copy of her Death certificate , 4 Banks out of 6 refused to do but insisted on many other certificates, documents blah blah. Then I submitted a copy of RBI guidelines issued by DBOD in 2005 to all Banks and Associations which mandated that only on the production of Death certificate the deceased's account proceeds should be transferred to the survivor holder or nominee. Complaints to Customer Care Manager too did not help. Ultimately for getting results from two banks ,I had to seek assistance from the DBOD to ensure that their mandatory guidelines are not treated as mere tissue papers.
Mal-functioning or safety of ATM transactions too has become a big headache. Sufferers like Captain Malkani can approach Banking Ombudsman for relief. But then the functioning of Banking Ombudsman is often Bank- centric. Besides the RBI scheme confers a draconian power on Ombudsman to have a summary disposal of any complaint. Even if it is defective and completely against the facts, the helpless complainant has no right to go in appeal to RBI for such summary disposal. RBI has no inclination to make Banking Ombudsman Scheme more consumer centric or sensitise the Ombudsman staff in dealing with complaints.
Now about working of ATMs. RBI is deliberately lax on implementation of their own guidelines in respect of functioning and safety aspects of ATMs. Now a days ATMs are installed even in open shops without caring of any security sans, CCTV Camera, Guard, enclosed door etc. Even the very function of 24x7 is missing in such installed machines as working remains confined only during working hours of such shops. Our Consumer
Complaints Cell had asked RBI through an RTI application if such installation and functioning of ATMs are allowed and rules regarding safety of camera, security guard etc. are relaxed. If so had asked for such revised guidelines. CPIO and the First Appellate
Authority both ignored any reply. Now second appeal to CCIC is in offing .
Where is the rule of law and Governance for RBI or any succour to the harassed consumers ?

REPLY

rashmi fauzdar

In Reply to MOHAN SIROYA 4 months ago

RBI has not prescribed any safety regulations for ATM installation. it is a business decision of the bank, like any commercial organization , basis their cost benefit analysis.

Nifty, Sensex may remain weak – Monday closing report
We had wondered last week whether the bulls could take Nifty, Sensex higher. The major indices of the Indian stock markets were listless in Monday’s trading and at the close of trading the indices ended flat. The trends of the major indices in the course of Monday’s trading are given in the table below:
 
 
Initially, the benchmark indices opened higher following firm global cues and expectations of the Goods and Services Tax (GST) bill passing in the monsoon session of parliament on Monday. The markets were mainly moved by healthy expectations out of quarterly results which are to be announced later during Monday. Heavy selling pressure was witnessed in telecom, oil and gas and metal stocks. Some movement was noticed in the state-owned banks, especially State Bank of India's subsidiary banks. Expectations of the government's announcement of the next round of capital infusion in state-run banks, for which Rs25,000 crore has been earmarked for the current fiscal boosted investors' sentiments. On the NSE, there were 603 advances, 1007 declines and 55 unchanged.
 
Glenmark Pharmaceuticals Ltd is planning to raise $200 million by issuing USD denominated non-convertible unsecured bonds to repay existing debt, the company said on Monday. "..subsequent to the rating received by the leading credit agencies in the world that is Standard & Poor's and Fitch, the company has decided to tap into the international bond market and is planning to raise around $200 million by issuing USD denominated non-convertible unsecured bonds," the company said in a filing to Bombay Stock Exchange. "The net proceeds will be used for repaying the existing debt," it said. Glenmark shares closed at Rs833.80, down 2.12%, on the BSE.
 
Sun Pharmaceutical group on Monday announced the licensing of ELEPSIA XR drug by Sun Pharma Advanced Research Company Ltd (SPARC) to a subsidiary of Sun Pharmaceutical Industries Ltd for the US market. In a statement, Sun Pharma said SPARC will licence ELEPSIA XR (Levetiracetam Extended Release tablets) to a wholly-owned subsidiary for the US market. SPARC will receive an up-front payment of $10 million from Sun Pharma apart from certain additional milestone payments and defined royalties linked to any future sales of ELEPSIA XR. According to Sun Pharma, ELEPSIA-XR was approved by US Food and Drug Administration (USFDA) in March 2015. Sun Pharma shares closed at Rs776.65, up 0.81% on the BSE. SPARC shares closed at Rs355.05, up 1.54% on the BSE.
 
Reserve Bank of India Governor Raghuram Rajan on Monday called for manageable and sustainable credit expansion in the country, saying all avenues for this should be explored. Rajan underlined the need for building new institutions in rural areas to ease access to credit. He was also in favour of exploring the possibility of banks working with money lenders while addressing concerns associated with such an arrangement. He was speaking at the national seminar on 'equity, access and inclusion -- transforming rural India through financial inclusion' at the National Institute of Rural Development.  During the question-answer session after his inaugural address, Rajan said as credit to GDP ratio is about 50% "which is significantly below where it could be even for an emerging market". The RBI governor pointed out that a number of emerging markets have credit to GDP ratios of 100% to 120%. China is closer to 150%. "We need to find ways to expand credit without the over indebtedness, the over borrowing as well as the pains associated with it. We are working on different ways to do it," he said. If this takes off, it could be favourable to the public sector banks and the Bank Nifty closed at 18,923.40, down 01.6%.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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