As part of its strong investor- and customer-orientation, in February 2010, Moneylife set up a non-profit organization, Moneylife Foundation (MLF) which is the Voice of Savers. The Foundation works towards safe and fair market practices through workshops, round table meetings, white papers, research, awareness campaigns, grievance redressal, counseling, etc.
According to the Banking Ombudsman for New Delhi, credit card users should pay their bills first and then lodge a complaint in case of a dispute with the card provider. If the bill is pending, then the customer always runs a risk of paying much more, if the judgement goes in favour of the card provider, said M Rajeshwar Rao, the Banking Ombudsman for New Delhi.Customers should read the terms and conditions carefully so that disputes can be avoided, he said.
During 2010-11, Banking Ombudsmen across the country received as many as 66,927 complaints. Of these, 16,871 complaints related to credit cards, including ATM and debit cards.
The Nifty has to break the range of 5,190 and 5,340 for a trend change
The market closed mildly in the negative for the week, and down for the second week in a row, on lacklustre quarterly results from corporates and headline inflation coming in at 7.25% in June. Investors are hoping that the government will resume its reforms process to give the market its much-needed push.
The Sensex closed at 17,158, down 55 points (0.32%) and the Nifty finished the week with a loss of 22 points (0.42%) at 5,205. The Nifty has to break the range of 5,190 and 5,340 for a trend change. The market now awaits some fresh domestic cues to bring more momentum therein.
The market settled lower on Monday as the benchmarks pared their gains in the second half of trade on a sell-off in IT and metal stocks. On Tuesday the market pared all its gains in late trade and ended flat with a mixed bias. Support from rate-sensitive sectors, and a positive global cues helped the indices close in the green on Wednesday.
Positive global cues and across-the-board buying saw a green close on Thursday. The market closed lower on Friday following a RBI panel suggesting stricter regulations on loan restructuring and political drama at the Centre.
Among the sectoral indices, BSE Consumer Durables gained 3% and BSE Healthcare rose 1% while BSE Realty declined 3% and BSE Auto slipped 2%.
Bajaj Auto (up 6%), Bharti Airtel, Coal India, Sterlite Industries (up 2% each) and Sun Pharma (up 1%) were the top gainers on the Sensex in the week. The key losers were Tata Motors (down 5%), Maruti Suzuki (down 3%), NTPC, Tata Steel and Mahindra & Mahindra (down 2%).
The Nifty was led by Bajaj Auto (up 6%), Cairn India (up 3%), Bharti Airtel, Coal India and Sterlite Ind (up 2% each). Kotak Mahindra Bank (down 7%), Tata Motors (down 5%), Reliance Infrastructure (down 4%), Bank of Baroda and Maruti Suzuki (down 3% each) settled at the lower end of the index this week.
India’s headline inflation, as measured by the wholesale price index (WPI), declined to 7.25% in June as prices of manufactured items eased a little. WPI inflation was 7.55% in May and stood at 9.51% in June last year.
An RBI panel has recommended banks should seek personal guarantee from promoters and adopt a “carrot-and-stick policy” while restructuring loans of corporates. The panel further said that conversion of debt into preference shares should be done only as a last resort.
SEBI on Friday relaxed investment norms for qualified foreign investors (QFIs) allowing them to invest in mutual fund schemes with at least 25% of their assets either in debt or equity of the infrastructure sector. Earlier, QFIs were allowed to invest in mutual fund schemes with debt exposure only.
In international news, the unending debt woes in Europe are likely to impact corporate earnings and economic growth across the world. Meanwhile, US markets settled higher on remarks from Fed chief Ben Bernanke that he would go an extra mile if the situation demands it.