Moneylife Events
Moneylife Foundation felicitates Constable Azim Shaikh for preventing a railway catastrophe

Moneylife Foundation's Samir Zaveri Railway Helpline, on behalf of thousands of local train commuters, felicitated Constable Azim K Shaikh from Thane Police, for preventing a catastrophic accident and disruption of railway service on 7th November


Moneylife Foundation's Samir Zaveri Railway Helpline on Saturday felicitated Constable Azim K Shaikh from Thane Police for preventing a catastrophic accident and disruption of railway service on 7 November 2014. After spotting a detached iron plate on the railway track near Parsik Tunnel, Constable Sheikh, using a red coloured bag rushed and stopped an upcoming local train in the nick of time.


After presenting a plaque on behalf of commuters of Mumbai, Samir Zaveri, who has made it his mission to ensure that railway accident victims get swift attention, so that many lives are saved during the first ‘golden hour’, said, "We salute Constable Azim K Shaikh for displaying rare courage and spontaneously responding to the dire situation, going beyond the call of duty, thereby averting a major disaster that has probably saved hundreds of lives and a massive disruption of the railways services."


Several prominent citizens and activists were present during the felicitation and lauded the bravery shown by Constable Shaikh. Some NGOs like Commonwealth Human Rights Initiative (CHRI) and Police Reforms Watch also sent an appreciation letter for Constable Shaikh. The appreciation letter sent by Maja Daruwala, Director of CHRI and Dolphy D’souza, Convenor for PRW was read out by Mr D’souza.


Indian Railways, especially the Mumbai suburban railway network does a phenomenal job in transporting over 75 lakh people back and forth every day in an extremely timely manner. However, everyday 25-30 rail commuters meet with an accident and 10-12 of them lose their lives. This highlights why a large organisation like Indian Railways, with enormous pressure to maintain timing and schedules needs strong additional support from citizens and brave hearts like Samir Zaveri and Constable Shaikh.

Keeping this in mind, Moneylife Foundation set up the Samir Zaveri Railway Helpline to help railway commuters in distress.

Earlier this year, the Samir Zaveri Railway Helpline sought urgent intervention from Mallikarjun Kharge, the then Railway Minister through former MP Milind Deora for reducing the gap between platforms and trains and for making available ambulances at all suburban railway stations.


Moneylife Foundation and Samir Zaveri Railway Helpline have formed a group in Facebook, Coalition for Safe Rail Travel-CSRT  to help like-minded citizens and activists connect with each other.


Here is an appreciation and recommendation letter written by Julio Ribeiro, former Commissioner of Police for Mumbai to Sanjeev Dayal, DGP, Maharashtra...




Janakiraman Rajalakshmi

3 years ago

Thank God. Good news to read at last.

Nifty, Sensex may give up some gains– Weekly closing report

Nifty may keep pushing higher, as long it does not close below 8,350 for the week


The S&P BSE Sensex closed the week that ended on 21st November at 28,335 (up 288 points or 1.03%), while the NSE's CNX Nifty ended at 8,477 (up 87 points or 1.04%). Previous week, we had mentioned that as long as Nifty does not close below 8,320, the index might head higher.

On Monday, after moving in the negative for the major part of the session, Nifty made a strong up move, hit its new lifetime high, and closed near that level. Nifty closed at 8,431 (up 41 points or 0.49%). India’s trade deficit in October rose to $13.35 billion from $10.59 billion last year, according to the data released on Monday. Exports in October contracted by 5.04% at $26.09 billion and the imports rose by 3.62% reaching $39.45 billion.

On Tuesday, although Nifty hit a new life time high at the beginning of the session, it struggled throughout the day to remain in the positive zone. Nifty closed at 8,426 (down 5 points or 0.06%).

Indian Finance Minister Arun Jaitley said most of the contentious issues on the implementation of the Goods and Service Tax (GST) have already been resolved. A memorandum of understanding (MoU) was signed on Monday between India and US, on establishing an Infrastructure Collaboration Platform, under which the two governments would coordinate with the goal of facilitating US industry participation in Indian infrastructure projects.

On Wednesday Nifty remained weak and closed at 8,382 (down 44 points or 0.52%).
The Organisation for Economic Cooperation and Development (OECD) said the Indian economy is showing signs of a turnaround. According to its survey, India's GDP should grow by more than 6.5% annually in the coming years. Ratings agency Moody's revised its outlook on India's corporate sector to stable from negative on expectations of economic recovery and enhanced access to global capital markets.

Next day, Nifty witnessed an indecisive move and closed Thursday at 8,402 (up 20 points or 0.23%). The Ministry of Coal on Wednesday called for comments from the public for auction/allocation of 204 coal blocks cancelled by the Supreme Court in September this year. The comments on the draft rules should be given by 24 November 2014.

Finance Minister Jaitley met government bank heads and discussed ways to bring down non-performing assets (NPAs). Jaitley also asked banks to take steps to ensure smooth credit flow to projects.

After a weak opening in the Nifty on Friday, the benchmark made a sharp upmove and closed at 8,477 (up 75 points or 0.90%). The Union Cabinet on Thursday gave its approval to launch "Integrated Power Development Scheme" (IPDS) with the objective of strengthening of sub-transmission and distribution network in the urban areas.

Among the Nifty stocks, the top five gainers for the week were Kotak Mahindra Bank (10%); State Bank of India (10%); Punjab National Bank (4%); Bharti Airtel (3%) and Asian Paints (3%) while the top five losers were Jindal Steel & Power (10%); NMDC (6%); Sun Pharma (5%); Ultratech Cement (5%) and Tata Steel (3%).

 Of the 1,505 companies on the NSE, 657 companies closed in the green, 32 companies closed in the red, while 816 companies closed flat.

Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:


ML Top sector


ML Worst sector


Telecom Services




Industrial Intermediates








Auto Components






Real Estate




RBI Credit Card? Reserve Bank says don’t fall in the trap

RBI reiterated it does not carry out any business with an individual, whether through savings bank account, current bank account, credit card, debit card, online banking services or receiving and holding funds in foreign exchange or any other form of banking services. People should refrain from responding to such offers and instead file complaint with Cyber Crime branch of Police, the central bank says


After luring people with various funds, lotteries the fraudsters have now started to use credit card under the name of Reserve Bank of India (RBI) to dupe gullible people. Warning against such efforts, the RBI reiterated that as India’s central bank, it does not carry out any business with an individual, whether through savings bank account, current bank account, credit card, debit card, online banking services or receiving and holding funds in foreign exchange or any other form of banking services.


Explaining the modus operandi, the Reserve Bank in a statement said gullible people are sent a credit card that allows them to withdraw money up to a certain limit, albeit a small sum, from a bank account. After gaining confidence of the victim, the fraudster gets him/her to deposit a huge sum of money in the same bank account. Once the money is deposited, the card stops working and that would also be the last time the holder of the card (victim) would hear from the fraudster.


The central bank pointed out that once the money is deposited in the fraudsters’ account’s, there are remote chances of recovering it.


RBI has listed out the other kind of prevalent frauds, such as:


  • Fictitious offers of large sum of money/lottery winnings by email or through phone calls by posing as RBI official.


  • Fake Reserve Bank website for online transactions


  • Luring members of public to secure their bank accounts against such frauds by asking them to share the bank account details, including user id/password, through an email or by clicking on a link given in email.


  • Offer of employment in the Reserve Bank through email


RBI said fictitious offers are also made in the name of other public institutions, such as, International Monetary Fund (IMF), Income Tax authorities, Customs authorities or public figures like Governor Dr Raghuram Rajan or other senior RBI officials.


Once again cautioning people about falling prey to such offers, the RBI said it can result in compromising one’s own crucial personal information that may be misused to cause direct financial and other loss to them. People, in their own interest, should refrain from responding to such offers in any manner. Rather, they should immediately lodge a complaint with Cyber Crime branch of the Police, the central bank said.



MG Warrier

3 years ago

Reading first the title and the introduction, I had skipped this article, as I thought, credit card holders should be literate enough to know that first they should approach their bank for their banking needs and as RBI’s last and only account opened in the name of an individual was in favour of C D Deshmukh, Governor. But the modus operandi of the miscreants as explained in the article is scaring.
Perhaps, beyond FINANCIAL INCLUSION, RBI and banks should have a nation-wide financial literacy drive suggesting each individual/family getting tagged to a bank branch to ensure the individual’s financial health. Like the family doctor, the FAMILY BANKER should help the individual/family in identifying the right savings and credit ‘products’ best suited for specific needs.
M G Warrier,Mumbai [email protected]

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