Citizens' Issues
Mayo Clinic to set up cancer institute in Odisha

Apart from treatment of cancer patients, the institute will also carry out research and training programme in cancer

 

US-based cancer institute Mayo Clinic will set up a national-level cancer institution in Odisha for treatment of cancer patients, an official said on Monday.
 
Apart from treatment of cancer patients, the institute will also carry out research and training programme in cancer. This was decided on Monday, when Debabrat Mukhopadhyaya, representative of the clinic met Odisha Chief Minister Naveen Patnaik at state secretariat here.
 
"Mayo clinic in the US, a top global cancer research institute, is interested in setting up a cancer research institute in Odisha," said a release from the Chief Minister's Office.
 
The chief minister assured that the state government would provide all possible support for materialising the project.
 
The All India Institute of Medical Sciences (AIIMS) and Council of Scientific and Industrial Research (CSIR) will also provide support for setting up the state-of-art cancer research institute in Odisha, said the release. 
 
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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India Inc expects 50 basis point cut in RBI lending rate

Assocham asserted that the RBI has remained focused on inflation, while the time has come to give a push to the industrial production, infrastructure and services sectors

 

Dented by a general slowdown in consumer demand and a weak global growth outlook, India Inc expects to get a "booster dosage" of nearly 50 basis points worth of cut in key lending rates in the upcoming monetary policy review of the central bank.
 
"The trouble has been aggravated by a high level of debt in the private sector which makes it onerous for the companies to service the debt," said D.S. Rawat, secretary general, Associated Chambers of Commerce and Industry of India (Assocham).
 
"Rather, than a small cut, at least a 50 basis points reduction in repo (repurchase rate) with a clear message to the banks to pass on the same, should be pushed."
 
Assocham asserted that the RBI has remained focused on inflation, while the time has come to give a push to the industrial production, infrastructure and services sectors.
 
Inflation gauged through the consumer price index (CPI) was record at 3.66 percent in August, which was two percentage points lower than the RBI's January 2016 target.
 
In case of the wholesale price index (WPI), inflation plunged to a historic low of -4.95 percent in August. The continuing deflationary trend has curtailed the pricing powers of the manufacturers, said Assocham.
 
On the other hand, industrial production decreased to 0.4 percent in August after recording an increase of 0.9 percent in July.
 
An easing of key lending rates is expected to restore investors' confidence, prop up sales of interest in sensitive sectors like automobile, capital goods and real estate.
 
Furthermore, not just the industry, but equity and currency markets, would set their eyes on the fourth bi-monthly monetary policy review of the Reserve Bank of India (RBI) slated for September 29.
 
"The markets are eagerly awaiting the RBI policy, with the general consensus being 25 bps repo rate cut," Devendra Nevgi, chief executive of ZyFin Advisors, told IANS.
 
Even though the markets have already discounted a 25 basis points worth of cut by the RBI, the language used by the RBI governor in his assessment of the economy will be closely monitored to give further cues on the future of rate cuts.
 
"The language that RBI uses is very important, specifically on the CPI (consumer price index) trajectory, given the monsoon deficit and wearing-off of the base effect," Nevgi said.
 
Ratings firm India Ratings and Research (Ind-Ra) also pointed out that any affirmative announcement on the medium-term framework for foreign portfolio investment limits in debt securities might spell cheer.
 
"Crucially, investors' expectations of a further policy room for accommodation will be shaped by RBI's assessment and further guidance, if any," the Fitch Group Company said.
 
Industry is of the opinion that the upcoming review might be the last chance to cut rates this calendar year before inflation spirals up, also because the review comes just after the US Fed's decision not to hike its own rates due to global economic uncertainty. It is likely that the global financial markets may be in the grips of panic if and when the Fed finally raises key rates.
 
A sharp drop in the RBI's key rates and an increase in the Fed's interest rates can be catastrophic since this could result in sudden flight of capital.
 
"Even, the government has reportedly said that there is a favourable environment for monetary policy action by the central bank," said Shreyash Devalkar, fund manager, equities, BNP Paribas Mutual Fund.
 
"Banking stocks have witnessed some long build-up, whereas realty stocks have been seeing some buying action as well."
 
Not just equities, but even the Indian rupee is counting on a rate cut.
 
Market watchers said though a token reduction of only 25 basis points "won't do much" for the rupee, a "booster dosage" of nearly 50 basis points might do the trick in spurring both the equity and currency markets.
 
"All eyes will be on the RBI policy. Markets have already discounted a 25 bps rate-cut, whereas a 50 bps cut can be a surprise move which will have a positive impact on domestic equities leading to a recovery in the rupee," Hiren Sharma, senior vice president, currency advisory at Anand Rathi Financial Services, told IANS.
 
The rupee has continued on its downward trajectory. It fell for the fourth consecutive day against the US dollar on Thursday, down 17 paise at 66.16 to the dollar, against its previous close of 65.99.
 
"The EM (emerging markets) sentiment is weak and the EM currencies have further depreciated. This (rate cut) will drive the local sentiment," Nevgi added.
 
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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Credit Cards: ‘Credit Card Customer Can Refuse To Pay for Fraudulent Transactions’
Failure to provide SMS alerts constitutes negligence on the part of the bank issuing the credit card, according to the South Mumbai District Consumer Disputes Redressal Forum (SMDCDRF).
Executive Airways was banking with Union Bank of India. The Bank issued a Visa credit card to Pradeep Kumar Thampi, the company’s director. Mr Thampi sent a letter to the Bank requesting for SMS alerts for transactions on the credit card. The Bank did not activate the service. During the period between 1 June 2011 and 4 June 2011, the credit card was fraudulently used for several transactions; but due to absence of SMS alerts, Mr Thampi did not get to know about it until he received the bill much later. He took up the matter with the Bank, disputing the transactions worth Rs4,65,855 in Paris. He proved that he was not in Paris at that time, as borne out by his passport. These were online transactions. Mr Thampi alleged that the fraud took place through duplication of his card by cloning. Mr Thampi was informed that Visa had not honoured the claim, so he must pay up for the disputed transactions. Yet, transactions worth Rs1,06,766 were reversed.
 
Mr Thampi filed a complaint before the SMDCDRF for quashing the disputed transactions. After overruling some technical objections on jurisdiction raised by Union Bank of India, the Forum concluded that the Bank had acted negligently, which constituted a deficiency in service as well as an unfair trade practice. The Forum quashed the demand of Rs3,59,588 for the disputed transactions and also the amounts for retrieval of charge slips. The Forum also directed the Bank to pay Mr Thampi Rs20,000 towards costs and compensation for harassment and tension.

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